Haver Analytics
Haver Analytics
Global| Mar 14 2013

U.S. Current Account Deficit Declines Again

Summary

The U.S. current account deficit lessened at the end of last year to $110.4B from $112.4B in Q3. A deeper deficit of $113.0B had been expected. The easing left the deficit to GDP ratio at 2.8%, its least in roughly three years. For [...]


The U.S. current account deficit lessened at the end of last year to $110.4B from $112.4B in Q3. A deeper deficit of $113.0B had been expected. The easing left the deficit to GDP ratio at 2.8%, its least in roughly three years. For all of last year the deficit totaled $475.0B and was a stable 3.0% of GDP. Exports of goods grew just 4.5% against a lessened 2.8% rise in imports.

Total exports gained 1.0% (2.8% y/y) last quarter although goods exports fell 0.7% (+2.0% y/y), the second consecutive quarterly decline as economic growth abroad waned. Services exports increased 1.2% (5.7% y/y). Travel exports slipped 0.3% (+11.3% y/y). Total imports inched up 0.4% (-0.2 y/y) paced by a 0.6% (-0.2% y/y) rise in merchandise imports. Service imports fell 0.9% (-0.6% y/y) as travel imports fell 2.7% (+1.8% y/y).

Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.

The Great Trade Collapse (and Recovery) from the Federal Reserve Bank of Philadelphia is available here.

US Balance of Payments SA Q4'12 Q3'12 Q2'12 2012 2011 2010
Current Account Balance ($ Bil.) -110.4 -112.4 -118.4 -475.0 -466.0 -442.0
  Deficit % of GDP -2.8% 2.8% 3.0% 3.0% 3.1% 3.1%
 Balance on Goods ($ Bil.) -180.6 -174.2 -186.0 -735.3 -738.4 -645.1
  Exports -0.7% -0.2% 1.4% 4.5% 16.2% 20.5%
  Imports 0.6% -2.2% -0.5% 2.8% 15.6% 22.8%
 Balance on Services ($ Bil.) 52.2 49.3 48.3 195.8 178.5 150.4
  Exports 1.2% 0.0% 1.3% 4.0% 9.5% 8.7%
  Imports -0.9 -0.8% -0.3% 1.7% 6.0% 5.4%
Unilateral Transfers ($ Bil.) -34.4 -34.2 -32.8 -134.1 -133.1 -131.1
  • Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio.   Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984.   He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C.   In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists.   Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.

    More in Author Profile »

More Economy in Brief