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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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Douglas B. Weinberg: (202) 606-9590 BEA 04-57
Recorded Message: 606-5362
U.S. International Transactions: Third Quarter 2004
Current Account
The U.S. current-account deficit--the combined balances on trade in
goods and services, income, and net unilateral current transfers--increased
slightly to $164.7 billion in the third quarter of 2004 (preliminary) from
$164.4 billion (revised) in the second quarter. An increase in the deficit on
goods and a decrease in the surplus on services offset a decrease in net
outflows for unilateral current transfers and an increase in the surplus on
income.
Goods and services
The deficit on goods and services increased to $155.3 billion in the
third quarter from $151.1 billion in the second.
Goods
The deficit on goods increased to $166.7 billion in the third quarter
from $163.6 billion in the second quarter.
Goods exports increased to $204.6 billion from $199.3 billion. The
increase was mostly attributable to increases in industrial supplies and
materials, in automotive vehicles, engines, and parts, and in capital goods.
Goods imports increased to $371.3 billion from $362.9 billion.
Increases in petroleum and petroleum products, in nonpetroleum industrial
supplies and materials, and in capital goods more than offset a decrease in
consumer goods.
Services
The surplus on services decreased to $11.4 billion in the third quarter
from $12.5 billion in the second.
Services receipts increased to $85.0 billion from $84.7 billion. The
largest increases were in royalties and license fees, in "other" transportation
(such as freight and port services), and in travel.
Services payments increased to $73.6 billion from $72.2 billion. The
largest increases were in royalties and license fees, in "other"
transportation, in travel, and in passenger fares.
Income
The surplus on income increased to $5.3 billion in the third quarter
from $5.0 billion in the second.
Investment income
Income receipts on U.S.-owned assets abroad increased to $92.1 billion
from $87.7 billion. The increase was mostly accounted for by increases in
"other" private receipts (which consists of interest and dividends) and in
direct investment receipts.
Income payments on foreign-owned assets in the United States increased
to $85.4 billion from $81.1 billion. "Other" private payments, U.S. Government
payments, and direct investment payments all increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad increased slightly to
$0.8 billion from $0.7 billion, and payments for compensation of foreign
workers in the United States decreased slightly to $2.2 billion from
$2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $14.6 billion in the
third quarter, down from net outflows of $18.3 billion in the second; the
decrease was mostly attributable to a decrease in "private remittances and
other transfers." The decrease in this category results from an increase in
inflows to U.S. insurance companies from foreign reinsurance companies,
arising from unusually large claims for compensation for catastrophic damage
caused by major hurricanes during the quarter. (For a discussion of the impact
of disasters on the national economic accounts, see
<www.bea.gov/bea/faq/national/disasters.htm>.)
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.4 billion in the
third quarter, up slightly from net outflows of $0.3 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 $153.2 billion in the third quarter, down from $164.9
billion in the second. 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 $133.2 billion in the third quarter,
following an increase of $105.8 billion in the second.
U.S. claims on foreigners reported by U.S. banks increased
$60.3 billion in the third quarter, following an increase of $37.0 billion in
the second.
Net U.S. purchases of foreign securities were $15.0 billion in the
third quarter, down from $26.8 billion in the second. Net U.S. purchases of
foreign stocks were $9.0 billion, down from $40.4 billion. Transactions in
foreign bonds shifted to net U.S. purchases of $6.0 billion from net U.S. sales
of $13.5 billion.
Net financial outflows for U.S. direct investment abroad were
$43.5 billion in the third quarter, down from $55.3 billion in the second. The
decrease was more than accounted for by a decrease in net equity capital
outflows. In contrast, net intercompany debt inflows decreased, and reinvested
earnings increased.
U.S. official reserve assets decreased $0.4 billion in the third
quarter, following a decrease of $1.1 billion in the second.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $286.4 billion in
the third quarter, following an increase of $270.7 billion in the second.
U.S. liabilities to foreigners reported by U.S. banks increased
$46.6 billion in the third quarter, following an increase of $41.2 billion in
the second.
