Jan trade deficit widened to -$56.6b (high..>

US DATA: Jan trade deficit widened to -$56.6b (high since Oct'08) vs 

-$55.1b expected, as the census goods gap (-$75.3b) was wider than the 

adv est. Petro goods imports rose, but a drop in cell phone imports 

after a gain provided some offset. 

- Overall exports declined and imports were roughly flat. The Dec gap 

was revised marginally larger, while the report included revisions for 

all months of 2017. 

- Ex-petro, the goods gap narrowed to -$68.2b from -$69.0b, but the 

petro gap widened sharply to -$7.1b from -$3.3b in Dec.

- Imports were little changed overall. There was a solid gain for 

industrial supplies (+$2.0b, crude oil +$2.2b), but declines for capital 

goods (-$1.3b) and consumer goods (-$0.9b, cell phones -$1.2b). Imports 

of food and autos were roughly flat.

- Exports were driven lower by capital goods (-$2.6b, aircraft -$1.8b), 

industrial supplies (-$1.3b), and other goods (-$1.0b). Consumer goods 

were +$1.2b.

- Trade gap with China jumped to -$36.0b, largest since Sept'15.