The US current account deficit rose $33.4 billion, or 15.7%, to $246.0 billion in the second quarter, as goods imports surged. The deficit was 3.0% of GDP, up from 2.7% in the first quarter.
The current account deficit increased $33.4 billion, or 15.7%, to $246.0 billion in the second quarter. The first-quarter shortfall was revised down to $212.6 billion from $226.8 billion; economists had forecast a second-quarter gap of $255.0 billion.
Goods imports rose $67.4 billion to $931.6 billion, while goods exports increased $27.1 billion to $640.3 billion. The goods trade deficit widened $40.4 billion to $291.3 billion, and trade subtracted 1.14 percentage points from second-quarter GDP, its third straight quarterly drag. The current account deficit equaled 3.0% of GDP, compared with 2.7% in the first quarter.
The primary income balance narrowed to $11.4 billion from $15.8 billion in the first quarter. The US international investment position deteriorated to a $22.42 trillion deficit at the end of the second quarter, with $46.97 trillion in assets and $69.39 trillion in liabilities.
