The United States trade deficit exploded to a new record high of $66,1-billion in September after hurricanes battered the world’s biggest economy, the Commerce Department said on Thursday.
A strike at aviation giant Boeing in September also contributed to the gap between US imports and exports widening from August’s deficit of $59,3-billion.
The new figure smashed the previous high of $60,6-billion reached in February, and was also far higher than Wall Street’s forecast of $61,3-billion.
Hurricane Katrina slammed into the southern US at the end of August, shutting down a string of ports on the Gulf Coast, including New Orleans, that serve as a major outlet for US goods heading overseas.
Katrina was followed by another powerful hurricane, Rita. The killer storms battered drilling platforms and onshore refineries, forcing the US to import even more oil and natural gas than usual during the month.
The US petroleum deficit widened by 6,8% to a record $22,2-billion in September.
The figures could increase pressure from Congress on the administration of President George Bush about the worsening pattern of US trade, especially given that the deficit with China also hit a new high in September.
The US deficit with the booming Asian powerhouse expanded to $20,1-billion in September, from $18,5-billion the month before, a potential source of embarrassment for Bush as he prepares to visit Beijing in nine days.
On Wednesday, a commission mandated by the US Congress called for trade sanctions against China as part of a four-track policy response if Beijing does not adopt a more flexible currency regime to curb its rapid export growth.
Overall in September, imports into the US increased $4-billion to $171,3-billion while exports fell $2,8-billion to $105,2-billion.
Exports of goods alone fell by 4,3% to $73,4-billion.
Exports of civilian aircraft plummeted by 72% to $925-million.
According to Boeing, only two planes were delivered in September, down from 25 in August, due to the strike by its machinists. — Sapa-AFP