The numbers: The U.S. trade deficit in goods widened 2.6% to $90.2 billion in January, in accordance with the Commerce Department’s advanced estimate released Wednesday.

Economists polled by Econoday were in search of the deficit to narrow to a $88.1 billion deficit.

Key details: Exports of products rose $400 million to $170.4 billion in January. Imports rose $2.7 billion to $260.6 billion.

The report also showed a 0.1% decline in wholesale inventories in January. And advanced retail inventories were up 0.5%. Excluding autos, retail inventories were up 0.3%.

Big picture: Exports had jumped in December and economists were expecting some pullback this month. The trade deficit narrowed sharply in 2023, helping to spice up growth. Economists are watching to see if geopolitical tensions will impact trade flows in coming months.

Market response: Stocks
DJIA

SPX
were set to open lower on Wednesday. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
slipped to 4.29%.