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The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
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NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
Douglas B. Weinberg: (202) 606-9590 BEA 03-36
Recorded Message: 606-5362
U.S. International Transactions: Second Quarter 2003
Current Account
The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--was virtually
unchanged at $138.7 billion (preliminary) in the second quarter of 2003. An
increase in the deficit on goods was offset by increases in the surpluses on
income and on services and a decrease in net outflows for unilateral current
ransfers.
Goods and services
The deficit on goods and services increased to $123.4 billion in the second
quarter from $121.6 billion in the first.
Goods
The deficit on goods increased to $138.0 billion in the second quarter from
$136.0 billion in the first. Goods exports increased to $174.0 billion from
$173.3 billion. Small increases in industrial supplies and materials and in
consumer goods were partly offset by a small decrease in capital goods.
Goods imports increased to $312.0 billion from $309.4 billion. An increase in
nonpetroleum products more than offset a decrease in petroleum and petroleum
products. The increase in nonpetroleum products was largely accounted for by
increases in capital goods and in automotive vehicles, parts, and engines.
Services
The surplus on services increased to $14.6 billion in the second quarter
from $14.4 billion in the first. Services receipts were virtually unchanged at
$74.0 billion. A decrease in travel was almost entirely offset by increases in
all other services categories combined. Services payments decreased to
$59.4 billion from $59.6 billion. Decreases in travel and in passenger fares
were mostly offset by increases in all other services categories combined.
Income
The surplus on income increased to $1.7 billion in the second quarter from
$0.2 billion in the first.
Investment income
Income receipts on U.S.-owned assets abroad increased
slightly to $62.2 billion from $62.1 billion. An increase in direct investment
receipts more than offset decreases in "other" private receipts (which consists
of interest and dividends) and in U.S. Government receipts.
Income payments on foreign-owned assets in the United States decreased to
$59.2 billion from $60.5 billion. Decreases in "other" private payments (which
consists of interest and dividends) and in U.S. Government payments more than
offset an increase in direct investment payments.
Compensation of employees
Receipts for compensation of U.S. workers abroad
were virtually unchanged at $0.8 billion. Payments for compensation of foreign
workers in the United States decreased slightly to $2.1 billion from $2.2 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $16.9 billion in the
second quarter, down from net outflows of $17.3 billion in the first.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.3 billion in the
second quarter, down slightly from net outflows of $0.4 billion in the first.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $148.6 billion in the second quarter, up from $140.7 billion in
the first. Financial inflows for foreign-owned assets in the United States
strengthened more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $106.7 billion in the second quarter,
compared with an increase of $101.3 billion in the first.
U.S. claims on foreigners reported by U.S. banks increased $60.6 billion in
the second quarter, following an increase of $27.8 billion in the first.
Transactions in foreign securities shifted to net U.S. sales of $9.2 billion
in the second quarter from net U.S. purchases of $27.1 billion in the first.
Net U.S. purchases of foreign stocks were $16.9 billion, down from $34.4 billion.
Net U.S. sales of foreign bonds were $26.2 billion, up from $7.2 billion.
Net financial outflows for U.S. direct investment abroad were $32.0 billion
in the second quarter, down from $34.4 billion in the first. A shift in
intercompany debt to net inflows from net outflows and a decrease in reinvested
earnings more than offset an increase in net equity capital outflows.
U.S. official reserve assets increased $0.2 billion in the second quarter, in
contrast to a decrease of $0.1 billion in the first.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $255.3 billion in the
second quarter, compared with an increase of $242.0 billion in the first.
U.S. liabilities to foreigners reported by U.S. banks increased $33.2 billion
n the second quarter, following an increase of $16.7 billion in the first.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $86.5 billion in the second quarter, up from $55.6 billion in the first.
