U.S. September trade deficit narrows marginally but wider in real terms
September’s trade deficit of $105.0bn from $105.9bn surprisingly narrowed marginally from August despite a wider advance goods deficit released earlier. Still, the data confirms a sharp deterioration in the trade balance in Q3.
Exports increased by 1.9% after a 1.6% August increase while imports increased by 1.2% after a strong 4.4% August increase, Goods data showed ex[orts up by 2.5% versus 2.6% in the advance report but imports up by only 1.3% versus 2.4% in the adavance report.
In real terms however exports rise by only 0.1% while imports rose by 1.4%. In real terms the deficit was the highest since a record in March 2025 ahead of the tariffs.
The services surplus was unchanged at $30.9bn. Service exports rose by 0.7% while service imports rise by 1.0%, with the gains in each series similar in USD terms.
