The COVID pandemic has caused the U.S. current account deficit to grow 34.8%.
This was announced on Tuesday, March 23rd, by the US Department of Commerce.
The current account records exports and imports of goods and services, net investment income and net transfer payments. Over the past year, the account deficit grew by 34.8% to $647.2 billion. This is the highest figure since 2008.
The current account deficit was 3.1% of US gross domestic product, also the largest share since 2008. US exports of goods and services, as well as revenues generated overseas, fell 578.3 billion to $ 3.23 trillion in 2020.
Imports fell by $411.3 billion to $ 3.87 trillion.
The trade deficit rose to $ 681.7 billion in 2020 from $ 577 billion in 2019.