Census Bureau · · Revised 30 series
US goods deficit widens to $134.9bn in September 2026, widest since March 2025
The US goods trade deficit, which is imports minus exports of goods, widened to $134.9bn (billion dollars) in September from $132.1bn in August. That is the widest since March 2025, as imports rose to $344.1bn.
A data update from FactIQ, written from Census Bureau figures. What is FactIQ?
Key figures
- US goods trade deficit, September, seasonally adjusted
- $134.9bnup from a revised $132.1bn in August; widest since March 20252022-10-012026-09-01Seasonally Adjusted Balance of U.S. International Trade in Goods in Millions of Dollars
- US goods imports, September, seasonally adjusted
- $344.1bnup 2.4%, above the March 2025 peak of $340.1bn2022-10-012026-09-01Seasonally adjusted imports of census-basis goods in the United States, measured in millions of dollars
- US goods exports, September, seasonally adjusted
- $209.2bnup 2.6%2022-10-012026-09-01Seasonally Adjusted U.S. Goods Exports Measured in Millions of Dollars
- Average monthly US goods deficit, third quarter
- about $128.6bnagainst about $96.2bn in the second quarter
Rising imports are driving the wider gap
These are advance (early) estimates. They are seasonally adjusted, which means normal seasonal swings are removed.
- Imports rose 2.4% to $344.1bn. That is above the March 2025 peak of $340.1bn, when importers bought ahead of tariffs.
- Exports also rose 2.6%, to $209.2bn. Imports still drive the gap.
- As recently as January to April this year, the deficit was about $79–85bn. In March 2025 it was $158.7bn.
Trade points to a drag on third-quarter growth
The monthly deficit averaged about $128.6bn in the third quarter, compared with about $96.2bn in the second quarter. Net exports are exports minus imports. They point to a sizeable drag on this week's third-quarter estimate of gross domestic product (GDP), the broadest measure of economic output.
Inventory building partly offsets that drag
Inventories are stocks of goods that businesses hold. When they rise, they add to GDP. In September:
- Merchant wholesaler inventories rose 0.6% to $1,011.5bn. Durable goods rose 0.4% and nondurable goods rose 0.9%.
- Retail inventories rose 0.3% to $885.3bn. Excluding autos, they rose 0.4%. Motor vehicle dealer inventories rose 0.2%.
Past inventory levels were revised higher
- Wholesale inventory levels were revised up about 4% throughout the series. August went from $965.7bn to $1,005.6bn. Monthly percent changes barely moved. August growth went from 0.7% to 0.5%.
- Retail inventory levels for 2024 and earlier were raised by roughly $35–40bn. Seasonally adjusted December 2024 went from $805.6bn to $844.6bn.
- If you work with inventory levels rather than growth rates, the older figures you hold have changed.
- August's goods deficit was revised to $132.1bn, from a first estimate of $132.6bn.
Source: Census Bureau. See all CENSUS data in FactIQ.