Errata: Numbers in this blog have been corrected. Net U.S. borrowing from financial-account transactions now stands at $115.3 billion in the first quarter. Net U.S. incurrence of liabilities excluding financial derivatives is $395.0 billion.
The U.S. current-account deficit increased to $116.8 billion (preliminary) in the first quarter of 2017 from $114.0 billion (revised) in the fourth quarter of 2016. As a percentage of U.S. GDP, the deficit increased to 2.5 percent from 2.4 percent. The previously published current-account deficit for the fourth quarter was $112.4 billion.
- The deficit on international trade in goods increased to $200.3 billion from $195.1 billion as goods imports increased more than goods exports.
- The surplus on international trade in services increased to $61.3 billion from $61.0 billion as services exports increased more than services imports.
- The surplus on primary income decreased to $47.7 billion from $51.3 billion as primary income payments increased more than primary income receipts.
- The deficit on secondary income (current transfers) decreased to $25.5 billion from $31.3 billion as secondary income receipts increased and secondary income payments decreased.
Net U.S. borrowing from financial-account transactions was $115.3 billion in the first quarter, up from $74.8 billion in the fourth.
- Net U.S. acquisition of financial assets excluding financial derivatives was $282.7 billion in the first quarter, a shift from net liquidation of $84.5 billion in the fourth.
- Net U.S. incurrence of liabilities excluding financial derivatives was $395.0 billion in the first quarter, a shift from net repayment of $16.7 billion in the fourth.
- Net borrowing in financial derivatives other than reserves was $3.0 billion in the first quarter, down from $7.0 billion in the fourth.
For more information, read the full report.