U.S. trade gap soars in Dec.
Full-year 2003 deficit sets record at $489.4 bln
By Greg Robb, CBS.MarketWatch.com
Last Update: 8:30 AM ET Feb. 13, 2004
WASHINGTON (CBS.MW) - The U.S. trade deficit widened unexpectedly in December to $42.5 billion, the second-highest level ever recorded, the Commerce Department reported Friday.
For the year, the U.S. posted a record trade gap of $489.4 billion, up $71.3 billion, or 17.1 percent from the previous record set in 2002 of $418.0 billion.
The December trade gap had been expected to widen slightly from $38.0 billion in November. A survey of analysts by CBS.Marketwatch.com had produced a consensus forecast of $39.6 billion deficit in December. The November trade gap was revised up slightly to $38.4 billion.
December exports fell $200 million, or 0.2 percent, to $90.4 billion. Imports rose 3.0 percent to a record $132.8 billion.
Exports of goods fell 1.2 percent to $62.9 billion for the month. Capital goods, excluding autos, led the decline, falling 4.5 percent to $26.0 billion. In that category, civilian aircraft exports plunged 48.3 percent to $1.6 billion. Agricultural exports were down 4.9 percent to $4.9 billion.
Imports of goods rose 3.2 percent in December to $111.1 billion. Industrial supplies led the increase, rising 5.1 percent, while capital goods imports rose 4.8 percent.
The value of U.S. crude imports rose to $8.6 billion in December from $7.7 billion the previous month.
The U.S. imported 317.4 million barrels in December, or 10.2 million per day, up from 290.2 million barrels or 9.7 million per day, in November. The average price rose to $27.17 from $26.52 in November.
The December trade deficit with China totaled $9.9 billion, up from $9.6 billion in the same month one year ago. The U.S. exported $3.3 billion of goods to China, the second highest level on record.
For the full year, the Commerce Department said exports rose 4.6 percent to $1.0 trillion. 2003 saw record exports of industrial supplies and consumer goods.
Imports rose 8.3 percent to a record $1.5 trillion in 2003. The U.S. imported a record amount of food, industrial supplies, autos and auto parts and consumer goods in 2003.
The U.S. recorded record trade gaps with Mexico, Canada, the European Union, China and South/Central America in 2003.
The annual trade deficit with Japan was the lowest since 1998.
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