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8

Unpredictable Rising of US Trade Deficit

The US trade deficit rose 6.1% to $58.8bn because of the record global oil prices

The US trade deficit rose 6.1% to $58.8bn because of the record global oil prices.
According to the US Commerce Department, in May the deficit summed to $55.4bn.

The rising has surpassed the forecasts of the analysts, who have been supposing that supposed the figure to be around $57.3bn.
The price of oil has since reached fresh record levels on the back of security fears and US refinery stoppages, touching $66.15 in US trade on Friday.

Overall, US exports rose slightly to a record $106.8bn in June, but imports climbed to $165.6bn, the Commerce Department said.

"The trade gap was a little bit wider than expected in June but the dynamics were pretty much as expected; imports were driven up by petroleum," said Patrick Fearon, economist at AG Edwards and Sons said.