WASHINGTON - The January trade balance was not far off expectations at a $39.1 billion deficit, as exports were up $1.2 billion and imports up $1.3 billion. Both were driven by industrial supplies.
For example, exports of nonmonetary gold posted a -$1.9 billion.
In imports, oil and chemicals posted $3.4 billion as crude prices fell to their lowest level since last February and volume gained. This was offset by -$1.4 billion in autos & parts and -$1.5 billion in cell phones.
Also preventing the trade sector from cutting growth too badly was a $400 million drop in services imports. This stemmed primarily from decreases in travel and passenger fares, a move that was perhaps related to the severe winter weather.
The trade sector added almost 1 point to Q4 real GDP (the adjusted trade balance averaged -$47.1 billion). The January real data (-$48.5 billion) suggest a wider gap will cut at least a few tenths from growth.
Unadjusted trade balances by country: China -$27.8 billion in January after -$24.5 billion in December, Japan -$5.3 billion after -$6 billion, and OPEC -$7 billion after -$4 billion. The deficit with Mexico was -$2.8 billion, the lowest since January 2009, after -$4.2 billion in December.
New computations seasonally adjust some country trade data. After adjustment the January trade balance was -$3.7 billion with Mexico and -$5.9 billion with Japan; it was -$7 billion with OPEC.
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