A $37.7-billion trade deficit set a record.

The nation’s merchandise trade deficit from July to September was the largest quarterly imbalance on record, the Commerce Department reported. The deficit was up 5.6% from the $35.7-billion deficit posted in the second quarter. The report does not reflect an improvement in trade accounts, led by a 10% surge in exports, which was recorded in October. Many economists have cited the figures for October, released earlier, as evidence of a long-awaited turnaround in the trade balance.