19 March 2002, 16:55 ODJ U.S. Trade-OVERVIEW
HEADLINES FOR US TRADE
*U.S. Jan trade deficit widens 15.4% to $28.5 bln
*U.S. Jan goods/services imports +3.6%; exports -0.1%
*U.S. Dec trade deficit revised to $24.7 bln from $25.3 bln
*U.S. Jan goods trade gap $34.1 bln; Dec revised to $31.0 bln
*U.S. Jan oil imports +11.1%; non-oil imports +2.9%
*U.S. Jan trade gap with Japan $4.8 bln; Dec $5.0 bln
*U.S. Jan trade gap with China $6.9 bln; Dec $5.5 bln
*U.S. Jan trade deficit with Euro Area $3.9 bln; Dec $3.4 bln
*U.S. Jan trade deficit with OPEC nations $2.6 bln; Dec $2.0 bln
*U.S. Jan imported crude petroleum $16.31 per barrel
Washington, Mar. 19 (OsterDowJones) The U.S. trade deficit widened in
January, expanding 15.4% to $28.5 billion as December's deficit was revised
to $24.7 billion, the Commerce Department reported Tuesday.
* * *
The January trade gap reflected a $34.1 billion shortfall in goods and a
$5.6 billion surplus in services. Goods exports fell as weaker demands for
consumer goods offset increases in capital goods and automotive goods. Goods
imports rose as stronger demands for consumer goods, capital goods, and
industrial materials offset decreases in automotive goods.
For the entire year, goods and services trade deficit narrowed 14.8%
from the deficit of $33.5 the same time frame in 2001.
Analysts estimated the gap would increase $27.1 billion.
OIL
Increasing prices of oil deteriorated the U.S. trade position. In
January, imported crude averaged $16.31 per barrel, up from December's
$15.51. Overall, oil imports climbed a seasonally adjusted 6.2%. The
volume rose to an average 9.7 million barrels per day from 9.1 million
the prior reporting period.
IMPORTS
U.S. goods and services imports grew 3.6% in January to $106.486 billion.
Excluding petroleum, U.S. goods imports were up 2.9% to a seasonally
adjusted $82.226 billion.
EXPORTS
U.S. goods and services exports contracted 0.1% in January to $77.968
billion.
Excluding petroleum, U.S. goods imports were down 0.1% to a seasonally
adjusted $54.742 billion.
WHAT WAS EXPECTED
The January trade deficit was within analysts' expectations, which ranged
from $31.0 to $26.0 billion. The median estimate for the goods deficit was
$32.4, with a range of 32.6 billion to $32.0 billion.
US TRADE WITH SELECTED COUNTRIES
The report showed the politically sensitive U.S. trade gap with Japan
in January narrowed 5.2% to $4.8 billion from December's $5.0 million.
U.S. deficit with China increased to $6.9 billion from December's
$5.5 billion.
The trade gap with euro-area countries widened to $3.9 billion in
January from $3.4 billion one month earlier.
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