Total January exports were $176.5 billion and imports were $221.1 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. This resulted in a goods and services deficit of $45.7 billion, up from $44.7 billion in December. January exports were down $3.8 billion from December, and January imports were down $2.8 billion from December.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $1.1 billion to $63.7 billion and an increase in the services surplus of $0.1 billion to $18 billion.
Year-over-year, the goods and services deficit increased $2.1 billion, or 4.8 percent, from January 2015. Exports decreased $12.5 billion or 6.6 percent. Imports decreased $10.5 billion, or 4.5 percent.
Exports of goods decreased $4 billion and exports of services increased $0.2 billion. The decrease in exports of goods mostly reflected decreases in capital goods ($1.2 billion), industrial supplies and materials ($0.9 billion) and consumer goods ($0.8 billion).
The increase in exports of services reflected increases in travel ($0.2 billion) and transport, which includes freight and port services and passenger fares ($0.1 billion).
Imports of goods decreased $2.9 billion and imports of services increased less than $0.1 billion. The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($2.1 billion) and in capital goods ($1.2 billion).
The increase in imports of services mainly reflected increases in other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services ($0.1 billion) and travel ($0.1 billion).
