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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 01-27
Recorded Message: 606-5362
U.S. International Transactions: Second Quarter 2001
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 $106.5
billion in the second quarter of 2001 from $111.8 billion (revised) in the
first, according to preliminary estimates of the U.S. Bureau of Economic
Analysis. A decrease in the deficit on goods and services more than offset
small increases in the deficit on income and in net unilateral current
transfers.
Goods and services
The deficit on goods and services decreased to $88.9 billion in the second
quarter from $95.0 billion in the first.
Goods
The deficit on goods decreased to $107.8 billion in the second
quarter from $112.5 billion in the first. Goods exports decreased to $185.8
billion from $194.9 billion. Both agricultural and nonagricultural exports
decreased. The decrease in nonagricultural exports was largely accounted for
by a sharp decline in capital goods; industrial supplies and materials also
decreased.
Goods imports decreased to $293.6 billion from $307.5 billion. Both
petroleum and nonpetroleum imports decreased. The decrease in nonpetroleum
imports was largely accounted for by a sharp decline in capital goods; both
nonpetroleum industrial supplies and materials and consumer goods also
decreased.
Services
The surplus on services increased to $18.9 billion in the second quarter
from $17.5 billion in the first.
Service receipts increased to $74.7 billion from $74.2 billion. Increases
in "other" private services, in royalties and license fees, and in transfers
under U.S. military agency sales contracts more than offset decreases in
"other" transportation and in travel.
Service payments decreased to $55.8 billion from $56.7 billion. Decreases
in "other" transportation and in "other" private services more than offset an
increase in passenger fares.
Income
The deficit on income increased to $5.5 billion in the second quarter from
$5.0 billion in the first.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $77.2 billion
from $84.9 billion. The decrease was almost entirely accounted for by a
substantial decline in "other" private receipts and by a decrease in direct
investment receipts.
Income payments on foreign-owned assets in the United States decreased to
$81.4 billion from $88.6 billion. "Other" private payments, direct investment
payments, and U.S. Government payments all decreased.
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 were unchanged at $2.0 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $12.1 billion in the
second quarter, up from net outflows of $11.7 billion in the first. The
increase was largely accounted for by an increase in private remittances and
other private transfers.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.2 billion in the second
quarter, unchanged from 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 $124.7 billion in the second quarter, compared with $103.5 billion
(revised) in the first. Financial inflows for foreign-owned assets in the
United States decreased less than financial outflows for U.S.-owned assets
abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $63.3 billion in the second quarter,
following an increase of $243.1 billion in the first.
U.S. claims on foreigners reported by U.S. banks decreased $9.2 billion in
the second quarter, in contrast to an increase of $109.8 billion in the first.
The second-quarter decrease was partly attributable to a reduction in lending
by U.S. banks to foreign banks, following especially strong lending in the
previous two quarters, and to a large reduction in U.S. banks' domestic
customers' claims.
Net U.S. purchases of foreign securities were $48.2 billion in the second
quarter, up from $31.6 billion in the first. Net U.S. purchases of foreign
stocks were $52.2 billion, up from $27.3 billion; the increase was attributable
to a rise in exchanges of stock related to purchases of U.S. companies
by foreign companies. Net U.S. transactions in foreign bonds shifted to net
U.S. sales of $4.0 billion from net U.S. purchases of $4.3 billion.
Net financial outflows for U.S. direct investment abroad were $35.6 billion
in the second quarter, down from $40.9 billion in the first. A shift to net
inflows for intercompany debt and a decrease in reinvested earnings were partly
offset by an increase in net equity capital outflows.
U.S. official reserve assets increased $1.3 billion in the second quarter,
in contrast to a decrease of $0.2 billion in the first.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $188.0 billion in the
second quarter, following an increase of $346.7 billion in the first.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S.
