LEAD: July U.S. trade deficit hits record $68.04 bil. on higher oil prices.WASHINGTON, Sept. 12 Kyodo
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The U.S. deficit in global goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. trade in July rose 5.0 percent from the previous month for the first rise in two months to hit a record $68.04 billion on all-time high imports mainly inflated by sharply higher oil prices, the Commerce Department said Tuesday.
The politically sensitive deficit in goods trade with China edged down 0.7 percent to $19.58 billion, while that with Japan gained 8.5 percent to $7.57 billion, the department said in a preliminary report.
The April total deficit in goods and services trade marked the first time on a monthly basis to reach the $68 billion level, and was sharply higher than $66 billion widely expected by market players and analysts.
The global trade figures are measured on a balance of payments basis after seasonal adjustment, and the country-by-country and regional breakdown is based on unadjusted customs-cleared data.
The department said overall U.S. imports in goods and services rose 1.0 percent for the fifth consecutive increase to hit a record
Imports of petroleum products rose 4.8 percent to a record
$28.48 billion, sending the petroleum trade deficit up 4.3 percent to an all-time high $25.58 billion.
The July import average price per barrel of crude oil came to a record $64.84, up sharply from $62.04 the previous month.
The goods trade deficit with members of the Organization of Petroleum Exporting Countries Organization of Petroleum Exporting Countries (OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. increased 6.5 percent to a record
Overall U.S. exports in goods and services fell 1.1 percent to
$119.97 billion, falling for the first time since February, chiefly on lower shipments of civilian aircraft and computers.
As for goods trade with China, exports rose 16.5 percent to a record $5.07 billion, and imports gained 2.4 percent to also hit a record $24.64 billion.
Exports to Japan were down 7.8 percent at $4.97 billion, and imports rose 1.4 percent to $12.55 billion.
The July U.S. deficit in global goods trade rose 4.9 percent to a record $73.44 billion, while services trade produced a surplus of
$5.40 billion, up 3.9 percent.
A breakdown of goods trade showed that the U.S. deficit with the four newly industrialized in·dus·tri·al·ize
v. in·dus·tri·al·ized, in·dus·tri·al·iz·ing, in·dus·tri·al·iz·es
1. To develop industry in (a country or society, for example).
2. economies in Asia -- Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , South Korea, Singapore and Taiwan -- surged 257.8 percent to $1.88 billion.
The U.S. deficit with the European Union jumped 48.3 percent to an all-time high $13.35 billion.