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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 01-39
Recorded Message: 606-5362
U.S. International Transactions: Third 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 $95.0 billion in the third quarter
of 2001 from $107.6 billion (revised) in the second, according to preliminary estimates of
the 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.
NOTICE
The goods, services, and financial aggregates include the economic effects of the
terrorist attacks of September 11, 2001. Most of the effects on the aggregates are reflected in
the regularly incorporated source data. For example, the sharp declines in receipts and
payments for international travel and passenger fares experienced in September are reflected
in the data on the number of travelers used in estimating these components of services exports
and imports. Similarly, fluctuations in securities transactions and in banking transactions
reflect the impact of the attacks on financial markets.
For certain components, however, BEA prepares adjustments to account for the effects
that are not captured in its source data. Specifically, imports of insurance services (a
component of "other" private services) are adjusted downward to reflect large and
nonrecurring insurance claims received. (Consistent with standard BEA methodology,
imports of insurance services are calculated as premiums paid to foreigners for primary
insurance and for reinsurance, less claims received). U.S. liabilities to unaffiliated foreigners
reported by U.S. nonbanking concerns were also adjusted to reflect the reinsurance claims.
Because most of the other effects of the terrorist attacks are embedded in BEA's source data,
they cannot be separately identified.
Goods and services
The deficit on goods and services decreased to $77.6 billion in the third quarter from
$90.5 billion in the second, as the deficit on goods decreased and the surplus on services increased.
Goods The deficit on goods decreased to $105.8 billion in the third quarter from $107.7
billion in the second, as imports fell more than exports.
Goods exports decreased to $173.8 billion from $185.9 billion. Much of the decrease was
accounted for by a large decrease in capital goods; industrial supplies and materials and consumer
goods also decreased.
Goods imports decreased to $279.6 billion from $293.5 billion. Both petroleum and
nonpetroleum imports decreased. Much of the decrease in nonpetroleum imports was accounted
for by large decreases in capital goods and in nonpetroleum industrial supplies and materials;
consumer goods also decreased.
Services The surplus on services increased to $28.2 billion in the third quarter from
$17.1 billion in the second, as service payments decreased more than service receipts.
Service receipts decreased to $69.6 billion from $73.5 billion. Much of the decrease was
in travel and in passenger fares, but nearly all other major categories of services also decreased.
Service payments decreased to $41.4 billion from $56.3 billion. A large decrease in
"other" private services reflected sizable claims received from reinsurance companies abroad
following the terrorist attacks of September 11; these claims are recorded on an accrual basis at
the time the insured event occurs. Travel, passenger fares, and "other" transportation payments
also decreased by large amounts.
Income
The deficit on income was virtually unchanged at $5.0 billion in the third quarter, as
income receipts and income payments decreased by nearly the same amount.
Investment income Income receipts on U.S.-owned assets abroad decreased to $69.8
billion from $76.3 billion. "Other" private receipts accounted for much of the decrease. Direct
investment receipts also decreased.
Income payments on foreign-owned assets in the United States decreased to $73.5 billion
from $79.9 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
virtually unchanged at $0.6 billion. Payments for compensation of foreign workers in the United
States were virtually unchanged at $1.9 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $12.4 billion in the third quarter, up from
net outflows of $12.0 billion in the second. The increase was accounted for by increases in U.S.
Government grants and in private remittances and other transfers.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.2 billion in the third quarter, virtually
unchanged from 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 $36.7 billion in the
third quarter, compared with $154.4 billion (revised) in the second. Financial inflows for
foreign-owned assets in the United States decreased much more than financial outflows for U.S.-
owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $15.4 billion in the third quarter, following an
increase of $72.2 billion in the second. There was a shift to a decrease in claims reported by U.S.
banks and a shift to net U.S. sales of foreign securities.
U.S. claims on foreigners reported by U.S. banks decreased $56.0 billion in the third
quarter, in contrast to an increase of $0.1 billion in the second. The third-quarter decrease
reflected a substantial reduction in the demand for U.S. bank credit abroad as foreign economic
activity slowed.
Transactions in foreign securities shifted to net U.S. sales of $14.0 billion in the third
quarter from net U.S. purchases of $51.1 billion in the second. Net U.S. purchases of foreign
stocks were $5.7 billion, down from $55.1 billion; the decrease was attributable to a slowdown in
exchanges of stocks related to purchases of U.S. companies by foreign companies and to a
decline in nonmerger-related net U.S. purchases. Net U.S. sales of foreign bonds were $19.7
billion, up from $4.0 billion, as foreign economic activity slowed.
