The January merchandise trade deficit was -$976 mln, lower than the -$2.1 bln in the same month a year ago, and even lower than the -$1.1 bln in January 2021. Exports were down -7.1% from a year ago, but imports fell -20%. Oddly, one reason exports fell is because we didn't export as much crude oil. Imports of "petroleum and products" fell -50%. The change in our trade surplus or deficit with our top four trading partners - China, Australia, USA, Japan - changed very little in January from the same month a year ago. But our trade with South Korea is now in a huge deficit, more than -$400 mln in January alone, ... (full story)