Record oil prices push up trade deficit
Associated Press
Saturday, January 12, 2008
The U.S. trade deficit in November rose to the highest level in 14 months, reflecting record crude oil prices. The deficit with China declined slightly, while the weak dollar boosted exports to another record high.
The Commerce Department reported that the trade deficit, the gap between imports and exports, jumped by 9.3 percent, to $63.1 billion. The imbalance was much larger than the $60 billion that had been expected.
The increase was driven by a 16.3 percent increase in America's foreign oil bill, which climbed to an all-time high of $34.4 billion as the per-barrel price of imported crude reached new records while the volume of shipments declined slightly. With oil prices last week touching $100 per barrel, analysts forecast higher oil bills in coming months.
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