U.S. trade deficit sets record in August

The U.S. trade deficit set a record of 69.9 billion dollars in August pushed by soaring oil prices, the Commerce Department reported on Thursday.

The figure showed a 2.7 percent rise from the 68-billion-dollar deficit in July.

In August, U.S. exports of goods and services increased by 2.3 percent to 122.4 billion dollars, setting a record. Imports of goods and services rose by 2.4 percent to 192.3 billion dollars, also hitting a record.

The deterioration in the trade deficit came as soaring global oil prices pushed the U.S.'s foreign oil bill to historic highs.

According to the report, the deficit in the U.S. petroleum balance registered 27.2 billion dollars in August, when prices of imported oil reached an all-time peak of 66.12 dollars a barrel.

In the first eight months of 2006, the U.S.'s trade deficit stood at 522.8 billion dollars, compared with a 457 billion dollar deficit in the same period last year. The trade deficit for the whole year is on track to surpass last year's 716.7 billion dollars, analysts say.

Source: Xinhua