 |
The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Many of the tables in our news releases are very wide. Printing tips are available.
 |
Christopher Bach (202) 606-9545 BEA 03-07
Recorded Message: 606-5362
U.S. International Transactions: Fourth Quarter and Year 2002
Fourth Quarter
Current Account
The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--increased to
$136.9 billion (preliminary) in the fourth quarter of 2002 from $126.3 billion
(revised) in the third, according to the Bureau of Economic Analysis. An
increase in the deficit on goods accounted for most of the increase, though a
decrease in the surplus on services and an increase in net outflows for
unilateral current transfers also contributed to the rise in the deficit.
NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
Goods and services
The deficit on goods and services increased to $120.2 billion in the fourth
quarter from $110.3 billion in the third.
Goods
The deficit on goods increased to $132.3 billion in the fourth quarter from
$122.9 billion in the third.
Goods exports decreased to $170.7 billion from $175.4 billion.
Nonagricultural exports (mainly capital goods and automotive vehicles, engines,
and parts) more than accounted for the decrease. Agricultural exports
increased.
Goods imports increased to $302.9 billion from $298.2 billion.
Nonpetroleum imports (mainly consumer goods and nonpetroleum industrial
supplies and materials) accounted for three-fifths, and petroleum imports
for two-fifths, of the increase.
Services
The surplus on services decreased to $12.0 billion in the fourth
quarter from $12.6 billion in the third.
Services exports increased to $75.0 billion from $73.5 billion. Increases
in travel, "other" transportation (such as freight and port services), and
"other" private services (such as business, professional, and technical
services and financial services) were partly offset by a decrease in royalties
and license fees.
Services imports increased to $63.0 billion from $60.9 billion. All
categories of services increased with the exception of royalties and license
fees.
Income
The deficit on income decreased to $2.6 billion in the fourth quarter from
$3.0 billion in the third.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $61.8 billion from
$62.9 billion. "Other" private receipts (which consists of interest and
dividends) more than accounted for the decrease. Direct investment receipts
increased.
Income payments on foreign-owned assets in the United States decreased to
$62.8 billion from $64.3 billion. "Other" private payments (which consists of
interest and dividends) more than accounted for the decrease. Direct
investment payments increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged
at $0.6 billion. Payments for compensation of foreign workers in the United
States increased slightly to $2.2 billion.
Unilateral current transfers
Net outflows for unilateral current transfers were $14.1 billion in the
fourth quarter, up from $13.1 billion in the third.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.1 billion in the fourth
quarter, little changed from the third.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $144.1 billion in the fourth quarter, down from $169.6 billion in
the third. Financial inflows for foreign-owned assets in the United States
increased while transactions for U.S.-owned assets abroad shifted to an outflow
from an inflow.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $38.9 billion in the fourth quarter,
compared with a decrease of $40.3 billion in the third.
U.S. claims on foreigners reported by U.S. banks decreased $11.0 billion in
the fourth quarter, following a decrease of $53.8 billion in the third.
Net U.S. purchases of foreign securities were $8.7 billion in the fourth
quarter, in contrast to net U.S. sales of $18.5 billion in the third.
Transactions in foreign stocks shifted to net U.S. purchases of $12.9 billion
from net U.S. sales of $12.8 billion. Net U.S. sales of foreign bonds were
$4.2 billion, down from $5.8 billion.
Net financial outflows for U.S. direct investment abroad were $33.0 billion
in the fourth quarter, up from $26.4 billion in the third. Reinvested
earnings and net equity capital outflows both increased. Net intercompany
debt flows changed little.
U.S. official reserve assets increased $0.8 billion in the fourth quarter,
following an increase of $1.4 billion in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $183.0 billion in the
fourth quarter, compared with an increase of $129.3 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks increased $54.6
billion in the fourth quarter, compared with an increase of $18.8 billion in
the third.
Net foreign purchases of U.S. Treasury securities were $12.7 billion in the
fourth quarter, down from $52.9 billion in the third.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $62.6 billion in the fourth quarter, up from net foreign
purchases of $46.5 billion in the third. Net foreign purchases of U.S. bonds
were $50.6 billion, up from $39.1 billion. Net foreign purchases of U.S.
stocks were $12.0 billion, up from $7.4 billion.
Net financial inflows for foreign direct investment in the United States
were $13.5 billion in the fourth quarter, up from $2.9 billion in the third.
