Washington (AP) The broadest measure of foreign trade declined in 2007 as stronger growth in U.S. Exports offset a soaring foreign oil bill.
The Commerce Department reported Monday that the deficit in the current account dropped by 9 percent last year to $738.6 billion. That represented a decline from an all-time high of $811.5 billion dollars.
The current account is the broadest measure of trade because it covers not only goods and services but also investment flows between the United States and other countries. It also represents the amount of dollars flowing into foreign hands to finance the country's overall trade deficit.