The US goods trade deficit surged 25.6% MoM to $153.3 billion in January, well above expectations of a deficit of $114.7 billion.

• Exports increased 2.0% MoM and 1.8% YoY including a 10.9% MoM increase in consumer goods exports.
• Imports surged 11.9% MoM and were up 25.5% YoY as industrial supplies imports were up 32.7% MoM.
• As imports surged, so did wholesale inventories which grew 0.7% MoM after a -0.4% MoM drop in the month before.
• Retail inventories fell -0.1% MoM, on the other hand, including a -1.1% MoM drop in motor vehicle inventories.