US trade gap on the rise
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Manufacturing News, Source : TheManufacturer.com
Published : 10 Mar 2004 20:22
The US trade deficit hit a record $43.1 billion in January, the US Department of Commerce reported today.
The January gap was 0.9 percent greater than the previous month’s $42.7 billion.
Imports of goods and services totaled $132 billion in January, down 0.5 percent from record levels in December, with fewer imports of foreign-made automobiles. Exports totaled $89 billion in January, down 1.2 percent from the previous month, with a 40 percent drop in exports of meat products, due in part to a US outbreak of mad cow disease.
The US trade deficit with China grew to $11.5 billion in January from $9.9 billion in December. The trade gap with the European Union, however, shrank to $5.9 billion from the previous month’s $10.3 billion.
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