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News Release: U.S. International Transactions


The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, June 18, 2004
Douglas B. Weinberg:        (202) 606-9590 (Data)                    BEA 04-30
Christopher L. Bach:              606-9545 (Revisions)
Recorded Message:                 606-5362


The estimates of the international transactions accounts released today have
been revised to reflect improved estimating methodologies and newly available
source data.  The revisions this year include a change in the methodology for
estimating insurance services to make the estimates more comprehensive, the
introduction of a new methodology for estimating U.S. Government interest
payments on U.S. Treasury securities and U.S. agency debt, the incorporation
of the results of the U.S. Treasury Department's annual surveys of securities
liabilities for June 2002 and June 2003, and the introduction of seasonal
adjustment of petroleum imports and exports.  The incorporation of these
results led to significant improvements in the estimates of services receipts
and services payments, income receipts and income payments, and financial flows
of foreign-owned assets in the United States. (See the section on "Revisions"
on page 5 of this release.)

The July Survey of Current Business will contain detailed tables and an article
describing revisions to the international transactions accounts and to the
international investment position accounts.  Also, a news release on June 30
will present BEA's preliminary estimates for 2003 and revised estimates for
1994-2002 of the U.S. net international investment position.


          U.S. International Transactions: First Quarter 2004

                            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
$144.9 billion in the first quarter of 2004 (preliminary) from $127.0 billion
(revised) in the fourth quarter of 2003.  The deficit on goods accounted for
more than half of the increase.  In addition, the surplus on income decreased
and net unilateral current transfers increased.

Goods and services

        The deficit on goods and services increased to $136.9 billion in the
first quarter from $125.5 billion in the fourth.

        Goods

        The deficit on goods increased to $150.8 billion in the first quarter
from $139.4 billion in the fourth quarter.

        Goods exports increased to $193.9 billion from $186.9 billion.  Much of
the increase was in industrial supplies and materials and in capital goods.

        Goods imports increased to $344.7 billion from $326.3 billion.  Much of
the increase was in industrial supplies and materials, in consumer goods, and
in capital goods.

        Services

        The surplus on services decreased to $13.8 billion in the first quarter
from $13.9 billion in the fourth.

        Services receipts increased to $82.9 billion from $81.4 billion.  The
largest increases were in "other" private services (such as business,
professional, and technical services, insurance services, and financial
services) and in "other" transportation (freight and port services).

        Services payments increased to $69.1 billion from $67.5 billion.
"Other" transportation and "other" private services more than accounted for
the increase.

Income

        The surplus on income decreased to $12.7 billion in the first quarter
from $16.2 billion in the fourth.

        Investment income

        Income receipts on U.S.-owned assets abroad increased to $83.7 billion
from $83.2 billion.  "Other" private receipts (which consists of interest and
dividends) more than accounted for the increase; decreases in U.S. Government
receipts and in direct investment receipts were partly offsetting.

        Income payments on foreign-owned assets in the United States increased
to $69.6 billion from $65.7 billion.  An increase in direct investment payments
accounted for much of the increase, but U.S. Government payments (which
consists of interest) and "other" private payments (which consists of interest
and dividends) also increased.

        Compensation of employees

        Receipts for compensation of U.S. workers abroad were virtually
unchanged at $0.8 billion and payments for compensation of foreign workers in
the United States were virtually unchanged at $2.2 billion.

Unilateral current transfers

        Unilateral current transfers were net outflows of $20.6 billion in the
first quarter, up from net outflows of $17.6 billion in the fourth as a result
of an increase in U.S. Government grants.

                        Capital and Financial Account

                             Capital Account

        Capital account transactions were net outflows of $0.3 billion in the
first quarter, virtually unchanged from the fourth.

                             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 $158.3 billion in the first quarter, down from $168.7
billion in the fourth.  Financial outflows for U.S.-owned assets abroad
increased more than financial inflows for foreign-owned assets in the
United States.

U.S.-owned assets abroad

        U.S.-owned assets abroad increased $289.3 billion in the first quarter,
following an increase of $61.6 billion in the fourth.

        U.S. claims on foreigners reported by U.S. banks increased $183.4
billion in the first quarter, in contrast to a decrease of $47.1 billion in
the fourth.

        Net U.S. purchases of foreign securities were $15.2 billion in the
first quarter, down from $25.8 billion in the fourth.  Net U.S. purchases of
foreign stocks were $22.5 billion, up from $19.2 billion.  Transactions in
foreign bonds shifted to net U.S. sales of $7.2 billion from net U.S.
purchases of $6.6 billion.

        Net financial outflows for U.S. direct investment abroad were $57.2
billion in the first quarter, up from $53.7 billion in the fourth.  A shift to
net outflows on intercompany debt was partly offset by decreases in net equity
capital outflows and in reinvested earnings.

