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| Version 1 | Version 2 |
|---|---|
| Oil prices swell US trade deficit | Oil prices swell US trade deficit |
| (about 5 hours later) | |
| Rising oil prices saw the US trade gap swell in July to its widest level since March 2007, government figures show. | 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. | Oil prices are currently around the $100 a barrel mark after surging as high as $147 in July. |
| Export boost | |
| Meanwhile, US exports got a boost from the weakening of the dollar as it made US goods more attractive to other countries. | 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. | As a result exports of goods and services rose 3.3% to a record $168.1bn. |
| Analysts said that exports should remain strong despite fears the dollar's recent strength against the euro and other major currencies would make US-made goods less competitive on international markets. | |
| "People are concerned that the dollar's going to change what's going on with exports," said Marc Pado, US market strategist at Cantor Fitzgerald. | |
| "I really disagree with that. It takes years to build up a relationship and to build a business for exports. It doesn't change with the first tick of the dollar." |