U.S. Secretary of Commerce Wilbur Ross issued the following statement today on the release of the January 2017 U.S. International Trade in Goods and Services monthly data.
The trade deficit in January stood at $48.5 billion, a 9.6 percent increase from December. U.S. imports of goods and services increased to $240.6 billion in January from $235.3 billion in December. U.S. exports of goods and services increased to $192.1 billion in January from $191.0 billion in December.
In January 2017, the trade deficit for goods and services was 11.8 percent higher as compared to January 2016, increasing from $43.4 billion to $48.5 billion. During this period, the largest drivers of the change in the trade deficit were consumer and capital goods. Imports were $18.4 billion higher, driven by $16.3 billion in goods and $1.8 billion in services. Exports were $13.3 billion higher in January 2017 as compared to January 2016, driven by a $10.5 billion increase in goods and a $2.3 billion increases in services.
“Today’s data shows there is much work to be done,” said Secretary Ross. “President Trump has made free and fair trade a central part of his agenda, and correcting this imbalance is an important step in achieving that goal. To that end, in the coming months we will renegotiate bad trade deals and bring renewed energy to trade enforcement in defense of all hard-working Americans.”
Note: More on The January 2017 International Trade in Goods and Services https://bea.gov/newsreleases/
[Source: U.S. Department of Commerce-Media Relations]
About: U.S. Department of Commerce
The mission of the Department is to create the conditions for economic growth and opportunity.
As part of the President’s economic team, the Secretary of Commerce serves as the voice of U.S. business within the Cabinet. The Department works with businesses, universities, communities, and the Nation’s workers to promote job creation, economic growth, sustainable development, and improved standards of living for Americans. Through its 12 bureaus and nearly 47,000 employees located in all 50 states and five U.S. territories and more than 86 countries worldwide, the Department administers critical programs that touch the lives of every American. The Department’s workforce is as diverse as its mission. It is made up of economists, Nobel winning scientists, foreign service officers, patent attorneys, law enforcement officers, and specialists in everything from international trade to aerospace engineering.
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