(Bloomberg) -- The overall U.S. deficit in goods and services trade shrank to $45.3 billion in January, from $48.6 billion in the prior month, according to data released Friday by the Commerce Department. The median estimate of economists surveyed by Bloomberg called for a gap of $46.1 billion. The U.S. typically runs a deficit in merchandise trade and a surplus in services.
The goods-trade deficit with China -- the main target of President Donald Trump's ire on the topic -- narrowed in January to a seasonally adjusted $23.7 billion, the smallest since 2011. Imports from the Asian nation declined 5.5% to the lowest level since 2010, and exports rose slightly. The figures tend to be more volatile in the first two months of the year due to the Lunar New Year holiday.
The report offers insight into the early impact of the phase one trade deal between the U.S. and China in mid-January, while largely preceding the hit from the coronavirus that curtailed activity in China.
Overall imports fell 1.6% to $253.9 billion, led by drops in nonmonetary gold, autos and capital goods.
Exports dropped 0.4% to $208.6 billion, with declines in civilian aircraft and oil.
--With assistance from Chris Middleton.
To contact the reporters on this story: Jeff Kearns in Washington at jkearns3@bloomberg.net;Reade Pickert in Washington at epickert@bloomberg.net
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net
©2020 Bloomberg L.P.
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