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News Release: U.S. International Transactions

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Note:  Revisions to trade in services.

FOR WIRE TRANSMISSION: 8:30 A.M. EST, TUESDAY, March 14, 2006
Christopher Bach: (202) 606-9545                                     BEA 06-08


        U.S. International Transactions: Fourth Quarter and Year 2005

                               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 $224.9
billion (preliminary) in the fourth quarter of 2005 from $185.4 billion
(revised) in the third quarter.  The increase was mostly accounted for by
increases in net unilateral current transfers and in the deficit on goods.
In addition, the balance on income shifted to a deficit from a surplus, and
the surplus on services decreased.

Goods and services

        The deficit on goods and services increased to $197.4 billion in the
fourth quarter from $181.4 billion in the third.

        Goods

        The deficit on goods increased to $212.4 billion in the fourth
quarter from $197.3 billion in the third quarter.

        Goods exports increased to $231.3 billion from $224.8 billion.  Much of
the increase was in capital goods and in automotive vehicles, engines, and parts.

        Goods imports increased to $443.7 billion from $422.1 billion.
Two-thirds of the increase was attributable to industrial supplies and
materials, but all other major goods categories also increased.

        Services

        The surplus on services decreased to $15.1 billion in the fourth
quarter from $15.9 billion in the third.

        Services receipts increased to $96.8 billion from $96.2 billion.
Increases in “other” private services (such as business, professional, and
technical services, insurance services, and financial services) and in “other”
transportation (such as freight and port services) were partly offset by
decreases in other services categories.

        Services payments increased to $81.7 billion from $80.4 billion.
Increases in “other” private services, in “other” transportation, and in
passenger fares were partly offset by decreases in other services categories.

Income

        The balance on income shifted to a deficit of $2.4 billion in the fourth
quarter from a surplus of $4.9 billion in the third.

        Investment income

        Income receipts on U.S.-owned assets abroad increased to $129.0 billion
from $120.0 billion.  The increase was almost entirely accounted for by increases
in “other” private receipts (which consists of interest and dividends) and in
direct investment receipts.

        Income payments on foreign-owned assets in the United States increased
to $130.0 billion from $113.6 billion.  The increase was accounted for by
increases in direct investment payments, in “other” private payments (which
consists of interest and dividends), and in U.S. Government payments
(which consists of interest).

        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 $2.3 billion.


Unilateral current transfers

        Unilateral current transfers were net outflows (payments) of $25.1
billion in the fourth quarter, up from net outflows of $8.9 billion in the third.
The increase was largely accounted for by an increase in net outflows for
“private remittances and other transfers,” which decreased in the third quarter
as a result of unusually large claims received by U.S. companies from foreign
insurance companies arising from damage caused by Hurricanes Katrina and Rita.
Hurricane-related claims were much lower in the fourth quarter, and net
outflows for “private remittances and other transfers” rebounded to a more
typical level.

                          Capital and Financial Account

                                Capital Account

        Capital account transactions were net outflows of $0.4 billion in the
fourth quarter, virtually unchanged 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 $235.0 billion in the fourth quarter, down from $253.8
billion in the third.  Financial inflows for foreign-owned assets in the United
States slowed more than financial outflows for U.S.-owned assets abroad.

U.S.-owned assets abroad

        U.S.-owned assets abroad increased $43.1 billion in the fourth quarter,
following an increase of $141.4 billion in the third.

        U.S. claims on foreigners reported by U.S. banks decreased $11.5
billion in the fourth quarter, in contrast to an increase of $108.0 billion in
the third.

        Net U.S. purchases of foreign securities were $40.0 billion in the
fourth quarter, up from $34.6 billion in the third.  Net U.S. purchases of
foreign stocks were $39.0 billion, up from $33.9 billion.  Net U.S. purchases
of foreign bonds were $1.0 billion, up from $0.7 billion.

        Net financial flows for U.S. direct investment abroad were net inflows
of $2.1 billion in the fourth quarter, following net inflows of $25.3 billion
in the third.  The decrease in net inflows was attributable to an increase in
net outflows for equity capital and a decrease in net inflows for reinvested
earnings.  Reinvested earnings continued to be significantly affected by the
tax incentives provided by the American Jobs Creation Act of 2004.

        U.S. official reserve assets decreased $4.8 billion in the fourth
quarter, following a decrease of the same amount in the third.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $278.0 billion in the
fourth quarter, following an increase of $395.3 billion in the third.

