Trade deficit shrinks in January

The Australian Bureau of Statistics has released international trade figures for January.

Australia's trade balance remains in the red with a deficit of $2.9 billion in January. (AAP)

Australia's trade balance remains in the red with a deficit of $2.9 billion in January, following a deficit in December of $3.5 billion.

Economists had expected a deficit of $3.2 billion in January.

Exports rose 1.0 per cent in the month, while imports were down 1.0 per cent, the Australian Bureau of Statistics said on Thursday.