US trade deficit decreases as goods exports go up to $223.5bn
16 Sep '05
2 min read
The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers-decreased to $195.7 billion in the second quarter of 2005 (preliminary) from $198.7 billion (revised) in the first quarter.
The decrease was more than accounted for by a decrease in net outflows for unilateral current transfers. A small increase in the surplus on services also contributed.
In contrast, the balance on income shifted to a deficit from a surplus, and the deficit on goods increased.
Goods and services The deficit on goods and services increased to $173.3 billion in the second quarter from $173.1 billion in the first.
Goods The deficit on goods increased to $186.9 billion in the second quarter from $186.3 billion in the first.
Goods exports increased to $223.5 billion from $213.8 billion.
Much of the increase was in capital goods, in industrial supplies and materials, and in foods, feeds, and beverages.
Goods imports increased to $410.5 billion from $400.2 billion. Both petroleum products and nonpetroleum products increased.
The increase in nonpetroleum products was mostly accounted for by an increase in capital goods.
Services The surplus on services increased to $13.6 billion in the second quarter from $13.3 billion in the first.
Services receipts increased to $93.7 billion from $92.6 billion. The increase was more than accounted for by an increase in travel.
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