        U.S. liabilities to foreigners reported by U.S. banks increased $15.7
billion in the fourth quarter, following an increase of $78.7 billion in the
third.

        Net foreign purchases of U.S. Treasury securities were $70.1 billion in
the fourth quarter, up from $40.8 billion in the third.

        Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $129.3 billion in the fourth quarter, down from a record $165.9
billion in the third.  Net foreign purchases of U.S. stocks were $22.9 billion,
down from $30.8 billion.  Net foreign purchases of U.S. corporate bonds were
$93.9 billion, down from a record $100.4 billion.  Net foreign purchases of
federally sponsored agency bonds were $12.5 billion, down from $34.7 billion.

        Net financial inflows for foreign direct investment in the United
States were $30.6 billion in the fourth quarter, down from $48.4 billion in the
third.  A shift to small net outflows on intercompany debt from large net
inflows more than offset increases in reinvested earnings and in net equity
capital inflows.

        Foreign official assets in the United States increased $74.6 billion in
the fourth quarter, following an increase of $38.2 billion in the third.

        Net U.S. currency shipments to foreigners were $9.2 billion in the
fourth quarter, up from $4.7 billion in the third.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $9.7 billion in the fourth quarter, compared with
a negative $68.0 billion in the third.

        In the fourth quarter, the U.S. dollar appreciated 1 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.


                                The Year 2005

                               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 $804.9
billion in 2005 from $668.1 billion in 2004.  An increase in the deficit on
goods to $781.6 billion from $665.4 billion accounted for most of the increase.
Other contributors to the increase in the deficit were a decrease in the surplus
on income to $1.6 billion from $30.4 billion and a small increase in net
outflows (payments) for unilateral current transfers to $82.9 billion from
$80.9 billion.  In contrast, the surplus on services increased to $58.0 billion
from $47.8 billion.  As a share of U.S. GDP, the current-account deficit rose
to 6.4 percent in 2005 from 5.7 percent in 2004.

Goods and services

        The deficit on goods and services increased to $723.6 billion in 2005
from $617.6 billion in 2004.

        Goods

        The deficit on goods increased to $781.6 billion in 2005 from $665.4
billion in 2004.

        Goods exports increased to $892.6 billion from $807.5 billion.  Two-thirds
of the increase was in capital goods and industrial supplies and materials.

        Goods imports increased to $1,674.3 billion from $1,472.9 billion.  More
than one-third of the increase was attributable to an increase in petroleum and
petroleum products.  Among nonpetroleum products, the largest increases were
in nonpetroleum industrial supplies and materials, capital goods, and consumer
goods.

        Services

        The surplus on services increased to $58.0 billion in 2005 from $47.8
billion in 2004.

        Services exports increased to $379.6 billion from $343.9 billion.  The
largest increases were in “other” private services (such as business,
professional, and technical services, insurance services, and financial
services) and in travel.

        Services imports increased to $321.6 billion from $296.1 billion.  The
largest increases were in “other” private services and in “other” transportation
(such as freight and port services).

Income

        The surplus on income decreased to $1.6 billion in 2005 from $30.4
billion in 2004.

        Investment income

        Income receipts on U.S.-owned assets abroad ncreased to $465.6 billion
from $376.5 billion.  The increase was mostly accounted for by an increase in
“other” private receipts (which consists of interest and dividends).  Direct
investment receipts also increased.

        Income payments on foreign-owned assets in the United States increased
to $458.2 billion from $340.3 billion.  The increase was mostly accounted for
by increases in “other” private payments and in U.S. Government payments.
Direct investment payments also increased.

        Compensation of employees

        Receipts for compensation of U.S. workers abroad were virtually unchanged
at $3.0 billion, and payments for compensation of foreign workers in the United
States increased slightly to $8.9 billion from $8.8 billion.

Unilateral current transfers

        Unilateral current transfers were net outflows (payments) of $82.9
billion in 2005, up from net outflows of $80.9 billion in 2004.

                        Capital and Financial Account

                               Capital Account

        Capital account transactions were net outflows of $5.6 billion in 2005,
up from net outflows of $1.6 billion in 2004.

                              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 $801.0 billion in 2005, up from $584.6 billion in 2004.
Financial inflows for foreign-owned assets in the United States slowed less
than financial outflows for U.S.-owned assets abroad.

U.S.-owned assets abroad

        U.S.-owned assets abroad increased $491.7 billion in 2005, compared
with an increase of $855.5 billion in 2004.

