AIRLINK 67.70 Increased By ▲ 2.50 (3.83%)
BOP 5.45 Decreased By ▼ -0.12 (-2.15%)
CNERGY 4.48 Decreased By ▼ -0.08 (-1.75%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 68.75 Decreased By ▼ -1.21 (-1.73%)
FCCL 19.93 Decreased By ▼ -0.37 (-1.82%)
FFBL 30.30 Increased By ▲ 1.19 (4.09%)
FFL 9.89 Increased By ▲ 0.06 (0.61%)
GGL 10.03 Increased By ▲ 0.02 (0.2%)
HBL 114.01 Decreased By ▼ -0.24 (-0.21%)
HUBC 130.25 Increased By ▲ 1.15 (0.89%)
HUMNL 6.70 Decreased By ▼ -0.01 (-0.15%)
KEL 4.41 Decreased By ▼ -0.03 (-0.68%)
KOSM 4.80 Decreased By ▼ -0.09 (-1.84%)
MLCF 36.40 Decreased By ▼ -0.60 (-1.62%)
OGDC 132.00 Decreased By ▼ -0.30 (-0.23%)
PAEL 22.45 Decreased By ▼ -0.09 (-0.4%)
PIAA 25.65 Decreased By ▼ -0.24 (-0.93%)
PIBTL 6.64 Increased By ▲ 0.04 (0.61%)
PPL 112.72 Decreased By ▼ -0.13 (-0.12%)
PRL 29.05 Decreased By ▼ -0.36 (-1.22%)
PTC 14.87 Decreased By ▼ -0.37 (-2.43%)
SEARL 57.60 Increased By ▲ 0.57 (1%)
SNGP 66.14 Decreased By ▼ -0.31 (-0.47%)
SSGC 10.97 Decreased By ▼ -0.01 (-0.09%)
TELE 9.00 Increased By ▲ 0.20 (2.27%)
TPLP 11.60 Decreased By ▼ -0.10 (-0.85%)
TRG 68.26 Decreased By ▼ -0.36 (-0.52%)
UNITY 23.50 Increased By ▲ 0.10 (0.43%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,335 Increased By 40.4 (0.55%)
BR30 23,902 Increased By 47.4 (0.2%)
KSE100 70,541 Increased By 251.1 (0.36%)
KSE30 23,230 Increased By 59.4 (0.26%)

WASHINGTON: The US trade deficit widened in January on a pickup in imports, to mark the biggest gap in three months, according to government data released on Wednesday.

The overall trade gap grew $1.1 billion from December to $68.3 billion in January, according to Commerce Department data, amid a rise in consumer goods imports along with that of autos and parts.

The deficit widened slightly less than anticipated, and the latest figures come as households shift more spending to services instead of goods while consumers grapple with stubborn inflation.

January imports rose $9.6 billion from December to $325.8 billion, while exports picked up by $8.5 billion to $257.5 billion.

In the fourth quarter last year, the US trade deficit with China slipped $30.2 billion to $63.0 billion, the latest report showed.

US goods trade deficit widens in January; wholesale inventories decline

“Overall, trade flows have slowed on a shift in demand for services from goods and weaker global growth,” said Rubeela Farooqi, chief US economist at High Frequency Economics.

“Growth prospects in the US and abroad will drive the trend going forward,” she said.

Last year, the US trade gap widened to a record on robust imports and strong spending.

While the Federal Reserve has lifted interest rates multiple times over the course of the year to cool demand, spending has remained more resilient than anticipated.

“The rebound in trade flows to start the year signals that the economy continues to carry momentum, but we do not expect the strength to be sustained in the months ahead,” said Matthew Martin, US economist at Oxford Economics, in a note.

“Imports and exports are likely to weaken as consumers and businesses pull back, leading the deficit to move mainly sideways through the first half of the year,” he added.

Comments

Comments are closed.