The U.S. trade deficit in goods and services reached a new record of $28 billion in January 2000. This is $1.5 billion greater than the consensus forecasts and $3.4 billion more than December’s deficit of $24.6 billion. Imports jumped $1.9 billion to a record $112.1 billion in January, while exports fell $1.5 billion, their first decline since last May. Strong dollar appreciation and relatively slow foreign economic growth have contributed to the substantial increase in the U.S. trade deficit in recent years.
Suggested citation: "International Trade," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-04, pp. 18, 04.01.2000.