US trade deficit climbs in January
11/03/2005 - 14:54:13The US trade deficit climbed to €43.3bn in January, the second-highest level in history, as Americans’ appetite for foreign consumer products and cars hit record highs.
The deficit with China was pushed higher by a surge in textile shipments, reflecting the end of global quotas.
The Commerce Department reported Friday that the January trade gap was 4.5% higher than December and was just below the all-time high monthly deficit of €44.4bn, recorded in November.
For all of last year, the US trade gap surged by 24.3% to €458bn, setting a record for the third straight year.
Analysts believe that 2005 will also set a record, reflecting higher prices for imported oil and continued heavy demand by US consumers for all things foreign.
