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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>.
Christopher Bach: (202) 606-9545 BEA 03-51
Recorded Message: 606-5362
U.S. International Transactions: Third 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--decreased
to $135.0 billion (preliminary) in the third quarter of 2003 from $139.4
billion (revised) in the second. A decrease in the deficit on goods, increases
in the surpluses on services and on income, and a decrease in net outflows for
unilateral current transfers all contributed to the decline in the
current-account deficit.
Goods and services
The deficit on goods and services decreased to $121.3 billion in the
third quarter from $124.2 billion in the second.
Goods
The deficit on goods decreased to $136.2 billion in the third quarter
from $138.1 billion in the second.
Goods exports increased to $177.9 billion from $174.2 billion.
Agricultural and nonagricultural products both increased. Among
nonagricultural products, the largest increase was in capital goods; consumer
goods also increased.
Goods imports increased to $314.1 billion from $312.3 billion. The
increase was almost completely accounted for by an increase in petroleum and
petroleum products. The increase in petroleum and petroleum products was more
than accounted for by a rise in petroleum prices. Among nonpetroleum products,
increases in nonpetroleum industrial supplies and materials and in capital
goods were largely offset by a decrease in automotive vehicles, engines, and
parts.
Services
The surplus on services increased to $14.9 billion in the third quarter
from $13.9 billion in the second.
Services receipts increased to $76.8 billion from $73.2 billion. The
increase was largely accounted for by increases in travel and passenger fare
receipts; most other services categories also increased.
Services payments increased to $61.9 billion from $59.3 billion. The
increase was largely accounted for by increases in travel and passenger fare
payments; most other services categories also increased.
Income
The surplus on income increased to $2.6 billion in the third quarter
from $1.7 billion in the second.
Investment income
Income receipts on U.S.-owned assets abroad increased to $66.5 billion
from $63.5 billion. The increase was mostly accounted for by an increase in
direct investment receipts; "other" private receipts (which consists of
interest and dividends) also increased.
Income payments on foreign-owned assets in the United States increased
to $62.7 billion from $60.5 billion. The increase was almost entirely
accounted for by increases in "other" private payments (which consists of
interest and dividends) and 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 $2.0 billion from $2.1 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $16.3 billion in the
third quarter, down from net outflows of $16.9 billion in the second.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.8 billion in the
third quarter, down from net outflows of $1.6 billion in the second.
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 $123.3 billion in the third quarter, down from $150.0
billion in the second. Financial inflows for foreign-owned assets in the
United States declined more than financial outflows for U.S.-owned assets
abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $4.9 billion in the third quarter,
compared with an increase of $112.8 billion in the second.
U.S. claims on foreigners reported by U.S. banks decreased $39.3
billion in the third quarter, in contrast to an increase of $72.8 billion in
the second.
Transactions in foreign securities shifted to net U.S. purchases of
$28.8 billion in the third quarter from net U.S. sales of $8.7 billion in the
second. Net U.S. purchases of foreign stocks were $30.1 billion, up from
$16.9 billion. Net U.S. sales of foreign bonds were $1.2 billion, down from
$25.6 billion.
Net financial outflows for U.S. direct investment abroad were $37.5
billion in the third quarter, up from $29.9 billion in the second. A shift in
intercompany debt to net outflows from net inflows and an increase in
reinvested earnings more than offset a decrease in net equity capital outflows.
U.S. official reserve assets increased $0.6 billion in the third
quarter, following an increase of $0.2 billion in the second.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $128.2 billion in
the third quarter, compared with an increase of $262.8 billion in the second.
U.S. liabilities to foreigners reported by U.S. banks increased $7.1
billion in the third quarter, following an increase of $36.8 billion in the
second.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $9.6 billion in the third quarter, down from $86.0 billion in
the second. Transactions in U.S. stocks shifted to net foreign sales of $3.5
billion from net foreign purchases of $20.6 billion. Net foreign
purchases of U.S. corporate bonds were $57.5 billion, down from $67.2 billion,
and net foreign sales of federally sponsored agency bonds were $44.5 billion,
up from $1.8 billion.
