WASHINGTON — The U.S. trade deficit soared to the highest level in more than a year as an improvement in exports was swamped by record-high levels of imported crude oil. The deficit with China also rose sharply.
The gap between what the nation imports and what it sells abroad rose by 7.8 percent in April to $60.9 billion, the Commerce Department reported Tuesday. It was the largest imbalance since March 2007.
The higher 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.
If the price of crude had instead been at $60 a barrel, about where it was a year ago, the trade deficit would have been $11 billion lower in April. Analysts cautioned that the deficit will widen in coming months, given that oil is trading above $130 a barrel.
U.S. export sales totaled $155.5 billion in April, up 3.3 percent to an all-time high, reflecting big gains in sales of commercial aircraft, farm machinery, medical equipment and computers. But this increase was swamped by a 4.5 percent rise in imports, which also set a record at $216.4 billion.
In addition to oil, there were huge gains in imports of autos and consumer goods.
The trade deficit through the first four months of this year is running at an annual rate of $707.5 billion, up slightly from last year’s deficit of $700.3 billion, which was a 7 percent drop from 2006. The improvement last year came after the trade imbalance set records for five consecutive years.
The Bush administration, which is trying to win congressional approval for pending free-trade agreements with Colombia, Panama and South Korea, said the jump in exports showed its policies are working.
