U.S. trade deficit widens in September

FILE PHOTO: A cargo ship is seen near the port of Oakland in Oakland, California, U.S., July 22, 2022. REUTERS/Carlos Barria

WASHINGTON(Reuters) — The U.S. trade deficit widened sharply in September, likely as a strong dollar and softening global demand weighed on exports.

The Commerce Department said on Thursday that the trade deficit increased 11.6% to $73.3 billion. Exports of goods and services fell 1.1%, while imports increased 1.5%.

A smaller trade deficit was the main driver of the rebound in gross domestic product in the third quarter. The economy grew at a 2.6% annualized rate last quarter after contracting at a 0.6% pace in the second quarter.

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