Area Development
In December, the Commerce Department reported that the U.S. trade deficit in global goods and services trade grew 1.2 percent in October to $57.82 billion, representing the first increase in five months. The nation's deficit with China grew 9.1 percent to a record $25.93 billion, as imports rose to $31.61 billion, the highest on record.
October imports of petroleum goods were also up 8.2 percent to $29.59 billion, with the average import price per barrel of crude oil registering $72.49, the highest level on record.