FOR WIRE TRANSMISSION: 8:30 A.M. EST, TUESDAY, March 14, 2006
Christopher Bach: (202) 606-9545 BEA 06-08
U.S. International Transactions: Fourth Quarter and Year 2005
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 $224.9
billion (preliminary) in the fourth quarter of 2005 from $185.4 billion
(revised) in the third quarter. The increase was mostly accounted for by
increases in net unilateral current transfers and in the deficit on goods.
In addition, the balance on income shifted to a deficit from a surplus, and
the surplus on services decreased.
Goods and services
The deficit on goods and services increased to $197.4 billion in the
fourth quarter from $181.4 billion in the third.
Goods
The deficit on goods increased to $212.4 billion in the fourth
quarter from $197.3 billion in the third quarter.
Goods exports increased to $231.3 billion from $224.8 billion. Much of
the increase was in capital goods and in automotive vehicles, engines, and parts.
Goods imports increased to $443.7 billion from $422.1 billion.
Two-thirds of the increase was attributable to industrial supplies and
materials, but all other major goods categories also increased.
Services
The surplus on services decreased to $15.1 billion in the fourth
quarter from $15.9 billion in the third.
Services receipts increased to $96.8 billion from $96.2 billion.
Increases in “other” private services (such as business, professional, and
technical services, insurance services, and financial services) and in “other”
transportation (such as freight and port services) were partly offset by
decreases in other services categories.
Services payments increased to $81.7 billion from $80.4 billion.
Increases in “other” private services, in “other” transportation, and in
passenger fares were partly offset by decreases in other services categories.
Income
The balance on income shifted to a deficit of $2.4 billion in the fourth
quarter from a surplus of $4.9 billion in the third.
Investment income
Income receipts on U.S.-owned assets abroad increased to $129.0 billion
from $120.0 billion. The increase was almost entirely 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 $130.0 billion from $113.6 billion. The increase was accounted for by
increases in direct investment payments, in “other” private payments (which
consists of interest and dividends), and in U.S. Government payments
(which consists of interest).
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually
unchanged at $0.8 billion, and payments for compensation of foreign workers in
the United States were virtually unchanged at $2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows (payments) of $25.1
billion in the fourth quarter, up from net outflows of $8.9 billion in the third.
The increase was largely accounted for by an increase in net outflows for
“private remittances and other transfers,” which decreased in the third quarter
as a result of unusually large claims received by U.S. companies from foreign
insurance companies arising from damage caused by Hurricanes Katrina and Rita.
Hurricane-related claims were much lower in the fourth quarter, and net
outflows for “private remittances and other transfers” rebounded to a more
typical level.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.4 billion in the
fourth quarter, virtually unchanged from the third.
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 $235.0 billion in the fourth quarter, down from $253.8
billion in the third. Financial inflows for foreign-owned assets in the United
States slowed more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $43.1 billion in the fourth quarter,
following an increase of $141.4 billion in the third.
U.S. claims on foreigners reported by U.S. banks decreased $11.5
billion in the fourth quarter, in contrast to an increase of $108.0 billion in
the third.
Net U.S. purchases of foreign securities were $40.0 billion in the
fourth quarter, up from $34.6 billion in the third. Net U.S. purchases of
foreign stocks were $39.0 billion, up from $33.9 billion. Net U.S. purchases
of foreign bonds were $1.0 billion, up from $0.7 billion.
Net financial flows for U.S. direct investment abroad were net inflows
of $2.1 billion in the fourth quarter, following net inflows of $25.3 billion
in the third. The decrease in net inflows was attributable to an increase in
net outflows for equity capital and a decrease in net inflows for reinvested
earnings. Reinvested earnings continued to be significantly affected by the
tax incentives provided by the American Jobs Creation Act of 2004.
U.S. official reserve assets decreased $4.8 billion in the fourth
quarter, following a decrease of the same amount in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $278.0 billion in the
fourth quarter, following an increase of $395.3 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks increased $15.7
billion in the fourth quarter, following an increase of $78.7 billion in the
third.
