The US trade deficit increased again in January, as petroleum-product imports set a new record and exports to Europe and Asia declined.
The Commerce Department said today that the monthly trade gap - which measures the difference between imports and exports - widened to a deficit of $33.3 billion in January from a revised estimate of $33.2 billion in December. This was the largest since a $33.5 billion shortfall in September.
Imports of energy-related petroleum products totaled 415.5 million barrels in January, the highest on record, as crude oil prices dipped to $23.13 per barrel, the lowest level since December 1999, the US government said.
On a regional basis, the trade deficit with Western Europe jumped to $5.62 billion in January, increasing nearly $2 billion from the previous month. While imports were slightly higher at $20.8 billion, US sales to the region declined to $15.2 billion, down more than $1.5 billion.
Pacific Rim countries, including Japan and China, continued to account for most of the trade gap. The total deficit with the region was $17.7 billion, widening nearly $1.7 billion from the previous month.