Rising Oil Prices Swell Trade Deficit

Washington, DC, March 10, 2011 -- Rising oil prices helped push imports up at the fastest pace in 18 years in January, according to the Commerce Department.

The trade deficit in January was the largest in six months.

The Commerce Department said Thursday the January deficit increased 15.1% to $46.3 billion.

Exports rose 2.7% to an all-time high of $167.7 billion. But imports rose a faster 5.2% to $214.1 billion.

The deficit with China rose 12.5% to $23.5 billion in January, the largest with any country.

Economists expect that this year's deficit will be essentially unchanged from 2010 as rising imports are offset by strong export sales.