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The entire release is available in PDF format.
Christopher Bach (202) 606-9545 BEA 01-06
Recorded Message: 606-5362
U.S. International Transactions: Fourth Quarter and Year 2000
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 $115.3 billion in the fourth quarter
of 2000 from $113.1 billion (revised) in the third, according to preliminary estimates of the
Bureau of Economic Analysis. Increases in the goods and services deficit and in net outflows
for unilateral current transfers more than accounted for the increase. Partly offsetting was a
decline in the deficit on investment income.
Goods and services
The deficit on goods and services increased to $98.9 billion in the fourth quarter from
$95.6 billion in the third.
Goods
The deficit on goods increased to $118.3 billion in the fourth quarter from $114.7
billion in the third.
Goods exports decreased to $197.1 billion from $200.8 billion. Nonagricultural exports
(mainly capital goods, consumer goods, and automotive products)accounted for most of the
decrease, though agricultural exports also decreased.
Goods imports decreased slightly to $315.4 billion from $315.6 billion. Nonpetroleum
imports decreased a small amount (a large decline in automotive products more than offset
increases in consumer goods and nonpetroleum industrial supplies and materials) and petroleum
imports increased a small amount.
Services
The services surplus increased to $19.4 billion in the fourth quarter from $19.1 billion
in the third.
Services exports increased to $75.2 billion from $74.6 billion. Travel, royalties and
license fees, and "other" private services (such as business, professional, and technical services
and financial services) all increased. "Other" transportation decreased.
Services imports increased to $55.8 billion from $55.5 billion. Travel, passenger fares,
and "other" transportation increased. Royalties and license fees decreased.
Income
The deficit on income decreased to $0.5 billion in the fourth quarter from $4.5 billion in
the third.
Investment income
Income receipts on U.S.-owned assets abroad increased to $89.1 billion from $86.8 billion.
Direct investment receipts accounted for much of the increase, though "other" private receipts
also increased.
Income payments on foreign-owned assets in the United States decreased to $88.2 billion
from $89.9 billion. A decrease in direct investment payments more than accounted for the
decrease. "Other" private payments increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were unchanged at $0.6 billion.
Payments for compensation of foreign workers in the United States increased to $2.0 billion
from $1.9 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $15.9 billion in the fourth quarter, up
from $12.9 billion in the third. The increase was more than accounted for by an increase in U.S.
Government grants, which increased as a result of cash grants to Israel.
Capital and Financial Account
Capital Account
Net capital account inflows were $0.2 billion in the fourth quarter, unchanged from the
third.
Financial Account
Net recorded financial inflows -- the result of combining financial flows for U.S.-owned
assets abroad with financial flows for foreign-owned assets in the United States -- were $86.6
billion in the fourth quarter, compared with $101.9 billion (revised) in the third. 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 $188.6 billion in the fourth quarter, compared with
an increase of $93.4 billion in the third.
U.S. claims on foreigners reported by U.S. banks increased $67.0 billion in the fourth
quarter, compared with an increase of $6.0 billion in the third. Sharply higher demand for credit
in Caribbean banking centers and in Europe resulted in a sharp step-up in interbank transfers.
Net U.S. purchases of foreign securities were $24.9 billion in the fourth quarter, down
from $33.2 billion in the third. Net U.S. purchases of foreign stocks were $22.6 billion, up from
$15.3 billion; the increase was attributable to a step-up in exchanges of stock related to
purchases of U.S. companies by foreign companies. Net U.S. purchases of foreign bonds were
$2.3 billion, down from $18.0 billion.
Net financial outflows for U.S. direct investment abroad were $45.0 billion in the fourth
quarter, up from $36.2 billion in the third. Net equity capital outflows were sharply higher, and
reinvested earnings increased. In contrast, net intercompany debt inflows increased.
