The U.S. trade deficit widened 6.1 percent in June to $58.8 billion, as exports held roughly flat while imports climbed to a new high, a government report showed on Friday, according to Reuters. The monthly trade gap grew from May's $55.4 billion, according to the Commerce Department report, and exceeded analysts' expectations for a trade gap of $57.3 billion as rising oil prices boosted imports and a stronger dollar hurt demand for U.S. exports. The June petroleum deficit hit $17.8 billion and was the second highest on record after the $17.9 billion deficit recorded in November 2004. Petroleum imports struck a record $19.9 billion as average oil prices in June swelled to $44.40 per barrel, the Commerce Department said. In early Friday trading, U.S. light crude was over $66 per barrel. The total deficit was still within shot of the $60.1 billion gap recorded in February 2005, and the widening could pressure the dollar in trading against other currencies. Overall exports were up slightly at a record $106.8 billion while imports climbed 2.1 percent to $165.6 billion. Imports from members of the Organization of Petroleum Exporting Countries hit a record, up 4.6 percent from May to $10.3 billion. The trade deficit with China also climbed to a new high of $17.6 billion as June imports from China hit a record $21 billion. U.S. imports from Canada, Mexico and South Central America also struck records. Over the first six months of the year, the trade deficit totaled $342.9 billion compared with $290.9 billion in the first half of 2004, leaving the annual trade deficit on track to exceed last year's record of $617.6 billion.
