Trade Deficit Narrows to -$45.3bln Jan, Exp.>

US DATA: Trade Deficit Narrows to -$45.3bln Jan, Smaller than Exp

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-Jan trade gap -$45.3b vs Dec -$48.6b (prev -$48.9b)

-Imports -1.6% to $253.9B; exports -0.4% to $208.6b

-Imported crude $52.24/bbl vs $51.48 Dec; $42.59 yr ago

-NSA crude oil imports 198.3m barrels vs Dec 199.1m

-US/China Jan NSA gap -$27.1b vs Dec -$24.8b; Jan-19 -$34.5b

-US/EU Jan NSA gap -$12.2b vs Dec -$15.3b; Jan-19 -$11.7b

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The January goods and services trade deficit narrowed -6.7% to -$45.3b 

from -$48.6b in December, the largest m/m percent decrease since 

November. The goods deficit declined -$2.6b to -$67.0b, while the 

services surplus climbed higher by $0.6b to $21.7b as services exports 

reached the highest on record. Exports of goods fell $1.4b in January, 

with trade in capital and industrial goods both falling by $1.0b in 

January. Meanwhile, services exports increased in January, rising by 

$0.5b. China exports fell 18.7% mom but were still a tad higher than 

Jan 2019. China imports were off 1.2% mom and down 20% from Jan 2019.