What are the major components of the current account in the balance of payments? How is the current account balance determined?

The current account summarizes United States trade in currently produced goods and services. The major components include U.S. goods exports, U.S. goods imports, U.S. exports of services, U.S. imports of services, net investment income, and net transfers. Items that generate a flow of income into the U.S. are added and those items that cause flows of money out of the U.S. are subtracted.