American exports faltered in June even as imports hit a record high, the Commerce Department said Wednesday, pushing the United States trade deficit to its highest level in 20 months. þþThe Commerce Department said the deficit jumped 18.8 percent in June compared to May, widening to $49.9 billion. The wider deficit came as a surprise to economists who had forecast a smaller trade gap because of lower global oil prices. þþAmerican exports slipped 1.3 percent to $150.5 billion. Sales of American farm products, computers and telecommunications equipment all declined. þþImports rose 3 percent to $200.3 billion. Imports of consumer goods surged to a record high as shipments of cellphones, household appliances, televisions and clothing all increased. þþServices exports were small. þ
Source: NY Times
