The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department
of Commerce, announced today that total January exports of $180.8 billion and imports of
$233.4 billion resulted in a goods and services deficit of $52.6 billion, up from $50.4
billion in December, revised. January exports were $2.6 billion more than December exports of
$178.2 billion. January imports were $4.7 billion more than December imports of $228.7 billion.
In January, the goods deficit increased $2.4 billion from December to $67.5 billion, and the
services surplus increased $0.3 billion from December to $14.9 billion. Exports of goods
increased $1.9 billion to $128.6 billion, and imports of goods increased $4.3 billion to $196.1
billion. Exports of services increased $0.7 billion to $52.2 billion, and imports of services
increased $0.4 billion to $37.3 billion.
The goods and services deficit increased $5.0 billion from January 2011 to January 2012. Exports
were up $12.9 billion, or 7.7 percent, and imports were up $18.0 billion, or 8.4 percent.
Goods (Census Basis)
The December to January increase in exports of goods reflected increases in capital goods
($1.3 billion); automotive vehicles, parts, and engines ($1.1 billion); and foods, feeds, and
beverages ($0.1 billion). Decreases occurred in other goods ($0.5 billion); industrial supplies
and materials ($0.3 billion); and consumer goods ($0.2 billion).
The December to January increase in imports of goods reflected increases in automotive vehicles,
parts, and engines ($2.4 billion); industrial supplies and materials ($1.1 billion); foods,
feeds, and beverages ($0.4 billion); and consumer goods ($0.2 billion). A decrease occurred
in other goods ($0.1 billion). Capital goods were virtually unchanged.
The January 2011 to January 2012 increase in exports of goods reflected increases in capital
goods ($4.3 billion); industrial supplies and materials ($2.5 billion); automotive vehicles,
parts, and engines ($1.9 billion); and consumer goods ($0.4 billion). A decrease occurred in
other goods ($0.1 billion). Foods, feeds, and beverages were virtually unchanged.
The January 2011 to January 2012 increase in imports of goods reflected increases in industrial
supplies and materials ($5.3 billion); automotive vehicles, parts, and engines ($3.4 billion);
capital goods ($2.8 billion); consumer goods ($1.4 billion); foods, feeds, and beverages
($1.2 billion); and other goods ($0.7 billion).
Services
Exports of services increased $0.7 billion from December to January. The increase was mostly
accounted for by increases in other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services), travel,
royalties and license fees, and passenger fares. Changes in the other categories of services
exports were small.
Imports of services increased $0.4 billion from December to January. The increase was more
than accounted for by increases in other private services, other transportation (which includes
freight and port services), and passenger fares. A decrease in travel was partly offsetting.
Changes in the other categories of services imports were small.
The January 2011 to January 2012 increase in exports of services was $3.9 billion. The largest
increases were in royalties and license fees ($1.7 billion), other private services ($1.1 billion),
and travel ($0.6 billion). Within other private services, the largest increase was in business,
professional, and technical services.
The January 2011 to January 2012 increase in imports of services was $2.7 billion. The largest
increases were in other private services ($1.9 billion) and royalties and license fees
($0.4 billion). Within other private services, the largest increase was in business, professional,
and technical services.
Goods and Services Moving Average
For the three months ending in January, exports of goods and services averaged $178.9 billion,
while imports of goods and services averaged $229.0 billion, resulting in an average trade deficit
of $50.2 billion. For the three months ending in December, the average trade deficit was $47.0
billion, reflecting average exports of $178.5 billion and average imports of $225.5 billion.
Selected Not Seasonally Adjusted Goods Details
The January figures show surpluses, in billions of dollars, with Hong Kong $2.1 ($2.5 for December),
Australia $1.6 ($1.7), Singapore $0.8 ($1.3), and Egypt $0.2 ($0.2). Deficits were recorded, in
billions of dollars, with China $26.0 ($23.1), OPEC $10.0 ($9.1), European Union $8.5 ($9.6),
Japan $6.2 ($6.5), Canada $4.8 ($3.9), Mexico $4.2 ($4.9), Germany $4.1 ($4.8), Ireland $2.3
($2.8), Venezuela $2.0 ($2.0), Korea $1.4 ($0.5), Taiwan $1.3 ($0.8), and Nigeria $1.3 ($1.3).
Advanced technology products exports were $22.5 billion in January and imports were $29.2 billion,
resulting in a deficit of $6.7 billion. January exports were $3.7 billion less than the $26.2
billion in December, while January imports were $5.0 billion less than the $34.2 billion in December.
Revisions
For all months of 2011, the seasonally adjusted goods data, on both a Census basis and a balance
of payments basis, and the seasonally adjusted services data were revised to align the months
with the annual totals.
Census Basis (not seasonally adjusted)
For December, exports of goods were virtually unrevised and imports of goods were revised up
$0.4 billion. Goods carry-over in January was $0.2 billion (0.2 percent) for exports and
$1.3 billion (0.7 percent) for imports. For December, revised export carry-over was virtually
zero. For December, revised import carry-over was $0.2 billion (0.1 percent).
Balance of Payments Basis (seasonally adjusted)
For July through December 2011, exports and imports of goods and services were revised to
incorporate more comprehensive and updated quarterly and monthly data.
For December, exports of goods were revised down $0.4 billion and imports of goods were
revised up $0.4 billion.
For December, exports of services were revised down $0.2 billion, mostly reflecting downward
revisions in travel and passenger fares that were partly offset by upward revisions in other
private services and royalties and license fees. For December, imports of services were revised
up $0.7 billion, mostly reflecting an upward revision in other private services.
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