United States trade deficit reaches all time high

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Wednesday, January 12, 2005

The United States Government reported the largest trade deficit in its history today, totalling $60.3 billion for the month of November.

The Commerce Department reported a rise of 7.7% from the previous month, in an announcement that had taken economists and analysts by surprise. The reading had been expected to fall to $54 billion, following a softening in oil prices.

The trade deficit through November totaled $561.3 billion, far above the previous annual record of $496.5 billion set in 2003, and put the country on track to record a trade imbalance topping $610 billion when the December figures are added.