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| US annual trade deficit narrows | US annual trade deficit narrows |
| (about 2 hours later) | |
| The US trade deficit narrowed in 2007, official figures show, as a rise in exports offset the country's large growth in oil imports. | The US trade deficit narrowed in 2007, official figures show, as a rise in exports offset the country's large growth in oil imports. |
| The deficit reached $711.6bn (£361.1bn) last year, down from $758.5bn in 2006, the Commerce Department said. | The deficit reached $711.6bn (£361.1bn) last year, down from $758.5bn in 2006, the Commerce Department said. |
| Strong demand for oil from overseas had seen the trade gap set records for five consecutive years. | Strong demand for oil from overseas had seen the trade gap set records for five consecutive years. |
| December's trade deficit fell to $58.8bn from $63.1bn in November - a bigger decline than expected. | December's trade deficit fell to $58.8bn from $63.1bn in November - a bigger decline than expected. |
| China gap widens | |
| The decline in the dollar helped to spur exports, analysts said, as this made US products cheaper abroad and therefore more competitive. | |
| President George W Bush's administration has said that its free trade policies have also bolstered sales overseas. | |
| However, critics point to a deficit that is almost double the level of 2001 when President Bush came office. | |
| As analysts had expected, the trade deficit with China grew in 2007 despite the string of recalls of Chinese-made products during the year. | |
| The trade gap with China jumped by 10.2% to $256.3bn - the biggest the US has had with a single country. | |
| The next largest deficit was with Japan at $82.8bn, down 6.5% from a year earlier, while the deficit with the EU dropped 7.8% to $107.4bn. | |
| Commerce Department figures showed that exports, which were helped by farm products and car and vehicle parts, totalled $1.62 trillion, while imports, led by oil, rose to $2.33 trillion. |