MW: U.S. July trade gap widens sharply as imports soar
By Greg Robb
WASHINGTON (MarketWatch) -- The U.S. trade deficit widened by 16.3% in July to $32.0 billion, the Commerce Department said Thursday. This is the biggest percentage increase in the deficit since February 1999. The trade deficit was well above the consensus forecast of Wall Street economists of a deficit of $27.5 billion. Imports rose at a record pace in July, outpacing a further gain in exports. Trade activity is still well below last year's level. The U.S. trade deficit with China was $20.42 billion in July compared with $25.01 billion in the same month last year. Excluding petroleum, the deficit rose 18.3% to $23.46 billion. Real imports, which exclude prices, rose 5.3%. Real exports rose 3.9%.
