Washington, March 12 (NationPress) In January, the United States reported a goods trade deficit of $2.8 billion with India, even as the nation’s overall trade gap saw a significant reduction. This improvement was attributed to increased exports and a slight dip in imports, as revealed by data from the US Census Bureau and the Bureau of Economic Analysis (BEA) on Thursday.

The total goods and services trade deficit decreased to $54.5 billion in January, a drop from a revised $72.9 billion in December, marking a substantial 25% decline within just one month.

Exports surged to $302.1 billion, an increase of $15.8 billion compared to December, while imports dropped to $356.6 billion, down $2.6 billion. The shift was primarily influenced by changes in the balance of trade in goods and services.

According to the monthly report from the US Bureau of Economic Analysis, the trade deficit with India was recorded at $2.8 billion in January.

The goods deficit fell by $17.5 billion to $81.8 billion, while the services surplus rose by $1.0 billion to $27.3 billion, as per the report.

Exports of goods showed strong growth during the month, climbing by $14.6 billion to $195.5 billion.

This increase was led by industrial supplies and materials, which rose by $9.4 billion. Non-monetary gold shipments increased by $4.7 billion, and exports of other precious metals rose by $4.1 billion, according to the report.

Exports of capital goods also saw a rise, increasing by $5.4 billion, mainly due to higher exports of computers, civilian aircraft, and computer accessories.

However, some categories experienced declines, such as exports of consumer goods, which fell by $2.8 billion, including a reduction of $2.1 billion in pharmaceutical preparations.

Service exports rose slightly during the month, with an increase of $1.2 billion to $106.7 billion.

This growth was driven by gains in other business services, financial services, and fees for the use of intellectual property, although travel service exports saw a minor decline.

On the import front, goods imports fell by $2.8 billion to $277.3 billion.

This decrease was reflected in lower imports of consumer goods, which decreased by $3.3 billion, with pharmaceutical preparations being a significant contributor to that drop.

Imports of automotive vehicles, parts, and engines also saw a decline of $2.8 billion, with reductions in imports of trucks, buses, special-purpose vehicles, and passenger cars.

Additionally, imports of industrial supplies and materials fell by $1.4 billion, including a decrease in non-monetary gold imports.

However, capital goods imports rose by $3.4 billion, driven by an increase of $3.9 billion in computer imports and a $1.3 billion rise in telecommunications equipment.

Trade balances varied significantly across major trading partners.

The United States recorded goods trade surpluses with countries like the United Kingdom, Netherlands, South and Central America, Switzerland, Hong Kong, Saudi Arabia, Brazil, Singapore, Australia, and Belgium.

Conversely, the country faced substantial goods deficits with several Asian manufacturing nations.

In January, the deficit with Vietnam was $19.0 billion, followed by Taiwan at $17.3 billion, Mexico at $12.8 billion, and China at $12.5 billion. The United States also reported a $6.1 billion goods deficit with the European Union during the same month.