Net foreign purchases of U.S. Treasury securities were $14.1 billion in
the third quarter, down from $29.7 billion in the second.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $90.5 billion in the third quarter, up from $88.8 billion in
the second. Net foreign purchases of U.S. stocks were $2.9 billion, up from
$1.8 billion. Net foreign purchases of U.S. corporate bonds were a record
$84.7 billion, up from $51.1 billion. Net foreign purchases of federally
sponsored agency bonds were $2.9 billion, down from $35.9 billion.
Net financial inflows for foreign direct investment in the United
States were $53.1 billion in the third quarter, up from $32.6 billion in the
second. A shift to net inflows on intercompany debt from net outflows and a
small increase in reinvested earnings more than offset a decrease in net equity
capital inflows.
Foreign official assets in the United States increased $60.1 billion in
the third quarter, following an increase of $73.3 billion in the second.
Net U.S. currency shipments to foreigners were $2.6 billion in the
third quarter, down from $8.8 billion in the second.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $11.8 billion in the third quarter, compared with
a negative $0.2 billion in the second.
In the third quarter, the U.S. dollar depreciated 2 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
Revisions
The second-quarter international transactions are revised from
previously published estimates. The current-account deficit was revised to
$164.4 billion from $166.2 billion. The goods deficit was unrevised at
$163.6 billion; the services surplus was revised to $12.5 billion from
$13.3 billion; the surplus on income was revised to $5.0 billion from
$2.6 billion; and unilateral current transfers were revised to net outflows of
$18.3 billion from $18.5 billion. Net recorded financial inflows were revised
to $164.9 billion from $146.8 billion.
* * *
Release dates in 2005:
Fourth quarter and year 2004.................March 16, 2005 (Wednesday)
First quarter 2005...............................June 17, 2005 (Friday)
Second quarter 2005.........................September 16, 2005 (Friday)
Third quarter 2005...........................December 16, 2005 (Friday)
* * *
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, 2004
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2003 2004 Change:
(Credits +, debits -) 2003 2004
I II III IV I IIr IIIp II-III
Current account
1 Exports of goods and services and income receipts................................. 1,314,888 315,676 317,367 329,508 352,336 359,604 372,463 382,498 10,035
2 Exports of goods and services................................................. 1,020,503 247,999 248,474 255,723 268,306 276,076 284,044 289,619 5,575
3 Goods, balance of payments basis.......................................... 713,122 173,459 174,554 178,251 186,858 193,920 199,315 204,610 5,295
4 Services.................................................................. 307,381 74,540 73,920 77,472 81,448 82,156 84,729 85,009 280
5 Transfers under U.S. military agency sales contracts.................. 12,491 2,827 3,014 3,292 3,358 3,290 3,668 3,348 -320
6 Travel................................................................ 64,509 15,862 14,360 16,216 18,071 17,878 18,617 18,769 152
7 Passenger fares....................................................... 15,693 3,825 3,522 4,036 4,310 4,527 4,717 4,687 -30
8 Other transportation.................................................. 31,833 7,683 7,709 7,893 8,548 9,060 9,206 9,367 161
9 Royalties and license fees............................................ 48,227 11,628 11,943 12,175 12,481 12,472 12,581 12,928 347
10 Other private services................................................ 133,818 32,513 33,170 33,657 34,477 34,745 35,753 35,722 -31
11 U.S. Government miscellaneous services................................ 810 202 202 203 203 184 187 188 1
12 Income receipts............................................................... 294,385 67,677 68,893 73,785 84,030 83,528 88,419 92,879 4,460
13 Income receipts on U.S.-owned assets abroad............................... 291,354 66,936 68,163 73,016 83,239 82,769 87,676 92,093 4,417
