The current account deficit for the third quarter 2021
The US current account deficit came in at $-214.8 billion versus $205.5 billion estimate.
- Prior quarter revised to a deficit of -$198.3 billion versus -$190.3 billion previously reported
- Quarter on quarter the gain of 8.3%
- 3Q deficit was 3.7% of current dollar gross domestic product up from 3.5% in the second quarter
- deficit increase by $16.5 billion
- The $16.5 billion widening of the current-account deficit in the third quarter reflected a reduced surplus on services and expanded deficits on secondary income and on goods that were partly offset by an expanded surplus on primary income.
- Exports of goods increased $4.8 billion to $441.6 billion mainly reflecting increasing is and industrial supplies materials, mostly natural gas and petroleum and products ending consumer goods, mostly medicinal, dental, and pharmaceutical products. A decrease in food, feeds, and beverages, mostly corn and soybeans, partly offset those increases.
- Imports of goods increased $10 billion to $716.4 billion
- exported services decreased $0.1 billion to $190.8 billion, primarily reflecting decreases in charges for the use of intellectual property, mostly licenses for the use of outcomes of research and development, and in telecommunications, computer, and information services, mostly computer services. An increase in other business services mostly professional management consulting services, partly offset those decreases
- imports of services increased $12.6 billion to $141 billion, mostly reflecting increases in travel, primarily other personal travel, and in transport, primarily sea freight and air passenger transport
The US runs a service surplus with the global economy along with primary income. On the good side, the trade flows are heavily in a deficit as US imports way more goods than they export abroad. Secondary income is also a deficit generally.
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