US trade deficit narrows sharply in January as China purchases of soybeans jumps

Finance news

The trade deficit between the U.S. and its global partners dropped sharply in January to $51.15 billion as exports rebounded from a slowdown at the end of 2018, the Commerce Department reported Wednesday.

Economists surveyed by Dow Jones had forest that the balance fell to $57 billion in January, from the $59.9 billion recorded the previous month.

The decline of 14.6 percent represented the sharpest decline 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.

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