Transactions in U.S. stocks shifted to net foreign purchases of $20.6 billion
from net foreign sales of $2.6 billion. Net foreign purchases of U.S. corporate
bonds increased to $67.2 billion from $60.4 billion, and net foreign sales of
federally sponsored agency bonds decreased to $1.3 billion from $2.2 billion.
Net foreign purchases of U.S. Treasury securities were $61.1 billion in the
second quarter, up from $14.6 billion in the first.
Net financial inflows for foreign direct investment in the United States were
$12.1 billion in the second quarter, down from $34.4 billion in the first. The
decrease was more than accounted for by a large decrease in net equity capital
inflows. Reinvested earnings also declined. In contrast, intercompany debt
shifted to net inflows from net outflows.
Foreign official assets in the United States increased $57.6 billion in the
second quarter, following an increase of $41.0 billion in the first.
Net U.S. currency shipments were $1.5 billion in the second quarter, down
from $4.9 billion in the first.
The statistical discrepancy--errors and omissions in recorded transactions--was
a negative $9.6 billion in the second quarter, compared with a negative $1.6 billion
in the first.
In the second quarter, the U.S. dollar depreciated 5 percent on a trade-weighted
quarterly average basis against a group of 7 major currencies.
Revisions
The first-quarter international transactions are revised from previously
published estimates. The current-account deficit was revised to $138.7 billion
from $136.1 billion. The goods deficit was virtually unchanged at $136.0 billion;
the services surplus was virtually unchanged at $14.4 billion; the income surplus
was revised to $0.2 billion from $2.6 billion; and unilateral current transfers
were revised to net outflows of $17.3 billion from net outflows of $17.1 billion.
Net recorded financial inflows were revised to $140.7 billion from $112.8 billion.
* * *
Release dates in 2003:
Third quarter 2003..............................December 16, 2003 (Tuesday)
* * *
BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on BEA's Web site:
<www.bea.gov>
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.
September 15, 2003
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2002 2003 Change:
(Credits +, debits -) 2002 2003
I II III IV Ir IIp I-II
Current account
1 Exports of goods and services and income receipts................................................ 1,229,649 297,074 307,616 313,939 311,015 310,278 311,002 724
2 Exports of goods and services............................................................... 974,107 236,442 243,696 247,815 246,151 247,377 247,991 614
3 Goods, balance of payments basis........................................................ 681,874 165,298 171,421 174,315 170,840 173,346 174,034 688
4 Services................................................................................ 292,233 71,144 72,275 73,500 75,311 74,031 73,957 -74
5 Transfers under U.S. military agency sales contracts................................ 11,943 2,785 2,751 3,418 2,989 2,827 3,023 196
6 Travel.............................................................................. 66,547 16,295 16,030 16,217 18,005 16,089 14,902 -1,187
7 Passenger fares..................................................................... 17,046 4,224 4,279 4,288 4,255 3,736 3,768 32
8 Other transportation................................................................ 29,166 7,102 7,075 7,307 7,682 7,837 7,910 73
9 Royalties and license fees......................................................... 44,142 10,373 11,221 11,389 11,157 11,630 11,643 13
10 Other private services............................................................. 122,594 30,170 30,720 30,681 31,022 31,710 32,509 799
