Oil and Auto Imports Widen U.S. Trade Gap

September 10, 2009
10 September 2009
 
Oil and Auto Imports Widen U.S. Trade Gap
 
This article is excerpted from the 10 September 2009 edition of “The New York Times”.
 
The United States 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….
 
The Commerce Department said Thursday … 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 4.7 percent, the largest monthly advance on records that go back to 1992, while exports were up by a smaller 2.2 percent. [These] gains provided evidence that the most severe recession since World War II was beginning to lose its grip on the global economy.

Topic(s): 
World Economy & Politics
Information Source: 
Canadian News Channel / International News Channel
Document Type: 
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