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...
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