Growing Oil Imports Swell U.S. Trade Deficit

So far this year, the trade deficit is running at an annual rate of $686 billion, 11 percent higher than the record $617.58 billion deficit set for all of 2004.

Published: 11-Jun-2005

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The U.S. trade deficit rose to $56.96 billion in April as a big jump in exports was swamped by record foreign oil prices and heavy American demand for imports.

The Commerce Department reported Friday that both exports and imports climbed to record levels. Imports rose 4.1 percent to $163.38 billion, led by a higher foreign oil bill.

Exports were up 3 percent to $106.42 billion, thanks to strong demand for American-made commercial aircraft, computer chips, industrial machinery and cars.

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