US Trade Deficit at All-Time High

14 February 2006

    WASHINGTON, DC - The US trade deficit soared to an all-time high of $725.8 billion (€608.89bn; £415.84bn) in 2005, driven by record imports of oil, food, cars and other consumer goods.
    In particular, reports the Commerce Department, the trade imbalance with China soared to a record level, as did America's deficits with Japan, Europe, OPEC, Canada, Mexico, and South and Central America.
    The widening chasm between America's exports and its imports rose to $725.8bn last year, up 17.5% from the previous record of $617.6 billion set in 2004.