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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (508275)	12/12/2003 9:58:48 AM
From: Kenneth E. Phillipps	Read Replies (2) \| Respond to of 769669

Record imports widen U.S. trade gap - Another record trade deficit. Chinese imports set mark as deficit expands to $41.8B, slightly wider than estimates. December 12, 2003: 8:41 AM EST WASHINGTON (Reuters) - Record imports from China, the European Union and Latin America widened the U.S. trade deficit to $41.8 billion in October, even as exports rose to their highest level in thirty-one months, the Commerce Department said Friday. The trade gap was slightly larger than the mid-point estimate of $41.5 billion from analysts surveyed by Reuters before the report. Imports climbed 2.1 percent in October to a record $129.7 billion as the U.S. economy picked up steam. The politically sensitive trade deficit with China hit a record $13.6 billion, as record imports of $16.4 billion dwarfed record exports to China of $2.9 billion. The trade gap with China for the first 10 months of 2003 totaled $103.3 billion, virtually tying the annual record set in 2002. The surging U.S. economy also sucked in a record $22.3 billion in imports from the European Union in October, a record $13 billion from Mexico and a record $7.1 billion from the rest of Latin America. A jump in crude petroleum imports in October to the second largest level on record also pushed the overall import figure higher. Meanwhile, U.S. exports leapt 2.6 percent in October to $88 billion, their highest level since March 2001. Shipments increased to most destinations, with exports to Mexico reaching their highest level since November 2000. The U.S. trade deficit totaled $409 billion for the first ten months of 2003, setting the stage for it to easily surpass the record $418 billion set in 2002.