US exports hit 5-1/2 year low in January

The US commerce department data released today showed the trade deficit widened more than expected in January as exports dropped to 5-1/2 year low.

The trade deficit increased 2.2% to $45.7 billion. December's trade deficit was revised up to $44.7 billion from the initial figure of $43.4 billion.

Exports down for four straight months

Exports of goods fell 3.3% to $116.9 billion, the lowest level since November 2010. Export of goods and services dropped 2.1%, the lowest since June 2011.

Imports of goods fell 1.6% to $180.6 billion, also the lowest level since February 2011.

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