The US international trade deficit ticked slightly higher in January but stayed on a narrowing trend as the global economy continues to slowly recover, official data released Friday showed.
The nation's trade shortfall in goods and services rose to $39.1 billion in January from $39.0 billion in December as imports increased more than exports, the Commerce Department said.
The December trade gap was upwardly revised from the initial estimate of $38.7 billion.
The larger trade gap was unexpected. Analysts on average forecast it would shrink to $37.3 billion.
But compared with a year ago, the US trade deficit fell by $3.0 billion from January 2013, continuing the narrowing trend of 2013.
In January, the United States imported $231.6 billion in goods and services, an increase of $1.3 billion from December.
Exports rose a more modest $1.2 billion to $192.5 billion.
"The January trade data point to a gradual global economic recovery, both in the US and abroad, as exports and imports both increased," said Tu Packard of Moody's Analytics.
The petroleum deficit jumped to $19.3 billion from $15.5 billion in December.
The average price of imported crude oil per barrel fell to $90.21, the lowest level since February 2011.
In goods trade data that is not seasonally adjusted, the chronic gap with China widened sharply, to $27.8 billion in January from $24.5 billion in December.
US exports to the world's second-largest economy fell by $2.7 billion to $10.4 billion.
The gap with Canada, the nation's largest trade partner, jumped to $4.1 billion from $3.4 billion. The $2.8 billion gap with Mexico was the lowest since January 2009.
The trade balance with the European Union suggested stronger demand in the recovering bloc.
The goods deficit with the EU fell to $8.8 billion in January from $11.3 billion in December.
With the 18-member eurozone, the shortfall narrowed 19 percent to $7.2 billion.
Jim O'Sullivan, chief US economist at High Frequency Economics said the January trade data could lower economic growth estimates for the first quarter of 2014.
"Both real exports and imports began Q1 below their Q4 average," he said.
The US international trade deficit ticked slightly higher in January but stayed on a narrowing trend as the global economy continues to slowly recover, official data released Friday showed.
The nation’s trade shortfall in goods and services rose to $39.1 billion in January from $39.0 billion in December as imports increased more than exports, the Commerce Department said.
The December trade gap was upwardly revised from the initial estimate of $38.7 billion.
The larger trade gap was unexpected. Analysts on average forecast it would shrink to $37.3 billion.
But compared with a year ago, the US trade deficit fell by $3.0 billion from January 2013, continuing the narrowing trend of 2013.
In January, the United States imported $231.6 billion in goods and services, an increase of $1.3 billion from December.
Exports rose a more modest $1.2 billion to $192.5 billion.
“The January trade data point to a gradual global economic recovery, both in the US and abroad, as exports and imports both increased,” said Tu Packard of Moody’s Analytics.
The petroleum deficit jumped to $19.3 billion from $15.5 billion in December.
The average price of imported crude oil per barrel fell to $90.21, the lowest level since February 2011.
In goods trade data that is not seasonally adjusted, the chronic gap with China widened sharply, to $27.8 billion in January from $24.5 billion in December.
US exports to the world’s second-largest economy fell by $2.7 billion to $10.4 billion.
The gap with Canada, the nation’s largest trade partner, jumped to $4.1 billion from $3.4 billion. The $2.8 billion gap with Mexico was the lowest since January 2009.
The trade balance with the European Union suggested stronger demand in the recovering bloc.
The goods deficit with the EU fell to $8.8 billion in January from $11.3 billion in December.
With the 18-member eurozone, the shortfall narrowed 19 percent to $7.2 billion.
Jim O’Sullivan, chief US economist at High Frequency Economics said the January trade data could lower economic growth estimates for the first quarter of 2014.
“Both real exports and imports began Q1 below their Q4 average,” he said.
