News Release
U.S. International Transactions, Fourth Quarter 1999
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Christopher Bach: (202) 606-9545 BEA 99-06
Recorded Message: 606-5362
U.S. International Transactions: Fourth Quarter and Year 1999
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 $99.8
billion in the fourth quarter from $89.1 billion (revised) in the third, according to
preliminary estimates of the Commerce Department's Bureau of Economic
Analysis. The goods and services deficit, the income deficit, and net unilateral
current transfers all contributed to the increase.
Goods and services
The deficit on goods and services increased to $75.5 billion in the
fourth quarter from $72.6 billion in the third.
Goods The deficit on goods increased to $96.2 billion in the fourth
quarter from $91.9 billion in the third. Goods exports increased to $179.8 billion
from $173.7 billion. Nonagricultural exports more than accounted for the increase.
Agricultural exports decreased.
Goods imports increased to $276.0 billion from $265.6 billion. Nonpetroleum products
accounted for most of the increase, but petroleum products also increased.
Services The surplus on services increased to $20.7 billion in the fourth quarter from
$19.4 billion in the third.
Service receipts increased to $71.3 billion from $69.6 billion, mostly as a result of
increases in travel, "other" private services, and "other" transportation.
Service payments increased to $50.6 billion from $50.2 billion. Travel, passenger fares,
and "other" transportation more than accounted for the increase; these increases were partly
offset by decreases in "other" private services and in direct defense expenditures abroad.
Income
The deficit on income increased to $10.4 billion in the fourth quarter from $5.3 billion in
the third.
Investment income Income receipts on U.S.-owned assets abroad increased to $72.8
billion from $69.5 billion. Much of the increase was attributable to "other" private receipts,
though direct investment receipts were also higher.
Income payments on foreign-owned assets in the United States increased to $81.7 billion
from $73.3 billion. Direct investment payments, "other" private payments, and U.S.
Government payments were all substantially higher.
Compensation of employees Receipts for compensation of U.S. workers abroad were
unchanged at $0.5 billion. Payments for compensation of foreign workers in the United States
were unchanged at $1.9 billion.
Unilateral current transfers
Net unilateral current transfers increased to $13.9 billion in the fourth quarter, up from
$11.2 billion in the third. Most of the increase was attributable to U.S. Government grants,
which increased as a result of cash grants to Israel.
Capital and Financial Account
Capital Account
Net capital account transactions were outflows of $0.7 billion in the fourth quarter, in
contrast to inflows of $0.2 billion in the third. Fourth-quarter transactions include the transfer of
the U.S. Government's assets in the Panama Canal Commission to the Republic of Panama. The
assets are valued at the historical cost carried on the books of the Commission. As part of its
future research program, BEA will restate the assets to a current-cost basis.
Financial Account
Net recorded financial inflows--the difference between changes in U.S.-owned assets
abroad and changes in foreign-owned assets in the United States--were $90.9 billion in the
fourth quarter, down slightly from $94.3 billion (revised) in the third. Financial inflows fell
more than financial outflows.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $88.8 billion in the fourth quarter, following an
increase of $113.4 billion in the third.
U.S. claims on foreigners reported by U.S. banks increased $37.9 billion in the fourth
quarter, compared with an increase of $8.8 billion in the third. Sharply higher demand for credit
in Caribbean banking centers and in Europe toward yearend resulted in a sharp step-up in
interbank transfers.
Net U.S. purchases of foreign securities were $7.0 billion in the fourth quarter, down
from $34.4 billion in the third. Net U.S. purchases of stocks were $11.3 billion, down from
$27.1 billion; in both quarters, there were numerous large acquisitions of U.S. companies by
foreign companies through exchanges of stock. Transactions in bonds shifted to net U.S. sales
of $4.3 billion from net purchases of $7.3 billion.
Net financial outflows for U.S. direct investment abroad were $31.3 billion in the fourth
quarter, down from $47.4 billion in the third. Equity capital outflows were sharply lower.
