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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 (Data) BEA 02-18
Christopher L. Bach: 606-9545 (Revisions)
Recorded Message: 606-5362
U.S. International Transactions: First Quarter 2002
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 $112.5
billion (preliminary) in the first quarter of2002 from $95.1 billion (revised)
in the fourth quarter of 2001, according to the U.S. Bureau of Economic Analysis.
The deficit on goods and services increased, the balance on income shifted to
a deficit from a surplus, and net outflows for unilateral current transfers
increased.
The estimates of the international transactions accounts released today have
been revised to reflect the incorporation of improved estimating methodologies
and newly available source data. The revisions this year include the
incorporation of results from the U.S. Treasury Department's Benchmark Survey
of Foreign Portfolio Investment in the United States as of March 31, 2000.
The incorporation of these results led to significant improvements in the
estimates presented in this release of financial flows for foreign-owned assets
in the United States and of income payments. (See the section on "Revisions"
on page 5 of this release.)
The completion of portfolio benchmark surveys such as this is essential to
improving the estimates in the international accounts. The conduct of more
frequent surveys of portfolio investment assets and liabilities is a key
objective in BEA's strategic plan for improving the international accounts
over the next several years.
The July Survey of Current Business will contain detailed international accounts
tables and an article describing revisions to the international transactions
accounts and to the international investment position accounts. Also, a news
release on June 28 will present BEA's revised estimates of the U.S. net
international investment position.
NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
Goods and services
The deficit on goods and services increased to $94.9 billion in the first
quarter from $88.0 billion in the fourth.
Goods
The deficit on goods increased to $106.4 billion in the first quarter from
$100.7 billion in the fourth.
Goods exports decreased to $164.6 billion from $167.4 billion. The largest
decreases were in capital goods, in industrial supplies and materials, and in
consumer goods.
Goods imports increased to $271.1 billion from $268.0 billion. A decrease in
petroleum and products, mostly resulting from a decline in the volume of imports,
was more than offset by an increase in nonpetroleum products. Within nonpetroleum
products, the largest increases were in consumer goods, in capital goods, and
in automotive products.
Services
The surplus on services decreased to $11.6 billion in the first quarter from
$12.6 billion in the fourth.
Services receipts increased to $69.0 billion from $65.6 billion. Nearly all
services categories increased, but most the increase was attributed to travel,
passenger fares, and royalties and license fees.
Services payments increased to $57.4 billion from $52.9 billion. Nearly all
services categories increased, but most of the increase was attributable to
travel and "other" private services.
Income
The balance on income shifted to a deficit of $1.8 billion in the first
quarter from a surplus of $6.5 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $57.1 billion from
$58.1 billion. Decreases in "other" private receipts and in U.S. Government
receipts more than offset an increase in direct investment receipts.
Income payments on foreign-owned assets in the United States increased to
$57.2 billion from $50.0 billion. The increase was more than accounted for by
a shift in direct investment income to profits from losses; "other" private
payments and U.S. Government payments both 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 $2.2 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $15.9 billion in the first
quarter, up from net outflows of $13.6 billion in the fourth. The increase was
more than accounted for by an increase in U.S. Government grants.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.2 billion in the first
quarter, virtually unchanged from the fourth.
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 $99.4 billion in the first quarter, compared with $150.7 billion
in the fourth. Financial inflows for foreign-owned assets in the United States
decreased more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $13.9 billion in the first quarter,
following an increase of $100.1 billion in the fourth.
U.S. claims on foreigners reported by U.S. banks decreased $10.0 billion in
the first quarter, in contrast to an increase of $83.7 billion in the fourth.
The first-quarter decrease reflects continuing weakness in foreign economic
activity.
Transactions in foreign securities shifted to net U.S. sales of $2.0 billion
in the first quarter from net U.S. purchases of $26.1 billion in the fourth.
Transactions in foreign stocks shifted to net U.S. sales of $1.5 billion from
net U.S. purchases of $18.7 billion; transactions with several foreign countries
shifted to net U.S. sales. Transactions in foreign bonds shifted to net U.S.
sales of $0.6 billion from net U.S. purchases of $7.4 billion, partly reflecting
a shift to net U.S. sales of outstanding Western European bonds.
Net financial outflows for U.S. direct investment abroad were $22.5 billion
in the first quarter, down from $27.5 billion in the fourth. The decrease was
accounted for by a decrease in net equity capital outflows and an increase in
net intercompany debt inflows; reinvested earnings changed little.
