The U.S. Commerce Department reported on Friday that U.S. the goods and services trade deficit narrowed to $45.3 billion in January 2020 from a revised $48.6 billion in the previous month (originally a gap of $48.9).

Economists had expected a deficit of $46.1 billion.

According to the report, the January decline in the goods and services deficit reflected drop in the goods deficit of $2.6 billion to $67.0 billion and an advance in the services surplus of $0.6 billion to $21.7 billion.

Exports of goods and services from the U.S. fell 0.4 percent m-o-m to $208.6 billion in January, while imports dropped 1.6 percent m-o-m to $253.9 billion.

Year-to-date, the goods and services deficit tumbled 15.8 percent from the same period in 2019. Exports rose 1.1 percent, while imports decreased 2.4 percent.