U.S. current account deficit narrows to 107.5 bln USD in Q3Souce:Xinhua Publish By Jane B. Hatcher Updated 19/12/2012 7:55 am in Business / no comments
WASHINGTON, Dec. 18 — The U.S. current account deficit decreased to 107.5 billion U.S. dollars in the third quarter, down from the revised 118.1 billion dollars in the second, reported the Commerce Department on Tuesday.P The decline was mainly due to a decrease in the deficit on goods and changes in other balances were relatively small, noted the report.
The deficit on goods and services decreased to 124.5 billion dollars in the third quarter from 137.4 billion dollars in the second. The surplus on income decreased to 50.8 billion dollars from 52.1 billion dollars.
Meanwhile, the net unilateral current transfers were 33.8 billion dollars in the third quarter, up from the 32.7 billion dollars in the second.
Current account is the broadest measure of foreign trade because it measures not only trade in goods and services, which are tracked by the government on a monthly basis, but also investment flows between countries.