Saturday, February 12, 2011

Under Obama, 2010 gave Communist China record high trade advantage over US-BBC

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"The closely-watched trade deficit with China rose by 20.4% to an all-time high of $273.1bn, the largest imbalance the US has recorded with a single country."...

2/11/11, "US trade deficit widened by 33% in 2010," BBC

"The US trade deficit ballooned in 2010 by the largest amount seen in a decade, Commerce Department figures have shown.

The trade deficit - the difference between imports and exports - hit $497.8bn (£311bn) last year, up 32.8% on the year before,

  • the biggest annual percentage gain since 2000.

Imports from China hit record levels, totalling $364.9bn for the year.

For the month of December, the deficit widened by 5.9% to $40.6bn, after a rise in the price for imported oil.

  • This rise was also a factor in the widening annual deficit,

with the average price of imported oil increasing from $56.93 a barrel in 2009 to $74.66 in 2010.

  • In 2009, the deficit had fallen to an eight-year low after a drop in imports.

But that was reversed in 2010, as overall US imports of goods and services grew 19.7% to $2.33 trillion, indicating that US consumers and businesses spent more as the economy picked up.

  • Exports increased by 16.6% to $1.83tn for the year....

The closely-watched trade deficit with China rose by 20.4% to an all-time high of $273.1bn,

  • the largest imbalance the US has recorded with a single country.

Chinese imports far outweighed the $91.9bn worth of US exports going the other way."...


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