U.S. official reserve assets decreased $0.4 billion in the first quarter, in
contrast to an increase of $0.2 billion in the fourth.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $113.3 billion in the
first quarter, following an increase of $250.8 billion in the fourth.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury
securities, decreased $25.3 billion in the first quarter, in contrast to an
increase of $85.6 billion in the fourth. The first-quarter decrease reflects a
moderation of bank flows after the strong inflows in the fourth quarter.
Transactions in U.S. Treasury securities shifted to net foreign sales of $5.7
billion in the first quarter from net foreign purchases of $27.2 billion in the
fourth; in the fourth quarter, foreign investors had acquired U.S. Treasury
securities in an especially uncertain financial and economic environment.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $70.3 billion in the first quarter, down from $99.3 billion in the fourth.
Net foreign purchases of U.S. stocks were $25.0 billion, down from $33.0 billion,
as U.S. stock prices were little changed by the end of the first quarter after
rising strongly in the fourth quarter. Net foreign purchases of U.S. corporate
and other bonds were $45.4 billion, down from $66.3 billion; the decrease was
mostly attributable to a decline in net foreign purchases of U.S. federally
sponsored agency bonds, which were strong in the fourth quarter.
Net financial inflows for foreign direct investment in the United States were
$25.7 billion in the first quarter, up from $21.9 billion in the fourth. Net
intercompany debt inflows increased, and reinvested earnings became less
negative; in contrast, net equity capital inflows decreased.
Net U.S. currency shipments to foreigners were $4.5 billion in the first
quarter, down from $10.5 billion in the fourth.
Foreign official assets in the United States increased $9.0 billion in the
first quarter, following an increase of $5.1 billion in the fourth.
The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $12.9 billion in the first quarter, in contrast to a negative
$55.8 billion in the fourth.
In the first quarter, the U.S. dollar appreciated 3 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
Revisions
As is customary each June, estimates of U.S. international transactions are
revised to incorporate improved estimating methodologies and newly available
source data. The major changes this year are summarized below.
"Other" private service receipts and "other" private service payments are
revised for 2001 to incorporate the results of BEA's Benchmark Survey of
Selected Services Transactions with Unaffiliated Foreign Persons for 2001
and BEA's annual surveys of insurance services and of construction services.
"Other" private income payments are revised for 1995-2001 to incorporate
results from the U.S. Treasury Department's Benchmark Survey of Foreign
Portfolio Investment in the United States as of March 31, 2000.
Net foreign purchases of U.S. Treasury securities and net foreign
purchases of U.S. securities other than U.S. Treasury securities are revised
for 1995-2001 to incorporate results from the U.S. Treasury Department's
Benchmark Survey of Foreign Portfolio Investment in the United States as of
March 31, 2000.
In addition to the above improvements, estimates for 1998-2001 have been
revised as a result of other newly available or revised quarterly and annual
survey results and updated source data.
Revisions attributable to the U.S. Treasury's Benchmark Survey of Foreign
Portfolio Investment in the United States have a significant impact on both the
current account and the financial account. The Benchmark survey is a security
by security enumeration, provided by custodians and issuers of securities, of
foreign holdings of U.S. portfolio assets with an original maturity of more than
1 year. The survey results indicate a significant overstatement in the
previously published estimates of foreign holdings of U.S. long-term debt
instruments. When foreign holdings are restated to new, lower amounts,
estimates of interest payments related to them are also reduced. This reduction
in interest payments lowers the current-account deficit for 1995-2001. The
reduction in the current-account deficit attributable to lower interest payments
rises from $4.0 billion in 1995 to $29.3 billion in 2001. These revisions cause
the balance on income to shift to a surplus from a deficit for each year in the
1998-2001 period, but the revisions do not alter the long-run trend in the
current-account deficit.
