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From YahooNews :

Trade Gap Hits Record as Exports Drop


WASHINGTON (Reuters) - The U.S. trade deficit widened unexpectedly in November to a record $60.3 billion, propelled by the highest-ever oil import bill and a drop in exports, a government report showed on Wednesday.

The surprisingly large increase sent the dollar tumbling in morning trading against both the euro and the yen.

It also suggested U.S. economic growth in the fourth quarter of 2004 was slower than expected, as steadily rising imports of goods and services cut into domestic output.

The widening of the deficit -- which topped $60 billion for the first time -- defied Wall Street forecasts for it to narrow to $54 billion. October's deficit was revised up to a $56.0 billion gap from the originally reported $55.5 billion.
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The deficit has continued to balloon despite a 50 percent drop in the value of the dollar against the euro over the past three years, which has been expected to narrow the gap.