U.S. Trade Deficit Narrows in October 2025

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In October 2025, the U.S. goods and services trade deficit fell sharply to $29.4 billion, down $18.8 billion from September's revised $48.1 billion. This decrease reflected a $19.2 billion drop in the goods deficit and a slight $0.4 billion decline in the services surplus. Exports rose 2.6% to $302.0 billion, while imports fell 3.2% to $331.4 billion.

Goods exports increased $7.1 billion to $195.9 billion, led by industrial supplies and materials, nonmonetary gold, and other precious metals, while consumer goods and pharmaceuticals saw slight declines. Services exports grew $0.7 billion to $106.1 billion, driven by travel and intellectual property charges.



On the import side, goods imports fell $12.1 billion to $255.0 billion, mainly due to lower consumer goods, pharmaceuticals, and industrial supplies, while capital goods and technology-related imports increased. Services imports rose $1.1 billion to $76.3 billion, with gains in travel, business, and insurance services.

Year-to-date, the overall goods and services deficit increased 7.7% compared to 2024, with exports up 6.3% and imports up 6.6%. The three-month moving average showed a $15.0 billion decrease in the deficit, with exports rising $6.0 billion and imports falling $9.0 billion.

By country, the U.S. recorded surpluses with Switzerland, the U.K., South and Central America, the Netherlands, Hong Kong, and Brazil, while deficits remained with Mexico, Taiwan, Vietnam, China, the EU, Germany, Japan, and several other countries. Notable changes included a $15.1 billion drop in the deficit with Ireland and a $5.7 billion increase in the surplus with the U.K.
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