11 U.S. Government miscellaneous services............................................. 795 195 199 200 201 202 202 ....
12 Income receipts............................................................................. 255,542 60,632 63,920 66,124 64,864 62,901 63,011 110
13 Income receipts on U.S.-owned assets abroad............................................ 252,379 59,821 63,140 65,339 64,077 62,094 62,197 103
14 Direct investment receipts......................................................... 142,933 32,058 34,874 37,264 38,735 37,508 39,131 1,623
15 Other private receipts............................................................. 106,143 26,950 27,560 27,225 24,408 23,700 22,321 -1,379
16 U.S. Government receipts........................................................... 3,303 813 706 850 934 886 745 -141
17 Compensation of employees.............................................................. 3,163 811 780 785 787 807 814 7
18 Imports of goods and services and income payments................................................ -1,651,657 -387,864 -416,962 -422,666 -424,165 -431,716 -432,731 -1,015
19 Imports of goods and services............................................................... -1,392,145 -326,499 -348,584 -354,795 -362,267 -369,006 -371,399 -2,393
20 Goods, balance of payments basis........................................................ -1,164,746 -271,331 -292,707 -297,627 -303,081 -309,364 -312,013 -2,649
21 Services................................................................................ -227,399 -55,168 -55,877 -57,168 -59,186 -59,642 -59,386 256
22 Direct defense expenditures......................................................... -19,245 -4,394 -4,668 -4,990 -5,193 -5,674 -6,000 -326
23 Travel.............................................................................. -58,044 -14,453 -14,252 -14,314 -15,025 -14,168 -13,014 1,154
24 Passenger fares..................................................................... -19,969 -4,874 -4,874 -4,829 -5,392 -4,960 -4,920 40
25 Other transportation................................................................ -38,527 -8,891 -9,580 -9,787 -10,271 -10,873 -11,182 -309
26 Royalties and license fees......................................................... -19,258 -4,728 -4,902 -5,036 -4,592 -4,698 -4,835 -137
27 Other private services............................................................. -69,436 -17,087 -16,876 -17,487 -17,984 -18,524 -18,686 -162
28 U.S. Government miscellaneous services............................................. -2,920 -741 -725 -725 -729 -745 -749 -4
29 Income payments............................................................................. -259,512 -61,365 -68,378 -67,871 -61,898 -62,710 -61,332 1,378
30 Income payments on foreign-owned assets in the United States........................... -251,108 -59,271 -66,246 -65,820 -59,771 -60,527 -59,213 1,314
31 Direct investment payments......................................................... -49,458 -8,134 -13,464 -15,350 -12,510 -15,431 -16,308 -877
32 Other private payments............................................................. -127,735 -32,512 -33,773 -31,802 -29,648 -28,245 -26,638 1,607
33 U.S. Government payments........................................................... -73,915 -18,625 -19,009 -18,668 -17,613 -16,851 -16,267 584
34 Compensation of employees.............................................................. -8,404 -2,094 -2,132 -2,051 -2,127 -2,183 -2,119 64
35 Unilateral current transfers, net................................................................ -58,853 -15,938 -13,481 -13,997 -15,436 -17,269 -16,942 327
36 U.S. Government grants...................................................................... -17,097 -6,397 -3,287 -3,075 -4,338 -5,813 -5,620 193
37 U.S. Government pensions and other transfers................................................ -5,125 -1,271 -1,279 -1,282 -1,292 -1,320 -1,335 -15
38 Private remittances and other transfers..................................................... -36,631 -8,270 -8,915 -9,640 -9,806 -10,136 -9,987 149
September 15, 2003
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2002 2003 Change:
(Credits +, debits -) 2002 2003
I II III IV Ir IIp I-II
Capital and financial account
Capital account
39 Capital account transactions, net................................................................ -1,285 -277 -286 -364 -358 -388 -325 63
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................................... -178,985 -35,227 -128,567 29,712 -44,902 -101,331 -106,665 -5,334
41 U.S. official reserve assets, net............................................................ -3,681 390 -1,843 -1,416 -812 83 -170 -253
42 Gold.................................................................................... .... .... .... .... .... .... .... ....
