*EPF205 03/20/01
Trade Deficit Increases in January as Exports, Imports Both Rise
(Volume of petroleum imports sets record) (790)
By Bruce Odessey
Washington File Staff Writer

Washington -- The U.S. trade deficit increased in January to the second highest level on record as the volume of petroleum imports reached a record, the U.S. Department of Commerce reports.

In a March 20 report, the department said the January deficit was a seasonally adjusted $33,262 million, comprising a goods deficit of $39,500 million and a services surplus of $6,238 million.

The January deficit, up from the revised $33,199 million deficit in December, was the second consecutive monthly increase; deficits decreased two months in a row after the record $33,546 million deficit in September.

U.S. imports of petroleum reached a record volume of 415.486 million barrels in January, up from 383.666 million in December. The value of those imports, $10,489 million (not seasonally adjusted), did not set a record, however, as crude oil prices drifted down to $23.13 per barrel in January from a high of $28.98 in September.

Overall U.S. imports increased 0.4 percent in January after dropping three months since the September peak, a reflection of the slowing U.S. economy. Imports of autos and consumer goods went up, and those of capital goods, especially telecommunications equipment, went down.

Overall exports increased 0.5 percent in January after dropping every month since August, reflecting continued weak economic performance abroad. Exports of autos went down, but exports of other capital goods and consumer goods went up.

The U.S. deficit with China soared to $7,231 million (not seasonally adjusted) in January from $6,060 million in December, but the deficit with Japan dropped to $5,871 million, the lowest level in a year. The deficit with Canada reached a record $5,774 million; that with the European Union leaped 56 percent to $5,203 million.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 -264,971 956,242 1,221,213
Jan.-Dec. 2000 -368,865 1,068,741 1,437,606

January 2000 -27,314 83,679 110,992
January 2001 -33,262 89,650 122,912

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 -345,559 684,358 1,029,917
Jan.-Dec. 2000 -449,853 772,514 1,222,367

January 2000 -34,116 60,300 94,415
January 2001 -39,500 64,705 104,205

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 80,588 271,884 191,296
Jan.-Dec. 2000 80,988 296,227 215,239

January 2000 6,802 23,379 16,577
January 2001 6,238 24,945 18,707

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral January January
balance exports imports

Total -38,845 62,416 101,260

North America -7,876 22,412 30,288
Canada -5,774 13,760 19,534
Mexico -2,102 8,651 10,753

Western Europe -5,620 15,157 20,777
Euro Area -4,271 9,879 14,150
European Union -5,203 13,841 19,044
Austria -95 214 309
Belgium 283 1,153 870
Finland -170 133 303
France -905 1,643 2,548
Germany -2,297 2,601 4,898
Italy -1,179 923 2,102
Netherlands 988 1,821 833
Spain -37 506 543
Sweden -408 322 730
United Kingdom -482 3,402 3,883
Other EU -903 1,122 2,025

European Free Trade
Association -289 1,052 1,341
Norway -328 102 431
Switzerland 66 938 872
Other EFTA -26 11 38
Other Western Eur. -128 264 393

Eastern Europe, Former
Soviet Reps. -750 619 1,370
Hungary -114 51 165
Poland -9 70 79
Former Sov. Reps. -554 381 935
Russia -496 198 694
Other FSR -58 182 241
Other Eastern Europe -73 117 190

Pacific Rim -17,628 15,808 33,435
Australia 322 863 542
China -7,231 1,188 8,419
Japan -5,871 5,272 11,144
Newly Industrialized
Countries -2,590 6,461 9,051
Hong Kong 63 1,043 980
South Korea -1,354 2,149 3,502
Singapore -52 1,447 1,500
Taiwan -1,247 1,822 3,069
Other Pacific Rim -2,257 2,023 4,280

South/Cent. America -1,821 4,751 6,571
Argentina 114 392 278
Brazil -38 1,280 1,318
Colombia -338 284 622
Other S/C America -1,558 2,796 4,354

OPEC -4,211 1,608 5,819
Indonesia -748 209 957
Nigeria -794 66 860
Saudi Arabia -819 485 1,304
Venezuela -1,231 455 1,685
Other OPEC -619 394 1,013

Other countries -2,917 2,725 5,642
Egypt 110 184 73
South Africa -238 237 475
Other -2,790 2,304 5,093

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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