US September trade deficit widest in over two years / Photo: Bryan R. SMITH - AFP/File
-
Basil Tuma Scores First Senior Goal as Malta Draws with Ten-Man Eswatini
-
RSC’s ‘Julius Caesar’ Reimagined in Women’s Prison Setting for School Tour
-
Rock & Roll Hall of Fame Inductees Announced; Attendance List Shrinks
-
Thomson Reuters Integrates CUBE Regulatory Intelligence into CoCounsel Legal
-
How Families Plan and Save for Holiday Travel
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
US September trade deficit widest in over two years
The US trade deficit expanded in September to its widest since early 2022 as imports increased while companies stocked up ahead of possible disruptions like a dockworkers' strike, according to government data released Tuesday.
The world's biggest economy saw its trade gap jump 19.2 percent to $84.4 billion, said the Department of Commerce, with imports growing by 3.0 percent.
The expansion was significantly more than a market consensus of $74.0 billion forecast by Briefing.com.
The rise in imports came ahead of the year-end holiday season, and may be due to companies stocking up in anticipation of a dockworkers' strike.
"We should see some payback over the next couple of months," Ryan Sweet of Oxford Economics told AFP.
"The widening in the trade deficit isn't any cause for concern," he added.
But looking ahead, analysts have also noted that companies might be increasing imports in anticipation of the outcome of the US presidential election.
US polling stations opened early Tuesday on Election Day, as Americans cast their ballots for Democrat Kamala Harris or Republican Donald Trump, who threatened massive tariffs during the campaign, particularly on goods from China and Mexico.
His proposals also included levies on all imports, a scenario that companies have been bracing for.
"The trade gap with China widened in September," said economists Carl Weinberg and Rubeela Farooqi of High Frequency Economics in a note.
"The surge in imports may reflect efforts to get goods in from China before January, just in case a change in government brings higher tariffs and more restrictions on imports," they added.
Sweet said: "Businesses will likely front-load ahead of any tariffs and this front-loading could be a key theme next year if Trump wins."
But he added that even though Trump is expected to use tariffs aggressively, it will take time for these to be implemented even if he wins a second term.
The US trade deficit in September was the largest since April 2022, according to Commerce Department data.
Imports came in at $352.3 billion in September, boosted by areas like consumer products and items such as computers and semiconductors.
Exports, meanwhile, were $267.9 billion, $3.2 billion below the level in August.
This came as exports of civilian aircraft and pharmaceutical preparations both slumped.
In August, the revised trade deficit was $70.8 billion.
O.M.Souza--AMWN