Net foreign purchases of U.S. Treasury securities were $70.1 billion in
the fourth quarter, up from $40.8 billion in the third.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $129.3 billion in the fourth quarter, down from a record $165.9
billion in the third. Net foreign purchases of U.S. stocks were $22.9 billion,
down from $30.8 billion. Net foreign purchases of U.S. corporate bonds were
$93.9 billion, down from a record $100.4 billion. Net foreign purchases of
federally sponsored agency bonds were $12.5 billion, down from $34.7 billion.
Net financial inflows for foreign direct investment in the United
States were $30.6 billion in the fourth quarter, down from $48.4 billion in the
third. A shift to small net outflows on intercompany debt from large net
inflows more than offset increases in reinvested earnings and in net equity
capital inflows.
Foreign official assets in the United States increased $74.6 billion in
the fourth quarter, following an increase of $38.2 billion in the third.
Net U.S. currency shipments to foreigners were $9.2 billion in the
fourth quarter, up from $4.7 billion in the third.
The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $9.7 billion in the fourth quarter, compared with
a negative $68.0 billion in the third.
In the fourth quarter, the U.S. dollar appreciated 1 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
The Year 2005
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 $804.9
billion in 2005 from $668.1 billion in 2004. An increase in the deficit on
goods to $781.6 billion from $665.4 billion accounted for most of the increase.
Other contributors to the increase in the deficit were a decrease in the surplus
on income to $1.6 billion from $30.4 billion and a small increase in net
outflows (payments) for unilateral current transfers to $82.9 billion from
$80.9 billion. In contrast, the surplus on services increased to $58.0 billion
from $47.8 billion. As a share of U.S. GDP, the current-account deficit rose
to 6.4 percent in 2005 from 5.7 percent in 2004.
Goods and services
The deficit on goods and services increased to $723.6 billion in 2005
from $617.6 billion in 2004.
Goods
The deficit on goods increased to $781.6 billion in 2005 from $665.4
billion in 2004.
Goods exports increased to $892.6 billion from $807.5 billion. Two-thirds
of the increase was in capital goods and industrial supplies and materials.
Goods imports increased to $1,674.3 billion from $1,472.9 billion. More
than one-third of the increase was attributable to an increase in petroleum and
petroleum products. Among nonpetroleum products, the largest increases were
in nonpetroleum industrial supplies and materials, capital goods, and consumer
goods.
Services
The surplus on services increased to $58.0 billion in 2005 from $47.8
billion in 2004.
Services exports increased to $379.6 billion from $343.9 billion. The
largest increases were in “other” private services (such as business,
professional, and technical services, insurance services, and financial
services) and in travel.
Services imports increased to $321.6 billion from $296.1 billion. The
largest increases were in “other” private services and in “other” transportation
(such as freight and port services).
Income
The surplus on income decreased to $1.6 billion in 2005 from $30.4
billion in 2004.
Investment income
Income receipts on U.S.-owned assets abroad ncreased to $465.6 billion
from $376.5 billion. The increase was mostly accounted for by an increase in
“other” private receipts (which consists of interest and dividends). Direct
investment receipts also increased.
Income payments on foreign-owned assets in the United States increased
to $458.2 billion from $340.3 billion. The increase was mostly accounted for
by increases in “other” private payments and in U.S. Government payments.
Direct investment payments also increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged
at $3.0 billion, and payments for compensation of foreign workers in the United
States increased slightly to $8.9 billion from $8.8 billion.
Unilateral current transfers
Unilateral current transfers were net outflows (payments) of $82.9
billion in 2005, up from net outflows of $80.9 billion in 2004.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $5.6 billion in 2005,
up from net outflows of $1.6 billion in 2004.
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 $801.0 billion in 2005, up from $584.6 billion in 2004.
Financial inflows for foreign-owned assets in the United States slowed less
than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $491.7 billion in 2005, compared
with an increase of $855.5 billion in 2004.
U.S. claims on foreigners reported by U.S. banks increased $218.2
billion in 2005, compared with an increase of $356.1 billion in 2004.
