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American current account deficit narrows in Q2
Source: Agencies |
September 19, 2012, Wednesday
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THE US current account trade deficit narrowed in the April-June period, pushed lower by an increase in American exports and cheaper oil imports.
The US Commerce Department yesterday said the deficit in the current account fell 12.1 percent to US$117.4 billion in the second quarter. That's down from a deficit of US$133.6 billion in the January-March quarter, which had been the largest in three years.
The current account is the broadest measure of trade. It tracks the sale of merchandise and services between nations as well as investment flows. Economists watch the current account as a sign of how much the US needs to borrow from foreigners.
Many economists predict it will widen again in coming quarters. A global slowdown has dampened demand for US exports. And oil prices are rising again, in part because of increased Middle East tensions.
Europe's debt crisis has pushed much of the region into recession. The region accounts for about one-fifth of US export sales. And other major export markets, including China, India and Brazil, have experienced slower growth.
The US Commerce Department yesterday said the deficit in the current account fell 12.1 percent to US$117.4 billion in the second quarter. That's down from a deficit of US$133.6 billion in the January-March quarter, which had been the largest in three years.
The current account is the broadest measure of trade. It tracks the sale of merchandise and services between nations as well as investment flows. Economists watch the current account as a sign of how much the US needs to borrow from foreigners.
Many economists predict it will widen again in coming quarters. A global slowdown has dampened demand for US exports. And oil prices are rising again, in part because of increased Middle East tensions.
Europe's debt crisis has pushed much of the region into recession. The region accounts for about one-fifth of US export sales. And other major export markets, including China, India and Brazil, have experienced slower growth.
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