During the first half of 2001, the U.S. current account deficit narrowed $39.3 billion (annual rate) from its record $465.3 billion in 2000:IVQ. The reduction is primarily attributable to a drop in imports of goods and services that exceeded the decline in exports of goods and services.
Suggested citation: "International Transactions," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-10, pp. 08, 10.01.2001.