US foreign trade deficit edges past forecasts in January

America's shortfall on trade with the rest of the world edged past economists' forecasts at the start of 2022 as exports stalled.

According to the Department of Commerce, in seasonally adjusted terms, the US foreign trade deficit jumped at a month-on-month pace of 9.4% to reach -$89.7bn.

Consensus had been for a deficit of -$87.2bn.

Exports fell by 1.7% on the month to $224.4bn, but imports went the other way, rising by 1.2% to $314.1bn.

Goods exports declined by $2.3bn to $155.9bn, led by a $3.2bn drop in overseas sales of pharmaceuticals.

Services exports meanwhile dropped by $1.6bn to $68.5bn, amid a $1.8bn fall in travel services exports.

Imports of goods on the other hand were boosted by $1.6bn-worth of purchases of auto vehicles, parts and engines, a $1.5bn jump in those of industrial supplies, a $1.4bn increase in food imports and a $1.1bn rise in imports of capital goods.