United States Current Account2022 Data - 2023 Forecast - 1960-2021 Historical

The current account deficit in the US widened to a record high of $291.4 billion in Q1 of 2022 from an upwardly revised $224.8 billion in the previous period and above market expectations of $273.5 billion, mostly due to a surge in imports of goods. Imports of goods increased by $71.1 billion to a record US$829.7 billion, with the biggest gains in consumer goods, industrial supplies and materials, and capital goods as businesses restock inventories to meet strong domestic demand. Meanwhile, exports of goods rose by $13.9 billion to US$487.4 billion, also a record high boosted by industrial supplies and materials, mostly petroleum and products. Finally, receipts of primary income went up by $7.1 billion to $278.6 billion, and payments of primary income increased $10.7 billion to $245.2 billion, amid a rise in portfolio investment income while receipts of secondary income remained stable.

The current account deficit in the US shrank to $217.9 billion, or 3.6% of the GDP in the fourth quarter of 2021 from an upwardly revised $219.9 billion in the prior period, matching market forecasts. The services surplus rose slightly to $49.9 billion from $49.8 billion in Q3, and the primary income surplus also went up to $48.2 billion from $41.9 billion. At the same time, the secondary income deficit shrank to $38 billion from $38.4 billion, mainly due to an increase in general government transfers, primarily fines and penalties and taxes on income and wealth. Meanwhile, the goods gap widened to $274.8 billion from $273.2 billion, as imports jumped $41.8 billion to $756.9 billion whereas exports rose $31.6 billion to $473.5 billion. In 2021, the US current account deficit shot up 33.4% to an all-time high of $821.6 billion, reflecting an expanded deficit on goods. The deficit last year represented 3.6% of GDP, the largest share since 2008 and up from 2.9% in 2020.

The current account gap in the US widened to $214.8 billion, or 3.7% of the GDP in the third quarter of 2021 from an upwardly revised $198.3 billion in the prior period and compared to forecasts of a $205 billion shortfall. It was the largest current account deficit since Q3 2006 as imports surged to a record as companies were trying to fill up inventories. Reduced surplus on services and expanded deficits on secondary income and on goods were partly offset by an expanded surplus on primary income. The services surplus shrank to $49.9 billion from $62.6 billion in Q2, the goods deficit rose to $274.8 billion from $269.6 billion and the secondary income shortfall advanced to $38 billion from $30 billion.