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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 04-30
Christopher L. Bach: 606-9545 (Revisions)
Recorded Message: 606-5362
The estimates of the international transactions accounts released today have
been revised to reflect improved estimating methodologies and newly available
source data. The revisions this year include a change in the methodology for
estimating insurance services to make the estimates more comprehensive, the
introduction of a new methodology for estimating U.S. Government interest
payments on U.S. Treasury securities and U.S. agency debt, the incorporation
of the results of the U.S. Treasury Department's annual surveys of securities
liabilities for June 2002 and June 2003, and the introduction of seasonal
adjustment of petroleum imports and exports. The incorporation of these
results led to significant improvements in the estimates of services receipts
and services payments, income receipts and income payments, and financial flows
of foreign-owned assets in the United States. (See the section on "Revisions"
on page 5 of this release.)
The July Survey of Current Business will contain detailed tables and an article
describing revisions to the international transactions accounts and to the
international investment position accounts. Also, a news release on June 30
will present BEA's preliminary estimates for 2003 and revised estimates for
1994-2002 of the U.S. net international investment position.
U.S. International Transactions: First Quarter 2004
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
$144.9 billion in the first quarter of 2004 (preliminary) from $127.0 billion
(revised) in the fourth quarter of 2003. The deficit on goods accounted for
more than half of the increase. In addition, the surplus on income decreased
and net unilateral current transfers increased.
Goods and services
The deficit on goods and services increased to $136.9 billion in the
first quarter from $125.5 billion in the fourth.
Goods
The deficit on goods increased to $150.8 billion in the first quarter
from $139.4 billion in the fourth quarter.
Goods exports increased to $193.9 billion from $186.9 billion. Much of
the increase was in industrial supplies and materials and in capital goods.
Goods imports increased to $344.7 billion from $326.3 billion. Much of
the increase was in industrial supplies and materials, in consumer goods, and
in capital goods.
Services
The surplus on services decreased to $13.8 billion in the first quarter
from $13.9 billion in the fourth.
Services receipts increased to $82.9 billion from $81.4 billion. The
largest increases were in "other" private services (such as business,
professional, and technical services, insurance services, and financial
services) and in "other" transportation (freight and port services).
Services payments increased to $69.1 billion from $67.5 billion.
"Other" transportation and "other" private services more than accounted for
the increase.
Income
The surplus on income decreased to $12.7 billion in the first quarter
from $16.2 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad increased to $83.7 billion
from $83.2 billion. "Other" private receipts (which consists of interest and
dividends) more than accounted for the increase; decreases in U.S. Government
receipts and in direct investment receipts were partly offsetting.
Income payments on foreign-owned assets in the United States increased
to $69.6 billion from $65.7 billion. An increase in direct investment payments
accounted for much of the increase, but U.S. Government payments (which
consists of interest) and "other" private payments (which consists of interest
and dividends) also increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually
unchanged at $0.8 billion and 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 $20.6 billion in the
first quarter, up from net outflows of $17.6 billion in the fourth as a result
of an increase in U.S. Government grants.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.3 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 $158.3 billion in the first quarter, down from $168.7
billion in the fourth. 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 $289.3 billion in the first quarter,
following an increase of $61.6 billion in the fourth.
U.S. claims on foreigners reported by U.S. banks increased $183.4
billion in the first quarter, in contrast to a decrease of $47.1 billion in
the fourth.
Net U.S. purchases of foreign securities were $15.2 billion in the
first quarter, down from $25.8 billion in the fourth. Net U.S. purchases of
foreign stocks were $22.5 billion, up from $19.2 billion. Transactions in
foreign bonds shifted to net U.S. sales of $7.2 billion from net U.S.
purchases of $6.6 billion.
Net financial outflows for U.S. direct investment abroad were $57.2
billion in the first quarter, up from $53.7 billion in the fourth. A shift to
net outflows on intercompany debt was partly offset by decreases in net equity
capital outflows and in reinvested earnings.
U.S. official reserve assets decreased $0.6 billion in the first
quarter, following a decrease of $2.2 billion in the fourth.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $447.6 billion in
the first quarter, following an increase of $230.3 billion in the fourth.
U.S. liabilities to foreigners reported by U.S. banks increased $141.3
billion in the first quarter, following an increase of $35.8 billion in the
fourth.
