January Trade Deficit SWELLS To $52.6 Billion, Its Widest Since 2008

Shipping Container

Photo: Derell Licht via Flickr

The trade balance jumped to $52.6 billion in January.Economists predicted that the deficit would grow to $49.0 billion after it jumped to $48.8 billion in December.

That’s the widest trade balance we’ve seen since 2008 (according to FRED), and a sign that demand for goods and services in the U.S. is growing.

From the Census Bureau:

The U.S. Census Bureau and the U.S. Bureau of
Economic Analysis, through the Department of commerce, announced today that total January exports of $180.8 billion and imports of $233.4 billion resulted in a goods and services
deficit of $52.6 billion, up from $50.4 billion in December, revised. January exports were $2.6 billion more than December exports of $178.2 billion. January imports were $4.7 billion more than December imports of $228.7 billion.

In January, the goods deficit increased $2.4 billion from December to $67.5 billion, and the services surplus increased $0.3 billion from December to $14.9 billion. Exports of goods increased $1.9 billion to $128.6 billion, and imports of goods increased $4.3 billion to $196.1 billion. Exports of services increased $0.7 billion to $52.2 billion, and imports of services increased $0.4 billion to $37.3 billion.

The goods and services deficit increased $5.0 billion from January 2011 to January 2012. Exports were up $12.9 billion, or 7.7 per cent, and imports were up $18.0 billion, or 8.4 per cent.

january 2012 trade balance

Photo: U.S. Census Bureau

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.