Glossary

Record of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP).

Transactions covering a wide range of private services sold to or purchased from foreigners, such as advertising, telecommunications, computer and data processing services, and accounting and legal services.

Transactions in services between the residents of one country and the residents of another country. From the U.S. viewpoint, it consists of exports and imports of services between U.S. residents and foreign residents. It includes both trade within multinational companies (intra-firm trade in services) and trade between unaffiliated parties. It is one of two channels of delivery of services in international markets; the other is sales of services through foreign affiliates of multinational companies.

Goods and services sold by U.S. residents to foreign residents.

Goods and services purchased by U.S. residents from foreign residents.

Receipts and payments between U.S. affiliates and their foreign parents, and between U.S. parents and their foreign affiliates, for services provided to one another. They consist of royalties and license fees for the use or sale of intangible property or rights (including patents, trademarks, and copyrights) and of receipts and payments for other private services (such as service charges, rentals for tangible property, and film and television tape rentals).

Exports of goods and services minus imports of goods and services.

Services sold in international markets through the channel of direct investment. From the U.S. viewpoint, it consists of sales of services to foreigners by foreign affiliates of U.S. companies and U.S. purchases of services from other countries' U.S. affiliates. It is one of two channels in the delivery of services in international markets; the other is cross-border trade in services.

Products that cannot be stored and are consumed at the place and time of their purchase.