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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 02-37
Recorded Message: 606-5362
U.S. International Transactions: Third 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--was $127.0 billion
(preliminary) in the third quarter of 2002, little changed from $127.6 billion
(revised) in the second quarter, according to the U.S. Bureau of Economic
Analysis. A decrease in the deficit on income more than offset increases in
the deficit on goods and services and 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 $110.9 billion in the third
quarter from $109.3 billion in the second, as imports of goods and services
increased more than exports of goods and services.
Goods
The deficit on goods increased to $123.2 billion in the third quarter
from $122.5 billion in the second.
Goods exports increased to $175.7 billion from $172.4 billion. The increase
was largely accounted for by increases in civilian aircraft, in automotive
products, and in consumer goods.
Goods imports increased to $298.9 billion from $294.9 billion. Nonpetroleum
products increased, largely as a result of increases in consumer goods, in
nonpetroleum industrial supplies and materials, and in automotive products.
Petroleum and products also increased.
Services
The surplus on services decreased to $12.3 billion in the third
quarter from $13.2 billion in the second.
Services receipts increased to $73.7 billion from $72.1 billion. The
largest increase was in "other" private services (which includes items such as
business, professional, and technical services; insurance services; and
financial services).
Services payments increased to $61.4 billion from $59.0 billion. Most
services categories increased, and the largest increase was in "other" private
services.
Income
The balance on income was a deficit of $3.0 billion in the third quarter,
compared to a deficit of $5.3 billion in the second. Major contributors to
the reduction in the deficit were an increase in direct investment receipts
and a decrease in "other" private payments (income on banking and nonbanking
balances and on securities holdings); these contributors were partly offset
by an increase in direct investment payments.
Investment income
Income receipts on U.S.-owned assets abroad increased to
$62.9 billion from $60.1 billion. The increase was more than accounted for
by a large increase in direct investment receipts.
Income payments on foreign-owned assets in the United States increased to
$64.2 billion from $63.7 billion. A large increase in direct investment
payments was mostly offset by decreases in U.S. Government payments and in
"other" private payments.
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 down to $2.2 billion.
Unilateral current transfers
Unilateral current transfers (which includes items such as U.S. Government
grants and institutional remittances) were net outflows of $13.2 billion in
the third quarter, up from net outflows of $13.0 billion in the second.
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 $172.4 billion in the third quarter, compared with $73.2 billion
(revised) in the second.
U.S.-owned assets abroad
U.S.-owned assets abroad decreased $23.9 billion in the third quarter, in
contrast to an increase of $131.1 billion in the second.
U.S. claims on foreigners reported by U.S. banks decreased $46.4 billion
in the third quarter, in contrast to an increase of $68.7 billion in the
second. Interbank claims fell sharply.
Transactions in foreign securities shifted to net U.S. sales of $18.3
billion in the third quarter from net U.S. purchases of $9.7 billion in the
second. Transactions in foreign stocks shifted to net U.S. sales of $12.7
billion from net U.S. purchases of $19.9 billion; transactions with most
foreign countries shifted to net U.S. sales. Net U.S. sales of foreign bonds
were $5.6 billion, down from $10.2 billion.
Net financial outflows for U.S. direct investment abroad were $27.5 billion
in the third quarter, down from $34.3 billion in the second. A shift in
intercompany debt to net inflows from net outflows more than offset increases
in net equity capital outflows and in reinvested earnings.
U.S. official reserve assets increased $1.4 billion in the third quarter,
following an increase of $1.8 billion in the second.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $148.5 billion in the
third quarter, following an increase of $204.3 billion in the second.
U.S. liabilities to foreigners reported by U.S. banks, excluding U.S.
Treasury securities, increased $8.3 billion in the third quarter, following an
increase of $32.2 billion in the second.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $46.6 billion in the third quarter, down from $104.4 billion
in the second. Net foreign purchases of U.S. bonds were $39.2 billion, down
from $93.0 billion; net foreign purchases of U.S. corporate bonds fell
sharply, and net foreign purchases of U.S. agency bonds also declined. Net
foreign purchases of U.S. stocks were $7.4 billion, down from $11.4 billion.
