The U.S. trade deficit increased more than expected in December as exports fell, but for all of 2013, the deficit fell to its lowest point since 2009 as exports rose to a record high, the government reported Thursday. The Commerce Department said the trade deficit widened to $38.7 billion, up 12 percent from a four-month low of $34.6 billion in November. Economists expected the December deficit to rise to $36 billion. U.S. exports fell 1.8 percent to $191.3 billion, although exports of petroleum hit a record high. Imports rose 0.3 percent to $230 billion. Imports of consumer goods hit a record high, but the impact was limited by a drop in the average price of imported crude oil, which fell to its lowest level since early 2011. Trade added 1.33 percentage points to fourth-quarter gross domestic product (GDP), as exports expanded at their quickest pace in three years and imports slowed. However, there are doubts that the strong export growth pace can be sustained amid slowing growth in markets like China. For all of 2013, the trade deficit fell 11.8 percent to $471.5 billion, the lowest level since the Great Recession caused the deficit to shrink in 2009.
