by Calculated Risk on 3/11/2010 09:07:00 AM

The Census Bureau reports:

[T]otal January exports of $142.7 billion and imports of $180.0 billion resulted in a goods and services deficit of $37.3 billion, down from $39.9 billion in December, revised.

Click on graph for larger image.

The first graph shows the monthly U.S. exports and imports in dollars through January 2010.

Both imports and exports decreased in January. On a year-over-year basis, exports are up 15% and imports are up 12%. This is an easy comparison because of the collapse in trade at the end of 2008 and into early 2009.

The second graph shows the U.S. trade deficit, with and without petroleum, through January.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Import oil prices increased to $73.89 in December - up 88% from the low in February 2009 (at $39.22). Oil import volumes declined in January.

In general trade has been increasing, although both imports and exports are still below the pre-financial crisis levels. China and oil account for most of the trade deficit.