January trade balance figures
- Prior was $59.8 billion (revised to $59.9B)
- Exports +0.9% vs -1.9% prior
- Imports -2.6% vs +2.1% prior
- Goods deficit $73.29B
- The advance goods trade deficit was $74.4B
- Services surplus $22.14B
- US-China deficit $34.47B vs $36.83B prior
Slowing imports isn't the best way to improve the trade deficit but it's an improvement nonetheless. Imports from China were down 9% y/y with capital goods imports down. That looks to be a trade war story.
Goods were in-line with the preliminary data but services were better than anticipated with a whopping $22 billion surplus.
The US dollar is at the best levels of the day against the commodity currencies and is making progress elsewhere.
