Global| Dec 18 2012U.S. Current Account Deficit Improves Further
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. current account deficit lessened last quarter to $107.5B from $118.1B in Q2. The easing left the deficit to GDP ratio at 2.7%, its least in roughly three years. Total exports gained 0.2% (1.7% y/y) although goods exports [...]
The U.S. current account deficit lessened last quarter to $107.5B from $118.1B in Q2. The easing left the deficit to GDP ratio at 2.7%, its least in roughly three years. Total exports gained 0.2% (1.7% y/y) although goods exports slipped 0.2% (+2.9% y/y). Total imports fell 1.3% (+1.2y/y) paced by a 2.2% (+0.8% y/y) drop in merchandise imports. Services exports rose 1.0% (2.5% y/y) as travel exports gained 0.9% (7.9% y/y). Imports of services advanced a lesser 0.4% (0.3% y/y). Travel imports grew 0.7% (4.2% y/y).
From the capital account, $34.2B was withdrawn by foreigners on direct investment in the U.S. versus $101.4B in payments to the U.S. on direct investment abroad.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
| US Balance of Payments SA | Q3'12 | Q2'12 | Q1'12 | Year Ago | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Current Account Balance ($ Bil.) | -107.5 | -118.1 | -133.6 | -108.2 | -465.9 | -442.0 | -382.0 |
| Deficit % of GDP | 2.7% | 3.0% | 3.5% | 3.2% | 3.1% | 3.1% | 2.7% |
| Balance on Goods ($Bil.) | -173.9 | -185.7 | -194.3 | -180.6 | -738.4 | -645.1 | -505.8 |
| Exports | -0.2% | 1.4% | 1.7% | 2.9% | 16.2% | 20.5% | -18.2% |
| Imports | -2.2% | -0.5% | 2.0% | 0.8% | 15.6% | 22.8% | -26.3% |
| Balance on Services ($Bil.) | 49.4 | 48.3 | 45.9 | 45.6 | 178.5 | 150.4 | 126.6 |
| Exports | 1.0% | 1.3% | 3.0% | 2.5% | 9.5% | 8.7% | -4.9% |
| Imports | 0.4% | -0.3% | 1.4% | 0.3% | 6.0% | 5.4% | -5.2% |
| Unilateral Transfers ($Bil.) | -33.8 | -32.7 | -32.7 | -31.8 | -133.1 | -131.1 | -122.5 |
Tom Moeller
AuthorMore in Author Profile »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.
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