A report released by the Commerce Department on Friday showed the U.S. trade deficit narrowed more than expected in the month of January, as the value of imports fell by more than the value of exports.
The Commerce Department said the trade deficit narrowed to $45.3 billion in January from a revised $48.6 billion in December.
Economists had expected the trade deficit to narrow to $46.1 billion from the $48.9 billion originally reported for the previous month.
The narrower deficit came as the value of imports tumbled by 1.6 percent to $253.9 billion in January after spiking by 2.6 percent to $258.1 billion in December.
The sharp pullback in imports primarily reflected a steep drop in imports of industrial supplies and materials, including non-monetary gold.
Meanwhile, the report said the value of exports fell by 0.4 percent to $208.6 billion in January after climbing by 0.9 percent to $209.5 billion in December.
Notable decreases in exports of civilian aircraft and crude oil were partly offset by a jump in exports of automotive vehicles, parts and engines.
The Commerce Department also said the goods deficit narrowed to $67.0 billion in January from $69.7 billion in December, while the services surplus rose to $21.7 billion from $21.0 billion.
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