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News Release: U.S. International Transactions

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FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, June 16, 2006

Douglas B. Weinberg:        (202) 606-9590 (Data)                     BEA 06-27
Christopher L. Bach:              606-9545 (Revisions)


             U.S. International Transactions: First Quarter 2006

                             Current Account

        The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--decreased to $208.7
billion (preliminary) in the first quarter of 2006 from $223.1 billion (revised)
in the fourth quarter of 2005.  The decrease was more than accounted for by a
decrease in net unilateral current transfers, a decrease in the deficit on
goods, and a shift to a surplus from a deficit on income.  These changes were
partly offset by a decrease in the surplus on services.

Goods and services

        The deficit on goods and services decreased to $190.7 billion in the
first quarter from $194.8 billion in the fourth.

        Goods

        The deficit on goods decreased to $208.0 billion in the first quarter
from $212.5 billion in the fourth.

        Goods exports increased to $244.5 billion from $232.9 billion.  The
increase was largely accounted for by increases in industrial supplies and
materials and in capital goods.

        Goods imports increased to $452.5 billion from $445.4 billion.  A
decrease in industrial supplies and materials was more than offset by increases
in all other major end-use commodity categories.

        Services

        The surplus on services decreased to $17.2 billion in the first quarter
from $17.7 billion in the fourth.

        Services receipts increased to $100.1 billion from $98.3 billion.  The
largest increases were in  “other” private services (such as business,
professional, and technical services, insurance services, and financial
services), in “other” transportation (such as freight and port services), and
in travel.

        Services payments increased to $82.9 billion from $80.5 billion.  The
largest increases were in “other” private services and in royalties and license
fees.

Income

        The balance on income shifted to a surplus of $1.9 billion in the first
quarter from a deficit of $2.2 billion in the fourth.

        Investment income

        Income receipts on U.S.-owned assets abroad increased to $140.1 billion
from $130.4 billion.  “Other” private receipts (which consists of interest and
dividends) increased strongly, and direct investment receipts also increased.

        Income payments on foreign-owned assets in the United States increased
to $136.6 billion from $131.0 billion.  A strong increase in “other” private
payments (which consists of interest and dividends) and an increase in U.S.
Government payments (which consists of interest) more than offset a decrease
in direct investment payments.

        Compensation of employees

        Receipts for compensation of U.S. workers abroad were virtually
unchanged at $0.7 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 $19.9
billion in the first quarter, down from net outflows of $26.2 billion in the
fourth.  The decrease was more than accounted for by decreases in U.S.
Government grants and in private remittances and other transfers.

                       Capital and Financial Account

                             Capital Account

        Capital account transactions were net outflows (payments) of $1.8
billion in the first quarter, up from net outflows of $0.5 billion in 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 $157.6 billion in the first quarter, down from $242.7
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 $333.9 billion in the first quarter,
following an increase of $10.7 billion in the fourth.

        U.S. claims on foreigners reported by U.S. banks increased $183.6
billion in the first quarter, in contrast to a decrease of $10.4 billion in the
fourth.

        Net U.S. purchases of foreign securities were $53.5 billion in the first
quarter, up from $47.3 billion in the fourth.  Net U.S. purchases of foreign
stocks were $41.1 billion, down from $42.8 billion.  Net U.S. purchases of
foreign bonds were $12.4 billion, up from $4.5 billion.

        Net financial flows for U.S. direct investment abroad shifted to net
outflows of $61.8 billion in the first quarter from net inflows of $25.8 billion
in the fourth.  The shift largely resulted from a shift to net outflows for
reinvested earnings from net inflows (i.e., from a shift to positive reinvested
earnings from negative reinvested earnings).  Dividends had exceeded earnings
in the fourth quarter due to incentives associated with the American Jobs
Creation Act of 2004, that expired for most companies at yearend 2005.  In
addition, transactions for intercompany debt shifted to net outflows from net
inflows.  In contrast, net equity capital outflows decreased.

        U.S. official reserve assets decreased $0.5 billion in the first
quarter, following a decrease of $4.8 billion in the fourth.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $491.6 billion
in the first quarter, following an increase of $253.4 billion in the fourth.