        U.S. official reserve assets decreased $0.6 billion in the first
quarter, following a decrease of $2.2 billion in the fourth.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $447.6 billion in
the first quarter, following an increase of $230.3 billion in the fourth.

        U.S. liabilities to foreigners reported by U.S. banks increased $141.3
billion in the first quarter, following an increase of $35.8 billion in the
fourth.

        Net foreign purchases of U.S. Treasury securities were $66.4 billion
in the first quarter, up from $4.7 billion in the fourth.

        Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $62.3 billion in the first quarter, down from $83.8 billion in
the fourth.  Net foreign purchases of U.S. stocks were $4.1 billion, down from
$22.8 billion.  Net foreign purchases of U.S. corporate bonds were $51.3
billion, down from $58.3 billion.  Net foreign purchases of federally
sponsored agency bonds were $6.9 billion, up from $2.7 billion.

        Net financial inflows for foreign direct investment in the United
States were $18.0 billion in the first quarter, up from $10.7 billion in the
fourth.  A shift to net inflows on intercompany debt and an increase in
reinvested earnings were partly offset by a decrease in net equity capital
inflows.

        Foreign official assets in the United States increased $125.2 billion
in the first quarter, following an increase of $83.7 billion in the fourth.

        Net U.S. currency shipments to foreigners were a negative $1.8 billion
in the first quarter, a shift from net shipments of a positive $7.5 billion in
the fourth.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $13.1 billion in the first quarter, compared with
a negative $41.4 billion in the fourth.

        In the first quarter, the U.S. dollar depreciated 3 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.


                                     Revisions

        As is customary each June, estimates of U.S. international transactions
are revised to incorporate improved estimating methodologies and newly
available source data.  The major changes this year are summarized below.

  *     "Other" private service payments and "other" private service receipts
         are revised for 1992-2003 to incorporate a definitional change in the
         measurement of insurance services.  The new measure more comprehensively
         measures insurance services than the prior measure by including in the
         calculation the income on technical reserves (owned by policyholders and
         held by insurance companies) used to reduce policyholder premiums.  That
         is, it treats the expected investment income on technical reserves of
         insurance companies as being paid to policyholders, who then pay it to
         insurance companies as a supplement to their premium payments to cover
         the full cost of insurance.  Corresponding changes are also made to
         "other" private income payments and "other" private income receipts.

  *     U.S. Government income payments are revised for 1995-2003 to incorporate
        a new methodology for estimating interest payments on U.S. Treasury
        securities.  The new methodology utilizes U.S. Treasury Department data
        on interest payments to all Treasury securities holders to develop a more
        accurate measure of interest payments to foreigners.  Interest payments
        on U.S. agency issues are also revised for 1995-2003.

  *     Foreign transactions in U.S. stocks and bonds and related dividend and
        interest payments are revised for 2000-2003 to incorporate results of the
        U.S. Treasury Department's annual surveys of securities liabilities for
        June 2002 and June 2003.  Changes are also made to foreign holdings of
        U.S. stocks and bonds for 2000-2003.

  *     U.S. transactions in foreign stocks and bonds and related dividend and
        interest receipts are revised for 1994-97 to extend to these years the
        major methodological changes made in June 2003 with the incorporation of
        the U.S. Treasury Department's Benchmark Survey of U.S. Portfolio
        Investment Abroad as of December 31, 2001.  In addition, revisions are
        made to U.S. holdings of foreign stocks and bonds for 1994-97.

  *     The measures of goods imports and goods exports for 1989-2003 now include
        seasonally adjusted petroleum import and export series that provide a more
        accurate measure of quarterly variation in total imports and total exports.

        In addition to the above improvements, estimates for 2000-2003 have
been revised as a result of other newly available or revised quarterly and
annual survey results and updated source data.

        Revised estimates for the detailed components of the U.S. international
transactions accounts for 2002-2003 are shown in table 1.  Summary information
on revisions for 1989-2003 is shown in table 2. Over the past six years,
exports of goods, services, and income and imports of goods, services, and
income have been revised up in each of the years.  The current-account deficit
is revised up for 1998-2000 and down for 2001-2003.

        Preliminary estimates for 2003 and revised estimates for 1994-2002 for
the U.S. net international investment position will be presented in a news
release on June 30.

        The fourth-quarter 2003 international transactions are revised from
previously published estimates.  Revisions reflect both newly available source
data for the fourth quarter and changes from all of the above sources of
revision.  The current-account deficit was revised to $127.0 billion from
$127.5 billion.  The goods deficit was revised to $139.4 billion from $139.2
billion; the services surplus was revised to $13.9 billion from $16.3 billion;
the surplus on income was revised to $16.2 billion from $12.5 billion; and
unilateral current transfers were revised to net outflows of $17.6 billion
from $17.2 billion.  Net recorded financial inflows were revised to $168.7
billion from $180.9 billion.

