It would be interesting to see a similar graph with trade balance, instead of current accounts balance.  They aren't the same thing and both are important.  Switzerland's huge current accounts suplus is probably mostly financial, while China's is trade based.

It is interesting... I think that the US dominates in absolute dollar terms for a current accounts deficit... but one of many in terms of % of GDP.  That is probably the crux of the difference between those that see it as a serious problem and those that don't.

It is an interesting conclusion, I agree, that no country has an accounts surplus and weak currency. No country has been able to weak currency itself into a strong (trade or) current accounts surplus, though it seems that some have tried.

I'm not sure I understand what a "trade weighted" exchange rate is. 

It does seem healthier for emerging markets to finance their growth with a strong current accounts surplus, rather than doing it with debt.  That wouldn't have been possible a decade ago... what a difference high commodity prices make.

erryl