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Douglas B. Weinberg: (202) 606-9590 (Data)
Christopher L. Bach: 606-9545 (Revisions) BEA 05-27
The estimates of the international transactions accounts released today have
been updated and revised to reflect improved estimating methodologies and newly
available source data. The improvements this year include estimates of
transactions between unaffiliated parties in other private services based on
newly introduced BEA quarterly surveys, the incorporation of the results of the
U.S. Treasury Department's annual survey of securities claims for December
2003, the incorporation of the U.S. Treasury Department's benchmark survey of
securities liabilities for June 2004 and annual survey of June 2003, the
incorporation of more accurate measures of foreign commercial paper issued in
the United States, and the introduction of new estimates of personal
remittances of foreign-born U.S. residents to households abroad. The
incorporation of these data led to significant improvements in the estimates of
services receipts and services payments, income receipts and income payments,
financial flows for U.S.-owned assets abroad and for foreign-owned assets in
the United States, and private remittances and other transfers. (See the
section on "Revisions" on page 6 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 2004 and revised estimates for
1998-2003 of the U.S. net international investment position.
U.S. International Transactions: First Quarter 2005
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
$195.1 billion in the first quarter of 2005 (preliminary) from $188.4 billion
(revised) in the fourth quarter of 2004. The increase was more than accounted
for by increases in the deficit on goods and in net outflows for unilateral
current transfers. These increases were partly offset by increases in the
surplus on services and in the surplus on income.
Goods and services
The deficit on goods and services increased to $171.8 billion in the
first quarter from $169.2 billion in the fourth.
Goods
The deficit on goods increased to $186.3 billion in the first quarter
from $182.2 billion in the fourth.
Goods exports increased to $213.8 billion from $208.9 billion. Much of
the increase was in industrial supplies and materials, in consumer goods, and
in capital goods.
Goods imports increased to $400.2 billion from $391.1 billion. More
than half of the increase was accounted for by a step-up in consumer goods; all
other major commodity categories also increased.
Services
The surplus on services increased to $14.6 billion in the first quarter
from $13.0 billion in the fourth.
Services receipts increased to $93.8 billion from $90.0 billion. The
largest increases were in transfers under U.S. military agency sales contracts,
in travel, and in "other" private services (such as business, professional, and
technical services, insurance services, and financial services).
Services payments increased to $79.3 billion from $77.1 billion. The
largest increases were in "other" transportation (such as freight and port
services) and in "other" private services.
Income
The surplus on income increased to $3.8 billion in the first quarter
from $3.2 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad decreased slightly to
$105.2 billion from $105.4 billion. A decrease in direct investment receipts
more than offset an increase in "other" private receipts (which consists of
interest and dividends).
Income payments on foreign-owned assets in the United States decreased
slightly to $100.1 billion from $100.7 billion. A decrease in direct
investment payments more than offset increases in U.S. Government payments
(which consists of interest) and in "other" private payments (which consists of
interest and dividends).
Compensation of employees
Receipts for compensation of U.S. workers abroad decreased slightly to
$0.7 billion from $0.8 billion, and payments for compensation of foreign
workers in the United States decreased to $2.1 billion from $2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $27.1 billion in the
first quarter, up from net outflows of $22.4 billion in the fourth as a result
of increases in U.S. Government grants and in private remittances and other
transfers.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $4.5 billion in the
first quarter, up from $0.5 billion in 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 $165.4 billion in the first quarter, down from $169.0
billion in the fourth. Financial inflows for foreign-owned assets in the
United States slowed more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $60.7 billion in the first quarter,
following an increase of $289.0 billion in the fourth.
U.S. claims on foreigners reported by U.S. banks decreased $62.3
billion in the first quarter, in contrast to an increase of $97.3 billion in
the fourth.
Net U.S. purchases of foreign securities were $34.8 billion in the
first quarter, up from $18.2 billion in the fourth. Net U.S. purchases of
foreign stocks were $39.8 billion, up from $9.6 billion. Transactions in
foreign bonds shifted to net U.S. sales of $5.0 billion from net U.S. purchases
of $8.6 billion.
Net financial outflows for U.S. direct investment abroad were $32.2
billion in the first quarter, down from $100.0 billion in the fourth. Large
decreases in net equity capital outflows and in reinvested earnings accounted
for nearly all of the decline.
U.S. official reserve assets decreased $5.3 billion in the first
quarter, following a decrease of $0.7 billion in the fourth.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $226.1 billion in
the first quarter, following an increase of $457.9 billion in the fourth.
U.S. liabilities to foreigners reported by U.S. banks decreased $78.3
billion in the first quarter, in contrast to an increase of $91.5 billion in
the fourth.
Net foreign purchases of U.S. Treasury securities were $75.5 billion in
the first quarter, up from $15.7 billion in the fourth.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $88.2 billion in the first quarter, down from $158.2 billion in
the fourth. Net foreign purchases of U.S. stocks were $28.9 billion, down from
$45.7 billion. Net foreign purchases of U.S. corporate bonds were $58.6
billion, down from $69.3 billion. Net foreign purchases of federally sponsored
agency bonds were $0.8 billion, down from $43.2 billion.
