US September trade deficit widest in over two years
The trade deficit jump 19.2% to US$84.4 billion
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THE US trade gap expanded to its widest since early 2022 in September, according to government data released on Tuesday (Nov 5), as imports increased and exports slipped.
The world’s biggest economy saw its trade deficit jump 19.2 per cent to US$84.4 billion, said the Department of Commerce, with imports growing by 3.0 per cent.
The expansion was significantly more than a market consensus expected, according to Briefing.com.
The rise in imports came ahead of the year-end holiday season, and with analysts earlier noting that some companies could also be increasing imports ahead of the US presidential election.
US polling stations opened early on Tuesday on Election Day, as Americans cast their ballots for Democrat Kamala Harris or Republican Donald Trump, who threatened massive tariffs during the campaign, particularly on goods from China and Mexico.
In August, the revised trade deficit was US$70.8 billion, according to the Commerce Department.
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Imports came in at US$352.3 billion in September, boosted by areas like consumer products and items such as computers and semiconductors.
Exports, meanwhile, were US$267.9 billion, US$3.2 billion below the level in August.
This came as exports of civilian aircraft and pharmaceutical preparations both slumped. AFP
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