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Christopher Bach: (202) 606-9545 BEA 04-11
Recorded Message: 606-5362
U.S. International Transactions: Fourth Quarter and Year 2003
Fourth Quarter
Current Account
The U.S. current-account deficit--the combined balances on trade in
goods and services, income, and net unilateral current transfers--decreased to
$127.5 billion (preliminary) in the fourth quarter of 2003 from $135.3 billion
(revised) in the third. The decrease was more than accounted for by a large
increase in the surplus on income and an increase in the surplus on services.
These increases were partly offset by increases in the deficit on goods and in
net outflows for unilateral current transfers.
Goods and services
The deficit on goods and services increased to $122.9 billion in the
fourth quarter from $121.6 billion in the third.
Goods
The deficit on goods increased to $139.2 billion in the fourth quarter
from $136.2 billion in the third.
Goods exports increased to $188.3 billion from $177.8 billion. More
than half of the increase was accounted for by a step-up in capital goods; all
other major commodity categories also increased.
Goods imports increased to $327.5 billion from $314.0 billion. The
increase was more than accounted for by increases in consumer goods, in
automotive products, and in capital goods.
Services
The surplus on services increased to $16.3 billion in the fourth
quarter from $14.6 billion in the third.
Services receipts increased to $80.6 billion from $77.1 billion. The
largest increases were in travel, in "other" private services (such as
business, professional, and technical services, and financial services), and
in "other" transportation (such as freight and port services).
Services payments increased to $64.3 billion from $62.5 billion. Much
of the increase was in "other" private services and in travel.
Income
The surplus on income increased to $12.5 billion in the fourth quarter
from $3.0 billion in the third.
Investment income
Income receipts on U.S.-owned assets abroad increased to $79.7 billion
from $67.8 billion. The increase was almost entirely accounted for by a large
increase in direct investment receipts.
Income payments on foreign-owned assets in the United States increased
to $65.9 billion from $63.5 billion. "Other" private payments (which consists
of interest and dividends), direct investment payments, and U.S. Government
payments all increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually
unchanged at $0.8 billion. Payments for compensation of foreign workers in
the United States were virtually unchanged at $2.1 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $17.2 billion in the fourth
quarter, up from net outflows of $16.7 billion in the third.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.3 billion in the
fourth quarter, down from net outflows of $0.8 billion in the third.
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 $180.9 billion in the fourth quarter, up from $105.9
billion in the third. Financial inflows for foreign-owned assets in the
United States increased much more than financial outflows for U.S.-owned assets
abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $51.1 billion in the fourth quarter,
compared with an increase of $13.7 billion in the third.
U.S. claims on foreigners reported by U.S. banks decreased $39.5 billion
in the fourth quarter, following a decrease of $36.4 billion in the third.
Net U.S. purchases of foreign securities were $17.0 billion in the
fourth quarter, down from $28.6 billion in the third. Net U.S. purchases of
foreign stocks were $10.0 billion, down from $30.0 billion. Transactions in
foreign bonds shifted to net U.S. purchases of $7.0 billion from net U.S.
sales of $1.4 billion.
Net financial outflows for U.S. direct investment abroad were $49.6
billion in the fourth quarter, up from $42.2 billion in the third. Increases
in reinvested earnings and in net equity capital outflows more than offset a
shift in intercompany debt to net inflows from net outflows.
U.S. official reserve assets decreased $2.2 billion in the fourth
quarter, in contrast to an increase of $0.6 billion in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $232.0 billion in
the fourth quarter, compared with an increase of $119.6 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks increased $36.2
billion in the fourth quarter, following an increase of $4.8 billion in the
third.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities rebounded to $87.5 billion in the fourth quarter, from $9.6 billion
in the third. Transactions in U.S. stocks shifted to net foreign purchases of
$22.7 billion from net foreign sales of $3.4 billion. Net foreign purchases of
U.S. corporate bonds were $64.4 billion, up from $57.5 billion, and
transactions in federally sponsored agency bonds shifted to net foreign
purchases of $0.4 billion from net foreign sales of $44.5 billion.
Net foreign purchases of U.S. Treasury securities were $20.1 billion in
the fourth quarter, down from $50.2 billion in the third.
Net financial inflows for foreign direct investment in the United States
were $23.2 billion in the fourth quarter, up from $1.8 billion in the third.
