The U.S. monthly international trade deficit decreased in January 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $45.6 billion in December (revised) to $41.8 billion in January, as imports decreased more than exports. The previously published December deficit was $46.6 billion. The goods deficit decreased $3.4 billion from December to $61.6 billion in January. The services surplus increased $0.5 billion from December to $19.9 billion in January.

Exports
Exports of goods and services decreased $5.6 billion, or 2.9 percent, in January to $189.4 billion. Exports of goods decreased $5.5 billion and exports of services decreased $0.1 billion.

• The decrease in exports of goods mostly reflected decreases in industrial supplies and materials ($2.2 billion), in other goods ($1.2 billion), and in foods, feeds, and beverages ($1.1 billion).
• The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in travel (for all purposes including education) ($0.2 billion) and in other business services ($0.1 billion).

Imports
Imports of goods and services decreased $9.4 billion, or 3.9 percent, in January to $231.2 billion. Imports of goods decreased $8.9 billion and imports of services decreased $0.5 billion.

• The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($6.0 billion) and in consumer goods ($2.1 billion).
• The decrease in imports of services mainly reflected decreases in transport ($0.4 billion) and in travel (for all purposes including education) ($0.2 billion).

Goods by geographic area (seasonally adjusted, Census basis)

• The goods deficit with Mexico decreased from $5.6 billion in December to $3.9 billion in January. Exports
  increased $0.3 billion to $19.9 billion and imports decreased $1.5 billion to $23.8 billion.
• The goods deficit with Japan increased from $5.4 billion in December to $6.5 billion in January. Exports
  decreased $0.5 billion to $5.3 billion and imports increased $0.7 billion to $11.8 billion.

For more, see the full report.