U.S. trade gap ballooned in August

By AP, originally published by MSNBC

October 13, 2004

WASHINGTON – The U.S. trade deficit, propelled by a record foreign oil bill, surged to $54 billion in August, the second highest level in history. The politically sensitive deficit with China hit a new high as American retailers upped their orders for cell phones, toys and televisions.

The Commerce Department said the August trade deficit in goods and services was 6.9 percent higher than a $50.5 billion imbalance in July. A small 0.1 percent rise in exports was dwarfed by a 2.5 percent jump in imports.

For the year, America’s trade deficit is running at a record annual rate of $590 billion, 19 percent higher than the previous record, last year’s $496.5 billion imbalance.

AP

Tags: Fossil Fuels, Oil

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