Net U.S. purchases of foreign securities were $155.2 billion in 2005,
compared with $102.4 billion in 2004. Net U.S. purchases of foreign stocks
were $136.7 billion, up from $83.2 billion. Net U.S. purchases of foreign
bonds were $18.6 billion, down slightly from $19.2 billion.
Net financial outflows for U.S. direct investment abroad were $21.5
billion in 2005, down substantially from $252.0 billion in 2004. The decrease
was largely accounted for by a shift to net inflows for reinvested earnings
from net outflows. These net inflows were mostly in response to the tax
incentives provided by the American Jobs Creation Act of 2004. In addition,
net equity outflows decreased, and net intercompany debt inflows increased.
U.S. official reserve assets decreased $14.1 billion in 2005, following
a decrease of $2.8 billion in 2004.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $1,292.7 billion in
2005, compared with an increase of $1,440.1 billion in 2004.
U.S. liabilities to foreigners reported by U.S. banks increased $175.7
billion in 2005, following an increase of $322.6 billion in 2004.
Net foreign purchases of U.S. Treasury securities were a record $196.8
billion in 2005, up from $107.0 billion in 2004.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were a record $489.2 billion in 2005, up from $369.8 billion in 2004.
Net foreign purchases of U.S. corporate bonds were $332.4 billion, up from
$243.0 billion. Net foreign purchases of U.S. stocks were $88.5 billion, up
from $60.5 billion. Net foreign purchases of U.S. federally sponsored agency
bonds were $68.3 billion, up from $66.3 billion.
Net financial inflows for foreign direct investment in the United States
were $128.6 billion in 2005, up from $106.8 billion in 2004. A shift to net
inflows for intercompany debt from net outflows and a small increase in
reinvested earnings were partly offset by a decrease in net equity capital inflows.
Foreign official assets in the United States increased $220.7 billion
in 2005, following an increase of $394.7 billion in 2004.
Net U.S. currency shipments to foreigners were $19.4 billion in 2005,
up from $14.8 billion in 2004.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $9.6 billion in 2005, compared with a positive
$85.1 billion in 2004.
Against a trade-weighted group of 7 major currencies, the U.S. dollar
depreciated 2 percent on a yearly average basis in 2005, but it appreciated 7
percent from December 2004 to December 2005.
Special Developments in the Accounts
Insurance
Net outflows (payments) for unilateral current transfers rebounded in the
fourth quarter after decreasing sharply in the third quarter as a result of
transfers arising from the extensive damage caused by Hurricanes Katrina and
Rita. In the third quarter, the private remittances and other transfers
component of the unilateral current transfers account included inflows
(receipts) for claims received by U.S. companies from foreign insurance
companies that were substantially in excess of "expected" claims. In
addition, donations from abroad for hurricane relief were also recorded in
private remittances and other transfers. These two increases in inflows
caused private remittances and other transfers to become less negative and,
taken by themselves, reduced the current-account deficit in the third quarter.
In the fourth quarter, hurricane-related inflows decreased, and private
remittances and other transfers rebounded to a more typical level.
Insurance services payments and receipts, which are components of other
private services payments and receipts in the current account, were unaffected
in the third quarter and only minimally affected in the fourth quarter by the
occurrence of Hurricanes Katrina and Rita. This is because insurance services
performed are based substantially on premiums, and third-quarter premiums were
set before the events occurred and fourth-quarter premiums increased only
minimally.
U.S. direct investment abroad income and financial flows
The American Jobs Creation Act of 2004, which was signed into law on
October 22, 2004, reduces the rate of taxation on U.S. multinational companies'
qualifying dividends from abroad for a period of 1 year (calendar year 2004 or
2005 at taxpayers' option, for calendar year taxpayers).
In the current account, the size of income receipts (earnings) on U.S.
direct investment abroad is unaffected by the Act, although the composition of
earnings has been significantly affected. In 2005, distributions of earnings
to parents in the United States were elevated, and earnings reinvested in
affiliates abroad were reduced by a like amount.
In the financial account, the reinvested earnings component of U.S.
direct investment abroad was reduced, contributing to smaller increases in
direct investment in the first and second quarters and to net decreases in
direct investment in the third and fourth quarters.
