WASHINGTON – The U.S. trade deficit grew 18.2% to $36.5 billion in September, the largest monthly increase by percentage in more than 10 years, the Commerce Department reported today.
The U.S. exported $132 billion of goods and services while it imported $168.4 billion for the month. Exports and imports increased to their highest levels since December 2008.
Economists expected the trade deficit to grow to $31.60 billion for the month, according to the median estimate from Thomson Reuters. September’s 18.2% jump in the trade deficit was the largest since February 1999.
The trade deficit in August was revised higher to $30.8 billion from $30.7 billion. The trade deficit has risen for four consecutive months. In May, the deficit reached $26.4 billion, the lowest level since November 1999.
Imports increased 5.8% in September, the largest monthly increase since March 1993. Imports of petroleum increased to $25.5 billion and the September import average price per barrel of crude oil was $68.17, both the highest levels since October 2008.
Exports increased by 2.9%, the largest increase since June 2008. The amount of exported goods reached the highest level since last November.
The trade deficit with China, the largest U.S. trading partner, increased to $22.1 billion, the highest level since November 2008.
