US' current account deficit falls 11.1% to $251 billion in Q2

By Ovunc Kutlu

ANKARA (AA) - The US' current account deficit fell $31.5 billion, or 11.1%, to $251.1 billion in the second quarter, the Bureau of Economic Analysis said Thursday.

The expectation for the figure, which reflects the balances on trade in goods and services and income flows between US residents and residents of other countries, was to show a decline of $260.6 billion.

The revised deficit was $282.5 billion in the first quarter.

The deficit in the second quarter was 4% of current-dollar gross domestic product (GDP), which is down from 4.6% in the first quarter.

Most of the decline in the quarter was a result of a deficit decrease in goods, the Bureau of Economic Analysis said in a statement.

"Exports of goods and services to, and income received from, foreign residents increased $82.8 billion to $1.11 trillion in the second quarter," it said.

While exports of services increased $8.4 billion to $225.2 billion, receipts of primary income jumped $21.1 billion to $299.1 billion and payments of primary income rose $16.2 billion to $255.5 billion.