Transactions in U.S. Treasury securities shifted to net foreign purchases
of $54.7 billion in the third quarter from net foreign sales of $5.1 billion
in the second. Third-quarter net foreign purchases were the second highest
on record.
Financial flows for foreign direct investment in the United States shifted
to net inflows of $11.0 billion in the third quarter from net outflows of $2.7
billion in the second. Reinvested earnings and net equity capital inflows
both increased, and net outflows for intercompany debt decreased.
Net U.S. currency shipments to foreigners were $2.6 billion in the third
quarter, down from $7.2 billion in the second.
Foreign official assets in the United States increased $9.3 billion in the
third quarter, following an increase of $47.3 billion in the second.
The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $45.6 billion in the third quarter, in contrast to a positive
$54.2 billion in the second.
In the third quarter, the U.S. dollar depreciated 4 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 $127.6
billion from $130.0 billion. The goods deficit was revised to $122.5 billion
from $122.6 billion; the services surplus was revised to $13.2 billion from
$12.0 billion; the deficit on income was revised to $5.3 billion from
$6.3 billion; and unilateral current transfers were revised to net outflows
of $13.0 billion from net outflows of $13.1 billion. Net recorded financial
inflows were revised to $73.2 billion from $80.4 billion.
* * *
Release dates in 2003:
Fourth quarter and year 2002............................March 14, 2003 (Friday)
First quarter 2003.....................................June 19, 2003 (Thursday)
Second quarter 2003.................................September 15, 2003 (Monday)
Third quarter 2003..................................December 16, 2003 (Tuesday)
* * *
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.
- more -
December 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 I IIr IIIp II-III
Current account
1 Exports of goods and services and income receipts.................................... 1,281,793 349,040 331,612 309,477 291,667 291,348 305,262 312,881 7,619
2 Exports of goods and services................................................... 998,022 266,004 256,766 242,325 232,930 233,252 244,540 249,409 4,869
3 Goods, balance of payments basis............................................ 718,762 193,284 184,846 173,274 167,358 164,649 172,426 175,727 3,301
4 Services.................................................................... 279,260 72,720 71,920 69,051 65,572 68,603 72,114 73,682 1,568
5 Transfers under U.S. military agency sales contracts.................... 12,220 2,806 3,227 3,079 3,108 2,990 3,087 2,922 -165
6 Travel.................................................................. 73,119 20,735 19,803 17,845 14,736 17,038 17,200 17,586 386
7 Passenger fares......................................................... 18,007 5,007 4,849 4,522 3,629 4,171 4,172 4,503 331
8 Other transportation.................................................... 28,306 7,495 7,170 6,968 6,674 6,805 6,986 7,159 173
9 Royalties and license fees............................................. 38,668 9,717 9,743 9,537 9,672 9,931 11,085 11,020 -65
10 Other private services................................................. 108,109 26,738 26,927 26,886 27,559 27,473 29,385 30,292 907
11 U.S. Government miscellaneous services................................. 831 222 201 214 194 195 199 200 1
12 Income receipts................................................................. 283,771 83,036 74,846 67,152 58,737 58,096 60,722 63,472 2,750
13 Income receipts on U.S.-owned assets abroad................................ 281,389 82,444 74,253 66,555 58,137 57,485 60,108 62,854 2,746
14 Direct investment receipts............................................. 125,996 35,270 33,078 30,211 27,436 28,679 30,958 33,763 2,805
15 Other private receipts................................................. 151,832 46,281 40,398 35,494 29,659 27,994 28,486 28,231 -255