Net foreign purchases of U.S. Treasury securities were $66.4 billion
in the first quarter, up from $4.7 billion in the fourth.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $62.3 billion in the first quarter, down from $83.8 billion in
the fourth. Net foreign purchases of U.S. stocks were $4.1 billion, down from
$22.8 billion. Net foreign purchases of U.S. corporate bonds were $51.3
billion, down from $58.3 billion. Net foreign purchases of federally
sponsored agency bonds were $6.9 billion, up from $2.7 billion.
Net financial inflows for foreign direct investment in the United
States were $18.0 billion in the first quarter, up from $10.7 billion in the
fourth. A shift to net inflows on intercompany debt and an increase in
reinvested earnings were partly offset by a decrease in net equity capital
inflows.
Foreign official assets in the United States increased $125.2 billion
in the first quarter, following an increase of $83.7 billion in the fourth.
Net U.S. currency shipments to foreigners were a negative $1.8 billion
in the first quarter, a shift from net shipments of a positive $7.5 billion in
the fourth.
The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $13.1 billion in the first quarter, compared with
a negative $41.4 billion in the fourth.
In the first quarter, the U.S. dollar depreciated 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 payments and "other" private service receipts
are revised for 1992-2003 to incorporate a definitional change in the
measurement of insurance services. The new measure more comprehensively
measures insurance services than the prior measure by including in the
calculation the income on technical reserves (owned by policyholders and
held by insurance companies) used to reduce policyholder premiums. That
is, it treats the expected investment income on technical reserves of
insurance companies as being paid to policyholders, who then pay it to
insurance companies as a supplement to their premium payments to cover
the full cost of insurance. Corresponding changes are also made to
"other" private income payments and "other" private income receipts.
* U.S. Government income payments are revised for 1995-2003 to incorporate
a new methodology for estimating interest payments on U.S. Treasury
securities. The new methodology utilizes U.S. Treasury Department data
on interest payments to all Treasury securities holders to develop a more
accurate measure of interest payments to foreigners. Interest payments
on U.S. agency issues are also revised for 1995-2003.
* Foreign transactions in U.S. stocks and bonds and related dividend and
interest payments are revised for 2000-2003 to incorporate results of the
U.S. Treasury Department's annual surveys of securities liabilities for
June 2002 and June 2003. Changes are also made to foreign holdings of
U.S. stocks and bonds for 2000-2003.
* U.S. transactions in foreign stocks and bonds and related dividend and
interest receipts are revised for 1994-97 to extend to these years the
major methodological changes made in June 2003 with the incorporation of
the U.S. Treasury Department's Benchmark Survey of U.S. Portfolio
Investment Abroad as of December 31, 2001. In addition, revisions are
made to U.S. holdings of foreign stocks and bonds for 1994-97.
* The measures of goods imports and goods exports for 1989-2003 now include
seasonally adjusted petroleum import and export series that provide a more
accurate measure of quarterly variation in total imports and total exports.
In addition to the above improvements, estimates for 2000-2003 have
been revised as a result of other newly available or revised quarterly and
annual survey results and updated source data.
Revised estimates for the detailed components of the U.S. international
transactions accounts for 2002-2003 are shown in table 1. Summary information
on revisions for 1989-2003 is shown in table 2. Over the past six years,
exports of goods, services, and income and imports of goods, services, and
income have been revised up in each of the years. The current-account deficit
is revised up for 1998-2000 and down for 2001-2003.
Preliminary estimates for 2003 and revised estimates for 1994-2002 for
the U.S. net international investment position will be presented in a news
release on June 30.
The fourth-quarter 2003 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 $127.0 billion from
$127.5 billion. The goods deficit was revised to $139.4 billion from $139.2
billion; the services surplus was revised to $13.9 billion from $16.3 billion;
the surplus on income was revised to $16.2 billion from $12.5 billion; and
unilateral current transfers were revised to net outflows of $17.6 billion
from $17.2 billion. Net recorded financial inflows were revised to $168.7
billion from $180.9 billion.
