U.S. Secretary of Commerce Wilbur Ross issued the following statement today on the release of the January 2017 U.S. International Trade in Goods and Services monthly data. The trade deficit in January stood at $48.5 billion, a 9.6 percent increase from December. U.S. imports of goods and services increased to $240.6 billion in January from $235.3 billion in December. U.S. exports of goods and services increased to $192.1 billion in January from $191.0 billion in December.
In January 2017, the trade deficit for goods and services was 11.8 percent higher as compared to January 2016, increasing from $43.4 billion to $48.5 billion. During this period, the largest drivers of the change in the trade deficit were consumer and capital goods. Imports were $18.4 billion higher, driven by $16.3 billion in goods and $1.8 billion in services. Exports were $13.3 billion higher in January 2017 as compared to January 2016, driven by a $10.5 billion increase in goods and a $2.3 billion increases in services.
“Today’s data shows there is much work to be done,” said Secretary Ross. “President Trump has made free and fair trade a central part of his agenda, and correcting this imbalance is an important step in achieving that goal. To that end, in the coming months we will renegotiate bad trade deals and bring renewed energy to trade enforcement in defense of all hard-working Americans.”
The January 2017 International Trade in Goods and Services press release may be found at https://bea.gov/newsreleases/international/trade/2017/trad0117.htm