U.S. trade gap widens
The U.S. trade deficit grew more than economists expected, widening in June to $58.8-billion (U.S.) amid rising crude oil prices and increasing consumer appetite for cheaper Chinese products. The gap between what the U.S. imports and what it exports grew 6.1 per cent in June, according to the Commerce Department. Imports rose 2.1 per cent to a record high of $165.7-billion. Exports climbed just 0.1 per cent. Economists expected the trade deficit to widen to $57.2-billion in June from $55.3-billion in May, mainly due to a 13 per cent spike in oil prices during the month. “The greenback also appreciated 1.1 per cent in June on a broad trade-weighted basis, for the third consecutive month and a cumulative 2.5 per cent, which doesn't help matters much,” said BMO Nesbitt Burns economist Michael Gregory. The deficit reached a record $60.1-billion in February.
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