A large decrease in net outflows for intercompany debt and a small increase
in reinvested earnings more than offset a decrease in net inflows for equity
capital.
Foreign official assets in the United States increased $32.2 billion in the
fourth quarter, compared with an increase of $9.5 billion in the third. In
the fourth quarter, industrial countries and developing countries both
accounted for the increase.
Net U.S. currency shipments to foreigners were $7.2 billion in the fourth
quarter, up from $2.6 billion in the third.
The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $7.4 billion in the fourth quarter, compared with a negative
$43.4 billion in the third.
In the fourth quarter, the U.S. dollar was unchanged on a trade-weighted
quarterly average basis against a group of 7 major currencies.
The Year 2002
Current Account
The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--increased to
$503.4 billion in 2002 from $393.4 billion in 2001. An increase in the
deficit on goods and a decrease in the surplus on services accounted for more
than two-thirds of the increase. The balance on income shifted to a deficit,
and net outflows for unilateral current transfers increased, accounting for
the remainder of the increase.
Goods and services
The deficit on goods and services increased to $435.5 billion in 2002 from
$358.3 billion in 2001.
Goods
The deficit on goods increased to $484.4 billion in 2002 from $427.2
billion in 2001.
Goods exports decreased to $682.6 billion from $718.8 billion.
Nonagricultural products (mainly capital goods) accounted for nearly all of
the decrease. Agricultural products also decreased.
Goods imports increased to $1,166.9 billion from $1,145.9 billion.
Nonpetroleum products accounted for virtually all of the increase; an increase
in consumer goods and automotive products was partly offset by a decrease in
capital goods and nonpetroleum industrial supplies and materials. Petroleum
and products changed little.
Services
The surplus on services decreased to $48.8 billion in 2002 from $68.9
billion in 2001.
Services exports increased to $289.3 billion from $279.3 billion.
Increases in "other" private services (such as business, professional, and
technical services, and financial services) and in royalties and license fees
were partly offset by decreases in travel and in passenger fares.
Services imports increased to $240.5 billion from $210.4 billion. An
increase in "other" private services (largely insurance) accounted for
four-fifths of the increase. Imports had been depressed in 2001 by the
recording of large nonrecurring losses recovered from foreign reinsurance
companies as a result of the September 11th attacks. Travel and passenger
fare payments decreased.
Income
The balance on income shifted to a deficit of $11.9 billion in 2002 from a
surplus of $14.4 billion in 2001.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $242.2 billion
from $281.4 billion. "Other" private receipts (which consists of interest and
dividends) more than accounted for the decrease. Direct investment receipts
increased.
Income payments on foreign-owned assets in the United States decreased to
$247.6 billion from $260.9 billion. "Other" private payments (which consists
of interest and dividends) and U.S. Government payments both decreased, while
direct investment payments increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad increased to $2.5 billion
from $2.4 billion. Payments for compensation of foreign workers in the
United States increased to $8.9 billion from $8.5 billion.
Unilateral current transfers
Net outflows for unilateral current transfers were $56.0 billion in 2002,
up from $49.5 billion in 2001. Increases in U.S. Government grants and in
private remittances and other transfers accounted for the increase.
Capital and Financial Account
Capital account transactions were net inflows of $0.7 billion in 2002, down
from net inflows of $0.8 billion in 2001.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $474.2 billion in 2002, up from $381.8 billion in 2001.
Financial outflows for U.S.-owned assets abroad decreased more than financial
inflows for foreign-owned assets in the United States.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $156.2 billion in 2002, compared with an
increase of $371.0 billion in 2001.
U.S. claims on foreigners reported by U.S. banks increased $3.1 billion in
2002, following an increase of $128.7 billion in 2001.
Transactions in foreign securities shifted to net U.S. sales of $2.2
billion in 2002, from net U.S. purchases of $94.7 billion in 2001. Net U.S.
purchases of foreign stocks dropped to $18.6 billion from $106.8 billion.
Net U.S. sales of foreign bonds were $20.8 billion, up from $12.1 billion.
Net financial outflows for U.S. direct investment abroad were $123.5
billion in 2002, down from $127.8 billion in 2001. Net equity capital outflows
dropped sharply. The drop was nearly offset by a sizable shift in intercompany
debt to net outflows from net inflows and a small increase in reinvested
earnings.
U.S. official reserve assets increased $3.7 billion in 2002, following an
increase of $4.9 billion in 2001.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $630.4 billion in 2002,
compared with an increase of $752.8 billion in 2001.