        U.S. claims on foreigners reported by U.S. banks increased $218.2
billion in 2005, compared with an increase of $356.1 billion in 2004.

        Net U.S. purchases of foreign securities were $155.2 billion in 2005,
compared with $102.4 billion in 2004.  Net U.S. purchases of foreign stocks
were $136.7 billion, up from $83.2 billion.  Net U.S. purchases of foreign
bonds were $18.6 billion, down slightly from $19.2 billion.

        Net financial outflows for U.S. direct investment abroad were $21.5
billion in 2005, down substantially from $252.0 billion in 2004.  The decrease
was largely accounted for by a shift to net inflows for reinvested earnings
from net outflows.  These net inflows were mostly in response to the tax
incentives provided by the American Jobs Creation Act of 2004.  In addition,
net equity outflows decreased, and net intercompany debt inflows increased.

        U.S. official reserve assets decreased $14.1 billion in 2005, following
a decrease of $2.8 billion in 2004.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $1,292.7 billion in
2005, compared with an increase of $1,440.1 billion in 2004.

        U.S. liabilities to foreigners reported by U.S. banks increased $175.7
billion in 2005, following an increase of $322.6 billion in 2004.

        Net foreign purchases of U.S. Treasury securities were a record $196.8
billion in 2005, up from $107.0 billion in 2004.

        Net foreign purchases of U.S. securities other than U.S. Treasury
securities were a record $489.2 billion in 2005, up from $369.8 billion in 2004.
Net foreign purchases of U.S. corporate bonds were $332.4 billion, up from
$243.0 billion.  Net foreign purchases of U.S. stocks were $88.5 billion, up
from $60.5 billion.  Net foreign purchases of U.S. federally sponsored agency
bonds were $68.3 billion, up from $66.3 billion.

        Net financial inflows for foreign direct investment in the United States
were $128.6 billion in 2005, up from $106.8 billion in 2004.  A shift to net
inflows for intercompany debt from net outflows and a small increase in
reinvested earnings were partly offset by a decrease in net equity capital inflows.

        Foreign official assets in the United States increased $220.7 billion
in 2005, following an increase of $394.7 billion in 2004.

        Net U.S. currency shipments to foreigners were $19.4 billion in 2005,
up from $14.8 billion in 2004.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $9.6 billion in 2005, compared with a positive
$85.1 billion in 2004.

        Against a trade-weighted group of 7 major currencies, the U.S. dollar
depreciated 2 percent on a yearly average basis in 2005, but it appreciated 7
percent from December 2004 to December 2005.

                   Special Developments in the Accounts

Insurance

        Net outflows (payments) for unilateral current transfers rebounded in the
fourth quarter after decreasing sharply in the third quarter as a result of
transfers arising from the extensive damage caused by Hurricanes Katrina and
Rita.  In the third quarter, the private remittances and other transfers
component of the unilateral current transfers account included inflows
(receipts) for claims received by U.S. companies from foreign insurance
companies that were substantially in excess of "expected" claims.  In
addition, donations from abroad for hurricane relief were also recorded in
private remittances and other transfers.  These two increases in inflows
caused private remittances and other transfers to become less negative and,
taken by themselves, reduced the current-account deficit in the third quarter.
In the fourth quarter, hurricane-related inflows decreased, and private
remittances and other transfers rebounded to a more typical level.

        Insurance services payments and receipts, which are components of other
private services payments and receipts in the current account, were unaffected
in the third quarter and only minimally affected in the fourth quarter by the
occurrence of Hurricanes Katrina and Rita.  This is because insurance services
performed are based substantially on premiums, and third-quarter premiums were
set before the events occurred and fourth-quarter premiums increased only
minimally.

U.S. direct investment abroad income and financial flows

        The American Jobs Creation Act of 2004, which was signed into law on
October 22, 2004, reduces the rate of taxation on U.S. multinational companies'
qualifying dividends from abroad for a period of 1 year (calendar year 2004 or
2005 at taxpayers' option, for calendar year taxpayers).

        In the current account, the size of income receipts (earnings) on U.S.
direct investment abroad is unaffected by the Act, although the composition of
earnings has been significantly affected.  In 2005, distributions of earnings
to parents in the United States were elevated, and earnings reinvested in
affiliates abroad were reduced by a like amount.

