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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US trade deficit surges as recovery boosts global flows AFP - Thursday, February 11 Send IM Story Print A longshoreman keeps track of shipping containers as one is prepared to be hoisted onto a boat behind him at the Port of Miami in Florida, in 2009. The US trade deficit rose to its highest level in a year in December, official data showed Wednesday in a report signaling reviving global trade with a mixed impact on the US economy. WASHINGTON (AFP) - – The US trade deficit rose to its highest level in a year in December, official data showed Wednesday in a report signaling reviving global trade with a mixed impact on the US economy. The US international gap in goods and services trade widened sharply in December to a seasonally adjusted 40.2 billion dollars, capping a year that saw a massive drop in the trade deficit, the Commerce Department reported. The world's largest economy exported goods and services of 142.7 billion dollars in the final month of 2009, and took in imports of 182.9 billion dollars, the report said. "We may be selling more overseas but the economic recovery is pushing up our demand for foreign products even faster," said Joel Naroff, president of Naroff Economic Advisors. The trade deficit was up about 10 percent from a revised 36.39 billion dollars in November. The November reading was originally reported at 36.4 billion dollars. It was the third consecutive rise in the trade gap and the biggest deficit since December 2008, surprising most analysts who had projected the gap would narrow to 35.8 billion dollars. Petroleum imports led the increase, leaping 17.9 percent from November to 23.46 billion dollars. "Most of the unexpectedly big increase in the deficit reflects a surge in oil imports, up 3.6 billion dollars from November," said Ian Shepherdson of High Frequency Economics, noting that imported oil prices had rebounded over the past year amid resurgent demand. Most analysts predicted the December trade gap would reduce the gross domestic product (GDP) growth estimate for the fourth quarter, which is due for revision later this month. The economy grew at a robust 5.7 percent annual pace in the final quarter, accelerating from 2.2 percent growth in the prior quarter after four quarters of contraction amid the worst recession in decades, officially begun in December 2007. "It is true that the wider deficit will shave a couple of tenths off GDP growth, but it is hard to describe the trade figures as bad news, since they show a continuing robust rebound in world trade," said Nigel Gault, chief US economist at IHS Global Insight. "Over the second half of 2009, US goods export volumes rose 15.5 percent, while goods import volumes rose 17.7 percent," he said. For the full year, the US trade imbalance with the rest of the world improved considerably from the end of 2008, when the global financial crisis was accelerating and plunging the world economy into the worst recession since World War II. The 2009 trade gap fell 45 percent from a year earlier to 380.7 billion dollars, representing 2.9 percent of gross domestic product, a broad measure of the country's goods and services output. In 2008, the trade gap amounted to 4.8 percent of GDP. In December, US exports rose 4.6 billion dollars from the prior month, while imports were up 8.4 billion dollars. Exports of goods rose to 99.1 billion dollars, an increase of 4.6 billion dollars from November. Goods imports climbed a hefty 8.1 billion dollars to 150.9 billion dollars. Exports of services were virtually unchanged at 43.6 billion dollars, and imports of services increased 0.3 billion dollars to 31.9 billion dollars, the department said. The trade gap with Canada, the United States's largest trading partner, more than doubled to 3.004 billion dollars, according to unadjusted data in the report. With Mexico, the number two US partner, the deficit rose slightly to 5.229 billion dollars. The politically sensitive trade gap with China, by far the largest US deficit with any country or region, eased to 18.138 billion dollars from 20.224 billion dollars in November. Rising trade tensions with China have exacerbated long-standing criticism in the US and Europe that alleges Beijing keeping its yuan currency undervalued for an unfair trade advantage. The US trade gap with Japan shrank 15 percent to 4.609 billion dollars. With the 16-nation eurozone, the gap rose to 5.452 billion dollars from 4.963 billion. Recommend Send IM Story Print News Search Top Stories US trade deficit surges as recovery boosts global flows Regional leaders working on "miracle" for ailing Baltic Sea China charges Rio Tinto employees: state media Honda airbag fault fuels Japan's auto woes Greek public workers strike against austerity drive More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Pitt, Jolie sue British paper over split claims Third-hand smoke also bad for you: study French intellectual caught quoting fake philosopher Sugary soft drinks linked to pancreatic cancer: study Study confirms link between maternal age and autism More Most Viewed » Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! 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