The U.S. Commerce Department reported on Tuesday that the U.S. goods and services trade deficit widened to $73.3 billion in August from a revised $70.3 billion in the previous month (originally a gap of $70.0 billion). This was the largest trade deficit on record.

Economists had expected a deficit of $70.5 billion.

According to the report, the August increase in the goods and services deficit reflected an advance in the goods deficit of $1.6 billion to $89.4 billion and a decline in the services surplus of $1.4 billion to $16.2 billion.

In August, exports of goods and services from the U.S. rose 0.5 percent m-o-m to $213.7 billion, while imports jumped 1.4 percent m-o-m to $287.0 billion, as the global COVID-19 pandemic and the economic recovery continued to impact international trade.

Year-to-date, the goods and services deficit climbed 33.7 percent from the same period in 2020. Exports soared 17.5 percent, while imports surged 21.2 percent.