Higher trade growth predicted in 2004 despite oil price hikes
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Despite high oil prices, the volumeof world trade by the end of 2004 is likely to grow by 8.5 percentin real terms over 2003, the World Trade Organization (WTO) said Monday.
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Trade data shows that rising prices for imported oil widened the US trade deficit in October.
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A new report says developing Asian economies are expected to enjoy stronger growth despite high oil prices. However, the report warns, a slowdown in China could hurt its neighbors.
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The world economy this year should post its best growth in three decades even though oil prices are up sharply and economic activity in the United States probably will be slower than previously thought.
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The nationâs trade deficit widened to $60 billion as oil prices jumped and the volume of foreign oil coming into the United States rose.
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World demand for oil will rise more than expected while supplies will remain tight up to 2012, experts say.
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America's trade deficit rose to its second highest level of the year, reflecting higher prices for foreign oil and a continued appetite for Chinese goods despite this year's recalls of tainted products.
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Trade between China and the United States maintained a strong momentum of development in 2004. The later maintained one of China&#39;s top three trade partners with both cooperation as well as disputes.
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WASHINGTON -- America's trade deficit rose to its second highest level of the year, reflecting higher prices for foreign oil and a continued appetite for Chinese goods despite this year's recalls of tainted products.
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The U.S. trade gap widened nearly 9  percent in October to a record $55.5 billion as sky-high oil  prices helped propel imports into new territory, while  industrial output rose as expected in November.
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The International Monetary Fund on Wednesday raised its 2004 world growth forecast to 5 percent, the highest level in three decades, but said sharply higher oil prices had sapped the recovery.
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The U.S. trade deficit widened in  August to its second-highest level on record, fueled by the  highest oil import prices in 23 years and record imports from  China, the U.S. government said on Thursday.
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In another report, import prices excluding petroleum posted the largest increase in 10 months, a possible early warning on inflation from the weaker dollar.
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HANOI - Vietnam&#39;s economic performance in the first half of 2004, supported by a better business environment and robust external demand, suggests that gross domestic product (GDP) growth will remain above 7% in 2004 and 2005, according to a major Asian
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The countryâs gross domestic product (GDP) rose 6.2 percent in the second quarter of the year, while gross national product (GNP) went up by 5.7 percent despite the rising world oil prices.
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U.S. crude oil supplies rose more than  expected last week as imports surged to their second highest on  record, the federal government said on Wednesday.
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The cost of goods imported into the United States rose by a smaller-than-expected 0.2 percent in September, a government report showed on Thursday, as petroleum import costs rose a modest 0.6 percent.