The goods and services deficit was $45.3 billion in January, down $3.3 billion from $48.6 billion in December, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

January exports were $208.6 billion, $0.9 billion less than December exports. January imports were $253.9 billion, $4.2 billion less than December imports.

The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $67.0 billion and an increase in the services surplus of $0.6 billion to $21.7 billion.

Year-over-year, the goods and services deficit decreased $8.5 billion, or 15.8%, from January 2019. Exports increased $2.3 billion or 1.1%. Imports decreased $6.2 billion or 2.4%.