U.S. liabilities reported by U.S. banks increased $94.6 billion in 2002,
compared with an increase of $110.7 billion in 2001.
Transactions in U.S. Treasury securities shifted to net foreign purchases
of $53.2 billion in 2002 from net foreign sales of $7.7 billion in 2001.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $284.6 billion in 2002, down from $407.7 billion in 2001. Net foreign
purchases of U.S. stocks were $55.8 billion, down from $119.5 billion. Net
foreign purchases of U.S. bonds were $228.8 billion, down from $288.2 billion.
Net financial inflows for foreign direct investment in the United States
were $30.1 billion in 2002, down from $130.8 billion in 2001. Net equity
capital inflows dropped substantially and net intercompany debt transactions
shifted by a sizable amount to net outflows. In contrast, reinvested earnings
turned positive.
Foreign official assets in the United States increased $96.6 billion in
2002, compared with an increase of $5.2 billion in 2001. In 2002, assets of
industrial countries and of developing countries each accounted for half of
the increase.
Net U.S. currency shipments to foreigners were $21.5 billion in 2002, down
from $23.8 billion in 2001.
The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $28.5 billion in 2002, compared with a positive $10.7 billion
in 2001.
In 2002, the U.S. dollar depreciated 1 percent on a trade-weighted yearly
average basis against a group of 7 major currencies.
Revisions
The first three quarters of 2002 were revised to reflect revised seasonal
adjustments and, for the third quarter, receipt of new or revised data. In
the third quarter, the current-account deficit was revised to $126.3 billion
from $127.0 billion. The goods deficit was revised to $122.9 billion from
$123.2 billion; the services surplus was revised to $12.6 billion from $12.3
billion; the deficit on income was virtually unchanged at $3.0 billion; and
unilateral current transfers were revised to net outflows of $13.1 billion
from net outflows of $13.2 billion. Revisions to the first and second
quarters were small.
* * *
Release dates in 2003:
Fourth quarter and year 2002...................March 14, 2003 (Friday)
First quarter 2003.............................June 19, 2003 (Thursday)
Second quarter 2003............................September 15, 2003 (Monday)
Third quarter 2003.............................December 16, 2003 (Tuesday)
* * *
BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on
BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606 -5362 U.S. international transactions
-5306 Gross domestic product
-5303 Personal income and outlays
Most of BEA's estimates and analyses are published in the Survey of Current
Business, BEA's monthly journal. Subscriptions and single copies of the
printed Survey are for sale by the Superintendent of Documents, U.S. Government
Printing Office. Internet: <bookstore.gpo.gov>; phone: (202) 512-1800;
fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
March 14, 2003
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2001 2002 Change:
(Credits +, debits -) 2001 2002p Change: 2002
2001-2002 IV Ir IIr IIIr IVp III-IV
Current account
1 Exports of goods and services and income receipts................................ 1,281,793 1,216,504 -65,289 291,667 291,005 304,923 312,392 308,183 -4,209
2 Exports of goods and services............................................... 998,022 971,864 -26,158 232,930 232,959 244,251 248,917 245,740 -3,177
3 Goods, balance of payments basis........................................ 718,762 682,586 -36,176 167,358 164,372 172,150 175,372 170,692 -4,680
4 Services................................................................ 279,260 289,278 10,018 65,572 68,587 72,101 73,545 75,048 1,503
5 Transfers under U.S. military agency sales contracts................ 12,220 12,044 -176 3,108 2,990 3,087 2,923 3,044 121
6 Travel.............................................................. 73,119 70,320 -2,799 14,736 17,039 17,202 17,438 18,641 1,203
7 Passenger fares..................................................... 18,007 17,443 -564 3,629 4,170 4,171 4,502 4,600 98
8 Other transportation................................................ 28,306 28,377 71 6,674 6,810 6,992 7,183 7,392 209
9 Royalties and license fees......................................... 38,668 42,959 4,291 9,672 9,922 11,077 11,138 10,823 -315
10 Other private services............................................. 108,109 117,340 9,231 27,559 27,461 29,373 30,161 30,347 186
