US current account deficit narrows to 2.0% of GDP in Q2
By Alexander Bueso
Date: Wednesday 19 Sep 2018
(Sharecast News) - America's current account deficit with the rest of the world narrowed more quickly than expected during the second quarter.
Over the three months to June, the shortfall declined from -$121.7bn in the first quarter to -$101.5bn for the three months to June, according to the Bureau of Economic Analysis.
That was equivalent to 2.0% of US gross domestic product and down from 2.4% in the first quarter.
Economists had been anticipating a reading of -$103.3bn from the initially estimated print of -$124.1bn for the first quarter.
The main driver behind the improvement was a $17.6bn reduction in America's deficit on its foreign trade in goods and a $2.5bn increase in its surplus on services.
Exports of goods were especially strong, jumping by $17.8bn to $429.9bn, led by increased overseas sales of industrial supplies and materials, mostly petroleum and products, as well as of soybeans.
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