---
title: US Trade Deficit in September 2026 and Vietnam Bilateral Gap
description: The US trade deficit narrowed to 105.0 billion USD in September 2026 according to BEA data, while the bilateral goods gap with Vietnam reached 25.3 billion USD.
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# US Trade Deficit in September 2026 and Vietnam Bilateral Gap

> The US trade deficit narrowed to 105.0 billion USD in September 2026 according to BEA data, while the bilateral goods gap with Vietnam reached 25.3 billion USD.

Gini · Macro & monetary · 2026-11-05 · https://ginity.vn/en/blog/us-trade-deficit-september-2026-vietnam-balance

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- The US international trade deficit in goods and services narrowed by 0.7 billion USD to 105.0 billion USD in September 2026 according to the Bureau of Economic Analysis.
- A goods trade deficit of 135.9 billion USD in September 2026 was partly cushioned by a services trade surplus of 30.9 billion USD.
- The bilateral goods deficit with Vietnam reached 25.3 billion USD in September 2026, ranking second for the month behind Mexico while representing the largest cumulative deficit year-to-date at 188.7 billion USD.
- Rising US imports of capital goods offer constructive signals but do not guarantee purchase orders without sustained commercial demand in 2026.

## US Trade Deficit Reached $105.0B in September 2026

Official figures published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) on November 4, 2026, revealed that the United States international trade deficit in goods and services stood at 105.0 billion USD in September 2026. This represented a modest decrease of 0.7 billion USD from the revised 105.7 billion USD deficit recorded in August. The slight narrowing occurred because export growth outpaced the expansion of import demand during the month.

According to data reported by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), US exports of goods and services rose by 5.8 billion USD to 321.5 billion USD in September 2026. Over the same monthly interval, imports increased by 5.2 billion USD to 426.6 billion USD. Taking a wider perspective, the three-month moving average trade deficit for the period ending September rose by 11.3 billion USD to 101.2 billion USD, compared with the three-month period ending in August.

Looking at cumulative 9-month performance in 2026, according to the official report published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), the combined goods and services deficit contracted by 92.4 billion USD, or 12.2%, compared to the corresponding period in 2025. Total exports between January and September increased by 297.3 billion USD, representing an 11.6% rise, while imports advanced by 204.9 billion USD, or 6.2%, against 2025 benchmarks.

> Chart: US International Trade in September 2026. billion USD. US Exports: 321.5; US Imports: 426.6; Total Deficit: 105.0; Vietnam Deficit: 25.3.

Measured in real terms using chained 2017 dollars, according to statistical accounts published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), the real goods deficit widened by 3.5 billion USD, or 3.0%, to 119.5 billion USD in September 2026. Real exports of goods edged up slightly to 152.2 billion USD, while real imports of goods rose to 271.6 billion USD.

## Distinguishing Goods Deficit from Services Surplus

Evaluating the US external balance requires separating physical merchandise flows from cross-border service activities:

$$\text{Overall Trade Balance} = \text{Goods Balance} + \text{Services Balance}$$

This accounting identity highlights the structural offset within the external accounts of the United States. According to official findings published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), the deficit on goods trade alone stood at 135.9 billion USD in September 2026, after narrowing by 0.7 billion USD relative to August. By contrast, services trade generated a surplus of 30.9 billion USD, down by less than 0.1 billion USD from the prior month. When combined, the 30.9 billion USD services cushion reduced the gross goods deficit to the reported net figure of 105.0 billion USD.

On the merchandise side, according to accounts published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), goods exports climbed by 5.1 billion USD to 211.0 billion USD in September 2026. Concurrently, goods imports expanded by 4.4 billion USD to 346.9 billion USD. Capital goods drove most of the inbound momentum, jumping 11.6 billion USD during the month, led by computers which added 7.6 billion USD and computer accessories which contributed 5.7 billion USD. Consumer goods imports rose by 2.4 billion USD, supported by pharmaceutical shipments increasing 2.9 billion USD, while industrial supplies fell by 3.7 billion USD.

In services, according to statistical summaries reported by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), service receipts rose 0.7 billion USD to 110.5 billion USD in September 2026, while service payments rose 0.8 billion USD to 79.7 billion USD. This combination produced a net services trade surplus of 30.9 billion USD for the month.

