Record imports widen US trade gap

The US trade deficit widened in September to $41

The US trade deficit widened in September to $41.3 billion as the strengthening US economy propelled imports from China and the rest of the world to record levels.

The trade gap was slightly larger than the mid-point estimate of $40.5 billion from analysts surveyed before the report.

The deficit widened for the first time in six months as surging imports outstripped the biggest increase in exports in over three years, the US Commerce Department said.

Imports of goods and services totaled $127.4 billion. The 3.3 per cent jump was led by higher imports of cars, auto parts and capital goods, including computer accessories and civilian aircraft. Imports of services set a record at $21.1 billion.

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Although overshadowed by the record imports, exports jumped to $86.2 billion in September, the highest level since May 2001. The 2.8 per cent month-to-month gain was the highest since June 2000. Services exports set a record at $26.3 billion.

The US economy grew at 7.2 per cent annual rate in the third quarter, but the larger-than-expected trade deficit in September could trim that estimate a little.

The politically sensitive US trade deficit with China set a record in September at $12.7 billion, as imports from the Asian giant hit $14.8 billion, also a record.

The trade deficit with China totalled $89.7 billion for the first nine months of the year, on track to surpass the record of $103 billion set in 2002.

US manufacturers, and many lawmakers, complain China's pegged exchange rate gives it an unfair trade advantage by artificially depressing the price of its exports.

Detroit's Big Three car makers - General Motors, Ford and DaimlerChrysler - said they will export thousands of vehicles to China over the next two years, substantially boosting the number of cars and trucks shipped to the world's fastest growing automotive market.