February 21, 2003	Friday	Zul Hijjah 19, 1423

WASHINGTON, Feb 20: The United States recorded a $435.2 billion trade deficit for 2002, the largest imbalance in history.

Experts blamed a weak global economy for international consumers inability to buy American goods. Besides, they said, during 2002, Americans purchased a record number of autos and consumer goods from abroad, causing the imbalance to read an all-time high.

Even in agricultural products, normally a US bulwark, Americans bought more imported wine, cheese and other foods than American farmers were able to sell abroad, resulting in only the second US trade deficit in agricultural products on record.

The Commerce Department reported that the deficit for all of last year was up 21.5 percent from the $358.3 billion trade gap recorded in 2001 and surpassed the old record deficit of $378.7 billion set in 2000.

Country-wise, the United States ran up the largest trade gap with China, a deficit of $103.1 billion, marking the third straight year that the United States has recorded its largest trade deficit with that nation. It pushed the former front-runner in this category, Japan, into second place.

In addition to the record for all of 2002, the United States set a new monthly high of $44.2 billion in December, up 10.5 per cent from the previous record set in November of $40.0 billion. For 2002, exports of goods and services fell 2.5 per cent to $973 billion, marking the second consecutive annual decline, as American exporters found it increasingly difficult to sell overseas. This reflected a spreading global economic slowdown and the strong dollar.