June 22, 2023
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 $3.1 billion, or 1.5 percent, to $219.3 billion in the first quarter of 2023. The widening primarily reflected an expanded deficit on secondary income and a reduced surplus on primary income that were partly offset by a reduced deficit on goods. The first-quarter deficit was 3.3 percent of current-dollar gross domestic product, up less than 0.1 percent from the fourth quarter.
- Exports of goods increased $8.9 billion to $526.6 billion, while imports of goods decreased $2.1 billion to $789.7 billion.
- Exports of services increased $3.5 billion to $244.3 billion, while imports of services increased $2.0 billion to $182.2 billion.
- Receipts of primary income increased $12.1 billion to $338.6 billion, while payments of primary income increased $18.9 billion to $307.3 billion.
- Receipts of secondary income decreased $8.5 billion to $44.5 billion, while payments of secondary income increased $0.4 billion to $94.1 billion.
- Net financial-account transactions were −$326.8 billion in the first quarter, reflecting net U.S. borrowing from foreign residents.
For more information, read the full report.