The Department of Commerce reported on Thursday that current account (C/A) gap in the U.S. narrowed to $134.4 billion in the first quarter of 2019 from an upwardly revised $143.9 billion gap in the previous quarter (originally -$134.4 billion). The deficit was 2.5 percent of current-dollar GDP in the first quarter of 2019, down from 2.8 percent in the fourth quarter of 2018.

Economists had forecast a deficit of $124.6 billion.

According to the report, the $13.5-billion decrease in the C/A deficit mostly reflected a reduction in the deficit on goods that was partly offset by an advance in the deficit on secondary income.

Goods exports rose $2.4 billion to $419.3 billion, primarily reflecting increases in automotive vehicles, parts, and engines, mostly passenger cars, and in foods, feeds, and beverages, mainly soybeans, which, however, were partly offset by a decline in industrial supplies and materials. Meanwhile, goods imports fell $13.4 billion to $635.9 billion, primarily reflecting a decrease in industrial supplies and materials, mainly petroleum and products.

Secondary income receipts dropped $2.8 billion to $35.6 billion, reflecting declines in both private and U.S. government transfers.