The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $138.2 billion, or 44.3 percent, to $450.2 billion in the first quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $312.0 billion.
The first-quarter deficit was 6.0 percent of current-dollar gross domestic product, up from 4.2 percent in the fourth quarter.
The $138.2 billion widening of the current-account deficit in the first quarter mostly reflected an expanded deficit on goods.
Exports of goods and services to, and income received from, foreign residents decreased $3.9 billion to $1.24 trillion in the first quarter. Imports of goods and services from, and income paid to, foreign residents increased $134.3 billion to $1.69 trillion.
Exports of goods increased $21.1 billion to $539.0 billion, and imports of goods increased $158.2 billion to $1.00 trillion. Exports of services decreased $4.4 billion to $293.2 billion.
Receipts of primary income decreased $22.9 billion to $355.1 billion, and payments of primary income decreased $13.7 billion to $362.7 billion. The decreases in both receipts and payments reflected a decrease in direct investment income, mostly earnings.
Receipts of secondary income increased $2.3 billion to $49.6 billion, reflecting an increase in private transfers, primarily fines and penalties. Payments of secondary income decreased $8.4 billion to $101.5 billion, reflecting a decrease in general government transfers, primarily international cooperation.