                             *          *          *

	Release dates in 2004:

        Second quarter 2004.......................September 14, 2004 (Tuesday)
        Third quarter 2004........................December 16, 2004 (Thursday)

                            *          *          *

        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:; phone:
(202) 512-1800; fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.

                                                                                                                                                                                                                                                   June 18, 2004
    Table 1. U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                 2002                                           2003                                            2004         Change:     Amount of
                                           (Credits +, debits -)                                      2002 r       2003 r                                                                                                                    2003:IV-     Revision
                                                                                                                                 I r         II r        III r       IV r        I r         II r        III r       IV r        I p          2004:I        2003

                                              Current account

       1 Exports of goods and services and income receipts.........................................   1,242,739    1,314,888     299,663     312,230     317,911     312,935     315,676     317,367     329,508     352,336     361,317       8,981      20,652

       2     Exports of goods and services.........................................................     975,940    1,020,503     236,208     244,924     248,369     246,439     247,999     248,474     255,723     268,306     276,838       8,532       1,810

       3         Goods, balance of payments basis..................................................     681,833      713,122     165,123     172,034     174,371     170,305     173,459     174,554     178,251     186,858     193,920       7,062        -639

       4         Services..........................................................................     294,107      307,381      71,085      72,890      73,998      76,134      74,540      73,920      77,472      81,448      82,918       1,470       2,449
       5             Transfers under U.S. military agency sales contracts..........................      11,943       12,491       2,785       2,751       3,418       2,989       2,827       3,014       3,292       3,358       3,335         -23        -225

       6             Travel........................................................................      66,728       64,509      16,192      16,167      16,321      18,048      15,862      14,360      16,216      18,071      18,018         -53        -545
       7             Passenger fares...............................................................      17,046       15,693       4,224       4,279       4,288       4,255       3,825       3,522       4,036       4,310       4,441         131          95
       8             Other transportation..........................................................      29,195       31,833       6,964       7,154       7,384       7,693       7,683       7,709       7,893       8,548       9,065         517         -38

       9             Royalties and license fees....................................................      44,219       48,227      10,282      11,247      11,437      11,253      11,628      11,943      12,175      12,481      12,724         243         357
      10             Other private services........................................................     124,181      133,818      30,443      31,093      30,950      31,695      32,513      33,170      33,657      34,477      35,131         654       2,805
      11             U.S. Government miscellaneous services........................................         795          810         195         199         200         201         202         202         203         203         204           1        ....

      12     Income receipts.......................................................................     266,799      294,385      63,455      67,306      69,542      66,496      67,677      68,893      73,785      84,030      84,479         449      18,842
      13         Income receipts on U.S.-owned assets abroad.......................................     263,861      291,354      62,697      66,584      68,812      65,768      66,936      68,163      73,016      83,239      83,720         481      19,078
      14             Direct investment receipts....................................................     147,291      187,522      33,462      36,561      38,823      38,445      40,748      42,704      47,229      56,843      56,540        -303      12,041
      15             Other private receipts........................................................     113,267       99,135      28,422      29,317      29,139      26,389      25,345      24,218      24,498      25,074      26,453       1,379       6,985
      16             U.S. Government receipts......................................................       3,303        4,697         813         706         850         934         843       1,241       1,289       1,322         727        -595          52
      17         Compensation of employees.........................................................       2,938        3,031         758         722         730         728         741         730         769         791         759         -32        -236

      18 Imports of goods and services and income payments.........................................  -1,657,301   -1,778,117    -392,457    -416,557    -423,484    -424,804    -437,067    -434,873    -444,497    -461,679    -485,573     -23,894     -10,342

      19     Imports of goods and services.........................................................  -1,397,675   -1,517,011    -329,967    -348,297    -355,285    -364,127    -373,385    -371,854    -377,973    -393,800    -413,769     -19,969      -8,154

      20         Goods, balance of payments basis..................................................  -1,164,728   -1,260,674    -273,520    -291,395    -296,778    -303,035    -311,402    -310,087    -312,886    -326,299    -344,688     -18,389       2,496

      21         Services..........................................................................    -232,947     -256,337     -56,447     -56,902     -58,507     -61,092     -61,983     -61,767     -65,087     -67,501     -69,081      -1,580     -10,650
      22             Direct defense expenditures...................................................     -19,101      -25,117      -4,359      -4,633      -4,955      -5,154      -5,732      -6,229      -6,339      -6,817      -6,810           7      -1,503

      23             Travel........................................................................     -58,044      -56,613     -14,453     -14,252     -14,314     -15,025     -14,312     -12,790     -14,409     -15,102     -15,226        -124        -423
      24             Passenger fares...............................................................     -19,969      -20,957      -4,874      -4,874      -4,829      -5,392      -5,007      -4,875      -5,512      -5,563      -5,336         227        -393
      25             Other transportation..........................................................     -38,407      -44,768      -8,855      -9,547      -9,751     -10,254     -10,796     -11,109     -11,312     -11,551     -12,763      -1,212         290

      26             Royalties and license fees....................................................     -19,235      -20,049      -4,839      -4,705      -5,020      -4,671      -4,629      -4,912      -5,204      -5,304      -5,302           2        -168
      27             Other private services........................................................     -75,271      -85,829     -18,326     -18,166     -18,913     -19,867     -20,762     -21,103     -21,558     -22,407     -22,884        -477      -8,453
      28             U.S. Government miscellaneous services........................................      -2,920       -3,004        -741        -725        -725        -729        -745        -749        -753        -757        -760          -3        ....

