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More Information 
December 19, 2018

The U.S. current-account deficit increased to $124.8 billion (preliminary) in the third quarter of 2018 from $101.2 billion (revised) in the second quarter of 2018. As a percentage of U.S. GDP, the deficit increased to 2.4 percent from 2.0 percent. The previously published current-account deficit for the second quarter was $101.5 billion.

Quarterly Current-Account and Component Balances
  • The deficit on international trade in goods increased to $227.0 billion from $203.1 billion as goods imports increased and goods exports decreased.
  • The surplus on international trade in services decreased to $68.4 billion from $68.5 billion as services imports increased more than services exports.
  • The surplus on primary income decreased to $59.4 billion from $62.3 billion as primary income receipts decreased and primary income payments increased.
  • The deficit on secondary income (current transfers) decreased to $25.6 billion from $29.0 billion as secondary income payments decreased and secondary income receipts increased.

Net U.S. borrowing measured by financial-account transactions was $31.3 billion in the third quarter, a decrease from net borrowing of $153.7 billion in the second.

  • Net U.S. acquisition of financial assets excluding financial derivatives was $132.7 billion in the third quarter following net U.S. liquidation of $199.9 billion in the second.
  • Net U.S. incurrence of liabilities excluding financial derivatives was $151.7 billion in the third quarter following net U.S. repayment of $63.3 billion in the second.
  • Net borrowing in financial derivatives other than reserves was $12.3 billion in the third quarter, down from $17.0 billion in the second.

For more information, read the full report.