The U.S. Commerce Department released the trade data on Friday. The U.S. trade deficit narrowed to $41.8 billion in January from a deficit of $45.6 billion in December. That was the lowest level since November 2012.

December's figure was revised up from a deficit of $46.6 billion.

Analysts had expected a trade deficit of $41.6 billion.

The decline of a deficit was driven by cheaper U.S. energy prices and lower demand for foreign oil.

Imports fell by 3.9% in January, while exports declined by 2.9%.