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Trade Deficit Little Changed in January
The U.S. trade deficit was little changed in January as imports and exports grew, the Commerce Department reported March 7.
The gap between imports and exports rose 0.3% to $39.1 billion, from$39 billion in December.
The trade deficit expanded more than economists’ forecast of $38.5 billion, Bloomberg News reported.
“Import growth will increase as the economy expands,” Scott Brown, chief economist at Raymond James & Associates Inc., told Bloomberg. “Any widening in the trade deficit is going to be largely transitional. The trade deficit is likely to remain relatively contained this year.”
Exports increased to $192.5 billion, and imports rose to $231.6 billion in January, the most since October.
The figures show demand for American-made goods is likely to strengthen as markets overseas, including emerging nations improve, Bloomberg reported.
