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Deficit Widens As Oil Prices Hit Record
Tuesday March 11, 6:08 PM EDT
WASHINGTON (AP) — The U.S. trade deficit grew larger in January as imports — including crude-oil prices — zoomed to all-time highs.
The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed the country's trade gap increased to $58.2 billion. That was up from a trade shortfall of $57.9 billion in December and was the highest since November.
Imports of goods and services climbed to a record high of $206.4 billion in January. The United States' voracious appetite for imported crude oil, where prices skyrocketed to the loftiest on record, figured into the increasing demand for overall imports.
The trade gap widened even as exports of U.S.-made goods and services totaled a record high of $148.2 billion in January. The declining value of the U.S. dollar relative to other currencies such as the euro, is helping to make U.S.-made goods cheaper and thus more attractive to foreign buyers.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vbg75o0&date=20080311
Tuesday March 11, 6:08 PM EDT
WASHINGTON (AP) — The U.S. trade deficit grew larger in January as imports — including crude-oil prices — zoomed to all-time highs.
The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed the country's trade gap increased to $58.2 billion. That was up from a trade shortfall of $57.9 billion in December and was the highest since November.
Imports of goods and services climbed to a record high of $206.4 billion in January. The United States' voracious appetite for imported crude oil, where prices skyrocketed to the loftiest on record, figured into the increasing demand for overall imports.
The trade gap widened even as exports of U.S.-made goods and services totaled a record high of $148.2 billion in January. The declining value of the U.S. dollar relative to other currencies such as the euro, is helping to make U.S.-made goods cheaper and thus more attractive to foreign buyers.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vbg75o0&date=20080311