The U.S. trade deficit narrowed by more than expected at the start of the year ahead of broader supply-chain disruptions from the coronavirus that have since hit businesses dependent on shipments from China.
The overall U.S. deficit in goods and services trade shrank to $45.3 billion in January, from $48.6 billion in the prior month, according to data released Friday by the Commerce Department. The median estimate of economists surveyed by Bloomberg called for a gap of $46.1 billion. The U.S. typically runs a deficit in merchandise trade and a surplus in services.
The goods-trade deficit with China—the main target of President Donald Trump’s ire on the topic—narrowed in January to a seasonally adjusted $23.7 billion, the smallest since 2011. Imports from the Asian nation declined 5.5% to the lowest level since 2010, and exports rose slightly. The figures tend to be more volatile in the first two months of the year due to the Lunar New Year holiday.
The report offers insight into the early impact of the phase one trade deal between the U.S. and China in mid-January, while largely preceding the hit from the coronavirus that curtailed activity in China.
Overall imports fell 1.6% to $253.9 billion, led by drops in nonmonetary gold, autos and capital goods.
Exports dropped 0.4% to $208.6 billion, with declines in civilian aircraft and oil.
“North America’s Building Trades Unions congratulate President Donald J. Trump on his inauguration as the 47th President of the United States of America and Vice President JD Vance as the…
View ArticleUN Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan announced today that the sixteenth session of the United Nations Conference on Trade and Development (UNCTAD 16) will take place in Viet…
View ArticleToday, the U.S. Department of Commerce and the Norwegian Ministry of Trade, Industry, and Fisheries issued a thorough, innovative report presenting our shared understanding of non-market policies and practices (NMPPs)…
View ArticleIndustry updates and weekly newsletter direct to your inbox!
A flying start to 2025 but after 14 months of double-digit demand growth, air cargo stakeholders remain cautious
Air India extends SATS and WFS partnership with 14 new cargo and ground handling contracts across global network