The Commerce Department said the balance deficit, which measures the flow of goods, services and investment into and out of the country, shrank $2.4 billion, or 1.1 percent, to $212.1 billion in the second quarter. This was the lowest level since the second quarter of 2021.

The current account gap accounted for 3.166 percent of GDP, compared with 3.234 percent in the first quarter. The deficit peaked at 6.3 percent of GDP in the fourth quarter of 2005.

The United States is now a net exporter of crude oil and fuel. Although the deficit is still large, it does not affect the dollar due to its reserve currency status.