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July trade deficit widens on surge in oil imports By Rex Nutting WASHINGTON (MarketWatch) - The U.S. trade deficit widened more than expected in July, boosted by the largest volume of imported oil in four years, the Commerce Department reported Thursday. The seasonally adjusted trade deficit - exports minus imports - grew by 5.7% to $62.2 billion, the most in 16 months. The nominal deficit was larger than the $58.6 billion expected by economists surveyed by MarketWatch. The gap in June was revised higher to $58.8 billion. In July, imports rose 3.9% to a record $230.3 billion, while exports grew 3.3% to a record $168.1 billion. After adjusting for inflation, the real trade deficit rose by 2.7% from a seven-year low in June.