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The U.S. federal budget deficit hit an all-time high of 165.9 billion dollars in May, more than double the imbalance in the same month of 2007, the Treasury Department reported Wednesday. The May deficit reflected 48 billion dollars in payments as part of the government's 168-billion-dollar economic stimulus effort to help bolster the economy. For...
China's monthly trade surplus dropped to 20.2 billion U.S. dollars in May, down 10 percent from the same month last year, the General Administration of Customs said on Wednesday. Exports in May rose 28.1 percent year on year to 120.49 billion U.S. dollars, while imports rose 40 percent to 100.29 billion U.S. dollars. The export growth rate was 0.6...
The cabinet of South Korea President Lee Myung-bak offered its resignations Tuesday in the wake of nationwide protests over U.S. beef imports. In April, behind the urging of Lee, South Korea began accepting imports of U.S. beef after previous scares of mad cow disease. The agreement allowed for export of any type of U.S. beef. But public outcry ha...
China's foreign trade remains robust, with the total trade volume breaking the $1 trillion mark for the first five months of the year. Increased imports outpaced exports, leading to a declined trade surplus, according to the latest Customs figures. The General Administration of Customs said on its website yesterday that the trade surplus for the first ...
The Ministry of Commerce (MOC) said on Wednesday that it was strongly dissatisfied with and firmly opposed to a recent final U.S. ruling on the anti-dumping and anti-subsidy probe into steel pipes imported from China. The U.S. Department of Commerce ruled on May 30 that Chinese companies that produce standard steel pipes receive government subsidies. ...
The European Union (EU) filed reports on cases of substandard toys from China last year 117 percent more than in 2006, affected by a new EU directive on toy safety and massive recalls by U.S. toy makers. The EU members filed 398 notifications about toys through Rapex-China, a rapid alert system for non-food consumer product safety between the EU and C...
Jordan's government increased prices of oil derivatives by 4 percent to 13.5 percent on Tuesday, in a move to phase out subsidies as soaring oil prices drive up its budget. The government said unleaded gasoline rose from 0.740 Jordanian dinars (about 1.03 U.S. dollars) to 0.805 dinars (about 1.30 dollars) per liter. Heating fuel and kerosene for house...
The average daily oil prices of the Organization of Petroleum Exporting Countries (OPEC) on Monday hit the historic high of 130.87 U.S. dollars per barrel (dpb), the Vienna-based cartel said Tuesday. The prices once retreated back to 118.56 dpb last Wednesday and rose to 118.77 dpb last Thursday. But since last Friday the prices surged 12.10 dollars h...
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