U.S. official reserve assets increased $1.4 billion in the fourth quarter, compared with an
increase of $0.3 billion in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $275.2 billion in the fourth quarter,
compared with an increase of $195.3 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks increased $42.8 billion in the fourth
quarter, compared with a decrease of $1.4 billion in the third. In the fourth quarter, large
inflows from Caribbean banking centers occurred partly in response to the pickup in demand for
credit abroad and partly for yearend bookkeeping purposes.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were strong
in the fourth quarter at $123.9 billion, up slightly from $122.4 billion in the third. Net foreign
purchases of U.S. stocks were $36.5 billion, down from $47.8 billion in the third. Net foreign
purchases of U.S. bonds were a record $87.4 billion, up from the previous record of $74.6
billion in the third.
Net foreign sales of U.S. Treasury securities were $9.8 billion in the fourth quarter, down
from $12.5 billion in the third.
Net financial inflows for foreign direct investment in the United States were $94.4 billion
in the fourth quarter, up from $72.7 billion in the third. Net equity capital inflows doubled to
$80.1 billion, as a result of numerous acquisitions of U.S. companies by foreign companies. In
contrast, net intercompany debt inflows fell sharply and reinvested earnings decreased.
Net U.S. currency shipments to foreigners were $6.2 billion in the fourth quarter, up
from $0.8 billion in the third.
Foreign official assets in the United States decreased $4.4 billion in the fourth quarter, in
contrast to an $11.9 billion increase in the third. In the fourth quarter, a reduction in assets of
industrial countries was partly offset by an increase in assets of developing countries.
The statistical discrepancy errors and omissions in recorded transactions was a positive
$28.4 billion in the fourth quarter, compared with a positive $11.0 billion in the third.
In the fourth quarter, the U.S. dollar appreciated 3 percent on a trade-weighted quarterly
average basis against a group of 7 major currencies.
The Year 2000
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 $435.4 billion in 2000 from
the previous record of $331.5 billion in 1999. Most of the increase was attributable to an
increase in the deficit on goods and services, though net outflows for unilateral current transfers
also increased. Partly offsetting was a decrease in the deficit on income.
Goods and services
The deficit on goods and services increased to $368.5 billion in 2000 from $265.0 billion
in 1999.
Goods
The deficit on goods increased to $449.5 billion from $345.6 billion.
Goods exports increased to $773.3 billion from $684.4 billion. Nonagricultural exports
accounted for nearly all of the increase; increases were largest for capital goods, nonagricultural
industrial supplies and materials, and consumer goods. Agricultural exports increased a small
amount.
Goods imports increased to $1,222.8 billion from $1,029.9 billion. Nonpetroleum
imports accounted for almost three-quarters of the increase, largely as a result of increases in
capital goods, consumer goods, and nonpetroleum industrial supplies and materials. Petroleum
imports accounted for the rest of the increase.
Services
The surplus on services increased slightly to $81.0 billion in 2000 from $80.6
billion in 1999.
Services exports increased to $296.2 billion from $271.9 billion. Travel and "other"
private services (such as business, professional, and technical services and financial services)
accounted for much of the increase.
Services imports increased to $215.2 billion from $191.3 billion. All major categories
increased by substantial amounts.
Income
The deficit on income decreased to $13.7 billion in 2000 from $18.5 billion in 1999.
Investment income
Income receipts on U.S.-owned assets abroad increased to $343.1 billion from $274.0
billion. "Other" private receipts and direct investment receipts both increased strongly.
Income payments on foreign-owned assets in the United States increased to $351.2
billion from $287.1 billion. "Other" private payments accounted for two-thirds of the increase,
and other major categories increased strongly.
Compensation of employees
Receipts for compensation of U.S. workers abroad increased slightly to $2.3 billion
from $2.2 billion. Payments for compensation of foreign workers in the United States increased
to $7.9 billion from $7.6 billion.
Unilateral current transfers
Net outflows for unilateral current transfers increased to $53.2 billion in 2000 from $48.0
billion in 1999. The increase was nearly all attributable to increases in U.S. Government grants
and in private remittances.
