US September 2026 trade deficit narrows to $105.0bn as imports reach a new high

The deficit shrank slightly because exports grew faster than imports

The trade deficit is the amount by which what the US buys from abroad exceeds what it sells. It shows how much trade adds to or subtracts from economic growth. US Census Bureau data show the goods and services deficit fell 0.7% to $105.0bn (billion dollars) in September. Exports rose 1.9% to $321.5bn. Imports rose 1.2% to $426.6bn. Economists had expected the gap to widen, so the small narrowing was a mild surprise.

Imports set a new high, driven by capital goods

The September import total of $426.6bn is above the March 2025 peak of $416.4bn, which came before new tariffs took effect. Most of the rise came from capital goods, which are equipment that businesses invest in. Because the increase reflects investment imports rather than falling exports, it affects how much net trade will subtract from third-quarter gross domestic product (GDP), the broadest measure of economic output.

The gap is still far wider than earlier in the year

The deficit has roughly doubled since January 2026, when it was $52.7bn. In September 2025 it was $59.4bn. Since then exports are up 10.0% and imports are up 21.3%, so the gap has widened by about $46bn.

Goods trade alone and August revisions

• The goods-only deficit was $146.6bn, compared with $136.0bn in August. Goods exports were $209.8bn and goods imports $356.4bn.
• These goods figures are not on the same seasonally adjusted basis as the headline, so year-on-year comparison is more reliable. The goods deficit is about $50bn wider than September 2025's $96.8bn, and goods imports are up 26.1%.
• The August deficit was revised from $105.6bn to $105.7bn. August exports were revised from $315.2bn to $315.7bn, and imports from $420.8bn to $421.4bn.