U.S. Trade Deficit Rises 13.7% in August to $105.6 Billion

The U.S. goods and services deficit increased 13.7% in August, to $105.6 billion, its highest level since March 2025, according to data from the Census Bureau and the Bureau of Economic Analysis cited by Clarín. The deterioration from July—when the revised deficit was $92.8 billion—coincided with a rebound in imports that outpaced the increase in exports.

Imports grew 4.3%, to $420.8 billion, while exports rose 1.4%, to $315.2 billion. Bloomberg Línea noted that increased shipments of capital goods helped imports reach a record. The monthly figure also exceeded the average forecast of $102.1 billion compiled by Bloomberg.

Goods and supplies drove the increase

The goods deficit widened by $12.8 billion, to $136.6 billion. Meanwhile, the services surplus increased by less than $100 million, to $31 billion, according to the breakdown published by Clarín.

Among goods imports, which rose by $17.2 billion, industrial supplies and materials—including petroleum and nonmonetary gold—stood out, increasing by $9.1 billion, as did capital goods, which rose by $6.2 billion. Goods exports grew by $4.4 billion; the increase in industrial supplies and materials, of $6.3 billion, was partly offset by movements in other categories.

In goods trade, the U.S. deficit with Mexico reached $27.7 billion; with China, $16.4 billion; and with the European Union, $11 billion. The deficit with Canada increased by $4.1 billion, to $7.1 billion, according to figures cited by Clarín.

The year-to-date total offers a different perspective

The August rebound contrasts with the balance for the first eight months of 2026: during that period, the goods and services deficit was $138.2 billion lower, a 19.9% decrease compared with the same period in 2025. Cumulative exports increased 11.8% and imports 4.4%, Clarín reported.

Therefore, one month's figure is not enough to establish whether the cumulative improvement has reversed. The figures show that imports grew faster in August, but on their own they do not determine what explains that difference or how the balance will evolve in the coming months.

Possible effect on GDP and contextual factors

Bloomberg Línea reported that the result could weigh on third-quarter GDP through net exports. Before the trade data were released, the Federal Reserve Bank of Atlanta's GDPNow estimate projected that net exports would subtract 2.59 percentage points from its growth estimate. This was a prior estimate, not a definitive measurement of GDP or an effect attributed exclusively to the August report.

Monthly trade data are not adjusted for inflation and have fluctuated since early 2025. Bloomberg Línea cited tariffs, oil-price volatility, supply-chain difficulties, and demand for imported technology associated with investment in artificial intelligence as contextual factors. The August figure alone does not make it possible to measure how much each contributed.

For businesses, the report provides a signal about foreign trade flows and the composition of U.S. purchases, especially industrial supplies and capital goods. It should be interpreted by distinguishing the monthly movement from the year-to-date total and bearing in mind that the trade balance alone does not describe overall economic activity.