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News Release: U.S. International Transactions

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FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, June 15, 2007

Douglas B. Weinberg:        (202) 606-9590 (Data)                     BEA 07-27
Christopher L. Bach:              606-9545 (Revisions)


             U.S. International Transactions: First Quarter 2007

                                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
$192.6 billion (preliminary) in the first quarter of 2007 from $187.9 billion
(revised) in the fourth quarter of 2006.  The increase was more than accounted
for by an increase in net unilateral current transfers to foreigners.  In
addition, the deficit on goods increased a small amount. These increases were
partly offset by small increases in the surpluses on services and on income.

Goods and services

        The deficit on goods and services decreased slightly to $176.8 billion
in the first quarter from $176.9 billion in the fourth.

        Goods

        The deficit on goods increased to $200.9 billion in the first quarter
from $200.3 billion in the fourth.

        Goods exports increased to $270.1 billion from $266.5 billion.  The
largest increases were in consumer goods, in agricultural products, and in
automotive vehicles, parts, and engines.

        Goods imports increased to $471.0 billion from $466.8 billion.  The
increase largely resulted from an increase in petroleum and products.  Among
nonpetroleum products, increases in capital goods, in consumer goods, and in
foods, feeds, and beverages were mostly offset by decreases in other major
commodity categories.

        Services

        The surplus on services increased to $24.1 billion in the first quarter
from $23.4 billion in the fourth.

        Services receipts increased to $112.8 billion from $111.1 billion.  The
increase was largely accounted for by increases in “other” private services
(such as business, professional, and technical services, insurance services,
and financial services), in travel, and in royalties and license fees.

        Services payments increased to $88.7 billion from $87.7 billion.  The
increase was largely accounted for by increases in “other” private services, in
direct defense expenditures, and in passenger fares.

Income

        The surplus on income increased to $10.4 billion in the first quarter
from $9.7 billion in the fourth.

        Investment income

        Income receipts on U.S.-owned assets abroad increased to $176.8 billion
from $172.3 billion.  The increase was largely accounted for by an increase in
“other” private receipts (which consists of interest and dividends).

        Income payments on foreign-owned assets in the United States increased
to $164.8 billion from $161.0 billion.  Increases in “other” private payments
(which consists of interest and dividends) and in U.S. Government payments
(which consists of interest) were partly offset by 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 $2.4 billion.

Unilateral current transfers

        Net unilateral current transfers to foreigners were $26.1 billion in
the first quarter, up from $20.7 billion in the fourth.  The increase resulted
from increases in U.S. Government grants, mostly to the Middle East, and in
private remittances and other transfers.

                                Capital Account

        Net capital account payments (outflows) were virtually unchanged at
$0.6 billion in the first quarter.

                               Financial Account

        Net financial inflows--net acquisitions by foreign residents of assets
in the United States less net acquisitions by U.S. residents of assets abroad--
were $202.8 billion in the first quarter, down from $225.2 billion in the
fourth.  Net acquisitions by U.S. residents picked up more than net
acquisitions by foreign residents.

U.S.-owned assets abroad

        U.S.-owned assets abroad increased $420.8 billion in the first quarter,
following an increase of $289.0 billion in the fourth.

        U.S. claims on foreigners reported by U.S. banks increased $233.0
billion in the first quarter, following an increase of $123.9 billion in the
fourth.

        Net U.S. purchases of foreign securities were $87.7 billion in the
first quarter, down from $117.2 billion in the fourth.  Net U.S. purchases of
foreign stocks were $43.5 billion, down from $62.7 billion.  Net U.S. purchases
of foreign bonds were $44.2 billion, down from $54.5 billion.

        Net financial flows for U.S. direct investment abroad were $75.5
billion in the first quarter, up from $66.1 billion in the fourth.  A pickup in
net equity capital investment abroad was partly offset by a larger decrease in
net intercompany debt investment abroad and a slowdown in reinvested earnings.