Net foreign purchases of U.S. Treasury securities were $49.9 billion
in the third quarter, down from $55.0 billion in the second. Net financial
inflows for foreign direct investment in the United States were $8.1 billion
in the third quarter, down from $22.4 billion in the second. The decrease was
more than accounted for by a shift in intercompany debt to net outflows from
net inflows. In contrast, reinvested earnings and net equity capital inflows
both increased.
Foreign official assets in the United States increased $43.9 billion in
the third quarter, following an increase of $57.0 billion in the second.
Net U.S. currency shipments were $2.8 billion in the third quarter, up
from $1.5 billion in the second.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $12.5 billion in the third quarter, compared with
a negative $9.1 billion in the second.
In the third quarter, the U.S. dollar was unchanged on a trade-weighted
quarterly average basis against a group of 7 major currencies.
Revisions
The second-quarter international transactions estimates are revised
from previously published estimates. The current-account deficit was revised
to $139.4 billion from $138.7 billion. The goods deficit was revised to $138.1
billion from $138.0 billion; the services surplus was revised to $13.9 billion
from $14.6 billion; the income surplus was virtually unrevised at $1.7 billion;
and unilateral current transfers were virtually unrevised at net outflows of
$16.9 billion. Net recorded financial inflows were revised to $150.0 billion
from $148.6 billion.
* * *
Release dates in 2004:
Fourth quarter and year 2003....................March 12, 2004 (Friday)
First quarter 2004...............................June 18, 2004 (Friday)
Second quarter 2004........................September 14, 2004 (Tuesday)
Third quarter 2004.........................December 16, 2004 (Thursday)
* * *
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.
December 16, 2003
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2002 2003 Change:
(Credits +, debits -) 2002 2003
I II III IV I IIr IIIp II-III
Current account
1 Exports of goods and services and income receipts.................................... 1,229,649 297,074 307,616 313,939 311,015 310,278 311,794 322,014 10,220
2 Exports of goods and services................................................... 974,107 236,442 243,696 247,815 246,151 247,377 247,484 254,670 7,186
3 Goods, balance of payments basis............................................ 681,874 165,298 171,421 174,315 170,840 173,346 174,247 177,858 3,611
4 Services.................................................................... 292,233 71,144 72,275 73,500 75,311 74,031 73,237 76,812 3,575
5 Transfers under U.S. military agency sales contracts.................... 11,943 2,785 2,751 3,418 2,989 2,827 3,014 3,381 367
6 Travel.................................................................. 66,547 16,295 16,030 16,217 18,005 16,089 14,543 16,569 2,026
7 Passenger fares......................................................... 17,046 4,224 4,279 4,288 4,255 3,736 3,456 4,059 603
8 Other transportation.................................................... 29,166 7,102 7,075 7,307 7,682 7,837 7,853 7,789 -64
9 Royalties and license fees............................................. 44,142 10,373 11,221 11,389 11,157 11,630 11,944 12,155 211
10 Other private services................................................. 122,594 30,170 30,720 30,681 31,022 31,710 32,225 32,656 431
11 U.S. Government miscellaneous services................................. 795 195 199 200 201 202 202 203 1
12 Income receipts................................................................. 255,542 60,632 63,920 66,124 64,864 62,901 64,310 67,344 3,034
13 Income receipts on U.S.-owned assets abroad................................ 252,379 59,821 63,140 65,339 64,077 62,094 63,496 66,524 3,028
14 Direct investment receipts............................................. 142,933 32,058 34,874 37,264 38,735 37,508 39,635 42,400 2,765
