U.S. Current-Account Deficit Widens in 3rd Quarter 2024

• International Trade & Investment

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 $35.9 billion, or 13.1 percent, to $310.9 billion in the third quarter of 2024. The widening reflected expanded deficits on secondary income, on primary income, and on goods. The third-quarter deficit was 4.2 percent of current-dollar gross domestic product, up from 3.8 percent in the second quarter.

• Exports of goods increased $13.6 billion to $530.0 billion, while imports of goods increased $23.7 billion to $837.2 billion.
• Exports of services increased $7.7 billion to $279.9 billion, while imports of services increased $6.0 billion to $206.2 billion.
• Receipts of primary income decreased $15.5 billion to $345.7 billion, while payments of primary income decreased $3.8 billion to $361.2 billion.
• Receipts of secondary income increased $0.2 billion to $50.2 billion, while payments of secondary income increased $16.1 billion to $112.0 billion.
• Net financial-account transactions were −$493.6 billion, reflecting net U.S. borrowing from foreign residents.

For more information, read the full release.