[Will88]

“The trade deficit is only the first component here.”

From 2004, and a graph which shows the enormous trade deficit and the slight offset by other components of the current account:

“As Figure 1 illustrates, the current account consists mainly of the trade balance, but it also includes the payments on returns from foreign U.S.-owned assets, net of the payments made to foreigners for returns on assets they own in the United States.”

http://www.frbsf.org/publications/economics/letter/2007/el2007-08.html

[expat_panama]

"...Figure 1 illustrates, the current account consists mainly of the trade balance..."

--and also shows how the trade deficit grows when the economy's healthy.