The U.S. Commerce Department reported on Tuesday that the U.S. goods and services trade deficit narrowed to $68.9 billion in April from a revised $75.0 billion in the previous month (originally a gap of $74.4 billion). This was the smallest trade deficit since January.

Economists had expected a deficit of $69.0 billion.

According to the report, the April decrease in the goods and services reflected a decline in the goods deficit of $6.2 billion to $86.7 billion and a drop in the services surplus of $0.1 billion to $17.8 billion.

In April, exports of goods and services from the U.S. rose 1.1 percent m-o-m to $205.0 billion, while imports fell 1.4 percent m-o-m to $273.9 billion, as the global COVID-19 pandemic and the economic recovery continued to impact international trade.

Year-to-date, the goods and services deficit surged 50.5 percent from the same period in 2020. Exports jumped 5.6 percent, while imports climbed 14.6 percent.