15 Other private receipts................................................. 106,143 26,950 27,560 27,225 24,408 23,700 22,620 22,882 262
16 U.S. Government receipts............................................... 3,303 813 706 850 934 886 1,241 1,242 1
17 Compensation of employees.................................................. 3,163 811 780 785 787 807 814 820 6
18 Imports of goods and services and income payments.................................... -1,651,657 -387,864 -416,962 -422,666 -424,165 -431,716 -434,248 -440,736 -6,488
19 Imports of goods and services................................................... -1,392,145 -326,499 -348,584 -354,795 -362,267 -369,006 -371,668 -375,987 -4,319
20 Goods, balance of payments basis............................................ -1,164,746 -271,331 -292,707 -297,627 -303,081 -309,364 -312,335 -314,090 -1,755
21 Services.................................................................... -227,399 -55,168 -55,877 -57,168 -59,186 -59,642 -59,333 -61,897 -2,564
22 Direct defense expenditures............................................. -19,245 -4,394 -4,668 -4,990 -5,193 -5,674 -6,121 -5,900 221
23 Travel.................................................................. -58,044 -14,453 -14,252 -14,314 -15,025 -14,168 -12,895 -14,464 -1,569
24 Passenger fares......................................................... -19,969 -4,874 -4,874 -4,829 -5,392 -4,960 -4,720 -5,335 -615
25 Other transportation.................................................... -38,527 -8,891 -9,580 -9,787 -10,271 -10,873 -11,249 -11,282 -33
26 Royalties and license fees............................................. -19,258 -4,728 -4,902 -5,036 -4,592 -4,698 -4,697 -4,874 -177
27 Other private services................................................. -69,436 -17,087 -16,876 -17,487 -17,984 -18,524 -18,902 -19,289 -387
28 U.S. Government miscellaneous services................................. -2,920 -741 -725 -725 -729 -745 -749 -753 -4
29 Income payments................................................................. -259,512 -61,365 -68,378 -67,871 -61,898 -62,710 -62,580 -64,749 -2,169
30 Income payments on foreign-owned assets in the United States............... -251,108 -59,271 -66,246 -65,820 -59,771 -60,527 -60,461 -62,705 -2,244
31 Direct investment payments............................................. -49,458 -8,134 -13,464 -15,350 -12,510 -15,431 -17,426 -18,419 -993
32 Other private payments................................................. -127,735 -32,512 -33,773 -31,802 -29,648 -28,245 -26,769 -27,960 -1,191
33 U.S. Government payments............................................... -73,915 -18,625 -19,009 -18,668 -17,613 -16,851 -16,266 -16,326 -60
34 Compensation of employees.................................................. -8,404 -2,094 -2,132 -2,051 -2,127 -2,183 -2,119 -2,044 75
35 Unilateral current transfers, net.................................................... -58,853 -15,938 -13,481 -13,997 -15,436 -17,269 -16,940 -16,319 621
36 U.S. Government grants.......................................................... -17,097 -6,397 -3,287 -3,075 -4,338 -5,813 -5,654 -5,309 345
37 U.S. Government pensions and other transfers.................................... -5,125 -1,271 -1,279 -1,282 -1,292 -1,320 -1,335 -1,328 7
38 Private remittances and other transfers......................................... -36,631 -8,270 -8,915 -9,640 -9,806 -10,136 -9,951 -9,682 269
December 16, 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 I IIr IIIp II-III
Capital and financial account
Capital account
39 Capital account transactions, net.................................................... -1,285 -277 -286 -364 -358 -388 -1,553 -795 758
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))....................... -178,985 -35,227 -128,567 29,712 -44,902 -101,331 -112,818 -4,891 107,927
41 U.S. official reserve assets, net................................................ -3,681 390 -1,843 -1,416 -812 83 -170 -611 -441
42 Gold........................................................................ .... .... .... .... .... .... .... .... ....
