U.S. Trade Deficit widens in December as country saw greater imports
The U. S. Census Bureau of Commerce Department released its December report today. According to the report in the month of December the imports increased rapidly and at a faster pace than exports. This resulted in the greater trade deficit for the country. The greater imports are very much attributable of the greater crude oil imports.
The Total December exports of U. S. were reported $142.7 billion and the total imports were posted $182.9 billion, the Commerce Department's U. S. Census Bureau said in a release.
This resulted in a $40.2 billion trade deficit in the month of December. While in the month of November the trade deficit was reported $36.4 billion. The greater trade deficit leaves the analyst wondering as they were not expecting these figures. The report said that December exports were $4.6 billion more than November exports of $138.1 billion. December imports were $8.4 billion more than November imports of $174.5 billion. For the full year 2009, the trade deficit is reported $380.7 billion decreasing by 45% as in 2008 the trade deficit was reported $695.9 billion.
The analyst are now saying that this unexpected trade deficit combined with other disappointing reports will likely impact negatively on economic growth in the quarter ending December 2009.