Geneva: The US trade deficit rose sharply to $84.4 billion in September 2024. According to Oman News Agency, the Bureau of Economic Analysis of the US Department of Commerce stated that the trade deficit increased by 19.2 percent to $84.4 billion from $70.8 billion after the adjustment in August 2024, with exports declining. The statement indicated that the increase in the deficit came as companies increased imports to meet strong domestic demand. The Commerce Department reduced the gross domestic product (GDP) by 0.56 percentage points in the third quarter, which has hindered economic growth for three consecutive quarters. The US economy had grown at an annual rate of 2.8 percent in the third quarter from July to September 2024, and economists had expected the trade deficit to widen to $84.1 billion from $70.4 billion in August 2024.
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