US trade deficit swells in January

Washington (Mar 6)  The US trade deficit grew more than expected in January as exports fell more sharply than imports amid a slowing global economy, Commerce Department data released Friday showed.

The trade gap rose 2.2 per cent to $45.7 billion in January, well above the analyst estimate of $44.0 billion. Reflecting the sluggishness in the global economy, falling oil prices and a strong dollar, US exports and imports fell to their weakest levels in five years.

Exports of goods and services fell 2.1 per cent to $176.5 billion, the lowest level since June 2011.

Imports fell 1.3 per cent to $222.1 billion, their lowest since April 2011.

The December trade gap was revised upward to $4.7 billion from $43.4 billion.

Source: TheNews