WASHINGTON (AFP) – The United States (US) trade deficit expanded more than analysts anticipated in January, government data showed on Thursday, reaching the widest in nine months on a solid gain in imports.
The overall gap came in at USD67.4 billion, after a USD64.2 billion figure in December last year, according to the Commerce Department.
Consumption has helped to support US trade, although analysts had expected higher interest rates to weigh on demand and add pressure on imports.
To rein in stubborn inflation, the Federal Reserve lifted interest rates to the highest in more than two decades and kept them elevated, while all eyes are now on when the first rate cut might take place.
US imports jumped 1.1 per cent from December to USD324.6 billion in January, according to the latest Commerce Department report.
In particular, upticks were logged in goods such as computers and semiconductors, as well as auto vehicles and parts.
Exports edged up 0.1 per cent between December and January, to USD257.2 billion.