The increase was more than accounted for by a shift in intercompany debt to
net inflows from net outflows. Net equity capital inflows increased slightly,
and reinvested earnings decreased.
Foreign official assets in the United States increased $64.4 billion
in the fourth quarter, following an increase of $45.3 billion in the third.
Net U.S. currency shipments to foreign countries were $7.5 billion in
the fourth quarter, up from $2.8 billion in the third.
The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $53.1 billion in the fourth quarter, compared
with a positive $30.2 billion in the third.
In the fourth quarter, the U.S. dollar depreciated 6 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
The Year 2003
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
$541.8 billion in 2003 from $480.9 billion in 2002. An increase in the deficit
on goods more than accounted for the increase; an increase in net outflows for
unilateral current transfers and a decrease in the surplus on services also
contributed to the rise in the deficit. In contrast, the balance on income
shifted to a surplus in 2003 from a deficit in 2002.
Goods and services
The deficit on goods and services increased to $490.2 billion in 2003
from $418.0 billion in 2002.
Goods
The deficit on goods increased to $549.4 billion in 2003 from $482.9
billion in 2002.
Goods exports increased to $713.8 billion from $681.9 billion.
Agricultural and nonagricultural products both increased. More than half of
the increase in nonagricultural products was attributable to a rise in
nonagricultural industrial supplies and materials; the next largest increase
was in consumer goods.
Goods imports increased to $1,263.2 billion from $1,164.7 billion.
About one-third of the increase was attributable to an increase in petroleum
and petroleum products. All major categories of nonpetroleum products
increased; the largest increases were in consumer goods and in nonpetroleum
industrial supplies and materials.
Services
The surplus on services decreased to $59.2 billion in 2003 from $64.8
billion in 2002.
Services receipts increased to $304.9 billion from $292.2 billion.
Increases in "other" private services (such as business, professional, and
technical services, and financial services), in royalties and license fees,
and in "other" transportation (such as freight and port services) were partly
offset by decreases in travel and passenger fares.
Services payments increased to $245.7 billion from $227.4 billion. The
increase was more than accounted for by increases in "other" private services,
in "other" transportation, and in direct defense expenditures.
Income
The balance on income shifted to a surplus of $16.6 billion in 2003
from a deficit of $4.0 billion in 2002.
Investment income
Income receipts on U.S.-owned assets abroad increased to $272.3 billion
from $252.4 billion. The increase was more than accounted for by an increase
in direct investment receipts. "Other" private receipts (which consists of
interest and dividends) decreased.
Income payments on foreign-owned assets in the United States decreased
to $250.4 billion from $251.1 billion. Decreases in "other" private payments
(which consists of interest and dividends) and in U.S. Government payments
were partly offset by an increase in direct investment payments.
Compensation of employees
Receipts for compensation of U.S. workers abroad increased slightly to
$3.3 billion from $3.2 billion. Payments for compensation of foreign workers
in the United States increased slightly to $8.5 billion from $8.4 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $68.3 billion in
2003, up from net outflows of $58.9 billion in 2002.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $3.1 billion in 2003,
up from net outflows of $1.3 billion in 2002.
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 $579.0 billion in 2003, up from $528.0 billion in 2002.
Financial inflows for foreign-owned assets in the United States increased more
than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $277.7 billion in 2003, compared
with an increase of $179.0 billion in 2002.
U.S. claims on foreigners reported by U.S. banks increased $24.7
billion in 2003, compared with an increase of $21.4 billion in 2002.
Transactions in foreign securities shifted to net U.S. purchases of
$64.1 billion in 2003 from net U.S. sales of $15.8 billion in 2002. Net U.S.
purchases of foreign stocks were $91.3 billion, up from $17.7 billion. Net
U.S. sales of foreign bonds were $27.2 billion, down from $33.5 billion.
Net financial outflows for U.S. direct investment abroad were $154.8
billion in 2003, up from $137.8 billion in 2002. Increases in reinvested
earnings and in net equity capital outflows more than offset a decrease in
net intercompany debt outflows.
U.S. official reserve assets decreased $1.5 billion in 2003, following
an increase of $3.7 billion in 2002.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $856.7 billion in
2003, compared with an increase of $707.0 billion in 2002.
