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Thursday, March 7, 2024 Services: 301-278-9003 Goods: 301-763-2311 January 2024 Trade Gap is $67.4 Billion U.S. International Trade in Goods and Services The U.S. goods and services trade deficit increased from $64.2 billion in December (revised) to $67.4 billion in January, as imports increased more than exports. The goods deficit increased $3.0 billion to $91.6 billion, and the services surplus decreased $0.3 billion to $24.2 billion. Monthly Goods and Services Trade Deficit January 2014–January 2024 Billions of dollars, seasonally adjusted current dollars 120 110 100 90 80 70 60 50 40 30 20 10 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 U.S. Bureau of Economic Analysis U.S. Census Bureau Exports of goods and services increased $0.3 billion, or 0.1 percent, in January to $257.2 billion. Exports of goods increased $0.2 billion, and exports of services increased $0.2 billion. • The increase in exports of goods reflected increases in automotive vehicles, parts, and engines ($1.4 billion), in consumer goods ($0.6 billion), and in capital goods ($0.6 billion). A decrease in industrial supplies and materials ($1.7 billion) partly offset the increases. • The increase in exports of services reflected increases in financial services ($0.1 billion) and in travel ($0.1 billion). Imports of goods and services increased $3.6 billion, or 1.1 percent, in January to $324.6 billion. Imports of goods increased $3.1 billion, and imports of services increased $0.5 billion. • The increase in imports of goods reflected increases in capital goods ($3.1 billion) and in automotive vehicles, parts, and engines ($2.0 billion). Decreases in industrial supplies and materials ($1.3 billion) and in consumer goods ($1.1 billion) partly offset the increases. • The increase in imports of services reflected increases in travel ($0.5 billion) and in financial services ($0.1 billion). A decrease in transport ($0.2 billion) partly offset the increases. Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit increased 3.0 percent in January, compared to a 3.1 percent increase in the nominal deficit. Real exports of goods decreased 0.2 percent, compared to a 0.1 percent increase in nominal exports. Real imports of goods increased 1.0 percent, compared to a 1.2 percent increase in nominal imports. For more detailed information on trade by type of good or service and with major trading partners, see “U.S. International Trade in Goods and Services, January 2024.” U.S. Bureau of Economic Analysis statistics—including gross domestic product, personal income, the balance of payments, foreign direct investment, the Input-Output Accounts, and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available. Note. The next release of U.S. international trade in goods and services will be on April 4, 2024.
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