Research >> Economics
1Q2019 Current Account Deficit Decreased
The U.S. current-account deficit decreased to $130.4 billion (preliminary) in the first quarter of 2019 from $143.9 billion (revised) in the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product in the first quarter, down from 2.8 percent in the fourth quarter.
Exports of goods and services and income receipts increased $7.2 billion in the first quarter to $945.9 billion.
- Primary income receipts increased $5.3 billion to $281.8 billion, primarily reflecting increases in direct investment income and in other investment income. A decrease in portfolio investment income partly offset the increases. For more information on direct investment income, see "Effects of the 2017 Tax Cuts and Jobs Act on Components of the International Transactions Accounts."
- Goods exports increased $2.4 billion to $419.3 billion, primarily reflecting increases in automotive vehicles, parts, and engines, mostly passenger cars, and in foods, feeds, and beverages, mainly soybeans. A decrease in industrial supplies and materials partly offset the increases.
- Services exports increased $2.3 billion to $209.1 billion, primarily reflecting an increase in travel (for all purposes including education), mostly personal travel.
- Secondary income receipts decreased $2.8 billion to $35.6 billion, reflecting decreases in both private and U.S. government transfers.
Imports of goods and services and income payments decreased $6.3 billion in the first quarter to $1.08 trillion.
- Goods imports decreased $13.4 billion to $635.9 billion, primarily reflecting a decrease in industrial supplies and materials, mainly petroleum and products.
- Primary income payments increased $4.3 billion to $220.7 billion, primarily reflecting an increase in direct investment income.
Posted: June 20, 2019 Thursday 08:30 AM