Trade Deficit Falls $3.7 Billion
The United States merchandise trade deficit fell last year by $3.7 billion to $24.7 billion, despite a $17.2 billion jump in the cost of oil imports, the Commerce Depa-tment reported yesterday.</br></br>Separately, administration officials said the United States would show a slight surplus for 1979 in its transactions with other countries when trade in services, travel, investment income and some other transfers are counted along with merchandise trade. This more comprehensive measure is known as the balance on current account.</br></br>In December, however, the mer chandise trade deficit widened to $3 1 billion from $1.4 billnn the month before, largely because of a $1.3 billion increase in oil imports.</br></br>The volume of oil imports was unusually low, and the increased oil cost was due both to a rebound in imports and a higher per-barrel cost reflecting the latest round of OPEC price hikes.</br></br>The United States trade deficit with the OPEC nations widened from $14 billion in 1978 to $27 billion last year. With the latest increases, administration officials expect another large increase in the deficit with OPEC this year.