The U.S. Commerce Department reported on Wednesday the U.S. the goods and services trade deficit narrowed to USD 51.1 billion in January of 2019 from an upwardly revised USD 59.9 billion in the previous month (originally a gap of $59.8 billion).

Economists had expected a deficit of $57 billion. 

According to the report, the January decrease in the goods and services deficit reflected a decline in the goods deficit of USD 8.2 billion to USD 73.3 billion and an increase in the services surplus of USD 0.5 billion to USD 22.1 billion.

Exports of goods and services from the U.S. rose 0.9 percent m-o-m to USD 207.3 billion in January, while imports dropped 2.6 percent m-o-m to USD 258.5 billion, the lowest level since last June.