        U.S. official reserve assets increased $0.1 billion in the first
quarter, following a decrease of $1.4 billion in the fourth.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $623.6 billion in
the first quarter, following an increase of $516.0 billion in the fourth.

        U.S. liabilities to foreigners reported by U.S. banks increased $203.8
billion in the first quarter, following an increase of $172.3 billion in the
fourth.

        Net purchases by foreigners of U.S. Treasury securities were $45.6
billion in the first quarter, up from $22.1 billion in the fourth.

        Net purchases by foreigners of U.S. securities other than U.S. Treasury
securities were $123.4 billion in the first quarter, down from $132.7 billion
in the fourth.  Net purchases by foreigners of U.S. stocks were $49.1 billion,
up from $26.6 billion.  Net purchases by foreigners of U.S. corporate bonds
were $102.1 billion, down from $112.2 billion.  Net sales by foreigners of
federally sponsored agency bonds were $27.7 billion, up from $6.1 billion.

        Net financial flows for foreign direct investment in the United States
were $23.5 billion in the first quarter, down from $45.6 billion in the fourth.
A shift from an increase to a decrease in net intercompany debt investment in
the United States and a slowdown in net equity capital investment in the United
States were partly offset by a pickup in reinvested earnings.

        Foreign official assets in the United States increased $147.8 billion
in the first quarter, following an increase of $85.3 billion in the fourth.

        Transactions in U.S. currency shifted to net shipments to the United
States of $1.6 billion in the first quarter from net shipments to foreign
countries of $8.4 billion in the fourth.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $9.6 billion in the first quarter, compared with a
negative $36.6 billion in the fourth.

      In the first quarter, the U.S. dollar appreciated less than 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.

  *    New and comprehensive estimates of transactions in financial derivatives
are introduced for 2006.

  *    A new methodology is introduced for 2001-2006 for estimating interest
received on U.S. holdings of foreign bonds and interest paid on foreign
holdings of U.S. corporate bonds, U.S. agency bonds, and U.S. Treasury bonds.

  *    The geographic detail of the accounts is presented in an expanded format
for 1999-2004; the new estimates extend to these years the same format that was
introduced last year for 2005-2006.  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/international/bp_web for
more details.)

  *    Goods export and goods import end-use commodity classification codes
have been updated for 2004-2006 to incorporate revisions made by the World
Customs Organization to the international Harmonized System of commodity
classification codes.

  *    Interest receipts for foreign bonds and dividend receipts for foreign
stocks are revised for 2005-2006 to incorporate results of the U.S. Treasury
Department’s annual survey of securities claims for December 2005.

  *    Interest payments for U.S. corporate bonds, U.S. Treasury bonds, and U.S.
agency bonds and dividend payments for U.S. stocks are revised for 2004-2006 to
incorporate results from the U.S. Treasury Department’s annual surveys of
securities liabilities for June 2005 (revised) and for June 2006.

  *    The statistical adjustment for re-valuing some goods imports of computer
software from media to full value has been updated for 1997-2006.

       Revised estimates for the detailed components of the U.S. international
transactions accounts for 2005-2006 are shown in table 1.  Summary information
on revisions for 1997-2006 is shown in table 2.

       Preliminary estimates for 2006 and revised estimates for 2003-2005 for
the U.S. net international investment position will be presented in a news
release on June 28.

       The fourth-quarter 2006 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 $187.9 billion from
$195.8 billion.  The goods deficit was revised to $200.3 billion from $197.9
billion; the services surplus was revised to $23.4 billion from $19.4 billion;
the surplus on income was revised to $9.7 billion from $3.0 billion; and
unilateral current transfers were revised to net outflows of $20.7 billion from
$20.2 billion.  Net financial inflows were revised to $225.2 billion from
$164.6 billion.

