- News>
- World
US trade deficit hits record $489.4 bn in 2003
Washington, Feb 14: The US trade deficit touched a record $489.38 billion in calendar year 2003 as the monthly figures widened 11 per cent in December, the Commerce Department has said.
Washington, Feb 14: The US trade deficit touched a record $489.38 billion in calendar year 2003 as the monthly figures widened 11 per cent in December, the Commerce Department has said.
The accelerating US economy sucked in 8.3 per cent more imports while exports to the rest of the world grew at a slower pace of 4.6 per cent, the Department said on Friday.
The deficit was 17.1 per cent more than the record gap of 2002, the data showed.
The politically sensitive deficit with China, among the world's biggest exporters, grew to $123.96 billion from $103.07 billion the previous year.
In December alone, the shortfall expanded by a steeper-than-expected 11 per cent to $42.48 billion, stopping a trend of improving monthly deficits.
Exports of goods in 2003 increased to $30,887 million from 2002, primarily in industrialised supplies and materials, and consumer goods such as televisions, pharmaceuticals, foods, beverages, automotives and parts.
Imports of goods increased $98,424 million from 2002 in the same categories as well as capital goods such as computer accessories and civilian aircraft.
US exports of services rose to $304,800 up $12,578 million from 2002. Import of services totalled $244,779 million for the year.
The growing trade deficit has put downward pressure on the dollar, causing people in the US to pay more for imported goods, media reports said.
The accelerating US economy sucked in 8.3 per cent more imports while exports to the rest of the world grew at a slower pace of 4.6 per cent, the Department said on Friday.
The deficit was 17.1 per cent more than the record gap of 2002, the data showed.
The politically sensitive deficit with China, among the world's biggest exporters, grew to $123.96 billion from $103.07 billion the previous year.
In December alone, the shortfall expanded by a steeper-than-expected 11 per cent to $42.48 billion, stopping a trend of improving monthly deficits.
Exports of goods in 2003 increased to $30,887 million from 2002, primarily in industrialised supplies and materials, and consumer goods such as televisions, pharmaceuticals, foods, beverages, automotives and parts.
Imports of goods increased $98,424 million from 2002 in the same categories as well as capital goods such as computer accessories and civilian aircraft.
US exports of services rose to $304,800 up $12,578 million from 2002. Import of services totalled $244,779 million for the year.
The growing trade deficit has put downward pressure on the dollar, causing people in the US to pay more for imported goods, media reports said.