Which account keeps track of the export and import of goods and services in a country?

Question

Business

Julian Walsh

7 August, 08:51

Which account keeps track of the export and import of goods and services in a country?

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Answers (1)

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Faulkner · Answer 1

Current Account is the one which keeps the record of all the imports as well as the exports of the goods and services in a Country.

Explanation:

Current account is the account which keep a record of the transaction of the nation with the rest of the world, specially its net trade in the goods and services, net transfer payments and net earnings on cross-border investments over a specific year or period.

So, the current account states the exports as well as imports of the goods and services, transfers like foreign aid and payments made to foreign investors.