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The U.S. goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December, revised.
January exports were $200.9 billion, $2.7 billion less than December exports. January imports were $257.5 billion, down less than $0.1 billion from December imports.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $76.5 billion and an increase in the services surplus of $0.1 billion to $19.9 billion.
Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from January 2017. Exports increased $9.7 billion or 5.1 percent. Imports increased $17.6 billion or 7.4 percent.
Exports of goods decreased $3 billion and exports of services increased $0.3 billion. The decrease in exports of goods mostly reflected a decrease in capital goods ($2.6 billion). The increase in exports of services mainly reflected an increase in charges for the use of intellectual property ($0.1 billion).
Imports of goods decreased $0.2 billion and imports of services increased $0.2 billion. The decrease in imports of goods mostly reflected a decrease in capital goods ($1.3 billion). The increase in imports of services mostly reflected an increase in other business services ($0.2 billion).