The overstatement in debt positions for foreign holdings of U.S. Treasury
securities, of U.S. federally sponsored agency securities, and of U.S. corporate
bonds also indicates that the transactions reporting system used as the basis
for estimates between benchmark surveys overstated the amount of gross purchases
by foreigners relative to their gross sales. Gross purchases may be overstated,
gross sales understated, or there may be some combination of both. For example,
gross sales may be understated because the transactions reporting system did
not fully capture redemptions of debt that matured, was paid down, or was called
prior to maturity. Consequently, BEA has revised transactions in the
above-mentioned instruments by an amount necessary to account for most of the
overstatement that developed over the 1995-2001 period. The amount of the
revision varies by year but is smaller in earlier years and larger in later
years. As a result, net financial inflows into the United States (net
acquisitions by foreign residents of assets in the United States less net
acquisitions by U.S. residents of assets abroad) are reduced for 1995-2001.
The estimates still indicate large net financial inflows to theUnited States
over the period.
Revised position estimates for the U.S. net international
investment position will be presented in a press release on June 28.
Revised estimates for the detailed components of the U.S. international
transactions accounts for 2000-2001 are shown in table 1. Summary information
on revisions for 1995-2001 is shown in table 2.
The fourth-quarter 2001 international transactions are revised from
previously published estimates. Revisions reflect both newly available source
data for the fourth quarter and changes from all of the above sources of
revision. The current-account deficit was revised to $95.1 billion from $98.8
billion. The goods deficit was virtually unrevised at $100.7 billion; the
services surplus was revised to $12.6 billion from $17.5 billion; the balance
on income was revised to a surplus of $6.5 billion from a deficit of $1.7
billion; and unilateral current transfers were revised to net outflows of $13.6
billion from net outflows of $13.9 billion. Net recorded financial inflows were
revised to $150.7 billion from $157.3 billion.
* * *
Release dates in 2002:
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.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.
June 20, 2002
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2000 2001 2002 Change: Amount of
(Credits +, debits -) 2000r 2001r 2001:IV - Revision
Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 2002:I 2001
Current account
1 Exports of goods and services and income receipts.................................................... 1,417,236 1,281,793 340,178 355,468 360,827 360,765 349,040 331,612 309,477 291,667 291,316 -351 -16,604
2 Exports of goods and services................................................................... 1,064,239 998,022 256,095 265,285 272,698 270,162 266,004 256,766 242,325 232,930 233,609 679 -6,567
3 Goods, balance of payments basis............................................................ 771,994 718,762 184,486 191,411 199,641 196,456 193,284 184,846 173,274 167,358 164,649 -2,709 -2,069
4 Services.................................................................................... 292,245 279,260 71,609 73,874 73,057 73,706 72,720 71,920 69,051 65,572 68,960 3,388 -4,498
5 Transfers under U.S. military agency sales contracts.................................... 13,981 12,220 3,188 3,794 3,342 3,657 2,806 3,227 3,079 3,108 3,002 -106 -593
6 Travel.................................................................................. 82,267 73,119 20,461 21,001 20,300 20,505 20,735 19,803 17,845 14,736 17,167 2,431 824
7 Passenger fares......................................................................... 20,760 18,007 5,013 5,342 5,213 5,192 5,007 4,849 4,522 3,629 4,171 542 273
8 Other transportation.................................................................... 30,137 28,306 7,322 7,595 7,628 7,592 7,495 7,170 6,968 6,674 6,714 40 14
9 Royalties and license fees............................................................. 39,607 38,668 9,757 9,998 9,998 9,854 9,717 9,743 9,537 9,672 10,090 418 -207
10 Other private services................................................................. 104,707 108,109 25,682 25,991 26,343 26,692 26,738 26,927 26,886 27,559 27,621 62 -4,783
11 U.S. Government miscellaneous services................................................. 786 831 186 153 233 214 222 201 214 194 195 1 -26
12 Income receipts................................................................................. 352,997 283,771 84,083 90,183 88,129 90,603 83,036 74,846 67,152 58,737 57,707 -1,030 -10,037
13 Income receipts on U.S.-owned assets abroad................................................ 350,656 281,389 83,508 89,600 87,541 90,008 82,444 74,253 66,555 58,137 57,096 -1,041 -9,953
14 Direct investment receipts............................................................. 149,677 125,996 36,531 38,502 36,721 37,924 35,270 33,078 30,211 27,436 28,143 707 -6,655
