The US trade deficit rose by $3.4 billion in June to $58.8 billion (€47.35 billion) and economists are bracing themselves for the gap to widen to a record over coming months.

The gap between imports and exports had appeared to stabilise in the second quarter. Companies drew down inventories, meeting demand with fewer imports. In addition, Boeing, the US aircraft maker, saw a sharp acceleration in sales growth.

But these trends appear to be unravelling, and economists said the deficit should soon surge past the $60.1 billion (€48 billion) record seen in February.

Companies are expected to rebuild their inventories and will step up imports to do so. Although aircraft orders were expected to remain strong, economists said, a further acceleration looked unlikely. In addition, the soaring price of oil, which yesterday broke $67 a barrel, its fifth consecutive record, will further boost the US import bill.

Imports of crude oil rose to $14.6 billion in June compared with $13.7 billion in May. The total for energy-related petroleum products came to $19.9 billion, up from $18.6 billion.

Import and export prices for July, published yesterday, pointed to a further rise in the cost of imports. Overall import prices rose by 1.1 per cent but the price of petroleum rose 6.6 per cent.

Economists are divided over how great a danger the increasing deficit will pose to the stability of the US economy. With the deficit heading towards 7 per cent of national income, some analysts fear the trade gap will undermine the dollar and push up interest rates.

Others say the deficit is a symptom of strong foreign demand for US assets. The US needs to draw in more than 80 per cent of the world's surplus savings to fund its current account deficit.

The politically sensitive trade deficit with China increased by $1.8 billion to $17.6 billion. Any deterioration in this bilateral deficit has tended to inflame trade tensions with China. Despite a modest revaluation of the renminbi at the end of July, many US policymakers argue that China unfairly supports its exporters through an undervalued currency and a protected domestic market.