Mumbai, Feb. 8 -- With imports increasing by more than exports, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened in the month of December.
The Commerce Department said the trade deficit increased to $62.2 billion in December from a revised $61.9 billion in November.
The wider trade deficit came as the value of imports shot up by $4.2 billion or 1.3 percent to $320.4 billion, while the value of exports jumped by $3.9 billion or 1.5 percent to $258.2 billion.
Imports of consumer goods, including pharmaceuticals, cell phones and other household goods, led the surge in imports, while imports of industrial supplies and materials also saw a notable increase.
Meanwhile, the report showed a sharp inc...