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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 02-27
Recorded Message: 606-5362
U.S. International Transactions: Second 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 $130.0
billion (preliminary) in the second quarter of 2002 from $112.5 billion (revised)
in the first quarter, according to the U.S. Bureau of Economic Analysis.
Increases in the deficit on goods and services and in the deficit on income more
than offset a decrease in net outflows for unilateral current transfers.
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 $110.6 billion in the second
quarter from $95.5 billion in the first.
Goods
The deficit on goods increased to $122.6 billion in the second quarter from
$106.4 billion in the first.
Goods exports increased to $172.7 billion from $164.6 billion. The largest
increases were in industrial supplies and materials, in capital goods, and in
automotive products.
Goods imports increased to $295.3 billion from $271.1 billion. Petroleum and
products increased strongly, largely as a result of an increase in petroleum
prices. Nonpetroleum products also increased strongly; the largest increases
were in consumer goods and in automotive products.
Services
The surplus on services increased to $12.0 billion in the second quarter from
$10.9 billion in the first.
Services receipts increased to $71.1 billion from $68.6 billion. Much of the
increase was accounted for by increases in "other" private services and in
royalties and license fees.
Services payments increased to $59.0 billion from $57.7 billion. Much of the
increase was accounted for by increases in "other" transportation and in "other"
private services.
Income
The deficit on income increased to $6.3 billion in the second quarter from
$0.9 billion in the first.
Investment income
Income receipts on U.S.-owned assets abroad increased to
$60.0 billion from $57.5 billion. Nearly all of the increase was attributable
to an increase in direct investment receipts.
Income payments on foreign-owned assets in the United States increased to
$64.6 billion from $56.8 billion. Most of the increase was accounted for by an
increase in direct investment payments; "other" private payments and U.S.
Government payments also increased.
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 edged up to $2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $13.1 billion in the second
quarter, down from net outflows of $16.0 billion in the first. The decrease was
more than accounted for by a decrease in U.S. Government grants.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.2 billion in the second
quarter, virtually 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 $80.4 billion in the second quarter, compared with $87.6 billion
(revised) in the first. Financial outflows for U.S.-owned assets abroad
increased more than financial inflows for foreign-owned assets in the United
States.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $140.8 billion in the second quarter,
following an increase of $25.9 billion in the first.
U.S. claims on foreigners reported by U.S. banks increased $72.7 billion in
the second quarter, in contrast to a decrease of $0.7 billion in the first.
Banks' own claims increased strongly, and banks' domestic customers' claims
also increased.
Transactions in foreign securities shifted to net U.S. purchases of $10.0
billion in the second quarter from net U.S. sales of $2.0 billion in the first.
Transactions in foreign stocks shifted to net U.S. purchases of $20.2 billion
from net U.S. sales of $1.5 billion; transactions with several foreign countries
shifted to net U.S. purchases. Net U.S. sales of foreign bonds were $10.2
billion, up from $0.6 billion, partly reflecting an increase in net U.S. sales
of outstanding foreign bonds.
Net financial outflows for U.S. direct investment abroad were $29.4 billion
in the second quarter, up slightly from $29.3 billion in the first. An
increase in net intercompany debt outflows more than offset a decrease in net
equity capital outflows and a slight reduction in reinvested earnings.
U.S. official reserve assets increased $1.8 billion in the second quarter,
in contrast to a decrease of $0.4 billion in the first.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $221.2 billion in the
second quarter, following an increase of $113.5 billion in the first.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S.
Treasury securities, increased $34.9 billion in the second quarter, in contrast
to a decrease of $11.1 billion in the first. The second-quarter increase was
largely to banks' offices in the Caribbean.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $103.8 billion in the second quarter, up from $71.1 billion in the first.
Net foreign purchases of U.S. stocks were $11.4 billion, down from $25.0
billion. Net foreign purchases of U.S. corporate and other bonds were a record
$92.3 billion, up from $46.1 billion; net foreign purchases of U.S.agency bonds
rose sharply, and net foreign purchases of U.S. corporate bonds also increased.
Transactions in U.S. Treasury securities shifted to net foreign purchases of
$1.4 billion in the second quarter from net foreign sales of $7.3 billion in
the first.
Net financial inflows for foreign direct investment in the United States were
$1.0 billion in the second quarter, down from $16.2 billion in the first. The
decrease was largely accounted for by a shift in intercompany debt to net
outflows from net inflows. A decrease in net equity capital inflows
contributed to the decline. In contrast, reinvested earnings became positive.
Net U.S. currency shipments to foreigners were $7.2 billion in the second
quarter, up from $4.5 billion in the first.
Foreign official assets in the United States increased $47.1 billion in the
second quarter, following an increase of $7.6 billion in the first. Industrial
and developing countries each accounted for about half of the second-quarter
increase.
The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $49.4 billion in the second quarter, following a positive $24.7
billion in the first.
