US trade deficit rises to an all-time high in January

The US Commerce Department said today that the US trade deficit rose 9.4% to $89.7 billion in January, its highest level ever, and data for December was revised to $82.0 billion instead of $80.7 billion. Imports rose 1.2% to $314.1 billion, the highest level ever, imports of goods rose 1.8% to $264.8 billion, and services imports declined by $1.0 billion to $49.3 billion in January.

The data showed that exports declined by 1.7% to $224.4 billion, exports of goods declined by 1.5% to $155.9 billion, and exports of services declined by $1.6 billion to $68.5 billion.