Jan trade deficit narrowed to -$51.1b vs....>

US DATA: Jan trade deficit narrowed to -$51.1b vs -$57.0b BBG consensus 

and -$57.5b MNI expected, reversing Dec's widening to 10y record -$59.9b. 

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- The BOP goods gap narrowed to -$73.3b in Jan and the census goods 

gap narrowed to -$72.1b to start Q1, which appears better than Q4. 

- Ex-petro, the goods gap narrowed to -$71.2b from -$79.1b, while the 

petro gap narrowed to -$0.9b from -$1.2b in Dec.

- The key drivers for the import drop were sharp drops in capital goods 

(-$3.0b, led by computer accessories) and industrial supplies (-$2.3b, 

crude oil -$1.4b on another dip in prices.)

- The export gain was led by foods and feeds (+$1.3b) and autos (+$1.2b) 

- The bilateral trade gaps narrowed with all the major US trading 

partners in Jan.