The goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December (revised), the US Census Bureau and the US Bureau of Economic Analysis announced this Wednesday.

Key highlights:

   •  January exports were $200.9 billion, $2.7 billion less than December exports. January imports were $257.5 billion, down less than $0.1 billion from December imports.

   •  The January increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $76.5 billion and an increase in the services surplus of $0.1 billion to $19.9 billion.

   •  Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from January 2017. Exports increased $9.7 billion or 5.1 percent. Imports increased $17.6 billion or 7.4 percent.