* * *
Release dates in 2004:
Second quarter 2004.......................September 14, 2004 (Tuesday)
Third quarter 2004........................December 16, 2004 (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:; phone:
(202) 512-1800; fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
June 18, 2004
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2002 2003 2004 Change: Amount of
(Credits +, debits -) 2002 r 2003 r 2003:IV- Revision
I r II r III r IV r I r II r III r IV r I p 2004:I 2003
Current account
1 Exports of goods and services and income receipts......................................... 1,242,739 1,314,888 299,663 312,230 317,911 312,935 315,676 317,367 329,508 352,336 361,317 8,981 20,652
2 Exports of goods and services......................................................... 975,940 1,020,503 236,208 244,924 248,369 246,439 247,999 248,474 255,723 268,306 276,838 8,532 1,810
3 Goods, balance of payments basis.................................................. 681,833 713,122 165,123 172,034 174,371 170,305 173,459 174,554 178,251 186,858 193,920 7,062 -639
4 Services.......................................................................... 294,107 307,381 71,085 72,890 73,998 76,134 74,540 73,920 77,472 81,448 82,918 1,470 2,449
5 Transfers under U.S. military agency sales contracts.......................... 11,943 12,491 2,785 2,751 3,418 2,989 2,827 3,014 3,292 3,358 3,335 -23 -225
6 Travel........................................................................ 66,728 64,509 16,192 16,167 16,321 18,048 15,862 14,360 16,216 18,071 18,018 -53 -545
7 Passenger fares............................................................... 17,046 15,693 4,224 4,279 4,288 4,255 3,825 3,522 4,036 4,310 4,441 131 95
8 Other transportation.......................................................... 29,195 31,833 6,964 7,154 7,384 7,693 7,683 7,709 7,893 8,548 9,065 517 -38
9 Royalties and license fees.................................................... 44,219 48,227 10,282 11,247 11,437 11,253 11,628 11,943 12,175 12,481 12,724 243 357
10 Other private services........................................................ 124,181 133,818 30,443 31,093 30,950 31,695 32,513 33,170 33,657 34,477 35,131 654 2,805
11 U.S. Government miscellaneous services........................................ 795 810 195 199 200 201 202 202 203 203 204 1 ....
12 Income receipts....................................................................... 266,799 294,385 63,455 67,306 69,542 66,496 67,677 68,893 73,785 84,030 84,479 449 18,842
13 Income receipts on U.S.-owned assets abroad....................................... 263,861 291,354 62,697 66,584 68,812 65,768 66,936 68,163 73,016 83,239 83,720 481 19,078
14 Direct investment receipts.................................................... 147,291 187,522 33,462 36,561 38,823 38,445 40,748 42,704 47,229 56,843 56,540 -303 12,041
15 Other private receipts........................................................ 113,267 99,135 28,422 29,317 29,139 26,389 25,345 24,218 24,498 25,074 26,453 1,379 6,985
16 U.S. Government receipts...................................................... 3,303 4,697 813 706 850 934 843 1,241 1,289 1,322 727 -595 52
17 Compensation of employees......................................................... 2,938 3,031 758 722 730 728 741 730 769 791 759 -32 -236
18 Imports of goods and services and income payments......................................... -1,657,301 -1,778,117 -392,457 -416,557 -423,484 -424,804 -437,067 -434,873 -444,497 -461,679 -485,573 -23,894 -10,342
19 Imports of goods and services......................................................... -1,397,675 -1,517,011 -329,967 -348,297 -355,285 -364,127 -373,385 -371,854 -377,973 -393,800 -413,769 -19,969 -8,154
20 Goods, balance of payments basis.................................................. -1,164,728 -1,260,674 -273,520 -291,395 -296,778 -303,035 -311,402 -310,087 -312,886 -326,299 -344,688 -18,389 2,496
21 Services.......................................................................... -232,947 -256,337 -56,447 -56,902 -58,507 -61,092 -61,983 -61,767 -65,087 -67,501 -69,081 -1,580 -10,650
22 Direct defense expenditures................................................... -19,101 -25,117 -4,359 -4,633 -4,955 -5,154 -5,732 -6,229 -6,339 -6,817 -6,810 7 -1,503
23 Travel........................................................................ -58,044 -56,613 -14,453 -14,252 -14,314 -15,025 -14,312 -12,790 -14,409 -15,102 -15,226 -124 -423
24 Passenger fares............................................................... -19,969 -20,957 -4,874 -4,874 -4,829 -5,392 -5,007 -4,875 -5,512 -5,563 -5,336 227 -393
25 Other transportation.......................................................... -38,407 -44,768 -8,855 -9,547 -9,751 -10,254 -10,796 -11,109 -11,312 -11,551 -12,763 -1,212 290
26 Royalties and license fees.................................................... -19,235 -20,049 -4,839 -4,705 -5,020 -4,671 -4,629 -4,912 -5,204 -5,304 -5,302 2 -168
27 Other private services........................................................ -75,271 -85,829 -18,326 -18,166 -18,913 -19,867 -20,762 -21,103 -21,558 -22,407 -22,884 -477 -8,453
28 U.S. Government miscellaneous services........................................ -2,920 -3,004 -741 -725 -725 -729 -745 -749 -753 -757 -760 -3 ....
