Source: Joe Hoft
The US trade deficit hit a new record in September while more ships are stranded offshore near Southern California waiting to be unloaded.
The Biden Administration reached another record in September. The trade deficit reached the highest amount ever recorded in US history.
The Daily Caller reported:
The U.S. trade deficit hit a record high of $80.9 billion in September as exports fell sharply while imports increased amid supply chain problems and growing inflation.
The trade deficit of goods and services grew 11.2%, driven by demand for items like computers, electrical equipment and industrial supplies, the Commerce Department announced Thursday.
Imports increased 0.6% to $288.5 billion in October, a new monthly record, according to the Commerce Department. Exports dropped by 3% to $207.6 as Americans shipped fewer industrial supplies and goods in high demand among consumers.
The deficit is even higher than expected at another record high.
Sharp increase in trade deficit in September, -$80.9 billion vs. -$80.2 billion est. & -$72.8 billion in prior month (rev from -$73.3 billion) … deficit at its widest on record pic.twitter.com/jI8DxSqqFc— Liz Ann Sonders (@LizAnnSonders) November 4, 2021