Intercompany debt outflows were slightly higher, and reinvested earnings increased slightly.
U.S. official reserve assets decreased $1.6 billion in the fourth quarter, compared with a
$2.0 billion decrease in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $179.7 billion in the fourth quarter,
following an increase of $207.7 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities,
increased $24.3 billion in the fourth quarter, following an increase of $22.6 billion in the third.
Strong U.S. demand for funds to finance a sharp acceleration in commercial and industrial loans
and a rise in short-term interest differentials that favored placement of deposits in the United
States encouraged continued inflows.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were very
strong at $90.7 billion in the fourth quarter, but down from a record $94.6 billion in the third.
Net foreign purchases of U.S. stocks were a record $33.2 billion, up from $23.9 billion. Net
foreign purchases of U.S. bonds were $57.5 billion, down from a record of $70.7 billion in the
third quarter.
Transactions in U.S. Treasury securities shifted to net sales by foreigners of $17.2 billion
in the fourth quarter from net purchases of $9.6 billion in the third. There were large sales by
international bond mutual funds in the Caribbean.
Net financial inflows for foreign direct investment in the United States were $44.1 billion
in the fourth quarter, down from $60.8 billion in the third. Intercompany debt inflows were
sharply lower. Equity capital inflows were smaller, and reinvested earnings nearly doubled.
Net U.S. currency shipments were $12.2 billion in the fourth quarter, up from $4.7
billion in the third. The step-up was attributable to large shipments toward yearend.
Foreign official assets in the United States increased $28.6 billion in the fourth quarter,
compared with an increase of $11.9 billion in the third. In the fourth quarter, assets of both
industrial and developing countries increased by large amounts.
The statistical discrepancy--errors and omissions in recorded transactions--was a positive
$9.6 billion in the fourth quarter, compared with a negative $5.4 billion in the third.
In the fourth quarter, the U.S. dollar depreciated 2 percent on a trade-weighted quarterly
average basis against a group of 7 major currencies.
.
The Year 1999
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 a record $338.9 billion in 1999 from
$220.6 billion in 1998. Most of the increase was attributable to a rise in the deficit on goods and
services, though the deficit on investment income and net unilateral current transfers also
increased.
Goods and services
Goods The deficit on goods increased to $347.1 billion in 1999 from $246.9 billion in
1998.
Goods exports increased to $683.0 billion from $670.2 billion. Nonagricultural products
more than accounted for the increase. Agricultural products decreased.
Goods imports increased to $1,030.2 billion from $917.2 billion. Nonpetroleum imports
accounted for most of the increase. Petroleum imports also increased.
Services The surplus on services decreased to $79.6 billion in 1999 from $82.7 billion in
1998.
Services exports increased to $277.1 billion from $263.7 billion. "Other" private
services, travel, and "other" transportation accounted for most of the increase.
Services imports increased to $197.5 billion from $181.0 billion. "Other" transportation,
travel, "other" private services, and direct defense expenditures abroad accounted for most of the
increase.
Income
The deficit on income increased to $24.8 billion in 1999 from $12.2 billion in 1998.
Investment income Income receipts on U.S.-owned assets abroad increased to $272.0
billion from $256.5 billion. Nearly all of the increase was attributable to direct investment
receipts.
Income payments on foreign-owned assets in the United States increased to $291.2
billion from $263.4 billion. Direct investment payments, "other" private payments, and U.S.
Government payments all increased by substantial amounts.
Compensation of employees Receipts for compensation of U.S. workers abroad were
unchanged at $1.9 billion. Payments for compensation of foreign workers in the United States
changed little at $7.5 billion.
Unilateral current transfers
Net unilateral current transfers increased to $46.6 billion in 1999 from $44.1 billion in
1998. Most of the increase was in private remittances, mainly from large nonprofit institutions.
Capital and Financial Account
Capital Account
Net capital transactions were outflows of $0.2 billion in 1999, in contrast to inflows of
$0.6 billion in 1998.