29 Income payments....................................................................... -259,626 -261,106 -62,490 -68,260 -68,199 -60,677 -63,682 -63,019 -66,524 -67,879 -71,804 -3,925 -2,188
30 Income payments on foreign-owned assets in the United States...................... -251,246 -252,573 -60,396 -66,130 -66,155 -58,567 -61,557 -60,899 -64,402 -65,713 -69,645 -3,932 -2,183
31 Direct investment payments.................................................... -46,460 -68,657 -8,320 -12,796 -15,096 -10,250 -15,415 -16,362 -18,589 -18,289 -21,046 -2,757 2,875
32 Other private payments........................................................ -128,672 -111,874 -32,467 -34,047 -32,190 -29,968 -28,146 -26,785 -27,844 -29,099 -29,440 -341 592
33 U.S. Government payments...................................................... -76,114 -72,042 -19,609 -19,287 -18,869 -18,349 -17,996 -17,752 -17,969 -18,325 -19,159 -834 -5,650
34 Compensation of employees......................................................... -8,380 -8,533 -2,094 -2,130 -2,044 -2,110 -2,125 -2,120 -2,122 -2,166 -2,159 7 -5
35 Unilateral current transfers, net......................................................... -59,382 -67,439 -17,411 -13,562 -13,427 -14,980 -16,815 -16,369 -16,639 -17,617 -20,623 -3,006 852
36 U.S. Government grants................................................................ -17,097 -21,865 -6,397 -3,287 -3,075 -4,338 -5,833 -5,832 -5,447 -4,753 -7,798 -3,045 -32
37 U.S. Government pensions and other transfers.......................................... -5,125 -5,341 -1,271 -1,279 -1,282 -1,292 -1,320 -1,335 -1,334 -1,352 -1,350 2 ....
38 Private remittances and other transfers............................................... -37,160 -40,233 -9,743 -8,996 -9,070 -9,350 -9,662 -9,202 -9,858 -11,512 -11,475 37 884
June 18, 2004
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2002 2003 2004 Change: Amount of
(Credits +, debits -) 2002 r 2003 r 2003:IV- Revision
I r II r III r IV r I r II r III r IV r I p 2004:I 2003
Capital and financial account
Capital account
39 Capital account transactions, net......................................................... -1,260 -3,079 -281 -271 -361 -347 -406 -1,552 -821 -300 -344 -44 -29
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))............................ -198,014 -283,414 -34,144 -133,373 21,574 -52,069 -102,665 -110,962 -8,138 -61,647 -289,293 -227,646 -5,710
41 U.S. official reserve assets, net..................................................... -3,681 1,523 390 -1,843 -1,416 -812 83 -170 -611 2,221 557 -1,664 ....
42 Gold.............................................................................. .... .... .... .... .... .... .... .... .... .... .... .... ....
43 Special drawing rights............................................................ -475 601 -109 -107 -132 -127 897 -102 -97 -97 -100 -3 ....
44 Reserve position in the International Monetary Fund............................... -2,632 1,494 652 -1,607 -1,136 -541 -644 86 -383 2,435 815 -1,620 ....
45 Foreign currencies................................................................ -574 -572 -153 -129 -148 -144 -170 -154 -131 -117 -158 -41 ....
