US July trade deficit widens by 5 pct to record 68 bln usd as oil imports rise

The US trade deficit widened to a record 68 bln usd in July as oil imports continued to rise to record levels, up 5 pct from June, the Commerce Department said Tuesday.
Economists had expected a 65.5 bln usd deficit in the month. The estimate for June's trade deficit remained at 64.8 bln usd.
Total oil imports in July rose 4.8 pct to a record 28.5 bln usd as the average price per barrel of crude oil rose 2.80 usd to a record 64.84 usd.
Total imports rose 1 pct to 188 bln usd in July, while total exports fell 1.1 pct to 120 bln usd.
For the year, the trade deficit is running at an annualised 776.6 bln usd pace, 8.4 pct higher than last year's deficit of 716.7 bln usd.