US trade deficit eased to $105 billion in September, with Vietnam leading all countries for 2026
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The U.S. goods and services trade deficit narrowed to $105.0 billion in September, down $0.7 billion from a revised $105.7 billion in August, the U.S. Census Bureau and the Bureau of Economic Analysis reported November 4. Exports rose $5.8 billion to $321.5 billion and imports rose $5.2 billion to $426.6 billion.
The goods deficit fell $0.7 billion to $135.9 billion, and the services surplus held at $30.9 billion. After adjusting for prices, though, the goods deficit grew 3.0 percent to $119.5 billion, because real goods exports barely moved while real imports rose 1.4 percent.
Computers again led the import side. Computer imports rose $7.6 billion in September to $41.7 billion, and computer accessories rose $5.7 billion. Through the first nine months of 2026, the country imported $296.7 billion in computers, about double the $148.7 billion over the same months of 2025. Computer accessories are up 88 percent to $189.4 billion and semiconductors up 91 percent to $104.7 billion.
Pharmaceuticals went the other way. Drug imports rose $2.9 billion in September but are down 44 percent for the year, $132.8 billion against $235.5 billion over the same months of 2025. That swing shows up in the country numbers: the goods deficit with Ireland, a major source of U.S. drug imports, has shrunk from $106.1 billion to $27.1 billion.
On the export side, soybeans and computers each rose $1.3 billion and civilian aircraft $0.7 billion. A $3.4 billion drop in nonmonetary gold held back the total.
For 2026 so far, the largest goods deficit is with Vietnam, not Mexico or China. The table ranks countries by their year-to-date goods deficits.
| Rank | Country | Goods deficit, January to September 2026 | Same months of 2025 |
|---|---|---|---|
| 1 | Vietnam | $190.9B | $129.7B |
| 2 | Mexico | $184.0B | $145.9B |
| 3 | Taiwan | $171.1B | $94.4B |
| 4 | China | $131.5B | $161.1B |
| 5 | Thailand | $84.9B | $48.6B |
| 6 | South Korea | $67.3B | $44.6B |
| 7 | Germany | $50.0B | $53.3B |
| 8 | Canada | $38.7B | $37.0B |
| 9 | Malaysia | $38.0B | $22.3B |
| 10 | India | $37.6B | $47.3B |
The deficit with Taiwan is up 81 percent. China is the only one of the top four with a smaller deficit than a year ago. In September alone, on a seasonally adjusted basis, the biggest deficits were with Mexico ($28.7 billion), Vietnam ($25.3 billion), Taiwan ($21.9 billion), and China ($17.9 billion). The Taiwan deficit grew $3.6 billion in the month, while the Canada deficit shrank $2.7 billion to $4.4 billion.
The overall picture for the year is a smaller deficit. Through September, the goods and services deficit was $92.4 billion, or 12.2 percent, below the same period of 2025, with exports up 11.6 percent and imports up 6.2 percent. The last few months have run higher, though. August and September both topped $105 billion, well above the $88.6 billion first reported for July, which was itself the largest since March 2025. The three-month average deficit rose $11.3 billion to $101.2 billion.
The October trade report is scheduled for December 8.
Sources
U.S. Census Bureau and U.S. Bureau of Economic Analysis, U.S. International Trade in Goods and Services, September 2026, release CB 26-178, BEA 26-47, November 4, 2026, also published by BEA. Monthly totals are seasonally adjusted on a balance of payments basis. Year-to-date product figures are seasonally adjusted on a Census basis (Exhibit 8). Year-to-date country figures are goods only, on a Census basis and not seasonally adjusted (Exhibits 14 and 14a). Real figures are in 2017 dollars.
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How big was the US trade deficit in September 2026?
The goods and services deficit was $105.0 billion in September 2026, down $0.7 billion from a revised $105.7 billion in August. Exports were $321.5 billion and imports were $426.6 billion, the Census Bureau and BEA reported November 4.
Which country has the largest US trade deficit in 2026?
Through September 2026, the largest goods deficit was with Vietnam at $190.9 billion, followed by Mexico at $184.0 billion, Taiwan at $171.1 billion, and China at $131.5 billion. China is the only one of the four with a smaller deficit than in 2025.
When is the next US trade report?
The Census Bureau and the Bureau of Economic Analysis are scheduled to release the October 2026 international trade report on December 8, 2026. That release will also revise the September figures.
