Annual trade deficit hits $558 billion
New U.S. Department of Commerce figures show that during 2011, the U.S. racked up an annual goods deficit with China of $295.5 billion, which is a significant increase from the $273 billion annual goods deficit in 2010. The overall U.S. international trade deficit in goods and services in 2011 was $558 billion, up from $500 billion in 2010.
“There is no question that our $295.5 billion annual trade deficit with China is an economic and political challenge,” said Scott Paul, Executive Director of the Alliance for American Manufacturing. “From an economic point of view, the trade deficit with China shows just how strong the headwinds are against “insourcing” jobs back to the United States.”
The Alliance for American Manufacturing is a non-partisan, non-profit partnership forged to strengthen manufacturing in the U.S.