2017 trade deficit hits 10-year high of US$566b

Washington

THE US trade deficit widened more than expected in December, hitting its highest level since 2008 as robust domestic demand pushed imports to a record high.

The Commerce Department said on Tuesday the trade gap increased 5.3 per cent to US$53.1 billion. That was the highest level since October 2008 and followed a slightly upwardly revised US$50.4 billion shortfall in November.

Economists polled by Reuters had forecast the trade deficit rising to US$52 billion in December after a previously reported US$50.…