In 2004 the United States incurred a record merchandise trade deficit of $651 billion on a Census basis and $665 billion on a balance-of-payments basis (BoP). A surplus in services trade of $48 billion gave a deficit of $617 billion on goods and services (BoP) for the year up $121 billion or 24.3% from the $496.5 billion deficit in 2003. In 2004, U.S. exports of goods and services totaled $1.147 trillion, compared with $1.020 trillion in 2003 and $0.975 trillion in 2002. In 2004, U.S. imports were $1.764 trillion, compared with $1.517 trillion in 2003, and $1.387 trillion (balance of payments basis) in 2002.

Highlights growth and trade trends in key countries and sectors. Includes sections on: Assessing our best markets; and Expanding opportunities for industry. Provides data on European Union, United Kingdom, Germany, France, Italy, Spain, Canada, Japan, Argentina, Brazil, China, Hong Kong, Taiwan, India, Indonesia, Mexico, and South Africa. Also covers medical equipment and supplies, computer equipment, computer software, motor vehicles, automotive parts, paper products, and information services.

Presents industry reviews including a section of "trends and forecasts," complete with tables and graphs for industry analysis.