The $600 Billion Gorilla

Some lowlights to highlight the dismal chart below:

• The trade deficit grew 24% last year, from $496.5 billion in 2003 to $617.7 billion in 2004
• Imports from China were up 30% to $196.7 billion. Exports were up 22.6%, but only to $34. 7 billion
• The weaker dollar relative to the euro increased exports to Europe by 13.5% from $155.2 billion to $176.2 billion. But imports grew nearly as fast at 11.6% from $253.1 billion to $282.6 billion.
• The trade deficit as a percentage of GDP grew from 4.5% in 2003 to 5.3% in 2004.

source: Bureau of Economic Analysis, Department of Commerce