Financial Account
Net recorded financial inflows the difference between changes in U.S.-owned assets
abroad and changes in foreign-owned assets in the United States were $378.2 billion in 1999,
compared with $209.8 billion in 1998. Financial inflows accelerated much more than financial
outflows.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $372.6 billion in 1999, compared with an increase of
$292.8 billion in 1998.
U.S. claims on foreigners reported by U.S. banks increased $61.4 billion in 1999,
following an increase of $24.9 billion in 1998. Improved economic conditions abroad, a step-up
in foreign merger and acquisition activity, and a sharp step-up in the demand for funds toward
yearend all increased U.S. lending to foreigners.
Net U.S. purchases of foreign securities were $97.9 billion in 1999, down from $102.8
billion in 1998. Net U.S. purchases of foreign stocks rose to a record $97.8 billion from the
previous record of $77.8 billion in 1998; both years included many foreign acquisitions of U.S.
companies through exchanges of stock. Net U.S. purchases of foreign bonds fell to $0.1 billion
in 1999 from $25.1 billion in 1998.
Net financial outflows for U.S. direct investment abroad were $152.2 billion in 1999, up
from $132.8 billion in 1998. Most of the step-up was attributable to larger reinvested earnings.
Equity capital outflows were down slightly, and intercompany debt outflows were higher.
U.S. official reserve assets decreased $8.7 billion in 1999, compared to an increase of
$6.8 billion in 1998. The decrease in 1999 was attributable to special transactions in foreign
currencies related to the IMF quota increase in the first quarter, and to decreases in the U.S.
reserve position with the International Monetary Fund in the third and fourth quarters.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $750.8 billion in 1999, compared
with an increase of $502.6 billion in 1998.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities,
increased $67.7 billion in 1999, following an increase of $40.7 billion in 1998. Heightened U.S.
and international demand for credit, mostly in the second half of the year, and a widening of
short-term interest differentials in favor of investment in U.S. assets, also mostly in the second
half of the year, contributed to the step-up in inflows.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record
$325.9 billion in 1999, up from the previous record of $218.0 billion in 1998. Net foreign
purchases of U.S. stocks were a record $94.9 billion in 1999, up from $47.5 billion in 1998. Net
foreign purchases of U.S. bonds were a record $231.0 billion in 1999, up from the previous
record of $170.5 billion in 1998.
Transactions in U.S. Treasury securities shifted to net sales by foreigners of $21.8 billion
in 1999 from net purchases of $46.2 billion in 1998. Foreigners shifted to higher yielding high-
grade corporate bonds and U.S. Government agency bonds.
Net financial inflows for foreign direct investment in the United States were $282.5
billion in 1999, up from $193.4 billion in 1998. Equity capital inflows increased by a very
substantial amount as a result of numerous foreign acquisitions of U.S. companies.
Intercompany debt inflows were also significantly higher, and reinvested earnings more than
doubled.
Net U.S. currency shipments were $22.4 billion in 1999, up from $16.6 billion in 1998.
Some of the step-up was attributable to large shipments toward yearend 1999.
Foreign official assets in the United States increased $44.6 billion in 1999, in contrast to
a decrease of $21.7 billion in 1998. In 1999, assets of industrial countries accounted for 70
percent of the increase, and assets of developing countries accounted for 30 percent of the
increase.
The statistical discrepancy errors and omissions in recorded transactions was a negative
$39.1 billion in 1999, compared with a positive $10.1 billion in 1998.
In 1999, the dollar appreciated 1 percent on a trade-weighted basis against a group of 7
major currencies.. Revisions
The third-quarter international transactions are revised from previously published
estimates. The current-account deficit for the third quarter was revised to $89.1 billion from
$89.9 billion. The goods deficit was revised to $91.9 billion from $92.1 billion; the services
surplus was revised to $19.4 billion from $18.3 billion; the deficit on income was revised to $5.3
billion from $4.9 billion; and net unilateral current transfers were virtually unchanged from the
previous estimate at $11.2 billion. Net recorded financial inflows were revised to $94.3 billion
from $105.7 billion.
