US trade gap widens sharply in January

The US trade deficit rose sharply in January, forging the biggest gap since October 2008 as imports surged, official data showed Friday. The trade gap grew to $52.6 billion, after an upwardly revised $50.4 billion in December, the Commerce Department reported. The US gap in goods and services has been widening in recent months, a period of rising oil prices. The three-month average ending in January rose to $50.2 billion, from $47.0 billion in the October-December period. The January trade deficit was much bigger than the $48.2 billion gap expected by most analysts. In January, exports rose 1.4 percent to $180.8 billion, outpaced by $233.4 billion in imports, a jump of 2.1 percent from December.