46 U.S. Government assets, other than official reserve assets, net....................... 345 537 133 42 -27 197 53 310 483 -309 539 848 -163
47 U.S. credits and other long-term assets........................................... -5,251 -7,279 -853 -565 -1,375 -2,458 -2,428 -1,591 -1,532 -1,728 -490 1,238 -295
48 Repayments on U.S. credits and other long-term assets............................. 5,701 7,981 994 566 1,452 2,689 2,445 1,975 2,035 1,526 1,037 -489 169
49 U.S. foreign currency holdings and U.S. short-term assets, net.................... -105 -165 -8 41 -104 -34 36 -74 -20 -107 -8 99 -37
50 U.S. private assets, net.............................................................. -194,678 -285,474 -34,667 -131,572 23,017 -51,454 -102,801 -111,102 -8,010 -63,559 -290,389 -226,830 -5,547
51 Direct investment................................................................. -134,835 -173,799 -30,668 -34,244 -35,834 -34,087 -40,837 -34,049 -45,206 -53,705 -57,206 -3,501 -19,038
52 Foreign securities................................................................ 15,889 -72,337 5,325 -5,886 21,624 -5,174 -26,619 8,429 -28,312 -25,835 -15,211 10,624 -8,216
53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns....... -45,425 -28,932 -11,863 -23,262 -4,119 -6,181 -11,207 -22,480 35,845 -31,090 -34,534 -3,444 7,417
54 U.S. claims reported by U.S. banks, not included elsewhere........................ -30,307 -10,406 2,539 -68,180 41,346 -6,012 -24,138 -63,002 29,663 47,071 -183,438 -230,509 14,290
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))............ 768,246 829,173 165,989 229,135 150,075 223,047 246,105 218,553 134,202 230,311 447,594 217,283 -27,487
56 Foreign official assets in the United States, net..................................... 113,990 248,573 12,801 53,312 17,720 30,157 48,986 65,245 50,663 83,679 125,240 41,561 40,908
57 U.S. Government securities........................................................ 89,016 194,568 10,337 25,942 20,001 32,736 39,845 45,958 27,293 81,472 113,126 31,654 41,307
58 U.S. Treasury securities...................................................... 60,466 169,685 4,420 19,374 9,124 27,548 30,277 42,668 23,953 72,787 100,110 27,323 41,219
59 Other......................................................................... 28,550 24,883 5,917 6,568 10,877 5,188 9,568 3,290 3,340 8,685 13,016 4,331 88
60 Other U.S. Government liabilities................................................. 137 -564 -597 365 464 -95 -437 -16 -41 -70 -177 -107 -2
61 U.S. liabilities reported by U.S. banks, not included elsewhere................... 21,221 49,420 2,335 26,099 -3,590 -3,623 8,325 18,552 22,019 524 10,849 10,325 -213
62 Other foreign official assets..................................................... 3,616 5,149 726 906 845 1,139 1,253 751 1,392 1,753 1,442 -311 -184
63 Other foreign assets in the United States, net........................................ 654,256 580,600 153,188 175,823 132,355 192,890 197,119 153,308 83,539 146,632 322,354 175,722 -68,395
64 Direct investment................................................................. 72,411 39,890 28,407 2,195 9,927 31,882 32,523 -544 -2,810 10,719 17,985 7,266 -42,092
65 U.S. Treasury securities.......................................................... 100,432 113,432 10,333 18,837 54,068 17,194 8,974 53,254 46,490 4,714 66,372 61,658 -26,431
66 U.S. securities other than U.S. Treasury securities............................... 285,500 250,981 73,782 99,718 43,931 68,069 56,723 92,407 18,090 83,761 62,329 -21,432 12,329
67 U.S. currency..................................................................... 21,513 16,640 4,525 7,183 2,556 7,249 4,927 1,458 2,768 7,487 -1,800 -9,287 ....
68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.. 77,990 84,014 45,704 20,607 -242 11,921 69,410 -2,257 12,721 4,140 36,164 32,024 6,662
69 U.S. liabilities reported by U.S. banks, not included elsewhere................... 96,410 75,643 -9,563 27,283 22,115 56,575 24,562 8,990 6,280 35,811 141,304 105,493 -18,863
70 Statistical discrepancy (sum of above items with sign reversed)........................... -95,028 -12,012 -21,359 22,398 -52,288 -43,782 -4,828 27,836 6,385 -41,404 -13,078 28,326 22,064
Memoranda:
71 Balance on goods (lines 3 and 20)......................................................... -482,895 -547,552 -108,397 -119,361 -122,407 -132,730 -137,943 -135,533 -134,635 -139,441 -150,768 -11,327 1,857
72 Balance on services (lines 4 and 21)...................................................... 61,160 51,044 14,638 15,988 15,491 15,042 12,557 12,153 12,385 13,947 13,837 -110 -8,201
73 Balance on goods and services (lines 2 and 19)............................................ -421,735 -496,508 -93,759 -103,373 -106,916 -117,688 -125,386 -123,380 -122,250 -125,494 -136,931 -11,437 -6,344
74 Balance on income (lines 12 and 29)....................................................... 7,173 33,279 965 -954 1,343 5,819 3,995 5,874 7,261 16,151 12,675 -3,476 16,654
75 Unilateral current transfers, net (line 35)............................................... -59,382 -67,439 -17,411 -13,562 -13,427 -14,980 -16,815 -16,369 -16,639 -17,617 -20,623 -3,006 852
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).................. -473,944 -530,668 -110,205 -117,889 -119,000 -126,849 -138,206 -133,875 -131,628 -126,960 -144,879 -17,919 11,162
r Revised. p Preliminary.
