January imports fell $11.5 billion from December to $160.9 billion while exports were down $7.6 billion to $132.5 billion.
For goods alone, the trade deficit decreased $4.3 billion from December to $47 billion. Exports of goods decreased $6.5 billion to $82.2 billion and imports of goods decreased $10.9 billion to $129.2 billion.
Year-over-year, the goods and services deficit decreased $23.1 billion, with exports down $24.2 billion, or 16.4 percent, and imports down $47.6 billion, or 22.8 percent.