U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN
U.S. BEA - U.S. International Transactions: First Quarter 2018 and Annual Update
The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
The $8.0 billion increase in the current-account deficit reflected an $8.1 billion increase in the deficit on goods and relatively small and nearly offsetting changes in the balances on services, primary income, and secondary income.
Exports of goods and services and income receipts
Exports of goods and services and income receipts increased $23.0 billion in the first quarter to $913.4 billion.
* Primary income receipts increased $9.8 billion to $258.8 billion, reflecting increases in direct investment income, portfolio investment income, and other investment income.
Goods exports increased $9.5 billion to $411.4 billion, mostly reflecting increases in automotive vehicles, parts, and engines, in consumer goods, primarily jewelry and collectibles, and in nonmonetary gold.
Imports of goods and services and income payments
Imports of goods and services and income payments increased $30.9 billion in the first quarter to $1,037.5 billion.
* Goods imports increased $17.6 billion to $631.9 billion, mostly reflecting increases in industrial supplies and materials, primarily petroleum and products, and in consumer goods, primarily medicinal, dental, and pharmaceutical products.
* Primary income payments increased $10.2 billion to $196.8 billion, reflecting increases in direct investment income, portfolio investment income, and other investment income.
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