Dr. Peter Morici: US Registers $677 billion Trade Deficit in 2008; Significant cause of recession
Feb 11th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Today, the US Commerce Department reported the 2008 deficit on international trade in goods and services was $677.1 billion. This is down from $700.3 billion in 2007 but still 4.7 percent of GDP. The trade deficit was smaller in 2008, becasue economic growth and consumer spending began to decline during the second half 2008.