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September 18, 2020US 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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