July trade deficit climbs 16.3% to $32B

SEP 10, 2009
The U.S. trade deficit shot up in July to the highest level in six months as a surge in shipments of foreign oil and autos pushed imports up by a record amount. The Commerce Department says that the trade deficit rose 16.3 percent to $32 billion in July, much larger than the $27.4 billion imbalance that economists had expected. It was the largest imbalance since January and the percentage increase was the biggest in more than a decade. Imports rose by 4.7 percent, the largest monthly advance on records that go back to 1992, while exports were up by a smaller 2.2 percent. Both gains provided evidence that the most severe recession since World War II was beginning to lose its grip on the global economy.

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