Dec trade deficit widened to -$59.8b vs BBG.>

US DATA: Dec trade deficit widened to -$59.8b vs -$57.9 BBG consensus 

and -$57.2b MNI expected, the widest gap since Oct 2008 (-$60.2b). Unadj 

gap actually narrowed, so seasonal adj led to headline widening.

- The census goods gap was wider than reported in GDP-incorporated 

adv est, so Q4 net export gap could be revised wider as well. 

- The key drivers for the import gain were capital and consumer goods, 

while the export drop was led by industrial supplies and cap goods.

- The bilateral trade gaps narrowed with China and the EU in December, 

but were record highs for both in 2018.

- The 2018 gap of -$621.0b was the largest since 2008, at the recession 

start.