US trade deficit rises 1.6% in January to $68.3B

By Ovunc Kutlu

ISTANBUL (AA) — The US trade deficit widened 1.6% in January, reaching $68.3 billion, according to data by the Commerce Department's Census Bureau.

The market expectation for the figure was to come in at $68.9 billion, while the December figure was revised to $67.2 billion from $67.4 billion, according to the figures released on Wednesday.

Exports in January totaled $257.5 billion, $8.5 billion more than December exports, while imports amounted to $325.8 billion — $9.6 billion above the previous month.

"The January increase in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $90.1 billion and a decrease in the services surplus of $1.7 billion to $21.8 billion," the Census Bureau said in a statement.

Annually, the goods and services deficit in January fell by $19.2 billion, or 21.9%, compared to the same month last year. While exports increased $30.2 billion, or 13.3%, imports rose $11.0 billion, or 3.5%, year-on-year.