11 U.S. Government miscellaneous services............................. 831 795 -36 194 195 199 200 201 1
12 Income receipts............................................................. 283,771 244,640 -39,131 58,737 58,046 60,672 63,475 62,443 -1,032
13 Income receipts on U.S.-owned assets abroad............................ 281,389 242,177 -39,212 58,137 57,435 60,058 62,857 61,823 -1,034
14 Direct investment receipts......................................... 125,996 128,068 2,072 27,436 28,629 30,908 33,730 34,800 1,070
15 Other private receipts............................................. 151,832 110,766 -41,066 29,659 27,994 28,486 28,291 25,995 -2,296
16 U.S. Government receipts........................................... 3,561 3,343 -218 1,042 812 664 836 1,028 192
17 Compensation of employees.............................................. 2,382 2,463 81 600 611 614 618 620 2
18 Imports of goods and services and income payments................................-1,625,701 -1,663,908 -38,207 -373,174 -387,616 -419,693 -425,656 -430,949 -5,293
19 Imports of goods and services...............................................-1,356,312 -1,407,406 -51,094 -320,958 -328,588 -353,697 -359,174 -365,953 -6,779
20 Goods, balance of payments basis........................................-1,145,927 -1,166,939 -21,012 -268,021 -270,975 -294,795 -298,225 -302,944 -4,719
21 Services................................................................ -210,385 -240,467 -30,082 -52,937 -57,613 -58,902 -60,949 -63,009 -2,060
22 Direct defense expenditures......................................... -15,198 -19,418 -4,220 -4,353 -4,488 -4,766 -5,014 -5,150 -136
23 Travel.............................................................. -60,117 -59,303 814 -12,948 -14,538 -14,405 -14,631 -15,729 -1,098
24 Passenger fares..................................................... -22,418 -20,993 1,425 -4,451 -5,087 -5,002 -5,276 -5,628 -352
25 Other transportation................................................ -38,823 -38,555 268 -8,997 -8,871 -9,752 -9,731 -10,201 -470
26 Royalties and license fees......................................... -16,359 -19,899 -3,540 -4,110 -4,761 -4,948 -5,352 -4,840 512
27 Other private services............................................. -54,588 -79,379 -24,791 -17,371 -19,127 -19,304 -20,220 -20,732 -512
28 U.S. Government miscellaneous services............................. -2,882 -2,920 -38 -707 -741 -725 -725 -729 -4
29 Income payments............................................................. -269,389 -256,502 12,887 -52,216 -59,028 -65,996 -66,482 -64,996 1,486
30 Income payments on foreign-owned assets in the United States........... -260,850 -247,601 13,249 -50,035 -56,799 -63,733 -64,319 -62,750 1,569
31 Direct investment payments......................................... -23,401 -50,121 -26,720 1,166 -6,606 -12,159 -15,104 -16,252 -1,148
32 Other private payments............................................. -156,784 -124,542 32,242 -32,230 -31,679 -32,943 -31,047 -28,873 2,174
33 U.S. Government payments........................................... -80,665 -72,938 7,727 -18,971 -18,514 -18,631 -18,168 -17,625 543
34 Compensation of employees.............................................. -8,539 -8,901 -362 -2,181 -2,229 -2,263 -2,163 -2,246 -83
35 Unilateral current transfers, net................................................ -49,463 -56,023 -6,560 -13,579 -15,931 -12,927 -13,073 -14,088 -1,015
36 U.S. Government grants...................................................... -11,628 -16,914 -5,286 -3,782 -6,273 -3,312 -3,118 -4,211 -1,093
37 U.S. Government pensions and other transfers................................ -5,798 -5,131 667 -1,886 -1,271 -1,279 -1,282 -1,298 -16
38 Private remittances and other transfers..................................... -32,037 -33,978 -1,941 -7,911 -8,387 -8,336 -8,673 -8,579 94
March 14, 2003
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2001 2002 Change:
(Credits +, debits -) 2001 2002p Change: 2002
2001-2002 IV Ir IIr IIIr IVp III-IV
Capital and financial account
Capital account
39 Capital account transactions, net................................................ 826 708 -118 205 208 200 156 144 -12
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................... -370,962 -156,169 214,793 -100,088 -26,184 -131,345 40,271 -38,915 -79,186
41 U.S. official reserve assets, net............................................ -4,911 -3,681 1,230 -199 390 -1,843 -1,416 -812 604
