US Trade Deficit Narrows to $105 Billion as Imports Hit a Record

The U.S. deficit in goods and services trade slipped to $105.0 billion in September from a revised $105.7 billion in August, the Census Bureau and the Bureau of Economic Analysis reported Wednesday, even though imports reached the highest level on record.

Economists polled by Reuters had expected a $108.0 billion gap.

September figures

• Imports: $426.6 billion, up 1.2% and a record high
• Exports: $321.5 billion, up 1.9%
• Goods deficit: $135.9 billion, down $0.7 billion
• Services surplus: $30.9 billion, little changed
• Goods imports: $346.9 billion, a record
• Services exports: $110.5 billion, a record

The jump in goods imports was led by capital goods, which rose $11.6 billion. Computers accounted for $7.6 billion of that increase and computer accessories for $5.7 billion, according to the report. Imports of crude oil and nonmonetary gold fell.

Record gaps with key partners

Not adjusted for seasonal swings, the September deficits with Mexico ($28.1 billion), Vietnam ($27.0 billion), Taiwan ($23.5 billion) and South Korea ($12.2 billion) were each the largest on record, Census data show. Imports from Mexico reached a record $62.2 billion.

For the first nine months of 2026, the deficit was $92.4 billion, or 12.2%, smaller than in the same period of 2025.

Tariffs and growth

Reuters noted that the gap has stayed large despite President Donald Trump’s tariffs. Imports subtracted 2.64 percentage points from third-quarter economic growth, the government estimated last week, while the economy grew at a 3.4% annualized rate in the July-September quarter.

The October trade report is scheduled for Dec. 8.

Sources: U.S. Bureau of Economic Analysis, U.S. Census Bureau, Reuters, Econoday.