        In the financial account, the reinvested earnings component of U.S.
direct investment abroad was reduced, contributing to smaller increases in
direct investment in the first and second quarters and to net decreases in
direct investment in the third and fourth quarters.

        Detailed estimates of direct investment transactions (including
distributed and reinvested earnings) are shown in table 6a of the standard
presentation of the quarterly international transactions accounts, available
on BEA's Web site.  It is not possible for BEA to separately identify
transactions arising from the Act.

                                Revisions

        The first three quarters of 2005 were revised to reflect revised
seasonal adjustments and, for the third quarter, receipt of new or revised
data.  Revisions to the first and second quarters were small.  In the third
quarter, the current-account deficit was revised to $185.4 billion from $195.8
billion.  The goods deficit was revised to $197.3 billion from $197.9; the
services surplus was revised to $15.9 billion from $15.1 billion; the income
surplus was revised to $4.9 billion from $0.5 billion; and unilateral current
transfers were revised to net outflows of $8.9 billion from net outflows of
$13.5 billion.  Net recorded financial inflows were revised to $253.8 billion
from $272.9 billion.


                             *          *          *

     Release dates in 2006:

     Fourth quarter and year 2005...................March 14, 2006 (Tuesday)
     First quarter 2006...............................June 16, 2006 (Friday)
     Second quarter 2006.........................September 18, 2006 (Monday)
     Third quarter 2006...........................December 18, 2006 (Monday)

                             *          *          *

        Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:

                       (202) 606-5306 Gross domestic product
                                -5303 Personal income and outlays

        BEA’s national, international, regional, and industry estimates; the
Survey of Current Business; and BEA news releases are available without charge
on BEA’s Web site at www.bea.gov.  By visiting the site, you can also subscribe
to receive free e-mail summaries of BEA releases and announcements.




                                                                                                                                                                       March 14, 2006


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

                                                                                                                        Change:  2004     2005                                Change:
                                (Credits +, debits -)                                            2004        2005 p    2004-2005                                               2005
                                                                                                                                 IV       I r      II r     III r    IV p     III-IV

                                   Current account

            1 Exports of goods and services and income receipts.............................     1,530,975   1,740,897  209,922  405,041  413,076  428,058  441,821  457,939   16,118

            2     Exports of goods and services.............................................     1,151,448   1,272,223  120,775  298,887  306,152  316,938  321,013  328,119    7,106

            3         Goods, balance of payments basis......................................       807,536     892,619   85,083  208,874  213,407  223,106  224,793  231,313    6,520

            4         Services..............................................................       343,912     379,604   35,692   90,013   92,745   93,832   96,220   96,806      586
            5             Transfers under U.S. military agency sales contracts..............        14,814      18,502    3,688    3,555    4,525    4,425    5,145    4,407     -738

            6             Travel............................................................        74,481      82,415    7,934   19,220   20,000   21,372   20,582   20,461     -121
            7             Passenger fares...................................................        18,858      21,490    2,632    4,774    5,119    5,449    5,572    5,350     -222
            8             Other transportation..............................................        36,862      41,509    4,647    9,643    9,878   10,135   10,461   11,035      574

            9             Royalties and license fees........................................        52,643      58,121    5,478   14,446   14,951   14,140   14,626   14,404     -222
           10             Other private services............................................       145,433     156,726   11,293   38,163   38,062   38,105   39,610   40,948    1,338
           11             U.S. Government miscellaneous services............................           821         841       20      212      210      206      224      201      -23

           12     Income receipts...........................................................       379,527     468,674   89,147  106,154  106,924  111,120  120,808  129,820    9,012
           13         Income receipts on U.S.-owned assets abroad...........................       376,489     465,631   89,142  105,357  106,180  110,364  120,044  129,041    8,997
           14             Direct investment receipts........................................       233,067     248,856   15,789   63,053   58,162   59,617   63,830   67,245    3,415
           15             Other private receipts............................................       140,424     214,046   73,622   41,577   47,299   49,993   55,618   61,136    5,518
           16             U.S. Government receipts..........................................         2,998       2,729     -269      727      719      754      596      660       64
           17         Compensation of employees.............................................         3,038       3,043        5      797      744      756      764      779       15

           18 Imports of goods and services and income payments.............................    -2,118,119  -2,462,946 -344,827 -571,026 -584,567 -602,326 -618,310 -657,746  -39,436

           19     Imports of goods and services.............................................    -1,769,031  -1,995,839 -226,808 -468,108 -478,277 -489,656 -502,413 -525,492  -23,079

