News Column

US Current Account Deficit Narrows to $107.5 Billion in Q3

Dec 19, 2012

The U.S. current account deficit decreased to $107.5 billion in the third quarter, down from the revised $118.1 billion in the second, reported the Commerce Department on Tuesday. 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 in the third quarter from $137.4 billion in the second. The surplus on income decreased to $50.8 billion from $52.1 billion.

Meanwhile, the net unilateral current transfers were $33.8 billion in the third quarter, up from the $32.7 billion 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.

Source: Copyright Xinhua News Agency - CEIS 2012

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