The U.S. trade deficit widened in July, the U.S. Commerce Department said today.

The Commerce Department said imports exceeded exports by $62.2 billion, up from an upwardly revised $58.8 billion in June.

Economists had expected a $58 billion gap, according to a consensus estimate compiled by Briefing.com, CNNMoney.com reported.

Exports in July were $168.1 billion, up from $162.8 billion in June. The value of imports also rose to $230.3 billion from the previous month’s $221.6 billion.

Bloomberg News said the cost of imported oil offset increases in exports.

Americans paid a record $124.66 a barrel for foreign crude oil in July, offsetting increases in shipments of automobiles, aircraft and machinery to buyers overseas.

Though a weak dollar has made U.S. goods more affordable, shrinking economies in Europe and Japan may stifle export growth in coming months, Bloomberg said.