US January trade deficit $45.68B vs $44.0B expected

January trade balance data from the Commerce Dept:

• Prior was $43.36B (revised to $44.70B)
• Exports -2.1%
• Imports -1.3%
• Deficit rises 2.2%
• Goods deficit $63.72B vs $62.6B prior
• Services surplus $18.04B vs $17.90B prior

The advance trade balance for January was -$62.228B compared to $61.2B expected. I believe that's just the goods side, so the actual number was lower.

The strong dollar is definitely hurting goods exporters, which were down 3.3% m/m and 9.6% y/y.

Services exports are much tougher to replace, up 0.3% in the month and down just 0.3% compared to a year ago.