Net financial outflows for U.S. direct investment abroad were $52.1 billion in the third
quarter, up from $41.1 billion in the second. The increase was largely attributable to a rise in net
equity capital outflows. Net intercompany debt outflows also increased, and reinvested earnings
decreased slightly.
U.S. official reserve assets increased $3.6 billion in the third quarter, following an
increase of $1.3 billion in the second.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $52.1 billion in the third quarter,
following an increase of $226.6 billion in the second. There was a shift to a decrease in
liabilities reported by U.S. banks and reductions in inflows for net foreign purchases of U.S.
securities other than U.S. Treasury securities and for foreign direct investment in the United
States.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities,
decreased $54.0 billion in the third quarter, in contrast to an increase of $44.3 billion in the
second. The third-quarter decrease reflected a sharp reduction in the demand for funds in the
United States as a consequence of the U.S. recession and the availability of adequate liquidity
from domestic sources.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were $77.5
billion in the third quarter, down from $140.5 billion in the second. Net foreign purchases of
U.S. stocks were $7.5 billion, down from $40.6 billion; the U.S. recession and uncertain financial
conditions significantly reduced the attractiveness of U.S. stocks. Net foreign purchases of U.S.
corporate and other bonds were $69.9 billion, down from $99.9 billion.
Net foreign sales of U.S. Treasury securities were $9.4 billion in the third quarter, up
from $8.7 billion in the second.
Net financial inflows for foreign direct investment in the United States were $26.4 billion
in the third quarter, down from $65.2 billion in the second. A sizable slowdown in net equity
capital inflows partly reflected the worldwide slowdown in economic activity and a decline in
foreign acquisitions of U.S. companies. Net intercompany debt inflows also slowed, and
reinvested earnings were negative.
Net U.S. currency shipments from the United States to foreign countries were $8.2 billion
in the third quarter, up from $2.8 billion in the second.
Foreign official assets in the United States increased $16.8 billion in the third quarter, in
contrast to a decrease of $20.9 billion in the second. The third-quarter increase was more than
accounted for by increases in assets of industrial countries and of non-OPEC developing
countries. Assets of OPEC members decreased.
The statistical discrepancy--errors and omissions in recorded transactions--was a positive
$58.1 billion in the third quarter, in contrast to a negative $47.0 billion in the second.
In the third quarter, the U.S. dollar depreciated 1 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 $107.6 billion from $106.5 billion. The
goods deficit was revised to $107.7 billion from $107.8 billion; the services surplus was revised
to $17.1 billion from $18.9 billion; the deficit on income was revised to $5.0 billion from $5.5
billion; and unilateral current transfers were revised to net outflows of $12.0 billion from net
outflows of $12.1 billion.
* * *
Release dates in 2002:
Fourth quarter and year 2001.............................................March 14, 2002 (Thursday)
First quarter 2002........................................................June 20, 2002 (Thursday)
Second quarter 2002..................................................September 12, 2002 (Thursday)
Third quarter 2002....................................................December 12, 2002 (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.doc.gov>
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases. To subscribe to STAT-USA's World Wide Web system, go
to <www.stat-usa.gov>, or call (202) 482-1986. Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $75.00 for 3 months or $175.00 for 1 year.
