US current account deficit widens 1.5% in Q1

By Ovunc Kutlu

ISTANBUL (AA) – The US' current account deficit widened 1.5% in the first quarter of this year compared to the previous quarter, according to official data released on Thursday.

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 $3.1 billion to $219.3 billion in the January-March period of this year, said the Bureau of Economic Analysis (BEA).

The revised deficit was $216.2 billion for the fourth quarter of last year.

The widening for the first quarter "primarily reflected an expanded deficit on secondary income and a reduced surplus on primary income that were partly offset by a reduced deficit on goods," BEA said in a statement.

Exports of goods and services and income received from foreign residents increased $16 billion to reach $1.15 trillion in the first quarter.

Imports of goods and services and income paid to foreign residents rose $19.1 billion to $1.37 trillion in the January-March period.