## Bilateral Goods Gap with Vietnam Stood at $25.3B

Turning to geographic breakdowns in Exhibit 19 of the statistical tables published by the [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf) on November 4, 2026, the seasonally adjusted US goods deficit with Vietnam reached 25.3 billion USD (specifically 25,342 million USD) in September 2026. This marked an increase from the 24.0 billion USD (specifically 24,036 million USD) deficit logged in August.

During September 2026, according to geographic accounts reported by the [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf), US goods shipments bound for Vietnam stood at 1.74 billion USD (1,740 million USD), while goods arriving from Vietnamese suppliers totaled 27.08 billion USD (27,083 million USD). For the full third quarter of 2026, the bilateral goods deficit expanded to 72.70 billion USD, exceeding the 61.47 billion USD gap seen in the second quarter and the 54.48 billion USD gap recorded in the first quarter.

Over the initial 9 months of 2026, according to dataset entries published by the [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf), US imports from Vietnam reached 202.83 billion USD against US exports of 14.18 billion USD, yielding an aggregate goods deficit of 188.66 billion USD. This represents a 46.6% increase compared to the 128.65 billion USD goods deficit recorded across the first 9 months of 2025. In the bilateral partner rankings for September 2026 published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), Vietnam recorded the second largest monthly goods deficit at 25.3 billion USD, behind Mexico at 28.7 billion USD, and ahead of Taiwan at 21.9 billion USD and China at 17.9 billion USD. However, on a cumulative 9-month basis, Vietnam held the largest bilateral goods deficit for the United States at 188.66 billion USD, surpassing Mexico at 185.21 billion USD.

$$\text{Trade Balance} = \text{Exports} - \text{Imports}$$

The [Vietnam Government Portal](https://baochinhphu.vn/thang-9-xuat-sieu-tro-lai-voi-muc-127-ty-usd-102261003110225136.htm) attributes its 9-month export series to the Statistics Department (Cục Thống kê) of the Ministry of Finance, reporting 140.0 billion USD in exports to the United States and a surplus of 122.62 billion USD, up 23.8% compared to the first 9 months of 2025. Conversely, the 202.83 billion USD import figure reported by the [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf) is compiled from documentation collected by U.S. Customs and Border Protection. Because the two statistical series reflect distinct national administrative datasets and compilation frameworks, they are not directly comparable.

## Conditional Transmission to Vietnamese Exporters

While climbing US import totals in September 2026 offer constructive signals for export manufacturing, transmission into sustained factory revenue is conditional rather than guaranteed.

According to sectoral details published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026), US import growth in September 2026 was led by capital goods including computers and accessories, alongside consumer goods such as pharmaceuticals. Separately, Vietnamese foreign trade set historical records in late 2026, with 10-month two-way turnover documented by the [Vietnam Government Portal](https://baochinhphu.vn/xuat-nhap-khau-hang-hoa-vuot-moc-1000-ty-usd-sau-10-thang-102261029175411208.htm) and reported by [CafeF](https://cafef.vn/thiet-lap-ky-luc-chua-tung-co-trong-lich-su-mot-linh-vuc-cua-viet-nam-vuot-moc-1000-ty-usd-chi-sau-10-thang-188261029235913099.chn) on October 30, 2026, as explored in our coverage on [Vietnam trade crossing 1,000 billion USD](/en/blog/vietnam-imports-exports-cross-1000-billion-usd-2026), surpassing 1,000 billion USD after 10 months. However, monthly aggregate import figures do not ensure ongoing purchase order volumes for individual manufacturing facilities.

According to the policy statement published by the [Federal Reserve Board](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm) on September 16, 2026, the Federal Open Market Committee raised the target range for the federal funds rate by 25 basis points to 3.75%–4.00%.

As explored in [how macro figures reach each sector](/en/blog/how-macro-figures-reach-each-sector), changes in headline macroeconomic indicators transmit through specific operational and financial channels rather than uniform sector-wide expansion.

