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1.
(ECONOMICS) the annual increase in financial claims owed to the people of particular country, MINUS any increase of claims that same people owe abroad. The net annual increase in assets resulting from commerce with the rest of the world.

COMPONENTS
There are three components of current accounts:
(1) trade balance (surplus or deficit)
(2) foreign factor income (income minus outgo)
(3) net foreign aid

Usually the largest component of a current account surplus is the trade surplus, although in 1990 the USA actually had a quarterly current account surplus caused by massive "foreign aid" (actually, payments to defray the cost of waging the first Gulf War.
The South Korean won was lower late Tuesday as investor appetite for risk{y} assets was damped by broad-based losses in regional stock markets, led by a sharp fall in Chinese shares.

The local currency largely brushed off news that the country's current account surplus rose in May to a six-month high of $3.83 billion.

Traders said any positive impact from the current account data was offset by data showing the capital account balance... posted a net outflow of $11.96 billion in May, compared with a $8.56 billion inflow in April.
by Abu Yahya June 29, 2010