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Trade deficit hits $58.3 billion

Friday, March 11, 2005 | 9:41 a.m.

WASHINGTON -- The U.S. trade deficit climbed to $58.3 billion in January, the second-highest level in history, as Americans' appetite for foreign consumer products and automobiles hit record highs. The deficit with China was pushed higher by a surge in textile shipments, reflecting the end of global quotas.

The Commerce Department reported today that the January trade gap was 4.5 percent higher than December's $55.7 billion deficit and was just below the all-time high monthly deficit of $59.4 billion, recorded in November.

For all of last year, the U.S. trade gap surged by 24.3 percent to $617.1 billion, setting a record for the third straight year. Analysts believe that 2005 will also set a record, reflecting higher prices for imported oil and continued heavy demand by U.S. consumers for all things foreign.

The January deficit reflected a 0.4 percent rise in exports of goods and services, which climbed to a record high of $100.8 billion, demonstrating record sales of industrial supplies and U.S. cars and auto parts.

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