US trade deficit, which accounts for payments done before shipment, increased by 11% to reach a record $80.9 billion in September.
- Total US exports dropped by 3% after a 0.6% increase in August, while imports increased by 0.6% in September after rising by 1.3% in August.
- In September, US goods exports fell by 4.7%, caused by losses in industrial supplies and materials, capital goods, and automotive vehicles, parts, and engines.
- Consumer goods, excluding automotive, were the only component to post 3.7% gains for the month. Real good exports, including price changes, dropped by 4.9%.
- Consumer demand for goods continues to maintain the deficit in deeply negative territory. September’s data signaled that services spending was still 1.7% lower than pre-pandemic levels.
Year-to-date, the international trade deficit rose to $158.7 billion from 2020 as imports increased by $432.8 billion.
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Source: U.S. Department of Commerce.