Capital and Financial Account
Capital Account
Net capital account transactions were net inflows of $0.7 billion in 2000, in contrast to
net outflows of $3.5 billion in 1999. Transactions in 1999 included the transfer of the U.S.
Government's assets in the Panama Canal Commission to the Republic of Panama.
Financial Account
Net recorded financial inflows -- the result of combining financial flows for U.S.-owned
assets abroad with financial flows for foreign-owned assets in the United States -- were $399.1
billion in 2000, compared with $323.4 billion in 1999. Financial inflows for foreign-owned
assets in the United States increased more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $553.3 billion in 2000, compared with an increase of
$430.2 billion in 1999.
U.S. claims on foreigners reported by U.S. banks increased $110.2 billion in 2000,
following an increase of $69.9 billion in 1999. In 2000, an expansion in economic activity
abroad and financing for mergers and acquisitions were primary factors contributing to financial
outflows.
Net U.S. purchases of foreign securities were $123.6 billion in 2000, down from $128.6
billion in 1999. Net U.S. purchases of foreign stocks were $98.8 billion, down from $114.4
billion; both years included numerous foreign acquisitions of U.S. companies through exchanges
of stock. Net U.S. purchases of foreign bonds were $24.8 billion, up from $14.2 billion.
Net financial outflows for U.S. direct investment abroad were $161.6 billion in 2000, up
from $150.9 billion in 1999. A large increase in reinvested earnings more than accounted for the
step-up, and net equity capital outflows also increased. In contrast, net intercompany debt
outflows dropped by a sizable amount.
U.S. official reserve assets increased $0.3 billion in 2000, compared to a decrease of $8.7
billion in 1999. In 2000, increases in foreign currency holdings and in special drawing rights
were nearly offset by a decrease in the U.S. reserve position with the International Monetary
Fund.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $952.4 billion in 2000, compared
with an increase of $753.6 billion in 1999.
U.S. liabilities reported by U.S. banks increased $79.5 billion in 2000, following an
increase of $67.4 billion in 1999. In 2000, U.S. banks borrowed heavily in the second and
fourth quarters to meet surges in domestic and international credit demand and to accommodate
yearend bookkeeping needs.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record
$465.9 billion in 2000, up sharply from the previous record of $331.5 billion in 1999. Net
foreign purchases of U.S. stocks were a record $171.8 billion, up from the previous record of
$98.7 billion in 1999. Net foreign purchases of U.S. bonds were a record $294.1 billion, up
from the previous record of $232.8 billion in 1999.
Net foreign sales of U.S. Treasury securities were $52.2 billion in 2000, up from $20.5
billion in 1999. Foreigners shifted to high-yielding, high-grade U.S. corporate and agency
bonds.
Net financial inflows for foreign direct investment in the United States were a record
$316.5 billion in 2000, up from the previous record of $275.5 billion in 1999. The record in
2000 reflected a sizable increase in net intercompany debt inflows and an increase in net equity
capital inflows. Reinvested earnings changed little.
Net U.S. currency shipments to foreigners were $1.1 billion in 2000, down from $22.4
billion in 1999. Supplies of U.S. currency shipped at yearend 1999 in anticipation of Y2K
problems were sufficient to meet demands for much of 2000.
Foreign official assets in the United States increased $35.9 billion in 2000, compared
with an increase of $42.9 billion in 1999. In 2000, assets of both industrial and developing
countries increased.
The statistical discrepancy -- errors and omissions in recorded transactions -- was a
positive $35.6 billion in 2000, compared with a positive $11.6 billion in 1999.
In 2000, the dollar appreciated 5 percent on a trade-weighted yearly average basis against
a group of 7 major currencies.
