Create a free Manufacturing.net account to continue

U.S. Trade Deficit Second-Largest Ever

A surge in payouts for foreign oil pushed the U.S. current account deficit to $218.4 billion in the second quarter, the second-highest level ever.

A surge in payouts for foreign oil pushed the U.S. current account deficit to $218.4 billion in the second quarter, the second-highest level ever.

The Commerce Department said Monday the current-account deficit – the combined balances on trade in goods, services, and income – increased by 2.4 percent from the first-quarter’s $213.2 billion. The deficit on goods and services increased to $193.8 billion in the second quarter, from $191.1 billion, and the deficit on goods rose to $210.6 billion from $208 billion in the first quarter.

Meanwhile, goods exports increased to $252.8 billion from $244.5 billion, mostly the result of increases in industrial supplies and materials, and in capital goods. Goods imports were $463.4 billion, up from $452.5 billion, on higher petroleum and products costs.

The surplus on services was essentially unchanged at $16.8 billion.

Commerce said U.S. owned assets overseas increased $212.3 billion in the quarter, after the $356 billion increase of the first quarter. Foreign-owned assets in the U.S. rose $366.4 billion in the second quarter, down from the increase of $527.5 billion in the first quarter.