America recorded a much narrower than expected trade deficit in the month of December, according to a report released by the Commerce Department on Friday, with the data potentially leading to an upward revision to the disappointing fourth quarter GDP data. The report showed that the U.S. trade deficit narrowed to $38.5 billion in December from a revised $48.6 billion in November. Economists had expected the deficit to shrink to $46.0 billion from the $48.7 billion originally reported for the previous month. The much narrower than expected trade deficit came as the value of exports rose by 2.1 percent, while the value of imports fell by 2.7 percent.