U.S. liabilities to foreigners reported by U.S. banks increased $94.5
billion in 2003, following an increase of $91.1 billion in 2002.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $238.7 billion in 2003, down from $291.5 billion in 2002. Net
foreign purchases of U.S. stocks were $37.2 billion, down from $55.2 billion.
Net foreign purchases of U.S. corporate bonds were $249.5 billion, up from
$160.0 billion. Transactions in federally sponsored agency bonds shifted to
net foreign sales of $48.1 billion from net foreign purchases of $76.3 billion.
Net foreign purchases of U.S. Treasury securities were $139.9 billion
in 2003, up from $96.2 billion in 2002.
Net financial inflows for foreign direct investment in the United States
were $82.0 billion in 2003, up from $39.6 billion in 2002. An increase in
reinvested earnings and a decrease in net intercompany debt outflows more than
offset a decrease in net equity capital inflows.
Foreign official assets in the United States increased $207.7 billion
in 2003, following an increase of $94.9 billion in 2002.
Net U.S. currency shipments to foreign countries were $16.6 billion in
2003, down from $21.5 billion in 2002.
The statistical discrepancy--errors and omissions in recorded
transactions--was a negative $34.1 billion in 2003, compared with a negative
$45.9 billion in 2002.
In 2003, the U.S. dollar depreciated 12 percent on a trade-weighted
yearly average basis against a group of 7 major currencies.
Revisions
The first three quarters of 2003 were revised to reflect revised
seasonal adjustments and, for the third quarter, receipt of new or revised
data. In the third quarter, the current-account deficit was revised to $135.3
billion from $135.0 billion. The goods deficit was virtually unrevised at
$136.2 billion; the services surplus was revised to $14.6 billion from $14.9
billion; the income surplus was revised to $3.0 billion from $2.6 billion; and
unilateral current transfers were revised to net outflows of $16.7 billion from
net outflows of $16.3 billion. Net recorded financial inflows were revised to
$105.9 billion from $123.3 billion. Revisions to the first and second
quarters were small.
* * *
Release dates in 2004:
Fourth quarter and year 2003......................March 12, 2004 (Friday)
First quarter 2004.................................June 18, 2004 (Friday)
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: <bookstore.gpo.gov>; phone:
(202)512-1800; fax: (202)512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
March 12, 2004
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Change:
(Credits +, debits -) 2002 2003p Change: 2002 2003 2003
2002-2003 IV Ir IIr IIIr IVp III-IV
Current account
1 Exports of goods and services and income receipts............................... 1,229,649 1,294,236 64,587 311,015 309,869 311,387 323,463 349,517 26,054
2 Exports of goods and services.............................................. 974,107 1,018,693 44,586 246,151 247,388 247,497 254,848 268,958 14,110
3 Goods, balance of payments basis....................................... 681,874 713,761 31,887 170,840 173,385 174,287 177,777 188,312 10,535
4 Services............................................................... 292,233 304,932 12,699 75,311 74,003 73,210 77,071 80,646 3,575
5 Transfers under U.S. military agency sales contracts............... 11,943 12,716 773 2,989 2,827 3,014 3,384 3,491 107
6 Travel............................................................. 66,547 65,054 -1,493 18,005 16,040 14,494 16,425 18,095 1,670
7 Passenger fares.................................................... 17,046 15,598 -1,448 4,255 3,732 3,452 4,046 4,368 322
8 Other transportation............................................... 29,166 31,871 2,705 7,682 7,834 7,850 7,812 8,374 562
9 Royalties and license fees........................................ 44,142 47,870 3,728 11,157 11,624 11,938 12,031 12,277 246
10 Other private services............................................ 122,594 131,013 8,419 31,022 31,744 32,260 33,170 33,838 668
