Trade Gap Hits Record

New York, NY, September 12, 2006–Rising oil prices increased the trade gap in July to a record high, the government reported, as the deficit between imports and exports soared above forecasts.

The trade deficit widened by 5.0% in July to a record $68.0 billion, the Commerce Department said Tuesday. Economists had forecast that the gap would rise to $65.4 billion.

The average price of a barrel of imported oil hit a $64.84 in July, also a record high.

The U.S. trade deficit with China widened to $19.6 billion in compared with $17.6 billion in the same month last year.