The U.S. goods-and-services trade deficit is the amount by which imports exceed exports. In the latest available monthly release, covering August 2026, the deficit was $105.6 billion, up from July’s revised $92.8 billion. The balance changes as imports and exports change—and because goods and services can move in opposite directions.
What the U.S. trade deficit measures
The U.S. Bureau of Economic Analysis (BEA) measures trade in goods and services between U.S. residents and residents of other countries. Exports are sales to foreign residents; imports are purchases from them. The balance is calculated as exports minus imports: when imports are greater, the result is negative and is called a deficit. As the BEA puts it, “The difference between the exports and imports is the trade balance.” BEA’s International Trade in Goods and Services page provides the definition and current monthly data.
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Goods and services make up the monthly headline
The monthly headline is the combined balance for goods and services—not a goods-only figure. A deficit in goods can be partly offset by a surplus in services, so the combined balance depends on both.
What changed in the latest monthly report
The BEA and U.S. Census Bureau’s October 6, 2026 release reported an August goods-and-services deficit of $105.6 billion, compared with a revised $92.8 billion in July. Imports increased more than exports. The goods deficit widened by $12.8 billion to $136.6 billion, while the services surplus grew by less than $0.1 billion to $31.0 billion. The release’s figures are seasonally adjusted and can be revised as more complete data arrive. See the BEA trade page for the release and updates.
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Why the trade deficit changes
At the accounting level, the explanation is that exports, imports, or both changed. Broader economic conditions can affect those flows: U.S. demand for foreign goods and services, foreign demand for U.S. output, prices, quantities, and the mix of transactions across categories. A monthly balance alone does not establish which deeper factor caused a change.
Goods and services can offset each other
The 2025 annual figures show why the combined total can behave differently from either component. The goods deficit increased by $25.5 billion to $1,240.9 billion, while the services surplus rose by $27.6 billion to $339.5 billion. Together, those movements left the goods-and-services deficit at $901.5 billion, down $2.1 billion from 2024. The BEA and Census Bureau’s annual 2025 release reports these totals.
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Import and export totals can both rise
In 2025, exports increased by $199.8 billion, or 6.2%, and imports increased by $197.8 billion, or 4.8%. Because the increases were close in dollar terms, the overall deficit changed little. The annual release also recorded a $165.9 billion increase in goods imports of capital goods, including a $101.4 billion increase in computers, alongside growth in services exports and imports. These figures describe the components of the total; they do not prove a single underlying cause.
Trade deficit versus current-account deficit
The current account is broader than the goods-and-services trade balance. It also includes primary income, such as investment income and employee compensation, and secondary income, such as current transfers. International financial flows are recorded separately. The BEA reported a 2025 current-account deficit of $1.12 trillion, equal to 3.6% of current-dollar GDP; that is not the same measure as the $901.5 billion goods-and-services trade deficit. The BEA’s 2025 year-end international transactions release reports the current-account figure, and its current-account explainer describes what the broader account includes.
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How to compare trade-deficit figures fairly
Before comparing two numbers, check that they refer to the same measure and basis. Monthly releases may be revised, and a goods-only balance, a goods-and-services balance, and a current-account balance are not interchangeable.
- Scope: Confirm whether the figure covers goods, goods and services, or the current account.
- Period and release vintage: Check the reference month or year and whether later revisions changed an earlier estimate.
- Seasonal adjustment: Monthly headline balances are seasonally adjusted; confirm the adjustment basis when comparing figures.
- Prices versus quantities: Headline dollar totals are not adjusted for price changes. For goods, the BEA reported that the real deficit rose 5.7% in 2025, compared with a 2.1% increase in the nominal goods deficit. Those are different measures, so the real and nominal percentages should not be treated as directly interchangeable.
- Aggregate versus category: A country or product balance is only one part of the national total and does not by itself explain it.
These accounting figures describe trade flows; the sign of the balance alone does not establish effects on welfare, competitiveness, or jobs. The BEA and Census Bureau’s 2025 annual release includes the real-goods comparison and further category detail.
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