June 20, 2024
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 $15.9 billion, or 7.2 percent, to $237.6 billion in the first quarter of 2024. The widening mostly reflected an expanded deficit on goods. The first-quarter deficit was 3.4 percent of current-dollar gross domestic product, up from 3.2 percent in the fourth quarter.
- Exports of goods increased $2.3 billion to $516.1 billion, while imports of goods increased $15.4 billion to $793.9 billion.
- Exports of services increased $7.7 billion to $271.0 billion, while imports of services increased $5.1 billion to $197.8 billion.
- Receipts of primary income increased $9.7 billion to $364.6 billion, while payments of primary income increased $12.9 billion to $352.3 billion.
- Receipts of secondary income decreased $2.7 billion to $49.7 billion, while payments of secondary income decreased $0.5 billion to $95.1 billion.
- Net financial-account transactions were −$197.3 billion, reflecting net U.S. borrowing from foreign residents.
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