Detailed estimates of direct investment transactions (including
distributed and reinvested earnings) are shown in table 6a of the standard
presentation of the quarterly international transactions accounts, available
on BEA's Web site. It is not possible for BEA to separately identify
transactions arising from the Act.
Revisions
The first three quarters of 2005 were revised to reflect revised
seasonal adjustments and, for the third quarter, receipt of new or revised
data. Revisions to the first and second quarters were small. In the third
quarter, the current-account deficit was revised to $185.4 billion from $195.8
billion. The goods deficit was revised to $197.3 billion from $197.9; the
services surplus was revised to $15.9 billion from $15.1 billion; the income
surplus was revised to $4.9 billion from $0.5 billion; and unilateral current
transfers were revised to net outflows of $8.9 billion from net outflows of
$13.5 billion. Net recorded financial inflows were revised to $253.8 billion
from $272.9 billion.
* * *
Release dates in 2006:
Fourth quarter and year 2005...................March 14, 2006 (Tuesday)
First quarter 2006...............................June 16, 2006 (Friday)
Second quarter 2006.........................September 18, 2006 (Monday)
Third quarter 2006...........................December 18, 2006 (Monday)
* * *
Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606-5306 Gross domestic product
-5303 Personal income and outlays
BEA’s national, international, regional, and industry estimates; the
Survey of Current Business; and BEA news releases are available without charge
on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe
to receive free e-mail summaries of BEA releases and announcements.
March 14, 2006
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Change: 2004 2005 Change:
(Credits +, debits -) 2004 2005 p 2004-2005 2005
IV I r II r III r IV p III-IV
Current account
1 Exports of goods and services and income receipts............................. 1,530,975 1,740,897 209,922 405,041 413,076 428,058 441,821 457,939 16,118
2 Exports of goods and services............................................. 1,151,448 1,272,223 120,775 298,887 306,152 316,938 321,013 328,119 7,106
3 Goods, balance of payments basis...................................... 807,536 892,619 85,083 208,874 213,407 223,106 224,793 231,313 6,520
4 Services.............................................................. 343,912 379,604 35,692 90,013 92,745 93,832 96,220 96,806 586
5 Transfers under U.S. military agency sales contracts.............. 14,814 18,502 3,688 3,555 4,525 4,425 5,145 4,407 -738
6 Travel............................................................ 74,481 82,415 7,934 19,220 20,000 21,372 20,582 20,461 -121
7 Passenger fares................................................... 18,858 21,490 2,632 4,774 5,119 5,449 5,572 5,350 -222
8 Other transportation.............................................. 36,862 41,509 4,647 9,643 9,878 10,135 10,461 11,035 574
9 Royalties and license fees........................................ 52,643 58,121 5,478 14,446 14,951 14,140 14,626 14,404 -222
10 Other private services............................................ 145,433 156,726 11,293 38,163 38,062 38,105 39,610 40,948 1,338
11 U.S. Government miscellaneous services............................ 821 841 20 212 210 206 224 201 -23
12 Income receipts........................................................... 379,527 468,674 89,147 106,154 106,924 111,120 120,808 129,820 9,012
13 Income receipts on U.S.-owned assets abroad........................... 376,489 465,631 89,142 105,357 106,180 110,364 120,044 129,041 8,997
14 Direct investment receipts........................................ 233,067 248,856 15,789 63,053 58,162 59,617 63,830 67,245 3,415
15 Other private receipts............................................ 140,424 214,046 73,622 41,577 47,299 49,993 55,618 61,136 5,518
