WASHINGTON — The U.S. international trade gap widened to $56.6 billion in January, a wider gap than the $55.1 billion deficit expected and the largest since October 2008, data released by the Commerce Department Wednesday morning showed.
The wider trade gap reflected a large decline in exports, as imports were roughly flat. Higher energy imports offset a reversal in cell phone imports after a December gain.
The revised Census goods gap reported Thursday was larger than the advance estimate of $74.4 billion, coming in at $75.3 billion.
The overall BOP goods gap widened sharply to $76.5 billion from $73.7 billion in December, while the services surplus widened modestly to $19.9 billion from $19.8 billion in December.
The chained goods gap widened to $69.7 billion from $68.5 billion in December.
The petroleum gap widened sharply to $7.1 billion in January from $3.3 billion in December, with exports down modestly and imports up sharply. The nonpetroleum gap narrowed to $68.2 billion from $69.0 billion.
Imports were roughly flat in the month due to offsetting factors. There was a solid $2.0 billion increase in industrial supply imports, led by a $2.2 billion jump in crude oil imports. The unadjusted crude oil price was the highest since January 2015.
However, this was offset by a $1.3 billion drop in capital goods imports and a $900 million drop in consumer goods imports, led by a $1.2 billion decline in cell phone imports after an increase in the previous month. Imports of autos and food were both roughly flat.
Exports plunged on a $2.6 billion drop in capital goods, particularly civilian aircraft, and a $1.3 billion decline in industrial supply exports. This was offset by a $1.2 billion rise in consumer goods exports.
The unadjusted bilateral trade gap with China rose to $36.0 billion in January from $30.8 billion in December and $31.3 billion a year ago, hitting its highest point since $36.3 billion in September 2015. There were also wider gaps with Canada and Japan, while the gaps with Mexico and the EU narrowed.