        U.S. liabilities to foreigners reported by U.S. banks increased $154.0
billion in the first quarter, following an increase of $2.1 billion in the fourth.

        Transactions by foreigners in U.S. Treasury securities shifted to net
foreign sales of $1.9 billion in the first quarter from net foreign purchases
of $62.0 billion in the fourth.

        Net foreign purchases of U.S. securities other than U.S. Treasury
securities were a record $183.0 billion in the first quarter, up from $131.9
billion in the fourth.  Net foreign purchases of U.S. stocks were $54.1 billion,
up from $23.7 billion.  Net foreign purchases of U.S. corporate bonds were
$87.6 billion, down from $91.3 billion.  Net foreign purchases of federally
sponsored agency bonds were $41.4 billion, up from $16.8 billion.

        Net financial inflows for foreign direct investment in the United States
were $33.3 billion in the first quarter, up from $26.5 billion in the fourth.
Both net inflows for reinvested earnings and for net equity capital increased,
and net outflows for intercompany debt decreased.

        Foreign official assets in the United States increased $75.2 billion
in the first quarter, following an increase of $71.9 billion in the fourth.

        Net U.S. currency shipments to foreigners were $1.9 billion in the
first quarter, down from $9.2 billion in the fourth.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $52.8 billion in the first quarter, compared with
a negative $19.1 billion in the fourth.

        In the first quarter, the U.S. dollar depreciated 1 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 updated and revised to incorporate newly available source data and improved
estimating methodologies.  The major changes this year are summarized below.

   *    Foreign direct investment income, financial flows, royalties and
license fees, and “other” private services are revised to incorporate results
from BEA’s benchmark survey of foreign direct investment in the United States
for 2002.

   *    “Other” private services are revised to incorporate results from BEA’s
benchmark survey of financial services transactions with unaffiliated foreigners
for 2004 and to incorporate recent results from BEA’s quarterly surveys of
services, which include business, professional, and technical services,
financial services, and insurance services.  The affiliated component is
revised for 1997-2005 to incorporate updated survey results.

   *    U.S. transactions in foreign stocks, bonds, and short-term instruments
and related dividend and interest receipts are revised for 2003-2005 to
incorporate results of the U.S. Treasury Department’s annual survey of
securities claims for December 2004.

   *    Foreign transactions in U.S. stocks, U.S. corporate bonds, U.S.
Treasury bonds, U.S. agency bonds, and U.S. short-term instruments and related
dividend and interest payments are revised for 2003-2005 to incorporate results
from the U.S. Treasury Department’s annual survey of securities liabilities for
June 2005 and revisions to its benchmark survey of securities liabilities for
June 2004.

   *    Capital account transactions are revised for 1996-2005 to incorporate
new source data on the number of immigrants to the United States each year and
on the value of their assets.

   *    Beginning with estimates for 2005, the geographic detail of the accounts
is presented in an expanded format.  Separate estimates are now presented for
Asia, for Africa, and for the Middle East; for additional countries in Asia;
and for additional countries in Latin America.  Some European countries
previously published annually are now published quarterly.  New country
groupings are now presented within Europe, and include first-time estimates
for the Euro area.  See BEA’s web site at www.bea.gov/bea/international/bp_web
for more details.

        Revised estimates for the detailed components of the U.S. international
transactions accounts for 2004-2005 are shown in table 1.  Summary information
on revisions for 1995-2005 is shown in table 2.

        Preliminary estimates for 2005 and revised estimates for 2002-2004 for
the U.S. net international investment position will be presented in a news
release on June 29.

        The fourth-quarter 2005 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 $223.1 billion from
$224.9 billion.  The goods deficit was revised to $212.5 billion from $212.4
billion; the services surplus was revised to $17.7 billion from $15.1 billion;
the deficit on income was revised to $2.2 billion from $2.4 billion; and
unilateral current transfers were revised to net outflows of $26.2 billion
from $25.1 billion.  Net recorded financial inflows were revised to $242.7
billion from $235.0 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.


