NYT/AP: Trade Deficit Rose in June as Oil Imports Hit Record High [View All]

[DeepModem Mom]

Trade Deficit Rose in June as Oil Imports Hit Record High
By THE ASSOCIATED PRESS
Published: August 12, 2005


WASHINGTON (AP) -- America's trade deficit increased sharply in June as surging oil prices pushed petroleum imports to an all-time high. The politically sensitive deficit with China also set a record.

The Commerce Department reported that the imbalance between what America sells abroad and what it imports rose to $58.8 billion in June, an increase of 6.1 percent from the May deficit of $55.4 billion.

So far this year, the trade deficit is running at an annual rate of $686 billion, 11 percent higher than last year's all-time record of $617.6 billion. The trade performance has presented President Bush with a political headache as critics have charged that the soaring imbalance represents the failure of the administration's free trade policies.

The June deficit came as U.S. exports of goods and services rose by $52 million to a record of $106.8 billion, reflecting higher sales of telecommunications equipment, aircraft engines and chemical fertilizers.

Imports, however, rose a much larger $3.44 billion to also set a record at $165.7 billion, reflecting an increase in both the price and volume of petroleum shipments and higher imports of toys, clothing and other consumer goods....


http://www.nytimes.com/aponline/business/AP-Economy.html