Reflecting a notable pullback in the value of exports, the Commerce Department released a report on Tuesday showing that the U.S. trade deficit widened by much more than anticipated in the month of September.
The report said the U.S. trade deficit widened to $43.0 billion in September from a slightly revised $40.0 billion in August. Economists had expected the deficit to tick up to $40.2 billion from the $40.1 billion originally reported for the previous month.
While the value of imports was nearly unchanged at $238.6 billion, the value of exports fell 1.5% to $195.6 billion. The drop in exports came after they reached a record high in August. The report showed that exports of goods tumbled 1.9% to $136.1 billion, while exports of services slid 0.7% to $59.5 billion. Exports of industrial supplies, capital goods and consumer goods saw notable decreases along with exports of travel and transport services. Read more here.