US trade deficit hits all-time-high in February
The US Commerce Department disclosed that the country's trade deficit rose 4.3% month on month to a record-high level of $61 billion in February. The widening shortfall in the US trade performance was driven by a 1.6% rise in imports of goods and services, which totaled a record $161.5 billion in February. Exports rose 0.1% to a record $100.5 billion in February. The US trade deficit with China jumped from $8.3 billion in February 2004 to $13.9 billion in February 2005. Textile imports from China rose 9.8% to $2.1 billion in February. In the first two months of 2005, China's textile imports increased 62.4% from the same period in 2004.