                           *          *          *

       Release dates in 2007:

       Fourth quarter and year 2006..................March 14, 2007 (Wednesday)
       First quarter 2007................................June 15, 2007 (Friday)
       Second quarter 2007..........................September 14, 2007 (Friday)
       Third quarter 2007............................December 17, 2007 (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 15, 2007
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]

                                                                                                                         2005                                    2006                                   2007      Change:    Amount of
                                       (Credits +, debits -)                                      2005 r     2006 r                                                                                               2006:IV -  Revision
                                                                                                                         I r       II r      III r     IV r      I r       II r      III r     IV r     I p       2007:I       2006

                                         Current account

  1 Exports of goods and services and income receipts...........................................  1,788,557  2,096,165   424,101   440,217   451,964   472,275   494,027   518,595   532,894   550,649  560,445      9,796     37,329

  2    Exports of goods and services............................................................  1,283,070  1,445,703   308,750   318,885   322,090   333,344   345,636   356,575   365,868   377,623  382,922      5,299      8,887

  3        Goods, balance of payments basis.....................................................    894,631  1,023,109   214,391   223,068   224,320   232,852   243,880   252,458   260,285   266,486  270,116      3,630       -580

  4        Services.............................................................................    388,439    422,594    94,359    95,817    97,770   100,492   101,756   104,117   105,583   111,137  112,806      1,669      9,467
  5            Transfers under U.S. military agency sales contracts.............................     19,539     17,112     4,820     4,780     5,330     4,609     4,531     4,188     4,102     4,291    4,442        151        430

  6            Travel...........................................................................     81,799     85,694    19,930    20,926    20,411    20,532    20,845    21,212    21,527    22,110   22,536        426         -3
  7            Passenger fares..................................................................     20,970     22,187     4,849     5,227     5,546     5,347     5,397     5,328     5,696     5,765    5,731        -34        127
  8            Other transportation.............................................................     41,334     46,297     9,924    10,250    10,234    10,926    11,038    11,754    11,716    11,789   11,858         69     -1,911

  9            Royalties and license fees.......................................................     59,409     62,378    14,783    14,568    14,836    15,222    14,923    15,196    15,815    16,444   16,762        318        327
 10            Other private services...........................................................    164,301    187,771    39,779    39,803    41,123    43,596    44,745    46,153    46,433    50,441   51,181        740     10,487
 11            U.S. Government miscellaneous services...........................................      1,087      1,155       274       262       291       260       277       286       294       297      296         -1         10

 12    Income receipts..........................................................................    505,488    650,462   115,351   121,333   129,873   138,931   148,391   162,020   167,026   173,025  177,523      4,498     28,442
 13        Income receipts on U.S.-owned assets abroad..........................................    502,598    647,582   114,646   120,608   129,146   138,198   147,670   161,293   166,314   172,305  176,794      4,489     28,497
 14            Direct investment receipts.......................................................    269,346    310,224    63,145    65,397    68,945    71,859    73,304    77,702    78,372    80,846   81,466        620     14,340
 15            Other private receipts...........................................................    230,537    334,958    50,796    54,505    59,574    65,662    73,776    83,004    87,348    90,830   94,778      3,948     14,162
 16            U.S. Government receipts.........................................................      2,715      2,400       705       706       627       677       590       587       594       629      550        -79         -5
 17        Compensation of employees............................................................      2,890      2,880       705       725       727       733       721       727       712       720      729          9        -55

 18 Imports of goods and services and income payments........................................... -2,454,871 -2,818,047  -578,269  -599,084  -616,350  -661,169  -673,277  -700,504  -726,352  -717,914 -726,878     -8,964     13,322

 19    Imports of goods and services............................................................ -1,997,441 -2,204,225  -475,392  -489,555  -503,042  -529,453  -535,348  -549,153  -565,175  -554,549 -559,710     -5,161     -2,142

 20        Goods, balance of payments basis..................................................... -1,681,780 -1,861,380  -398,781  -411,592  -423,638  -447,769  -451,637  -463,734  -479,184  -466,825 -470,983     -4,158     -1,725

