WASHINGTON (AFX) - The U.S. trade deficit set a new record high in January, the Commerce Department reported Wednesday.
The trade gap widened $365 million, or 0.9 percent, in January to $43.1 billion. This is slightly above the previous record of $43 billion set last March.
The widening of the deficit was unexpected. A survey of analysts by CBS Marketwatch.com had produced a consensus of $41.9 billion. The December trade gap was revised slightly higher to $42.7 billion from the initial estimate of $42.5 billion.
Both exports and imports fell in January, but exports fell faster than imports.
January exports fell $1.06 billion, or 1.2 percent, to $89.0 billion. This was the biggest decline in exports since last August. Imports fell 0.5 percent to $132.1 billion in January, but remained at the second highest level on record.
Exports of goods fell 1.7 pct to $61.9 billion for the month. The decline was widespread, with only the "other goods" sector recording an increase. Exports of agricultural products had the largest decline, falling 7.9 percent to $4.6 billion. Exports of civilian aircraft rose 6.1 percent to $1.7 billion.
Imports of goods fell 0.5 percent in January to $110.3 billion. The decline was led by auto imports, which fell 5.4 percent to $17.7 billion.
The U.S. petroleum deficit widened 9.8 percent to $10.8 billion. This is the largest monthly petroleum deficit in eleven months.
The value of U.S. crude imports rose to $8.8 billion in January from $8.6 billion the previous month.
The U.S. imported 309.4 million barrels in January, or 10.0 million per day, down from 317.4 million or 10.2 million per day, in December. The average price rose to $28.55 from $27.17 in December. This is the highest monthly average price since last March.
The U.S. trade deficit with China totaled $11.5 billion, up from $9.4 billion in the same month one year ago, but well below the monthly record of $13.6 billion set last October.
The January trade deficit with the European Union totaled $5.9 billion, the lowest since March 2002.
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