The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $117.4 billion (preliminary) in the second quarter from $133.6 billion (revised) in the first quarter. The decrease in the current-account deficit was accounted for by a decrease in the deficit on goods and an increase in the surplus on income.
Goods and services
The deficit on goods and services decreased to $139.3 billion in the second quarter from $148.4 billion in the first. Goods The deficit on goods decreased to $185.8 billion in the second quarter from $194.3 billion in the first.
Goods exports increased to $394.1 billion from $388.5 billion. Exports of five of the six major end-use categories increased. The largest increases were in foods, feeds, and beverages; consumer goods; and automotive vehicles, parts, and engines. The increase in foods, feeds, and beverages was mostly due to an increase in soybeans. The increase in consumer goods was mostly due to an increase in medicinal, dental, and pharmaceutical products. Industrial supplies and materials decreased; the decrease was more than accounted for by a decrease in nonmonetary gold.
Goods imports decreased to $579.9 billion from $582.8 billion, though imports of only two of the six major end-use categories decreased. The decrease was more than accounted for by a decrease in imports of industrial supplies and materials that was, in turn, more than accounted for by a decrease in petroleum and products. The major end-use categories with the largest increases were capital goods, consumer goods, and automotive vehicles, parts, and engines. The increase in capital goods was largely due to an increase in machinery and equipment, and the increase in consumer goods reflected increases in both nondurable and durable goods (Table 2a).
Services The surplus on services increased to $46.5 billion in the second quarter from $45.9 billion in the first.
Services receipts increased to $157.0 billion from $155.5 billion. Five of the seven major services categories increased. The largest increases were in other private services, which includes items such as financial services, insurance services, and business, professional, and technical services; royalties and license fees; and travel.
Services payments increased to $110.5 billion from $109.6 billion. Six of the seven major services categories increased; the increase mainly reflected an increase in other private services.
source: BEA