 21        Services.............................................................................   -315,661   -342,845   -76,611   -77,963   -79,404   -81,684   -83,711   -85,419   -85,991   -87,724  -88,727     -1,003       -417
 22            Direct defense expenditures......................................................    -30,075    -31,054    -7,544    -7,479    -7,541    -7,511    -7,726    -7,737    -7,990    -7,601   -7,940       -339        126

 23            Travel...........................................................................    -68,970    -72,029   -17,188   -17,508   -17,156   -17,118   -17,582   -18,077   -18,015   -18,355  -18,393        -38      1,270
 24            Passenger fares..................................................................    -26,149    -27,503    -6,257    -6,421    -6,745    -6,726    -6,748    -6,927    -6,889    -6,939   -7,159       -220       -197
 25            Other transportation.............................................................    -61,929    -65,282   -15,398   -15,243   -15,148   -16,140   -16,025   -16,401   -16,491   -16,365  -16,218        147        329

 26            Royalties and license fees.......................................................    -24,632    -26,432    -5,976    -6,142    -6,283    -6,231    -6,767    -6,532    -6,497    -6,636   -6,737       -101         91
 27            Other private services...........................................................    -99,927   -116,524   -23,238   -24,208   -25,515   -26,967   -27,867   -28,728   -29,087   -30,841  -31,285       -444     -2,039
 28            U.S. Government miscellaneous services...........................................     -3,979     -4,021    -1,010      -962    -1,016      -991      -996    -1,016    -1,022      -987     -995         -8          3

 29    Income payments..........................................................................   -457,430   -613,823  -102,877  -109,529  -113,308  -131,716  -137,929  -151,352  -161,177  -163,365 -167,167     -3,802     15,463
 30        Income payments on foreign-owned assets in the United States.........................   -448,139   -604,410  -100,599  -107,229  -110,943  -129,368  -135,607  -149,004  -158,823  -160,977 -164,773     -3,796     15,452
 31            Direct investment payments.......................................................   -116,834   -136,010   -28,033   -28,573   -24,925   -35,303   -31,299   -33,055   -37,885   -33,772  -30,153      3,619      9,551
 32            Other private payments...........................................................   -227,431   -334,645   -48,681   -53,544   -59,605   -65,601   -73,830   -83,037   -86,607   -91,171  -96,955     -5,784     -5,414
 33            U.S. Government payments.........................................................   -103,874   -133,755   -23,885   -25,112   -26,413   -28,464   -30,478   -32,912   -34,331   -36,034  -37,665     -1,631     11,315
 34        Compensation of employees............................................................     -9,290     -9,412    -2,278    -2,300    -2,365    -2,348    -2,322    -2,348    -2,354    -2,388   -2,394         -6         12

 35 Unilateral current transfers, net...........................................................    -88,535    -89,595   -28,225   -24,372    -9,019   -26,915   -21,360   -23,686   -23,877   -20,673  -26,148     -5,475     -5,473
 36    U.S. Government grants...................................................................    -33,039    -27,142    -9,403    -5,893    -7,653   -10,090    -5,671    -7,226    -7,741    -6,504  -10,101     -3,597     -5,732
 37    U.S. Government pensions and other transfers.............................................     -6,303     -6,508    -1,558    -1,569    -1,584    -1,592    -1,614    -1,627    -1,620    -1,647   -1,692        -45        501
 38    Private remittances and other transfers..................................................    -49,193    -55,945   -17,264   -16,910       218   -15,233   -14,075   -14,833   -14,516   -12,522  -14,355     -1,833       -242

                                                                                                                                                                                                                        June 15, 2007

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

                                                                                                                         2005                                    2006                                   2007      Change:    Amount of
                                       (Credits +, debits -)                                      2005 r     2006 r                                                                                               2006:IV -   Revision
                                                                                                                         I r       II r      III r      IV r     I r       II r      III r     IV r     I p       2007:I        2006

                                          Capital account

 39 Capital account transactions, net...........................................................     -4,054     -3,913    -2,598      -512      -473      -472    -1,724    -1,008      -545      -637     -559         78          1