                                                                                                                                                                                                      June 16, 2006
    Table 1. U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                  2004                                2005                                2006    Change:  Amount of
                                                  (Credits +, debits -)                     2004 r     2005 r                                                                                     2005:IV- Revision
                                                                                                                  I r      II r     III r    IV r     I r      II r     III r    IV r     I p     2006:I     2005

                                                   Current account

            1 Exports of goods and services and income receipts............................ 1,526,855  1,749,892  362,895  375,770  384,648  403,536  415,277  429,326  442,935  462,357  485,444   23,087    8,995

            2     Exports of goods and services............................................ 1,151,942  1,275,245  277,369  284,893  289,689  299,991  306,580  316,645  320,853  331,165  344,646   13,481    3,022

            3         Goods, balance of payments basis.....................................   807,516    894,631  194,056  199,617  204,340  209,503  214,189  222,591  224,947  232,904  244,512   11,608    2,012

            4         Services.............................................................   344,426    380,614   83,313   85,276   85,349   90,488   92,391   94,054   95,906   98,261  100,134    1,873    1,010
            5             Transfers under U.S. military agency sales contracts.............    15,467     19,038    4,015    4,021    3,838    3,593    4,679    4,675    5,239    4,446    4,431      -15      536

            6             Travel...........................................................    74,547     81,680   17,863   18,667   18,703   19,314   19,983   20,934   20,389   20,374   20,699      325     -735
            7             Passenger fares..................................................    18,851     20,931    4,534    4,658    4,883    4,776    4,890    5,161    5,508    5,371    5,484      113     -559
            8             Other transportation.............................................    37,436     42,245    9,070    9,299    9,265    9,802   10,103   10,353   10,545   11,244   11,684      440      736

            9             Royalties and license fees.......................................    52,512     57,410   12,606   12,650   12,913   14,343   14,146   13,943   14,397   14,923   15,063      140     -711
           10             Other private services...........................................   144,654    158,223   35,011   35,749   35,500   38,394   38,316   38,726   39,538   41,643   42,506      863    1,497
           11             U.S. Government miscellaneous services...........................       959      1,087      214      232      247      266      274      262      291      260      267        7      246

           12     Income receipts..........................................................   374,913    474,647   85,526   90,877   94,959  103,545  108,697  112,681  122,081  131,192  140,798    9,606    5,973
           13         Income receipts on U.S.-owned assets abroad..........................   372,035    471,722   84,820   90,191   94,229  102,789  107,988  111,952  121,350  130,437  140,072    9,635    6,091
           14             Direct investment receipts.......................................   226,224    251,370   54,024   55,831   56,703   59,661   58,846   60,572   64,476   67,481   70,067    2,586    2,514
           15             Other private receipts...........................................   142,813    217,637   29,993   33,647   36,772   42,401   48,437   50,674   56,247   62,279   69,402    7,123    3,591
           16             U.S. Government receipts.........................................     2,998      2,715      803      713      754      727      705      706      627      677      603      -74      -14
           17         Compensation of employees............................................     2,878      2,925      706      686      730      756      709      729      731      755      726      -29     -118

           18 Imports of goods and services and income payments............................-2,110,559 -2,455,328 -486,179 -521,646 -534,451 -568,283 -579,764 -599,390 -616,886 -659,290 -674,261  -14,971    7,618

           19     Imports of goods and services............................................-1,763,238 -1,991,975 -413,517 -436,282 -446,361 -467,077 -474,688 -488,703 -502,645 -525,939 -535,387   -9,448    3,864

           20         Goods, balance of payments basis.....................................-1,472,926 -1,677,371 -344,010 -364,709 -373,143 -391,064 -397,457 -410,811 -423,693 -445,410 -452,481   -7,071   -3,110

           21         Services.............................................................  -290,312   -314,604  -69,507  -71,573  -73,218  -76,013  -77,231  -77,892  -78,952  -80,529  -82,906   -2,377    6,974
           22             Direct defense expenditures......................................   -29,299    -30,062   -7,099   -7,399   -7,433   -7,368   -7,542   -7,478   -7,539   -7,503   -7,495        8        6

