U.S. goods trade deficit widens as AI-related demand pushes imports to record high
SPY•The U.S. goods trade deficit widened by $2.8 billion to $134.9 billion in September as imports rose to a record $344.1 billion. Goods exports increased by $5.3 billion to $209.2 billion.
1. Imports reach a record
The goods trade shortfall widened 2.1% in September, the largest since March 2025. Imports rose 2.4%, boosted by a 7.5% increase in capital goods; capital goods imports were up 77.2% from a year earlier. Economists surveyed had forecast a $130.2 billion deficit.
2. Trade weighs on growth
Economists estimated trade could subtract 3.25 to 4 percentage points from third-quarter GDP growth. Strong consumer spending also supported imports, while some September imports remained in wholesale and retail inventories, which could soften the impact on GDP. Goods exports rose 2.6%, including a 12.8% increase in food shipments.
