The United States trade deficit fell more than expected in January and declined for the sixth straight month according to a release by the Commerce Department today. The U.S. trade deficit in goods and services was $36.0 
billion in January, a decline of 9.7 percent from a revised deficit of $39.9 billion in December. Market forecasts were expecting a deficit of approximately $38.0 billion for the month. The trade deficit is now at its lowest point in six years as import demand has slowed in the U.S. recession.
The U.S. had a total of $124.9 billion worth of exports in January which was a decrease of $7.6 billion over December’s $132.5 billion total. January also saw a fall in imports as imports totaled $160.9 billion compared with $172.4 billion in December for a decrease of $11.5 billion for the month.
The U.S. trade deficit with China increased in January with a $20.6 billion shortfall and reversing a decline in December. Other notable U.S. trade deficits were with Japan at $4.3 billion, the European Union at a $3.5 billion, OPEC at $4.0 billion and Mexico at $2.7 billion. U.S. trade surpluses with other countries for January included Hong Kong at $1.0 billion, Australia at $0.6 billion, Singapore at $0.7 billion and Egypt at $0.2 billion.