Revisions
The third-quarter international transactions are revised from previously published
estimates. The current-account deficit was revised to $113.1 billion from $113.8 billion. The
goods deficit was revised to $114.7 billion from $115.4 billion; the services surplus was revised
to $19.1 billion from $18.9 billion; the deficit on income was unchanged at $4.5 billion; and net
unilateral current transfers were revised to $12.9 billion from $12.8 billion. Net recorded
financial inflows were revised to $101.9 billion from $123.0 billion. Data for all quarters have
been revised to assure that seasonally adjusted estimates sum to the same annual totals as the
unadjusted estimates.
* * *
Release dates for 2001:
Fourth quarter 2000...................................................March 15, 2001 (Thursday)
First quarter 2001.....................................................June 21, 2001 (Thursday)
Second quarter 2001..............................................September 12, 2001 (Wednesday)
Third quarter 2001................................................December 12, 2001 (Wednesday)
* * *
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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 are published in the Survey of Current Business,
BEA's monthly journal. Subscriptions and single copies of the printed Survey are for sale by
the Superintendent of Documents, U.S. Government Printing Office. Internet:
<bookstore.gpo.gov>; phone: (202) 512-1800; fax: (202) 512-2250; mail: Stop SSOP,
Washington, DC 20402-0001.
March 15, 2001
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
1999 2000 Change:
(Credits +, debits -) 1999 2000p Change: 2000
1999-2000 IV Ir IIr IIIr IVp III-IV
Current account
1 Exports of goods and services and income receipts............................. 1,232,407 1,414,925 182,518 324,612 336,729 353,494 362,765 361,938 -827
2 Exports of goods and services............................................ 956,242 1,069,531 113,289 249,653 255,936 265,925 275,411 272,256 -3,155
3 Goods, balance of payments basis..................................... 684,358 773,304 88,946 180,085 183,659 191,713 200,836 197,096 -3,740
4 Services............................................................. 271,884 296,227 24,343 69,568 72,277 74,212 74,575 75,160 585
5 Transfers under U.S. military agency sales contracts............. 16,334 14,604 -1,730 3,589 3,574 3,699 3,710 3,621 -89
6 Travel........................................................... 74,881 85,153 10,272 19,482 20,466 21,398 21,445 21,844 399
7 Passenger fares.................................................. 19,776 21,313 1,537 4,955 5,067 5,392 5,400 5,454 54
8 Other transportation............................................. 27,033 29,847 2,814 7,097 7,255 7,438 7,635 7,519 -116
9 Royalties and license fees...................................... 36,467 37,955 1,488 9,107 9,348 9,577 9,424 9,605 181
10 Other private services.......................................... 96,508 106,493 9,985 25,118 26,363 26,495 26,741 26,892 151
11 U.S. Government miscellaneous services.......................... 885 862 -23 220 204 213 220 225 5
12 Income receipts.......................................................... 276,165 345,394 69,229 74,959 80,793 87,569 87,354 89,682 2,328
13 Income receipts on U.S.-owned assets abroad......................... 273,957 343,052 69,095 74,393 80,218 86,986 86,765 89,087 2,322
14 Direct investment receipts...................................... 118,802 149,459 30,657 31,691 34,053 37,835 37,857 39,716 1,859
15 Other private receipts.......................................... 151,958 189,765 37,807 41,970 45,091 47,938 48,096 48,640 544
