The spiraling costs of Uncle Sam’s deficits

..In 2005, the United States had a $1.6 billion surplus on income flows and a $58.0 billion surplus on trade in services. Even together, however, these were hardly enough to offset the massive $781.6 billion deficit on trade in goods.

The trade deficit for petroleum products was $229.2 billion last year, up from $163.4 billion in 2004, reflecting the fact that prices for imported petroleum had risen about 36% from 2004, while the volume of imports fell 2%. The US appetite for inexpensive imported consumer goods and cars was a huge factor driving the trade deficit higher. In 2005, the deficit on non-petroleum goods was $537.2 billion, up from $487.6 billion in 2004.

Asia Times