07-Mar-2025 08:10

Reflecting a spike by the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened by more than expected in the month of January.

The Commerce Department said the trade deficit surged to a record high of $131.4 billion in January from a revised $98.1 billion in December.

The notably wider trade deficit came as the value of imports soared by 10.0 percent to $401.2 billion in January after surging by 3.7 percent to $364.6 billion in December.

The report showed a spike in imports of industrial supplies and materials as well as notable increases in imports of consumer goods and capital goods.

Meanwhile, the Commerce Department said the value of exports climbed by 1.2 percent to $269.8 billion in January after tumbling by 2.6 percent to $266.5 billion in December.

Increases in exports of capital goods and consumer goods were partly offset by decreases in exports of foods, feeds and beverages and other goods.

The report also said the goods trade deficit widened to $156.8 billion in January from $123.3 billion in December, while the services trade surplus crept up to $25.4 billion in January from $25.2 billion in December.

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