NOTE: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
June 18, 2004
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 Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
1989... 648,290 648,290 .... -721,607 -721,607 .... -26,169 -26,169 .... -99,486 -99,486 .... 49,545 49,545 ....
1990... 706,975 706,975 .... -759,287 -759,290 -3 -26,654 -26,654 .... -78,965 -78,968 -3 60,337 60,337 ....
1991... 727,557 727,557 .... -734,563 -734,563 .... 10,752 10,752 .... 3,747 3,747 .... 46,420 46,420 ....
1992... 748,881 750,648 1,767 -763,741 -765,507 -1,766 -33,154 -33,133 21 -48,013 -47,991 22 96,253 96,253 ....
1993... 776,921 778,920 1,999 -821,797 -823,799 -2,002 -37,113 -37,108 5 -81,989 -81,987 2 81,488 81,488 ....
1994... 868,460 869,775 1,315 -948,555 -951,008 -2,453 -37,583 -36,799 784 -117,678 -118,032 -354 129,933 127,052 -2,881
1995... 1,005,645 1,004,631 -1,014 -1,075,674 -1,080,005 -4,331 -35,188 -34,104 1,084 -105,217 -109,478 -4,261 86,186 86,298 112
1996... 1,077,148 1,077,731 583 -1,155,489 -1,159,355 -3,866 -38,862 -38,583 279 -117,203 -120,207 -3,004 137,173 137,687 514
1997... 1,194,899 1,191,441 -3,458 -1,281,291 -1,287,010 -5,719 -41,292 -40,410 882 -127,684 -135,979 -8,295 219,210 221,334 2,124
1998... 1,191,206 1,194,803 3,597 -1,347,462 -1,355,917 -8,455 -48,435 -48,443 -8 -204,691 -209,557 -4,866 75,740 75,740 ....
1999... 1,255,671 1,259,665 3,994 -1,499,762 -1,509,732 -9,970 -46,755 -46,755 .... -290,846 -296,822 -5,976 236,570 236,570 ....
2000... 1,416,915 1,421,429 4,514 -1,772,694 -1,779,188 -6,494 -55,679 -55,684 -5 -411,458 -413,443 -1,985 456,341 477,098 20,757
2001... 1,284,942 1,293,345 8,403 -1,632,072 -1,632,465 -393 -46,615 -46,581 34 -393,745 -385,701 8,044 415,592 416,091 499
2002... 1,229,649 1,242,739 13,090 -1,651,657 -1,657,301 -5,644 -58,853 -59,382 -529 -480,861 -473,944 6,917 527,998 570,232 42,234
2003... 1,294,236 1,314,888 20,652 -1,767,775 -1,778,117 -10,342 -68,291 -67,439 852 -541,830 -530,668 11,162 578,956 545,759 -33,197
1989: I 155,805 155,853 48 -177,206 -178,297 -1,091 -6,048 -6,048 .... -27,449 -28,492 -1,043 12,963 12,963 ....
II..... 163,352 163,435 83 -183,220 -182,850 370 -5,753 -5,753 .... -25,621 -25,168 453 2,778 2,778 ....
III.... 163,579 163,560 -19 -179,692 -178,980 712 -6,630 -6,630 .... -22,743 -22,050 693 22,390 22,390 ....
IV..... 165,556 165,444 -112 -181,489 -181,480 9 -7,739 -7,739 .... -23,672 -23,775 -103 11,412 11,412 ....
1990: I 171,784 171,856 72 -187,397 -188,962 -1,565 -6,540 -6,540 .... -22,153 -23,646 -1,493 15,004 15,004 ....
II..... 174,177 174,266 89 -186,593 -186,146 447 -7,644 -7,644 .... -20,060 -19,524 536 4,011 4,011 ....
III.... 176,450 176,466 16 -191,570 -190,664 906 -7,339 -7,339 .... -22,459 -21,537 922 19,515 19,515 ....
IV..... 184,566 184,389 -177 -193,723 -193,514 209 -5,133 -5,133 .... -14,290 -14,258 32 21,807 21,807 ....