16 U.S. Government receipts........................................ 3,197 3,828 631 732 1,074 1,213 812 731 -81
17 Compensation of employees........................................... 2,208 2,342 134 566 575 583 589 595 6
18 Imports of goods and services and income payments............................. -1,515,861 -1,797,061 -281,200 -406,575 -426,410 -446,399 -462,926 -461,332 1,594
19 Imports of goods and services............................................ -1,221,213 -1,438,011 -216,798 -325,933 -341,196 -354,670 -371,041 -371,109 -68
20 Goods, balance of payments basis..................................... -1,029,917 -1,222,772 -192,855 -276,318 -289,699 -302,147 -315,574 -315,352 222
21 Services............................................................. -191,296 -215,239 -23,943 -49,615 -51,497 -52,523 -55,467 -55,757 -290
22 Direct defense expenditures...................................... -13,650 -13,884 -234 -3,358 -3,322 -3,431 -3,531 -3,600 -69
23 Travel........................................................... -59,351 -65,044 -5,693 -15,274 -15,815 -16,022 -16,338 -16,869 -531
24 Passenger fares.................................................. -21,405 -23,902 -2,497 -5,568 -5,767 -5,934 -5,966 -6,235 -269
25 Other transportation............................................. -34,137 -40,713 -6,576 -9,214 -9,586 -9,904 -10,554 -10,671 -117
26 Royalties and license fees...................................... -13,275 -16,331 -3,056 -3,656 -3,598 -3,669 -4,833 -4,230 603
27 Other private services.......................................... -46,657 -52,486 -5,829 -11,855 -12,695 -12,849 -13,521 -13,425 96
28 U.S. Government miscellaneous services.......................... -2,821 -2,879 -58 -690 -714 -714 -724 -727 -3
29 Income payments.......................................................... -294,648 -359,050 -64,402 -80,642 -85,214 -91,729 -91,885 -90,223 1,662
30 Income payments on foreign-owned assets in the United States........ -287,059 -351,194 -64,135 -78,712 -83,268 -89,755 -89,949 -88,223 1,726
31 Direct investment payments...................................... -56,098 -65,683 -9,585 -15,416 -17,027 -18,862 -16,320 -13,475 2,845
32 Other private payments.......................................... -135,830 -177,839 -42,009 -38,136 -40,167 -43,992 -46,260 -47,420 -1,160
33 U.S. Government payments........................................ -95,131 -107,672 -12,541 -25,160 -26,074 -26,901 -27,369 -27,328 41
34 Compensation of employees........................................... -7,589 -7,856 -267 -1,930 -1,946 -1,974 -1,936 -2,000 -64
35 Unilateral current transfers, net............................................. -48,025 -53,241 -5,216 -14,260 -12,087 -12,334 -12,949 -15,872 -2,923
36 U.S. Government grants................................................... -13,774 -16,448 -2,674 -5,256 -2,912 -3,232 -3,634 -6,670 -3,036
37 U.S. Government pensions and other transfers............................. -4,401 -4,711 -310 -1,181 -1,168 -1,179 -1,183 -1,183 ....
38 Private remittances and other transfers.................................. -29,850 -32,082 -2,232 -7,823 -8,007 -7,923 -8,132 -8,019 113
March 15, 2001
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
1999 2000 Change:
(Credits +, debits -) 1999 2000p Change: 2000
1999-2000 IV Ir IIr IIIr IVp III-IV
Capital and financial account
Capital account
39 Capital account transactions, net............................................. -3,500 680 4,180 -3,993 166 170 167 177 10
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................ -430,187 -553,349 -123,162 -114,882 -178,947 -92,413 -93,420 -188,566 -95,146
41 U.S. official reserve assets, net......................................... 8,747 -290 -9,037 1,569 -554 2,020 -346 -1,410 -1,064
