The Bureau of Economic Analysis reports that in January, the U.S. goods and services trade deficit fell to $54.5 billion, down $18.4 billion from December. Exports rose 5.5% to $302.1 billion, while imports fell 0.7% to $356.6 billion. The drop in the deficit reflected a $17.5 billion decrease in the goods deficit and a $1.0 billion increase in the services surplus.
Year-over-year, the deficit is down 57.6% from January 2025, driven by a 10.4% increase in exports and an 11.3% decline in imports. Key export gains included industrial supplies, precious metals, capital goods, computers, and civilian aircraft. The BEA writes:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.5 billion in January, down $18.4 billion from $72.9 billion in December, revised.
U.S. International Trade in Goods and Services Deficit
Deficit:
$54.5 Billion
–25.3%°
Exports:
$302.1 Billion
+5.5%°
Imports:
$356.6 Billion
–0.7%°
Next release: Thursday, April 2, 2026
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 12, 2026
Exports, Imports, and Balance
January exports were $302.1 billion, $15.8 billion more than December exports. January imports were $356.6 billion, $2.6 billion less than December imports.
The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $17.5 billion to $81.8 billion and an increase in the services surplus of $1.0 billion to $27.3 billion.
Year-over-year, the goods and services deficit decreased $73.9 billion, or 57.6 percent, from January 2025. Exports increased $28.4 billion or 10.4 percent. Imports decreased $45.5 billion or 11.3 percent.
Three-Month Moving Averages
The average goods and services deficit increased $7.8 billion to $61.1 billion for the three months ending in January.
Average exports increased $0.3 billion to $293.1 billion in January.
Average imports increased $8.1 billion to $354.2 billion in January.
Year-over-year, the average goods and services deficit decreased $40.6 billion from the three months ending in January 2025.
Average exports increased $19.9 billion from January 2025.
Average imports decreased $20.7 billion from January 2025.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $14.6 billion to $195.5 billion in January.
Exports of goods on a Census basis increased $14.8 billion.
Industrial supplies and materials increased $9.4 billion.
