WASHINGTON (AP) — U.S. exports to Europe rose at a healthy clip in December, a sign that the critical U.S. trading partner continues to buy American goods despite its weakened economy.
The overall trade gap widened because imports grew at a faster pace than exports. Still, the rebound in exports to Europe should calm some fears that the debt crisis will slow demand for U.S. goods.
The Commerce Department said today that the overall trade deficit increased to $48.8 billion, the largest imbalance since June. Exports rose 0.7 percent. Imports rose a faster 1.3 percent, largely because the U.S. bought more foreign autos, auto parts and industrial machinery.
For the 2011, the deficit climbed to $588 billion, the highest level since 2008.
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