December 21, 2022
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, narrowed by $21.6 billion, or 9.1 percent, to $217.1 billion in the third quarter of 2022. The narrowing mostly reflected a decreased deficit on goods that was partly offset by a decreased surplus on primary income and an increased deficit on secondary income. The third-quarter deficit was 3.4 percent of current-dollar gross domestic product, down from 3.8 percent in the second quarter.
- Exports of goods increased $7.2 billion to $547.0 billion, while imports of goods decreased $32.5 billion to $818.2 billion.
- Exports of services increased $4.9 billion to $234.0 billion, while imports of services increased $1.6 billion to $173.5 billion.
- Receipts of primary income increased $15.2 billion to $314.0 billion, while payments of primary income increased $26.8 billion to $268.4 billion.
- Receipts of secondary income decreased $0.8 billion to $42.7 billion, while payments of secondary income increased $9.0 billion to $94.9 billion.
- Net financial-account transactions were −$294.2 billion in the third quarter, reflecting net U.S. borrowing from foreign residents.
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