The
U.S. Commerce Department reported on Thursday that the U.S. goods and services
trade deficit widened to $80.9 billion in September from a revised $72.8
billion in the previous month (originally a gap of $73.3 billion). This was the
largest trade deficit on record.
Economists
had expected a deficit of $80.5 billion.
According
to the report, the September increase in the goods and services deficit
reflected an advance in the goods deficit of $8.9 billion to $98.2 billion and
a rise in the services surplus of $0.8 billion to $17.2 billion.
In
September, exports of goods and services from the U.S. dropped 3.0 percent
m-o-m to $207.6 billion, while imports increased 0.6 percent m-o-m to $288.5
billion, as the global COVID-19 pandemic and the economic recovery continued to
impact international trade.
Year-to-date,
the goods and services deficit soared 33.1 percent from the same period in
2020. Exports jumped 17.4 percent, while imports climbed 21.1 percent.