Posted on 03/09/2006 6:21:51 PM PST by rcocean
The U.S. Department of Commerce today reported that the international deficit in goods and services trade reached a record level of $726 billion in 2005, an 18% increase over 2004. The U.S. merchandise deficit alone, which excludes services, was $782 billion, also an 18% increase. The overall deficit increased $1 billion in December alone, to the third highest monthly level on record. The goods and services deficit as a share of U.S. gross domestic product (GDP) increased to an unprecedented 5.8% in 2005 (Figure A ). Rapid increases in the price of oil and related products were responsible for 63% of the increase in the deficit. The growth of the trade deficit with China, which reached $202 billion in 2005, was responsible for the entire increase in the United States’ non-oil trade deficit. The trade deficit in manufactured products (net of refined petroleum) increased $46 billion, to $655 billion (an 8% increase).
(Excerpt) Read more at epinet.org ...
Full of facts for open minds.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.