Mumbai, Feb. 20 -- Reflecting a surge in imports and a slump in exports, the Commerce Department released a report on Thursday showing the U.S. trade deficit unexpectedly widened in the month of December.
The Commerce Department said the trade deficit grew to $70.3 billion in December from a revised $53.0 billion in November.
The trade deficit increased for the second consecutive month after plunging to its lowest level in over sixteen years in October.
The unexpectedly wider trade deficit partly reflected a continued surge in the value of imports, which shot up by 3.6 percent to $357.6 billion in December after spiking by 4.2 percent to $345.3 billion in November.
Significant growth in imports of industrial supplies and materials and...
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