For 2nd Quarter
Provided by: Bureau of Economic Analysis (BEA)
Current Release: News Release

The US current account deficit narrowed to $98.8 billion, the lowest level since 2001. The trade deficit, which accounted for most of the current-account imbalance, narrowed to $83 billion in the second quarter from $92.4 billion in the previous three months. That result came about as US consumer imported less goods, while exports fell by a smaller degree. A rebound in US imports is likely to increase the current account in the coming months.

For 1st Quarter
Provided by: Bureau of Economic Analysis (BEA)
Current Release: News Release

From the Release: "The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers-decreased to $101.5 billion (preliminary) in the first quarter of 2009, the smallest deficit since the fourth quarter of 2001, from $154.9 billion (revised) in the fourth quarter of 2008. The decrease was more than accounted for by a decrease in the deficit on goods. A decrease in net unilateral current transfers to foreigners also contributed to the decrease in the current-account deficit. Decreases in the surpluses on income and on services were partly offsetting."

For 4th Quarter
Provided by: Bureau of Economic Analysis (BEA)
Current Release: News Release

The US current account deficit shrank considerably in the 4th quarter, a result of a smaller trade gap. The current account, in addition to trade, takes into consideration transfer payments and investment income. Such a large deficit, though smaller than the 181 billion shortfall seen in the 3rd quarter, requires the US to attract capital from abroad in order to finance it. Recently, China expressed concern over its holding of US Treasuries which make up a large portion of the securities that US sends abroad to finance its deficit. 

From the Release: "The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--decreased to $132.8 billion (preliminary) in the fourth quarter of 2008, the smallest deficit since the fourth quarter of 2003, from $181.3 billion (revised) in the third quarter of 2008. The decrease mostly resulted from a decrease in the deficit on goods. An increase in the surplus on income and a decrease in net unilateral current transfers to foreigners also contributed to the decrease in the current-account deficit. A decrease in the surplus on services was partly offsetting."

For 3rd Quarter
Provided by: Bureau of Economic Analysis (BEA)
Current Release: News Release

The current account deficit narrowed more than forecast in the 3rd quarter to $174.1 billion. The main reason for the jump was an improvement in exports and a decrease in foreign earnings on American assets. The current account takes into consideration the trade balance, transfer payments, and investment income, though 90% of the deficit is made up of the balance in goods and services. The shortfall in goods and services trade was $176.5 billion, about $4 billion smaller than the second quarter's revised $180.1 billion. Also helping was the balance of income which showed a $30.8 billion surplus, an increase from the $28.2 billion surplus in the 2nd quarter. 

The current account can be expected to improve more in the 4th quarter as the price of oil and other commodities fell, shrinking the trade gap, and US consumers are saving more and shunning imports. However, October's trade balance deficit was higher than expected so that indicator is more timely in showing if a smaller current account will really be the case.

For 2nd Quarter
Provided by: Bureau of Economic Analysis (BEA)
Official Release: News Release

The net deficit on trade in goods and services, income, and net unilateral current transfers - or the current account - widened to $183B. The larger Q2 current account deficit equals 5.1% of the total GDP, up from 5.0% in the first quarter. From the release:

The increase was more than accounted for by a decrease in the surplus on income and an increase in the deficit on goods. In contrast, the surplus on services increased, and net unilateral current transfers to foreigners decreased.

From the release:

The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--increased to $176.4 billion (preliminary) in the first quarter of 2008 from $167.2 billion (revised) in the fourth quarter of 2007. The increase was mostly accounted for by a decrease in the surplus on income. In addition, the deficit on goods and net unilateral current transfers to foreigners both increased. An increase in the surplus on services was partly offsetting.

4th Quarter
Official Release: Bureau of Economic Analysis

The Current Account deficit for the 4th quarter narrowed during the fourth quarter as the surplus on income rose. The current account is the broadest measure of the country's balance of payments as it incorporates trade of goods and services, transfer payements, and investment income, though about 90% of the deficit is accounted by the balance in goods and services. The shortfall in goods and services trade was $177.9 billion.

"The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--decreased to $172.9 billion (preliminary) in the fourth quarter of 2007 from $177.4 billion (revised) in the third quarter.

The U.S. current-account deficit--the combined balances on trade in decreased to $738.6 billion (preliminary) in 2007 from $811.5 billion in 2006."