                                         Financial account

 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))..   -426,875 -1,055,176   -86,619  -213,305  -141,628    14,678  -344,032  -212,218  -209,898  -289,028 -420,786   -131,758     -9,416

 41    U.S. official reserve assets.............................................................     14,096      2,374     5,331      -797     4,766     4,796       513      -560     1,006     1,415      -72     -1,487       ....
 42        Gold.................................................................................          0          0         0         0         0         0         0         0         0         0        0          0       ....
 43        Special drawing rights...............................................................      4,511       -223     1,713       -97     2,976       -81       -67       -51       -54       -51      -43          8       ....
 44        Reserve position in the International Monetary Fund..................................     10,200      3,331     3,763      -564     1,951     5,050       729      -351     1,275     1,678      212     -1,466       ....
 45        Foreign currencies...................................................................       -615       -734      -145      -136      -161      -173      -149      -158      -215      -212     -241        -29       ....

 46    U.S. Government assets, other than official reserve assets...............................      5,539      5,346     2,591       989     1,501       459     1,049     1,765     1,570       962      466       -496        127
 47        U.S. credits and other long-term assets..............................................     -2,255     -2,992      -519      -708      -518      -509    -1,517      -376      -592      -507     -529        -22         -2
 48        Repayments on U.S. credits and other long-term assets................................      5,603      8,329     1,083     1,586     1,957       977     2,558     2,147     2,170     1,454    1,064       -390        106
 49        U.S. foreign currency holdings and U.S. short-term assets............................      2,191          9     2,027       111        62        -9         8        -6        -8        15      -69        -84         23

 50    U.S. private assets......................................................................   -446,510 -1,062,896   -94,541  -213,497  -147,894     9,423  -345,594  -213,423  -212,474  -291,405 -421,180   -129,775     -9,543
 51        Direct investment....................................................................      7,662   -235,358   -23,722   -41,262    26,464    46,183   -66,502   -53,744   -49,018   -66,094  -75,464     -9,370     13,498
 52        Foreign securities...................................................................   -197,098   -289,422   -51,591   -49,258   -47,362   -48,887   -57,693   -59,003   -55,496  -117,230  -87,731     29,499    -11,731
 53        U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..........    -39,603    -83,531   -65,005    60,298   -30,155    -4,741   -24,302   -45,885   -29,162    15,818  -24,968    -40,786    -39,097
 54        U.S. claims reported by U.S. banks, not included elsewhere...........................   -217,471   -454,585    45,777  -183,275   -96,841    16,868  -197,097   -54,791   -78,798  -123,899 -233,017   -109,118     27,787

 55 Foreign-owned assets in the United States, excluding financial derivatives
       (increase/financial inflow (+))..........................................................  1,204,231  1,859,597   232,614   310,822   383,808   276,987   538,140   355,442   449,987   516,029  623,554    107,525     94,688

 56    Foreign official assets in the United States.............................................    259,268    440,264    25,052    81,292    54,736    98,188   125,257   120,861   108,799    85,347  147,834     62,487    139,754
 57        U.S. Government securities...........................................................    213,334    380,734    38,940    42,673    45,405    86,316   112,338    65,626   107,972    94,798  106,253     11,455    136,940
 58            U.S. Treasury securities.........................................................    112,841    189,181    15,999    23,768    19,412    53,662    65,124    24,262    52,746    47,049   40,197     -6,852     70,837
 59            Other............................................................................    100,493    191,553    22,941    18,905    25,993    32,654    47,214    41,364    55,226    47,749   66,056     18,307     66,103
 60        Other U.S. Government liabilities....................................................       -421      3,133      -698       120       440      -283        26       824     1,154     1,129      467       -662       -141
 61        U.S. liabilities reported by U.S. banks, not included elsewhere......................     26,260     22,040   -15,814    34,219     1,994     5,861     2,394    42,533    -7,221   -15,666   29,445     45,111      2,490
 62        Other foreign official assets........................................................     20,095     34,357     2,624     4,280     6,897     6,294    10,499    11,878     6,894     5,086   11,669      6,583        465

