Record costs for imported oil pushed the US trade gap to a high for a second successive month in August, official figures showed yesterday.



The trade deficit jumped to a worse than expected $69.9 billion (£37.5 billion), from the previous record of $68 billion recorded in July.

The further jump in the deficit came despite healthy gains in exports, which rose by 2.3 per cent in August to $122.4 billion. But imports rose still more sharply, by 2.4 per cent, because of the higher cost of foreign oil during the month.

Economists said that there should be some respite in the coming months, with the deficit likely to drop back as a result of declining oil prices and American consumers? reduced appetite for foreign goods as the US economy slows.

However, analysts said that the US was still on course to see a further rise in its current account deficit for the third quarter, to about $225 billion.