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Trade gap rises sharply in December

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Trade gap rises sharply in December

17.1% increase results in largest deficit since 2012.

The Commerce Department reported today that the December 2014 international trade deficit increased 17.1% from November, to $46.6 billion. Exports decreased 0.8% to $194.9 billion, and imports increased 2.2% to $241.4 billion.

The deficit was the largest since November 2012, and the percentage increase the largest since mid-2009. 

Analysts had expected a deficit of $38.0 billion.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $6.9 billion to $66.0 billion and an increase in the services surplus of $0.1 billion to $19.5 billion.

For 2014, the goods and services deficit was $505.0 billion, up $28.7 billion or 6.0% from 2013. Exports were $2,345.4 billion, up $65.2 billion or 2.9%. Imports were $2,850.5 billion, up $93.9 billion or 3.4%. 

For the full report, click here.

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