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March 12, 2026US TRADE BALANCE, JANUARY 2026 
Month over month (January 2026 vs December 2025)
The US trade deficit in goods and services contracted by $18.4 billion to $54.5 billion in January. The goods deficit narrowed by $17.5 billion to $81.8 billion while the services surplus expanded by $1.0 billion to $27.3 billion.
Total US exports increased $15.8 billion to $302.1 billion. Goods exports increased $14.6 billion to $195.5 billion, and services exports increased $1.2 billion to $106.7 billion.
Total imports decreased $2.6 billion to $356.6 billion. Goods imports decreased $2.8 billion to $277.3 billion, and services imports increased $231 million to $79.3 billion.
Year over year (January 2026 vs January 2025)
Compared with January 2025, the US trade deficit narrowed by $73.8 billion. The goods deficit narrowed by $73.9 billion and the services surplus was virtually unchanged (+$46 million).
Total exports increased by 10.4% (+$28.4 billion). Goods exports increased 12.7% (+$22.1 billion), services exports increased 6.3% (+$6.3 billion).
Total imports decreased 11.3% (-$45.5 billion). Goods imports decreased 15.7% (-$51.7 billion), and services imports increased 8.6% (+$6.3 billion).
Source: US Bureau of Economic Analysis: US International Trade in Goods and Services; retrieved from Federal Reserve Bank of St. Louis
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