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Economy in Brief

The US Current Account Deficit Rises Slightly in 2007
by Robert Brusca June 15, 2007

Private net securities purchases by foreigners continues to be an important part of financing the US current account deficit.

Exports have built stronger growth than imports and driven the deficit lower over the past four quarters. Services exports also are growing faster than imports. The memo item in the table shows that in addition to solid private net securities purchases in Q1 official purchases of Government securities ran strong in 2007-Q1. While the dollar is drifting and weak vs. the euro it has moved up to a 4 ½ year high vs yen supported by inflows such as these.

US Current Account
Balances: Q1-07 Q4-06 Q3-06 4Qtr-Avg Prev4Qtr
Current Account -192.6 -187.9 -217.3 -200.9 -193.3
Trade -200.9 -200.3 -218.9 -207.8 -202.6
Services 34.4 33.1 25.4 30.6 29.8
Growth Rates Quarterly Saar 4-Qtr % for Yr Ended:
Merchandise Q1-07 Q4-06 Q3-06 Q1-07 Q1-06
Exports 5.6% 9.9% 13.0% 10.8% 13.8%
Imports 3.6% -9.9% 14.0% 4.3% 13.3%
Services Q1-07 Q4-06 Q3-06 Q1-07 Q1-06
Exports 6.1% 22.8% 5.8% 10.9% 7.8%
Imports 4.7% 8.3% 2.7% 6.0% 9.3%
Memo: ($-Blns) Q4-03 Q3-03 Q2-03 4Qtr-Avg Prev4Qtr
Offical Gov't Securities Purchases 106.3 94.8 108.0 93.7 71.7
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