"The current account is part of the balance of payments. It tracks all transactions, excluding financial transactions, that involve economic values and occur between residents of a country and nonresidents. Major components include trade in goods, trade in services, income and current transfers.The balance of payments is a record of a country's overall international transactions with the rest of the world (i.e. transactions between residents of a country and nonresidents). The balance of payments is divided into current, capital and financial accounts."