      29     Income payments.......................................................................    -259,626     -261,106     -62,490     -68,260     -68,199     -60,677     -63,682     -63,019     -66,524     -67,879     -71,804      -3,925      -2,188
      30         Income payments on foreign-owned assets in the United States......................    -251,246     -252,573     -60,396     -66,130     -66,155     -58,567     -61,557     -60,899     -64,402     -65,713     -69,645      -3,932      -2,183
      31             Direct investment payments....................................................     -46,460      -68,657      -8,320     -12,796     -15,096     -10,250     -15,415     -16,362     -18,589     -18,289     -21,046      -2,757       2,875
      32             Other private payments........................................................    -128,672     -111,874     -32,467     -34,047     -32,190     -29,968     -28,146     -26,785     -27,844     -29,099     -29,440        -341         592
      33             U.S. Government payments......................................................     -76,114      -72,042     -19,609     -19,287     -18,869     -18,349     -17,996     -17,752     -17,969     -18,325     -19,159        -834      -5,650
      34         Compensation of employees.........................................................      -8,380       -8,533      -2,094      -2,130      -2,044      -2,110      -2,125      -2,120      -2,122      -2,166      -2,159           7          -5

      35 Unilateral current transfers, net.........................................................     -59,382      -67,439     -17,411     -13,562     -13,427     -14,980     -16,815     -16,369     -16,639     -17,617     -20,623      -3,006         852
      36     U.S. Government grants................................................................     -17,097      -21,865      -6,397      -3,287      -3,075      -4,338      -5,833      -5,832      -5,447      -4,753      -7,798      -3,045         -32
      37     U.S. Government pensions and other transfers..........................................      -5,125       -5,341      -1,271      -1,279      -1,282      -1,292      -1,320      -1,335      -1,334      -1,352      -1,350           2        ....
      38     Private remittances and other transfers...............................................     -37,160      -40,233      -9,743      -8,996      -9,070      -9,350      -9,662      -9,202      -9,858     -11,512     -11,475          37         884
                                                                                                                                                                                                                                                   June 18, 2004
    Table 1. U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                 2002                                            2003                                            2004          Change:    Amount of
                                           (Credits +, debits -)                                      2002 r       2003 r                                                                                                                      2003:IV-    Revision
                                                                                                                                 I r         II r        III r       IV r        I r         II r        III r       IV r        I p            2004:I       2003

                                       Capital and financial account

                                              Capital account

      39 Capital account transactions, net.........................................................      -1,260       -3,079        -281        -271        -361        -347        -406      -1,552        -821        -300        -344         -44         -29

                                             Financial account

      40 U.S.-owned assets abroad, net (increase/financial outflow (-))............................    -198,014     -283,414     -34,144    -133,373      21,574     -52,069    -102,665    -110,962      -8,138     -61,647    -289,293    -227,646      -5,710

      41     U.S. official reserve assets, net.....................................................      -3,681        1,523         390      -1,843      -1,416        -812          83        -170        -611       2,221         557      -1,664        ....
      42         Gold..............................................................................        ....         ....        ....        ....        ....        ....        ....        ....        ....        ....        ....        ....        ....
      43         Special drawing rights............................................................        -475          601        -109        -107        -132        -127         897        -102         -97         -97        -100          -3        ....
      44         Reserve position in the International Monetary Fund...............................      -2,632        1,494         652      -1,607      -1,136        -541        -644          86        -383       2,435         815      -1,620        ....
      45         Foreign currencies................................................................        -574         -572        -153        -129        -148        -144        -170        -154        -131        -117        -158         -41        ....

