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.

Exports, Imports, and Balance (exhibit 1)

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 (exhibit 2)

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.
  • Nonmonetary gold increased $4.7 billion.
  • Other precious metals increased $4.1 billion.
• Capital goods increased $5.4 billion.
  • Computers increased $2.6 billion.
  • Civilian aircraft increased $1.6 billion.
  • Computer accessories increased $1.6 billion.
• Other goods increased $2.9 billion.
• Consumer goods decreased $2.8 billion.
  • Pharmaceutical preparations decreased $2.1 billion.

Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $1.2 billion to $106.7 billion in January.

• Other business services increased $0.4 billion.
• Financial services increased $0.3 billion.
• Charges for the use of intellectual property increased $0.2 billion.
• Travel decreased $0.3 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.8 billion to $277.3 billion in January.

Imports of goods on a Census basis decreased $3.0 billion.

• Consumer goods decreased $3.3 billion.
  • Pharmaceutical preparations decreased $3.4 billion.
• Automotive vehicles, parts, and engines decreased $2.8 billion.
  • Trucks, buses, and special purpose vehicles decreased $1.5 billion.
  • Passenger cars decreased $1.0 billion.
• Industrial supplies and materials decreased $1.4 billion.
  • Nonmonetary gold decreased $1.1 billion.
• Capital goods increased $3.4 billion.
  • Computers increased $3.9 billion.
  • Telecommunications equipment increased $1.3 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.2 billion to $79.3 billion in January.

• Other business services increased $0.2 billion.
• Insurance services increased $0.1 billion.
• Travel decreased $0.1 billion.

Real Goods in 2017 Dollars - Census Basis (exhibit 11)

The real goods deficit decreased $14.0 billion, or 14.3 percent, to $83.9 billion in January, compared to an 18.0 percent decrease in the nominal deficit.

• Real exports of goods increased $10.7 billion, or 7.4 percent, to $155.0 billion, compared to an 8.2 percent increase in nominal exports.
• Real imports of goods decreased $3.2 billion, or 1.3 percent, to $238.9 billion, compared to a 1.1 percent decrease in nominal imports.

Revisions

Exports and imports of goods and services were revised for July through December 2025 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months of 2025 were revised so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to December exports

• Exports of goods were revised up less than $0.1 billion.
• Exports of services were revised down $1.0 billion.

Revisions to December imports

• Imports of goods were revised down $0.1 billion.
• Imports of services were revised up $1.7 billion.

Goods by Selected Countries and Areas: Monthly - Census Basis (exhibit 19)

The January figures show surpluses, in billions of dollars, with United Kingdom ($7.0), Netherlands ($6.4), South and Central America ($4.5), Switzerland ($3.0), Hong Kong ($3.0), Saudi Arabia ($2.2), Brazil ($1.8), Singapore ($1.7), Australia ($1.7), and Belgium ($0.9). Deficits were recorded, in billions of dollars, with Vietnam ($19.0), Taiwan ($17.3), Mexico ($12.8), China ($12.5), European Union ($6.1), South Korea ($6.0), Japan ($5.5), Germany ($4.9), Italy ($3.3), Malaysia ($3.2), India ($2.8), Canada ($2.7), Ireland ($2.4), France ($1.5), and Israel ($0.7).

• The deficit with the European Union decreased $5.0 billion to $6.1 billion in January. Exports decreased $1.2 billion to $34.7 billion and imports decreased $6.2 billion to $40.7 billion.
• The surplus with the United Kingdom increased $3.2 billion to $7.0 billion in January. Exports increased $3.6 billion to $12.5 billion and imports increased $0.4 billion to $5.5 billion.
• The deficit with Vietnam increased $1.4 billion to $19.0 billion in January. Exports decreased $0.2 billion to $1.4 billion and imports increased $1.3 billion to $20.4 billion.

Goods and Services by Selected Countries and Areas: Quarterly - Balance of Payments Basis (exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, fourth-quarter figures are now available.

The fourth-quarter figures show surpluses, in billions of dollars, with Switzerland ($24.1), Netherlands ($21.0), South and Central America ($19.6), United Kingdom ($15.9), Brazil ($14.2), Singapore ($10.1), Ireland ($10.0), Hong Kong ($7.2), Australia ($6.6), Belgium ($3.9), and Saudi Arabia ($3.3). Deficits were recorded, in billions of dollars, with Taiwan ($50.7), Mexico ($49.5), Vietnam ($47.7), China ($31.7), Germany ($21.6), India ($13.4), Japan ($10.8), South Korea ($9.4), Malaysia ($7.9), France ($7.5), Italy ($7.5), European Union ($4.5), Canada ($4.3), and Israel ($2.3).

• The balance with Ireland shifted from a deficit of $6.4 billion in the third quarter to a surplus of $10.0 billion in the fourth quarter. Exports decreased $0.5 billion to $31.3 billion and imports decreased $16.8 billion to $21.3 billion.
• The surplus with Switzerland increased $15.3 billion to $24.1 billion in the fourth quarter. Exports increased $8.3 billion to $44.1 billion and imports decreased $7.0 billion to $20.0 billion.
• The deficit with Taiwan increased $15.9 billion to $50.7 billion in the fourth quarter. Exports increased $0.7 billion to $18.6 billion and imports increased $16.6 billion to $69.4 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule.

Next release: April 2, 2026
U.S. International Trade in Goods and Services, February 2026