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.