The U.S. trade deficit fell 8.3% in January from December to $41.8 billion on both the decline of imports and exports, according to the latest report from the Commerce Department. December's number was also revised down in the report to $45.6 billion from $46.6 billion.
Exports lost $5.6 billion to $189.4 billion. The strong dollar and unfavorable exchange rates have weighed on American-made products abroad.
Imports lost $9.4 billion to $231.1 billion. The drop was helped by lower energy prices and the West Coast port worker dispute which held up shipments for months.
The report details are for the most part in line with analysts' estimates, who believed lower oil and petroleum prices combined with higher U.S. production of oil products would narrow December's gap.
Follow this link for the full report from the U.S. Census Bureau.