11.   While accounting identities always hold, they say nothing about bilateral trade deficits or surpluses.

12.   Although acknowledging the deterioration of the trade balance in industrial goods, which indicated problems in competitiveness, the report played down the significance of the foreign trade deficit.

13.   We have a chronic trade deficit, high unemployment, and our productive capacity in manufacturing is simply too low.

14.   A recent investment boom should help firms to compete internationally, though in the short term it has worsened the trade deficit.

15.   Induced trade deficits caused by such structural change may not result in an appropriate exchange rate adjustment.

16.   The trade deficit on food and drink has been the focus of a report by the House of Commons Select Committee on Agriculture.

17.   The opportunity of further inroads into the national timber trade deficit has also been lost, for no saving to the Exchequer.

18.   Its overall deficit was not the result of a trade deficit.

19.   Although the U.S. trade deficit peaked earlier in the Clinton administration, it has been declining slightly in recent months.

20.   America is likely to have its largest trade deficit with China, not Japan, in the next year or two.