Explain the components of current account?

Question: Explain the components of current account?

The current account is a component of a country's balance of payments, which records all international transactions over a given period. The current account includes the trade balance (exports minus imports), net income (such as wages, interest, and dividends) earned from abroad, and net current transfers (such as foreign aid and remittances). In other words, the current account measures the inflow and outflow of goods, services, income, and transfers between a country and its trading partners.

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