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Rise in imports hits US trade gap Rise in imports hits US trade gap
(30 minutes later)
The US trade deficit widened slightly in June as imports to the world's biggest economy increased, according to figures from the Commerce Department.The US trade deficit widened slightly in June as imports to the world's biggest economy increased, according to figures from the Commerce Department.
The deficit - the difference between imports and exports - rose to $27bn ($16.4bn), up from the $26bn recorded in May. The deficit - the difference between the amount the US imports and the amount it exports - rose to $27bn ($16.4bn), up from $26bn in May.
The May figure was the smallest deficit in more than nine years.The May figure was the smallest deficit in more than nine years.
The deficit for the year-to-date is running well below the deficit at the same point last year.The deficit for the year-to-date is running well below the deficit at the same point last year.
The rising oil price accounted for much of the increase in imports, which rose by 2.3% from May to $152.8bn - the largest increase in more than six months. Exports also rose, by 2% to $125.8bn.
The increase in trading volumes was seen as a positive sign by analysts.
"The data shows that the dollar is strong and exports are climbing, which is very good for the market and for the economy," said Peter Kenny at Knight Equity Markets.
The trade gap with China widened to $18.4bn.
Later on Wednesday, the US Federal Reserve will announce its latest interest rate decision.