Trade deficit widens to $40.6 billion in December
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The trade deficit widened in December, closing out a year in which America's trade gap ballooned by the largest amount in a decade.
The Commerce Department says the deficit in December increased 5.9 percent to $40.6 billion. It grew because a 2.6 percent gain in imports outpaced a 1.8 percent rise in exports.
For all of 2010, the U.S. trade deficit rose to $497.8 billion, a 32.8 percent surge. It was the biggest annual percentage gain since 2000. In 2009, the deficit had fallen to the lowest point in eight years as demand for imports plunged.
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Economists believe the deficit will keep widening in 2011 but that U.S. manufacturers will benefit from a weaker dollar, which makes their goods more competitive in foreign markets.
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