U.S. Trade Deficit Up 38% in Month, to $14.78 Million
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WASHINGTON — The United States suffered a $14.78-billion trade deficit in January, up sharply from the previous month, the government reported today.
The Commerce Department said the imbalance between what the country imports and what it exports soared 38.7% above the December figure of $10.66 billion.
However, analysts caution against reading too much into month-to-month changes in the trade figures. The January deterioration had been predicted by analysts who said the December figure represented a temporary improvement from a disastrous November performance.
Still, the poor showing was likely to further fuel demands for protectionist legislation in Congress as the country’s trade problems showed no signs of improving.
The January deficit stemmed from a steep 11.2% drop in exports to $16.38 billion, the lowest level since August, 1983. Imports, meanwhile, rose to $31.16 billion, up 7.1% over the December figure.
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