The U.S. goods trade deficit rose unexpectedly to $134.90 billion in September, marking a significant increase from $132.07 billion in August and $118.86 billion in July, according to the U.S. Census Bureau. This is the largest deficit recorded since March 2025 and reflects a substantial negative impact on GDP growth for the third quarter of 2026. The figure also surpassed the shortfall of $82.73 billion reported in September 2025. Economists had anticipated a deficit of $129.0 billion for September.
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Total goods exports increased by 2.6% month-over-month (12.7% year-over-year), reaching a five-month high of $209.24 billion in September, following a 2.1% rise to $203.98 billion in August. This follows three consecutive monthly declines, with exports having peaked at a record high of $220.11 billion in April. Notably, exports rose 28.7% from a low point in June 2023. The growth in September was primarily driven by a 12.8% rebound in food, feeds, and beverages (15.9% year-over-year), along with increases in nonfood consumer goods excluding autos (6.5%), capital goods excluding autos (5.4%), and other goods (3.0%). However, there were declines in exports of automotive vehicles and parts (-5.6%) and industrial supplies and materials (-1.6%).
Total goods imports saw an increase of 2.4% month-over-month (28.2% year-over-year), reaching $344.15 billion in September, following a 5.4% rise to $336.05 billion in August. This marks the highest level of imports on record and the seventh increase in eight months, up 37.2% from a low in March 2023. The rise in imports for September was led by a 7.5% gain in capital goods excluding autos, as well as increases in other goods (6.7%) and nonfood consumer goods excluding autos (3.1%). Conversely, imports of industrial supplies and materials (-6.0%), automotive vehicles and parts (-4.0%), and foods, feeds, and beverages (-2.5%) decreased month-over-month.