Trade Gap Narrows in December

The U.S. trade deficit narrowed in December by 6.9%, the Commerce Department said Thursday.

The decline to $58.8 billion, from $63.1 billion in November, was lower than the $61.5 billion trade gap forecast by economists, Bloomberg reported.

December exports rose 1.5% to $144.3 billion, setting a tenth consecutive record, Commerce said. Imports fell 1.1%, to $203.1 billion.

For the full year, the deficit shrank 6.2% to $711.6 billion, marking the biggest decrease since 1991.