The U.S. international trade deficit increased to $46.3 billion in January 2011 up from $40.4 in December 2010, as imports increased more than exports. Exports increased 2.7% from December 2010 to $167.7 billion (a record high), and imports increased 5.2% to $214.1 billion. The $119.3 billion in exports of goods and the $178.0 billion in imports of goods were records.
The increase in exports was driven by record high exports of industrial supplies ($39.8 billion, up from $36.1 billion in December) and foods, feeds, and beverages ($10.7 billion, up from $10.6 billion). Exports of fuel oil were $3.5 billion, up $1.0 billion compared to December, and exports of other petroleum products increased $0.8 billion in January to $4.3 billion.
The increase in imports was driven by record high imports of capital goods ($41.7 billion, up from $39.6 billion in December) and foods, feeds, and beverages ($8.5 billion, up from $8.0 billion). Imports of crude oil were $25.5 billion, up $1.7 billion compared to December, and imports of passenger cars increased $1.4 billion in January to $10.9 billion.