US trade deficit hits record high in September

by IANS |

Washington, Nov 5 (IANS) The US trade deficit hit a record high of $80.9 billion in September as American exports fell sharply, the US Commerce Department has reported.

US exports fell by 3 per cent to $207.6 billion in September while imports rose by 0.6 per cent to $288.5 billion. The goods and services deficit rose by 11.2 per cent from a revised $72.8 billion in October, according to the department on Thursday.

"Solid domestic demand has caused import growth to outpace exports for the better part of the past year. The deficit has widened in eight of the past 12 months as a result," Tim Quinlan and Shannon Seery, Economists at Wells Fargo Securities, said on Thursday in an analysis, adding net exports have been a drag on US gross domestic product (GDP) growth for the past five consecutive quarters, Xinhua news agency reported.

"With US consumption slowly rebalancing back toward services spending, imports should eventually slow and provide some relief at our nation's largest ports. But, we're likely some ways away from a meaningful reprieve," the Economists said.

The US economy grew at an annual rate of 2 per cent in the third quarter amid the Delta variant-fueled Covid-19 surge after expanding 6.7 per cent in the second quarter, the Commerce Department reported last week.

Latest News
'Everyone felt Covid's impact in the country', Congress slams govt Fri, Dec 03, 2021, 12:02 AM
Omicron: No case detected in TN so far, says Health Minister Fri, Dec 03, 2021, 12:01 AM
Wanted to give expensive gift to girlfriend, says i-Phone thief Thu, Dec 02, 2021, 11:59 PM
Omicron cases' infected contacts showing mild symptoms: K'taka Health Min Thu, Dec 02, 2021, 11:58 PM
Rajya Sabha passes Dam Safety Bill with amendment Thu, Dec 02, 2021, 11:57 PM
Over one-third wards dominated by females in KMC Thu, Dec 02, 2021, 11:56 PM
Steep fall for ex-Mumbai Police chief Param Bir Singh as suspension announced (Roundup) Thu, Dec 02, 2021, 11:54 PM
Over 1.5 lakh expected to attend PM's rally in Dehradun Thu, Dec 02, 2021, 11:53 PM
Goa BJP chief dares Cong to name minister accused of sex scandal Thu, Dec 02, 2021, 11:53 PM
HC asks Delhi govt to respond on revision of headload workers' wages Thu, Dec 02, 2021, 11:51 PM
Gurugram on alert amid Omicron scare Thu, Dec 02, 2021, 11:50 PM
Over 18 lakh farmers benefited with MSP value of Rs 57,032.03 cr: Govt Thu, Dec 02, 2021, 11:49 PM
Ridership, profit lower than projections for Delhi Metro's Phase 3: CAG Thu, Dec 02, 2021, 11:48 PM
DU Prof who researched on Parkinson's made Fellow of National Academy of Sciences Thu, Dec 02, 2021, 11:45 PM
'Jagdish Thakor to be new Gujarat Pradesh Congress Committee president, Rathwa LOP' Thu, Dec 02, 2021, 11:44 PM