* * *
Release dates for 2000:
Fourth quarter and year 1999............................................March 15, 2000 (Wednesday)
First quarter 2000.........................................................June 20, 2000 (Tuesday)
Second quarter 2000.................................................September 13, 2000 (Wednesday)
Third quarter 2000....................................................December 14, 2000 (Thursday)
* * *
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Summary BEA estimates are available on recorded messages at the time of public release
at the following telephone numbers:
(202) 606-5362 U.S. international transactions
-5306 Gross domestic product
-5303 Personal income and outlays
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's
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of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail:
Annual subscription $120.00 domestic. Second class mail: Annual subscription $48.00
domestic, $60.00 foreign; single issue $17.25 domestic, $21.56 foreign.
.
March 15, 2000
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
1998 1999 Change:
(Credits +, debits -) 1998 1999 Change: 1999
1998-1999 IV Ir IIr IIIr IVp III-IV
Current account
1 Exports of goods and services and income receipts............................ 1,192,231 1,233,944 41,713 299,985 295,503 300,939 313,183 324,317 11,134
2 Exports of goods and services........................................... 933,907 960,088 26,181 236,904 231,567 234,174 243,254 251,092 7,838
3 Goods, balance of payments basis 1/................................. 670,246 683,021 12,775 170,124 164,008 165,577 173,680 179,756 6,076
4 Services 2/......................................................... 263,661 277,067 13,406 66,780 67,559 68,597 69,574 71,336 1,762
5 Transfers under U.S. military agency sales contracts............ 17,155 16,688 -467 4,081 4,340 4,099 4,232 4,017 -215
6 Travel.......................................................... 71,250 74,448 3,198 17,938 18,130 18,429 18,611 19,279 668
7 Passenger fares................................................. 19,996 21,123 1,127 4,843 4,996 5,242 5,344 5,541 197
8 Other transportation............................................ 25,518 27,313 1,795 6,575 6,504 6,734 6,824 7,251 427
9 Royalties and license fees..................................... 36,808 37,213 405 9,894 9,318 9,346 9,251 9,297 46
10 Other private services......................................... 92,116 99,357 7,241 23,240 24,065 24,500 25,089 25,702 613
11 U.S. Government miscellaneous services......................... 818 925 107 209 206 247 223 249 26
12 Income receipts......................................................... 258,324 273,856 15,532 63,081 63,936 66,765 69,929 73,225 3,296
13 Income receipts on U.S.-owned assets abroad........................ 256,467 271,972 15,505 62,617 63,466 66,294 69,458 72,753 3,295
14 Direct investment receipts..................................... 102,846 116,683 13,837 25,639 26,824 28,400 30,311 31,147 836
15 Other private receipts......................................... 150,001 152,104 2,103 36,019 35,760 37,072 38,399 40,873 2,474
16 U.S. Government receipts....................................... 3,620 3,185 -435 959 882 822 748 733 -15
17 Compensation of employees.......................................... 1,857 1,884 27 464 470 471 471 472 1
