US Trade Deficit Increases by $4.2Bln, Largest Jump in Five Years

WASHINGTON (Sputnik) — Exports increased 0.6 percent from $191 billion in December to $192.1 billion in January, while imports increased 2.3 percent from $235.3 billion to $240.6 billion in the same period.

"The nation's international trade deficit in goods and services increased to $48.5 billion in January from $44.3 billion in December (revised), as imports increased more than exports," the report stated.

According to Commerce Department data, the US trade deficit is at its highest since March 2012.

The trade deficit with Mexico fell to $3.9 billion, its lowest level since July 2015, while the deficit with China increased to $31.3 billion from $27.8.

Last week Commerce Secretary Wilbur Ross said the Trump administration had tasked the department with new responsibilities to implement trade policies that favor US workers and businesses.

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