US Current Account Deficit Widens to $246 Billion

The Bureau of Economic Analysis reported on September 24 that the United States current account deficit widened by 15.7% to $246.0 billion during the second quarter. This increase pushed the deficit to 3.0% of gross domestic product, up from 2.7% in the first quarter.

A surge in goods imports drove the expansion, with imports rising by $67.4 billion to $931.6 billion. This growth outpaced a $27.1 billion increase in exports, resulting in a goods trade deficit of $291.3 billion. This trade imbalance subtracted 1.14 percentage points from the overall gross domestic product.

Data also indicates a deterioration in the nation's international investment position. By the end of the second quarter, the deficit reached $22.42 trillion, with total liabilities hitting $69.39 trillion against assets of $46.97 trillion.