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 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 I IIr IIIp II-III
Current account
1 Exports of goods and services and income receipts............................. 1,418,568 339,645 355,075 361,236 362,617 354,624 336,193 313,838 -22,355
2 Exports of goods and services.............................................. 1,065,702 257,256 265,822 272,497 270,131 269,092 259,315 243,391 -15,924
3 Goods, balance of payments basis......................................... 772,210 185,142 191,558 199,273 196,237 194,942 185,864 173,775 -12,089
4 Services................................................................. 293,492 72,114 74,264 73,224 73,894 74,150 73,451 69,616 -3,835
5 Transfers under U.S. military agency sales contracts................... 14,060 3,401 3,910 3,329 3,420 3,380 3,362 3,048 -314
6 Travel................................................................. 82,042 20,448 20,976 20,226 20,392 20,777 19,901 17,427 -2,474
7 Passenger fares........................................................ 20,745 5,013 5,342 5,213 5,177 5,016 4,943 4,426 -517
8 Other transportation................................................... 30,185 7,365 7,619 7,593 7,609 7,418 7,116 6,981 -135
9 Royalties and license fees............................................ 38,030 9,345 9,525 9,538 9,624 9,555 9,750 9,537 -213
10 Other private services................................................ 107,568 26,338 26,679 27,105 27,447 27,777 28,178 27,983 -195
11 U.S. Government miscellaneous services................................ 862 204 213 220 225 227 201 214 13
12 Income receipts............................................................ 352,866 82,389 89,253 88,739 92,486 85,532 76,878 70,447 -6,431
13 Income receipts on U.S.-owned assets abroad............................. 350,525 81,814 88,670 88,151 91,891 84,918 76,259 69,822 -6,437
14 Direct investment receipts............................................ 149,240 34,734 37,591 37,335 39,581 37,081 34,296 32,305 -1,991
15 Other private receipts................................................ 197,440 46,014 49,941 49,971 51,514 46,920 41,167 36,676 -4,491
16 U.S. Government receipts.............................................. 3,845 1,066 1,138 845 796 917 796 841 45
17 Compensation of employees............................................... 2,341 575 583 588 595 614 619 625 6
18 Imports of goods and services and income payments............................. -1,809,099 -432,624 -450,748 -463,461 -462,268 -454,668 -431,731 -396,463 35,268
19 Imports of goods and services.............................................. -1,441,441 -344,578 -356,606 -369,837 -370,424 -364,115 -349,858 -320,978 28,880
20 Goods, balance of payments basis......................................... -1,224,417 -292,547 -303,229 -313,884 -314,757 -307,462 -293,522 -279,603 13,919
21 Services................................................................. -217,024 -52,031 -53,377 -55,953 -55,667 -56,653 -56,336 -41,375 14,961
22 Direct defense expenditures............................................ -13,560 -3,262 -3,382 -3,541 -3,375 -3,567 -3,513 -3,700 -187
23 Travel................................................................. -64,537 -16,399 -16,123 -16,075 -15,940 -16,160 -16,144 -13,628 2,516
24 Passenger fares........................................................ -24,197 -5,805 -6,146 -6,226 -6,020 -5,953 -6,445 -5,857 588
25 Other transportation................................................... -41,058 -9,693 -10,097 -10,554 -10,718 -10,514 -9,702 -9,017 685
26 Royalties and license fees............................................ -16,106 -3,604 -3,715 -4,535 -4,253 -4,166 -4,164 -4,158 6
27 Other private services................................................ -54,687 -12,554 -13,200 -14,298 -14,634 -15,555 -15,642 -4,286 11,356
28 U.S. Government miscellaneous services................................ -2,879 -714 -714 -724 -727 -738 -726 -729 -3
29 Income payments............................................................ -367,658 -88,046 -94,142 -93,624 -91,844 -90,553 -81,873 -75,485 6,388
30 Income payments on foreign-owned assets in the United States............ -360,146 -86,194 -92,259 -91,771 -89,920 -88,579 -79,917 -73,538 6,379
31 Direct investment payments............................................ -68,009 -18,369 -19,474 -16,286 -13,878 -14,408 -10,870 -8,260 2,610
32 Other private payments................................................ -184,465 -41,751 -45,884 -48,116 -48,714 -47,180 -42,667 -39,386 3,281
33 U.S. Government payments.............................................. -107,672 -26,074 -26,901 -27,369 -27,328 -26,991 -26,380 -25,892 488
34 Compensation of employees............................................... -7,512 -1,852 -1,883 -1,853 -1,924 -1,974 -1,956 -1,947 9
35 Unilateral current transfers, net............................................. -54,136 -11,924 -12,461 -13,080 -16,673 -11,734 -12,038 -12,355 -317
36 U.S. Government grants..................................................... -16,821 -2,912 -3,232 -3,634 -7,043 -2,419 -2,508 -2,669 -161
37 U.S. Government pensions and other transfers............................... -4,705 -1,168 -1,179 -1,183 -1,177 -1,237 -1,213 -1,220 -7
38 Private remittances and other transfers.................................... -32,610 -7,844 -8,050 -8,263 -8,453 -8,078 -8,317 -8,466 -149
December 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 I IIr IIIp II-III
Capital and financial account
Capital account
39 Capital account transactions, net............................................. 705 173 173 175 184 173 177 182 5
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................ -580,952 -198,105 -93,573 -107,727 -181,548 -243,120 -72,175 -15,383 56,792
41 U.S. official reserve assets, net........................................... -290 -554 2,020 -346 -1,410 190 -1,343 -3,559 -2,216
42 Gold..................................................................... .... .... .... .... .... .... .... .... ....
