US merchandise trade deficit rose to $134.9 billion in September — highest since March 2025

Deficit reaches highest level since March 2025

The US merchandise trade deficit rose 2.1% in September compared with August to $134.9 billion — the highest level since March 2025. The data was published on Wednesday by the US Department of Commerce, Anadolu reports. The figure came in worse than market expectations, which had pointed to a deficit of $130.4 billion, and above the revised August reading of $132.1 billion.

What lies behind the increase

The widening deficit is explained by imports growing faster than exports. Goods shipments from abroad rose by $8.1 billion over the month to $344.1 billion, while American exports increased by $5.3 billion to $209.2 billion. Thus, the increase in imports was roughly one and a half times larger than the increase in exports, which determined the widening of the gap.

Inventories data

The same report includes data on goods inventories. Wholesale inventories rose 0.6% in September to $1.01 trillion, while retail inventories grew 0.3% to $885.3 billion. The rise in inventories against the backdrop of growing imports may indicate an accumulation of goods in trade channels, but the published data itself is limited to stating these figures without assessing the reasons.