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Article: U.S. international transactions in 1992.
- Article from:
- Federal Reserve Bulletin
- Article date:
- May 1, 1993
- Author:
CopyrightCOPYRIGHT 1993 Board of Governors of the Federal Reserve System. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After declining in each of the previous four years, the U.S. current account deficit widened substantially in 1992. A larger merchandise trade deficit and the end of one-time cash contributions by foreign governments associated with the Persian Gulf War accounted for most of the change. Excluding the change in foreign cash transfers, the current account deficit increased somewhat less than the trade deficit, owing to a strengthening of net service receipts. Nevertheless, the widening of the current account deficit was dramatic (chart 1).
A $23 billion increase in merchandise exports was more than offset by a $46 billion increase in merchandise imports, so that the ...
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