In the second quarter, the U.S. dollar depreciated 4 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 virtually unrevised at
$112.5 billion. The goods deficit was unrevised at $106.4 billion; the
services surplus was revised to $10.9 billion from $11.6 billion; the deficit
on income was revised to $0.9 billion from $1.8 billion; and unilateral current
transfers were revised to net outflows of $16.0 billion from net outflows of
$15.9 billion. Net recorded financial inflows were revised to $87.6 billion
from $99.4 billion.
* * *
Next release:
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.
September 12, 2002
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2001 2002 Change:
(Credits +, debits -) 2001 2002
I II III IV Ir IIp I-II
Current account
1 Exports of goods and services and income receipts........................................ 1,281,793 349,040 331,612 309,477 291,667 291,348 304,359 13,011
2 Exports of goods and services....................................................... 998,022 266,004 256,766 242,325 232,930 233,252 243,752 10,500
3 Goods, balance of payments basis................................................ 718,762 193,284 184,846 173,274 167,358 164,649 172,676 8,027
4 Services........................................................................ 279,260 72,720 71,920 69,051 65,572 68,603 71,076 2,473
5 Transfers under U.S. military agency sales contracts........................ 12,220 2,806 3,227 3,079 3,108 2,990 3,117 127
6 Travel...................................................................... 73,119 20,735 19,803 17,845 14,736 17,038 17,200 162
7 Passenger fares............................................................. 18,007 5,007 4,849 4,522 3,629 4,171 4,209 38
8 Other transportation........................................................ 28,306 7,495 7,170 6,968 6,674 6,805 7,027 222
9 Royalties and license fees................................................. 38,668 9,717 9,743 9,537 9,672 9,931 10,490 559
10 Other private services..................................................... 108,109 26,738 26,927 26,886 27,559 27,473 28,834 1,361
11 U.S. Government miscellaneous services..................................... 831 222 201 214 194 195 199 4
12 Income receipts..................................................................... 283,771 83,036 74,846 67,152 58,737 58,096 60,607 2,511
13 Income receipts on U.S.-owned assets abroad.................................... 281,389 82,444 74,253 66,555 58,137 57,485 59,993 2,508
14 Direct investment receipts................................................. 125,996 35,270 33,078 30,211 27,436 28,679 31,145 2,466
15 Other private receipts..................................................... 151,832 46,281 40,398 35,494 29,659 27,994 28,162 168
16 U.S. Government receipts................................................... 3,561 893 777 850 1,042 812 686 -126
17 Compensation of employees...................................................... 2,382 592 593 597 600 611 614 3
18 Imports of goods and services and income payments........................................ -1,625,701 -445,154 -418,930 -388,448 -373,174 -387,786 -421,258 -33,472
19 Imports of goods and services....................................................... -1,356,312 -363,164 -350,090 -322,103 -320,958 -328,744 -354,365 -25,621
20 Goods, balance of payments basis................................................ -1,145,927 -306,316 -292,565 -279,025 -268,021 -271,073 -295,316 -24,243
21 Services........................................................................ -210,385 -56,848 -57,525 -43,078 -52,937 -57,671 -59,049 -1,378
22 Direct defense expenditures................................................. -15,198 -3,548 -3,512 -3,785 -4,353 -4,488 -4,750 -262
23 Travel...................................................................... -60,117 -16,003 -16,698 -14,468 -12,948 -14,587 -14,682 -95
24 Passenger fares............................................................. -22,418 -5,810 -6,213 -5,944 -4,451 -5,113 -5,126 -13
25 Other transportation........................................................ -38,823 -10,521 -10,130 -9,178 -8,997 -8,858 -9,747 -889
26 Royalties and license fees................................................. -16,359 -4,097 -4,038 -4,113 -4,110 -4,764 -4,522 242
27 Other private services..................................................... -54,588 -16,146 -16,208 -4,864 -17,371 -19,120 -19,497 -377
28 U.S. Government miscellaneous services..................................... -2,882 -723 -726 -726 -707 -741 -725 16
29 Income payments..................................................................... -269,389 -81,990 -68,840 -66,345 -52,216 -59,042 -66,893 -7,851
30 Income payments on foreign-owned assets in the United States................... -260,850 -79,881 -66,727 -64,210 -50,035 -56,803 -64,621 -7,818
31 Direct investment payments................................................. -23,401 -13,021 -5,246 -6,303 1,166 -6,610 -13,474 -6,864
32 Other private payments..................................................... -156,784 -45,512 -40,886 -38,156 -32,230 -31,679 -32,475 -796
33 U.S. Government payments................................................... -80,665 -21,348 -20,595 -19,751 -18,971 -18,514 -18,672 -158
34 Compensation of employees...................................................... -8,539 -2,109 -2,113 -2,135 -2,181 -2,239 -2,272 -33
35 Unilateral current transfers, net........................................................ -49,463 -11,608 -11,916 -12,360 -13,579 -16,016 -13,060 2,956
36 U.S. Government grants.............................................................. -11,628 -2,419 -2,522 -2,905 -3,782 -6,273 -3,111 3,162
37 U.S. Government pensions and other transfers........................................ -5,798 -1,316 -1,291 -1,305 -1,886 -1,348 -1,357 -9
38 Private remittances and other transfers............................................. -32,037 -7,873 -8,103 -8,150 -7,911 -8,395 -8,592 -197
September 12, 2002
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2001 2002 Change:
(Credits +, debits -) 2001 2002
I II III IV Ir IIp I-II
Capital and financial account
Capital account
39 Capital account transactions, net........................................................ 826 208 207 206 205 208 200 -8
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................... -370,962 -215,815 -80,036 24,978 -100,088 -25,918 -140,833 -114,915
41 U.S. official reserve assets, net.................................................... -4,911 190 -1,343 -3,559 -199 390 -1,843 -2,233
42 Gold........................................................................... ..... .... .... .... .... .... .... ....
