Trade deficit again smashes records, textiles frayed
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Manufacturing News, Source : TheManufacturer.com
Published : 12 Apr 2005 16:16
The US trade deficit climbed to a record high of $61.04 billion in February, according to figures released by the US Department of Commerce.
Increased imports of oil and textiles contributed to the rise, up 4.3 percent from a $58.5 billion in January. US exports of goods and services climbed a mere $50 million, crushed by a $2.58 billion imports increase.
Imports of Chinese textiles and clothing climbed 9.8 percent, while the overall trade gap with China narrowed slightly to $13.9 billion, down 9.2 percent from January. An increase in other US exports to China contributed to the overall decrease.
The Bush administration has lately been feeling pressure from US textile and clothing manufacturers to re-impose protectionist quotas on Chinese imports of various products, since global quotas have expired.
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