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US trade deficit narrows

Posted on Feb 09, 03:05PM | IANS

Washington, Feb 9 : The US trade deficit edged down in December 2012 due to a rise in exports and a decrease in imports, the Commerce Department reported.

The total trade deficit declined to USD 38.5 billion in December, down from a revised USD 48.6 billion in November, reported Xinhua.

Exports rose by USD 3.9 billion from the previous month to USD 186.4 billion in December.

Imports dropped by USD 6.2 billion from the previous month to USD 224.9 billion for the month caused by a plunge in oil imports.

The trade deficit has been a drag on US economic growth for many years. In 2012 overall, the trade deficit declined 3.5 percent from the previous year to USD 540.4 billion.