US January advance goods trade balance -$83.7B vs -$83.0B expected

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January 2021 trade data

  • Prior month -$82.5 billion
  • Exports +1.4% vs +4.6% in December
  • Imports +1.1% vs +1.4% in December

The pandemic has caused some large skews in trade with US food and beverage exports up 24.7% y/y and imports of consumer goods up 18.8% y/y.  Capital goods exports have recovered the past two months but were down 6.8% y/y.

Overall, trade is a major drag on US growth and not improving.

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