– As Inflation Grows And Supply Chain Issues Worsen
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. (RELATED: Anything With Wheat In It Will Probably Be More Expensive)
The growing trade deficit was attributed to a shift in demand for raw materials used by American factories and retailers impacted by the increasing supply chain issues and rising inflation, The Wall Street Journal reported.