1991: I 181,195 181,296 101 -184,921 -186,167 -1,246 15,004 15,004 .... 11,278 10,133 -1,145 -2,223 -2,223 ....
II..... 180,564 180,627 63 -182,176 -181,695 481 3,780 3,780 .... 2,168 2,712 544 13,423 13,423 ....
III.... 181,692 181,647 -45 -183,523 -182,800 723 -2,812 -2,812 .... -4,643 -3,965 678 17,336 17,336 ....
IV..... 184,112 183,993 -119 -183,948 -183,906 42 -5,224 -5,224 .... -5,060 -5,137 -77 17,885 17,885 ....
1992: I 185,909 186,444 535 -183,755 -185,439 -1,684 -6,847 -6,827 20 -4,693 -5,822 -1,129 19,651 19,651 ....
II..... 186,380 186,873 493 -190,447 -190,385 62 -7,890 -7,887 3 -11,957 -11,399 558 34,069 34,069 ....
III.... 187,709 188,127 418 -193,531 -193,285 246 -7,457 -7,441 16 -13,279 -12,599 680 21,899 21,899 ....
IV..... 188,880 189,201 321 -196,005 -196,399 -394 -10,960 -10,980 -20 -18,085 -18,178 -93 20,632 20,632 ....
1993: I 190,925 191,422 497 -196,106 -197,831 -1,725 -7,741 -7,732 9 -12,922 -14,141 -1,219 3,608 3,608 ....
II..... 192,634 193,169 535 -204,825 -204,708 117 -8,451 -8,455 -4 -20,642 -19,994 648 13,195 13,195 ....
III.... 193,639 194,153 514 -205,599 -205,520 79 -9,211 -9,210 1 -21,171 -20,577 594 32,719 32,719 ....
IV..... 199,716 200,170 454 -215,267 -215,744 -477 -11,709 -11,711 -2 -27,260 -27,285 -25 31,967 31,967 ....
1994: I 203,607 204,240 633 -219,109 -220,697 -1,588 -7,708 -7,697 11 -23,210 -24,154 -944 50,540 50,540 ....
II..... 211,276 211,812 536 -231,424 -231,447 -23 -8,277 -8,067 210 -28,425 -27,702 723 13,770 11,165 -2,605
III.... 222,554 222,795 241 -244,192 -244,291 -99 -9,452 -9,198 254 -31,090 -30,694 396 50,949 49,986 -963
IV..... 231,025 230,930 -95 -253,831 -254,574 -743 -12,146 -11,837 309 -34,952 -35,481 -529 14,672 15,359 687
June 18, 2004
Table 2. Revisions to U.S. International Transactions (Continued)
[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 Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
1995: I 241,511 241,117 -394 -261,135 -263,078 -1,943 -8,812 -8,502 310 -28,436 -30,463 -2,027 32,965 33,144 179
II..... 249,001 248,705 -296 -271,151 -271,557 -406 -8,418 -8,154 264 -30,568 -31,006 -438 4,190 4,060 -130
III.... 255,574 255,495 -79 -272,181 -272,899 -718 -8,784 -8,533 251 -25,391 -25,937 -546 69,607 69,055 -552
IV..... 259,555 259,310 -245 -271,208 -272,472 -1,264 -9,174 -8,913 261 -20,827 -22,075 -1,248 -20,574 -19,959 615
1996: I 262,752 263,221 469 -276,829 -279,388 -2,559 -10,212 -10,169 43 -24,289 -26,336 -2,047 4,319 4,824 505
II..... 266,662 266,995 333 -286,956 -287,281 -325 -8,462 -8,421 41 -28,756 -28,707 49 32,893 33,282 389
III.... 267,020 266,854 -166 -293,453 -293,230 223 -8,653 -8,531 122 -35,086 -34,907 179 52,434 52,529 95
IV..... 280,708 280,655 -53 -298,252 -299,457 -1,205 -11,535 -11,464 71 -29,079 -30,266 -1,187 47,529 47,054 -475
1997: I 287,175 287,298 123 -310,602 -313,484 -2,882 -8,899 -8,815 84 -32,326 -35,001 -2,675 20,792 20,276 -516
II..... 300,275 299,738 -537 -317,518 -318,291 -773 -9,285 -9,103 182 -26,528 -27,656 -1,128 47,103 47,567 464
III.... 304,962 303,592 -1,370 -325,106 -325,603 -497 -9,772 -9,503 269 -29,916 -31,514 -1,598 47,940 47,836 -104
IV..... 302,490 300,816 -1,674 -328,068 -329,635 -1,567 -13,336 -12,988 348 -38,914 -41,807 -2,893 103,371 105,651 2,280
1998: I 301,310 302,200 890 -331,242 -333,905 -2,663 -10,868 -10,869 -1 -40,800 -42,574 -1,774 6,232 6,232 ....