16 U.S. Government receipts.......................................... 2,998 2,729 -269 727 719 754 596 660 64
17 Compensation of employees............................................. 3,038 3,043 5 797 744 756 764 779 15
18 Imports of goods and services and income payments............................. -2,118,119 -2,462,946 -344,827 -571,026 -584,567 -602,326 -618,310 -657,746 -39,436
19 Imports of goods and services............................................. -1,769,031 -1,995,839 -226,808 -468,108 -478,277 -489,656 -502,413 -525,492 -23,079
20 Goods, balance of payments basis...................................... -1,472,926 -1,674,261 -201,335 -391,050 -399,079 -409,378 -422,061 -443,743 -21,682
21 Services.............................................................. -296,105 -321,578 -25,473 -77,058 -79,198 -80,278 -80,352 -81,749 -1,397
22 Direct defense expenditures....................................... -29,299 -30,068 -769 -7,368 -7,545 -7,491 -7,521 -7,511 10
23 Travel............................................................ -65,635 -69,529 -3,894 -16,655 -17,438 -18,120 -17,155 -16,816 339
24 Passenger fares................................................... -23,701 -26,201 -2,500 -6,183 -6,224 -6,539 -6,588 -6,850 -262
25 Other transportation.............................................. -54,169 -61,807 -7,638 -14,483 -15,734 -14,976 -15,101 -15,996 -895
26 Royalties and license fees........................................ -23,901 -25,038 -1,137 -6,172 -6,420 -6,137 -6,383 -6,098 285
27 Other private services............................................ -95,666 -105,054 -9,388 -25,246 -24,871 -26,064 -26,609 -27,509 -900
28 U.S. Government miscellaneous services............................ -3,734 -3,881 -147 -951 -966 -951 -995 -969 26
29 Income payments........................................................... -349,088 -467,107 -118,019 -102,918 -106,290 -112,670 -115,897 -132,254 -16,357
30 Income payments on foreign-owned assets in the United States.......... -340,255 -458,225 -117,970 -100,666 -104,136 -110,490 -113,617 -129,985 -16,368
31 Direct investment payments........................................ -105,146 -118,991 -13,845 -29,640 -29,799 -31,142 -24,975 -33,078 -8,103
32 Other private payments............................................ -145,370 -223,168 -77,798 -46,729 -48,333 -51,377 -58,684 -64,774 -6,090
33 U.S. Government payments.......................................... -89,739 -116,066 -26,327 -24,297 -26,004 -27,971 -29,958 -32,133 -2,175
34 Compensation of employees............................................. -8,833 -8,882 -49 -2,252 -2,154 -2,180 -2,280 -2,269 11
35 Unilateral current transfers, net............................................. -80,930 -82,896 -1,966 -22,374 -26,252 -22,633 -8,940 -25,069 -16,129
36 U.S. Government grants.................................................... -23,317 -30,362 -7,045 -5,701 -9,035 -5,724 -6,447 -9,156 -2,709
37 U.S. Government pensions and other transfers.............................. -6,264 -6,312 -48 -1,607 -1,558 -1,569 -1,584 -1,601 -17
38 Private remittances and other transfers................................... -51,349 -46,222 5,127 -15,066 -15,659 -15,340 -909 -14,312 -13,403
March 14, 2006
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
Change: 2004 2005 Change:
(Credits +, debits -) 2004 2005 p 2004-2005 2005
IV I r II r III r IV p III-IV
Capital and financial account
Capital account
39 Capital account transactions, net............................................. -1,648 -5,647 -3,999 -455 -4,466 -315 -435 -431 4
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................ -855,509 -491,729 363,780 -288,957 -81,803 -225,422 -141,429 -43,077 98,352
41 U.S. official reserve assets, net......................................... 2,805 14,096 11,291 697 5,331 -797 4,766 4,796 30