           20         Goods, balance of payments basis......................................    -1,472,926  -1,674,261 -201,335 -391,050 -399,079 -409,378 -422,061 -443,743  -21,682

           21         Services..............................................................      -296,105    -321,578  -25,473  -77,058  -79,198  -80,278  -80,352  -81,749   -1,397
           22             Direct defense expenditures.......................................       -29,299     -30,068     -769   -7,368   -7,545   -7,491   -7,521   -7,511       10

           23             Travel............................................................       -65,635     -69,529   -3,894  -16,655  -17,438  -18,120  -17,155  -16,816      339
           24             Passenger fares...................................................       -23,701     -26,201   -2,500   -6,183   -6,224   -6,539   -6,588   -6,850     -262
           25             Other transportation..............................................       -54,169     -61,807   -7,638  -14,483  -15,734  -14,976  -15,101  -15,996     -895

           26             Royalties and license fees........................................       -23,901     -25,038   -1,137   -6,172   -6,420   -6,137   -6,383   -6,098      285
           27             Other private services............................................       -95,666    -105,054   -9,388  -25,246  -24,871  -26,064  -26,609  -27,509     -900
           28             U.S. Government miscellaneous services............................        -3,734      -3,881     -147     -951     -966     -951     -995     -969       26

           29     Income payments...........................................................      -349,088    -467,107 -118,019 -102,918 -106,290 -112,670 -115,897 -132,254  -16,357
           30         Income payments on foreign-owned assets in the United States..........      -340,255    -458,225 -117,970 -100,666 -104,136 -110,490 -113,617 -129,985  -16,368
           31             Direct investment payments........................................      -105,146    -118,991  -13,845  -29,640  -29,799  -31,142  -24,975  -33,078   -8,103
           32             Other private payments............................................      -145,370    -223,168  -77,798  -46,729  -48,333  -51,377  -58,684  -64,774   -6,090
           33             U.S. Government payments..........................................       -89,739    -116,066  -26,327  -24,297  -26,004  -27,971  -29,958  -32,133   -2,175
           34         Compensation of employees.............................................        -8,833      -8,882      -49   -2,252   -2,154   -2,180   -2,280   -2,269       11

           35 Unilateral current transfers, net.............................................       -80,930     -82,896   -1,966  -22,374  -26,252  -22,633   -8,940  -25,069  -16,129
           36     U.S. Government grants....................................................       -23,317     -30,362   -7,045   -5,701   -9,035   -5,724   -6,447   -9,156   -2,709
           37     U.S. Government pensions and other transfers..............................        -6,264      -6,312      -48   -1,607   -1,558   -1,569   -1,584   -1,601      -17
           38     Private remittances and other transfers...................................       -51,349     -46,222    5,127  -15,066  -15,659  -15,340     -909  -14,312  -13,403


                                                                                                                                                                       March 14, 2006
    Table 1. U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                        Change:  2004     2005                                Change:
                                (Credits +, debits -)                                            2004        2005 p    2004-2005                                               2005
                                                                                                                                 IV       I r      II r     III r    IV p     III-IV
                            Capital and financial account

                                  Capital account

           39 Capital account transactions, net.............................................        -1,648      -5,647   -3,999     -455   -4,466     -315     -435     -431        4

                                 Financial account

           40 U.S.-owned assets abroad, net (increase/financial outflow (-))................      -855,509    -491,729  363,780 -288,957  -81,803 -225,422 -141,429  -43,077   98,352

           41     U.S. official reserve assets, net.........................................         2,805      14,096   11,291      697    5,331     -797    4,766    4,796       30
           42         Gold..................................................................          ....        ....     ....     ....     ....     ....     ....     ....     ....
           43         Special drawing rights................................................          -398       4,511    4,909     -110    1,713      -97    2,976      -81   -3,057
           44         Reserve position in the International Monetary Fund...................         3,826      10,200    6,374      990    3,763     -564    1,951    5,050    3,099
           45         Foreign currencies....................................................          -623        -615        8     -183     -145     -136     -161     -173      -12

           46     U.S. Government assets, other than official reserve assets, net...........         1,215       7,580    6,365      501    4,487      971    1,516      606     -910
           47         U.S. credits and other long-term assets...............................        -3,044      -2,217      827     -545     -519     -708     -518     -472       46
           48         Repayments on U.S. credits and other long-term assets.................         4,221       5,720    1,499    1,004    1,083    1,586    1,957    1,094     -863
           49         U.S. foreign currency holdings and U.S. short-term assets, net........            38       4,077    4,039       42    3,923       93       77      -16      -93