15 Other private receipts................................................................. 197,133 151,832 45,911 49,959 49,975 51,288 46,281 40,398 35,494 29,659 28,174 -1,485 -3,343
16 U.S. Government receipts............................................................... 3,846 3,561 1,066 1,139 845 796 893 777 850 1,042 779 -263 45
17 Compensation of employees.................................................................. 2,341 2,382 575 583 588 595 592 593 597 600 611 11 -84
18 Imports of goods and services and income payments.................................................... -1,774,135 -1,625,701 -422,527 -441,206 -455,079 -455,329 -445,154 -418,930 -388,448 -373,174 -387,953 -14,779 39,624
19 Imports of goods and services................................................................... -1,442,920 -1,356,312 -343,267 -357,212 -371,024 -371,420 -363,164 -350,090 -322,103 -320,958 -328,467 -7,509 -3,913
20 Goods, balance of payments basis............................................................ -1,224,417 -1,145,927 -290,941 -303,581 -314,779 -315,116 -306,316 -292,565 -279,025 -268,021 -271,073 -3,052 1,519
21 Services.................................................................................... -218,503 -210,385 -52,326 -53,631 -56,245 -56,304 -56,848 -57,525 -43,078 -52,937 -57,394 -4,457 -5,432
22 Direct defense expenditures............................................................. -13,560 -15,198 -3,262 -3,382 -3,541 -3,375 -3,548 -3,512 -3,785 -4,353 -4,350 3 -423
23 Travel.................................................................................. -64,788 -60,117 -16,399 -16,123 -16,075 -16,191 -16,003 -16,698 -14,468 -12,948 -14,710 -1,762 -1,196
24 Passenger fares......................................................................... -24,306 -22,418 -5,805 -6,146 -6,226 -6,129 -5,810 -6,213 -5,944 -4,451 -5,128 -677 989
25 Other transportation.................................................................... -41,598 -38,823 -9,767 -10,183 -10,871 -10,780 -10,521 -10,130 -9,178 -8,997 -9,018 -21 -593
26 Royalties and license fees............................................................. -16,115 -16,359 -3,636 -3,763 -4,556 -4,159 -4,097 -4,038 -4,113 -4,110 -4,734 -624 40
27 Other private services................................................................. -55,253 -54,588 -12,747 -13,316 -14,233 -14,958 -16,146 -16,208 -4,864 -17,371 -18,713 -1,342 -4,299
28 U.S. Government miscellaneous services................................................. -2,883 -2,882 -710 -718 -743 -712 -723 -726 -726 -707 -741 -34 50
29 Income payments................................................................................. -331,215 -269,389 -79,260 -83,994 -84,055 -83,909 -81,990 -68,840 -66,345 -52,216 -59,486 -7,270 43,537
30 Income payments on foreign-owned assets in the United States............................... -323,005 -260,850 -77,240 -81,940 -82,028 -81,799 -79,881 -66,727 -64,210 -50,035 -57,247 -7,212 44,246
31 Direct investment payments............................................................. -60,815 -23,401 -16,778 -16,769 -14,430 -12,840 -13,021 -5,246 -6,303 1,166 -7,239 -8,405 14,029
32 Other private payments................................................................. -179,217 -156,784 -40,569 -44,614 -46,617 -47,417 -45,512 -40,886 -38,156 -32,230 -31,500 730 6,569
33 U.S. Government payments............................................................... -82,973 -80,665 -19,893 -20,557 -20,981 -21,542 -21,348 -20,595 -19,751 -18,971 -18,508 463 23,648
34 Compensation of employees.................................................................. -8,210 -8,539 -2,020 -2,054 -2,027 -2,110 -2,109 -2,113 -2,135 -2,181 -2,239 -58 -709
35 Unilateral current transfers, net.................................................................... -53,442 -49,463 -11,749 -12,349 -12,925 -16,418 -11,608 -11,916 -12,360 -13,579 -15,850 -2,271 1,038
36 U.S. Government grants.......................................................................... -16,821 -11,628 -2,912 -3,232 -3,634 -7,043 -2,419 -2,522 -2,905 -3,782 -6,373 -2,591 -294
37 U.S. Government pensions and other transfers.................................................... -4,705 -5,798 -1,168 -1,179 -1,183 -1,177 -1,316 -1,291 -1,305 -1,886 -1,368 518 6
38 Private remittances and other transfers......................................................... -31,916 -32,037 -7,669 -7,938 -8,108 -8,198 -7,873 -8,103 -8,150 -7,911 -8,109 -198 1,326
June 20, 2002
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2000 2001 2002 Change: Amount of
(Credits +, debits -) 2000r 2001r 2001:I Revision
Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 2002:I 2001
Capital and financial account
Capital account
39 Capital account transactions, net.................................................................... 837 826 210 206 207 214 208 207 206 205 201 -4 100
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))....................................... -606,489 -370,962 -228,888 -110,470 -93,029 -174,104 -215,815 -80,036 24,978 -100,088 -13,881 86,207 68,601
41 U.S. official reserve assets, net................................................................ -290 -4,911 -554 2,020 -346 -1,410 190 -1,343 -3,559 -199 390 589 ....
