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Press Release: January trade deficit rose 9%, government report

March 07, 2017

Today the Commerce Department announced that the US trade deficit for January was $48.5 billion, up 9% from the December figure of $44.3 billion and up 12% from the year-ago figure last January.

“Our trade deficit continues to stack up month by month, adding to the negative pressure on the U.S. economy,” said CPA Research Director, Jeff Ferry. “Only by addressing the trade deficit and turning this torrent of red ink to the black can we restore the health of our vital domestic industries."

The main points of the Commerce Department report are:

1. On a year-on-year basis, once again imports rose faster than exports.
2. Exports increased 7.4% to $192.1 billion while imports rose 8.3% to $240.6 billion
3. The January goods deficit rose by $4 billion or 6% to $69.7 billion.
4. The January services surplus fell $0.3 billion or 1% to $21.2 billion. 

"We are pleased that the Trump Administration and Congress are open to new ideas on trade,” said Michael Stumo, CEO of CPA. “A national goal of eliminating the trade deficit should be set to guide decision making. Then policy makers should identify and address the systemic problems as well as the countries and practices that prevent achievement of that goal."
 
The Coalition for a Prosperous America is a nonprofit organization representing the interests of 2.7 million households through our agricultural, manufacturing and labor members.

 

Contact: Paola Masman, Media Director 
202-688-5145 ext 2, paola@prosperousamerica.org

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