 63    Other foreign assets in the United States................................................    944,963  1,419,333   207,562   229,530   329,072   178,799   412,883   234,581   341,188   430,682  475,720     45,038    -45,066
 64        Direct investment....................................................................    108,996    180,580    33,985    -6,044    41,720    39,335    42,976    49,056    42,979    45,570   23,466    -22,104     -2,991
 65        U.S. Treasury securities.............................................................    132,300    -35,931    78,528   -13,001    24,316    42,457   -25,274   -19,307   -13,440    22,090   45,614     23,524    -65,348
 66        U.S. securities other than U.S. Treasury securities..................................    450,386    591,951    75,631   107,694   141,900   125,161   173,213   145,750   140,243   132,745  123,428     -9,317    -29,203
 67        U.S. currency........................................................................     18,969     12,571     1,072     3,607     5,132     9,158     1,933     1,127     1,129     8,382   -1,631    -10,013          1
 68        U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.....     31,804    235,769    86,888   -26,982    13,629   -41,731    60,613    55,907    69,637    49,612   81,076     31,464     59,260
 69        U.S. liabilities reported by U.S. banks, not included elsewhere......................    202,508    434,393   -68,542   164,256   102,375     4,419   159,422     2,048   100,640   172,283  203,767     31,484     -6,785

 70 Financial derivatives, net..................................................................       n.a.     28,762      n.a.      n.a.      n.a.      n.a.     1,633    14,001    14,911    -1,783     n.a.       n.a.     28,762

 71 Statistical discrepancy (sum of above items with sign reversed).............................    -18,454    -17,794    38,995    86,234   -68,302   -75,384     6,593    49,378   -37,121   -36,643   -9,629     28,797   -159,213

   Memoranda:
 72 Balance on goods (lines 3 and 20)...........................................................   -787,149   -838,271  -184,390  -188,524  -199,318  -214,917  -207,757  -211,276  -218,899  -200,339 -200,867       -528     -2,305
 73 Balance on services (lines 4 and 21)........................................................     72,778     79,749    17,749    17,854    18,366    18,808    18,045    18,699    19,592    23,414   24,079        665      9,050
 74 Balance on goods and services (lines 2 and 19)..............................................   -714,371   -758,522  -166,641  -170,670  -180,952  -196,109  -189,712  -192,577  -199,307  -176,926 -176,788        138      6,745
 75 Balance on income (lines 12 and 29).........................................................     48,058     36,640    12,474    11,804    16,565     7,215    10,462    10,668     5,850     9,661   10,356        695     43,906
 76 Unilateral current transfers, net (line 35).................................................    -88,535    -89,595   -28,225   -24,372    -9,019   -26,915   -21,360   -23,686   -23,877   -20,673  -26,148     -5,475     -5,473
 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)....................   -754,848   -811,477  -182,392  -183,238  -173,406  -215,809  -200,611  -205,595  -217,334  -187,938 -192,581     -4,643     45,178

