US goods trade deficit widens sharply in September on imports

by Reuters Oct 29, 2024

The U.S. trade deficit in goods widened sharply in September amid a surge in imports, suggesting that trade remained a drag on economic growth in the third quarter.

The goods trade gap increased 14.9% to $108.2 billion last month also as exports fell, the Commerce Department's Bureau of Economic Analysis said on Tuesday.

Shipping containers are shown at the Terminal 1 Container Terminal at the Port of Los Angeles in Wilmington, California, U.S., October 17, 2024. REUTERS/Mike Blake

That would mark the third straight quarter that trade has subtracted from gross domestic product. The government is scheduled to publish its advance GDP estimate for the July-September quarter on Wednesday.

The economy likely grew at a brisk 3.0% annualized rate last quarter, a Reuters survey of economists showed, matching the second quarter's pace.

Reuters

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