The U.S. trade deficit has been reduced to $29.4 billion, after last being reported at $48.1 billion.

The forecasted deficit had been $58.1 billion, Investing.com reported. The deficit dropped by $18.7 billion, and was $28.7 billion less than the predicted figure.

The deficit is the lowest since 2009, according the news reports.

The improved trade balance indicates that while the U.S. is still importing more goods and services than exporting them, the reduced deficit could strengthen the U.S. dollar.

With a stronger currency, there could be increased foreign demand for the dollar, resulting in an appreciation in its value.