      46     U.S. Government assets, other than official reserve assets, net.......................         345          537         133          42         -27         197          53         310         483        -309         539         848        -163
      47         U.S. credits and other long-term assets...........................................      -5,251       -7,279        -853        -565      -1,375      -2,458      -2,428      -1,591      -1,532      -1,728        -490       1,238        -295
      48         Repayments on U.S. credits and other long-term assets.............................       5,701        7,981         994         566       1,452       2,689       2,445       1,975       2,035       1,526       1,037        -489         169
      49         U.S. foreign currency holdings and U.S. short-term assets, net....................        -105         -165          -8          41        -104         -34          36         -74         -20        -107          -8          99         -37

      50     U.S. private assets, net..............................................................    -194,678     -285,474     -34,667    -131,572      23,017     -51,454    -102,801    -111,102      -8,010     -63,559    -290,389    -226,830      -5,547
      51         Direct investment.................................................................    -134,835     -173,799     -30,668     -34,244     -35,834     -34,087     -40,837     -34,049     -45,206     -53,705     -57,206      -3,501     -19,038
      52         Foreign securities................................................................      15,889      -72,337       5,325      -5,886      21,624      -5,174     -26,619       8,429     -28,312     -25,835     -15,211      10,624      -8,216
      53         U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.......     -45,425      -28,932     -11,863     -23,262      -4,119      -6,181     -11,207     -22,480      35,845     -31,090     -34,534      -3,444       7,417
      54         U.S. claims reported by U.S. banks, not included elsewhere........................     -30,307      -10,406       2,539     -68,180      41,346      -6,012     -24,138     -63,002      29,663      47,071    -183,438    -230,509      14,290

      55 Foreign-owned assets in the United States, net (increase/financial inflow (+))............     768,246      829,173     165,989     229,135     150,075     223,047     246,105     218,553     134,202     230,311     447,594     217,283     -27,487

      56     Foreign official assets in the United States, net.....................................     113,990      248,573      12,801      53,312      17,720      30,157      48,986      65,245      50,663      83,679     125,240      41,561      40,908
      57         U.S. Government securities........................................................      89,016      194,568      10,337      25,942      20,001      32,736      39,845      45,958      27,293      81,472     113,126      31,654      41,307
      58             U.S. Treasury securities......................................................      60,466      169,685       4,420      19,374       9,124      27,548      30,277      42,668      23,953      72,787     100,110      27,323      41,219
      59             Other.........................................................................      28,550       24,883       5,917       6,568      10,877       5,188       9,568       3,290       3,340       8,685      13,016       4,331          88
      60         Other U.S. Government liabilities.................................................         137         -564        -597         365         464         -95        -437         -16         -41         -70        -177        -107          -2
      61         U.S. liabilities reported by U.S. banks, not included elsewhere...................      21,221       49,420       2,335      26,099      -3,590      -3,623       8,325      18,552      22,019         524      10,849      10,325        -213
      62         Other foreign official assets.....................................................       3,616        5,149         726         906         845       1,139       1,253         751       1,392       1,753       1,442        -311        -184

      63     Other foreign assets in the United States, net........................................     654,256      580,600     153,188     175,823     132,355     192,890     197,119     153,308      83,539     146,632     322,354     175,722     -68,395
      64         Direct investment.................................................................      72,411       39,890      28,407       2,195       9,927      31,882      32,523        -544      -2,810      10,719      17,985       7,266     -42,092
      65         U.S. Treasury securities..........................................................     100,432      113,432      10,333      18,837      54,068      17,194       8,974      53,254      46,490       4,714      66,372      61,658     -26,431
      66         U.S. securities other than U.S. Treasury securities...............................     285,500      250,981      73,782      99,718      43,931      68,069      56,723      92,407      18,090      83,761      62,329     -21,432      12,329
      67         U.S. currency.....................................................................      21,513       16,640       4,525       7,183       2,556       7,249       4,927       1,458       2,768       7,487      -1,800      -9,287        ....
      68         U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..      77,990       84,014      45,704      20,607        -242      11,921      69,410      -2,257      12,721       4,140      36,164      32,024       6,662
      69         U.S. liabilities reported by U.S. banks, not included elsewhere...................      96,410       75,643      -9,563      27,283      22,115      56,575      24,562       8,990       6,280      35,811     141,304     105,493     -18,863

      70 Statistical discrepancy (sum of above items with sign reversed)...........................     -95,028      -12,012     -21,359      22,398     -52,288     -43,782      -4,828      27,836       6,385     -41,404     -13,078      28,326      22,064

         Memoranda:
      71 Balance on goods (lines 3 and 20).........................................................    -482,895     -547,552    -108,397    -119,361    -122,407    -132,730    -137,943    -135,533    -134,635    -139,441    -150,768     -11,327       1,857
      72 Balance on services (lines 4 and 21)......................................................      61,160       51,044      14,638      15,988      15,491      15,042      12,557      12,153      12,385      13,947      13,837        -110      -8,201
      73 Balance on goods and services (lines 2 and 19)............................................    -421,735     -496,508     -93,759    -103,373    -106,916    -117,688    -125,386    -123,380    -122,250    -125,494    -136,931     -11,437      -6,344
      74 Balance on income (lines 12 and 29).......................................................       7,173       33,279         965        -954       1,343       5,819       3,995       5,874       7,261      16,151      12,675      -3,476      16,654
      75 Unilateral current transfers, net (line 35)...............................................     -59,382      -67,439     -17,411     -13,562     -13,427     -14,980     -16,815     -16,369     -16,639     -17,617     -20,623      -3,006         852
      76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)..................    -473,944     -530,668    -110,205    -117,889    -119,000    -126,849    -138,206    -133,875    -131,628    -126,960    -144,879     -17,919      11,162

    r Revised.  p Preliminary.