11 U.S. Government miscellaneous services............................ 795 810 15 201 202 202 203 203 ....
12 Income receipts............................................................ 255,542 275,543 20,001 64,864 62,481 63,890 68,615 80,559 11,944
13 Income receipts on U.S.-owned assets abroad........................... 252,379 272,276 19,897 64,077 61,674 63,076 67,795 79,733 11,938
14 Direct investment receipts........................................ 142,933 175,481 32,548 38,735 37,076 39,203 43,718 55,486 11,768
15 Other private receipts............................................ 106,143 92,150 -13,993 24,408 23,700 22,620 22,786 23,044 258
16 U.S. Government receipts.......................................... 3,303 4,645 1,342 934 898 1,253 1,291 1,203 -88
17 Compensation of employees............................................. 3,163 3,267 104 787 807 814 820 826 6
18 Imports of goods and services and income payments............................... -1,651,657 -1,767,775 -116,118 -424,165 -431,634 -434,165 -442,104 -459,870 -17,766
19 Imports of goods and services.............................................. -1,392,145 -1,508,857 -116,712 -362,267 -368,936 -371,597 -376,494 -391,828 -15,334
20 Goods, balance of payments basis....................................... -1,164,746 -1,263,170 -98,424 -303,081 -309,328 -312,299 -314,025 -327,518 -13,493
21 Services............................................................... -227,399 -245,687 -18,288 -59,186 -59,608 -59,298 -62,469 -64,310 -1,841
22 Direct defense expenditures........................................ -19,245 -23,614 -4,369 -5,193 -5,674 -6,121 -5,934 -5,885 49
23 Travel............................................................. -58,044 -56,190 1,854 -15,025 -14,106 -12,833 -14,259 -14,992 -733
24 Passenger fares.................................................... -19,969 -20,564 -595 -5,392 -4,945 -4,705 -5,491 -5,423 68
25 Other transportation............................................... -38,527 -45,058 -6,531 -10,271 -10,879 -11,255 -11,313 -11,611 -298
26 Royalties and license fees........................................ -19,258 -19,881 -623 -4,592 -4,707 -4,706 -5,181 -5,285 -104
27 Other private services............................................ -69,436 -77,376 -7,940 -17,984 -18,552 -18,929 -19,538 -20,357 -819
28 U.S. Government miscellaneous services............................ -2,920 -3,004 -84 -729 -745 -749 -753 -757 -4
29 Income payments............................................................ -259,512 -258,918 594 -61,898 -62,698 -62,568 -65,610 -68,042 -2,432
30 Income payments on foreign-owned assets in the United States.......... -251,108 -250,390 718 -59,771 -60,515 -60,449 -63,533 -65,894 -2,361
31 Direct investment payments........................................ -49,458 -71,532 -22,074 -12,510 -15,419 -17,414 -19,048 -19,652 -604
32 Other private payments............................................ -127,735 -112,466 15,269 -29,648 -28,245 -26,769 -28,154 -29,298 -1,144
33 U.S. Government payments.......................................... -73,915 -66,392 7,523 -17,613 -16,851 -16,266 -16,331 -16,944 -613
34 Compensation of employees............................................. -8,404 -8,528 -124 -2,127 -2,183 -2,119 -2,077 -2,148 -71
35 Unilateral current transfers, net............................................... -58,853 -68,291 -9,438 -15,436 -17,391 -17,062 -16,651 -17,188 -537
36 U.S. Government grants..................................................... -17,097 -21,833 -4,736 -4,338 -5,813 -5,654 -5,543 -4,823 720
37 U.S. Government pensions and other transfers............................... -5,125 -5,341 -216 -1,292 -1,320 -1,335 -1,334 -1,352 -18
38 Private remittances and other transfers.................................... -36,631 -41,117 -4,486 -9,806 -10,258 -10,073 -9,774 -11,013 -1,239
March 12, 2004
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
Change:
(Credits +, debits -) 2002 2003p Change: 2002 2003 2003
2002-2003 IV Ir IIr IIIr IVp III-IV
Capital and financial account
Capital account
39 Capital account transactions, net............................................... -1,285 -3,050 -1,765 -358 -388 -1,553 -818 -291 527
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-)).................. -178,985 -277,704 -98,719 -44,902 -100,710 -112,197 -13,696 -51,105 -37,409
41 U.S. official reserve assets, net........................................... -3,681 1,523 5,204 -812 83 -170 -611 2,221 2,832
42 Gold................................................................... ..... .... .... ..... .... .... .... .... ....
