Washington: The US current account deficit narrowed to $110.3 billion during the third quarter, its lowest level in nearly two years, as exports hit another record high, a government report showed on Thursday.
The commerce department said the current account deficit, which measures the flow of goods, services and investments into and out of the United States, narrowed to 2.9% of gross domestic product. This compared to a revised second-quarter current account deficit of $124.7 billion, or 3.3% of GDP.
The current account deficit was the lowest since a gap of $100.6 billion during the fourth quarter of 2009. Economists polled by Reuters expected the third-quarter current account gap to narrow to $107.5 billion from a previously reported $118 billion.
Third-quarter US exports of goods and services rose to $724.8 billion, eclipsing the previous record set in the second quarter, the commerce department said.