14 Direct investment receipts............................................ 187,522 40,748 42,704 47,229 56,843 55,553 58,011 59,013 1,002
15 Other private receipts................................................ 99,135 25,345 24,218 24,498 25,074 26,433 29,055 32,311 3,256
16 U.S. Government receipts.............................................. 4,697 843 1,241 1,289 1,322 783 610 769 159
17 Compensation of employees................................................. 3,031 741 730 769 791 759 743 786 43
18 Imports of goods and services and income payments................................. -1,778,117 -437,067 -434,873 -444,497 -461,679 -486,042 -518,510 -532,559 -14,049
19 Imports of goods and services................................................. -1,517,011 -373,385 -371,854 -377,973 -393,800 -414,678 -435,128 -444,961 -9,833
20 Goods, balance of payments basis.......................................... -1,260,674 -311,402 -310,087 -312,886 -326,299 -344,688 -362,895 -371,341 -8,446
21 Services.................................................................. -256,337 -61,983 -61,767 -65,087 -67,501 -69,990 -72,233 -73,620 -1,387
22 Direct defense expenditures........................................... -25,117 -5,732 -6,229 -6,339 -6,817 -6,824 -7,143 -7,180 -37
23 Travel................................................................ -56,613 -14,312 -12,790 -14,409 -15,102 -15,508 -16,285 -16,518 -233
24 Passenger fares....................................................... -20,957 -5,007 -4,875 -5,512 -5,563 -5,574 -5,745 -5,871 -126
25 Other transportation.................................................. -44,768 -10,796 -11,109 -11,312 -11,551 -13,051 -13,053 -13,356 -303
26 Royalties and license fees............................................ -20,049 -4,629 -4,912 -5,204 -5,304 -5,223 -5,614 -6,265 -651
27 Other private services................................................ -85,829 -20,762 -21,103 -21,558 -22,407 -23,026 -23,573 -23,621 -48
28 U.S. Government miscellaneous services................................ -3,004 -745 -749 -753 -757 -784 -820 -809 11
29 Income payments............................................................... -261,106 -63,682 -63,019 -66,524 -67,879 -71,364 -83,382 -87,598 -4,216
30 Income payments on foreign-owned assets in the United States.............. -252,573 -61,557 -60,899 -64,402 -65,713 -69,205 -81,100 -85,393 -4,293
31 Direct investment payments............................................ -68,657 -15,415 -16,362 -18,589 -18,289 -20,787 -26,747 -27,617 -870
32 Other private payments................................................ -111,874 -28,146 -26,785 -27,844 -29,099 -29,361 -33,853 -36,248 -2,395
33 U.S. Government payments.............................................. -72,042 -17,996 -17,752 -17,969 -18,325 -19,057 -20,500 -21,528 -1,028
34 Compensation of employees................................................. -8,533 -2,125 -2,120 -2,122 -2,166 -2,159 -2,282 -2,205 77
35 Unilateral current transfers, net................................................. -67,439 -16,815 -16,369 -16,639 -17,617 -20,726 -18,344 -14,648 3,696
36 U.S. Government grants........................................................ -21,865 -5,833 -5,832 -5,447 -4,753 -7,744 -4,910 -4,772 138
37 U.S. Government pensions and other transfers.................................. -5,341 -1,320 -1,335 -1,334 -1,352 -1,554 -1,556 -1,559 -3
38 Private remittances and other transfers....................................... -40,233 -9,662 -9,202 -9,858 -11,512 -11,428 -11,878 -8,317 3,561
December 16, 2004
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2003 2004 Change:
(Credits +, debits -) 2003 2004
I II III IV I IIr IIIp II-III
Capital and financial account
Capital account
39 Capital account transactions, net................................................. -3,079 -406 -1,552 -821 -300 -396 -324 -374 -50
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-)).................... -283,414 -102,665 -110,962 -8,138 -61,647 -306,729 -105,810 -133,176 -27,366
41 U.S. official reserve assets, net............................................. 1,523 83 -170 -611 2,221 557 1,122 429 -693
42 Gold...................................................................... .... .... .... .... .... .... .... .... ....
