The U.S. trade deficit expanded more than anticipated in December, according to new data released Thursday by the Commerce Department, as a strong increase in imports coincided with a drop in exports.
The department reported that the deficit widened to $70.3 billion in December, up from a revised $53.0 billion in November.
Market expectations had pointed to a narrowing of the gap to $55.8 billion, compared with the previously reported $56.8 billion shortfall for November.
The larger-than-expected deficit was driven by a 3.6% rise in imports, which climbed to $357.6 billion, while exports fell 1.7% to $287.3 billion during the month.