Oil and textile imports push US trade deficit to $61 - leatherbiz: Lea Leatherbiz

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Oil and textile imports push US trade deficit to $61 billion

14/04/2005

The US Department of Commerce has announced that the country’s trade deficit in February reached a new record high, reaching $61.04 billion, an increase of 4.3%. This record level is seen as a result of a surge in imports of textiles and oil, whilst US exports only increased slightly. Imports for the month amounted to

 

$161.5 billion whilst exports totalled a modest $100.5 billion.

This latest piece of news has once again ignited disquiet in the USA and increased the pressure placed on the government to apply protectionist measures on goods such as textiles.

 

Analysts are now predicting that the trade deficit could reach $717.2 billion by the end of 2005.

 

 



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