Market Updates
U.S. Trade Statistics Highlighted Shifting Supply Chain Locations
Brian Turner
08 Mar, 2023
New York City
The U.S. trade deficit in goods and services increased slightly in January after exports rose faster than imports, the Bureau of Economic Analysis reported Wednesday.
Exports increased 3.4% and soared 13.3% to $257.5 billion.
Imports rose 3.0% from the previous month and jumped 3.5% to $325.7 billion.
Overall trade deficit for goods and services increased 1.6% from the previous month but fell 21.9% from the previous year to $68.3 billion.
The changing nature of international supply chain was visible in the latest trade statistics as manufacturing shifted away from China to Indo Pacific and Mexico.
The U.S. recorded largest trade deficit with China but the amount has been declining as more manufacturing is shifted to Vietnam and other countries.
The international goods trade deficit with China was $21.9 billion, with the EU $18.5 billion, Mexico $12.2 billion, Vietnam $8 billion, Japan $5.6 billion and Canada $5.4 billion.
The U.S. recorded goods trade surpluses with South and Central America of $4.8 billion, the UK $2.7 billion, Australia $1.5 billion and Hong Kong $1.5 billion.
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