December 20, 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, narrowed by $16.5 billion, or 7.6 percent, to $200.3 billion in the third quarter of 2023. The narrowing mostly reflected a reduced deficit on goods. The third-quarter deficit was 2.9 percent of current-dollar gross domestic product, down from 3.2 percent in the second quarter.
- Exports of goods increased $19.1 billion to $516.4 billion, while imports of goods increased $4.6 billion to $777.4 billion.
- Exports of services increased $2.7 billion to $252.2 billion, while imports of services decreased $1.9 billion to $176.0 billion.
- Receipts of primary income increased $11.8 billion to $362.1 billion, while payments of primary income increased $14.0 billion to $332.1 billion.
- Receipts of secondary income decreased $0.7 billion to $45.1 billion, while payments of secondary income decreased $0.3 billion to $90.7 billion.
- Net financial-account transactions were −$138.6 billion in the third quarter, reflecting net U.S. borrowing from foreign residents.
For more information, read the full release.