The US trade deficit hit a record high of $ 80.9 billion in September as US exports fell sharply while US imports continue to climb, the partnerd Reported press.
The Commerce Department reported on Thursday that the September deficit surpassed the previous record of $ 73.2 billion set in June.
Exports plunged 3% to $ 207.6 billion in September, while imports rose 0.6% to $ 288.5 million.
The politically sensitive trade deficit with China also increased 15% in September to reach $ 36.5 billion.
In the first nine months of this year, the U.S. deficit with China reached $ 255.4 billion, an increase of 14.9 percent from the same period in 2020, according to the AP.
The overall trade deficit through September reached $ 638.6 million, an increase of 33.1% from the same period in 2020.
The huge jump reflects the current surge in US import demand from 2020, when many sectors of the economy were shut down due to the COVID-19 pandemic.
Economists say the trade deficit is expected to start improving as COVID-19 cases start to slow and the supply chain unraveled, the AP noted.
“We hope the trade balance will remain historically high through the end of the year, but moderation in domestic demand will cool import volumes while a steady release of vaccines and slower spread of the virus should support stronger export growth, âKathy Bostjancic, Chief Financial Economist of the United States at Oxford Economics. .