The U.S. trade deficit widened in December, reversing some of the prior month's sharp contraction, as imports rebounded and exports declined further. Imports increased 1.3% to $317.6 billion, with goods rising 1.8% to $258.8 billion. Exports fell 0.9% to $250.2 billion. Goods shipments dropped 1.7% to $168.1 billion, mostly reflecting a big decline in prices. A smaller trade deficit was one of the contributors to the economy's 2.9% annualized growth pace in the fourth quarter. |