US trade deficit hits nine-year high on falling exports
In the first month of the year, the US trade gap rose five percent over an upward-revised December to $56.6 billion, its highest level since October of 2008, overshooting analyst expectations of a two percent increase.
Year over year, this left the monthly deficit for goods and services up 16.2 percent over January of 2017, with exports trailing imports.
Exports fell 1.3 percent to $200.9 billion, the largest decrease in 16 months, as aircraft exports decreased in value by $1.8 billion and international sales of industrial supplies like crude oil and other chemicals fell by $1.3 billion.
Imports were unchanged at $257.5 billion.
US exports of services, including charges for the use of intellectual property, were the highest on record at $66.7 billion.
But the goods deficit with Canada reached its highest level in three years at $4.1 billion for the month.
Canada is the largest US supplier of steel and has strenuously objected to the tariffs, which Trump has tied to pending efforts to renegotiate the North American Free Trade Agreement.
With China, the goods deficit rose 16.7 percent to its highest level in more than two years at $36.3 billion.
But the trade gap with the European Union, which Trump has accused of unfairly blocking US exports, narrowed in January, falling 13.9 percent for the month to $13.9 billion.
The deficit with Germany fell 7.5 percent to $5.4 billion while the surplus with the Britain doubled to $200 million.
http://www.france24.com/en/20180307-us-trade-deficit-hits-nine-year-high-falling-exports
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