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US Trade Deficit Widens Even More

The US trade deficit expanded to its highest level in 14 months in November as imports, especially of oil, overshadowed a rise in exports.

The Commerce Department said that the trade deficit expanded by 9.3% to $63.1bn driven by a 16.3% jump in America’s foreign oil bill.

US exports rose by 0.4% to a new record of $142.3bn, getting a boost from the weaker dollar.

Analysts said the growing deficit could weigh on US economic growth.But they added that the trade deficit, the gap between imports and exports, should narrow in the longer term as the weaker dollar makes US exports more competitive on world markets.

The trade gap widened by more than expected, with economist forecasting a deficit of $59bn compared with $57.8bn in October.

http://news.bbc.co.uk/2/hi/business/7183403.stm

2008-01-12

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