Treasury securities, increased $50.1 billion in the second quarter, following
an increase of $6.9 billion in the first. The second-quarter increase was
partly attributable to the transfer of funds to U.S. banks from foreign bank
offices as a result of a weakening of foreign demand for bank credit, as well
as to an increase in U.S. banks' custody liabilities.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $132.7 billion in the second quarter, down from $148.8 billion in the
first. Net foreign purchases of U.S. corporate and other bonds were
$98.7 billion, down from $107.7 billion. Net foreign purchases of U.S. stocks
were $34.0 billion, down from $41.1 billion; the decrease was largely
attributable to a decrease in net purchases by investors in Western Europe.
Transactions in U.S. Treasury securities shifted to net foreign sales of
$8.3 billion in the second quarter from net foreign purchases of $0.7 billion
in the first.
Net financial inflows for foreign direct investment in the United States
were $67.2 billion in the second quarter, up from $52.5 billion in the first.
A substantial increase in net equity capital inflows, attributable to a step-up
in foreign acquisitions of U.S. companies, and a small increase in reinvested
earnings were partly offset by a large decrease in net intercompany debt
inflows.
Net U.S. currency shipments from the United States to foreign countries were
$2.8 billion in the second quarter, up from $2.3 billion in the first.
Foreign official assets in the United States decreased $22.4 billion in the
second quarter, in contrast to an increase of $4.9 billion in the first. The
second-quarter decrease was accounted for by decreases in the assets of
industrial countries, of developing countries, and of OPEC countries.
The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $18.4 billion in the second quarter, following a positive
$8.1 billion in the first.
In the second quarter, the U.S. dollar appreciated 3 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 $111.8 billion
from $109.6 billion. The goods deficit was unchanged at $112.5 billion; the
services surplus was unchanged at $17.5 billion; the deficit on income was
revised to $5.0 billion from $3.1 billion; and unilateral current transfers
were revised to net outflows of $11.7 billion from net outflows of
$11.5 billion.
* * *
Release dates for 2001:
Third quarter 2001.........................December 12, 2001 (Wednesday)
* * *
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Survey of Current Business, and BEA news releases are available on BEA's
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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: ; phone: 202-512-1800;
fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
September 12, 2001
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2000 2001 Change:
(Credits +, debits -) 2000 2001
I II III IV Ir IIp I-II
Current account
1 Exports of goods and services and income receipts..................................... 1,418,568 339,645 355,075 361,236 362,617 354,624 338,335 -16,289
2 Exports of goods and services.................................................... 1,065,702 257,256 265,822 272,497 270,131 269,092 260,507 -8,585
3 Goods, balance of payments basis............................................. 772,210 185,142 191,558 199,273 196,237 194,942 185,838 -9,104
4 Services..................................................................... 293,492 72,114 74,264 73,224 73,894 74,150 74,669 519
5 Transfers under U.S. military agency sales contracts..................... 14,060 3,401 3,910 3,329 3,420 3,380 3,580 200
6 Travel................................................................... 82,042 20,448 20,976 20,226 20,392 20,777 20,703 -74
7 Passenger fares.......................................................... 20,745 5,013 5,342 5,213 5,177 5,016 5,057 41
8 Other transportation..................................................... 30,185 7,365 7,619 7,593 7,609 7,418 7,160 -258
9 Royalties and license fees.............................................. 38,030 9,345 9,525 9,538 9,624 9,555 9,843 288
10 Other private services.................................................. 107,568 26,338 26,679 27,105 27,447 27,777 28,104 327
11 U.S. Government miscellaneous services.................................. 862 204 213 220 225 227 222 -5
