Core Points - The U.S. current account deficit contracted by a record $188.5 billion, or 42.9%, to $251.3 billion in the second quarter, reversing the previous month's increase [1] - The current account deficit represented 3.3% of GDP, the smallest share since Q3 2023, down from 5.9% in Q1 2023 [2] - The goods trade deficit narrowed to $270 billion, the smallest since Q4 2023, from $465.8 billion in Q1 2023 [5] Imports and Exports - Imports of goods decreased by a record $184.5 billion to $820.2 billion, with declines in nonmonetary gold, consumer goods, and industrial supplies [4] - Goods exports increased by $11.3 billion to $550.2 billion, driven by nonmonetary gold shipments [5] - Exports of services rose by $2.1 billion to $301.6 billion, supported by financial services and intellectual property charges [5] Income Receipts and Payments - Primary income receipts increased by $17.8 billion to $376.1 billion, while payments rose by $22.8 billion to $383.8 billion [6] - Secondary income receipts decreased by $2.6 billion to $45.9 billion, and payments fell by $1.0 billion to $99.2 billion [6]