Market Updates
U.S. International Trade Gap Expands to a 28-Month High In September
Brian Turner
05 Nov, 2024
Washington, D.C.
International goods and service trade deficit increased to $84.4 billion in September from $62.2 billion, the Bureau of Economic Analysis reported Tuesday.
Exports increased 2.2% to $267.9 billion and impots rose 9.5% to $352.2 billion from $323.8 billion a year ago, respectively.
Exports declined after reaching record high in August as shipment of civilian aircrafts, pharmaceutical preparations, and crude oil decreased.
The increase in Imports was driven by the higher demand passenger cars, computers and semiconductors, and pharmaceutical preparations.
Trade deficit widened a whopping 35% to $84.4 billion from $62.2 billion a year ago.
The September increase in the goods and services deficit reflected an increase in the goods deficit of $14.2 billion to $109.0 billion and an increase in the services surplus of $0.6 billion to $24.6 billion.
Goods trade deficit with the European Union increased by $4.7 billion to $23.8 billion, with China increased by $2.2 billion to $26.9 billion, with Mexico by $1.7 billion to $16 billion, and with Vietnam rose by $2.5 billion to $112.2 billion.
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