WASHINGTON, DC – Today, the Joint Economic Committee released its analysis of the latest Monthly Trade Update based on information compiled from the Bureau of Economic Analysis, U.S. Census Bureau, Treasury Department, and the Bureau of Labor Statistics. The total trade deficit in September was $105.05 billion, down from $690 million in August and 50 percent above the 12-month average.                         

In trade of goods, the U.S. ran a trade deficit of $135.91 billion, down $716 million from August and 36 percent above the 12-month average. In trade of services, the U.S. ran a trade surplus of $30.86 billion, down $26 million from August and 3 percent above the 12-month average.

Over the 12 months through September 2026:

• The U.S. ran a total trade deficit of $839.58 billion. In trade of goods, the U.S. ran a trade deficit of $1.20 trillion. In trade of services, the U.S. ran a trade surplus of $358.39 billion. Total exports were $3.73 trillion while total imports were $4.57 trillion.

• The U.S. had the largest goods trade deficits with Vietnam, with net exports of -$239.47 billion, 20.34 percent of the total goods trade deficit; Mexico, with net exports of -$235.11 billion, 19.97 percent of the total goods trade deficit; and Taiwan, with net exports of -$223.33 billion, 18.97 percent of the total goods trade deficit.

• The U.S. had the largest goods trade surpluses with Netherlands, with net exports of $84.33 billion, -7.16 percent of the total goods trade deficit; United Kingdom, with net exports of $48.77 billion, -4.14 percent of the total goods trade deficit; and Hong Kong, with net exports of $44.92 billion, -3.82 percent of the total goods trade deficit.

• The most exported goods by value were civilian aircraft, engines, equipment, and parts; crude oil; and nonmonetary gold. Together, these goods accounted for 17.76 percent of the value of all exported goods over those 12 months.

• The U.S. exported the most to Mexico ($381.73 billion), Canada ($344.16 billion), and United Kingdom ($113.97 billion). Together, these countries accounted for 34.85 percent of the value of all U.S. exports over those 12 months.

• The most imported goods by value were computers; computer accessories; and pharmaceutical preparations. Together, these goods accounted for 21.76 percent of the value of all imported goods over those 12 months.

• The U.S. imported the most from Mexico ($616.84 billion), Canada ($395.97 billion), and Taiwan ($282.50 billion). Together, these countries accounted for 36.11 percent of the value of all U.S. imports over those 12 months.

In September 2026, the U.S. calculated $22.94 billion in import duties, which is 0.75 percent lower than the 12-month average. Over the 12 months through September 2026, the U.S. calculated $277.41 billion in import duties. In September 2026, the average applied duty rate, defined as calculated duty revenue as a share of total imports for consumption, was 6.49 percent, which is 1.46 percentage points lower than the 12-month average.

The U.S. dollar strengthened against three of the five leading global currencies. From September 2025 to September 2026, the U.S. dollar weakened against the Chinese yuan by 5.8 percent, and the Mexican peso by 1.5 percent. The dollar strengthened against the Euro by 3.4 percent, the British pound by 1.3 percent, and the Japanese yen by 6.3 percent. A stronger U.S. dollar can improve U.S. Terms of Trade (ToT) with trading partners by lowering the dollar price of imports from the foreign country. Terms of trade (ToT) is the ratio of a country’s export prices to its import prices. Stronger ToT means a country can buy more imports for a given amount of exports. 

For the full update, with greater detail of the U.S. exports, imports, duties, and trading partners, visit https://www.jec.senate.gov/public/index.cfm/republicans/trade-update/. 

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