    NOTE:  Details may not add to totals because of rounding.     Source:  U. S. Bureau of Economic Analysis

                                                                                                                                                                                  June 18, 2004

    Table 2. Revisions to U.S. International Transactions
    [Millions of dollars; quarters seasonally adjusted]

             Exports of goods and services       Imports of goods and services
             and income receipts                 and income payments                  Unilateral current transfers, net   Balance on current account           Net financial flows

             Previously    Revised     Revision  Previously    Revised     Revision   Previously    Revised     Revision  Previously    Revised    Revision    Previously    Revised   Revision
             published                           published                            published                           published                            published

    1989...    648,290     648,290        ....    -721,607    -721,607        ....     -26,169     -26,169        ....     -99,486     -99,486        ....      49,545      49,545        ....
    1990...    706,975     706,975        ....    -759,287    -759,290          -3     -26,654     -26,654        ....     -78,965     -78,968          -3      60,337      60,337        ....
    1991...    727,557     727,557        ....    -734,563    -734,563        ....      10,752      10,752        ....       3,747       3,747        ....      46,420      46,420        ....
    1992...    748,881     750,648       1,767    -763,741    -765,507      -1,766     -33,154     -33,133          21     -48,013     -47,991          22      96,253      96,253        ....
    1993...    776,921     778,920       1,999    -821,797    -823,799      -2,002     -37,113     -37,108           5     -81,989     -81,987           2      81,488      81,488        ....
    1994...    868,460     869,775       1,315    -948,555    -951,008      -2,453     -37,583     -36,799         784    -117,678    -118,032        -354     129,933     127,052      -2,881
    1995...  1,005,645   1,004,631      -1,014  -1,075,674  -1,080,005      -4,331     -35,188     -34,104       1,084    -105,217    -109,478      -4,261      86,186      86,298         112
    1996...  1,077,148   1,077,731         583  -1,155,489  -1,159,355      -3,866     -38,862     -38,583         279    -117,203    -120,207      -3,004     137,173     137,687         514
    1997...  1,194,899   1,191,441      -3,458  -1,281,291  -1,287,010      -5,719     -41,292     -40,410         882    -127,684    -135,979      -8,295     219,210     221,334       2,124
    1998...  1,191,206   1,194,803       3,597  -1,347,462  -1,355,917      -8,455     -48,435     -48,443          -8    -204,691    -209,557      -4,866      75,740      75,740        ....
    1999...  1,255,671   1,259,665       3,994  -1,499,762  -1,509,732      -9,970     -46,755     -46,755        ....    -290,846    -296,822      -5,976     236,570     236,570        ....
    2000...  1,416,915   1,421,429       4,514  -1,772,694  -1,779,188      -6,494     -55,679     -55,684          -5    -411,458    -413,443      -1,985     456,341     477,098      20,757
    2001...  1,284,942   1,293,345       8,403  -1,632,072  -1,632,465        -393     -46,615     -46,581          34    -393,745    -385,701       8,044     415,592     416,091         499
    2002...  1,229,649   1,242,739      13,090  -1,651,657  -1,657,301      -5,644     -58,853     -59,382        -529    -480,861    -473,944       6,917     527,998     570,232      42,234
    2003...  1,294,236   1,314,888      20,652  -1,767,775  -1,778,117     -10,342     -68,291     -67,439         852    -541,830    -530,668      11,162     578,956     545,759     -33,197

    1989: I    155,805     155,853          48    -177,206    -178,297      -1,091      -6,048      -6,048        ....     -27,449     -28,492      -1,043      12,963      12,963        ....
    II.....    163,352     163,435          83    -183,220    -182,850         370      -5,753      -5,753        ....     -25,621     -25,168         453       2,778       2,778        ....
    III....    163,579     163,560         -19    -179,692    -178,980         712      -6,630      -6,630        ....     -22,743     -22,050         693      22,390      22,390        ....
    IV.....    165,556     165,444        -112    -181,489    -181,480           9      -7,739      -7,739        ....     -23,672     -23,775        -103      11,412      11,412        ....

    1990: I    171,784     171,856          72    -187,397    -188,962      -1,565      -6,540      -6,540        ....     -22,153     -23,646      -1,493      15,004      15,004        ....
    II.....    174,177     174,266          89    -186,593    -186,146         447      -7,644      -7,644        ....     -20,060     -19,524         536       4,011       4,011        ....
    III....    176,450     176,466          16    -191,570    -190,664         906      -7,339      -7,339        ....     -22,459     -21,537         922      19,515      19,515        ....
    IV.....    184,566     184,389        -177    -193,723    -193,514         209      -5,133      -5,133        ....     -14,290     -14,258          32      21,807      21,807        ....

