The US trade deficit widened from $30.8 billion in August to $36.5 billion in September amid a surge in imports, while the continued rise in exports suggests the global economy remains on the mend.
In the month of September, imports jumped $9.3 billion to $159.1 billion, while exports increased $3.7 billion to $128.3 billion.
Much of the deterioration in the trade gap can be blamed on a $4.1 billion increase in the nation’s bill for oil. Higher prices played a role, thanks mostly to the weaker dollar, but oil imports also jumped.
If the dollar remains on a downward path, speculators and institutional investors may continue to put money into commodities, including crude, which could further exacerbate the trade deficit and negate the favorable impact from rising exports.
The worsening trade gap is likely to hamper GDP when the advance figures are updated later in the month.
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