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Economy

U.S. trade deficit narrows to $105.0 billion in September as imports reach $426.6 billion

Census and BEA data show a deficit $0.7 billion smaller than August, with Canada down $2.7 billion to $4.4 billion and Mexico at $28.7 billion.

By Naomi ·
Aerial view of a container port with gantry cranes, stacked containers and a cargo ship at the berth beside a bay
Photo: James R. Tourtellotte / U.S. Customs and Border Protection via Wikimedia Commons · Public domain

The U.S. goods and services trade deficit was $105.0 billion in September, down $0.7 billion from a revised $105.7 billion in August, the Census Bureau and the Bureau of Economic Analysis reported on Nov. 4.

Headline numbers

  • Exports: $321.5 billion, up $5.8 billion from August.
  • Imports: $426.6 billion, up $5.2 billion from August.
  • Goods deficit: down $0.7 billion to $135.9 billion.
  • Services surplus: down less than $0.1 billion to $30.9 billion.

The figures are seasonally adjusted and not adjusted for price changes.

Goods: what moved

Goods exports rose $5.1 billion to $211.0 billion. Capital goods were up $3.8 billion, and foods, feeds and beverages were up $1.9 billion, including a $1.3 billion rise in soybeans. Nonmonetary gold fell $3.4 billion.

Goods imports rose $4.4 billion to $346.9 billion. On a Census basis, imports of capital goods rose $11.6 billion, led by computers (up $7.6 billion) and computer accessories (up $5.7 billion). Industrial supplies and materials fell $3.7 billion.

Year to date and the three-month view

  • Year to date, the deficit is down $92.4 billion, or 12.2%, from the same period in 2025. Exports are up $297.3 billion (11.6%) and imports are up $204.9 billion (6.2%).
  • The three-month average deficit rose $11.3 billion to $101.2 billion. Average imports rose $12.7 billion to $417.2 billion.
  • Compared with the three months ending September 2025, the average deficit is $36.5 billion wider.

By country

Goods deficits, Census basis, September:

  • Mexico: $28.7 billion
  • Vietnam: $25.3 billion
  • Taiwan: $21.9 billion, up $3.6 billion
  • China: $17.9 billion
  • European Union: $14.2 billion, up $3.2 billion
  • Canada: $4.4 billion, down $2.7 billion

With Canada, exports fell $0.3 billion to $29.7 billion and imports fell $3.0 billion to $34.1 billion.

Real terms

Adjusted for price changes (2017 dollars, Census basis), the goods deficit rose $3.5 billion, or 3.0%, to $119.5 billion. Real goods imports rose 1.4%, while nominal goods imports rose 2.4%.

The full tables are in the BEA release. The next report, for October, is due Dec. 8.

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