    1991: I    181,195     181,296         101    -184,921    -186,167      -1,246      15,004      15,004        ....      11,278      10,133      -1,145      -2,223      -2,223        ....
    II.....    180,564     180,627          63    -182,176    -181,695         481       3,780       3,780        ....       2,168       2,712         544      13,423      13,423        ....
    III....    181,692     181,647         -45    -183,523    -182,800         723      -2,812      -2,812        ....      -4,643      -3,965         678      17,336      17,336        ....
    IV.....    184,112     183,993        -119    -183,948    -183,906          42      -5,224      -5,224        ....      -5,060      -5,137         -77      17,885      17,885        ....

    1992: I    185,909     186,444         535    -183,755    -185,439      -1,684      -6,847      -6,827          20      -4,693      -5,822      -1,129      19,651      19,651        ....
    II.....    186,380     186,873         493    -190,447    -190,385          62      -7,890      -7,887           3     -11,957     -11,399         558      34,069      34,069        ....
    III....    187,709     188,127         418    -193,531    -193,285         246      -7,457      -7,441          16     -13,279     -12,599         680      21,899      21,899        ....
    IV.....    188,880     189,201         321    -196,005    -196,399        -394     -10,960     -10,980         -20     -18,085     -18,178         -93      20,632      20,632        ....

    1993: I    190,925     191,422         497    -196,106    -197,831      -1,725      -7,741      -7,732           9     -12,922     -14,141      -1,219       3,608       3,608        ....
    II.....    192,634     193,169         535    -204,825    -204,708         117      -8,451      -8,455          -4     -20,642     -19,994         648      13,195      13,195        ....
    III....    193,639     194,153         514    -205,599    -205,520          79      -9,211      -9,210           1     -21,171     -20,577         594      32,719      32,719        ....
    IV.....    199,716     200,170         454    -215,267    -215,744        -477     -11,709     -11,711          -2     -27,260     -27,285         -25      31,967      31,967        ....

    1994: I    203,607     204,240         633    -219,109    -220,697      -1,588      -7,708      -7,697          11     -23,210     -24,154        -944      50,540      50,540        ....
    II.....    211,276     211,812         536    -231,424    -231,447         -23      -8,277      -8,067         210     -28,425     -27,702         723      13,770      11,165      -2,605
    III....    222,554     222,795         241    -244,192    -244,291         -99      -9,452      -9,198         254     -31,090     -30,694         396      50,949      49,986        -963
    IV.....    231,025     230,930         -95    -253,831    -254,574        -743     -12,146     -11,837         309     -34,952     -35,481        -529      14,672      15,359         687
                                                                                                                                                                                 June 18, 2004

    Table 2. Revisions to U.S. International Transactions (Continued)
    [Millions of dollars; quarters seasonally adjusted]

             Exports of goods and services       Imports of goods and services
             and income receipts                 and income payments                  Unilateral current transfers, net   Balance on current account           Net financial flows

             Previously    Revised     Revision  Previously    Revised     Revision   Previously    Revised     Revision  Previously    Revised    Revision    Previously    Revised   Revision
             published                           published                            published                           published                            published

    1995: I    241,511     241,117        -394    -261,135    -263,078      -1,943      -8,812      -8,502         310     -28,436     -30,463      -2,027      32,965      33,144         179
    II.....    249,001     248,705        -296    -271,151    -271,557        -406      -8,418      -8,154         264     -30,568     -31,006        -438       4,190       4,060        -130
    III....    255,574     255,495         -79    -272,181    -272,899        -718      -8,784      -8,533         251     -25,391     -25,937        -546      69,607      69,055        -552
    IV.....    259,555     259,310        -245    -271,208    -272,472      -1,264      -9,174      -8,913         261     -20,827     -22,075      -1,248     -20,574     -19,959         615

    1996: I    262,752     263,221         469    -276,829    -279,388      -2,559     -10,212     -10,169          43     -24,289     -26,336      -2,047       4,319       4,824         505
    II.....    266,662     266,995         333    -286,956    -287,281        -325      -8,462      -8,421          41     -28,756     -28,707          49      32,893      33,282         389
    III....    267,020     266,854        -166    -293,453    -293,230         223      -8,653      -8,531         122     -35,086     -34,907         179      52,434      52,529          95
    IV.....    280,708     280,655         -53    -298,252    -299,457      -1,205     -11,535     -11,464          71     -29,079     -30,266      -1,187      47,529      47,054        -475

