U.S. trade deficit fell 25.3% in January 2026 to $54.5 billion, driven by record exports and lower imports.

The U.S. trade deficit narrowed to $54.5 billion in January 2026, a 25.3% drop from December, driven by a record $302.1 billion in exports and a slight decline in imports to $356.6 billion. Strong export growth in industrial supplies, capital goods, and non-monetary gold led the improvement, while imports fell due to lower consumer goods and automotive product purchases. The goods deficit shrank to $81.8 billion, and the services surplus rose to $27.3 billion. The data, released on March 12, 2026, came after a government shutdown delay and reflects ongoing trade policy volatility, including new tariffs and legal challenges. Despite the narrowing gap, trade contributed little to fourth-quarter GDP growth, and economic outlooks remain uncertain amid global tensions and shifting policies.