US trade deficit widens in January

| March 10, 2011 | 0 Comments

The US trade deficit swelled in January to a seven month high of $46.3 billion (£28.8 billion) - much higher than expected.

The widening was attributed to higher prices for imported oil, the Commerce Department reported today.

Imports continued to surge - rising for the fourth consecutive month in January by 5.2% on a monthly basis.

Meanwhile, exports rose by 2.7% to a record high of $167.7 billion.

The politically sensitive trade deficit with China grew to $23.3 billion after narrowing to $20.7 billion in December.

Following the news, US stock markets were down since analysts had forecast a deficit of $41.5 billion.

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