U.S. trade deficit edges down to $105.0 billion as imports reach $426.6 billion

The U.S. goods and services trade deficit was $105.0 billion in September, down $0.7 billion from a revised $105.7 billion in August, the Census Bureau and the Bureau of Economic Analysis said Wednesday in their joint release. Reuters headlined the report as a slight narrowing with imports at a record.

The small change hides larger moves on both sides. Exports rose $5.8 billion to $321.5 billion, and imports rose $5.2 billion to $426.6 billion, so the gap shrank only because exports rose slightly faster.

The number behind the number: computers

Among goods, the import jump was concentrated in technology. On a Census basis, imports of capital goods rose $11.6 billion, of which computers were up $7.6 billion and computer accessories up $5.7 billion. Pharmaceutical preparations added $2.9 billion to consumer goods imports. Offsetting that, industrial supplies fell $3.7 billion, including a $2.7 billion drop in nonmonetary gold and a $1.3 billion drop in crude oil.

Exports also leaned on technology: capital goods rose $3.8 billion, including $1.3 billion more computers, while nonmonetary gold exports fell $3.4 billion.

China is not the biggest gap

The obvious read of a trade report is a China story. The release says otherwise for September. The largest goods deficits, in billions of dollars, were:

The Taiwan deficit grew $3.6 billion in the month as imports rose $4.2 billion to $27.3 billion, and the EU deficit grew $3.2 billion to $14.2 billion. The Canada deficit shrank $2.7 billion to $4.4 billion. The surpluses were with the Netherlands ($7.7 billion), South and Central America ($6.2 billion) and the United Kingdom ($3.0 billion).

Two trends that look like they disagree

Year to date, the deficit is $92.4 billion, or 12.2%, smaller than in the same period of 2025, with exports up 11.6% and imports up 6.2%. Yet the three-month average deficit, at $101.2 billion, is $11.3 billion wider than the prior three months and $36.5 billion wider than a year earlier. Both are in the release: the nine-month picture is improving while the recent run is widening.

The release also gives a price check. Adjusted for inflation (2017 dollars, Census basis), the goods deficit rose 3.0% to $119.5 billion against a 2.2% rise in the nominal figure. Real goods imports rose 1.4% against 2.4% nominal, so part of the import increase is price, not volume.

Who feels it

• Importers of electronics and computing gear: the volume of computer-related inbound goods is the main driver this month, so the report is as much about technology buying as about tariffs.
• Mexico-linked manufacturers and distributors: Mexico was the largest single partner gap, which keeps cross-border supply chains at the center of the data.
• Exporters of farm goods: foods, feeds and beverages exports rose $1.9 billion, with soybeans up $1.3 billion.

The trade balance feeds directly into quarterly GDP, so it matters for the growth read ahead of Friday's jobs report; see our economy coverage for the data calendar. The next trade report, for October, is due Tuesday, December 8.

Sources: U.S. Census Bureau and BEA, U.S. International Trade in Goods and Services, September 2026 (all figures seasonally adjusted, balance-of-payments basis unless stated); Reuters headline, Nov. 4, 2026. This is economic information, not investment advice.