43 Special drawing rights.......................................................... -630 -189 -156 -145 -140 -109 -107 2
44 Reserve position in the International Monetary Fund............................. -3,600 574 -1,015 -3,242 83 652 -1,607 -2,259
45 Foreign currencies.............................................................. -681 -195 -172 -172 -142 -153 -129 24
46 U.S. Government assets, other than official reserve assets, net...................... -486 77 -783 77 143 133 12 -121
47 U.S. credits and other long-term assets......................................... -4,431 -1,094 -1,330 -1,011 -996 -853 -565 288
48 Repayments on U.S. credits and other long-term assets........................... 3,873 1,071 573 1,118 1,111 994 553 -441
49 U.S. foreign currency holdings and U.S. short-term assets, net.................. 72 100 -26 -30 28 -8 24 32
50 U.S. private assets, net............................................................. -365,565 -216,082 -77,910 28,460 -100,032 -26,441 -139,002 -112,561
51 Direct investment............................................................... -127,840 -23,514 -35,131 -41,724 -27,470 -29,280 -29,363 -83
52 Foreign securities.............................................................. -94,662 -26,895 -51,764 10,087 -26,090 2,047 -9,987 -12,034
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns................................................... -14,358 -51,759 9,670 -9,479 37,210 65 -26,976 -27,041
54 U.S. claims reported by U.S. banks, not included elsewhere...................... -128,705 -113,914 -685 69,576 -83,682 727 -72,676 -73,403
55 Foreign-owned assets in the United States, net
(increase/financial inflow (+))...................................................... 752,806 302,510 181,610 17,889 250,797 113,496 221,213 107,717
56 Foreign official assets in the United States, net.................................... 5,224 4,087 -20,831 16,882 5,086 7,641 47,062 39,421
57 U.S. Government securities...................................................... 31,665 2,547 -10,866 15,594 24,390 6,714 21,741 15,027
58 U.S. Treasury securities.................................................... 10,745 -1,027 -20,798 15,810 16,760 -582 15,193 15,775
59 Other....................................................................... 20,920 3,574 9,932 -216 7,630 7,296 6,548 -748
60 Other U.S. Government liabilities............................................... -1,882 -676 -791 89 -504 -790 -20 770
61 U.S. liabilities reported by U.S. banks, not included elsewhere................. -30,278 1,213 -10,202 -782 -20,507 991 24,415 23,424
62 Other foreign official assets................................................... 5,719 1,003 1,028 1,981 1,707 726 926 200
63 Other foreign assets in the United States, net....................................... 747,582 298,423 202,441 1,007 245,711 105,855 174,151 68,296
64 Direct investment............................................................... 130,796 43,589 51,102 14,208 21,897 16,223 966 -15,257
65 U.S. Treasury securities........................................................ -7,670 -4,744 -14,685 -15,470 27,229 -7,282 1,386 8,668
66 U.S. securities other than U.S. Treasury securities............................. 407,653 129,990 113,556 64,787 99,320 71,095 103,771 32,676
67 U.S. currency................................................................... 23,783 2,311 2,772 8,203 10,497 4,525 7,183 2,658
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns................................................... 82,353 111,644 -5,307 -25,154 1,170 32,345 25,956 -6,389
69 U.S. liabilities reported by U.S. banks, not included elsewhere................. 110,667 15,633 55,003 -45,567 85,598 -11,051 34,889 45,940
70 Statistical discrepancy (sum of above items with sign reversed).......................... 10,701 20,819 -2,547 48,258 -55,828 24,668 49,379 24,711
Memoranda:
71 Balance on goods (lines 3 and 20)........................................................ -427,165 -113,032 -107,719 -105,751 -100,663 -106,424 -122,640 -16,216
72 Balance on services (lines 4 and 21)..................................................... 68,875 15,872 14,395 25,973 12,635 10,932 12,027 1,095
73 Balance on goods and services (lines 2 and 19)........................................... -358,290 -97,160 -93,324 -79,778 -88,028 -95,492 -110,613 -15,121
74 Balance on income (lines 12 and 29)...................................................... 14,382 1,046 6,006 807 6,521 -946 -6,286 -5,340
75 Unilateral current transfers, net (line 35).............................................. -49,463 -11,608 -11,916 -12,360 -13,579 -16,016 -13,060 2,956
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)................. -393,371 -107,722 -99,234 -91,331 -95,086 -112,454 -129,959 -17,505
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
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