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Oil Bill Accounts for Widening of Trade Gap in July

Posted by Northern Trust in September 11th 2008  
Oil Bill Accounts for Widening of Trade Gap in July The trade deficit of the U.S. economy widened to $62.2 billion in July from $58.8 billion in June. Exports of goods and services increased 3.3% and imports of goods services rose 3.9% in July. A large oil import bill, reflecting higher prices and quantities, was the main reason for a wider trade deficit in July. The trade deficit of goods excluding petroleum declined in July to $29.6 billion from $32.6 billion in June. Inflation adjusted

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Filed under: Fundamental