US trade deficit widens in January

The US foreign trade deficit increased by 5.1 percent on a monthly basis in January, reaching $67.4 billion. The US Department of Commerce announced foreign trade data for January. Accordingly, the country’s foreign trade deficit increased by 5.1 percent in January compared to the previous month, reaching $67.4 billion. Market expectations were for the foreign trade deficit to be $63.4 billion during this period. The foreign trade deficit, which rose to its highest level in 9 months, was recorded as $64.2 billion in December of last year. The country’s exports increased by 0.1 percent to $257.2 billion in January, while imports increased by 1.1 percent to $324.6 billion. Increase in foreign trade deficit with Japan and Taiwan During the period in question, the US had its largest foreign trade deficit against China, with $22.9 billion. While the country’s foreign trade deficit with Japan and Taiwan increased during this period, its trade deficit with Vietnam decreased. The U.S. trade deficit with Japan widened to $7.3 billion in January, while its trade deficit with Taiwan widened to $4.8 billion. The country’s trade deficit with Vietnam narrowed to $8.5 billion. Other trading partners with which the U.S. has a deficit include the European Union ($18.1 billion), Mexico ($12.7 billion), Germany ($6.3 billion), Ireland ($6 billion), Canada ($5.7 billion), South Korea ($5.5 billion), Italy ($3.8 billion), India ($3.7 billion), Malaysia ($2.1 billion), Switzerland ($1.5 billion), France ($1.4 billion) and Israel ($400 million). The country has a trade surplus with South and Central America ($4.2 billion), the Netherlands ($4.1 billion), Hong Kong ($2.2 billion), Australia ($1.6 billion), the United Kingdom ($1.4 billion), Belgium ($1.1 billion), Singapore ($400 million), Brazil ($400 million) and Saudi Arabia ($200 million).