Washington, August 13--The trade gap widened more than expected in June to a record $55.82 billion, according to the Commerce Department, as exports slipped and higher oil prices failed to reduce energy imports.
The deficit was $46.88 billion in May, up from an initial estimate of $45.95 billion. Economists had expected July reading to show a $47.5 billion deficit.
Exports fell 4.3% to $92.82 billion, the lowest level in four months amid a drop in foreign sales of big-ticket items such as aircraft, semiconductors, and industrial machines. In contrast, imports climbed 3.3% to $148.64 billion, propelled by soaring energy costs, as well as purchases of industrial supplies and capital goods to feed the expanding U.S. economy.
Imports of capital goods such as aircraft and medicinal equipment rose, as did those of foreign-made consumer goods, such as artwork, jewelry, and books as retailers stock up for the back-to-school and holiday-shopping season.
The nation's energy bill rocketed in June to $15.22 billion compared with $13.74 billion in May. Volumes rose despite the highest average import price for a barrel of crude oil since March 1982. The average price of a barrel of crude oil rose to $33.76 from $33.12 in May.
