The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $7.4 billion, or 1.5 percent, to $498.4 billion in 2019. The widening mainly reflected an expanded deficit on secondary income and a reduced surplus on services that were partly offset by a reduced deficit on goods. The 2019 deficit was 2.3 percent of current dollar gross domestic product, down from 2.4 percent in 2018.
- Exports of goods decreased $21.5 billion, to $1.65 trillion, while imports of goods decreased $42.6 billion, to $2.52 trillion.
- Exports of services increased $18.2 billion, to $845.2 billion, while imports of services increased $28.1 billion, to $595.4 billion.
- Receipts of primary income increased $38.9 billion, to $1.12 trillion, while payments of primary income increased $35.9 billion, to $866.1 billion.
- Receipts of secondary income decreased $7.4 billion, to $142.8 billion, while payments of secondary income increased $14.3 billion, to $281.7 billion.
- Net financial account transactions were −$395.9 billion, reflecting net U.S. borrowing from foreign residents.
For more information, read the full report.