US Trade Deficit in January Increases by 9.4%... Record High
[Asia Economy New York=Special Correspondent Joselgina] The U.S. Department of Commerce announced that the trade deficit in goods and services for January reached $89.7 billion (approximately 110.8 trillion KRW), an increase of 9.4% compared to the previous month.
This surpasses the previous record of $81.9 billion in December last year, marking the largest deficit ever recorded. The deficit also exceeded expert forecasts.
Imports in January amounted to $314.1 billion, up 1.2% from the previous month. Meanwhile, exports for the same month were $224.4 billion, down 1.7%.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- CLC: "Second Post-Adjustment Negotiation Between Samsung Electronics Management and Labor Ends"...To Resume Tomorrow Morning (Comprehensive)
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Local media cited the sharp rise in oil prices as a major factor behind the widening trade deficit. Considering the surge in international oil prices following Russia's invasion of Ukraine, there are expectations that the U.S. trade deficit will continue to grow.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
