According to a report released jointly by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis on March 7, the goods and services trade deficit rose by nearly 17 percent to $44.4 billion in January, up from $38.1 billion in December. This increase followed a sharp drop in the trade deficit in December. The widening of the trade gap was driven by both a $2.2 billion decrease in exports and a $4.1 billion increase in imports. Analysts point out that an increase in oil imports accounts for roughly two thirds of the uptick in the trade deficit.

Link: News Release