The U.S. trade deficit widened more than expected in December, and the bilateral trade deficit with China increased to a record high $295.5 billion last year, the government said Friday. The monthly trade gap swelled to $48.8 billion as goods imports increased to the highest level since July 2008, before the financial crisis triggered a plunge in world trade, a Commerce Department report said. Analysts had expected the December trade deficit to be $48 billion, up from their estimate of $47.1 billion in November. U.S. exports grew slightly in the last month of the year, with records set for petroleum, services, and advance technology goods. The trade gap for the year rose 11.6 percent to $558 billion for the year, the highest since 2008. Exports rose 14.5 percent to a record $2.1 trillion last year, keeping the United States on pace to reach President Barack Obama's goal of doubling exports in five years. Imports grew 13.8 percent to a record $2.7 trillion, with auto imports rising to the highest since 2007 and petroleum the highest since 2008. U.S. exports to China jumped 13.1 percent to $103.9 billion, but that was overshadowed by a 9.4 percent increase in imports from China, which pushed the total to a record $399.3 billion.U.S. trade deficits with the European Union and Canada also expanded in 2011.