43 Special drawing rights.................................................... 601 897 -102 -97 -97 -100 -90 -98 -8
44 Reserve position in the International Monetary Fund....................... 1,494 -644 86 -383 2,435 815 1,345 676 -669
45 Foreign currencies........................................................ -572 -170 -154 -131 -117 -158 -133 -149 -16
46 U.S. Government assets, other than official reserve assets, net............... 537 53 310 483 -309 727 -2 183 185
47 U.S. credits and other long-term assets................................... -7,279 -2,428 -1,591 -1,532 -1,728 -561 -668 -978 -310
48 Repayments on U.S. credits and other long-term assets..................... 7,981 2,445 1,975 2,035 1,526 1,374 544 1,179 635
49 U.S. foreign currency holdings and U.S. short-term assets, net............ -165 36 -74 -20 -107 -86 122 -18 -140
50 U.S. private assets, net...................................................... -285,474 -102,801 -111,102 -8,010 -63,559 -308,013 -106,930 -133,788 -26,858
51 Direct investment......................................................... -173,799 -40,837 -34,049 -45,206 -53,705 -47,608 -55,257 -43,479 11,778
52 Foreign securities........................................................ -72,337 -26,619 8,429 -28,312 -25,835 -16,524 -26,844 -15,015 11,829
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns.............................................. -28,932 -11,207 -22,480 35,845 -31,090 -56,761 12,122 -14,986 -27,108
54 U.S. claims reported by U.S. banks, not included elsewhere................ -10,406 -24,138 -63,002 29,663 47,071 -187,120 -36,951 -60,308 -23,357
55 Foreign-owned assets in the United States, net (increase/financial inflow (+)).... 829,173 246,105 218,553 134,202 230,311 445,348 270,745 286,412 15,667
56 Foreign official assets in the United States, net............................. 248,573 48,986 65,245 50,663 83,679 127,864 73,349 60,118 -13,231
57 U.S. Government securities................................................ 194,568 39,845 45,958 27,293 81,472 114,708 65,240 51,735 -13,505
58 U.S. Treasury securities.............................................. 169,685 30,277 42,668 23,953 72,787 101,692 62,979 45,688 -17,291
59 Other................................................................. 24,883 9,568 3,290 3,340 8,685 13,016 2,261 6,047 3,786
60 Other U.S. Government liabilities......................................... -564 -437 -16 -41 -70 -140 -89 515 604
61 U.S. liabilities reported by U.S. banks, not included elsewhere........... 49,420 8,325 18,552 22,019 524 11,854 6,189 4,750 -1,439
62 Other foreign official assets............................................. 5,149 1,253 751 1,392 1,753 1,442 2,009 3,118 1,109
63 Other foreign assets in the United States, net................................ 580,600 197,119 153,308 83,539 146,632 317,484 197,396 226,294 28,898
64 Direct investment......................................................... 39,890 32,523 -544 -2,810 10,719 10,225 32,568 53,070 20,502
65 U.S. Treasury securities.................................................. 113,432 8,974 53,254 46,490 4,714 65,438 29,684 14,072 -15,612
66 U.S. securities other than U.S. Treasury securities....................... 250,981 56,723 92,407 18,090 83,761 62,064 88,843 90,489 1,646
67 U.S. currency............................................................. 16,640 4,927 1,458 2,768 7,487 -1,800 8,754 2,560 -6,194
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns.............................................. 84,014 69,410 -2,257 12,721 4,140 40,723 -3,603 19,542 23,145
69 U.S. liabilities reported by U.S. banks, not included elsewhere........... 75,643 24,562 8,990 6,280 35,811 140,834 41,150 46,561 5,411
70 Statistical discrepancy (sum of above items with sign reversed)................... -12,012 -4,828 27,836 6,385 -41,404 8,941 -220 11,847 12,067
Memoranda:
71 Balance on goods (lines 3 and 20)................................................. -547,552 -137,943 -135,533 -134,635 -139,441 -150,768 -163,580 -166,731 -3,151
72 Balance on services (lines 4 and 21).............................................. 51,044 12,557 12,153 12,385 13,947 12,166 12,496 11,389 -1,107
73 Balance on goods and services (lines 2 and 19).................................... -496,508 -125,386 -123,380 -122,250 -125,494 -138,602 -151,084 -155,342 -4,258
74 Balance on income (lines 12 and 29)............................................... 33,279 3,995 5,874 7,261 16,151 12,164 5,037 5,281 244
75 Unilateral current transfers, net (line 35)....................................... -67,439 -16,815 -16,369 -16,639 -17,617 -20,726 -18,344 -14,648 3,696
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).......... -530,668 -138,206 -133,875 -131,628 -126,960 -147,164 -164,391 -164,709 -318
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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