The nominal trade deficit decreased to $41.8 billion in January as imports fell more than exports. The 2.9 percent decline in exports was broadly based across major categories. Industrial supplies and materials decreased the most, with nearly every product category falling in January. Total imports declined 3.9 percent. Industrial supplies and materials by far saw the largest decline as imports of petroleum products fell significantly. Disruptions in processing cargoes at West Coast ports may have contributed to the weakening of U.S. international trade in January.
On a year-over-year basis, growth rates of exports and imports turned negative in January. Growth of both exports and imports has been relatively low over the past few years compared with recent history (excluding plunges in international trade during past recessions).
