U.S. Current-Account Deficit Widens in 2nd Quarter 2024

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $25.8 billion, or 10.7 percent, to $266.8 billion in the second quarter of 2024. The widening mostly reflected an expanded deficit on goods. The second-quarter deficit was 3.7 percent of current-dollar gross domestic product, up from 3.4 percent in the first quarter. 

• Exports of goods decreased $0.1 billion to $516.7 billion, while imports of goods increased $20.1 billion to $813.9 billion.
• Exports of services increased $3.1 billion to $271.7 billion, while imports of services increased $2.9 billion to $197.7 billion.
• Receipts of primary income increased $2.7 billion to $362.4 billion, while payments of primary income increased $8.3 billion to $361.3 billion.
• Receipts of secondary income decreased $0.9 billion to $49.3 billion, while payments of secondary income decreased $0.6 billion to $93.9 billion.
• Net financial-account transactions were −$304.3 billion, reflecting net U.S. borrowing from foreign residents.

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