US current account trade deficit hits $484.1 billion in 2015

[alp227]

Source: AP

WASHINGTON (AP) — The deficit in the broadest measure of U.S. trade declined slightly in the final three months of 2015, but for the entire year the deficit jumped to the highest level in seven years.

The deficit in the current account narrowed to $125.3 billion in the fourth quarter, down 3.6 percent from a deficit of $129.9 billion in the third quarter, the Commerce Department reported Thursday.

The deficit for the entire year rose to $484.1 billion, up 24.3 percent from a 2014 imbalance of $389.5 billion. It was the biggest annual deficit since 2008 when the deficit totaled $690.8 billion.

The big deterioration reflected the struggles that U.S. companies are having as weakness in major economies overseas and a stronger dollar have sharply reduced export sales.

Read more: http://bigstory.ap.org/article/44c9ca0f20df409a96f5b370bc84b4f9/us-current-account-trade-deficit-hits-4841-billion-2015

[msongs]

1. it's not mostly the crappy trade deals, it's Americans buying cheap stuff from China because cheap

stuff is more important than their own jobs

[JDPriestly]

2. Our trade agreements aren't the only cause for this but they are the main cause for this.

[SoLeftIAmRight]

3. something to think about

United States Top 10 Imports

Electronic equipment: US$332.9 billion (14.4% of total US imports)
Machines, engines, pumps: $329.3 billion (14.3%)
Vehicles: $283.8 billion (12.3%)
Oil: $201.2 billion (8.7%)
Pharmaceuticals: $86.1 billion (3.7%)
Medical, technical equipment: $78.3 billion (3.4%)
Furniture, lighting, signs: $61.2 billion (2.6%)
Gems, precious metals: $60.2 billion (2.6%)
Organic chemicals: $52.1 billion (2.3%)
Plastics: $50.2 billion (2.2%)

United States Top 10 Exports

Machines, engines, pumps: US$205.8 billion (13.7% of total exports)
Electronic equipment: $169.8 billion (11.3%)
Aircraft, spacecraft: $131.1 billion (8.7%)
Vehicles: $127.1 billion (8.4%)
Oil: $106.1 billion (7.1%)
Medical, technical equipment: $83.4 billion (5.5%)
Plastics: $60.3 billion (4%)
Gems, precious metals, coins: $58.7 billion (3.9%)
Pharmaceuticals: $47.3 billion (3.1%)
Organic chemicals: $38.8 billion (2.6%)