US current account deficit down 2% to $304B

By Gokhan Ergocun

ISTANBUL (AA) - The US current account deficit narrowed by 2% to $303.9 billion in the fourth quarter of 2024, according to the Bureau of Economic Analysis on Thursday.

The bureau stated that the revised third-quarter deficit was $310.3 billion.

The fourth-quarter deficit was 4.1% of current-dollar gross domestic product, down from 4.2% in the third quarter.

"The $6.3 billion narrowing of the current-account deficit in the fourth quarter reflected a shift in the balance on primary income from a deficit in the third quarter to a surplus in the fourth quarter and changes in the balances on secondary income and on services that, collectively, were largely offset by an expanded deficit on goods," the bureau added.

It said exports of goods and services to foreign residents increased $16.1 billion to $1.22 trillion in the fourth quarter.

Imports of goods and services from foreign residents increased $9.7 billion to $1.53 trillion.