p Preliminary
r Revised
n.a. Not available

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

                                                                                                                                                                 June 15, 2007

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

1997.....  1,191,257  1,191,257       .... -1,286,597 -1,286,921       -324    -45,062    -45,062       ....   -140,402   -140,726       -324    221,334    221,334       ....
1998.....  1,194,993  1,194,993       .... -1,355,334 -1,356,868     -1,534    -53,187    -53,187       ....   -213,528   -215,062     -1,534     69,740     69,740       ....
1999.....  1,259,809  1,259,809       .... -1,509,207 -1,511,011     -1,804    -50,428    -50,428       ....   -299,826   -301,630     -1,804    236,148    236,148       ....
2000.....  1,421,515  1,421,515       .... -1,778,020 -1,780,296     -2,276    -58,645    -58,645       ....   -415,150   -417,426     -2,276    486,373    486,373       ....
2001.....  1,293,147  1,295,693      2,546 -1,630,811 -1,629,097      1,714    -51,295    -51,295       ....   -388,959   -384,699      4,260    400,243    400,243       ....
2002.....  1,245,373  1,255,936     10,563 -1,654,232 -1,651,990      2,242    -63,587    -63,587       ....   -472,446   -459,641     12,805    503,167    503,167       ....
2003.....  1,319,158  1,338,325     19,167 -1,777,462 -1,789,819    -12,357    -69,210    -70,607     -1,397   -527,514   -522,101      5,413    538,345    538,928        583
2004.....  1,526,855  1,559,191     32,336 -2,110,559 -2,114,926     -4,367    -81,582    -84,414     -2,832   -665,286   -640,148     25,138    582,419    556,742    -25,677
2005.....  1,749,892  1,788,557     38,665 -2,455,328 -2,454,871        457    -86,072    -88,535     -2,463   -791,508   -754,848     36,660    785,449    777,356     -8,093
2006.....  2,058,836  2,096,165     37,329 -2,831,369 -2,818,047     13,322    -84,122    -89,595     -5,473   -856,655   -811,477     45,178    719,149    833,183    114,034

1997:  I     287,279    287,279       ....   -313,370   -313,391        -21     -9,967     -9,967       ....    -36,058    -36,079        -21     20,276     20,276       ....
II......     299,679    299,679       ....   -318,220   -318,210         10    -10,267    -10,267       ....    -28,808    -28,798         10     47,567     47,567       ....
III.....     303,542    303,542       ....   -325,472   -325,593       -121    -10,666    -10,666       ....    -32,596    -32,717       -121     47,836     47,836       ....
IV......     300,762    300,762       ....   -329,536   -329,728       -192    -14,160    -14,160       ....    -42,934    -43,126       -192    105,651    105,651       ....

1998:  I     302,195    302,195       ....   -333,832   -334,146       -314    -12,053    -12,053       ....    -43,690    -44,004       -314      4,732      4,732       ....
II......     298,846    298,846       ....   -337,534   -337,834       -300    -12,361    -12,361       ....    -51,049    -51,349       -300     16,427     16,427       ....
III.....     293,115    293,115       ....   -338,440   -338,864       -424    -13,140    -13,140       ....    -58,465    -58,889       -424     17,443     17,443       ....
IV......     300,835    300,835       ....   -345,530   -346,026       -496    -15,633    -15,633       ....    -60,328    -60,824       -496     31,136     31,136       ....

1999:  I     300,183    300,183       ....   -351,199   -351,564       -365    -11,885    -11,885       ....    -62,901    -63,266       -365     24,660     24,660       ....
II......     307,288    307,288       ....   -366,741   -367,128       -387    -12,260    -12,260       ....    -71,713    -72,100       -387     65,434     65,434       ....
III.....     319,936    319,936       ....   -388,190   -388,656       -466    -11,987    -11,987       ....    -80,241    -80,707       -466     33,368     33,368       ....
IV......     332,407    332,407       ....   -403,076   -403,662       -586    -14,295    -14,295       ....    -84,964    -85,550       -586    112,686    112,686       ....

2000:  I     341,683    341,683       ....   -427,173   -427,646       -473    -12,859    -12,859       ....    -98,349    -98,822       -473     41,092     41,092       ....
II......     355,307    355,307       ....   -440,926   -441,576       -650    -13,368    -13,368       ....    -98,987    -99,637       -650    140,258    140,258       ....
III.....     360,295    360,295       ....   -453,693   -454,243       -550    -14,208    -14,208       ....   -107,606   -108,156       -550    161,338    161,338       ....
IV......     364,231    364,231       ....   -456,232   -456,835       -603    -18,212    -18,212       ....   -110,213   -110,816       -603    143,685    143,685       ....

