Total January exports were $192.1 billion and imports were $240.6 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 $48.5 billion, up from $44.3 billion in December. January exports were up $1.1 billion from December, and January imports were up $5.3 billion from December.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $4 billion to $69.7 billion and a decrease in the services surplus of $0.3 billion to $21.2 billion.
Year-over-year, the goods and services deficit increased $5.1 billion, or 11.8 percent, from January 2016. Exports increased $13.3 billion or 7.4 percent. Imports increased $18.4 billion or 8.3 percent.
Exports of goods increased $1.1 billion and exports of services decreased less than $0.1 billion. The increase in exports of goods mostly reflected an increase of $2.1 billion in industrial supplies and materials and a decrease in capital goods of $1.9 billion. Exports of services decreased less than $0.1 billion to $64.1 billion.
Imports of goods increased $5.1 billion and imports of services increased $0.2 billion. The increase in imports of goods mostly reflected an increase in consumer goods ($2.4 billion). The increase in imports of services mainly reflected an increase in transport ($0.2 billion).