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U.S. Trade Deficit Hits Record in 2003
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| Contributor | Gerald Farinas |
| Last Edited | Gerald Farinas Feb 13, 2004 03:56pm |
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| Category | News |
| Media | News Service - Associated Press |
| News Date | Friday, February 13, 2004 06:00:00 AM UTC0:0 |
| Description | U.S. Trade Deficit Hits Record in 2003
America's trade deficit ballooned to an all-time high in 2003, reflecting the hearty U.S. appetite for foreign-made cars, clothing and TVs.
The total deficit was $489.4 billion, 17.1 percent larger than the previous record, set in 2002, the Commerce Department reported Friday. The deficit with China alone was close to $124 billion, also a record.
The value of foreign goods and services sold to the United States swelled to a record $1.5 trillion for the year, an 8.3 percent increase, as the economy gained momentum in the second half of the year. Consumers and businesses spent briskly, reflecting increased confidence that the recovery would last.
Imports of automobiles and parts came to $210.1 billion in 2003, a record high. Sales to the U.S. market of foreign-made consumer goods - a category that includes clothing, television sets, furniture and jewelry - also came to a record high of $333.8 billion last year. |
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