The 2020 Mid-Year Economic Update_long

January U.S. Exports, Imports Decrease

Goods and services deficit down $3.8 billion year over year

Total January exports were $189.4 billion and imports were $231.2 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 $41.8 billion, down from $45.6 billion in December. January exports were down $5.6 billion from December, and January imports were down $9.4 billion from December.

The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $61.6 billion and an increase in the services surplus of $0.5 billion to $19.9 billion.

Year-over-year, the goods and services deficit increased $2.9 billion, or 7.5 percent, from January 2014. Exports decreased $3.3 billion or 1.7 percent. Imports decreased $0.4 billion or 0.2 percent.

Exports of goods decreased $5.5 billion and exports of services decreased $0.1 billion. The decrease in exports of goods mostly reflected decreases in industrial supplies and materials ($2.2 billion), in other goods ($1.2 billion), and in foods, feeds, and beverages ($1.1 billion).

The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in travel (for all purposes including education) ($0.2 billion) and in other business services ($0.1 billion).

Imports of goods decreased $8.9 billion and imports of services decreased $0.5 billion. The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($6 billion) and in consumer goods ($2.1 billion). The decrease in imports of services mainly reflected decreases in transport ($0.4 billion) and in travel (for all purposes including education) ($0.2 billion).

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