US trade deficit widens to record high in January
Monday, March 13, 2006 7:05:06 AM ET
newratings.com
NEW YORK, March 13 (newratings.com) - The US trade deficit widened to a
record high in January, according to a government report published on
Thursday.
The monthly trade gap of the world's largest economy swelled by 5.3% to
$68.5 billion, as compared to the revised $65.1 billion in December,
the Commerce Department said. The trade deficit was wider than the
average expectations of the Wall Street analysts. The trade deficit "is
one of the symptoms of a US economy growing faster than other
countries," Bloomberg quoted Brian Bethune, an economist at Lexington,
Massachusetts-based forecasting firm, Global Insight Inc, as saying.
The deficit is "not going to turn around quickly," Brian Bethune added.
US imports climbed 3.5% to $182.9 billion in January. The nation's
exports rose 2.5% to $114.4 billion in the month.
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