The U.S. current account deficit narrowed more than expected in the third quarter as a broad gain in exports outstripped the rise in imports. The Commerce Department reported on Wednesday that the U.S. current account deficit decreased to $174.1 billion during the July through September period, from $180.9 billion in the second quarter. The third-quarter deficit amounted to 4.8 percent of U.S. GDP, which was last reported at $14.421 trillion in current dollars for the three months ended Sept. 30. The second-quarter current account gap represented 5.1 percent of a GDP of $14.295 trillion. The deficit was narrower than economists' expectations for a gap of $179.0 billion for the third quarter. Meanwhile, exports of goods rose to $346.5 billion from $337.3 billion, with more than half of the increase coming from industrial supplies and materials, including energy products. Exports of automotive vehicles and parts, capital goods and consumer goods also posted gains. While U.S. trade of goods was at a deficit, services trade remained in surplus. The surplus rose to $38.2 billion from $36.2 billion in the second quarter.
