US Trade Deficit Hits Record High as Consumer Goods Imports See Sharp Rise

File photo showing ships and shipping containers at a port in Long Beach, Calif., on Jan. 30, 2019. Mike Blake/Reuters

The U.S. trade deficit in goods and services rose to a record high in August, largely on the back of a rise in imports as businesses continued to build up inventories in response to strong consumer demand.

The Commerce Department said in an Oct. 5 statement (pdf) that the trade deficit—the difference between exports and imports of goods and services—rose by 4.2 percent in August, hitting an all-time high of $73.3 billion.