U.S. Trade Deficit at $105.0 Billion in September as Imports Hit Record
Key Facts
The U.S. trade deficit in goods and services narrowed to $105.0 billion in September 2026 from a revised $105.7 billion in August, according to data from the U.S. Census Bureau and the Bureau of Economic Analysis. The deficit was below the $108.0 billion forecast by economists surveyed by Reuters. But the monthly decline did not prevent the three-month average deficit from widening through September. The two agencies said that average rose by $11.3 billion to $101.2 billion. Meanwhile, imports hit a record in September, Reuters reported, as demand continued for goods linked to corporate investment in artificial intelligence.
U.S. exports of goods and services totaled $321.5 billion in September, up $5.8 billion from August, while imports rose to $426.6 billion, an increase of $5.2 billion. The figures show trade flows increased in both directions during the month, with the value of exports and imports rising from the previous month. Still, total imports remained higher than exports, leaving the balance in deficit. Reuters reported that higher imports pushed them to a record in September. The news agency linked the trend to corporate spending on AI infrastructure, amid demand for computers and related supplies.
Capital goods were among the main drivers of import activity: imports of those goods jumped $11.6 billion to a record $158.0 billion in September, Reuters reported. Thomas Ryan, an economist at Capital Economics, said, "Huge imports of these goods to support the AI expansion have been a key factor behind the trade deficit widening to its current near-record levels." On the export side, U.S. exports of capital goods reached $73.3 billion, an all-time high, according to the Census Bureau. These developments put capital goods exports and imports at record levels in the same month. They also highlight the role of capital equipment purchases in U.S. trade figures as investment in AI infrastructure expands.
By component, the goods trade deficit fell by $0.7 billion to $135.9 billion in September. Meanwhile, the services trade surplus edged down by less than $0.1 billion to $30.9 billion. The decline in the goods deficit helped narrow the overall deficit, while the services surplus moved in the opposite direction, though its decrease was limited. This diverged from the figures for the inflation-adjusted real goods deficit. That deficit rose by $3.5 billion, or 3.0%, to $119.5 billion in September, according to the Bureau of Economic Analysis.
From the start of the year through September, the goods and services trade deficit fell by $92.4 billion, or 12.2%, compared with the same period in 2025. During that period, exports rose 11.6%, while imports increased 6.2% year over year. This cumulative comparison follows a different pattern from the three months through September, when the average deficit rose. The two agencies said exports increased by $297.3 billion over the period, compared with a $204.9 billion increase in imports. The cumulative year-to-date deficit therefore declined even as its average rose over the more recent period.
In Asian trade, China's exports rose 36.3% year over year in September, the fastest growth since February, according to an Associated Press compilation of official data. This is a separate indicator from U.S. trade balance data, measuring Chinese export growth against the same month a year earlier. The figure does not change the reading of the U.S. deficit, but places trade activity in the world's two largest economies within the same time frame. It also reflects the different measures used: U.S. data show the value of the deficit and the change from August, while China's figure shows an annual growth rate. China is scheduled to publish its monthly consumer price index and industrial producer price index report on November 9, according to the National Bureau of Statistics calendar.
On the market reaction, Reuters reported that Wall Street stocks were mostly higher after the trade data were released, while data center stocks came under pressure. Those shares moved as the news agency linked record imports to corporate spending on AI infrastructure. The dollar, meanwhile, remained lower against a basket of currencies, and Treasury yields fell, according to the report. The next U.S. release in this series will be the October 2026 international trade report, scheduled for publication on December 8, 2026. It follows China's consumer and producer price data release on November 9.