The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced Thursday that total January exports of $184.5 billion and imports of $228.9 billion resulted in a goods and services deficit of $44.4 billion, up from $38.1 billion in December, revised. January exports were $2.2 billion less than December exports of $186.6 billion. January imports were $4.1 billion more than December imports of $224.8 billion.
In January 2013, the year-to-date US goods and services trade deficit improved by 15 percent to $44.4 billion when compared to January 2012. US goods and services exports year-to-date in January 2013 were up 3.3 percent or $5.8 billion from the same period of 2012 to reach $184.5 billion.
Canada's merchandise exports rose 2.1 percent in January and imports increased 1.9 percent. As a result, Canada's trade deficit with the world narrowed from $332 million in December to $237 million in January.
Statistics Canada said that exports in the country rose to $39.1 billion, as prices increased 1.3 percent and volumes were up 0.9 percent. The main contributors to the monthly gain in exports were crude oil and crude bitumen as well as unwrought precious metals and precious metal alloys. A decline in exports of passenger cars and light trucks partially offset the overall increase. Imports increased to $39.3 billion, almost entirely the result of higher volumes. Imports of energy products contributed the most to the overall increase, followed by metal ores and non-metallic minerals. As a result, Canada's merchandise trade deficit was the smallest in almost in a year in January.
Exports to the United States rose 2.6 percent to $29 billion in January, on the strength of crude oil and crude bitumen. Imports increased 2.1 percent to $24.7 billion. Consequently, Canada's trade surplus with the United States grew from $4.0 billion in December to $4.3 billion in January.