43 Special drawing rights................................................. -475 601 1,076 -127 897 -102 -97 -97 ....
44 Reserve position in the International Monetary Fund.................... -2,632 1,494 4,126 -541 -644 86 -383 2,435 2,818
45 Foreign currencies..................................................... -574 -572 2 -144 -170 -154 -131 -117 14
46 U.S. Government assets, other than official reserve assets, net............. -32 700 732 -180 -70 427 483 -140 -623
47 U.S. credits and other long-term assets................................ -5,611 -6,984 -1,373 -2,818 -2,578 -1,454 -1,532 -1,420 112
48 Repayments on U.S. credits and other long-term assets.................. 5,684 7,812 2,128 2,672 2,472 1,955 2,035 1,350 -685
49 U.S. foreign currency holdings and U.S. short-term assets, net......... -105 -128 -23 -34 36 -74 -20 -70 -50
50 U.S. private assets, net.................................................... -175,272 -279,927 -104,655 -43,910 -100,723 -112,454 -13,568 -53,186 -39,618
51 Direct investment...................................................... -137,836 -154,761 -16,925 -31,670 -33,784 -29,242 -42,160 -49,579 -7,419
52 Foreign securities..................................................... 15,801 -64,121 -79,922 -5,364 -27,146 8,654 -28,616 -17,013 11,603
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns.......................................... -31,880 -36,349 -4,469 -1,922 -11,998 -19,101 20,805 -26,055 -46,860
54 U.S. claims reported by U.S. banks, not included elsewhere............. -21,357 -24,696 -3,339 -4,954 -27,795 -72,765 36,403 39,461 3,058
55 Foreign-owned assets in the United States, net (increase/financial inflow (+)).. 706,983 856,660 149,677 197,448 242,096 262,911 119,626 232,031 112,405
56 Foreign official assets in the United States, net........................... 94,860 207,665 112,805 32,210 40,978 57,000 45,289 64,398 19,109
57 U.S. Government securities............................................. 73,521 153,261 79,740 33,258 31,768 38,639 20,718 62,136 41,418
58 U.S. Treasury securities........................................... 43,144 128,466 85,322 27,630 22,288 35,349 17,378 53,451 36,073
59 Other.............................................................. 30,377 24,795 -5,582 5,628 9,480 3,290 3,340 8,685 5,345
60 Other U.S. Government liabilities...................................... 137 -562 -699 -95 -437 -16 -41 -68 -27
61 U.S. liabilities reported by U.S. banks, not included elsewhere........ 17,594 49,633 32,039 -2,094 8,321 17,628 23,166 518 -22,648
62 Other foreign official assets.......................................... 3,608 5,333 1,725 1,141 1,326 749 1,446 1,812 366
63 Other foreign assets in the United States, net.............................. 612,123 648,995 36,872 165,238 201,118 205,911 74,337 167,633 93,296
64 Direct investment...................................................... 39,633 81,982 42,349 15,281 34,478 22,483 1,839 23,186 21,347
65 U.S. Treasury securities............................................... 96,217 139,863 43,646 12,705 14,568 55,037 50,203 20,055 -30,148
66 U.S. securities other than U.S. Treasury securities.................... 291,492 238,652 -52,840 66,964 55,574 85,964 9,628 87,486 77,858
67 U.S. currency.......................................................... 21,513 16,640 -4,873 7,249 4,927 1,458 2,768 7,487 4,719
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns.......................................... 72,142 77,352 5,210 8,863 74,848 4,147 5,140 -6,783 -11,923
69 U.S. liabilities reported by U.S. banks, not included elsewhere........ 91,126 94,506 3,380 54,176 16,723 36,822 4,759 36,202 31,443
70 Statistical discrepancy (sum of above items with sign reversed)................. -45,852 -34,076 11,776 -23,602 -1,842 -9,321 30,180 -53,094 -83,274
Memoranda:
71 Balance on goods (lines 3 and 20)............................................... -482,872 -549,409 -66,537 -132,241 -135,943 -138,012 -136,248 -139,206 -2,958
72 Balance on services (lines 4 and 21)............................................ 64,834 59,245 -5,589 16,125 14,395 13,912 14,602 16,336 1,734
73 Balance on goods and services (lines 2 and 19).................................. -418,038 -490,164 -72,126 -116,116 -121,548 -124,100 -121,646 -122,870 -1,224
74 Balance on income (lines 12 and 29)............................................. -3,970 16,625 20,595 2,966 -217 1,322 3,005 12,517 9,512
75 Unilateral current transfers, net (line 35)..................................... -58,853 -68,291 -9,438 -15,436 -17,391 -17,062 -16,651 -17,188 -537
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)........ -480,861 -541,830 -60,969 -128,586 -139,156 -139,840 -135,292 -127,541 7,751
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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