U.S. Trade Deficit Jumps 7.8% on Energy Costs

The U.S. trade deficit grew 7.8% in April to the highest level in more than a year, on surging energy costs, the Commerce Department said Tuesday.

The trade gap widened to $60.9 billion, the most since March 2007, Commerce said. Excluding petroleum, the gap changed little, Bloomberg reported.

Economists had forecast a $60 billion gap, Bloomberg reported. March’s deficit was revised down to $56.5 billion, from a previously reported $58.2 billion.

Exports jumped 3.3%, the most in more than four years, to a record $155.5 billion, while imports surged 4.5%, the most since November 2002, to a record $216.4 billion.

Crude oil purchases dropped, even as the average price for the month increased.