U.S. Trade Deficit Hit Record High in '03

[Beaker]

http://apnews.myway.com/article/20040213/D80MHTTG2.html

U.S. Trade Deficit Hit Record High in '03

Feb 13, 2:01 PM (ET)

By JEANNINE AVERSA

WASHINGTON (AP) - The United States registered a record $489.4 billion trade deficit for 2003 as a rebounding U.S. economy strengthened Americans' appetites for a wide range of foreign-made goods, including cars, clothing and TVs.

The annual trade deficit reported by the Commerce Department on Friday was 17.1 percent larger than the previous record shortfall of $418 billion posted in 2002.

Import growth outpaced export growth last year, thus producing the trade imbalance.

The value of foreign goods and services sold to the United States swelled to an all-time high of $1.5 trillion in 2003, representing a 8.3 percent rise from last year...
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So-"...a rebounding U.S. economy strengthened Americans' appetites for a wide range of foreign-made goods,..."

ummm- is it all due to a 'strengthening' economy, or does it have something to do with more and more basic American goods being made overseas by cheaper and cheaper labor?

[The_Casual_Observer]

1. Americans' appetites for a wide range of foreign-made goods

US has no choice. Most clothing, toys, furniture, computers, household products are made in china.


Better US made "designer" products are too expensive for the average citizen to buy, since the average citizen works for Walmart, the local, state, or federal government, or for a defense related or other government contractor.