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(business) U.S. Trade Deficit Hits All-Time High

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posted on Feb, 10 2005 @ 08:45 AM
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The US trade deficit in goods and services with the rest of the world rose to an all-time high in 2004 as the increase of $125.6 billion in US exports was outpaced by the $246.9 billion increase in imports. The deficit for 2004 was $617.7 billion compared with $496.5 billion in 2003. An increase not only in dollar amounts but also as a percentage of GDP, 4.5 percent in 2003 vs 5.3 percent in 2004.
 



www.forbes.com
For all of 2004, U.S. exports of goods and services rose 12.3 percent to $1.15 trillion. But imports rose at an even faster clip of 16.3 percent, setting a new record of $1.76 trillion.

The demand for foreign goods was led by a 35.7 percent surge in foreign petroleum imports, which climbed to a record high of $180.7 billion, an increase that reflected not only increased demand but also surging petroleum prices, as global markets pushed oil prices to record levels. For the whole year, the average per barrel price for imported crude was $34.47, up from $26.98 in 2003.

Imports of foreign autos, industrial supplies and consumer goods all set records as did imports of food products, which climbed to $62.17 billion. U.S. exports of food products were also a record at $56.3 billion. But since U.S. shipments abroad were lower than imports, the country recorded a deficit in food categories of $5.8 trillion. It was the third straight year the United States has run a deficit in food, which long had been one of the few areas where the country could depend on surpluses


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In spite of the falling US dollar, imports into the US are still outpacing US exports. The deficit with China, Japan and the EU all rose significantly even though the high value of the Euro and Yen were expected to reduce demand for goods from those countries. The deficit for December was a little less than the all-time high for November but it was still near the highest level.

If China stops their policy of currency devaluation it may halp a little but even that may not be enough.

Related News Links:
www.census.gov

Related AboveTopSecret.com Discussion Threads:
US trade deficit at highest level ever.




posted on Feb, 10 2005 @ 12:41 PM
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It seems the the US isn't the only one with record deficits, Britiain is also having to deal with record trade deficits which are 3.4% of GDP.


t elegraph.co.uk
Britain's trade deficit in goods and services surged by £7.5 billion last year to reach £39.3 billion – the highest it has ever been.


The Office for National Statistics said the deficit had grown because of a thirst for Chinese imports and a £2 billion drop in Britain's oil surplus, which is now at its lowest since 1992.

The gap between imports and exports of goods swelled to £57.6 billion. One major component that helped to swing the balance was a £2.2 billion collapse in exports and a £713m increase in imports of capital goods, such as plant machinery. Imports from China grew by over £2 billion in the year.


Blame for their trade deficit is also being partly placed upon imports from China.



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