43 Special drawing rights...................................................... -475 -109 -107 -132 -127 897 -102 -97 5
44 Reserve position in the International Monetary Fund......................... -2,632 652 -1,607 -1,136 -541 -644 86 -383 -469
45 Foreign currencies.......................................................... -574 -153 -129 -148 -144 -170 -154 -131 23
46 U.S. Government assets, other than official reserve assets, net.................. -32 133 42 -27 -180 -70 427 530 103
47 U.S. credits and other long-term assets..................................... -5,611 -853 -565 -1,375 -2,818 -2,578 -1,454 -1,515 -61
48 Repayments on U.S. credits and other long-term assets....................... 5,684 994 566 1,452 2,672 2,472 1,955 2,027 72
49 U.S. foreign currency holdings and U.S. short-term assets, net.............. -105 -8 41 -104 -34 36 -74 18 92
50 U.S. private assets, net......................................................... -175,272 -35,750 -126,766 31,155 -43,910 -101,344 -113,075 -4,810 108,265
51 Direct investment........................................................... -137,836 -39,083 -35,459 -31,623 -31,670 -34,405 -29,863 -37,525 -7,662
52 Foreign securities.......................................................... 15,801 5,367 -5,843 21,641 -5,364 -27,146 8,654 -28,826 -37,480
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 -19,101 22,206 41,307
54 U.S. claims reported by U.S. banks, not included elsewhere.................. -21,357 -148 -69,254 52,999 -4,954 -27,795 -72,765 39,335 112,100
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))....... 706,983 146,813 221,242 141,478 197,448 242,004 262,819 128,200 -134,619
56 Foreign official assets in the United States, net................................ 94,860 6,106 47,552 8,992 32,210 40,978 57,000 43,895 -13,105
57 U.S. Government securities.................................................. 73,521 6,257 21,706 12,300 33,258 31,768 38,639 19,611 -19,028
58 U.S. Treasury securities................................................ 43,144 -1,039 15,138 1,415 27,630 22,288 35,349 16,271 -19,078
59 Other................................................................... 30,377 7,296 6,568 10,885 5,628 9,480 3,290 3,340 50
60 Other U.S. Government liabilities........................................... 137 -597 365 464 -95 -437 -16 -41 -25
61 U.S. liabilities reported by U.S. banks, not included elsewhere............. 17,594 -280 24,575 -4,607 -2,094 8,321 17,628 22,879 5,251
62 Other foreign official assets............................................... 3,608 726 906 835 1,141 1,326 749 1,446 697
63 Other foreign assets in the United States, net................................... 612,123 140,707 173,690 132,486 165,238 201,026 205,819 84,305 -121,514
64 Direct investment........................................................... 39,633 10,607 -456 14,199 15,281 34,386 22,391 8,139 -14,252
65 U.S. Treasury securities.................................................... 96,217 11,789 14,218 57,505 12,705 14,568 55,037 49,868 -5,169
66 U.S. securities other than U.S. Treasury securities......................... 291,492 74,461 104,187 45,880 66,964 55,574 85,964 9,626 -76,338
67 U.S. currency............................................................... 21,513 4,525 7,183 2,556 7,249 4,927 1,458 2,768 1,310
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 4,147 6,772 2,625
69 U.S. liabilities reported by U.S. banks, not included elsewhere............. 91,126 -7,446 23,948 20,448 54,176 16,723 36,822 7,132 -29,690
70 Statistical discrepancy (sum of above items with sign reversed)...................... -45,852 -4,581 30,438 -48,102 -23,602 -1,578 -9,054 12,527 21,581
Memoranda:
71 Balance on goods (lines 3 and 20).................................................... -482,872 -106,033 -121,286 -123,312 -132,241 -136,018 -138,088 -136,232 1,856
72 Balance on services (lines 4 and 21)................................................. 64,834 15,976 16,398 16,332 16,125 14,389 13,904 14,915 1,011
73 Balance on goods and services (lines 2 and 19)....................................... -418,038 -90,057 -104,888 -106,980 -116,116 -121,629 -124,184 -121,317 2,867
74 Balance on income (lines 12 and 29).................................................. -3,970 -733 -4,458 -1,747 2,966 191 1,730 2,595 865
75 Unilateral current transfers, net (line 35).......................................... -58,853 -15,938 -13,481 -13,997 -15,436 -17,269 -16,940 -16,319 621
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 -139,394 -135,041 4,353
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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