           23             Travel...........................................................   -65,750    -69,175  -15,860  -16,455  -16,601  -16,834  -17,270  -17,589  -17,181  -17,135  -17,160      -25      354
           24             Passenger fares..................................................   -23,723    -26,066   -5,740   -5,882   -5,902   -6,199   -6,213   -6,555   -6,654   -6,644   -6,752     -108      135
           25             Other transportation.............................................   -54,161    -62,107  -12,912  -13,156  -13,612  -14,481  -15,617  -15,135  -15,205  -16,150  -16,314     -164     -300

           26             Royalties and license fees.......................................   -23,211    -24,501   -5,243   -5,530   -6,377   -6,060   -5,880   -6,004   -6,356   -6,261   -6,827     -566      537
           27             Other private services...........................................   -90,390    -98,714  -21,756  -22,207  -22,320  -24,107  -23,699  -24,169  -25,001  -25,845  -27,358   -1,513    6,340
           28             U.S. Government miscellaneous services...........................    -3,778     -3,979     -897     -944     -973     -964   -1,010     -962   -1,016     -991   -1,000       -9      -98

           29     Income payments..........................................................  -347,321   -463,353  -72,662  -85,364  -88,090 -101,206 -105,076 -110,687 -114,240 -133,351 -138,874   -5,523    3,754
           30         Income payments on foreign-owned assets in the United States.........  -338,400   -454,124  -70,490  -83,143  -85,888  -98,879 -102,817 -108,403 -111,887 -131,018 -136,572   -5,554    4,101
           31             Direct investment payments.......................................  -102,357   -116,953  -21,413  -27,479  -26,008  -27,457  -28,490  -29,520  -24,105  -34,839  -31,161    3,678    2,038
           32             Other private payments...........................................  -147,569   -223,612  -29,279  -33,730  -36,945  -47,615  -48,786  -51,490  -58,479  -64,857  -72,520   -7,663     -444
           33             U.S. Government payments.........................................   -88,474   -113,559  -19,798  -21,934  -22,935  -23,807  -25,541  -27,393  -29,303  -31,322  -32,891   -1,569    2,507
           34         Compensation of employees............................................    -8,921     -9,229   -2,172   -2,221   -2,202   -2,327   -2,259   -2,284   -2,353   -2,333   -2,302       31     -347

           35 Unilateral current transfers, net............................................   -81,582    -86,072  -22,554  -20,895  -16,524  -21,609  -27,237  -23,194   -9,464  -26,176  -19,855    6,321   -3,176
           36     U.S. Government grants...................................................   -23,317    -31,362   -7,744   -4,961   -4,911   -5,701   -9,221   -5,780   -7,270   -9,091   -4,748    4,343   -1,000
           37     U.S. Government pensions and other transfers.............................    -6,264     -6,303   -1,554   -1,556   -1,548   -1,607   -1,558   -1,569   -1,584   -1,592   -1,744     -152        9
           38     Private remittances and other transfers..................................   -52,001    -48,407  -13,256  -14,378  -10,065  -14,301  -16,458  -15,845     -610  -15,493  -13,363    2,130   -2,185


                                                                                                                                                                                                      June 16, 2006
    Table 1. U.S. International Transactions (Continued)
     [Millions of dollars, quarters seasonally adjusted]

                                                                                                                  2004                               2005                                2006    Change:  Amount of
                                                  (Credits +, debits -)                     2004 r     2005 r                                                                                    2005:IV- Revision
                                                                                                                  I r     II r     III r    IV r     I r      II r     III r    IV r     I p     2006:I     2005

                                             Capital and financial account

                                                    Capital account

           39 Capital account transactions, net............................................    -2,261     -4,351     -457     -399     -923     -482   -2,691     -589     -557     -514   -1,756   -1,242    1,296

                                                   Financial account

           40 U.S.-owned assets abroad, net (increase/financial outflow (-))...............  -867,802   -426,801 -309,212 -135,173 -144,528 -278,884  -87,391 -196,376 -132,380  -10,656 -333,925 -323,269   64,928

           41     U.S. official reserve assets, net........................................     2,805     14,096      557    1,122      429      697    5,331     -797    4,766    4,796      513   -4,283     ....
           42         Gold.................................................................      ....       ....     ....     ....     ....     ....     ....     ....     ....     ....     ....     ....     ....
           43         Special drawing rights...............................................      -398      4,511     -100      -90      -98     -110    1,713      -97    2,976      -81      -67       14     ....
           44         Reserve position in the International Monetary Fund..................     3,826     10,200      815    1,345      676      990    3,763     -564    1,951    5,050      729   -4,321     ....
           45         Foreign currencies...................................................      -623       -615     -158     -133     -149     -183     -145     -136     -161     -173     -149       24     ....

