Trade deficit looms large
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Manufacturing News, Source : TheManufacturer.com
Published : 11 Mar 2005 16:01
January’s figures indicate the US trade deficit reached its second-highest level in history according to the US Commerce Department.
Due to America’s seemingly insatiable appetite for foreign products, the January trade deficit of $58.3 billion was 4.5 percent higher than December’s $55.7 billion deficit and just below the all-time high of $59.4 billion.
For 2004, the trade gap set a record for the third straight year, increasing by 24.3 percent to a total of $617.1 billion. Analysts believe 2005 is shaping up to be no different due in large part to higher prices for imported oil and continued consumer demand for foreign goods.
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