January Trade Deficit Is Second-Highest Monthly Level

March 11, 2005 8:30 AM, EST

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he U.S. trade deficit grew 4.5% in January to the second-highest monthly level ever, the Commerce Department said Friday.

Imports outpaced exports by $58.3 billion for the month, second only to November’s trade gap of $59.4 billion, Commerce reported.

The level exceeded analysts’ forecasts of a $56.8 billion deficit, Bloomberg reported. December’s trade gap was $56.4 billion.

Imports rose 1.9% to $159.1 billion, while exports climbed 0.4%, a second straight increase, to $100.8 billion.

Imports of consumer goods rose 6% to $34.6 billion, the highest ever, with gains in electronics and household goods.

Many such goods come in to West Coast ports and feed into trucking and intermodal systems in the United States.