    1997: I    287,175     287,298         123    -310,602    -313,484      -2,882      -8,899      -8,815          84     -32,326     -35,001      -2,675      20,792      20,276        -516
    II.....    300,275     299,738        -537    -317,518    -318,291        -773      -9,285      -9,103         182     -26,528     -27,656      -1,128      47,103      47,567         464
    III....    304,962     303,592      -1,370    -325,106    -325,603        -497      -9,772      -9,503         269     -29,916     -31,514      -1,598      47,940      47,836        -104
    IV.....    302,490     300,816      -1,674    -328,068    -329,635      -1,567     -13,336     -12,988         348     -38,914     -41,807      -2,893     103,371     105,651       2,280

    1998: I    301,310     302,200         890    -331,242    -333,905      -2,663     -10,868     -10,869          -1     -40,800     -42,574      -1,774       6,232       6,232        ....
    II.....    297,869     298,801         932    -336,183    -337,651      -1,468     -11,171     -11,174          -3     -49,485     -50,024        -539      17,927      17,927        ....
    III....    292,139     293,039         900    -337,144    -338,641      -1,497     -11,954     -11,956          -2     -56,959     -57,558        -599      18,943      18,943        ....
    IV.....    299,886     300,761         875    -342,895    -345,722      -2,827     -14,441     -14,443          -2     -57,450     -59,404      -1,954      32,636      32,636        ....

    1999: I    299,118     300,137       1,019    -347,512    -351,303      -3,791     -10,899     -10,899        ....     -59,293     -62,065      -2,772      24,993      24,993        ....
    II.....    306,214     307,252       1,038    -364,498    -366,856      -2,358     -11,316     -11,316        ....     -69,600     -70,920      -1,320      67,218      67,218        ....
    III....    318,820     319,816         996    -386,995    -388,302      -1,307     -11,092     -11,092        ....     -79,267     -79,578        -311      31,632      31,632        ....
    IV.....    331,524     332,465         941    -400,756    -403,270      -2,514     -13,449     -13,448           1     -82,681     -84,253      -1,572     112,727     112,727        ....

    2000: I    340,457     341,606       1,149    -423,355    -427,348      -3,993     -12,123     -12,129          -6     -95,021     -97,871      -2,850      29,845      34,031       4,186
    II.....    354,103     355,236       1,133    -440,583    -441,169        -586     -12,646     -12,645           1     -99,126     -98,578         548     134,435     139,513       5,078
    III....    359,157     360,310       1,153    -454,244    -454,026         218     -13,480     -13,481          -1    -108,567    -107,197       1,370     154,469     159,700       5,231
    IV.....    363,198     364,277       1,079    -454,517    -456,650      -2,133     -17,435     -17,435        ....    -108,754    -109,808      -1,054     137,592     143,854       6,262

    2001: I    348,355     350,473       2,118    -440,865    -443,079      -2,214     -11,494     -14,083      -2,589    -104,004    -106,689      -2,685     121,699     120,773        -926
    II.....    331,765     334,755       2,990    -420,408    -417,608       2,800     -11,321     -14,690      -3,369     -99,964     -97,543       2,421     121,258     123,780       2,522
    III....    309,601     311,400       1,799    -401,981    -401,578         403     -11,256      -1,719       9,537    -103,636     -91,897      11,739      61,437      60,238      -1,199
    IV.....    295,222     296,718       1,496    -368,820    -370,205      -1,385     -12,542     -16,087      -3,545     -86,140     -89,574      -3,434     111,198     111,301         103

    2002: I    297,074     299,663       2,589    -387,864    -392,457      -4,593     -15,938     -17,411      -1,473    -106,728    -110,205      -3,477     111,586     131,845      20,259
    II.....    307,616     312,230       4,614    -416,962    -416,557         405     -13,481     -13,562         -81    -122,827    -117,889       4,938      92,675      95,762       3,087
    III....    313,939     317,911       3,972    -422,666    -423,484        -818     -13,997     -13,427         570    -122,724    -119,000       3,724     171,190     171,649         459
    IV.....    311,015     312,935       1,920    -424,165    -424,804        -639     -15,436     -14,980         456    -128,586    -126,849       1,737     152,546     170,978      18,432

    2003: I    309,869     315,676       5,807    -431,634    -437,067      -5,433     -17,391     -16,815         576    -139,156    -138,206         950     141,386     143,440       2,054
    II.....    311,387     317,367       5,980    -434,165    -434,873        -708     -17,062     -16,369         693    -139,840    -133,875       5,965     150,714     107,591     -43,123
    III....    323,463     329,508       6,045    -442,104    -444,497      -2,393     -16,651     -16,639          12    -135,292    -131,628       3,664     105,930     126,064      20,134
    IV.....    349,517     352,336       2,819    -459,870    -461,679      -1,809     -17,188     -17,617        -429    -127,541    -126,960         581     180,926     168,664     -12,262

    NOTE: Details may not add to totals because of rounding.     Source: U.S. Bureau of Economic Analysis.