Key facts
- The US current account deficit increased to $246.0 billion in the second quarter.
- Goods imports rose by $67.4 billion to $931.6 billion.
- Goods exports increased by $27.1 billion to $640.3 billion.
- The goods trade deficit widened by $40.4 billion to $291.3 billion.
- The second-quarter current account deficit represented 3.0% of GDP.
- The US international investment position deficit widened to $22.42 trillion.
The US current account deficit widened sharply in the second quarter, driven by a substantial increase in goods imports that outpaced export growth. The deficit grew by $33.4 billion, or 15.7%, to $246.0 billion, according to data from the Commerce Department's Bureau of Economic Analysis. This figure represents 3.0% of the nation's gross domestic product, up from 2.7% in the previous quarter. The goods trade deficit specifically widened by $40.4 billion to $291.3 billion, as goods imports surged by $67.4 billion to $931.6 billion, while exports of goods increased by $27.1 billion to $640.3 billion. Trade has been a drag on GDP for three consecutive quarters. The primary income balance narrowed to $11.4 billion, with both receipts and payments seeing increases. The nation's international investment position also deteriorated, with the deficit widening to $22.42 trillion at the end of the second quarter from $21.27 trillion in the first quarter.