U.S. trade deficit declined in 2007

WASHINGTON -- Despite a soaring foreign oil bill and another record deficit with China, the overall U.S. trade deficit declined in 2007 after setting records for five consecutive years. The Commerce Department reported Thursday the deficit dropped to $711.6 billion last year, a decline of 6.2 percent. The trade deficit with China continued to rise, jumping by 10.2 percent to $256.3 billion.