oil imports

Japan's trade deficit slips into the red in August as oil imports surge and exports slow amid the current financial crisis.

AP - America's trade deficit shot up in July to the highest level in 16 months as oil imports hit an all-time high, offsetting strong export growth.

The deficit with China climbed to the second highest level on record.

Japan's trade surplus shrank by more than expected in July, as a result of weaker US demand and an increase in oil imports.

AP - The U.S. trade deficit unexpectedly fell in June as exports advanced to an all-time high, offsetting another big surge in oil imports.

The soaring cost of importing foreign oil widened America's trade gap in April to $60.9bn, the biggest for 13 months.

High oil prices helped to expand the nation's trade deficit more than expected in April, reaching levels not seen in over a year, according to a government report released Tuesday.

The US trade deficit narrowed in 2007, figures show, after rising exports offset the rapid growth in oil imports.