US Trade Deficit Skyrockets in January

The United States witnessed a significant surge in its trade deficit, reaching an unprecedented $131.4 billion in January. This marks a substantial increase of $33.3 billion from the revised figures of the previous month, according to the latest report released by the Census Bureau and the Bureau of Economic Analysis (BEA) on Thursday.

This figure represents the highest trade deficit since May 2022. Despite the rise in exports by $3.3 billion to $269.8 billion, the surge in imports by $36.6 billion to $401.2 billion has significantly contributed to the widening gap.

Annual Trade Deficit Comparison

On an annual basis, the goods and services deficit has seen a dramatic increase of $64.5 billion, or 96.5%, compared to January 2024. Exports have grown by $10.6 billion, or 4.1%, while imports have surged by $75.2 billion, or 23.1%.