How massive is the trade deficit problem, suggesting further dollar devaluation?

“The U.S. trade deficit widened more than expected in December and grew 6.5 per cent during all of 2006 to a record $763.6 billion, a U.S. Commerce Department report showed on Tuesday.

The monthly trade gap totaled $61.2 billion, up 5.3 percent from November as oil prices rebounded and Americans imported record amounts of consumer goods and autos and auto parts.

The December shortfall exceeded the median forecast of $59.5 billion made by Wall Street analysts surveyed before the report. It also marked the tenth time in 2006 that the monthly deficit exceeded $60 billion."