Washington, Dhu-AlHijjah 3, 1436, Sep 17, 2015, SPA -- The U.S. current-account deficit fell in the April-June quarter due to cheaper oil imports and greater U.S. exports, the government reported Thursday. The Commerce Department said the deficit in the current account—the broadest measure of trade because it also tracks investment flows—shrank to $109.7 billion, down from $118.3 billion in the first quarter. Declining oil prices helped reduce the value of oil imports, lowering the trade deficit to $130 billion from $134.3 billion in the January-March period. Exports of goods and services increased to $564.7 billion from $561.7 billion. U.S. investors and companies also earned more on their foreign holdings in the second quarter. The surplus on investment income rose to $50.6 billion from $48.7 billion in the first quarter. The trade deficit significantly slowed economic growth in the first quarter, when the economy barely expanded, but the smaller second-quarter deficit contributed to a much faster expansion. The economy grew at a 3.7 percent annual pace in the April-June period, after growth of only 0.6 percent in the first quarter. But the improvement in the current-account deficit may not last long. U.S. exporters have seen their overseas sales struggle as economies in Europe and China have slowed. The strong U.S. dollar is another challenge. It increased 14 percent in value over the past year, making U.S. goods more expensive overseas and imports cheaper in the United States. The Federal Reserve (Fed) is closely watching global growth as it completes a two-day meeting Thursday. The central bank may decide to raise the short-term interest rate in controls for the first time in nine years. But many analysts believe that global financial turmoil, sparked largely by weaker growth in China, may cause them to keep rates steady for another few months. --SPA 18:50 LOCAL TIME 15:50 GMT www.spa.gov.sa/w