The US trade deficit surged to a record $763.6 billion last year owing to new highs for oil prices and increased imports from China, the government said today.
The Commerce Department said the December gap alone was $61.2 billion, up from $58.1 billion in November.
This figure disappointed Wall Street economists, who expected a figure of $59.5 billion.
The annual figure was $763.6 billion, up from $716.7 billion dollars in 2005, registering a record for the fifth consecutive year as oil prices struck new highs above $78 in mid-2006.
The US deficit with China grew to a new high of $232.5 billion in 2006, up from $201.5 billion the year before.
