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International trade in chemicals was worth more than $1.1 trillion in 2005, according to figures released on Nov. 9 by the World Trade Organization. This is 12% higher than 2004 figures, but it shows slower growth than the 20% annual jumps recorded from 2002 to 2003 and from 2003 to 2004, WTO notes. In 2005, Europe led the world, with chemical exports worth $663.4 billion or about 60% of the global total. Meanwhile, Asia supplied $204.3 billion in chemical exports worldwide, and North America contributed $153.9 billion. According to WTO, the U.S. had a trade deficit in chemicals in 2005, exporting about $120 billion in chemicals and importing nearly $132 billion worth. The U.S. also exported nearly $26 billion in pharmaceuticals in 2005 while importing $39 billion.
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