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September 12, 2006 9:30 AM, EDT

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he U.S. trade deficit rose to a record $68 billion in July on declining exports and soaring imports, the Commerce Department said Tuesday.

The increase follows a shortfall of $64.8 billion in June. Economists had forecast the deficit to rise to $65.5 billion in July, Bloomberg reported.

Imports rose 1% in July to a record level of $188 billion while exports declined 1.1% and the deficit with China narrowed, Bloomberg reported.

Import prices rose in July, a separate report from the Labor Department showed, gaining 0.9% following no change in June. Excluding oil, prices fell 0.1%.