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.
Photo: U.S. Census Bureau