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2011 Trade Deficit Hits 3-Year High, Over $550 Billion
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The Commerce Department has released its international trade data for the month of December. Why on earth this is not just called the Trade Deficit is a mystery. We have not had a single surplus month in trade in longer than any of us care to remember. The December Deficit widened out again to $48.8 billion, and that is slightly ahead of the Dow Jones consensus economist target of $48.5 billion. Exports were listed as $178.76 billion, but imports were listed as $227.56 billion.
The November trade gap from the prior month was originally reported as $47.75 billion., but that was revised lower to $47.06 billion.
The full preliminary figure for the trade deficit in 2011 is up 11.6% from 2010 at a level of $558.02 billion. That is the highest level since 2008. The deficit with China also hit a new record with an 8% gain to $295.46 billion.
JON C. OGG
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