Figure 3 provides another perspective on the concentration of global imbalances. The pies in this chart use the absolute US dollar value of key current account imbalances in the years 2000, 2005, and 2007 to track the key contributors to the global imbalances The charts include current account positions for developing Asia, Asia as a whole (developing Asia plus Japan), Middle East, and Russia. As the pie charts make clear Asia, Middle East, and Russia have consistently accounted for the bulk of the US current account deficit, with the share of developing Asia increasing sharply since 2003 Global current account imbalances have been, and continue to be, relatively heavily concentrated among a small group of regions and countries, with developing Asia playing a large and growing role on the surplus side