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.