US current account balance for the 1Q of 2021
- prior quarter $-188.5 billion revised to $175.1 billion
- Current account $-195.7 billion versus $-206.2 billion estimate
- increase versus the fourth quarter was $20.7 billion or 11.8%
- deficit was 3.6% of current dollar GDP, up from 3.3% in the fourth quarter
- The $20.7 billion widening of the current account deficit in the first quarter mostly reflected an increased deficit on goods and a reduced surplus on primary income
- Exports of goods and services to, and income received from, foreign residents increased $36.8 billion, to $888.7 billion, in the first quarter.
- Imports of goods and services from, and income paid to, foreign residents increased $57.5 billion, to $1.08 trillion.
- Exports of goods increased $24.5 billion, to $408.6 billion, and imports of goods increased $39.9 billion, to $677.0 billion.
- Exports of services increased $1.1 billion, to $175.9 billion, reflecting mostly offsetting changes in several major categories. Increases were led by travel, mainly other personal travel; decreases were led by charges for the use of intellectual property, mainly for licenses to reproduce and/or distribute computer software. Imports of services increased $1.8 billion, to $120.2 billion, mostly reflecting an increase in transport, primarily sea freight transport.
The current account deficit is mostly due to the widening of the goods deficit between the US and it's trading partners. That continued to weaken in the 1st quarter. The deficit overall is a record. Services are positive but is lower on a historical basis.
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