The U.S. trade deficit narrowed against expectation in January as imports slipped for the first time following five months of growth. Demand has been slowing, indicating demand is cooling following the fastest pace of growth in six years.
The gap fell by 6.6 percent from $39.9 billion in the last month of the year to $37.3 billion. Department of Commerce figures released Thursday reveal that oil refineries imported the smallest quantity of crude oil in ten years. Exports declined for the first time since May of last year as shipments of aircrafts and vehicles fell.
The hiccup in trade data can be chalked up to the month-by-month variations typical to trade flows.
The Obama Administration is working to double exports over the next five years, considering it to be a vital part of the economic recovery.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
