Date: December 19, 2019
The U.S. current account deficit in the third quarter of 2019, decreased by $1.1 billion, or 0.9%, to $124.1 billion from the revised second quarter deficit of $125.2 billion. This reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries.
According to statistics from the U.S. Bureau of Economic Analysis (BEA), the third quarter deficit amounted to 2.3% of current dollar gross domestic product. In addition, BEA noted, “the $1.1 billion narrowing of the current account deficit in the third quarter mainly reflected a reduced deficit on goods and an expanded surplus on primary income.”
Furthermore, in the third quarter, exports of goods and services to, and income received from, foreign residents fell $4.3 billion, to $944.4 billion. However, imports of goods and services from, and income paid to, foreign residents went down $5.4 billion to $1.07 trillion.
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