           46     U.S. Government assets, other than official reserve assets, net..........     1,710      5,539      727       -2      484      501    2,591      989    1,501      459      943      484   -2,041
           47         U.S. credits and other long-term assets..............................    -3,044     -2,255     -561     -668   -1,270     -545     -519     -708     -518     -509   -1,417     -908      -38
           48         Repayments on U.S. credits and other long-term assets................     4,716      5,603    1,374      544    1,794    1,004    1,083    1,586    1,957      977    2,382    1,405     -117
           49         U.S. foreign currency holdings and U.S. short-term assets, net.......        38      2,191      -86      122      -40       42    2,027      111       62       -9      -22      -13   -1,886

           50     U.S. private assets, net.................................................  -872,317   -446,436 -310,496 -136,293 -145,441 -280,082  -95,313 -196,568 -138,647  -15,911 -335,381 -319,470   66,969
           51         Direct investment....................................................  -244,128     -9,072  -56,127  -53,196  -38,774  -96,026  -31,259  -33,957   30,342   25,799  -61,846  -87,645   12,409
           52         Foreign securities...................................................  -146,549   -180,125  -30,045  -38,702  -47,988  -29,814  -50,367  -45,702  -36,790  -47,266  -53,478   -6,212  -24,881
           53         U.S. claims on unaffiliated foreigners reported by
                          U.S. nonbanking concerns.........................................  -120,017    -44,221  -55,101   -4,969   -3,501  -56,446  -67,170   57,244  -29,483   -4,812  -36,420  -31,608   74,301
           54         U.S. claims reported by U.S. banks, not included elsewhere...........  -361,623   -213,018 -169,223  -39,426  -55,178  -97,796   53,483 -174,153 -102,716   10,368 -183,637 -194,005    5,140

           55 Foreign-owned assets in the United States, net (increase/financial inflow +)) 1,450,221  1,212,250  438,930  314,152  260,132  437,006  224,128  346,179  388,592  253,350  491,554  238,204  -80,445

           56     Foreign official assets in the United States, net........................   387,809    199,495  147,627   79,944   71,285   88,953   18,965   74,613   33,983   71,934   75,207    3,273  -21,181
           57         U.S. Government securities...........................................   305,000    156,450  124,051   66,043   63,125   51,781   33,007   36,313   25,926   61,204   66,493    5,289  -20,729
           58             U.S. Treasury securities.........................................   263,338     71,749  112,586   62,841   51,193   36,718    9,226   16,892    8,213   37,418   41,684    4,266  -12,297
           59             Other............................................................    41,662     84,701   11,465    3,202   11,932   15,063   23,781   19,421   17,713   23,786   24,809    1,023   -8,432
           60         Other U.S. Government liabilities....................................      -139       -488     -225     -220      476     -170     -740      112      395     -255       23      278     -354
           61         U.S. liabilities reported by U.S. banks, not included elsewhere......    69,245     24,275   22,058   11,353    4,317   31,517  -15,814   34,187      824    5,078   -1,201   -6,279        3
           62         Other foreign official assets........................................    13,703     19,258    1,743    2,768    3,367    5,825    2,512    4,001    6,838    5,907    9,892    3,985     -101

