U.S. trade deficit grew slightly to $42 billion in July
By MARTIN CRUTSINGER September 11, 2012 7:40AM
Updated: September 11, 2012 9:20AM
The U.S. trade deficit grew slightly in July as exports fell at a slightly faster pace than imports.
The Commerce Department says the trade deficit widened to $42 billion, 0.2 percent higher than June’s imbalance of $41.9 billion.
U.S. exports fell 1 percent to $183.3 billion, lowered by weaker sales of autos, telecommunications equipment and heavy machinery. Imports declined 0.8 percent to $225.3 billion — oil imports fell 6.5 percent.
The trade gap with Europe rose to the highest level since October 2007. Exports to Europe fell 11.7 percent as recessions in the region cut into demand.
Exports to China rose 0.4 percent.