16 U.S. Government receipts............................................... 3,561 893 777 850 1,042 812 664 860 196
17 Compensation of employees.................................................. 2,382 592 593 597 600 611 614 618 4
18 Imports of goods and services and income payments....................................-1,625,701 -445,154 -418,930 -388,448 -373,174 -387,786 -419,862 -426,701 -6,839
19 Imports of goods and services...................................................-1,356,312 -363,164 -350,090 -322,103 -320,958 -328,744 -353,853 -360,270 -6,417
20 Goods, balance of payments basis............................................-1,145,927 -306,316 -292,565 -279,025 -268,021 -271,073 -294,893 -298,903 -4,010
21 Services.................................................................... -210,385 -56,848 -57,525 -43,078 -52,937 -57,671 -58,960 -61,367 -2,407
22 Direct defense expenditures............................................. -15,198 -3,548 -3,512 -3,785 -4,353 -4,488 -4,766 -5,005 -239
23 Travel.................................................................. -60,117 -16,003 -16,698 -14,468 -12,948 -14,587 -14,454 -14,995 -541
24 Passenger fares......................................................... -22,418 -5,810 -6,213 -5,944 -4,451 -5,113 -5,028 -5,352 -324
25 Other transportation.................................................... -38,823 -10,521 -10,130 -9,178 -8,997 -8,858 -9,739 -9,709 30
26 Royalties and license fees............................................. -16,359 -4,097 -4,038 -4,113 -4,110 -4,764 -4,951 -5,264 -313
27 Other private services................................................. -54,588 -16,146 -16,208 -4,864 -17,371 -19,120 -19,297 -20,317 -1,020
28 U.S. Government miscellaneous services................................. -2,882 -723 -726 -726 -707 -741 -725 -725 ....
29 Income payments................................................................. -269,389 -81,990 -68,840 -66,345 -52,216 -59,042 -66,009 -66,431 -422
30 Income payments on foreign-owned assets in the United States............... -260,850 -79,881 -66,727 -64,210 -50,035 -56,803 -63,737 -64,229 -492
31 Direct investment payments............................................. -23,401 -13,021 -5,246 -6,303 1,166 -6,610 -12,163 -14,942 -2,779
32 Other private payments................................................. -156,784 -45,512 -40,886 -38,156 -32,230 -31,679 -32,943 -31,114 1,829
33 U.S. Government payments............................................... -80,665 -21,348 -20,595 -19,751 -18,971 -18,514 -18,631 -18,173 458
34 Compensation of employees.................................................. -8,539 -2,109 -2,113 -2,135 -2,181 -2,239 -2,272 -2,202 70
35 Unilateral current transfers, net.................................................... -49,463 -11,608 -11,916 -12,360 -13,579 -16,016 -13,011 -13,221 -210
36 U.S. Government grants.......................................................... -11,628 -2,419 -2,522 -2,905 -3,782 -6,273 -3,312 -3,147 165
37 U.S. Government pensions and other transfers.................................... -5,798 -1,316 -1,291 -1,305 -1,886 -1,348 -1,356 -1,368 -12
38 Private remittances and other transfers......................................... -32,037 -7,873 -8,103 -8,150 -7,911 -8,395 -8,343 -8,706 -363
December 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 I IIr IIIp II-III
Capital and financial account
Capital account
39 Capital account transactions, net.................................................... 826 208 207 206 205 208 200 223 23
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))....................... -370,962 -215,815 -80,036 24,978 -100,088 -25,918 -131,079 23,920 154,999
41 U.S. official reserve assets, net................................................ -4,911 190 -1,343 -3,559 -199 390 -1,843 -1,416 427
42 Gold........................................................................ ..... .... .... .... .... .... .... .... ....
