The U.S. Bureau of Economic Analysis has reported a significant increase in the nation's current-account deficit for the second quarter of 2024. The deficit widened by $25.8 billion, or 10.7 percent, reaching $266.8 billion, compared to a revised figure of $241.0 billion in the first quarter.
In terms of gross domestic product (GDP), the deficit represented 3.7 percent of the current-dollar GDP, up from 3.4 percent in the previous quarter. The widening is primarily attributed to an expanded deficit on goods.
Exports and income from foreign residents rose by $4.9 billion to total $1.20 trillion, while imports and payments increased by $30.7 billion to reach $1.47 trillion.
Specifically, exports of goods decreased slightly by $0.1 billion to $516.7 billion due to various offsetting changes, with notable decreases in nonmonetary gold and increases in capital goods such as computers. Imports grew significantly by $20.1 billion to hit $813.9 billion, driven by increased purchases of capital goods like computer accessories and consumer goods including medicinal products.
Service exports saw a rise of $3.1 billion to reach $271.7 billion, largely due to higher demand for business services like consulting and research development services, although there was a decline in telecommunications services mostly related to computer services. Service imports climbed by $2.9 billion to total $197.7 billion, influenced by increased charges for intellectual property use and insurance services.
Primary income receipts went up by $2.7 billion to stand at $362.4 billion, with payments also rising by $8.3 billion reaching $361.3 billion; both were impacted mainly by portfolio investment income involving equity securities.
Secondary income receipts fell by $0.9 billion down to $49.3 billion due to reduced government transfers such as fines and penalties, whereas payments dropped slightly by $0.6 billion totaling at $93.9 billion because of lower international cooperation-related transfers.
On capital-account transactions, receipts decreased slightly while payments reduced significantly owing mainly to fewer infrastructure grants being issued.
In financial-account transactions, net U.S borrowing from foreign entities amounted to -$304.3 billion during this period.
U.S residents' foreign financial assets saw an increase of $153.lillion driven predominantly by portfolio investments in long-term debt securities along with direct investment assets focusing on equity growths; however "other investment assets" witnessed reductions primarily through loans but offset partially via deposits enhancements.
Liabilities towards foreign residents increased substantially amounting overall adding up totaling altogether culminating ultimately summing entirely encompassing wholly completely all-inclusive each portion combined together bringing entire sum combining whole total entirety inclusive full measure grand tally aggregate gross full count comprehensive final figure adding complete collective count sum total ending up amassing everything cumulatively comprehensively fully exhaustively extensively inclusively aggregately accumulatively integrally entirety finally altogether comprehensively taking into account entire amount entire bulk complete package whole deal everything considered adding it all adding every single thing making it one large massive huge great giant enormous substantial significant considerable vast immense gigantic sizeable extensive far-reaching far-ranging thorough-going profound sweeping wide-ranging widespread covering everything relating thereto relevant herein 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