The U.S. trade deficit narrowed by the most in 10 months in January as automotiv...
WASHINGTON - The U.S. trade deficit narrowed by the most in 10 months in January as automotive exports rose and China likely boosted purchases of soybeans, driving the first increase in exports in four months and offering a respite to a flood of dour data on the economy.
That larger-than-expected narrowing in the overall trade deficit was a bright spot after a raft of weak data, including retail sales, manufacturing and homebuilding, had economists anticipating a sharp slowdown in growth in the first quarter. Washington last year imposed tariffs on $250 billion worth of goods imported from China, with Beijing striking back with duties on $110 billion worth of American products, including soybeans and other commodities.
Goldman Sachs lifted its GDP growth estimate three-tenths of a percentage point to a 0.9 percent annualized rate. The government reported last month that the economy grew at a 2.6 percent pace in the fourth quarter. Exports of motor vehicles and parts increased by $1.2 billion in January. Export growth, however, continues to be constrained by slowing global demand and the dollar’s strength last year, which is making U.S.-made goods less competitive on foreign markets.In January, exports of capital goods decreased by $0.8 billion, led by a $1.3 billion decline in civilian aircraft shipments. Despite the rise in soybean shipments, exports to China were the smallest since September 2010.
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