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Exports Help Narrow Trade Deficit to Seven Year Low
Washington AP reports that June exports rose and oil imports fell, shrinking the merchandise trade deficit to 5.07 billion the smallest since 1983. Exports reached 34.29 billion with aircraft and capital equipment gains, while imports slid 2.9 percent to 39.37 billion, oil costs dropping 631 million and oil imports down 14.6 percent. Analysts warn Middle East crisis may lift future import costs and widen the deficit. The six-month deficit trends toward under 100 billion annual pace if held.
MENTIONED IN THIS ARTICLE
Washington
Middle East
Commerce Department
Commerce
Robert A. Mosbacher
U.S
Bruce Steinberg
Merrill Lynch
Gilbert Benz
Swiss Bank Corp
New York
Persian Gulf
John Howard
U.S. Chamber of Commerce