WASHINGTON (WSJ) - The U.S. trade deficit hit a fresh record of $80.9 billion in September, driven by a surge in imported goods that far outpaced exports, government data showed on Thursday.
The Commerce Department said that the gap between what the U.S. buys from other countries and what it sells to foreign nations surged by 11.2%, topping the previous record of $73.2 billion in June.
In September, exports plummeted 3% to $207.6 billion as supply chain disruptions caused congestion in ports and warehouses. Exports may have been lower than usual because of a 15.5% drop in petroleum exports related to refinery shutdowns caused by Hurricane Ida in September. That trend is expected Imports, meanwhile, rose 0.6% to $288.5 billion, the highest monthly total on record as Americans bought more foreign-made goods like computers, electrical equipment, cellphones and industrial supplies.
The overall trade deficit through September surged to $638.6 billion, a 33.1% increase compared to the year-ago period. The surge reflects pent-up consumer demand for goods after the coronavirus pandemic forced large swaths of the economy to shut down last year.
Experts say that as COVID-19 cases continue to fall and supply-chain disruptions begin to abate, the U.S. trade deficit should begin to improve – though it may remain elevated through the end of the year.