LEAD: July U.S. trade deficit hits record $68.04 bil. on higher oil prices.

WASHINGTON, Sept. 12 Kyodo

(EDS: ADDING DETAILS)

The U.S. deficit in global goods and services 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

$188.01 billion.

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 increased 6.5 percent to a record

$10.86 billion.

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 economies in Asia -- Hong Kong, 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.