Published:
U.S. International Trade in Goods and Services, August 2026
The goods and services deficit widened to $105.6 billion in August, from $92.8 billion in July, as imports rose faster than exports; BEA/Census also report details on goods and services components and the next scheduled release.
The US goods and services deficit widened to $105.6 billion in August, up $12.7 billion from $92.8 billion in July (revised). On the month, exports rose to $315.2 billion (+$4.5 billion from July), while imports increased more sharply to $420.8 billion (+$17.2 billion). As a result, the deficit expansion was driven by a larger goods deficit (up $12.8 billion to $136.6 billion) and largely offsetting services developments, with the services surplus edging up by less than $0.1 billion to $31.0 billion.
Looking inside the goods numbers, exports of goods increased to $205.7 billion, with notable rises including industrial supplies and materials, nonmonetary gold, and crude oil. Capital goods and semiconductors also increased, while civilian aircraft and some consumer and pharmaceutical categories declined. On imports, the $17.2 billion rise to $342.2 billion reflected higher industrial supplies and materials, crude oil, nonmonetary gold, and capital goods, alongside increases in semiconductors.
BEA also provides three-month moving averages: the average deficit increased $9.9 billion to $89.9 billion for the three months ending in August. Year-to-date, the deficit is described as lower than the same period in 2025, but year-over-year the average deficit is higher than in the three months ending in August 2025. Traders should watch the next release for whether the deficit remains driven by import growth or whether export momentum can reassert itself as conditions evolve. The next scheduled release is Wednesday, November 4, 2026.
Why this matters for FX
The US trade balance feeds directly into growth and demand expectations for the dollar through net exports. A larger deficit typically implies weaker net contribution from trade to GDP (holding other factors constant), can shift expectations for US economic momentum, and affects the broader external balance that underpins the USD’s medium-term macro narrative. The breakdown between goods and services also matters for how much of the move is linked to higher goods imports (including categories like oil and industrial supplies) versus changes in services receipts and payments.