The US Current Account – Third Quarter 2012
December 19, 2012 2:48 am GMT+0 in U.S.
The Bureau of Economic Analysis of the US Department of Commerce released data relating to the country’s current account for the third quarter of 2012, as a part of its report on International Transactions for the same period.
The US current account deficit is defined as “the combined balances on trade in goods and services, income, and net unilateral current transfers.”
During the reported quarter the current account deficit fell to $107.5 billion compared to $118.1 billion in the second quarter, according to a preliminary estimate.
The main factor responsible was the fall in the deficit relating to goods and services, which declined to $124.5 billion from $137.4 billion in the previous quarter. Of this change, the deficit on goods was down to $173.9 billion from $185.7 billion, while services surplus rose from $48.3 billion in the previous quarter to $49.4 billion in the reported quarter.
The surplus on income account fell to $50.8 billion from $52.1 billion in the last quarter.
Net unilateral current transfers rose from $32.7 billion to $33.8 million in this quarter.