                                                                                                                                                                 June 15, 2007

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     350,489    350,489       ....   -442,851   -442,826         25    -15,171    -15,171       ....   -107,533   -107,508         25    115,961    115,961       ....
II......     334,968    334,968       ....   -417,089   -416,706        383    -15,802    -15,802       ....    -97,923    -97,540        383    121,164    121,164       ....
III.....     311,110    312,094        984   -401,111   -400,657        454     -2,941     -2,941       ....    -92,942    -91,504      1,438     55,794     55,794       ....
IV......     296,582    298,144      1,562   -369,764   -368,912        852    -17,374    -17,374       ....    -90,556    -88,142      2,414    107,325    107,325       ....

2002:  I     300,892    302,466      1,574   -391,610   -388,601      3,009    -18,326    -18,326       ....   -109,044   -104,461      4,583     89,272     89,272       ....
II......     312,379    314,290      1,911   -416,841   -415,267      1,574    -14,764    -14,764       ....   -119,226   -115,741      3,485     91,584     91,584       ....
III.....     318,631    321,839      3,208   -423,115   -423,307       -192    -14,599    -14,599       ....   -119,083   -116,067      3,016    162,677    162,677       ....
IV......     313,475    317,345      3,870   -422,661   -424,810     -2,149    -15,897    -15,897       ....   -125,083   -123,362      1,721    159,631    159,631       ....

2003:  I     316,991    321,646      4,655   -436,556   -439,095     -2,539    -17,598    -17,660        -62   -137,163   -135,109      2,054    159,784    159,729        -55
II......     319,380    324,744      5,364   -433,578   -437,889     -4,311    -16,905    -16,962        -57   -131,103   -130,107        996     62,535     63,301        766
III.....     330,049    335,211      5,162   -444,630   -448,024     -3,394    -16,961    -17,710       -749   -131,542   -130,523      1,019    129,745    129,579       -166
IV......     352,733    356,719      3,986   -462,697   -464,810     -2,113    -17,747    -18,277       -530   -127,711   -126,368      1,343    186,285    186,323         38

2004:  I     362,895    372,271      9,376   -486,179   -489,241     -3,062    -22,554    -22,972       -418   -145,838   -139,941      5,897    129,718    121,924     -7,794
II......     375,770    384,288      8,518   -521,646   -521,604         42    -20,895    -21,371       -476   -166,771   -158,687      8,084    178,979    165,936    -13,043
III.....     384,648    393,272      8,624   -534,451   -534,072        379    -16,524    -17,273       -749   -166,327   -158,073      8,254    115,604    103,222    -12,382
IV......     403,536    409,357      5,821   -568,283   -570,010     -1,727    -21,609    -22,799     -1,190   -186,356   -183,452      2,904    158,122    165,659      7,537

2005:  I     415,277    424,101      8,824   -579,764   -578,269      1,495    -27,237    -28,225       -988   -191,724   -182,392      9,332    136,737    145,995      9,258
II......     429,326    440,217     10,891   -599,390   -599,084        306    -23,194    -24,372     -1,178   -193,258   -183,238     10,020    149,803     97,517    -52,286
III.....     442,935    451,964      9,029   -616,886   -616,350        536     -9,464     -9,019        445   -183,415   -173,406     10,009    256,212    242,180    -14,032
IV......     462,357    472,275      9,918   -659,290   -661,169     -1,879    -26,176    -26,915       -739   -223,109   -215,809      7,300    242,694    291,665     48,971

2006:  I     483,338    494,027     10,689   -677,571   -673,277      4,294    -19,545    -21,360     -1,815   -213,778   -200,611     13,167    171,269    195,741     24,472
II......     510,923    518,595      7,672   -706,776   -700,504      6,272    -21,860    -23,686     -1,826   -217,713   -205,595     12,118    153,574    157,225      3,651
III.....     523,832    532,894      9,062   -730,711   -726,352      4,359    -22,498    -23,877     -1,379   -229,377   -217,334     12,043    229,710    255,000     25,290
IV......     540,741    550,649      9,908   -716,311   -717,914     -1,603    -20,220    -20,673       -453   -195,790   -187,938      7,852    164,596    225,218     60,622

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