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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

September 18, 2020
US CURRENT ACCOUNT Q2 2020

 

 The US Bureau of Economic Analysis reported that from 2020Q1 to 2020Q2,

 

  • the Current account deficit widened by $59.0 billion to $170.5 billion. This is the largest deficit since Q3 2008.
  • the  Goods trade deficit widened by  $27.6 billion to $219.3 billion.
  • the  Services trade surplus narrowed by $10.8 billion to $54.4 billion.
  • the  Primary trade surplus narrowed by $22.8 billion to $29.2 billion.
  • the  Secondary trade deficit narrowed by $2.2 billion to $34.9 billion.

 

 

 


The US Bureau of Economic Analysis reported that from 2020Q1 to 2020Q2

  • Goods exports decreased by  28.4% ($114.6 billions) to $288.9 billion.  
  • Goods imports decreased by  14.6% ($87.1 billions) to $508.2 billion.
  • As a result, Goods trade deficit widened by $27.6 billions to $219.3 billion
  • Services exports declined by 22.9% ($46.3 billions) to $155.8 billion. 
  • Services imports decelined by 25.9% ($35.4 billions) to $101.3 billion.
  • As a result, Services trade surplus narrowed by $10.8 billions to $54.4 billion

 

 

 

 

 

 

Current Account as a % of GDP

 

The US Bureau of Economic Analysis reported that current account deficit as a share of GDP was -3.5% in 2020Q2.

 

Source: United States Bureau of Economic Analysis 



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