43 Special drawing rights...................................................... -630 -189 -156 -145 -140 -109 -107 -132 -25
44 Reserve position in the International Monetary Fund......................... -3,600 574 -1,015 -3,242 83 652 -1,607 -1,136 471
45 Foreign currencies.......................................................... -681 -195 -172 -172 -142 -153 -129 -148 -19
46 U.S. Government assets, other than official reserve assets, net.................. -486 77 -783 77 143 133 42 172 130
47 U.S. credits and other long-term assets..................................... -4,431 -1,094 -1,330 -1,011 -996 -853 -565 -897 -332
48 Repayments on U.S. credits and other long-term assets....................... 3,873 1,071 573 1,118 1,111 994 566 1,190 624
49 U.S. foreign currency holdings and U.S. short-term assets, net.............. 72 100 -26 -30 28 -8 41 -121 -162
50 U.S. private assets, net......................................................... -365,565 -216,082 -77,910 28,460 -100,032 -26,441 -129,278 25,164 154,442
51 Direct investment........................................................... -127,840 -23,514 -35,131 -41,724 -27,470 -29,280 -34,255 -27,463 6,792
52 Foreign securities.......................................................... -94,662 -26,895 -51,764 10,087 -26,090 2,047 -9,675 18,295 27,970
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns............................................... -14,358 -51,759 9,670 -9,479 37,210 65 -16,693 -12,087 4,606
54 U.S. claims reported by U.S. banks, not included elsewhere.................. -128,705 -113,914 -685 69,576 -83,682 727 -68,655 46,419 115,074
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))....... 752,806 302,510 181,610 17,889 250,797 113,496 204,307 148,510 -55,797
56 Foreign official assets in the United States, net................................ 5,224 4,087 -20,831 16,882 5,086 7,641 47,252 9,319 -37,933
57 U.S. Government securities.................................................. 31,665 2,547 -10,866 15,594 24,390 6,714 21,741 12,309 -9,432
58 U.S. Treasury securities................................................ 10,745 -1,027 -20,798 15,810 16,760 -582 15,193 1,424 -13,769
59 Other................................................................... 20,920 3,574 9,932 -216 7,630 7,296 6,548 10,885 4,337
60 Other U.S. Government liabilities........................................... -1,882 -676 -791 89 -504 -790 54 999 945
61 U.S. liabilities reported by U.S. banks, not included elsewhere............. -30,278 1,213 -10,202 -782 -20,507 991 24,531 -4,824 -29,355
62 Other foreign official assets............................................... 5,719 1,003 1,028 1,981 1,707 726 926 835 -91
63 Other foreign assets in the United States, net................................... 747,582 298,423 202,441 1,007 245,711 105,855 157,055 139,191 -17,864
64 Direct investment........................................................... 130,796 43,589 51,102 14,208 21,897 16,223 -2,704 11,037 13,741
65 U.S. Treasury securities.................................................... -7,670 -4,744 -14,685 -15,470 27,229 -7,282 -5,124 54,691 59,815
66 U.S. securities other than U.S. Treasury securities......................... 407,653 129,990 113,556 64,787 99,320 71,095 104,404 46,647 -57,757
67 U.S. currency............................................................... 23,783 2,311 2,772 8,203 10,497 4,525 7,183 2,556 -4,627
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 21,056 15,961 -5,095
69 U.S. liabilities reported by U.S. banks, not included elsewhere............. 110,667 15,633 55,003 -45,567 85,598 -11,051 32,240 8,299 -23,941
70 Statistical discrepancy (sum of above items with sign reversed)...................... 10,701 20,819 -2,547 48,258 -55,828 24,668 54,183 -45,612 -99,795
71 Balance on goods (lines 3 and 20).................................................... -427,165 -113,032 -107,719 -105,751 -100,663 -106,424 -122,467 -123,176 -709
72 Balance on services (lines 4 and 21)................................................. 68,875 15,872 14,395 25,973 12,635 10,932 13,154 12,315 -839
73 Balance on goods and services (lines 2 and 19)....................................... -358,290 -97,160 -93,324 -79,778 -88,028 -95,492 -109,313 -110,861 -1,548
74 Balance on income (lines 12 and 29).................................................. 14,382 1,046 6,006 807 6,521 -946 -5,287 -2,959 2,328
75 Unilateral current transfers, net (line 35).......................................... -49,463 -11,608 -11,916 -12,360 -13,579 -16,016 -13,011 -13,221 -210
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 -127,611 -127,041 570
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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