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The current account deficit rises 10.6% in the United States

The current account deficit of the United States increased 10.6% in the third quarter, according to statistics published by the Office of Economic Analysis.

The revised deficit in the second quarter account was $ 161.4 billion.

Likewise, the deficit in the third quarter was 3.4% of the Gross Domestic Product in current dollars, compared to 3.3% in the second quarter.

The $ 17.2 billion increase in the current account deficit in the third quarter primarily reflected an expanded deficit in goods that was partially offset by an expanded surplus in primary income.

All major categories of checking account transactions increased in the third quarter of 2020 following notable declines in the second quarter, reflecting the resumption of trade and other business activities that were postponed or restricted due to COVID-19.

On the financial account, most of the currency swaps between the United States Federal Reserve System and foreign central banks that remained at the end of the second quarter ended in the third quarter, contributing to the continued retirement of the assets of deposit abroad by repayments of deposit and loan liabilities.

Current account

A record level of net shipments of US currency abroad to meet demand for US currency by foreign residents increased US currency liabilities, partially offsetting the net repayment of US deposit liabilities.

The full economic effects of the COVID-19 pandemic cannot be quantified in statistics because the impacts are generally embedded in the source data and cannot be separately identified.

 

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