September trade deficit narrows slightly; three-month average widens

BEA and Census put the monthly goods-and-services deficit at $105.0 billion. The real goods deficit increased, so the nominal headline alone does not establish a GDP boost.

The U.S. Census Bureau and Bureau of Economic Analysis reported on November 4, 2026 that the goods and services trade deficit was $105.0 billion in September, down $0.7 billion from a revised $105.7 billion in August. The figures are seasonally adjusted but not adjusted for price changes unless otherwise specified. Exports rose $5.8 billion to $321.5 billion, while imports rose $5.2 billion to $426.6 billion. The release lists increases of 1.9% and 1.2%, respectively. The goods deficit fell $0.7 billion to $135.9 billion, while the services surplus fell by less than $0.1 billion to $30.9 billion. Goods exports rose $5.1 billion to $211.0 billion on a balance-of-payments basis. Capital goods and foods, feeds and beverages increased, while industrial supplies and materials decreased. Services exports rose $0.7 billion to $110.5 billion, including a $0.3 billion increase in travel. Goods imports rose $4.4 billion to $346.9 billion on a balance-of-payments basis, and services imports rose $0.8 billion to $79.7 billion. The larger Census-basis increase in goods imports was reduced by balance-of-payments adjustments. The two accounting bases should not be mixed when comparing totals. The monthly narrowing contrasts with a wider three-month average deficit, which increased $11.3 billion to $101.2 billion for the period ending in September. Year to date, the deficit was $92.4 billion, or 12.2%, lower than in the same period of 2025. These comparisons cover different time periods and do not describe the same trend. The real goods deficit on a Census basis increased $3.5 billion, or 3.0%, to $119.5 billion. BEA explains that gold adjustments help account for the difference between the Census and balance-of-payments nominal results. The small monthly nominal narrowing therefore does not by itself establish a positive GDP contribution or a Federal Reserve policy outlook.

September trade deficit narrows slightly; three-month average widens

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