US reports trade deficit up 1.6% at $68.3 billion in January 2023

The US Trade deficit grew 1.6 percent to $68.3 billion in January 2023, up $1.1 billion, against $67.2 billion reported in December 2022.

Exports were up by 3.4% (MoM) to $257.5 billion compared to $249 Billion. According to Bureau of Economic Analysis, the growth in exports was led by sales of pharmaceutical preparations (up $2.8 billion), civilian aircraft (up $0.5 billion), passenger cars (up $0.3 billion), telecommunications equipment (up $0.3 billion) among others. However, a decline was seen in travel (down $1.2 billion) and transport (down $0.7 billion).

On similar lines, imports grew by 3% (MoM) to $325.8 billion against $316.2 billion. Import growth was prompted by purchases of pharmaceutical preparations (up $0.9 billion), cell phones (up $1.6 billion), toys, games, and sporting goods (up $0.8 billion), trucks, buses, and special purpose vehicles (up $1.4 billion), passenger cars (up $1.4 billion), electric apparatus ($0.8 billion), telecommunications equipment (up $0.7 billion) among others. Meanwhile, there was a decline in transport (down $1 billion).