September 22, 2020
The U.S.current account deficitin the second quarter of 2020, increased by $59.0 billion, or 52.9%, to $170.5 billion. This reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries. The revised first quarter deficit was $111.5 billion.
According to statistics from the U.S. Bureau of Economic Analysis (BEA), the second quarter deficit amounted to 3.5% of current dollar gross domestic product. In addition, BEA noted, “the $59.0 billion widening of the current account deficit in the second quarter mostly reflected an expanded deficit on goods and reduced surpluses on primary income and on services.”
Furthermore, in the second quarter, exports of goods and services to, and income received from, foreign residents fell $209.3 billion, to $688.0 billion. However, imports of goods and services from, and income paid to, foreign residents went down $150.2 billion to $858.5 billion.
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