42 Gold.................................................................. .... .... .... .... .... .... .... .... ....
43 Special drawing rights................................................ -398 4,511 4,909 -110 1,713 -97 2,976 -81 -3,057
44 Reserve position in the International Monetary Fund................... 3,826 10,200 6,374 990 3,763 -564 1,951 5,050 3,099
45 Foreign currencies.................................................... -623 -615 8 -183 -145 -136 -161 -173 -12
46 U.S. Government assets, other than official reserve assets, net........... 1,215 7,580 6,365 501 4,487 971 1,516 606 -910
47 U.S. credits and other long-term assets............................... -3,044 -2,217 827 -545 -519 -708 -518 -472 46
48 Repayments on U.S. credits and other long-term assets................. 4,221 5,720 1,499 1,004 1,083 1,586 1,957 1,094 -863
49 U.S. foreign currency holdings and U.S. short-term assets, net........ 38 4,077 4,039 42 3,923 93 77 -16 -93
50 U.S. private assets, net.................................................. -859,529 -513,405 346,124 -290,155 -91,621 -225,596 -147,711 -48,479 99,232
51 Direct investment..................................................... -252,012 -21,481 230,531 -99,997 -27,290 -21,610 25,311 2,106 -23,205
52 Foreign securities.................................................... -102,383 -155,244 -52,861 -18,226 -38,675 -41,979 -34,589 -40,001 -5,412
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns.......................................... -149,001 -118,522 30,479 -74,669 -74,934 8,978 -30,440 -22,126 8,314
54 U.S. claims reported by U.S. banks, not included elsewhere............ -356,133 -218,158 137,975 -97,263 49,278 -170,985 -107,993 11,542 119,535
55 Foreign-owned assets in the United States, net (increase/financial inflow (+)) 1,440,105 1,292,695 -147,410 457,915 243,311 376,085 395,264 278,037 -117,227
56 Foreign official assets in the United States, net......................... 394,710 220,676 -174,034 94,478 25,277 82,646 38,176 74,577 36,401
57 U.S. Government securities............................................ 311,133 177,179 -133,954 56,768 39,244 44,068 30,122 63,745 33,623
58 U.S. Treasury securities.......................................... 272,648 84,046 -188,602 41,728 14,306 22,448 9,651 37,641 27,990
59 Other............................................................. 38,485 93,133 54,648 15,040 24,938 21,620 20,471 26,104 5,633
60 Other U.S. Government liabilities..................................... 488 -134 -622 -158 -650 297 467 -248 -715
61 U.S. liabilities reported by U.S. banks, not included elsewhere....... 70,329 24,272 -46,057 32,054 -15,843 34,190 850 5,075 4,225
62 Other foreign official assets......................................... 12,760 19,359 6,599 5,814 2,526 4,091 6,737 6,005 -732
63 Other foreign assets in the United States, net............................ 1,045,395 1,072,019 26,624 363,437 218,034 293,439 357,088 203,460 -153,628
64 Direct investment..................................................... 106,832 128,630 21,798 31,622 34,916 14,723 48,386 30,607 -17,779
65 U.S. Treasury securities.............................................. 106,958 196,794 89,836 15,710 75,911 9,923 40,834 70,126 29,292
66 U.S. securities other than U.S. Treasury securities................... 369,793 489,203 119,410 158,238 79,973 114,064 165,856 129,310 -36,546
67 U.S. currency......................................................... 14,827 19,416 4,589 5,313 1,072 4,507 4,679 9,158 4,479
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns.......................................... 124,358 62,234 -62,124 61,096 93,897 1,153 18,635 -51,451 -70,086
69 U.S. liabilities reported by U.S. banks, not included elsewhere....... 322,627 175,742 -146,885 91,458 -67,735 149,069 78,698 15,710 -62,988
70 Statistical discrepancy (sum of above items with sign reversed)............... 85,126 9,626 -75,500 19,856 40,701 46,553 -67,971 -9,653 58,318
Memoranda:
71 Balance on goods (lines 3 and 20)............................................. -665,390 -781,642 -116,252 -182,176 -185,672 -186,272 -197,268 -212,430 -15,162
72 Balance on services (lines 4 and 21).......................................... 47,807 58,026 10,219 12,955 13,547 13,554 15,868 15,057 -811
73 Balance on goods and services (lines 2 and 19)................................ -617,583 -723,616 -106,033 -169,221 -172,125 -172,718 -181,400 -197,373 -15,973
74 Balance on income (lines 12 and 29)........................................... 30,439 1,567 -28,872 3,236 634 -1,550 4,911 -2,434 -7,345
75 Unilateral current transfers, net (line 35)................................... -80,930 -82,896 -1,966 -22,374 -26,252 -22,633 -8,940 -25,069 -16,129
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)...... -668,074 -804,945 -136,871 -188,359 -197,743 -196,901 -185,429 -224,876 -39,447
r Revised
p Preliminary
NOTE: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