42 Gold........................................................................................ .... .... .... .... .... .... .... .... .... .... .... .... ....
43 Special drawing rights...................................................................... -722 -630 -180 -180 -182 -180 -189 -156 -145 -140 -109 31 ....
44 Reserve position in the International Monetary Fund......................................... 2,308 -3,600 -237 2,328 1,300 -1,083 574 -1,015 -3,242 83 652 569 ....
45 Foreign currencies.......................................................................... -1,876 -681 -137 -128 -1,464 -147 -195 -172 -172 -142 -153 -11 ....
46 U.S. Government assets, other than official reserve assets, net.................................. -941 -486 -127 -570 114 -358 77 -783 77 143 239 96 87
47 U.S. credits and other long-term assets..................................................... -5,182 -4,431 -1,750 -1,371 -1,051 -1,010 -1,094 -1,330 -1,011 -996 -725 271 19
48 Repayments on U.S. credits and other long-term assets....................................... 4,265 3,873 1,329 860 1,266 810 1,071 573 1,118 1,111 963 -148 72
49 U.S. foreign currency holdings and U.S. short-term assets, net.............................. -24 72 294 -59 -101 -158 100 -26 -30 28 1 -27 -4
50 U.S. private assets, net......................................................................... -605,258 -365,565 -228,207 -111,920 -92,797 -172,336 -216,082 -77,910 28,460 -100,032 -14,510 85,522 68,514
51 Direct investment........................................................................... -178,294 -127,840 -45,532 -51,550 -41,082 -40,132 -23,514 -35,131 -41,724 -27,470 -22,533 4,937 28,179
52 Foreign securities.......................................................................... -127,502 -94,662 -27,417 -39,744 -33,936 -26,405 -26,895 -51,764 10,087 -26,090 2,047 28,137 2,999
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns............................................................... -150,805 -14,358 -87,048 -25,117 -16,128 -22,512 -51,759 9,670 -9,479 37,210 -4,030 -41,240 61,709
54 U.S. claims reported by U.S. banks, not included elsewhere.................................. -148,657 -128,705 -68,210 4,491 -1,651 -83,287 -113,914 -685 69,576 -83,682 10,006 93,688 -24,373
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))....................... 1,015,986 752,806 240,723 245,787 244,933 284,544 302,510 181,610 17,889 250,797 113,315 -137,482 -142,653
56 Foreign official assets in the United States, net................................................ 37,640 5,224 22,711 6,563 12,904 -4,538 4,087 -20,831 16,882 5,086 9,034 3,948 -868
57 U.S. Government securities.................................................................. 30,676 31,665 24,311 6,334 5,271 -5,240 2,547 -10,866 15,594 24,390 6,714 -17,676 -15
58 U.S. Treasury securities................................................................ -10,233 10,745 16,204 -4,000 -9,001 -13,436 -1,027 -20,798 15,810 16,760 -582 -17,342 -15
59 Other................................................................................... 40,909 20,920 8,107 10,334 14,272 8,196 3,574 9,932 -216 7,630 7,296 -334 ....
60 Other U.S. Government liabilities........................................................... -1,909 -1,882 -261 -884 -233 -531 -676 -791 89 -504 -790 -286 600
61 U.S. liabilities reported by U.S. banks, not included elsewhere............................. 5,746 -30,278 -2,270 209 7,554 253 1,213 -10,202 -782 -20,507 2,384 22,891 -1,453
62 Other foreign official assets............................................................... 3,127 5,719 931 904 312 980 1,003 1,028 1,981 1,707 726 -981 ....
