Trade deficit hits record $43.1 billion

March 10, 2004 at 2:02 PM
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WASHINGTON, March 10 (UPI) -- The U.S. trade deficit rose to a record $43.1 billion in January, $400 million more than in December, the U.S. Commerce Department reported Tuesday.

The trade deficit with China rose to $11.5 billion from $9.9 billion. Exports of foods, consumer goods, and auto parts declined.

Meat exports saw a 40 percent drop to $379 million, and U.S. autos and parts exports fell $162 million to slightly under $6.8 billion. Electronics exports fell $113 million to $259 million.

U.S. oil imports in January fell slightly to 309.4 million barrels, compared with 317.4 million barrels last month. January's oil price rose to $28.55 a barrel from $27.17 in December.

January exports of goods and services totaled $89 billion, $1.1 billion less than last month, and imports $132.1 billion, $700 million less than last month.

January exports saw a decrease in foods, feeds and beverages ($400 million); capital goods ($200 million); consumer goods ($200 million); automotive vehicles, parts, and engines ($200 million); and industrial supplies and materials ($100 million). An increase occurred in other goods ($100 million).

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