The current account deficit in the US widened by $59 billion, or 52.9%, to $170.5 billion in Q2 2020, the biggest gap since Q3 2008. It is equivalent to 3.5% of the GDP, compared to 2.1% in Q1. It mostly reflects an expanded deficit on goods and reduced surpluses on primary income and on services. All major transactions declined in part due to COVID-19, as many businesses were operating at limited capacity or ceased operations, and the movement of travelers across borders was restricted. Exports went down mainly due to petroleum and products; civilian aircraft; parts and engines and passenger cars; and services of travel and air passenger transport. Receipts of primary income also went down mostly due to equity securities and primarily earnings. Receipts of secondary income fell due to primarily private sector fines and penalties and payments dropped on lower primarily private sector fines and penalties, and in general government transfers, primarily international cooperation. source: U.S. Bureau of Economic Analysis

Current Account in the United States averaged -50169.86 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 November of 2020.

Current Account in the United States is expected to be -165000.00 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 -117000.00 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.

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United States Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-170541.00 -111516.00 9957.00 -218442.00 1960 - 2020 USD Million Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-19 01:30 PM Q3 $-124.1B $-125.2B $-122.1B $ -131B
2020-03-19 12:30 PM Q4 $-109.8B $-125.4B $-109B $ -112B
2020-06-19 12:30 PM Q1 $-104.2B $-104.3B $-103B $-106B
2020-09-18 12:30 PM Q2 $-170.5B $-111.5B $-157.9B $ -150B
2020-12-18 01:30 PM Q3 $-170.5B $ -165B
2021-03-23 12:30 PM Q4
2021-06-23 12:30 PM Q1
2021-09-21 12:30 PM Q2


News Stream
US Current Account Gap Widens more than 50% in Q2
The current account deficit in the US widened by $59 billion, or 52.9%, to $170.5 billion in Q2 2020, the biggest gap since Q3 2008. It is equivalent to 3.5% of the GDP, compared to 2.1% in Q1. It mostly reflects an expanded deficit on goods and reduced surpluses on primary income and on services. All major transactions declined in part due to COVID-19, as many businesses were operating at limited capacity or ceased operations, and the movement of travelers across borders was restricted. Exports went down mainly due to petroleum and products; civilian aircraft; parts and engines and passenger cars; and services of travel and air passenger transport. Receipts of primary income also went down mostly due to equity securities and primarily earnings. Receipts of secondary income fell due to primarily private sector fines and penalties and payments dropped on lower primarily private sector fines and penalties, and in general government transfers, primarily international cooperation.
2020-09-18
US Current Account Gap Lowest since 2018
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.
2020-06-19
US Current Account Gap Narrows 12.4% in Q4
The US current account deficit narrowed by USD 15.6 billion to USD 109.8 billion in the fourth quarter of 2019, compared to market expectations of USD 109.0 billion, mainly reflecting a reduced deficit on goods that was partly offset by an expanded deficit on secondary income. The fourth quarter deficit was equivalent to 2.0 percent of GDP, down from 2.3 percent in the third quarter. Considering 2019 full year, the current account deficit widened by USD 7.4 billion, or 1.5 percent, to USD 498.4 billion in 2019, equivalent to 2.3 percent of GDP, down from 2.4 percent in 2018.
2020-03-19
US Current Account Gap Lowest in Over a Year
The US current account deficit narrowed to $124.1 billion in Q3 2019 from a downwardly revised $125.2 billion gap in Q2. It is the lowest current account deficit since Q2 2018 but higher than expectations of a $122.1 billion shortfall. It is equivalent to 2.3% of the GDP, down less than 0.1% from Q2. Exports of goods decreased $0.9 billion, to $413.8 billion, and imports went down $4.5 billion, to $633.4 billion, mainly reflecting falls in petroleum and products. Exports of services declined $0.3 billion, to $212.0 billion, led by personal travel; imports increased $1.6 billion, to $149.8 billion, mainly due to reinsurance. Receipts of primary income decreased $4.1 billion, to $282 billion, and payments fell $6.2 billion, to $213.3 billion. Receipts of secondary income increased $1.0 billion, to $36.6 billion and payments went up $3.7 billion, to $72.0 billion.
2019-12-19

United States Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).