The BEA Wire | BEA's Official Blog

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, narrowed by $152.8 billion, or 15.7 percent, to $818.8 billion in 2023.

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, narrowed by $1.6 billion, or 0.8 percent, to $194.8 billion in the fourth quarter of 2023.

A blog post from BEA Director Vipin Arora

Trade—what Adam Smith described as our intrinsic "propensity to truck, barter, and exchange one thing for another"—has helped to make today's world. It is hard to say how long trade has been with us, but certainly since the beginning of recorded history, and likely much longer. One of my favorite examples is beer, which was a very popular beverage in ancient Mesopotamia. As far back as 3500 BCE, there is evidence of Sumerians in the city of Uruk bartering with beer. The Babylonians apparently continued this tradition and brewed many types of beer, grouping them into roughly 20 classifications, which were traded regularly with the Egyptians.

The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $779.8 billion in 2023 (revised), as exports increased and imports decreased. The goods deficit decreased $123.4 billion to $1,059.6 billion, and the services surplus increased $48.0 billion to $279.8 billion.

The U.S. goods and services trade deficit increased from $64.2 billion in December (revised) to $67.4 billion in January, as imports increased more than exports. The goods deficit increased $3.0 billion to $91.6 billion, and the services surplus decreased $0.3 billion to $24.2 billion

Personal income increased $233.7 billion (1.0 percent at a monthly rate) in January. Disposable personal income (DPI)—personal income less personal current taxes—increased $67.6 billion (0.3 percent).

Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023, according to the “second” estimate. In the third quarter, real GDP increased 4.9 percent.

The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $773.4 billion in 2023, as exports increased and imports decreased. The goods deficit decreased $121.3 billion to $1,061.7 billion, and the services surplus increased $56.4 billion to $288.2 billion.

The U.S. goods and services trade deficit increased from $61.9 billion in November (revised) to $62.2 billion in December, as imports increased more than exports. The goods deficit increased $0.7 billion to $89.1 billion, and the services surplus increased $0.4 billion to $26.9 billion.

Personal income increased $60.0 billion (0.3 percent at a monthly rate) in December. Disposable personal income —personal income less personal current taxes—increased $51.8 billion (0.3 percent).

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023, according to the “advance” estimate. In the third quarter, real GDP increased 4.9 percent.

The U.S. goods and services trade deficit decreased from $64.5 billion in October (revised) to $63.2 billion in November, as imports decreased more than exports. The goods deficit decreased $0.6 billion to $89.4 billion, and the services surplus increased $0.7 billion to $26.2 billion.