42 Gold.................................................................... .... .... .... .... .... .... .... .... ....
43 Special drawing rights.................................................. -630 -475 155 -140 -109 -107 -132 -127 5
44 Reserve position in the International Monetary Fund..................... -3,600 -2,632 968 83 652 -1,607 -1,136 -541 595
45 Foreign currencies...................................................... -681 -574 107 -142 -153 -129 -148 -144 4
46 U.S. Government assets, other than official reserve assets, net.............. -486 379 865 143 133 42 -27 231 258
47 U.S. credits and other long-term assets................................. -4,431 -5,213 -782 -996 -853 -565 -1,375 -2,420 -1,045
48 Repayments on U.S. credits and other long-term assets................... 3,873 5,696 1,823 1,111 994 566 1,452 2,684 1,232
49 U.S. foreign currency holdings and U.S. short-term assets, net.......... 72 -104 -176 28 -8 41 -104 -33 71
50 U.S. private assets, net..................................................... -365,565 -152,867 212,698 -100,032 -26,707 -129,544 41,714 -38,334 -80,048
51 Direct investment....................................................... -127,840 -123,528 4,312 -27,470 -29,546 -34,521 -26,418 -33,047 -6,629
52 Foreign securities...................................................... -94,662 2,222 96,884 -26,090 2,047 -9,675 18,543 -8,693 -27,236
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns........................................... -14,358 -28,489 -14,131 37,210 65 -16,693 -4,226 -7,635 -3,409
54 U.S. claims reported by U.S. banks, not included elsewhere.............. -128,705 -3,072 125,633 -83,682 727 -68,655 53,815 11,041 -42,774
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))... 752,806 630,364 -122,442 250,797 113,600 204,411 129,320 183,030 53,710
56 Foreign official assets in the United States, net............................ 5,224 96,630 91,406 5,086 7,641 47,252 9,534 32,203 22,669
57 U.S. Government securities.............................................. 31,665 74,013 42,348 24,390 6,714 21,741 12,300 33,258 20,958
58 U.S. Treasury securities............................................ 10,745 43,656 32,911 16,760 -582 15,193 1,415 27,630 26,215
59 Other............................................................... 20,920 30,357 9,437 7,630 7,296 6,548 10,885 5,628 -5,257
60 Other U.S. Government liabilities....................................... -1,882 158 2,040 -504 -790 54 1,001 -107 -1,108
61 U.S. liabilities reported by U.S. banks, not included elsewhere......... -30,278 18,831 49,109 -20,507 991 24,531 -4,602 -2,089 2,513
62 Other foreign official assets........................................... 5,719 3,628 -2,091 1,707 726 926 835 1,141 306
63 Other foreign assets in the United States, net............................... 747,582 533,734 -213,848 245,711 105,959 157,159 119,786 150,827 31,041
64 Direct investment....................................................... 130,796 30,114 -100,682 21,897 16,327 -2,600 2,891 13,493 10,602
65 U.S. Treasury securities................................................ -7,670 53,155 60,825 27,229 -7,282 -5,124 52,856 12,705 -40,151
66 U.S. securities other than U.S. Treasury securities..................... 407,653 284,611 -123,042 99,320 71,095 104,404 46,494 62,618 16,124
67 U.S. currency........................................................... 23,783 21,513 -2,270 10,497 4,525 7,183 2,556 7,249 4,693
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns........................................... 82,353 49,736 -32,617 1,170 32,345 21,056 -3,804 139 3,943
69 U.S. liabilities reported by U.S. banks, not included elsewhere......... 110,667 94,605 -16,062 85,598 -11,051 32,240 18,793 54,623 35,830
70 Statistical discrepancy (sum of above items with sign reversed).................. 10,701 28,524 17,823 -55,828 24,918 54,431 -43,410 -7,405 36,005
Memoranda:
71 Balance on goods (lines 3 and 20)................................................ -427,165 -484,353 -57,188 -100,663 -106,603 -122,645 -122,853 -132,252 -9,399
72 Balance on services (lines 4 and 21)............................................. 68,875 48,811 -20,064 12,635 10,974 13,199 12,596 12,039 -557
73 Balance on goods and services (lines 2 and 19)................................... -358,290 -435,542 -77,252 -88,028 -95,629 -109,446 -110,257 -120,213 -9,956
74 Balance on income (lines 12 and 29).............................................. 14,382 -11,862 -26,244 6,521 -982 -5,324 -3,007 -2,553 454
75 Unilateral current transfers, net (line 35)...................................... -49,463 -56,023 -6,560 -13,579 -15,931 -12,927 -13,073 -14,088 -1,015
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......... -393,371 -503,427 -110,056 -95,086 -112,542 -127,697 -126,337 -136,854 -10,517
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
|
|
