WASHINGTON (AP) — The United States’ current account trade deficit decreased 12.1 percent in the April through June quarter, pushed lower by an increase in American exports and cheaper oil imports.

The Commerce Department said Tuesday that the current account deficit totaled $117.4 billion in the second quarter. That compares with a revised deficit of $133.6 billion in the first quarter, the largest in three years.

The current account is the broadest measure of trade. It tracks the sale of merchandise and services between nations and investment flows. Economists watch the current account as a sign of how much the United States needs to borrow from foreigners.

Many economists predict it will widen in coming quarters. A global slowdown has damped demand for American exports. And oil prices are rising again, in part because of increased tensions in the Middle East.