U.S. trade deficit surged to 52. 6 billion dollars in January, with both exports and imports increase, reported the Commerce Department on Friday.
In January, the world largest economy’s exports totaled 180.8 billion dollars, 1.4 percent up from the previous month. Imports increased 2.1 percent from December to
233.4 billion dollars.
The faster growth of imports resulted in a goods and services deficit of 52.6 billion
dollars, the highest level since October 2008, marking the third consecutive
month of increase.
In January, the increase in imports of goods mainly reflected rise in automotive vehicles,
parts and engines, industrial supplies and materials.
Trade deficit has been a drag of the U.S. economic growth for many years. U.S. President Barack Obama said that the country is on track to meet the goal of doubling
exports over five years.
The U.S. economy expanded at a quicker pace in the fourth quarter of last year and is
expected to gain momentum this year.