The U.S.
Commerce Department reported on Tuesday
that the U.S. goods and services trade deficit widened by 19.2 per cent to $84.4 billion in September compared
to a revised shortfall of $70.8 billion (from $70.4 billion) in August. This represented the largest trade gap since April
2022 ($85.4 billion).
Economists had forecast
a shortfall of $84.1 billion for September.
According to
the report, the September increase in the goods and services deficit reflected a
rise in the goods deficit of $14.2 billion to $109.0 billion and a gain in the
services surplus of $0.6 billion to $24.6 billion.
Overall,
exports of goods and services from the U.S. dropped by 1.2 per cent m-o-m to $267.9
billion in September, while imports climbed by 3.0 per cent m-o-m to $352.3 billion, the highest on
record.
Year-to-date, the goods and services
deficit surged by 11.8 per cent from the same period in 2023. Exports jumped by
3.7 per cent, while imports climbed by 5.3 per cent.