The U.S. current account trade deficit -- the combined balances on trade in goods and services, income, and net unilateral current transfers -- fell to $107.5 billion for the third quarter of 2012, according to a U.S. Department of Commerce report [link opens in PDF] released today.
This newest data represent a 9% drop from Q2's $118.1 billion deficit, and was most directly influenced by a shrinking goods deficit. Compared to Q3 2011's $108.2 billion deficit, this report indicates minimal year-over-year change .
While some other balances remained relatively unchanged, the Q3 2012 goods deficit fell 6.4% to $173.9 billion from Q2 2012. Exports decreased by just $700 million, while imports decreased $12.6 billion. The recent drop in oil prices defined the largest decrease in industrial supplies and materials, while the largest increases came from soybeans and completed commercial aircraft.
The article Current Account Trade Deficit Falls 9% For Q3 originally appeared on Fool.com.
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