US trade deficit narrows to $105 billion in September

Sole source: The US goods and services trade deficit narrowed by $0.7 billion to $105.0 billion in September from a revised $105.7 billion in August, the Census Bureau and Bureau of Economic Analysis reported. Exports rose 1.9% to $321.5 billion, while imports rose 1.2% to $426.6 billion. The figures are adjusted for seasonal patterns but not for price changes.

The overall narrowing reflected a $0.7 billion decrease in the goods deficit to $135.9 billion, while the services surplus slipped by less than $0.1 billion to $30.9 billion, the Census Bureau and Bureau of Economic Analysis said. Their headline figures use a balance-of-payments basis, which applies adjustments to the Census goods data.

For January through September, the combined deficit fell $92.4 billion, or 12.2%, from the same period in 2025.

Why the goods measures moved differently

A separate Census-basis measure in the agencies' release showed the goods deficit widening after adjustment for prices. Measured in 2017 dollars, it rose $3.5 billion, or 3.0%, to $119.5 billion. Price-adjusted goods imports rose 1.4%, while exports rose 0.1%.

The Census-basis goods deficit also rose before adjustment for prices, by 2.2%. The agencies attributed its movement in the opposite direction from the balance-of-payments goods deficit to an adjustment for imports of nonmonetary gold.

For gross domestic product and other national accounts, the Bureau of Economic Analysis replaces nonmonetary gold exports and imports with an adjustment based on domestic gold production minus industrial use. The trade balances therefore do not by themselves establish trade’s contribution to GDP. The agencies’ October trade release is scheduled for 8 December 2026.