US current account deficit widens in 2022: BEA

The 2022 deficit was 3.7 per cent of current-dollar gross domestic product, up from 3.6 per cent in 2021.

The deficit figure narrowed by $12.2 billion, or 5.6 per cent, to $206.8 billion in the fourth quarter of 2022. The revised third-quarter deficit was $219.0 billion.

The fourth-quarter deficit was 3.2 per cent of current-dollar gross domestic product (GDP), down from 3.4 per cent in the third.

The current account deficit reflects the combined balances on trade in goods and services and income flows between US residents and residents of other countries.

US exports of goods increased by $324.5 billion to $2.09 trillion, while goods imports rose by $425.2 billion to $3.28 trillion.

Fibre2Fashion News Desk (DS)