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, as the census goods gap was wider than 

reported in adv est. NSA trade gap narrowed to $73.8b, so seasonal 

adjustment caused the wider Dec gap.

- The headline gap was the largest since Oct 2008, while the 2018 gap, 

at $621.0b, was the largest since 2008 at the start of the recession.  

- The BOP goods gap widened to -$81.5b in Dec, while the census goods 

gap widened to -$80.4b, compared with the -$79.5b in the advance estimate 

which was incorporated into the initial 4Q GDP report, so net exports 

could be revised wider.

- Ex-petro, the goods gap widened to -$79.1b from -$70.7b, while the 

petro gap widened to -$1.3b from -$0.8b in Nov.

- 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 Dec, but 

were record highs for both in 2018.