           63     Other foreign assets in the United States, net........................... 1,062,412  1,012,755  291,303  234,208  188,847  348,053  205,163  271,566  354,609  181,416  416,347  234,931  -59,264
           64         Direct investment....................................................   133,162    109,754   23,627   33,007   36,844   39,683   30,539    8,245   44,459   26,510   33,287    6,777  -18,876
           65         U.S. Treasury securities.............................................   102,940    199,491   31,976   64,838   -2,205    8,331   86,108   14,103   37,239   62,041   -1,887  -63,928    2,697
           66         U.S. securities other than U.S. Treasury securities..................   381,493    474,140   47,862   87,270   86,577  159,784   77,412  111,808  153,049  131,871  183,011   51,140  -15,063
           67         U.S. currency........................................................    14,827     19,416   -1,800    8,754    2,560    5,313    1,072    4,507    4,679    9,158    1,932   -7,226     ....
           68         U.S. liabilities to unaffiliated foreigners reported by
                          by U.S. nonbanking concerns......................................    93,250     30,105   42,419    2,840   13,353   34,638   80,174  -20,035   20,271  -50,305   45,963   96,268  -32,129
           69         U.S. liabilities reported by U.S. banks, not included elsewhere......   336,740    179,849  147,219   37,499   51,718  100,304  -70,142  152,938   94,912    2,141  154,041  151,900    4,107

           70 Statistical discrepancy (sum of above items with sign reversed)..............    85,128     10,410   16,577  -11,809   51,646   28,716   57,678   44,044  -72,240  -19,071   52,799   71,870      784

             Memoranda:
           71 Balance on goods (lines 3 and 20)............................................  -665,410   -782,740 -149,954 -165,092 -168,803 -181,561 -183,268 -188,220 -198,746 -212,506 -207,969    4,537   -1,098
           72 Balance on services (lines 4 and 21).........................................    54,114     66,011   13,806   13,703   12,131   14,475   15,160   16,162   16,954   17,733   17,228     -505    7,985
           73 Balance on goods and services (lines 2 and 19)...............................  -611,296   -716,730 -136,148 -151,389 -156,672 -167,086 -168,108 -172,058 -181,792 -194,774 -190,741    4,033    6,886
           74 Balance on income (lines 12 and 29)..........................................    27,592     11,293   12,864    5,513    6,869    2,339    3,621    1,994    7,841   -2,159    1,924    4,083    9,726
           75 Unilateral current transfers, net (line 35)..................................   -81,582    -86,072  -22,554  -20,895  -16,524  -21,609  -27,237  -23,194   -9,464  -26,176  -19,855    6,321   -3,176
           76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).....  -665,286   -791,508 -145,838 -166,771 -166,327 -186,356 -191,724 -193,258 -183,415 -223,109 -208,672   14,437   13,437
    r Revised
    p Preliminary

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

                                                                                                                                                                     June 16, 2006

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

              Exports of goods and services     Imports of goods and services    Unilateral current transfers, net   Balance on current account          Net financial flows
                  and income receipts               and income payments              (inflows +, outflows -)                                           (inflows +, outflows -)
              Previously  Revised   Revision   Previously   Revised   Revision  Previously   Revised   Revision   Previously   Revised   Revision  Previously   Revised   Revision
              published                        published                        published                         published                        published

    1995..... 1,004,631  1,004,631      ....  -1,080,124 -1,080,124       ....    -38,177    -38,074        103    -113,670   -113,567        103     86,298     86,298       ....
    1996..... 1,077,731  1,077,731      ....  -1,159,478 -1,159,478       ....    -43,147    -43,017        130    -124,894   -124,764        130    137,687    137,687       ....
    1997..... 1,191,441  1,191,257      -184  -1,287,142 -1,286,597        545    -45,205    -45,062        143    -140,906   -140,402        504    221,334    221,334       ....
    1998..... 1,195,314  1,194,993      -321  -1,356,058 -1,355,334        724    -53,320    -53,187        133    -214,064   -213,528        536     69,740     69,740       ....
    1999..... 1,260,368  1,259,809      -559  -1,509,874 -1,509,207        667    -50,554    -50,428        126    -300,060   -299,826        234    236,148    236,148       ....
    2000..... 1,422,402  1,421,515      -887  -1,779,620 -1,778,020      1,600    -58,781    -58,645        136    -415,999   -415,150        849    486,373    486,373       ....
    2001..... 1,295,441  1,293,147    -2,294  -1,632,987 -1,630,811      2,176    -51,910    -51,295        615    -389,456   -388,959        497    400,243    400,243       ....
    2002..... 1,248,068  1,245,373    -2,695  -1,659,233 -1,654,232      5,001    -64,046    -63,587        459    -475,211   -472,446      2,765    500,316    503,167      2,851
    2003..... 1,332,397  1,319,158   -13,239  -1,780,907 -1,777,462      3,445    -71,169    -69,210      1,959    -519,679   -527,514     -7,835    560,646    538,345    -22,301
    2004..... 1,530,975  1,526,855    -4,120  -2,118,119 -2,110,559      7,560    -80,930    -81,582       -652    -668,074   -665,286      2,788    584,596    582,419     -2,177
    2005..... 1,740,897  1,749,892     8,995  -2,462,946 -2,455,328      7,618    -82,896    -86,072     -3,176    -804,945   -791,508     13,437    800,966    785,449    -15,517

