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June 23, 2021US CURRENT ACCOUNT Q1 2021 
The United States (US) current account deficit widened by $20.7 billion from the revised deficit of $175.1 billion in the final quarter of 2020 to $195.7 billion in Q1 2021. The current account deficit recorded in Q4 was mostly due to an increased deficit on goods and a lower surplus on primary income.
Compared to the previous quarter, the goods trade deficit widened by $15.3 billion to $268.5 billion while the services trade surplus narrowed by $0.6 billion to $55.7 billion.
The primary income surplus narrowed by $3.9 billion from the previous quarter to $50.3 billion. The secondary income deficit increased by $0.8 billion to $33.3 billion in Q1 2021.
According to the data released by the US Bureau of Economic Analysis, goods exports increased $24.5 billion to $408.6 billion while imports of goods were up by $39.9 billion to $677.0 billion in Q1 2021. As a result, goods trade deficit widened by $15.3 billion to $268.5 billion in the first quarter.
When compared to the previous quarter, exports of services increased $1.1 billion to $175.9 billion and imports of services increased $1.8 billion to $120.2 billion. The services trade surplus narrowed by $0.6 billion to $55.7 billion in the first quarter.
Current Account as a % of GDP
The US Bureau of Economic Analysis reported that current account deficit as a share of GDP was -3.6% in Q1 2021.
Source: United States Bureau of Economic Analysis
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