18 Imports of goods and services and income payments............................-1,368,718 -1,526,281 -157,563 -348,180 -354,099 -370,921 -391,060 -410,204 -19,144
19 Imports of goods and services...........................................-1,098,189 -1,227,636 -129,447 -280,166 -285,744 -299,464 -315,842 -326,588 -10,746
20 Goods, balance of payments basis 1/................................. -917,178 -1,030,152 -112,974 -233,711 -238,389 -250,168 -265,623 -275,972 -10,349
21 Services 2/......................................................... -181,011 -197,484 -16,473 -46,455 -47,355 -49,296 -50,219 -50,616 -397
22 Direct defense expenditures..................................... -12,841 -14,604 -1,763 -3,406 -3,503 -3,593 -3,808 -3,700 108
23 Travel.......................................................... -56,105 -60,092 -3,987 -14,131 -14,815 -14,929 -14,957 -15,391 -434
24 Passenger fares................................................. -19,797 -21,305 -1,508 -5,125 -5,112 -5,314 -5,362 -5,518 -156
25 Other transportation............................................ -30,457 -34,500 -4,043 -7,849 -7,734 -8,370 -9,138 -9,258 -120
26 Royalties and license fees..................................... -11,292 -12,437 -1,145 -2,923 -3,174 -3,195 -2,985 -3,083 -98
27 Other private services......................................... -47,670 -51,591 -3,921 -12,276 -12,335 -13,166 -13,183 -12,908 275
28 U.S. Government miscellaneous services......................... -2,849 -2,955 -106 -745 -682 -729 -786 -758 28
29 Income payments......................................................... -270,529 -298,645 -28,116 -68,014 -68,355 -71,457 -75,218 -83,616 -8,398
30 Income payments on foreign-owned assets in the United States....... -263,423 -291,158 -27,735 -66,188 -66,495 -69,602 -73,345 -81,717 -8,372
31 Direct investment payments..................................... -43,441 -58,250 -14,809 -11,081 -12,067 -14,487 -13,768 -17,929 -4,161
32 Other private payments......................................... -128,863 -137,777 -8,914 -32,408 -31,759 -31,960 -35,430 -38,628 -3,198
33 U.S. Government payments....................................... -91,119 -95,131 -4,012 -22,699 -22,669 -23,155 -24,147 -25,160 -1,013
34 Compensation of employees.......................................... -7,106 -7,487 -381 -1,826 -1,860 -1,855 -1,873 -1,899 -26
35 Unilateral current transfers, net............................................ -44,075 -46,581 -2,506 -13,474 -10,306 -11,175 -11,208 -13,892 -2,684
36 U.S. Government grants.................................................. -13,057 -12,825 232 -5,742 -2,200 -2,760 -2,727 -5,138 -2,411
37 U.S. Government pensions and other transfers............................ -4,350 -4,396 -46 -1,071 -1,065 -1,075 -1,075 -1,181 -106
38 Private remittances and other transfers................................. -26,668 -29,360 -2,692 -6,661 -7,041 -7,340 -7,406 -7,573 -167
.
March 15, 2000
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
1998 1999 Change:
(Credits +, debits -) 1998 1999 Change: 1999
1998-1999 IV Ir IIr IIIr IVp III-IV
Capital and financial account
Capital account
39 Capital account transactions, net............................................ 617 -172 -789 166 166 178 175 -691 -866
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))............... -292,818 -372,567 -79,749 -50,607 -15,394 -154,959 -113,388 -88,822 24,566
41 U.S. official reserve assets, net........................................ -6,784 8,749 15,533 -2,369 4,068 1,159 1,950 1,572 -378
