Record imports boost January trade deficit

A surge in imports of consumer products and automobiles pushed the U.S. trade deficit to $58.3 billion in January—the second highest on record—the Commerce Department said today. The highest, $59.4 billion, was reported in November 2004.

Economists had expected the trade gap to widen slightly to $56.5 billion from December's originally reported $56.4 billion shortfall. December's deficit was revised to $55.7 billion.

Consumer goods imports rose $2 billion to a record $34.6 billion. Imports of autos and capital goods also were up sharply—each posting a gain of slightly more than $500 million.

U.S. exports rose 0.4 percent to a record $100.8 billion, but a 1.9 percent jump in imports, which also hit an all-time high at $159.1 billion, swamped the export gain.