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US trade gap widens more than expected in September

2023-11-07 22:20
The U.S. trade deficit widened more than expected in September, making it less likely for trade to have
US trade gap widens more than expected in September

The U.S. trade deficit widened more than expected in September, making it less likely for trade to have contributed to growth in the third quarter.

The trade deficit expanded 4.9% to $61.5 billion from a modestly revised $58.7 billion in August, which was the lowest level since September 2020, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast the trade deficit shrinking to $59.9 billion in September.

Exports of goods and services increased 2.2% to $261.1 billion. Goods exports shot up 3.1% to $176.7 billion. At $84.4 billion, exports of services were the highest on record.

Imports of goods and services rose 2.7% to $322.7 billion. Goods imports rose 2.7% to $263.0 billion, while services imports rose 2.6% to $59.6 billion.

The services surplus retreated modestly to $24.8 billion from a revised $25.9 billion. In the advance reading of third-quarter gross domestic product reported last month, trade was a fractional drag on the period's outsized 4.9% annualized growth rate.

(Reporting By Dan Burns; Editing by Chizu Nomiyama)