Trade Deficit Reaches Record $68.5 Billion

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he U.S. trade deficit grew in January to a record $68.5 billion, as record imports led by high oil prices outstripped record exports, the Commerce Department said Thursday.

The monthly trade gap was 5.3% higher from a revised $65.1 billion in December, Commerce said. The $68.5 billion level surpassed economists’ forecasts of $66.5 billion, Reuters reported.

The record deficit follows a record annual trade deficit of $723.6 billion in 2005. The trade gap would exceed $800 billion in 2006 at January’s pace, Reuters said.

he deficit’s growth was led by high oil prices, which grew by more than 4% in January. The United States ran an $8.4 billion deficit with OPEC, up 11.6% from December, Reuters reported.

The trade gap with China grew 9.9% to $17.9 billion in January. Overall imports were $182.9 billion, up 3.5% from December.

U.S. exports also rose in January to a record $114.4 billion, up 2.5% from the prior month.