43 Special drawing rights.................................................................. -475 -109 -107 -132 -127 897 -102 -999
44 Reserve position in the International Monetary Fund..................................... -2,632 652 -1,607 -1,136 -541 -644 86 730
45 Foreign currencies...................................................................... -574 -153 -129 -148 -144 -170 -154 16
46 U.S. Government assets, other than official reserve assets, net.............................. -32 133 42 -27 -180 -70 -323 -253
47 U.S. credits and other long-term assets................................................. -5,611 -853 -565 -1,375 -2,818 -2,578 -928 1,650
48 Repayments on U.S. credits and other long-term assets................................... 5,684 994 566 1,452 2,672 2,472 674 -1,798
49 U.S. foreign currency holdings and U.S. short-term assets, net.......................... -105 -8 41 -104 -34 36 -69 -105
50 U.S. private assets, net..................................................................... -175,272 -35,750 -126,766 31,155 -43,910 -101,344 -106,172 -4,828
51 Direct investment....................................................................... -137,836 -39,083 -35,459 -31,623 -31,670 -34,405 -32,020 2,385
52 Foreign securities...................................................................... 15,801 5,367 -5,843 21,641 -5,364 -27,146 9,240 36,386
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns........................................................... -31,880 -1,886 -16,210 -11,862 -1,922 -11,998 -22,789 -10,791
54 U.S. claims reported by U.S. banks, not included elsewhere.............................. -21,357 -148 -69,254 52,999 -4,954 -27,795 -60,603 -32,808
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))................... 706,983 146,813 221,242 141,478 197,448 242,004 255,273 13,269
56 Foreign official assets in the United States, net............................................ 94,860 6,106 47,552 8,992 32,210 40,978 57,580 16,602
57 U.S. Government securities.............................................................. 73,521 6,257 21,706 12,300 33,258 31,768 36,522 4,754
58 U.S. Treasury securities............................................................ 43,144 -1,039 15,138 1,415 27,630 22,288 33,232 10,944
59 Other............................................................................... 30,377 7,296 6,568 10,885 5,628 9,480 3,290 -6,190
60 Other U.S. Government liabilities....................................................... 137 -597 365 464 -95 -437 -32 405
61 U.S. liabilities reported by U.S. banks, not included elsewhere......................... 17,594 -280 24,575 -4,607 -2,094 8,321 20,385 12,064
62 Other foreign official assets........................................................... 3,608 726 906 835 1,141 1,326 705 -621
63 Other foreign assets in the United States, net............................................... 612,123 140,707 173,690 132,486 165,238 201,026 197,693 -3,333
64 Direct investment....................................................................... 39,633 10,607 -456 14,199 15,281 34,386 12,137 -22,249
65 U.S. Treasury securities................................................................ 96,217 11,789 14,218 57,505 12,705 14,568 61,139 46,571
66 U.S. securities other than U.S. Treasury securities..................................... 291,492 74,461 104,187 45,880 66,964 55,574 86,525 30,951
67 U.S. currency........................................................................... 21,513 4,525 7,183 2,556 7,249 4,927 1,458 -3,469
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns........................................................... 72,142 46,771 24,610 -8,102 8,863 74,848 3,189 -71,659
69 U.S. liabilities reported by U.S. banks, not included elsewhere......................... 91,126 -7,446 23,948 20,448 54,176 16,723 33,245 16,522
70 Statistical discrepancy (sum of above items with sign reversed).................................. -45,852 -4,581 30,438 -48,102 -23,602 -1,578 -9,612 -8,034
Memoranda:
71 Balance on goods (lines 3 and 20)................................................................ -482,872 -106,033 -121,286 -123,312 -132,241 -136,018 -137,979 -1,961
72 Balance on services (lines 4 and 21)............................................................. 64,834 15,976 16,398 16,332 16,125 14,389 14,571 182
73 Balance on goods and services (lines 2 and 19)................................................... -418,038 -90,057 -104,888 -106,980 -116,116 -121,629 -123,408 -1,779
74 Balance on income (lines 12 and 29).............................................................. -3,970 -733 -4,458 -1,747 2,966 191 1,679 1,488
75 Unilateral current transfers, net (line 35)...................................................... -58,853 -15,938 -13,481 -13,997 -15,436 -17,269 -16,942 327
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......................... -480,861 -106,728 -122,827 -122,724 -128,586 -138,707 -138,671 36
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
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