Trade Deficit Jumps to Highest Level in 13 Months

Tuesday, June 10, 2008 9:00 AM

WASHINGTON -- The trade deficit jumped to the highest level in 13 months in April as America's bill for foreign crude oil soared to an all-time high.

The Commerce Department reported Tuesday that the gap between what the nation imports and what it sells abroad rose by 7.8 percent to $60.9 billion, the largest imbalance since March 2007. The April deficit was $4.4 billion higher than the March imbalance of $56.5 billion.

The deterioration in the deficit was driven by a $4.3 billion increase in crude oil imports which jumped to a record $29.3 billion in April, as the average per barrel price rose to an all-time high of $96.81. Oil imports are expected to climb further in coming months.

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