U.S. Current Account Deficit Widened in 2019

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 $7.4 billion, or 1.5 percent, to $498.4 billion in 2019. The widening mainly reflected an expanded deficit on secondary income and a reduced surplus on services that were partly offset by a reduced deficit on goods. The 2019 deficit was 2.3 percent of current dollar gross domestic product, down from 2.4 percent in 2018.

• Exports of goods decreased $21.5 billion, to $1.65 trillion, while imports of goods decreased $42.6 billion, to $2.52 trillion.
• Exports of services increased $18.2 billion, to $845.2 billion, while imports of services increased $28.1 billion, to $595.4 billion.
• Receipts of primary income increased $38.9 billion, to $1.12 trillion, while payments of primary income increased $35.9 billion, to $866.1 billion.
• Receipts of secondary income decreased $7.4 billion, to $142.8 billion, while payments of secondary income increased $14.3 billion, to $281.7 billion.
• Net financial account transactions were −$395.9 billion, reflecting net U.S. borrowing from foreign residents.

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