By Bruce Odessey
Washington File Staff Writer

Washington -- The U.S. trade deficit increased in January to the second highest level on record as the volume of petroleum imports reached a record, the U.S. Department of Commerce reports.

In a March 20 report, the department said the January deficit was a seasonally adjusted $33,262 million, comprising a goods deficit of $39,500 million and a services surplus of $6,238 million.

The January deficit, up from the revised $33,199 million deficit in December, was the second consecutive monthly increase; deficits decreased two months in a row after the record $33,546 million deficit in September.

U.S. imports of petroleum reached a record volume of 415.486 million barrels in January, up from 383.666 million in December. The value of those imports, $10,489 million (not seasonally adjusted), did not set a record, however, as crude oil prices drifted down to $23.13 per barrel in January from a high of $28.98 in September.

Overall U.S. imports increased 0.4 percent in January after dropping three months since the September peak, a reflection of the slowing U.S. economy. Imports of autos and consumer goods went up, and those of capital goods, especially telecommunications equipment, went down.

Overall exports increased 0.5 percent in January after dropping every month since August, reflecting continued weak economic performance abroad. Exports of autos went down, but exports of other capital goods and consumer goods went up.

The U.S. deficit with China soared to $7,231 million (not seasonally adjusted) in January from $6,060 million in December, but the deficit with Japan dropped to $5,871 million, the lowest level in a year. The deficit with Canada reached a record $5,774 million; that with the European Union leaped 56 percent to $5,203 million.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.