The U.S. current account deficit saw a notable increase in the fourth quarter of 2011, according to figures released Wednesday by the Commerce Department. Commerce Department estimates put the U.S. current account deficit at $124.1 billion, up from the $107.6 billion deficit seen in the third quarter. Most of the increase in the current account deficit, according to the Commerce Department, was due to a decrease in the surplus on income and an increase in the goods and services deficit. The third quarter current account deficit was revised from the $110.3 billion initially reported. The deficit on goods and services increased to $141.1 billion compared to $134.7 billion in the third quarter, with goods exports decreasing and imports increasing. Much of the decrease in goods exports came in the industrial supplies sector, largely in the non-ferrous metals category. The largest increase in imports came in the capital goods sector, mainly accounted for by civilian aircraft and parts, while imports of industrial supplies actually fell. The U.S. trade surplus in services also fell to $45.3 billion in the fourth quarter from the $46.2 billion in the third quarter, with the largest decreases posted in the travel sector.