42 Gold................................................................ .... .... .... .... .... .... .... .... ....
43 Special drawing rights.............................................. -149 12 161 -227 563 -190 -185 -176 9
44 Reserve position in the International Monetary Fund................. -5,118 5,485 10,603 -1,924 3 1,413 2,268 1,801 -467
45 Foreign currencies.................................................. -1,517 3,252 4,769 -218 3,502 -64 -133 -53 80
46 U.S. Government assets, other than official reserve assets, net.......... -429 -365 64 -50 119 -392 -686 594 1,280
47 U.S. credits and other long-term assets............................. -4,676 -6,123 -1,447 -1,043 -1,304 -2,167 -1,595 -1,057 538
48 Repayments on U.S. credits and other long-term assets............... 4,102 6,223 2,121 938 1,545 1,887 1,026 1,765 739
49 U.S. foreign currency holdings and U.S. short-term assets, net...... 145 -465 -610 55 -122 -112 -117 -114 3
50 U.S. private assets, net................................................. -285,605 -380,951 -95,346 -48,188 -19,581 -155,726 -114,652 -90,988 23,664
51 Direct investment................................................... -132,829 -152,152 -19,323 -30,773 -41,631 -31,812 -47,356 -31,349 16,007
52 Foreign securities.................................................. -102,817 -97,882 4,935 -70,809 8,132 -64,579 -34,431 -7,004 27,427
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns....................................... -25,041 -69,493 -44,452 16,202 -13,853 -16,816 -24,066 -14,758 9,308
54 U.S. claims reported by U.S. banks, not included elsewhere.......... -24,918 -61,424 -36,506 37,192 27,771 -42,519 -8,799 -37,877 -29,078
55 Foreign-owned assets in the United States, net (increase/financial inflow (+) 502,637 750,765 248,128 149,805 88,968 274,379 207,735 179,686 -28,049
56 Foreign official assets in the United States, net........................ -21,684 44,570 66,254 24,352 4,708 -628 11,881 28,609 16,728
57 U.S. Government securities.......................................... -3,625 32,423 36,048 33,398 6,793 -916 14,798 11,748 -3,050
58 U.S. Treasury securities........................................ -9,957 12,073 22,030 31,836 800 -6,708 12,963 5,018 -7,945
59 Other........................................................... 6,332 20,350 14,018 1,562 5,993 5,792 1,835 6,730 4,895
60 Other U.S. Government liabilities................................... -3,113 -3,698 -585 -1,054 -1,594 -647 -1,070 -387 683
61 U.S. liabilities reported by U.S. banks, not included elsewhere..... -11,469 14,937 26,406 -7,133 -589 1,437 -2,032 16,121 18,153
62 Other foreign official assets....................................... -3,477 908 4,385 -859 98 -502 185 1,127 942
63 Other foreign assets in the United States, net........................... 524,321 706,195 181,874 125,453 84,260 275,007 195,854 151,077 -44,777
64 Direct investment................................................... 193,375 282,507 89,132 120,505 23,057 154,481 60,841 44,131 -16,710
65 U.S. Treasury securities............................................ 46,155 -21,756 -67,911 24,391 -8,781 -5,407 9,639 -17,207 -26,846
66 U.S. securities other than U.S. Treasury securities................. 218,026 325,913 107,887 49,328 61,540 79,067 94,573 90,733 -3,840
67 U.S. currency....................................................... 16,622 22,407 5,785 6,250 2,440 3,057 4,697 12,213 7,516
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns...................................... 9,412 29,411 19,999 -53,210 20,188 8,871 3,475 -3,123 -6,598
69 U.S. liabilities reported by U.S. banks, not included elsewhere..... 40,731 67,713 26,982 -21,811 -14,184 34,938 22,629 24,330 1,701
70 Statistical discrepancy (sum of above items with sign reversed).............. 10,126 -39,108 -49,234 -37,695 -4,838 -38,441 -5,437 9,606 15,043
Memoranda:
71 Balance on goods (lines 3 and 20)............................................ -246,932 -347,131 -100,199 -63,587 -74,381 -84,591 -91,943 -96,216 -4,273
72 Balance on services (lines 4 and 21)......................................... 82,650 79,583 -3,067 20,325 20,204 19,301 19,355 20,720 1,365
73 Balance on goods and services (lines 2 and 19)............................... -164,282 -267,548 -103,266 -43,262 -54,177 -65,290 -72,588 -75,496 -2,908
74 Balance on income (lines 12 and 29).......................................... -12,205 -24,789 -12,584 -4,933 -4,419 -4,692 -5,289 -10,391 -5,102
75 Unilateral current transfers, net (line 35).................................. -44,075 -46,581 -2,506 -13,474 -10,306 -11,175 -11,208 -13,892 -2,684
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)..... -220,562 -338,918 -118,356 -61,669 -68,902 -81,157 -89,085 -99,779 -10,694
r Revised. p Preliminary.
1. Adjusted for timing, valuation, and coverage to balance of payments basis; excludes exports under U. S. military agency sales
contracts and imports of U. S. military agencies.
2. Includes some goods that cannot be separately identified from services.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Department of Commerce, Bureau of Economic Analysis
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