The US trade deficit widened more than expected in September, making it unlikely that trade will contribute to growth during the third quarter.
The trade deficit increased 4.9 percent to 61.5 billion dollars from 58.7 billion dollars after a slight adjustment in August, the lowest level since September 2020, the Ministry of Commerce said today. Economists polled by Reuters had expected the trade deficit to shrink to 59.9 billion dollars in September.
Exports of goods and services increased 2.2 percent to 261.1 billion dollars. Goods exports rose 3.1 percent to USD 176.7 billion, while services exports reached USD 84.4 billion, the highest ever.
Imports of goods and services also grew 2.7 percent to 322.7 billion dollars. Imports of goods increased 2.7 percent to USD 263 billion, while imports of services increased 2.6 percent to USD 59.6 billion.
The surplus of services decreased slightly to USD 24.8 billion from USD 25.9 billion.
In a preliminary reading of GDP for the third quarter, which was announced last month, trade was a partial drag on the huge annual growth rate for this period of 4.9 percent.