63 Other foreign assets in the United States, net................................................... 978,346 747,582 218,012 239,224 232,029 289,082 298,423 202,441 1,007 245,711 104,281 -141,430 -141,785
64 Direct investment........................................................................... 307,747 130,796 44,296 96,139 83,478 83,835 43,589 51,102 14,208 21,897 25,704 3,807 -27,140
65 U.S. Treasury securities.................................................................... -76,965 -7,670 -15,203 -26,484 -19,013 -16,265 -4,744 -14,685 -15,470 27,229 -5,682 -32,911 -23,449
66 U.S. securities other than U.S. Treasury securities......................................... 455,213 407,653 129,278 87,088 120,880 117,967 129,990 113,556 64,787 99,320 70,329 -28,991 -90,780
67 U.S. currency............................................................................... 1,129 23,783 -6,847 989 757 6,230 2,311 2,772 8,203 10,497 4,525 -5,972 ....
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns............................................................... 174,251 82,353 76,305 27,645 17,471 52,830 111,644 -5,307 -25,154 1,170 34,704 33,534 -15,869
69 U.S. liabilities reported by U.S. banks, not included elsewhere............................. 116,971 110,667 -9,817 53,847 28,456 44,485 15,633 55,003 -45,567 85,598 -25,299 -110,897 15,453
70 Statistical discrepancy (sum of above items with sign reversed)...................................... 7 10,701 82,053 -37,436 -44,934 328 20,819 -2,547 48,258 -55,828 12,852 68,680 49,894
Memoranda:
71 Balance on goods (lines 3 and 20).................................................................... -452,423 -427,165 -106,455 -112,170 -115,138 -118,660 -113,032 -107,719 -105,751 -100,663 -106,424 -5,761 -550
72 Balance on services (lines 4 and 21)................................................................. 73,742 68,875 19,283 20,243 16,812 17,402 15,872 14,395 25,973 12,635 11,566 -1,069 -9,930
73 Balance on goods and services (lines 2 and 19)....................................................... -378,681 -358,290 -87,172 -91,927 -98,326 -101,258 -97,160 -93,324 -79,778 -88,028 -94,858 -6,830 -10,480
74 Balance on income (lines 12 and 29).................................................................. 21,782 14,382 4,823 6,189 4,074 6,694 1,046 6,006 807 6,521 -1,779 -8,300 33,500
75 Unilateral current transfers, net (line 35).......................................................... -53,442 -49,463 -11,749 -12,349 -12,925 -16,418 -11,608 -11,916 -12,360 -13,579 -15,850 -2,271 1,038
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)............................. -410,341 -393,371 -94,098 -98,087 -107,177 -110,982 -107,722 -99,234 -91,331 -95,086 -112,487 -17,401 24,058
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
June 20, 2002
Table 2.--Revisions to U.S. International Transactions
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services Imports of goods and services
and income receipts and income payments Unilateral current transfers, net Balance on current account Net financial flows
Previously Previously Previously Previously Previously
published Revised Revision published Revised Revision published Revised Revision published Revised Revision published Revised Revision
1995...... 1,005,935 1,005,935 .... -1,081,776 -1,077,701 4,075 -34,057 -34,057 .... -109,898 -105,823 4,075 113,308 86,186 -27,122
1996...... 1,077,966 1,077,966 .... -1,158,822 -1,155,706 3,116 -40,081 -40,081 .... -120,937 -117,821 3,116 172,115 137,173 -34,942
1997...... 1,195,538 1,195,538 .... -1,294,553 -1,283,116 11,437 -40,794 -40,794 .... -139,809 -128,372 11,437 271,691 219,210 -52,481
