U.S. Trade Deficit Unexpectedly Reaches Record High

Jan. 13, 2005
By John S. McClenahen Confounding economists who were looking for some shrinkage, the monthly U.S. international trade deficit in goods and services grew to a record $60.297 billion in November 2004, the U.S. Commerce Department reported on Jan. 12. ...
ByJohn S. McClenahen Confounding economists who were looking for some shrinkage, the monthly U.S. international trade deficit in goods and services grew to a record $60.297 billion in November 2004, the U.S. Commerce Department reported on Jan. 12. The November numbers are the most recent trade data available. On a seasonally adjusted basis, total U.S. exports of $95.551 billion in November were more than offset by imports worth $155.848 billion. U.S. goods exports fell to $66.546 billion in November from $69.180 billion in October while imports of goods rose to $130.675 billion in November from $129.294 billion in October, resulting in a goods trade deficit of $64.129 billion. In contrast, the U.S. exported services worth $3.832 billion more than those it imported in November. For the first 11 months of 2004, the U.S. trade deficit totaled $561.331 billion, some $108.828 billion higher than the total for the first 11 months of 2003 and $64.823 billion higher than the total U.S. trade deficit for all of 2003. In November of 2004, the $16.631 billion trade deficit with China was the largest the U.S. ran with any other nation. For the first 11 months of 2004, the U.S. trade deficit with China totaled $147.714 billion.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!