U.S. imports and exports continued their slide in January, with the result of narrowing the trade deficit by 9.7 percent.
The numbers are not particularly surprising given the global recession, and a shrinking trade gap can be a good thing. However, there is some eyebrow-raising to be had in the fine print.
Exports of "automotive vehicles, parts and engines" dropped $2.18 billion in January, to $5.5 billion -- down 46 percent from a year ago and the lowest level since July 1998. Yet another indication of just how hard the auto industry has been hit.
Imports of the same dropped $3.29 billion in January to $11.52 billion, also the lowest level since July 1998.
One bright spot is exports of "food, feeds and beverages," which grew $131 million in January. It seems the meat and poultry industry, in particular, has weathered the storm reasonably well so far: exports of those products were up $79 million over December 2008 and $84 million over the past year.
categories: News
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