WASHINGTON, March 6 (Xinhua) -- The overall U.S. trade deficit narrowed in January as imports fell faster than exports, the Commerce Department reported Friday.
The trade deficit in goods and services fell by 6.7 percent to 45.3 billion U.S. dollars in January from a revised 48.6 billion dollars in December 2019, the department said.
Exports fell by 0.4 percent to 208.6 billion dollars in January, while imports fell by 1.6 percent to 253.9 billion dollars, led by fewer imports of industrial materials and supplies, according to the department.
The decline in overall imports might signal weakening consumer demand and slower economic growth in the first quarter of 2020.
"There were indications that the coronavirus was negatively impacting travel and tourism in the U.S.," the Federal Reserve said Wednesday in its latest survey on economic conditions, known as the Beige Book, based on information collected from its 12 regional reserve banks.
"Manufacturing activity expanded in most parts of the country; however, some supply chain delays were reported as a result of the coronavirus and several Districts said that producers feared further disruptions in the coming weeks," the survey said.
The Fed on Tuesday lowered the target range for the federal funds rate by 50 basis points to 1-1.25 percent, its first emergency rate cut since the 2008 financial crisis, as the COVID-19 outbreak poses "evolving risks" to economic activity.
