The U.S. Commerce Department reported on Wednesday the U.S. the goods and services trade deficit narrowed to USD49.4 billion in February from USD51.1 billion in the previous month. That was the smallest gap since June 2018.

Economists had expected a deficit of $53.5 billion. 

According to the report, the February decrease in the goods and services deficit reflected a decline in the goods deficit of $1.2 billion to $72.0 billion and an increase in the services surplus of $0.5 billion to $22.6 billion. 

Exports of goods and services from the U.S. rose 1.1 percent m-o-m to USD209.7 billion in February, while imports edged up 0.2 percent m-o-m to USD259.1 billion.

Year-to-date, the goods and services deficit fell $8.3 billion, or 7.6 percent, from the same period in 2018. Exports rose $11.1 billion or 2.7 percent, while imports increased $2.8 billion or 0.5 percent.