US trade deficit hits record of $80.9 billion in September

Ship to shore cranes work the container ship CMA CGM Laperouse at the Georgia Ports Authority's Port of Savannah, Wednesday, Sept. 29, 2021, in Savannah, Ga. The U.S. trade deficit increased to a record $73.3 billion in August as a small gain in exports was swamped by a much larger increase in imports. The Commerce Department reported Tuesday, Oct. 5, 2021 that the monthly trade deficit increased 4.2% in August, rising to an all-time high, surpassing the previous record of $73.2 billion set in June. (AP Photo/Stephen B. Morton) Ship to shore cranes work the container ship CMA CGM Laperouse at the Georgia Ports Authority's Port of Savannah, Wednesday, Sept. 29, 2021, in Savannah, Ga. The U.S. trade deficit increased to a record $73.3 billion in August as a small gain in exports was swamped by a much larger increase in imports. The Commerce Department reported Tuesday, Oct. 5, 2021 that the monthly trade deficit increased 4.2% in August, rising to an all-time high, surpassing the previous record of $73.2 billion set in June. (AP Photo/Stephen B. Morton)

By MARTIN CRUTSINGER / AP Economics Writer November 4, 2021 2 min read

WASHINGTON (AP) – The U.S. trade deficit hit an all-time high of $80.9 billion in September as American exports fell sharply while imports, even with supply chain problems at American ports, continue to climb.

The September deficit topped the previous record of $73.2 billion set in June, the Commerce Department reported Thursday. The deficit is the gap between what the United States exports to the rest of the world and the imports it purchases from foreign nations.

In September, exports plunged 3% to $207.6 billion while imports rose 0.6% to $288.5 billion.

Part of the weakness reflected a 15.5% drop in petroleum exports related to the drilling rig and refinery shutdowns during Hurricane Ida in the Gulf of Mexico. Economists expect that decline to reverse in coming months with petroleum production coming back on line.

The politically sensitive goods deficit with China shot up 15% in September to $36.5 billion. Through the first nine months of this year America’s deficit with China, the largest with any country, totaled $255.4 billion, an increase of 14.9% over the same period in 2020.