US Trade Hit Record High In 2008: ITC

Law360, New York (August 6, 2009, 4:39 PM EDT) -- The U.S. hit a record high for merchandise trade in 2008 and saw the trade deficit for products increase by more than $24 billion, with deficits with Canada and China seeing the largest individual jumps, according to a new report.

While imports increased by 8 percent, or $2.1 trillion, from 2007, exports for 2008 rose by 12 percent or $1.2 trillion, the U.S. International Trade Commission said Monday in its report on shifts in U.S. merchandise trade over the past year.

The overall merchandise trade deficit...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.