43 Special drawing rights................................................... -722 -180 -180 -182 -180 -189 -156 -145 11
44 Reserve position in the International Monetary Fund...................... 2,308 -237 2,328 1,300 -1,083 574 -1,015 -3,242 -2,227
45 Foreign currencies....................................................... -1,876 -137 -128 -1,464 -147 -195 -172 -172 ....
46 U.S. Government assets, other than official reserve assets, net............. -944 -127 -572 114 -359 21 -786 23 809
47 U.S. credits and other long-term assets.................................. -5,177 -1,750 -1,368 -1,050 -1,009 -1,094 -1,330 -1,007 323
48 Repayments on U.S. credits and other long-term assets.................... 4,257 1,329 855 1,265 808 1,015 570 1,059 489
49 U.S. foreign currency holdings and U.S. short-term assets, net........... -24 294 -59 -101 -158 100 -26 -29 -3
50 U.S. private assets, net.................................................... -579,718 -197,424 -95,021 -107,495 -179,779 -243,331 -70,046 -11,847 58,199
51 Direct investment........................................................ -152,437 -38,388 -33,346 -41,634 -39,070 -40,940 -41,064 -52,062 -10,998
52 Foreign securities....................................................... -124,935 -27,546 -39,639 -33,129 -24,621 -31,591 -51,109 13,963 65,072
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 22,232 -29,773 -52,005
54 U.S. claims reported by U.S. banks, not included elsewhere............... -138,500 -56,234 7,455 -18,147 -71,574 -109,789 -105 56,025 56,130
55 Foreign-owned assets in the United States, net (increase/financial inflow (+)) 1,024,218 256,782 250,007 222,108 295,321 346,660 226,581 52,111 -174,470
56 Foreign official assets in the United States, net........................... 37,619 22,498 6,447 12,247 -3,573 4,898 -20,879 16,814 37,693
57 U.S. Government securities............................................... 30,676 24,311 6,334 5,271 -5,240 2,547 -10,851 15,594 26,445
58 U.S. Treasury securities............................................... -10,233 16,204 -4,000 -9,001 -13,436 -1,027 -20,783 15,810 36,593
59 Other.................................................................. 40,909 8,107 10,334 14,272 8,196 3,574 9,932 -216 -10,148
60 Other U.S. Government liabilities........................................ -1,987 -474 -1,000 -220 -293 -1,246 -926 113 1,039
61 U.S. liabilities reported by U.S. banks, not included elsewhere.......... 5,803 -2,270 209 6,884 980 2,594 -10,130 -874 9,256
62 Other foreign official assets............................................ 3,127 931 904 312 980 1,003 1,028 1,981 953
63 Other foreign assets in the United States, net.............................. 986,599 234,284 243,560 209,861 298,894 341,762 247,460 35,297 -212,163
64 Direct investment........................................................ 287,655 36,508 90,394 76,046 84,707 52,472 65,208 26,388 -38,820
65 U.S. Treasury securities................................................. -52,792 -9,348 -20,546 -12,503 -10,395 656 -8,678 -9,436 -758
66 U.S. securities other than U.S. Treasury securities...................... 485,644 136,208 94,400 128,393 126,643 148,809 140,512 77,455 -63,057
67 U.S. currency............................................................ 1,129 -6,847 989 757 6,230 2,311 2,772 8,203 5,431
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 3,375 -13,298 -16,673
69 U.S. liabilities reported by U.S. banks, not included elsewhere.......... 87,953 -7,425 53,923 -1,910 43,365 6,890 44,271 -54,015 -98,286
70 Statistical discrepancy (sum of above items with sign reversed)............... 696 46,053 -48,473 749 2,367 8,065 -47,007 58,070 105,077
Memoranda:
71 Balance on goods (lines 3 and 20)............................................. -452,207 -107,405 -111,671 -114,611 -118,520 -112,520 -107,658 -105,828 1,830
72 Balance on services (lines 4 and 21).......................................... 76,468 20,083 20,887 17,271 18,227 17,497 17,115 28,241 11,126
73 Balance on goods and services (lines 2 and 19)................................ -375,739 -87,322 -90,784 -97,340 -100,293 -95,023 -90,543 -77,587 12,956
74 Balance on income (lines 12 and 29)........................................... -14,792 -5,657 -4,889 -4,885 642 -5,021 -4,995 -5,038 -43
75 Unilateral current transfers, net (line 35)................................... -54,136 -11,924 -12,461 -13,080 -16,673 -11,734 -12,038 -12,355 -317
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 -107,576 -94,980 12,596
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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