The US current account deficit narrowed by $0.1 billion to $104.2 billion in Q1 2020, compared to expectations of a $103 billion gap. It is the lowest shortfall since Q2 2018, in part due to the impact of the coronavirus, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted. Exports of goods decreased $8.4 billion to $403.0 billion, mostly civilian aircraft and jewelry and collectibles. Imports of goods fell $18.6 billion to $595.3 billion, mainly cell phones computers and telecommunications equipment. Both exports and imports of services declined due to travel, primarily other personal travel, and transport, primarily air passenger transport. Thus, the goods and services deficit shrank to $119.1 billion from $129.8 billion. Also, the primary income surplus narrowed to $52.5 billion from $62 billion and the secondary income gap widened to $37.6 billion from $36.5 billion.
Current Account in the United States averaged -49640.05 USD Million from 1960 until 2020, reaching an all time high of 9957 USD Million in the first quarter of 1991 and a record low of -218442 USD Million in the third quarter of 2006. This page provides the latest reported value for - United States Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Current Account - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: U.S. Bureau of Economic Analysis
Current Account in the United States is expected to be -105000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in the United States to stand at -125000.00 in 12 months time. In the long-term, the United States Current Account is projected to trend around -117000.00 USD Million in 2021 and -137000.00 USD Million in 2022, according to our econometric models.