trade gaps - setting new records
WORKERS, MAR 2005 ISSUE
The US trade gap for 2004 was a record $618 billion, up by 24% on 2003, the previous record. December's shortfall was $56 billion, the second worst monthly figure ever; the worst was November's $59 billion. These deteriorating figures give the lie to Alan Greenspan, the Federal Reserve chairman, who has continually predicted that the gap would lessen.
Not to be outdone, Britain's 2004 deficit on trade in goods and services was also a record : £39.3 billion, up by £7.5 billion from the previous year's record. The deficit in trade in goods alone was £57.6 billion, offset by earnings in services. Exports were down by £2.2 billion.