II..... 297,869 298,801 932 -336,183 -337,651 -1,468 -11,171 -11,174 -3 -49,485 -50,024 -539 17,927 17,927 ....
III.... 292,139 293,039 900 -337,144 -338,641 -1,497 -11,954 -11,956 -2 -56,959 -57,558 -599 18,943 18,943 ....
IV..... 299,886 300,761 875 -342,895 -345,722 -2,827 -14,441 -14,443 -2 -57,450 -59,404 -1,954 32,636 32,636 ....
1999: I 299,118 300,137 1,019 -347,512 -351,303 -3,791 -10,899 -10,899 .... -59,293 -62,065 -2,772 24,993 24,993 ....
II..... 306,214 307,252 1,038 -364,498 -366,856 -2,358 -11,316 -11,316 .... -69,600 -70,920 -1,320 67,218 67,218 ....
III.... 318,820 319,816 996 -386,995 -388,302 -1,307 -11,092 -11,092 .... -79,267 -79,578 -311 31,632 31,632 ....
IV..... 331,524 332,465 941 -400,756 -403,270 -2,514 -13,449 -13,448 1 -82,681 -84,253 -1,572 112,727 112,727 ....
2000: I 340,457 341,606 1,149 -423,355 -427,348 -3,993 -12,123 -12,129 -6 -95,021 -97,871 -2,850 29,845 34,031 4,186
II..... 354,103 355,236 1,133 -440,583 -441,169 -586 -12,646 -12,645 1 -99,126 -98,578 548 134,435 139,513 5,078
III.... 359,157 360,310 1,153 -454,244 -454,026 218 -13,480 -13,481 -1 -108,567 -107,197 1,370 154,469 159,700 5,231
IV..... 363,198 364,277 1,079 -454,517 -456,650 -2,133 -17,435 -17,435 .... -108,754 -109,808 -1,054 137,592 143,854 6,262
2001: I 348,355 350,473 2,118 -440,865 -443,079 -2,214 -11,494 -14,083 -2,589 -104,004 -106,689 -2,685 121,699 120,773 -926
II..... 331,765 334,755 2,990 -420,408 -417,608 2,800 -11,321 -14,690 -3,369 -99,964 -97,543 2,421 121,258 123,780 2,522
III.... 309,601 311,400 1,799 -401,981 -401,578 403 -11,256 -1,719 9,537 -103,636 -91,897 11,739 61,437 60,238 -1,199
IV..... 295,222 296,718 1,496 -368,820 -370,205 -1,385 -12,542 -16,087 -3,545 -86,140 -89,574 -3,434 111,198 111,301 103
2002: I 297,074 299,663 2,589 -387,864 -392,457 -4,593 -15,938 -17,411 -1,473 -106,728 -110,205 -3,477 111,586 131,845 20,259
II..... 307,616 312,230 4,614 -416,962 -416,557 405 -13,481 -13,562 -81 -122,827 -117,889 4,938 92,675 95,762 3,087
III.... 313,939 317,911 3,972 -422,666 -423,484 -818 -13,997 -13,427 570 -122,724 -119,000 3,724 171,190 171,649 459
IV..... 311,015 312,935 1,920 -424,165 -424,804 -639 -15,436 -14,980 456 -128,586 -126,849 1,737 152,546 170,978 18,432
2003: I 309,869 315,676 5,807 -431,634 -437,067 -5,433 -17,391 -16,815 576 -139,156 -138,206 950 141,386 143,440 2,054
II..... 311,387 317,367 5,980 -434,165 -434,873 -708 -17,062 -16,369 693 -139,840 -133,875 5,965 150,714 107,591 -43,123
III.... 323,463 329,508 6,045 -442,104 -444,497 -2,393 -16,651 -16,639 12 -135,292 -131,628 3,664 105,930 126,064 20,134
IV..... 349,517 352,336 2,819 -459,870 -461,679 -1,809 -17,188 -17,617 -429 -127,541 -126,960 581 180,926 168,664 -12,262
NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.
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