The U.S. Commerce Department reported on Tuesday that U.S. the goods and services trade deficit widened to $67.1 billion in August from a revised $63.4 billion in the previous month (originally a gap of $63.6 billion). That was the highest trade gap since August 2006.

Economists had expected a deficit of $66.1 billion.

According to the report, the August advance in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.

In August, exports of goods and services from the U.S. rose 2.2 percent m-o-m to $171.9 billion, while imports surged 3.2 percent m-o-m to $239.0 billion, in part, due to the impact of COVID-19, as many businesses continued recovery from the sharp declines earlier this year.

Year-to-date, the goods and services deficit jumped 5.7 percent from the same period in 2019. Exports plunged 17.6 percent, while imports tumbled 13.1 percent.