$763.6 billion U.S. Trade Deficit Sets Record in 2006; Deficit with China Soars to $232B

U.S. international trade deficit rose 6.5% to $763.6 billion in 2006, a fifth consecutive annual record, according to data from the Commerce Department. Trade deficit rose 5.3% in December to $61.2 billion.

Total December exports accounted for $125.5 billion and imports tallied $186.7 billion. 

The report showed that the trade deficit with China jumped 15.4% to total $232.5 billion in 2006, the largest imbalance ever recorded with any country. China continues to be the country with the largest trade gap with the United States since 2000, when it surpassed Japan for that position.

 

Highlights:

  • The trade deficit rose at a much larger percentage gains of 17.3% in 2005 and 23.5% in 2004, compared to the latest 6.5% rise in 2006.  
  • The $763.6 billion deficit for the total year reflected a $836.1 billion deficit in goods trade and a $72.5 billion surplus in trade in services, such as banking and insurance.
  • Total exports of goods and services jumped 12.8% last year to an all-time high of $1.44 trillion. Imports also set a record, rising by 10.4% to an all-time high of $2.20 trillion.
  • As a percentage of U.S. gross domestic product, the goods and services deficit was virtually unchanged at 5.8% in 2006. 

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