January’s $3.6B trade deficit was bigger than expected, growing over last month’s print…

… on the back of a 5% drop in exports, led by a 21% decline in motor vehicles and parts - which continues to face challenges.

Passenger vehicles and light trucks were the driver, falling 33% on lower production volumes - as plant stoppages were used to adjust for new models…

… impacting demand for engines and parts, with imports in the category falling 8% sequentially. That offset a 3% gain in industrial equipment imports…

… caused by a 53% jump in industry-specific equipment related to LNG infrastructure from China, who now represents ~7% of total trade.

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