US Foreign Trade Deficit Widens in Q3 by 13.1 Percent to $310.9 Billion
Export of goods and services rose to $1.21 trillion while their imports increased to $1.52 trillion: BEA report
The U.S. foreign trade deficit widened by $35.9 billion, or 13.1 percent, to $310.9 billion in the third quarter of 2024, a Bureau of Economic Analysis (BEA) report says. The revised deficit, also called current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, was $275 billion in the second quarter.
The increase in current-account deficit is significant ahead of Donald Trump's return to the White House amid policy uncertainties.
The third-quarter deficit was estimated at 4.2 percent of current-dollar gross domestic product, up from 3.7 percent in the previous quarter.
The increase in current-account deficit in the third quarter reflected expanded deficits on secondary income, on primary income, on goods, a BEA press release said.