1998...... 1,191,932 1,192,045 113 -1,364,962 -1,351,363 13,599 -44,427 -44,509 -82 -217,457 -203,827 13,630 144,832 63,809 -81,023
1999...... 1,242,655 1,247,682 5,027 -1,518,106 -1,491,781 26,325 -48,913 -48,757 156 -324,364 -292,856 31,508 376,677 264,910 -111,767
2000...... 1,418,568 1,417,236 -1,332 -1,809,099 -1,774,135 34,964 -54,136 -53,442 694 -444,667 -410,341 34,326 443,266 409,497 -33,769
2001...... 1,298,397 1,281,793 -16,604 -1,665,325 -1,625,701 39,624 -50,501 -49,463 1,038 -417,429 -393,371 24,058 455,896 381,844 -74,052
1995: I... 241,599 241,599 .... -263,058 -261,741 1,317 -8,577 -8,577 .... -30,036 -28,719 1,317 38,300 32,965 -5,335
249,063 249,063 .... -272,905 -271,787 1,118 -8,080 -8,080 .... -31,922 -30,804 1,118 10,946 4,190 -6,756
255,633 255,633 .... -273,684 -272,735 949 -8,460 -8,460 .... -26,511 -25,562 949 77,518 69,607 -7,911
259,636 259,636 .... -272,130 -271,439 691 -8,939 -8,939 .... -21,433 -20,742 691 -13,454 -20,574 -7,120
1996: I... 262,927 262,927 .... -277,198 -276,913 285 -10,519 -10,519 .... -24,790 -24,505 285 15,348 4,319 -11,029
266,859 266,859 .... -287,257 -286,958 299 -8,744 -8,744 .... -29,142 -28,843 299 41,381 32,893 -8,488
267,240 267,240 .... -294,437 -293,473 964 -8,940 -8,940 .... -36,137 -35,173 964 59,826 52,434 -7,392
280,934 280,934 .... -299,931 -298,363 1,568 -11,878 -11,878 .... -30,875 -29,307 1,568 55,562 47,529 -8,033
1997: I... 287,373 287,373 .... -312,810 -310,740 2,070 -9,054 -9,054 .... -34,491 -32,421 2,070 31,663 20,792 -10,871
300,459 300,459 .... -321,005 -317,828 3,177 -9,280 -9,280 .... -29,826 -26,649 3,177 59,738 47,103 -12,635
305,114 305,114 .... -328,883 -325,650 3,233 -9,561 -9,561 .... -33,330 -30,097 3,233 62,527 47,940 -14,587
302,595 302,595 .... -331,858 -328,901 2,957 -12,902 -12,902 .... -42,165 -39,208 2,957 117,759 103,371 -14,388
1998: I... 301,933 301,808 -125 -335,558 -332,743 2,815 -9,866 -9,900 -34 -43,491 -40,835 2,656 20,717 3,281 -17,436
298,319 298,310 -9 -340,566 -337,467 3,099 -10,154 -10,134 20 -52,401 -49,291 3,110 33,290 15,106 -18,184
291,449 291,511 62 -341,256 -338,013 3,243 -10,731 -10,775 -44 -60,538 -57,277 3,261 36,001 15,665 -20,336
300,229 300,414 185 -347,583 -343,142 4,441 -13,671 -13,699 -28 -61,025 -56,427 4,598 54,822 29,755 -25,067
1999: I... 296,210 297,111 901 -351,607 -345,676 5,931 -11,051 -11,107 -56 -66,448 -59,672 6,776 87,101 35,328 -51,773
302,880 303,765 885 -368,662 -362,299 6,363 -11,596 -11,614 -18 -77,378 -70,148 7,230 107,340 72,003 -35,337
315,099 316,533 1,434 -391,401 -385,035 6,366 -11,761 -11,641 120 -88,063 -80,143 7,920 57,188 39,590 -17,598
328,467 330,273 1,806 -406,437 -398,776 7,661 -14,504 -14,393 111 -92,474 -82,896 9,578 125,051 117,992 -7,059
2000: I... 339,645 340,178 533 -432,624 -422,527 10,097 -11,924 -11,749 175 -104,903 -94,098 10,805 58,677 11,835 -46,842
355,075 355,468 393 -450,748 -441,206 9,542 -12,461 -12,349 112 -108,134 -98,087 10,047 156,434 135,317 -21,117
361,236 360,827 -409 -463,461 -455,079 8,382 -13,080 -12,925 155 -115,305 -107,177 8,128 114,381 151,904 37,523
362,617 360,765 -1,852 -462,268 -455,329 6,939 -16,673 -16,418 255 -116,324 -110,982 5,342 113,773 110,440 -3,333
2001: I... 354,158 349,040 -5,118 -454,461 -445,154 9,307 -11,826 -11,608 218 -112,129 -107,722 4,407 103,704 86,695 -17,009
335,722 331,612 -4,110 -431,524 -418,930 12,594 -12,130 -11,916 214 -107,932 -99,234 8,698 154,570 101,574 -52,996
312,333 309,477 -2,856 -398,195 -388,448 9,747 -12,669 -12,360 309 -98,531 -91,331 7,200 40,275 42,867 2,592
296,191 291,667 -4,524 -381,150 -373,174 7,976 -13,876 -13,579 297 -98,835 -95,086 3,749 157,346 150,709 -6,637
NOTE:--Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis
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