US Trade Deficit, Hits All-Time High, in September.<br />On November 4, the Commerce Department announced <br />that the previous trade deficit record of $73.2 billion <br />set in June of this year had been broken. .<br />On November 4, the Commerce Department announced <br />that the previous trade deficit record of $73.2 billion <br />set in June of this year had been broken. .<br />ABC reports that <br />the United States' trade deficit <br />hit $80.9 billion in September.<br />The record high was reached as American <br />exports fell sharply while imports continued <br />to climb despite supply chain disruptions.<br />Exports reportedly dropped 3%, <br />falling to $207.6 billion. .<br />Imports increased just 0.6% to $288.5 billion. .<br />ABC reports that Hurricane Ida had caused <br />drilling and refinery shutdowns, which led <br />to a 15.5% dip in petroleum exports. .<br />ABC reports that Hurricane Ida had caused <br />drilling and refinery shutdowns, which led <br />to a 15.5% dip in petroleum exports. .<br />Through September, the overall trade deficit <br />increased 33.1% compared to the same time <br />last year, reaching $836.6 billion.<br />ABC reports that economists predict that the deficit should start to improve as COVID-19 cases decrease and the supply chain opens back up. .<br />However, economists warn that improvements <br />in the coming months may be modest. .<br />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 <br />at Oxford Economics, via ABC
