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November 10, 2021

US trade deficit soars by 11% in September

The US trade deficit in goods and services increased by 11.2% in September, reflecting rises in the goods deficit and the services surplus of US$8.9bn and $0.8bn respectively.

By Beth Wright

The deficit amounted to $80.9bn September, up $8.1bn from $72.8bn in August revised, according to trade statistics released by the Department of Commerce.

The figure marks a second straight all-time high in September, international trade law firm Sandler, Travis & Rosenberg (ST&R) said.

September exports were $207.6bn – $6.4bn less than August exports – while imports were $288.5bn, $1.7bn more than those in August.

Year-to-date, the goods and services deficit increased $158.7bn, or 33.1%, from the same period in 2020. Exports rose $274.1bn or 17.4%, while imports were up $432.8bn or 21.1%.

The September increase in the goods and services deficit reflected an increase in the goods deficit of $8.9bn to $98.2bn and an increase in the services surplus of $0.8bn to $17.2bn.

The largest deficit was recorded with China at $31.5bn, followed by the European Union at $18.7bn, and Mexico at $8.8bn. Deficits were also recorded with Germany ($5.7bn), Japan ($5bn), Canada ($4.7bn), South Korea ($3.8bn), Taiwan ($3.8), Italy ($3.5bn), India ($2.6bn), France ($1.8bn), Saudi Arabia ($0.5), United Kingdom ($0.1bn), and Singapore (less than $0.1bn).

Surpluses for the month of September, meanwhile, were recorded with South and Central America ($3.8bn), Hong Kong ($1.5bn), and Brazil ($1.2bn).

Prior to the revision, the US international trade deficit in goods and services was reported as $73.3bn in August.

 

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