42 Gold................................................................. .... .... .... .... .... .... .... .... ....
43 Special drawing rights............................................... 10 -722 -732 -178 -180 -180 -182 -180 2
44 Reserve position in the International Monetary Fund.................. 5,484 2,308 -3,176 1,800 -237 2,328 1,300 -1,083 -2,383
45 Foreign currencies................................................... 3,253 -1,876 -5,129 -53 -137 -128 -1,464 -147 1,317
46 U.S. Government assets, other than official reserve assets, net........... 2,751 -715 -3,466 3,711 -131 -574 114 -124 -238
47 U.S. credits and other long-term assets.............................. -6,175 -4,887 1,288 -1,099 -1,750 -1,235 -1,050 -852 198
48 Repayments on U.S. credits and other long-term assets................ 9,560 4,064 -5,496 5,093 1,328 720 1,265 751 -514
49 U.S. foreign currency holdings and U.S. short-term assets, net....... -634 108 742 -283 291 -59 -101 -23 78
50 U.S. private assets, net.................................................. -441,685 -552,344 -110,659 -120,162 -178,262 -93,859 -93,188 -187,032 -93,844
51 Direct investment.................................................... -150,901 -161,577 -10,676 -33,280 -42,952 -37,476 -36,175 -44,971 -8,796
52 Foreign securities................................................... -128,594 -123,606 4,988 -17,150 -27,236 -38,196 -33,242 -24,932 8,310
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns........................................ -92,328 -156,988 -64,660 -24,428 -52,563 -36,507 -17,807 -50,111 -32,304
54 U.S. claims reported by U.S. banks, not included elsewhere........... -69,862 -110,173 -40,311 -45,304 -55,511 18,320 -5,964 -67,018 -61,054
55 Foreign-owned assets in the United States, net (increase/financial inflow (+)) 753,564 952,430 198,866 184,567 236,638 245,252 195,325 275,211 79,886
56 Foreign official assets in the United States, net......................... 42,864 35,909 -6,955 27,495 22,015 6,346 11,901 -4,353 -16,254
57 U.S. Government securities........................................... 32,527 29,532 -2,995 11,852 24,305 6,334 5,271 -6,378 -11,649
58 U.S. Treasury securities......................................... 12,177 -11,377 -23,554 5,122 16,198 -4,000 -9,001 -14,574 -5,573
59 Other............................................................ 20,350 40,909 20,559 6,730 8,107 10,334 14,272 8,196 -6,076
60 Other U.S. Government liabilities.................................... -3,255 -2,540 715 89 -644 -781 -620 -495 125
61 U.S. liabilities reported by U.S. banks, not included elsewhere...... 12,692 5,790 -6,902 14,427 -2,577 -111 6,938 1,540 -5,398
62 Other foreign official assets........................................ 900 3,127 2,227 1,127 931 904 312 980 668
63 Other foreign assets in the United States, net............................ 710,700 916,521 205,821 157,072 214,623 238,906 183,424 279,564 96,140
64 Direct investment.................................................... 275,533 316,527 40,994 49,390 49,065 100,426 72,681 94,351 21,670
65 U.S. Treasury securities............................................. -20,464 -52,206 -31,742 -17,191 -9,248 -20,597 -12,513 -9,848 2,665
66 U.S. securities other than U.S. Treasury securities.................. 331,523 465,858 134,335 92,250 132,416 87,107 122,387 123,948 1,561
67 U.S. currency........................................................ 22,407 1,129 -21,278 12,213 -6,847 989 757 6,230 5,473
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns....................................... 34,298 105,728 71,430 792 58,061 24,038 1,506 22,123 20,617
69 U.S. liabilities reported by U.S. banks, not included elsewhere...... 67,403 79,485 12,082 19,618 -8,824 46,943 -1,394 42,760 44,154
70 Statistical discrepancy (sum of above items with sign reversed)............... 11,602 35,616 24,014 30,531 43,911 -47,770 11,038 28,444 17,406
Memoranda:
71 Balance on goods (lines 3 and 20)............................................. -345,559 -449,468 -103,909 -96,233 -106,040 -110,434 -114,738 -118,256 -3,518
72 Balance on services (lines 4 and 21).......................................... 80,588 80,988 400 19,953 20,780 21,689 19,108 19,403 295
73 Balance on goods and services (lines 2 and 19)................................ -264,971 -368,480 -103,509 -76,280 -85,260 -88,745 -95,630 -98,853 -3,223
74 Balance on income (lines 12 and 29)........................................... -18,483 -13,656 4,827 -5,683 -4,421 -4,160 -4,531 -541 3,990
75 Unilateral current transfers, net (line 35)................................... -48,025 -53,241 -5,216 -14,260 -12,087 -12,334 -12,949 -15,872 -2,923
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)...... -331,479 -435,377 -103,898 -96,223 -101,768 -105,239 -113,110 -115,266 -2,156
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Department of Commerce, Bureau of Economic Analysis
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