Trade Deficit For July Hits $827.1 Million: July Trade Deficit $827.1 Million
The United States posted its largest trade deficit in almost two years in .July as both imports and exports soared to records, the government said yesterday.</br></br>In its monthly report on trade, the Commerce Department said the nation imported $827.1 million more in goods than it exported last month.</br></br>This represents the largest one-month balance of trade deficit since August 1974 when the deficit was å¤887.8 million.</br></br>Exports of U,S. goods rose å¤3.1 per centÛÓor å¤306 millionÛÓin July, surpassing the record set a month earlier.' However, imports of foreign products also bested the mark set in June by rising 7.5 per centÛÓor å¤756 million.</br></br>The large Hse in imports was attributed to another major increase in petroleum imports, which were up $527 million from the previous month. Oil imports have advanced considerably in the past two months, following, a one-month slowdown in May.