US trade gap reaches all-time high in 2004
The US trade deficit soared 24% to a record $617.7 billion in 2004, the US Commerce Department said today. Exports totaled $1.15 trillion in 2004 while imports amounted to $1.76 trillion. In December, the trade gap totaled $56.4 billion due to the decline in oil prices. The figure is slightly lower than market expectations of $57 billion. The US trade gap with China rose $38 billion year-on-year to a record $162 billion in 2004 as imports from China totaled $200 billion.