Washington: The US trade deficit surged to $84.4 billion in September, marking a 19.2% increase from the previous month and reaching the highest level since April 2022, as reported by the US Bureau of Economic Analysis on Tuesday. The increase in the trade gap was driven by a decline in exports and a rise in imports, contributing to the unexpected widening of the deficit.
According to Anadolu Agency, the country’s exports amounted to $267.9 billion, representing a 1.2% decrease from August. On the other hand, imports rose by 3% to reach $352.3 billion. These figures surpassed the anticipated deficit of $83.8 billion, showcasing a significant divergence from market expectations.
In a related development, Canada also reported a foreign trade deficit on Tuesday, amounting to CAN$1.26 billion ($911 million), which also exceeded expectations. Canada’s exports were recorded at CAN$63.88 billion, while imports totaled CAN$65.15 billion, indicating a similar trend of higher imports relative to exports.