12 Income receipts.................................................................. 352,866 82,389 89,253 88,739 92,486 85,532 77,828 -7,704
13 Income receipts on U.S.-owned assets abroad................................. 350,525 81,814 88,670 88,151 91,891 84,918 77,209 -7,709
14 Direct investment receipts.............................................. 149,240 34,734 37,591 37,335 39,581 37,081 35,320 -1,761
15 Other private receipts.................................................. 197,440 46,014 49,941 49,971 51,514 46,920 41,096 -5,824
16 U.S. Government receipts................................................ 3,845 1,066 1,138 845 796 917 793 -124
17 Compensation of employees................................................... 2,341 575 583 588 595 614 619 5
18 Imports of goods and services and income payments.....................................-1,809,099 -432,624 -450,748 -463,461 -462,268 -454,668 -432,766 21,902
19 Imports of goods and services....................................................-1,441,441 -344,578 -356,606 -369,837 -370,424 -364,115 -349,445 14,670
20 Goods, balance of payments basis.............................................-1,224,417 -292,547 -303,229 -313,884 -314,757 -307,462 -293,639 13,823
21 Services..................................................................... -217,024 -52,031 -53,377 -55,953 -55,667 -56,653 -55,806 847
22 Direct defense expenditures.............................................. -13,560 -3,262 -3,382 -3,541 -3,375 -3,567 -3,455 112
23 Travel................................................................... -64,537 -16,399 -16,123 -16,075 -15,940 -16,160 -16,235 -75
24 Passenger fares.......................................................... -24,197 -5,805 -6,146 -6,226 -6,020 -5,953 -6,406 -453
25 Other transportation..................................................... -41,058 -9,693 -10,097 -10,554 -10,718 -10,514 -9,823 691
26 Royalties and license fees.............................................. -16,106 -3,604 -3,715 -4,535 -4,253 -4,166 -4,062 104
27 Other private services.................................................. -54,687 -12,554 -13,200 -14,298 -14,634 -15,555 -15,088 467
28 U.S. Government miscellaneous services.................................. -2,879 -714 -714 -724 -727 -738 -737 1
29 Income payments.................................................................. -367,658 -88,046 -94,142 -93,624 -91,844 -90,553 -83,321 7,232
30 Income payments on foreign-owned assets in the United States................ -360,146 -86,194 -92,259 -91,771 -89,920 -88,579 -81,365 7,214
31 Direct investment payments.............................................. -68,009 -18,369 -19,474 -16,286 -13,878 -14,408 -12,234 2,174
32 Other private payments.................................................. -184,465 -41,751 -45,884 -48,116 -48,714 -47,180 -42,751 4,429
33 U.S. Government payments................................................ -107,672 -26,074 -26,901 -27,369 -27,328 -26,991 -26,380 611
34 Compensation of employees................................................... -7,512 -1,852 -1,883 -1,853 -1,924 -1,974 -1,956 18
35 Unilateral current transfers, net..................................................... -54,136 -11,924 -12,461 -13,080 -16,673 -11,734 -12,067 -333
36 U.S. Government grants........................................................... -16,821 -2,912 -3,232 -3,634 -7,043 -2,419 -2,498 -79
37 U.S. Government pensions and other transfers..................................... -4,705 -1,168 -1,179 -1,183 -1,177 -1,237 -1,213 24
38 Private remittances and other transfers.......................................... -32,610 -7,844 -8,050 -8,263 -8,453 -8,078 -8,356 -278
September 12, 2001
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2000 2001 Change:
(Credits +, debits -) 2000 2001
I II III IV Ir IIp I-II
Capital and financial account
Capital account
39 Capital account transactions, net..................................................... 705 173 173 175 184 173 177 4
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................ -580,952 -198,105 -93,573 -107,727 -181,548 -243,120 -63,322 179,798
41 U.S. official reserve assets, net................................................. -290 -554 2,020 -346 -1,410 190 -1,343 -1,533
