The U.S. goods and services trade deficit stood at $105.0 billion in September 2026, while a new analysis shows that imports of computers and chips linked to data-center investment now account for a large share of the gap.
Deficit narrows slightly as imports rise
Official data released on November 4 showed that the deficit narrowed by $0.7 billion from a revised $105.7 billion in August. Exports increased 1.9% to $321.5 billion, while imports rose 1.2% to $426.6 billion. The goods deficit was $135.9 billion and the services surplus was $30.9 billion.
Tech imports reshape the AI investment story
ING estimated on November 4 that the September deficit in computers, peripherals and semiconductors reached about $64 billion, equivalent to roughly 61% of the total U.S. trade deficit. The bank also estimated that imports of these products climbed to $87 billion, compared with about $20 billion a month less than two years ago.
ING argues that part of the domestic growth boost from AI and data-center spending is flowing abroad through imported equipment and chips. That is the bank’s analysis; the headline deficit, export and import figures are official data.
What does this mean for investors?
The figures reinforce global demand for chip and computing-equipment suppliers, but they also show that faster U.S. technology spending does not translate fully into domestic value added. If elevated tech imports persist, they could offset part of investment’s contribution to U.S. growth.
What to watch next
- The direction of computer and chip imports as data centers expand.
- How quickly technology inventories move into productive investment.
- The next official U.S. trade release scheduled for December 8, 2026.
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