U.S. trade deficit widens in January on oil price surge

The U.S. trade deficit in January widened to 46.3 billion U.S. dollars due to a spike in oil prices, the U.S. Commerce Department announced Thursday.


January exports of 167.7 billion dollars and imports of 214.1 billion dollars resulted in a goods and services deficit of 46.3 billion dollars, up from a revised 40.3 billion dollars in December 2010.


January exports of the world's largest economy were 4.4 billion dollars more than December volume of 163.3 billion dollars.


January imports grew at a quicker pace, as the figures were 10.5 billion dollars more than December imports of 203.6 billion dollars.


The January gain in imports of goods mainly reflected increases in industrial supplies and materials, automotive vehicles, parts, capital goods, consumer goods, foods, feeds and beverages.


The monthly goods and services deficit increased 11.7 billion dollars from January 2010 to January 2011, the department said.


For the three months ending in January, exports of goods and services averaged 163.8 billion dollars, while imports of goods and services averaged 205.4 billion dollars, resulting in an average trade deficit of 41.6 billion dollars.
(Source:http://news.xinhuanet.com)