US goods trade deficit falls more sharply than expected in January

America's shortfall in trade on goods with the rest of the world narrowed unexpectedly at the turn of the year, as imports fell more quickly than exports.

According to the Department of Commerce, in seasonally adjusted terms, the foreign trade deficit on goods shrank from an upwardly revised -$68.7bn in December to -$65.5bn for January, for a month-on-month decline of 4.6%.

Economists had anticipated a slightly wider deficit versus the preliminary prior month estimate of -$68.3bn to reach -$68.5bn.

Exports fell by 1.0% against December to $135.75bn, while imports were 2.2% lower at $201.25bn.