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43.1 B Jan Trade Deficit - with our weak dollar - why? [View All]

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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-10-04 10:25 AM
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43.1 B Jan Trade Deficit - with our weak dollar - why?
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Granted China's contribution of $11.5 billion in January is hard to change with the yaun pegged to the weak dollar, and our trade deficit with oil-producing nations has not benefited from the Iraq war, growing to $4.7 billion in January, because the average price per barrel of imported crude oil in January was $28.55, the highest since March 2003.

But why is there not a much bigger slowing in other areas, other countries?

Trade Deficit Widens to Record $43.1 Billion in January
By Jeannine Aversa
Associated Press Writer

WASHINGTON (AP) - America's trade deficit mushroomed to an all-time high of $43.1 billion in January as sales of foreign-made goods hovered near record levels.

The trade gap reported by the Commerce Department on Wednesday was 0.9 percent larger than the $42.7 billion deficit registered in December. <snip>

Imports of goods and services came to $132 billion in January, the second-highest level on record. Still, that represented a tiny 0.5 percent dip from the record level of imports seen in December. The economic rebound in the United States has fed demand for foreign-made goods.

Exports, meanwhile, totaled $89 billion in January, representing a 1.2 percent decrease from December. That largely reflected weaker demand for U.S. food products. Exports of meat and poultry in January plunged by 40 percent to $379 million, the lowest level since November 1993, as the first case of mad cow disease in the United States stalled beef exports to many countries. <snip>

The Massachusetts senator supported the North American Free Trade Agreement and world trade deals. On the campaign, he has said he would place all trade deals under a 120-day review and wants labor and environmental standards in new agreements. He also would require companies to provide notice before moving jobs to other countries.
Federal Reserve Chairman Alan Greenspan last week said that a weaker U.S. dollar should eventually help narrow the country's swollen trade deficits. He also repeated a warning that "creeping protectionism" could hurt the flexibility of the global economy - something that has played a key role in helping the United States and other countries weather economic hard times. <snip>

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