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US current account deficit shrinks to $100.6B in Q3

The U.S. current account deficit narrowed to $100.6 billion in the third quarter from the revised $124.4 billion shortfall in the second quarter, according to preliminary estimates by the Commerce Department's Bureau of Economic Analysis.

The bureau said the $23.8 billion decline in the current account deficit reflected decreases in the deficits on secondary income and goods and increases in the surpluses on primary income and services.

The current account deficit fell to 2.1% of GDP, from 2.6% in the previous quarter.

Total exports of goods and services and income receipts rose by $23.4 billion in the third quarter to $858.7 billion, while total imports of goods and services and income payments fell by $400 million to $959.2 billion.

Goods exports grew to $388.1 billion, mostly reflecting an increase in capital goods excluding automotive. Primary and secondary income receipts increased to $234.5 billion and $41.1 billion, respectively.

Primary income payments increased to $177.5 billion and secondary income payments fell to $64.3 billion.