US Trade Deficit in Goods Surges

Trade gap hit a record $107.6 billion this year and continues to climb.

According to Market Watch, the U.S. trade deficit jumped 7.1% in January to $107.6 billion and hit a new all-time high for the second month in a row, reflecting huge American appetite for imported goods such as autos and oil.

The deficit rose from a revised $100.5 billion in December.

Last year, the U.S. posted the highest trade deficit ever. The goods deficit topped $1 trillion for the very first time.

Key details: U.S. goods imports rose 1.8% in January to $262 billion — also a record.

Exports of U.S.-made goods slid 1.8% to $154.8 billion.

Part of the unusually sharp increase in the deficit in the past several months likely stems from U.S. ports trying to clear an unprecedented backlog of goods that have piled up in nearby warehouses or on ships waiting to unload.