U.S. trade deficit hits all-time high in 1999
WASHINGTON, Feb 18 (Reuters) - The U.S. trade deficit rose a staggering 65 percent last year to an all-time high of $271.31 billion despite a slight improvement in December, as oil prices more than doubled and a booming U.S. economy drew in a flood of imports, the Commerce Department said on Friday.
The deficit contracted to $25.55 billion in December, compared with a gap of $27.10 billion in November, as imports of foreign-made cars, television sets, diamonds and other products surged to an unprecedented $110.72 billion. Wall Street analysts had expected the deficit to shrink to $26.4 billion in December. For the year, U.S. imports totaled $1.23 trillion, yet another record.
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