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The US current account deficit hit a 12-year high

December 19, 2020 06:53 by Shoma NewsDesk

The current US current account deficit in the third quarter reached its highest level in more than 12 years as rising consumer spending has pushed up imports over exports in the country.

The US Commerce Department said the current account deficit, which measures the flow of goods, services and investment in and out of the country, fell 10.6 percent in the third quarter to $ 178.5 billion, the highest figure. The US current account deficit is from the second quarter of 2008.

According to the report, these statistics show that the US current account deficit in the second quarter was $ 161.4 billion.

The US current account deficit in the third quarter was 3.4 percent of GDP, which is higher than 3.3 percent in the quarter from April to June this year (the second quarter) and is the highest since the fourth quarter of 2008. . This figure is still lower than the record 6.3% of GDP in the fourth quarter of 2005. This is because the United States is now a net exporter of crude oil and fuel.

Imports of goods in the United States increased by $ 94.4 billion and reached $ 602.7 billion, which is the highest amount since the fourth quarter of 2019. The largest increase after the lifting of trade restrictions was due to the outbreak of Corona and was related to the import of passenger cars.

Imports of services increased by $ 6.5 billion to $ 107.7 billion, reflecting an increase in intellectual property costs, especially R&D licenses. Shipping and personal travel also increased.

Consumer spending rose to an all-time high of 40.6 percent year-on-year between July and September (the third quarter) this year, due to more than $ 3 trillion in US government coronary aid packages. Consumer spending fell a record 33.2 percent in the second quarter.

Exports to the United States rose $ 68.4 billion in the third quarter to $ 357.1 billion, the report said.

This increase was due to the export of motor vehicles, parts and engines. US exports fell from April to June this year (the second quarter) amid an outbreak of coronas and closures.

At the same time, services exports rose $ 2.8 billion to $ 164.8 billion, more reflecting an increase in the cost of licenses for research and development, but education-related travel declined.

.Source

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Tags Corona virus, coronavirus, Current account deficit, Importation, Transportation, U.S. government, US Department of Commerce, US economy

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