U.S. trade deficit grew in July

WASHINGTON, Sept. 11 (UPI) -- The U.S. import-export gap grew in July, the $62.2 billion gap pushed by the month's record oil prices, the U.S. Commerce Department reported Thursday.

The gap in June was $56.8 billion.

Exports in July totaled $168.1 billion, a gain of June's $164.4 billion. Imports, however, reached $230.3 billion, $9.1 billion above June's imports total of $221.2 billion.

Much of the difference was provided by oil, where June's gap of $37.3 billion bulged to $43.4 billion in July. The price of oil peaked July 11 above $147 per barrel.

In July, the goods deficit increased $3.6 billion, reaching $74.9 billion, while the services surplus gained $200 million to $12.7 billion, the department said.

U.S. imports accelerated in July in industrial supplies and materials, foods, feeds and beverages and decreased in vehicles.

The figures showed a monthly surplus with Australia, Hong Kong, Singapore and Egypt and deficits against China, the Organization of Petroleum Exporting Countries, the European Union, Canada, Japan and oil-producers, such as Mexico, Venezuela and Nigeria.