Trade deficit shrinks

U .S. chemical exports rose in December from the previous month, according to the Commerce Department, while imports fell, thus reducing the monthly chemical trade deficit. Government data show chemical exports rising 4.1% from November to $9.99 billion, while imports declined 1.3% to $11.2 billion. December exports were up 4.4% from the same month in 2004, while imports jumped 10.6%. The U.S. chemical industry, therefore, had a trade deficit in December of $1.18 billion, down from $1.72 billion in November, but more than double the $525.7 million deficit in December a year earlier. For the full year, the U.S. exported $119.5 billion in chemicals, up 8.8% from 2004, while imports increased 13.5% to $128.3 billion. Thus, the industry had an $8.81 billion trade deficit for all of 2005, much larger than the $3.12 billion deficit posted the year before.