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Oil prices swell US trade deficit | Oil prices swell US trade deficit |
(21 minutes later) | |
Rising oil prices saw the US trade gap swell in July to its widest level since March 2007, government figures show. | |
The trade deficit widened to $62.2bn (£35.4bn) in the month from an upwardly revised estimate of $58.84bn in June. | The trade deficit widened to $62.2bn (£35.4bn) in the month from an upwardly revised estimate of $58.84bn in June. |
As crude prices have soared this year, oil imports also increased by about 15% in the month - taking the petroleum deficit to a record $43.3bn. | As crude prices have soared this year, oil imports also increased by about 15% in the month - taking the petroleum deficit to a record $43.3bn. |
Excluding petroleum products the US trade deficit shrank to its lowest level since October 2002. | Excluding petroleum products the US trade deficit shrank to its lowest level since October 2002. |
Oil prices are currently around the $100 a barrel mark after surging as high as $147 in July. | |
Meanwhile, US exports got a boost from the weakening of the dollar as it made US goods more attractive to other countries. | |
As a result exports of goods and services rose 3.3% to a record $168.1bn. | |
However, analysts did warn that economic slowdowns in areas like Europe and Japan could stifle any further growth in exports. |