U.S. Trade Deficit Dips Slightly to $59.2 Billion

But deficit with China hit $23.8 billion

The U.S. trade deficit fell marginally in July to $59.2 billion, after a revised $59.4 billion in June, the government reported Sept. 11. The Commerce Department report showed exports rose by $3.6 billion in the month, outpacing a $3.4 billion rise in imports.

The trade deficit with China was $23.8 billion up from $21.2 billion in June and represented 40% of the total trade deficit.

Oil was a big factor in the trade gap, with the bill of $20.3 billion for oil imports the second highest on record. The average price per imported barrel was up 7.6% in July to $65.56.

The trade picture was marked by a 2.7% rise in exports to a record $137.7 billion, led by big orders for civilian aircraft.

The goods deficit fell $300 million from June to $68.1 billion, and the services surplus decreased $100 million to $8.9 billion.

Copyright Agence France-Presse, 2007

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