The US goods and services trade deficit fell to $52.8 billion in September, down $6.4 billion from August, as exports rose 3% to $289.3 billion and imports edged up 0.6% to $342.1 billion, according to the Bureau of Economic Analysis. The decrease reflected a $7.1 billion drop in the goods deficit and a slight decline in the services surplus. Year-to-date, the trade deficit has grown 17.2% compared to 2024, with exports up 5.2% and imports up 7.7%. Key changes included higher exports of industrial supplies, gold, and consumer goods, while imports of consumer goods and pharmaceuticals increased. Trade balances with Switzerland and China improved, while deficits widened with Ireland. Real goods exports and imports also showed modest gains. The BEA writes:
U.S. International Trade in Goods and Services Deficit
Deficit:
$52.8 Billion
–10.9%°
Exports:
$289.3 Billion
+3.0%°
Imports:
$342.1 Billion
+0.6%°
Next release: To be determined. Report delayed due to recent lapse in federal funding.
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 11, 2025
Exports, Imports, and Balance (exhibit 1)
September exports were $289.3 billion, $8.4 billion more than August exports. September imports were $342.1 billion, $1.9 billion more than August imports.
The September decrease in the goods and services deficit reflected a decrease in the goods deficit of $7.1 billion to $79.0 billion and a decrease in the services surplus of $0.6 billion to $26.2 billion.
Year-to-date, the goods and services deficit increased $112.6 billion, or 17.2 percent, from the same period in 2024. Exports increased $125.1 billion or 5.2 percent. Imports increased $237.7 billion or 7.7 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $2.1 billion to $63.1 billion for the three months ending in September.
Average exports increased $3.2 billion to $283.9 billion in September.
Average imports increased $1.1 billion to $347.0 billion in September.
Year-over-year, the average goods and services deficit decreased $14.0 billion from the three months ending in September 2024.
Average exports increased $10.4 billion from September 2024.
Average imports decreased $3.6 billion from September 2024.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $8.8 billion to $187.6 billion in September.
Exports of goods on a Census basis increased $8.8 billion.
Industrial supplies and materials increased $7.2 billion.
Industrial supplies and materials increased less than $0.1 billion.
Nonmonetary gold increased $1.9 billion.
Crude oil decreased $1.3 billion.
Capital goods decreased $5.6 billion.
Computers decreased $4.7 billion.
Electric apparatus decreased $1.5 billion.
Computer accessories increased $1.7 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services increased $0.3 billion to $75.5 billion in September.
Transport increased $0.2 billion.
Financial services increased $0.1 billion.
Other business services increased $0.1 billion.
Travel decreased $0.2 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $4.7 billion, or 5.6 percent, to $79.0 billion in September, compared to an 8.3 percent decrease in the nominal deficit.
Real exports of goods increased $6.2 billion, or 4.2 percent, to $151.9 billion, compared to a 4.9 percent increase in nominal exports.
Real imports of goods increased $1.5 billion, or 0.7 percent, to $231.0 billion, compared to a 0.7 percent increase in nominal imports.
Revisions
Revisions to August exports
Exports of goods were revised down $0.2 billion.
Exports of services were revised up $0.3 billion.
Revisions to August imports
Imports of goods were revised up $0.3 billion.
Imports of services were revised down $0.5 billion.
In addition to revisions for August 2025, exports of goods for July 2025 were revised to incorporate a $1.0 billion correction to exports of other goods to Canada.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The September figures show surpluses, in billions of dollars, with Switzerland ($6.6), Netherlands ($5.9), South and Central America ($5.0), Hong Kong ($2.1), Belgium ($1.4), Brazil ($1.3), United Kingdom ($1.1), Australia ($0.5), Saudi Arabia ($0.4), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with Ireland ($18.2), Mexico ($17.8), European Union ($17.8), Vietnam ($14.4), China ($11.4), Taiwan ($9.4), Canada ($4.9), Germany ($4.6), Japan ($3.6), South Korea ($3.4), India ($3.1), Malaysia ($1.8), Italy ($0.4), France ($0.3), and Israel ($0.1).
The balance with Switzerland shifted from a deficit of $0.1 billion in August to a surplus of $6.6 billion in September. Exports increased $7.1 billion to $10.8 billion and imports increased $0.3 billion to $4.1 billion.
The deficit with China decreased $4.0 billion to $11.4 billion in September. Exports increased $0.2 billion to $8.8 billion and imports decreased $3.9 billion to $20.1 billion.
The deficit with Ireland increased $15.3 billion to $18.2 billion in September. Exports decreased $0.5 billion to $1.7 billion and imports increased $14.8 billion to $19.9 billion.
