The trade deficit between the U.S. and its global partners dropped sharply in January.
Figures released Wednesday by the U.S. Commerce Department showed the figure dropped to $51.15 billion, as exports rebounded from a slowdown at the end of 2018
Economists surveyed by Dow Jones had forecast that the balance fell to $57 billion in January, from the $59.9 billion recorded the previous month.
The department goes on to say the decline of 14.6% represented the sharpest drop since March 2018 and comes amid continued efforts by the Trump administration to level the playing field with China and other global partners.
Exports rose to $207.3 billion, a $1.9-billion increase from December, while imports fell to $258.5 billion, off $6.8 billion. The goods deficit dropped 10% to $73.3 billion while the services surplus edged higher to $22.1 billion.
Specifically, China represented a good chunk of the reduction in the trade balance shortfall, as the deficit decreased $5.5 billion to $33.2 billion as imports fell 12.2% to $40.8 billion. The two nations have been involved in a tit-for-tat tariff battle as officials try to work out a long-range framework that opens up markets for U.S. goods.
