The current account deficit reflects the combined balances on trade in goods and services and income flows between US residents and residents of other countries.
The Q1 2024 deficit was 3.4 per cent of current-dollar gross domestic product, up from 3.2 per cent in Q4 2023.
The $15.9 billion widening of the current-account deficit in the first quarter mostly reflected an expanded deficit on goods.
Exports of goods and services to, and income received from, foreign residents increased $17.0 billion to $1.20 trillion in Q1 2024. Imports of goods and services from, and income paid to, foreign residents increased $32.9 billion to $1.44 trillion, BEA said in the annual update of the US International Transactions Accounts.
Exports of goods increased by $2.3 billion in Q1 2024 to $516.1 billion, while Imports of goods increased by $15.4 billion to $793.9 billion.
Receipts of primary income increased by $9.7 billion to $364.6 billion, and payments of primary income increased $12.9 billion to $352.3 billion in Q1 2024.
Receipts of secondary income decreased by $2.7 billion to $49.7 billion in the quarter, reflecting a decrease in general government transfers, mainly fines and penalties.
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