The trade deficit in goods and services decreased to $41.8 billion in January, a $3.8 billion decrease from the December deficit of $45.6 billion, revised. The decrease in the deficit reflects a decrease of $5.6 billion in exports and a larger decrease of $9.4 billion in imports. Industrial supplies and materials drove the decreases in both imports and exports. Imports for industrial supplies and materials ($46.8 billion) were the lowest since December 2009 ($46.2 billion), while exports for industrial supplies and materials ($37.5 billion) were the lowest since December 2010 ($36.5 billion). Click here for more January highlights.

The import average price per barrel of crude oil in January, at $58.96, was the lowest since May 2009, when the average price was $51.30. January’s graph of the month tracks the price per barrel of crude oil from January 2010 to January 2015. To view the graph of the month click here. For more data on crude oil, refer to exhibits 17 and 17a of the FT900. Exhibit 17 includes monthly quantities (thousands of barrels), thousands of barrels per day, values, and unit prices of crude oil. Exhibit 17a includes information on imports of crude oil by selected countries.