US Current Account Deficit Rises 29.6% In Q1

The US' current account deficit rose 29.6% in the first quarter of this year, compared to the previous quarter, according to data released Thursday by the Bureau of Economic Analysis (BEA).

Current account deficit, which reflects the combined balances on trade in goods and services and income flows between US residents and residents of other countries, rose by $66.6 billion, or 29.6%, to $291.4 billion in the January-March period of this year.

The revised deficit was $224.8 billion for the fourth quarter of last year.

The widening for the first quarter "mostly reflected an increased deficit on goods," BEA said in a statement.

"The first quarter deficit was 4.8% of current-dollar gross domestic product, up from 3.7% in the fourth quarter," it added.

Exports of goods and services, and income received from foreign residents, increased by $25.7 billion to $1.03 trillion in the first quarter.

Imports of goods and services and income paid to foreign residents rose by $92.3 billion to around $1.32 trillion in the January-March period. -