           50     U.S. private assets, net..................................................      -859,529    -513,405  346,124 -290,155  -91,621 -225,596 -147,711  -48,479   99,232
           51         Direct investment.....................................................      -252,012     -21,481  230,531  -99,997  -27,290  -21,610   25,311    2,106  -23,205
           52         Foreign securities....................................................      -102,383    -155,244  -52,861  -18,226  -38,675  -41,979  -34,589  -40,001   -5,412
           53         U.S. claims on unaffiliated foreigners reported by
                          U.S. nonbanking concerns..........................................      -149,001    -118,522   30,479  -74,669  -74,934    8,978  -30,440  -22,126    8,314
           54         U.S. claims reported by U.S. banks, not included elsewhere............      -356,133    -218,158  137,975  -97,263   49,278 -170,985 -107,993   11,542  119,535

           55 Foreign-owned assets in the United States, net (increase/financial inflow (+))     1,440,105   1,292,695 -147,410  457,915  243,311  376,085  395,264  278,037 -117,227

           56     Foreign official assets in the United States, net.........................       394,710     220,676 -174,034   94,478   25,277   82,646   38,176   74,577   36,401
           57         U.S. Government securities............................................       311,133     177,179 -133,954   56,768   39,244   44,068   30,122   63,745   33,623
           58             U.S. Treasury securities..........................................       272,648      84,046 -188,602   41,728   14,306   22,448    9,651   37,641   27,990
           59             Other.............................................................        38,485      93,133   54,648   15,040   24,938   21,620   20,471   26,104    5,633
           60         Other U.S. Government liabilities.....................................           488        -134     -622     -158     -650      297      467     -248     -715
           61         U.S. liabilities reported by U.S. banks, not included elsewhere.......        70,329      24,272  -46,057   32,054  -15,843   34,190      850    5,075    4,225
           62         Other foreign official assets.........................................        12,760      19,359    6,599    5,814    2,526    4,091    6,737    6,005     -732

           63     Other foreign assets in the United States, net............................     1,045,395   1,072,019   26,624  363,437  218,034  293,439  357,088  203,460 -153,628
           64         Direct investment.....................................................       106,832     128,630   21,798   31,622   34,916   14,723   48,386   30,607  -17,779
           65         U.S. Treasury securities..............................................       106,958     196,794   89,836   15,710   75,911    9,923   40,834   70,126   29,292
           66         U.S. securities other than U.S. Treasury securities...................       369,793     489,203  119,410  158,238   79,973  114,064  165,856  129,310  -36,546
           67         U.S. currency.........................................................        14,827      19,416    4,589    5,313    1,072    4,507    4,679    9,158    4,479
           68         U.S. liabilities to unaffiliated foreigners reported by
                          U.S. nonbanking concerns..........................................       124,358      62,234  -62,124   61,096   93,897    1,153   18,635  -51,451  -70,086
           69         U.S. liabilities reported by U.S. banks, not included elsewhere.......       322,627     175,742 -146,885   91,458  -67,735  149,069   78,698   15,710  -62,988

           70 Statistical discrepancy (sum of above items with sign reversed)...............        85,126       9,626  -75,500   19,856   40,701   46,553  -67,971   -9,653   58,318

              Memoranda:
           71 Balance on goods (lines 3 and 20).............................................      -665,390    -781,642 -116,252 -182,176 -185,672 -186,272 -197,268 -212,430  -15,162
           72 Balance on services (lines 4 and 21)..........................................        47,807      58,026   10,219   12,955   13,547   13,554   15,868   15,057     -811
           73 Balance on goods and services (lines 2 and 19)................................      -617,583    -723,616 -106,033 -169,221 -172,125 -172,718 -181,400 -197,373  -15,973
           74 Balance on income (lines 12 and 29)...........................................        30,439       1,567  -28,872    3,236      634   -1,550    4,911   -2,434   -7,345
           75 Unilateral current transfers, net (line 35)...................................       -80,930     -82,896   -1,966  -22,374  -26,252  -22,633   -8,940  -25,069  -16,129
           76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......      -668,074    -804,945 -136,871 -188,359 -197,743 -196,901 -185,429 -224,876  -39,447
    r Revised
    p Preliminary

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

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