The U.S. current-account deficit widened to $246.0 billion in the second quarter of 2026, up 15.7% from a revised first-quarter level as goods imports rose faster than exports. The latest federal data show where the gap expanded, how revisions changed the comparison and how the measure differs from other widely followed U.S. deficits.
Key Takeaways
- The U.S. current-account deficit reached $246.0 billion in Q2 2026, up 15.7% from the revised first-quarter level
- The deficit increased by $33.4 billion and represented 3.0% of current-dollar GDP
- Goods imports rose by $67.4 billion to $931.6 billion, while goods exports increased by $27.1 billion to $640.3 billion
- The goods deficit widened by $40.4 billion to $291.3 billion
- The $246.0 billion headline figure came in below the $255.0 billion forecast from economists
The Bureau of Economic Analysis reported on September 24 that the deficit increased by $33.4 billion from a revised $212.6 billion in the first quarter. The second-quarter gap represented 3.0% of current-dollar gross domestic product, up from 2.7% in the January-to-March period.
The increase was centered on goods trade. Imports of goods rose substantially more than exports, while changes in primary and secondary income offset part of the wider goods deficit.
Goods Imports Drove the U.S. Current-Account Deficit Higher
The most significant change came from merchandise trade. Goods imports increased by $67.4 billion during the second quarter to $931.6 billion, according to federal data reported by Reuters.
Goods exports also rose, increasing by $27.1 billion to $640.3 billion. Because imports increased by a larger amount, the goods deficit expanded by $40.4 billion to $291.3 billion.
That gap accounted for much of the increase in the broader current-account balance. The current account covers more than merchandise moving across borders. It also incorporates services and income flows between U.S. residents and residents of other countries.
The movement in trade also came during a quarter in which second-quarter GDP growth was reported at a 1.5% annualized rate. Reuters reported that trade reduced second-quarter GDP growth by 1.14 percentage points.
Total exports of goods and services and income received from foreign residents increased by $58.8 billion to $1.44 trillion during the quarter, according to the BEA. Total imports of goods and services and income paid to foreign residents increased by a larger $92.2 billion to $1.69 trillion.
The difference between those increases helps explain why the overall deficit expanded even though receipts from abroad also rose.
Revised First-Quarter Data Reset the Comparison
The 15.7% increase is based on a substantially revised first-quarter figure.
The BEA lowered its estimate of the January-to-March current-account deficit to $212.6 billion from an earlier estimate of $226.8 billion. That $14.2 billion revision created a lower starting point for measuring the second-quarter change.
The first-quarter goods balance was unchanged at a $250.9 billion deficit. Other parts of the account were revised, including services and income flows.
The services surplus for the first quarter was revised to $92.1 billion from $85.1 billion. The primary income deficit was revised to $15.8 billion from $13.3 billion.
Those revisions matter when comparing quarterly data because the latest estimate can alter both the size and percentage of the subsequent change. Using the revised first-quarter figure, the move to $246.0 billion represented a $33.4 billion increase.
The second-quarter figure was nevertheless smaller than economists had expected. A Reuters survey had put the consensus estimate at $255.0 billion, meaning the actual deficit widened from the prior quarter but remained below the surveyed forecast.
The Current Account Extends Beyond the Trade Gap
The current-account balance is broader than the commonly reported monthly U.S. trade deficit. It combines goods, services, primary income and secondary income to measure a wider set of transactions between U.S. residents and the rest of the world.
That distinction also separates it from the federal budget deficit, which measures the difference between federal government receipts and spending. The two indicators describe different parts of the economy and should not be treated as interchangeable.
In the second quarter, smaller deficits in primary income and secondary income offset part of the deterioration in goods trade. Primary income covers items such as compensation and income associated with cross-border financial assets, while secondary income includes current transfers.
Primary income receipts increased to $416.2 billion from $391.5 billion in the first quarter, Reuters reported. Primary income payments rose to $427.6 billion from $407.3 billion.
These flows limited some of the effect of the larger goods imbalance, but they were not enough to prevent the headline current-account gap from widening.
The U.S. current-account deficit therefore ended the second quarter at a higher level than in Q1 while remaining below the consensus estimate reported by Reuters. The BEA has scheduled its third-quarter international transactions release for December 18, 2026.
Frequently Asked Questions
What was the U.S. current-account deficit in Q2 2026?
The U.S. current-account deficit reached $246.0 billion in the second quarter of 2026. That was $33.4 billion, or 15.7%, larger than the revised $212.6 billion deficit recorded in the first quarter.
What caused the current-account deficit to widen?
A larger goods deficit was the main factor. Goods imports rose by $67.4 billion, compared with a $27.1 billion increase in goods exports, widening the goods gap to $291.3 billion.
How large was the deficit compared with the U.S. economy?
The second-quarter current-account deficit represented 3.0% of current-dollar GDP. That was up from 2.7% in the first quarter.
Is the current-account deficit the same as the federal budget deficit?
No. The current account measures cross-border transactions involving goods, services and income, while the federal budget balance measures government receipts against federal spending.
When will the next U.S. current-account report be released?
The Bureau of Economic Analysis has scheduled the third-quarter 2026 international transactions report for December 18, 2026. The figures can be revised as updated source data become available.
