U.S. trade deficit hits record $61 billion

April 12, 2005 at 11:40 AM
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WASHINGTON, April 12 (UPI) -- The U.S. trade deficit rose 4.3 percent or $2.5 billion in February to $61 billion, up from January's $58.5 billion, the Commerce Department said Tuesday.

For February, U.S. exports of goods and services edged up by 0.1 percent to $100.5 billion while imports rose 1.6 percent or $2.6 billion to $161.5 billion.

For goods imports, increases in industrial supplies and materials and consumer goods were countered by decreases in capital goods and automotive vehicles, parts and engines, Commerce said. For goods imports, the increase was largely due to increased imports of industrial supplies and materials and consumer goods. Capital goods imports fell.

For services exports, decreased travel was somewhat offset by increased transfers under U.S. military sales contracts.

The goods deficit with China decreased from $15.3 billion in January to $13.9 billion in February. The goods deficit with the European Union increased from $8.1 billion in January to $8.5 billion in February. The goods deficit with Japan increased from $6.2 billion in January to $6.9 billion in February.

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