Based on the advance goods trade balance report, analysts at Nomura expect January’s trade balance to come in at a $54.1bn deficit (Consensus: $55.0bn deficit), after posting a $53.1bn deficit in December.

Key Quotes

“Goods exports fell notably by 2.2% m-o-m, while goods imports fell 0.5%. This widened the goods trade gap in January. On services, we expect steady increases for both imports and exports.”