U.S. trade deficit jumps 9.4% to record $89.7 billion on surge in import and rising prices
The numbers: The nation’s trade deficit climbed 9.4% in January to a record $89.7 billion as the U.S. bought more foreign oil, autos and other goods. High prices due to soaring inflation and fewer shipments of coronavirus vaccines also played a role.Last... The numbers: The nation’s trade deficit climbed 9.4% in January to a record $89.7 billion as the U.S. bought more foreign oil, autos and other goods.
The U.S. imported more foreign autos, oil, natural gas and copper. Prices for oil and other commodities also rose last month to explain part of the increase in the value of imports. Big picture: The U.S. has run large trade deficits for years and there’s little sign the trend is going to reverse anytime soon. American economic growth is still outpacing the rest of the world and the Russian war on Ukraine threatens to delay a full global recovery.