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U.S. goods and services deficit narrows to $105.0 billion in September
BEA and the Census Bureau report the September U.S. goods and services deficit fell to $105.0 billion from $105.7 billion in August, driven by a smaller goods deficit and a near-stable services surplus.
The U.S. goods and services deficit narrowed to $105.0 billion in September, down $0.7 billion from $105.7 billion in August, according to the U.S. Census Bureau and BEA’s “U.S. International Trade in Goods and Services” release. Exports rose to $321.5 billion (+1.9% from August) while imports increased to $426.6 billion (+1.2%), leaving the overall gap smaller than the prior month.
The reported decline in the deficit reflected a reduction in the goods deficit of $0.7 billion to $135.9 billion, while the services surplus changed only marginally, decreasing the surplus by “less than $0.1 billion” to $30.9 billion. On a year-to-date basis, the goods and services deficit is reported to have decreased $92.4 billion (12.2%) compared with the same period in 2025, with both exports and imports higher over that span.
Looking at the category detail provided, September goods exports increased (to $211.0 billion), including higher capital goods and some components such as computers and civilian aircraft. Imports also rose, with capital goods up and consumer goods and certain pharmaceutical categories showing increases.
For FX traders, the watchpoint is whether this September narrowing is sustained in subsequent prints, particularly given the release also notes that the three-month moving average deficit increased $11.3 billion to $101.2 billion for the three months ending September. That tension between month-to-month improvement and the rolling average is a useful signal to monitor.
Why this matters for FX
A smaller trade deficit can improve the outlook for net exports and the external balance, which is one channel through which FX rates respond to shifting demand for imports and export revenues. For the USD, the key is how the balance evolves alongside broader growth and financing needs; persistent improvement can support the currency via the current account narrative, while deterioration can reinforce funding-at-risk concerns.