Boosts in revenue from taxes and tariffs narrowed the U.S. budget deficit in the October to December period from the year before, Department of Treasury data showed on Tuesday.

The deficit shrank by 15% from the prior fiscal year, from $711 billion to $602 billion.

Overall revenue climbed by 13% to $1.2 trillion, while spending rose by 2% overall to $1.8 trillion.

Both the revenues and outlays were records, a senior Treasury official told reporters.

Among categories, some taxes collected from individuals increased notably while customs duties surged from $23 billion a year ago to $94 billion in the first three months of the current fiscal year.

The leap in duties collections was primarily due to higher tariffs, the official said.

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