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- U.S. trade deficit narrows slightly less than expected in September
U.S. trade deficit narrows slightly less than expected in September
The U.S.
Commerce Department reported on Wednesday that U.S. the goods and services trade
deficit narrowed to $63.9 billion in September from a revised $67.0 billion in
the previous month (originally a gap of $67.1 billion).
Economists had
expected a deficit of $63.8 billion.
According to the
report, the September decline in the goods and services deficit reflected a drop
in the goods deficit of $3.1 billion to $80.7 billion and an increase in the
services surplus of less than $0.1 billion to $16.8 billion.
In September,
exports of goods and services from the U.S. rose 2.6 percent m-o-m to $176.4
billion, while imports increased 0.5 percent m-o-m to $240.2 billion, in part,
due to the impact of COVID-19, as many businesses continued recovery from the
sharp declines earlier this year.
Year-to-date,
the goods and services deficit jumped 8.6 percent from the same period in 2019.
Exports plunged 17.4
percent, while imports tumbled 12.4 percent.
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