The US Census Bureau and the US Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in January, up $3.3 billion from $64.2 billion in December, revised.
January exports were $257.2 billion, $0.3 billion more than December exports. January imports were $324.6 billion, $3.6 billion more than December imports. The January increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $91.6 billion and a decrease in the services surplus of $0.3 billion to $24.2 billion.
Year-over-year, the goods and services deficit decreased $2.9 billion, or 4.1 percent, from January 2023. Exports decreased $1.0 billion or 0.4 percent. Imports decreased $3.9 billion or 1.2 percent.
The January figures show surpluses, in billions of dollars, with South and Central America ($4.2), Netherlands ($4.1), Hong Kong ($2.2), Australia ($1.6), United Kingdom ($1.4), Belgium ($1.1), Singapore ($0.4), Brazil ($0.2), and Saudi Arabia ($0.2).
Deficits were recorded, in billions of dollars, with China ($22.9), European Union ($18.1), Mexico ($12.7), Vietnam ($8.5), Japan ($7.3), Germany ($6.3), Ireland ($6.0), Canada ($5.7), South Korea ($5.5), Taiwan ($4.8), Italy ($3.8), India ($3.7), Malaysia ($2.1), Switzerland ($1.5), France ($1.4), and Israel ($0.4).