CURRENT ACCOUNT: One of two parts of a nation's balance of payments (the other is capital account). It is a record of all trade, exports and imports, between a nation and the rest of the world. The current account is separated into merchandise, services, and what's called unilateral transfers. The merchandise part is nothing other than the well-known balance of trade. There's also a lesser known balance of services -- the difference between services imported and exported. See also | balance of trade | capital account | money | export | import | balance of services | balance of payments | asset | foreign | domestic | foreign aid | capital account surplus | capital account deficit |