    1995:   I   241,117    241,117       ....   -263,108   -263,108       ....     -9,467     -9,443         24     -31,458    -31,434         24     33,144     33,144       ....
    II.......   248,705    248,705       ....   -271,587   -271,587       ....     -9,156     -9,131         25     -32,038    -32,013         25      4,060      4,060       ....
    III......   255,495    255,495       ....   -272,929   -272,929       ....     -9,570     -9,543         27     -27,004    -26,977         27     69,055     69,055       ....
    IV.......   259,310    259,310       ....   -272,501   -272,501       ....     -9,982     -9,956         26     -23,173    -23,147         26    -19,959    -19,959       ....

    1996:   I   263,221    263,221       ....   -279,419   -279,419       ....    -11,272    -11,242         30     -27,470    -27,440         30      4,824      4,824       ....
    II.......   266,995    266,995       ....   -287,312   -287,312       ....     -9,554     -9,523         31     -29,871    -29,840         31     33,282     33,282       ....
    III......   266,854    266,854       ....   -293,261   -293,261       ....     -9,686     -9,651         35     -36,093    -36,058         35     52,529     52,529       ....
    IV.......   280,655    280,655       ....   -299,487   -299,487       ....    -12,636    -12,603         33     -31,468    -31,435         33     47,054     47,054       ....

    1997:   I   287,298    287,279        -19   -313,518   -313,370        148    -10,004     -9,967         37     -36,224    -36,058        166     20,276     20,276       ....
    II.......   299,738    299,679        -59   -318,324   -318,220        104    -10,303    -10,267         36     -28,889    -28,808         81     47,567     47,567       ....
    III......   303,592    303,542        -50   -325,636   -325,472        164    -10,704    -10,666         38     -32,748    -32,596        152     47,836     47,836       ....
    IV.......   300,816    300,762        -54   -329,667   -329,536        131    -14,194    -14,160         34     -43,045    -42,934        111    105,651    105,651       ....

    1998:   I   302,233    302,195        -38   -333,940   -333,832        108    -12,088    -12,053         35     -43,795    -43,690        105      4,732      4,732       ....
    II.......   298,900    298,846        -54   -337,687   -337,534        153    -12,393    -12,361         32     -51,180    -51,049        131     16,427     16,427       ....
    III......   293,199    293,115        -84   -338,677   -338,440        237    -13,175    -13,140         35     -58,653    -58,465        188     17,443     17,443       ....
    IV.......   300,980    300,835       -145   -345,756   -345,530        226    -15,662    -15,633         29     -60,438    -60,328        110     31,136     31,136       ....

    1999:   I   300,257    300,183        -74   -351,339   -351,199        140    -11,919    -11,885         34     -63,001    -62,901        100     24,660     24,660       ....
    II.......   307,426    307,288       -138   -366,892   -366,741        151    -12,291    -12,260         31     -71,757    -71,713         44     65,434     65,434       ....
    III......   320,016    319,936        -80   -388,337   -388,190        147    -12,021    -11,987         34     -80,342    -80,241        101     33,368     33,368       ....
    IV.......   332,674    332,407       -267   -403,305   -403,076        229    -14,324    -14,295         29     -84,955    -84,964         -9    112,686    112,686       ....

    2000:   I   341,910    341,683       -227   -427,456   -427,173        283    -12,894    -12,859         35     -98,440    -98,349         91     41,092     41,092       ....
    II.......   355,482    355,307       -175   -441,277   -440,926        351    -13,402    -13,368         34     -99,197    -98,987        210    140,258    140,258       ....
    III......   360,539    360,295       -244   -454,135   -453,693        442    -14,246    -14,208         38    -107,842   -107,606        236    161,338    161,338       ....
    IV.......   364,471    364,231       -240   -456,757   -456,232        525    -18,240    -18,212         28    -110,526   -110,213        313    143,685    143,685       ....

