The U.S. current-account deficit narrowed by $188.5 billion (-42.9%) to $251.3 billion in Q2 2025 (3.3% of GDP), down from $439.8 billion (5.9% of GDP) in Q1, reflecting a sharp reduction in the goods deficit.

• Exports of goods and services plus income receipts rose $28.6 billion to $1.27 trillion, while imports and income payments fell $159.9 billion to $1.53 trillion.

• Goods exports increased $11.3 billion to $550.2 billion, led by nonmonetary gold, while imports dropped $184.5 billion to $820.2 billion on declines in gold, consumer goods, and industrial supplies.

• Services exports rose $2.1 billion to $301.6 billion on gains in financial services and intellectual property charges, while imports rose $2.8 billion to $222.0 billion, led by business and IT services.

• Primary income receipts rose $17.8 billion to $376.1 billion, but payments increased more (up $22.8 billion to $383.8 billion), widening the deficit in this category.

• Secondary income receipts declined $2.6 billion to $45.9 billion, while payments eased $1.0 billion to $99.2 billion, leaving the net deficit largely unchanged.

• The capital account showed minimal activity, with receipts falling $8.9 billion to $16 million and payments at $1.9 billion.

• In the financial account, net U.S. borrowing was $406.9 billion as liabilities to foreigners grew $653.4 billion (mainly portfolio $452.5 billion) and U.S. assets abroad increased $220.6 billion.

• Net financial derivatives transactions registered $25.8 billion, reflecting net U.S. lending.