U.S. trade in goods and services reached a record $19.4 billion deficit in February as imports advanced 2.2% and exports fell 0.6%. Global sales of U.S. products have remained flat since the onset of the Asian financial crisis in mid-1997. The cascading crises of the past two years have adversely affected our trade balance by slowing the economic growth of our major trading partners and promoting an appreciation of the dollar.
Suggested citation: "International Trade," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-05, pp. 19, 05.01.1999.