The U.S. trade deficit increased by more than 15 percent from December 2010 to January 2011, the U.S. Department of Commerce reported today. The deficit increased from $214.1 billion in December to $46.3 billion in January. A rise in imports of petroleum goods, auto vehicles and parts, consumer goods, and capital goods contributed to the discrepancy.
"The administration is focused on jumpstarting exports and helping U.S. businesses grow and create jobs through efforts like the National Export Initiative and tax credits for business investment," U.S. Commerce Secretary Gary Locke. "We've now seen private-sector job growth for 12 straight months, and increasing U.S. exports plays a key role in that. We are committed to putting the necessary tools in the hands of America's businesses to help them out-innovate and out-compete the rest of the world and get the U.S. economy firing on all cylinders again."
In January, U.S. exports of goods and services rose 2.7 percent from December 2010. U.S. imports of goods and services increased 5.2 percent during this time.