US Trade Gap Widens More Than Expected in September
According to a report from the Commerce Department, the gap between what the US exports and imports in trade grew larger in September. Experts had predicted that the deficit would decrease, but it actually increased by 4.9% to reach $61.5 billion.
The increase in the trade deficit was caused by a rise in both exports and imports. The US exported more goods and services, with exports reaching $261.1 billion. This included a significant increase in the export of goods, which rose by 3.1% to $176.7 billion. Services exports also reached a record high of $84.4 billion.
Imports of goods and services also went up, reaching $322.7 billion, an increase of 2.7%. Specifically, goods imports reached $263.0 billion, and services imports grew to $59.6 billion.
This widening trade gap could have implications for the country’s economic growth, as it may make it less likely that trade contributed to growth in the third quarter.
In summary, the US trade deficit for September was larger than expected, as exports and imports both increased. The wider trade gap might impact the country’s economic growth in the third quarter.
Source: https://money.usnews.com/investing/news/articles/2023-11-07/us-trade-gap-widens-more-than-expected-in-september
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