The Commerce Department said that the current account deficit contracted 9.1% to $217.1 billion last quarter. That was the smallest gap since the second quarter of 2021.
The current account gap represented 3.4% of gross domestic product, down from 3.8% in the second quarter. That was the smallest share in two years.
Exports of goods increased $7.2 billion to a record $547.0 billion, boosted by non-monetary gold and capital goods such as civilian aircraft engines and parts as well as other industrial machinery.
Imports of goods dropped $32.5 billion to $818.2 billion, pulled down by widespread decreases in consumer goods and industrial supplies and materials. The decline in consumer goods was led by household and kitchen appliances and other household goods.
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