U.S. Trade Gap Grew to $58.8 Billion in June

The U.S. trade deficit widened to $58.8 billion in June as companies imported more crude oil and imports from China increased to a new record.

The increase in the trade gap amounted to a 6.1% rise from the $55.4 billion gap in May, the Commerce Department said.

Analysts told Bloomberg News the widening of the trade gap reflected strengthening in the U.S. economy.

The Commerce report said the gap was due in part to companies importing larger amounts of more expensive crude oil and equipment to replenish inventories, while at the same time consumers purchased more foreign-made apparel and appliances.