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America’s trade gap grew far faster than expected in November as higher oil prices lifted the value of US petroleum imports to a record high.
The US Commerce Department said that the trade deficit soared 9.3 per cent from the previous month, to hit $63.1 billion in November, its highest level since September 2006.
The surge came as average prices for imported oil surged nearly 10 per cent month-on-month, to a record $79.65 per barrel in November, lifting petroleum imports to a record $34.4 billion.
Oil prices increased more than 50 per cent from November 2006.
Imports rose 3 per cent to $205.4 billion. Exports increased 0.4 per cent to $142.3 billion.
For the first 11 months of 2007 the US deficit stood at $650 billion, compared with $698 billion for the same period a year earlier.
The Dow Jones industrial average was down 143 to 12709 in late morning trade.
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