## Summary of US Trade Metrics for September 2026

The following table synthesizes essential US foreign trade indicators and key bilateral comparisons for September 2026:

| US Trade Indicator | September 2026 Value | Change from August 2026 | 9-Month YTD 2026 Summary | Data Source |
| :--- | :--- | :--- | :--- | :--- |
| Goods and services exports | 321.5 billion USD | +5.8 billion USD | Up 297.3 billion USD over 9M 2025 | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |
| Goods and services imports | 426.6 billion USD | +5.2 billion USD | Up 204.9 billion USD over 9M 2025 | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |
| Overall goods and services deficit | -105.0 billion USD | Narrowed 0.7 billion USD | Deficit narrowed 92.4 billion USD | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |
| Goods deficit (balance of payments basis) | -135.9 billion USD | Narrowed 0.7 billion USD | - | [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf) |
| Services surplus (balance of payments basis) | +30.9 billion USD | Decreased under 0.1B | - | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |
| Bilateral goods deficit with Vietnam | -25.3 billion USD | Widened 1.3 billion USD | Largest YTD bilateral deficit (-188.7B) | [BEA](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf) |
| Bilateral goods deficit with Mexico | -28.7 billion USD | Largest September gap | YTD deficit -185.2 billion USD | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |
| Bilateral goods deficit with China | -17.9 billion USD | Below Vietnam and Taiwan | YTD deficit -131.2 billion USD | [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) |

Source: US Bureau of Economic Analysis (BEA) and US Census Bureau (11/04/2026).

The September 2026 figures published by the [BEA](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) and detailed in Exhibit 19 highlight active trade flows, with US goods imports from Vietnam reaching 27.08 billion USD for the month.

## Sources

- U.S. Bureau of Economic Analysis (BEA): [U.S. International Trade in Goods and Services, September 2026](https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026) (11/04/2026)
- U.S. Census Bureau and BEA: [U.S. International Trade in Goods and Services Detailed Tables](https://www.bea.gov/sites/default/files/2026-11/trad0926.pdf) (11/04/2026)
- Vietnam Government Portal: [September records trade surplus of 1.27 billion USD](https://baochinhphu.vn/thang-9-xuat-sieu-tro-lai-voi-muc-127-ty-usd-102261003110225136.htm) (10/03/2026)
- Vietnam Government Portal: [Merchandise export and import turnover surpasses 1,000 billion USD after 10 months](https://baochinhphu.vn/xuat-nhap-khau-hang-hoa-vuot-moc-1000-ty-usd-sau-10-thang-102261029175411208.htm) (10/29/2026)
- Federal Reserve Board: [Federal Reserve issues FOMC statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm) (09/16/2026)
- CafeF: [Vietnam foreign trade sets historical record surpassing 1000 billion USD](https://cafef.vn/thiet-lap-ky-luc-chua-tung-co-trong-lich-su-mot-linh-vuc-cua-viet-nam-vuot-moc-1000-ty-usd-chi-sau-10-thang-188261029235913099.chn) (10/30/2026)

## Frequently asked questions

### What was the headline US trade deficit in September 2026?

According to the US Bureau of Economic Analysis (BEA) release on November 4, 2026, the combined goods and services deficit reached 105.0 billion USD in September 2026. This reflected a slight improvement of 0.7 billion USD from the revised 105.7 billion USD deficit recorded in August.

### How did US goods trade compare with services trade in September 2026?

In September 2026, the US ran a goods deficit of 135.9 billion USD based on 211.0 billion USD in exports and 346.9 billion USD in imports. Conversely, services trade posted a surplus of 30.9 billion USD, supported by 110.5 billion USD in services exports against 79.7 billion USD in services imports.

### Where did Vietnam rank among US bilateral trade deficits in September 2026?

Based on BEA detailed tables published on November 4, 2026, the US bilateral goods deficit with Vietnam reached 25.3 billion USD in September 2026, second for the month behind Mexico at 28.7 billion USD. On a 9-month cumulative basis, Vietnam held the largest bilateral goods deficit at 188.7 billion USD, ahead of Mexico at 185.2 billion USD.

### Does strong US import demand guarantee higher factory production in Vietnam for late 2026?

An increase in US imports does not automatically guarantee factory order backlogs. Transmission remains conditional on US retail inventory restocking, household spending resilience amid monetary policy stances, and logistics costs throughout late 2026.

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_Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._

_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._