42 Gold......................................................................... .... .... .... .... .... .... .... ....
43 Special drawing rights....................................................... -722 -180 -180 -182 -180 -189 -156 33
44 Reserve position in the International Monetary Fund.......................... 2,308 -237 2,328 1,300 -1,083 574 -1,015 -1,589
45 Foreign currencies........................................................... -1,876 -137 -128 -1,464 -147 -195 -172 23
46 U.S. Government assets, other than official reserve assets, net................... -944 -127 -572 114 -359 21 -761 -782
47 U.S. credits and other long-term assets...................................... -5,177 -1,750 -1,368 -1,050 -1,009 -1,094 -1,314 -220
48 Repayments on U.S. credits and other long-term assets........................ 4,257 1,329 855 1,265 808 1,015 555 -460
49 U.S. foreign currency holdings and U.S. short-term assets, net............... -24 294 -59 -101 -158 100 -2 -102
50 U.S. private assets, net.......................................................... -579,718 -197,424 -95,021 -107,495 -179,779 -243,331 -61,218 182,113
51 Direct investment............................................................ -152,437 -38,388 -33,346 -41,634 -39,070 -40,940 -35,602 5,338
52 Foreign securities........................................................... -124,935 -27,546 -39,639 -33,129 -24,621 -31,591 -48,240 -16,649
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns................................................ -163,846 -75,256 -29,491 -14,585 -44,514 -61,011 13,433 74,444
54 U.S. claims reported by U.S. banks, not included elsewhere................... -138,500 -56,234 7,455 -18,147 -71,574 -109,789 9,191 118,980
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))........ 1,024,218 256,782 250,007 222,108 295,321 346,660 188,002 -158,658
56 Foreign official assets in the United States, net................................. 37,619 22,498 6,447 12,247 -3,573 4,898 -22,430 -27,328
57 U.S. Government securities................................................... 30,676 24,311 6,334 5,271 -5,240 2,547 -10,849 -13,396
58 U.S. Treasury securities................................................. -10,233 16,204 -4,000 -9,001 -13,436 -1,027 -20,781 -19,754
59 Other.................................................................... 40,909 8,107 10,334 14,272 8,196 3,574 9,932 6,358
60 Other U.S. Government liabilities............................................ -1,987 -474 -1,000 -220 -293 -1,246 -1,138 108
61 U.S. liabilities reported by U.S. banks, not included elsewhere.............. 5,803 -2,270 209 6,884 980 2,594 -11,471 -14,065
62 Other foreign official assets................................................ 3,127 931 904 312 980 1,003 1,028 25
63 Other foreign assets in the United States, net.................................... 986,599 234,284 243,560 209,861 298,894 341,762 210,432 -131,330
64 Direct investment............................................................ 287,655 36,508 90,394 76,046 84,707 52,472 67,163 14,691
65 U.S. Treasury securities..................................................... -52,792 -9,348 -20,546 -12,503 -10,395 656 -8,275 -8,931
66 U.S. securities other than U.S. Treasury securities.......................... 485,644 136,208 94,400 128,393 126,643 148,809 132,671 -16,138
67 U.S. currency................................................................ 1,129 -6,847 989 757 6,230 2,311 2,772 461
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns................................................ 177,010 85,188 24,400 19,078 48,344 130,624 -34,022 -164,646
69 U.S. liabilities reported by U.S. banks, not included elsewhere.............. 87,953 -7,425 53,923 -1,910 43,365 6,890 50,123 43,233
70 Statistical discrepancy (sum of above items with sign reversed)....................... 696 46,053 -48,473 749 2,367 8,065 -18,359 -26,424
Memoranda:
71 Balance on goods (lines 3 and 20)..................................................... -452,207 -107,405 -111,671 -114,611 -118,520 -112,520 -107,801 4,719
72 Balance on services (lines 4 and 21).................................................. 76,468 20,083 20,887 17,271 18,227 17,497 18,863 1,366
73 Balance on goods and services (lines 2 and 19)........................................ -375,739 -87,322 -90,784 -97,340 -100,293 -95,023 -88,938 6,085
74 Balance on income (lines 12 and 29)................................................... -14,792 -5,657 -4,889 -4,885 642 -5,021 -5,493 -472
75 Unilateral current transfers, net (line 35)........................................... -54,136 -11,924 -12,461 -13,080 -16,673 -11,734 -12,067 -333
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).............. -444,667 -104,903 -108,134 -115,305 -116,324 -111,778 -106,498 5,280
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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