financetom
Economy
financetom
/
Economy
/
US trade deficit widens in January on imports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US trade deficit widens in January on imports
Mar 7, 2024 6:54 AM

WASHINGTON (Reuters) - The U.S. trade deficit widened sharply in January amid a jump in goods imports, a trend that if it persists could see trade subtracting from economic growth this quarter.

The trade deficit increased 5.1% to $67.4 billion, the Commerce Department's Bureau of Economic Analysis said on Thursday. Data for November was revised to show the trade gap rising to $64.2 billion instead of $62.2 billion as previously reported. The trade deficit narrowed to $779.8 billion in 2023 from $951.2 billion in 2022.

It represented 2.9% of gross domestic product, down from 3.7% in 2022. Trade added 0.32 percentage point to the economy's 3.2% annualized growth rate in the fourth quarter after being neutral for two straight quarters. Growth estimates for the first quarter are converging around a 2.0% pace.

Imports increased 1.1% to $324.6 billion in January. Goods imports shot up 1.2% to $263.4 billion.

Imports of capital goods as well as those of motor vehicles parts and engines were the highest on record, which bodes well for business investment on equipment. Services imports rose $0.5 billion to an all-time high of $61.3 billion.

Exports edged up 0.1% to $257.2 billion. Goods exports also nudged up 0.1% to $171.8 billion. Though capital goods exports were the highest on record, they were partially offset by a $1.4 billion decline in crude oil exports. Exports of services increased $0.2 billion to $85.4 billion, also a record high.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US consumer medium-term inflation expectations drop
US consumer medium-term inflation expectations drop
Aug 12, 2024
(Reuters) - U.S. consumers' medium-term inflation expectations eased substantially in July even as their near- and longer-term outlooks for price pressures held steady, although households are increasingly worried about staying current on their debt, a Federal Reserve Bank of New York report showed on Monday. The median three-year inflation expectation dropped to 2.3% from 2.9% in June to register its...
US small business sentiment near 2-1/2-year high
US small business sentiment near 2-1/2-year high
Aug 13, 2024
WASHINGTON (Reuters) - U.S. small-business confidence jumped to the highest level in nearly 2-1/2 years in July, another indication that financial market fears of a recession following last month's increase in the unemployment rate were likely overblown. The National Federation of Independent Business (NFIB) said on Tuesday its Small Business Optimism Index rose 2.2 points to 93.7 last month, the...
Daily Roundup of Key US Economic Data for Aug. 12
Daily Roundup of Key US Economic Data for Aug. 12
Aug 12, 2024
02:32 PM EDT, 08/12/2024 (MT Newswires) -- The New York Fed's inflation expectations survey for July showed no changes to the outlook for the one-year and five-year horizons, at 3% and 2.8% respectively, but the outlook for the three-year horizon fell to a record low of 2.3% from 2.9% in the June survey. The US Treasury reported a $243.74 billion...
US July federal deficit grows
US July federal deficit grows
Aug 12, 2024
(Reuters) - The U.S. government recorded a $244 billion budget deficit for July, up 10% from a year earlier, but accounting for calendar differences, the gap would have been $45 billion narrower, the Treasury Department said on Monday. The Treasury said last month's deficit climbed $23 billion from the $221 billion deficit recorded in July 2023. Economists polled by Reuters...
Copyright 2023-2026 - www.financetom.com All Rights Reserved