                                                                                                                                                                     June 16, 2006

    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    Unilateral current transfers, net   Balance on current account          Net financial flows
                  and income receipts               and income payments              (inflows +, outflows -)                                           (inflows +, outflows -)
              Previously  Revised   Revision   Previously   Revised   Revision  Previously   Revised   Revision   Previously   Revised   Revision  Previously   Revised   Revision
              published                        published                        published                         published                        published

    2001:   I   350,876    350,489       -387   -443,202   -442,851        351    -15,268    -15,171         97    -107,594   -107,533         61    115,961    115,961       ....
    II.......   335,316    334,968       -348   -417,729   -417,089        640    -15,992    -15,802        190     -98,405    -97,923        482    121,164    121,164       ....
    III......   311,942    311,110       -832   -401,689   -401,111        578     -3,114     -2,941        173     -92,861    -92,942        -81     55,794     55,794       ....
    IV.......   297,308    296,582       -726   -370,373   -369,764        609    -17,530    -17,374        156     -90,595    -90,556         39    107,325    107,325       ....

    2002:   I   301,512    300,892       -620   -393,183   -391,610      1,573    -18,420    -18,326         94    -110,091   -109,044      1,047     92,304     89,272     -3,032
    II.......   312,943    312,379       -564   -417,356   -416,841        515    -14,873    -14,764        109    -119,286   -119,226         60     90,489     91,584      1,095
    III......   319,154    318,631       -523   -424,507   -423,115      1,392    -14,726    -14,599        127    -120,079   -119,083        996    162,492    162,677        185
    IV.......   314,463    313,475       -988   -424,184   -422,661      1,523    -16,027    -15,897        130    -125,748   -125,083        665    155,026    159,631      4,605

    2003:   I   318,950    316,991     -1,959   -437,867   -436,556      1,311    -17,743    -17,598        145    -136,660   -137,163       -503    148,962    159,784     10,822
    II.......   322,353    319,380     -2,973   -433,896   -433,578        318    -17,251    -16,905        346    -128,794   -131,103     -2,309     97,876     62,535    -35,341
    III......   333,656    330,049     -3,607   -445,003   -444,630        373    -17,634    -16,961        673    -128,981   -131,542     -2,561    115,467    129,745     14,278
    IV.......   357,435    352,733     -4,702   -464,135   -462,697      1,438    -18,543    -17,747        796    -125,243   -127,711     -2,468    198,340    186,285    -12,055

    2004:   I   363,494    362,895       -599   -487,324   -486,179      1,145    -22,271    -22,554       -283    -146,101   -145,838        263    127,883    129,718      1,835
    II.......   376,564    375,770       -794   -522,684   -521,646      1,038    -20,515    -20,895       -380    -166,635   -166,771       -136    171,051    178,979      7,928
    III......   385,874    384,648     -1,226   -537,085   -534,451      2,634    -15,771    -16,524       -753    -166,982   -166,327        655    116,703    115,604     -1,099
    IV.......   405,041    403,536     -1,505   -571,026   -568,283      2,743    -22,374    -21,609        765    -188,359   -186,356      2,003    168,958    158,122    -10,836

    2005:   I   413,076    415,277      2,201   -584,567   -579,764      4,803    -26,252    -27,237       -985    -197,743   -191,724      6,019    161,508    136,737    -24,771
    II.......   428,058    429,326      1,268   -602,326   -599,390      2,936    -22,633    -23,194       -561    -196,901   -193,258      3,643    150,663    149,803       -860
    III......   441,821    442,935      1,114   -618,310   -616,886      1,424     -8,940     -9,464       -524    -185,429   -183,415      2,014    253,835    256,212      2,377
    IV.......   457,939    462,357      4,418   -657,746   -659,290     -1,544    -25,069    -26,176     -1,107    -224,876   -223,109      1,767    234,960    242,694      7,734

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