2/10/2012 9:16 AM ET
(RTTNews) - U.S. imports grew at a faster pace than exports in the month of December, resulting in an increase in the size of the trade deficit, according to figures released by the Commerce Department on Friday.
According to Commerce Department, the value of imports came in at $227.6 billion in December, while the value of exports was recorded at $178.8 billion.
The import and export numbers resulted in a trade deficit of $48.8 billion in December compared to a revised deficit of $47.1 billion in November.
Economists had expected the deficit to come in unchanged compared to the deficit of $47.8 billion originally reported for the previous month.
With the increase, the trade deficit in December was the biggest since a $51.8 billion deficit in the month of June.
Despite the notable increase in the size of the deficit, the value of U.S. exports actually rose by 0.7 percent, although the increase was offset by a 1.3 percent jump in the value of imports.
The wider deficit was largely the result of increased imports of goods, as the surplus in exports of services held relatively steady at $15.5 billion. The goods deficit increased by 2.8 percent.
On a year-over-year basis, the trade deficit was up $8.3 billion from December 2010, with increased imports outpacing higher exports.
The increase in exports in December came in the industrial supply, automotive and food sectors but was somewhat offset by decreased exports of consumer and capital goods.
The December figures also showed increased imports of capital goods, consumer goods, industrial supplies and in the automotive sector, while imports of foods, feeds and beverages fell.
On a raw dollar basis the December level of exports of services, at $51.7 billion, and the level of imports of services, at $36.2 billion, were both the highest on record, according to the Commerce Department.
December petroleum exports, at $10.6 billion, were also the highest on record.
The U.S. trade surpluses with Australia, Singapore and Egypt all widened in December, although the trade surplus with Hong Kong shrank.
The trade deficit with China narrowed to $23.1 billion from the $26.9 billion recorded in November. Deficits with Mexico, Nigeria, Taiwan and Korea also shrank, while the deficits with Japan and Canada widened.
The U.S. trade deficits with the European Union, OPEC nations, Ireland and Venezuela held relatively steady.
Advanced technology exports, at $26.2 billion, were the highest on record. However, those exports were outpaced by advanced technology imports of $34.2 billion, resulting in an $8 billion deficit in the sector.
by RTT Staff Writer
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