The US dollar leapt into 2005 with a rare spring in its step. The greenback jumped last week as investors focused on the bright side for example superior US growth. It did not last long. Wednesday's horrible trade figures were a painful, and timely, reminder that the currency remains hobbled by the still swelling deficit. It hit a monthly record in November of $60.3bn.

Part of that is attributable to crude oil. Despite November's price falls, a surge in volume pushed the value of crude imports higher. Overall, there is little evidence of the dollar declines of recent years curbing American appetites for imported goods. Also, after four months of growth, US exports fell in November. The trend is still in the right direction. But, with imports so much bigger and growing faster, the US is not going to export its way out of structural trouble.