Key facts
- The September deficit of $105.0 billion was below the $108.0 billion forecast by economists polled by Reuters.
- Imports rose 1.2% to a record $426.6 billion, and goods imports rose 1.3% to an all-time high of $346.9 billion.
- Exports advanced 1.9% to $321.5 billion, with goods exports up 2.5% to $211.0 billion.
- The government estimated last week that imports subtracted 2.64 percentage points from third-quarter GDP growth.
- The economy grew at a 3.4% annualized rate in the July-September quarter, per the advance GDP estimate.
The US trade deficit narrowed 0.7% to $105.0 billion in September, the Commerce Department's Bureau of Economic Analysis and Census Bureau said on November 4, 2026. Economists polled by Reuters had forecast a deficit of $108.0 billion.
Imports rose 1.2% to $426.6 billion, a record high, and goods imports rose 1.3% to an all-time high of $346.9 billion. Exports advanced 1.9% to $321.5 billion, with goods exports up 2.5% to $211.0 billion.
The deficit has stayed large despite President Donald Trump's tariffs. The government estimated last week that imports subtracted 2.64 percentage points from gross domestic product growth in the third quarter, the most since the first quarter of 2025, when businesses front-loaded orders after Trump's sweeping tariffs.
The economy grew at a 3.4% annualized rate in the July-September quarter, the government said in its advance estimate of GDP last week. Trade has not contributed to GDP growth for four straight quarters. The report attributed the strength in domestic demand to resilient consumer spending and an artificial intelligence investment boom.