U.S. trade deficit widens in June
The following is excerpted from the 11 August 2011 edition of The Globe and Mail.
American producers sold fewer industrial engines, electric generators and farm products to the rest of the world in June, pushing the trade deficit to the highest level since 2008 and dealing another blow to an already struggling economy.
The deficit rose 4.4 per cent to $53.1-billion in June, the largest imbalance since October 2008, the Commerce Department reported Thursday. Imports fell 0.8 per cent to $223.9-billion as crude oil prices fell for the first time in nine months. Exports dropped 2.3 per cent to $170.9-billion, the biggest decline in more than two years...
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