US Trade Deficit Hits All-Time High in September

US Trade Deficit, Hits All-Time High, in September.
On November 4, the Commerce Department announced
that the previous trade deficit record of $73.2 billion
set in June of this year had been broken. .
On November 4, the Commerce Department announced
that the previous trade deficit record of $73.2 billion
set in June of this year had been broken. .
ABC reports that
the United States' trade deficit
hit $80.9 billion in September.
The record high was reached as American
exports fell sharply while imports continued
to climb despite supply chain disruptions.
Exports reportedly dropped 3%,
falling to $207.6 billion. .
Imports increased just 0.6% to $288.5 billion. .
ABC reports that Hurricane Ida had caused
drilling and refinery shutdowns, which led
to a 15.5% dip in petroleum exports. .
ABC reports that Hurricane Ida had caused
drilling and refinery shutdowns, which led
to a 15.5% dip in petroleum exports. .
Through September, the overall trade deficit
increased 33.1% compared to the same time
last year, reaching $836.6 billion.
ABC reports that economists predict that the deficit should start to improve as COVID-19 cases decrease and the supply chain opens back up. .
However, economists warn that improvements
in the coming months may be modest. .
We look for the trade balance to remain historically elevated through year-end, but moderation in domestic demand will cool import volumes while steady vaccine diffusion and slower virus spread should underpin stronger export growth, Kathy Bostjancic, Chief U.S. Financial Economist
at Oxford Economics, via ABC