Net financial inflows for foreign direct investment in the United
States were $28.8 billion in the first quarter, down from $31.6 billion in the
fourth. Decreases in reinvested earnings and in net equity capital inflows
were largely offset by a shift to net inflows on intercompany debt from net
outflows.
Foreign official assets in the United States increased $24.7 billion in
the first quarter, following an increase of $94.5 billion in the fourth.
Net U.S. currency shipments to foreigners were $1.1 billion in the
first quarter, down from $5.3 billion in the fourth.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $34.1 billion in the first quarter, compared with
a positive $19.9 billion in the fourth.
In the first quarter, the U.S. dollar depreciated 1 percent on a trade-
weighted quarterly average basis against a group of 7 major currencies.
The American Jobs Creation Act of 2004, which was enacted on October 22, 2004,
allows U.S. companies that repatriate a historically large amount of earnings
from their foreign subsidiaries to be taxed at reduced rates on the increased
distributions. An increase in direct investment dividends will not affect
direct investment income (table 1, line 14), because direct investment income
reflects a U.S. direct investor's share in the earnings (whether distributed
or reinvested) of its foreign affiliates, plus net interest received on
intercompany loans. The amount of any dividends that may arise from the Act
is not separately identifiable. More information is available on BEA's
Web site at www.bea.gov/bea/faq/international/FAQ.htm.
Revisions
As is customary each June, estimates of U.S. international transactions
are updated and revised to incorporate improved estimating methodologies and
newly available source data. The major changes this year are summarized below.
* "Other" private services receipts and payments are revised for 2004 to
incorporate estimates based on new quarterly surveys of these
transactions with unaffiliated residents abroad; previous estimates
were based largely on annual surveys. The new quarterly surveys cover
services such as insurance, telecommunications, financial, and many
business, professional, and technical services. The new quarterly
surveys permit more accurate measurement of large and sometimes
volatile transactions in these categories. Financial services, a
component of "other" private services receipts and payments, are
revised for 2000-2004. Education services, also a component of
"other" private services receipts and payments, are revised for 2001-
2004. New estimates of medical services payments, a component of
"other" private services payments, are introduced for 1991-2004.
* U.S. transactions in foreign stocks and bonds and related dividend and
interest receipts are revised for 2002-2004 to incorporate results of
the U.S. Treasury Department's annual survey of securities claims for
December 2003. In addition, transactions and related dividend and
interest receipts are revised for 1998-2001 to incorporate revisions to
data from the U.S. Treasury Department's benchmark survey for December
2001.
* Foreign transactions in U.S. stocks and corporate bonds and related
dividend and interest payments are revised for 2002-2004 to incorporate
results of the U.S. Treasury Department's benchmark survey of
securities liabilities for June 2004 and annual survey for June 2003.
Foreign transactions in U.S. Treasury bonds and U.S. agency bonds and
related interest payments are revised for 2003-2004 to incorporate the
U.S. Treasury Department's benchmark survey of securities liabilities
for June 2004.
* Private remittances and other transfers are revised for 1991-2004 to
incorporate new source data on the demographic characteristics of the
foreign-born population residing in the United States and refined
methods used for estimating remittances of the foreign-born population
to households abroad.
* U.S. claims on foreigners reported by U.S. banks are revised for 1999-
2004 to incorporate more accurate information on foreign commercial
paper issued in the United States.
Revised estimates for the detailed components of the U.S. international
transactions accounts for 2003-2004 are shown in table 1. Summary information
on revisions for 1991-2004 is shown in table 2.
Preliminary estimates for 2004 and revised estimates for 1998-2003 for
the U.S. net international investment position will be presented in a news
release on June 30.
The fourth-quarter 2004 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 $188.4 billion from
$187.9 billion. The goods deficit was revised to $182.2 billion from $183.5
billion; the services surplus was revised to $13.0 billion from $12.5 billion;
the surplus on income was revised to $3.2 billion from $2.1 billion; and
unilateral current transfers were revised to net outflows of $22.4 billion from
$19.0 billion. Net recorded financial inflows were revised to $169.0 billion
from $183.8 billion.
* * *
Release dates in 2005:
Second quarter 2005.........................September 16, 2005 (Friday)
Third quarter 2005...........................December 16, 2005 (Friday)
* * *
Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606-5306 Gross domestic product
-5303 Personal income and outlays
BEA's national, international, regional, and industry estimates; the
Survey of Current Business; and BEA news releases are available without charge
on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe
to receive free e-mail summaries of BEA releases and announcements.
June 17, 2005
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2003 2004 2005 Change: Amount of
(Credits +, debits -) 2003r 2004r 2004:IV Revision
Ir IIr IIIr IVr Ir IIr IIIr IVr Ip -2005:I 2004
Current account
1 Exports of goods and services and income receipts.......................................... 1,332,397 1,530,975 318,950 322,353 333,656 357,435 363,494 376,564 385,874 405,041 413,675 8,634 14,806
2 Exports of goods and services.......................................................... 1,022,567 1,151,448 248,244 248,481 256,062 269,782 277,093 285,099 290,370 298,887 307,689 8,802 4,267
3 Goods, balance of payments basis................................................... 713,421 807,536 173,167 174,696 178,186 187,372 193,789 200,072 204,801 208,874 213,840 4,966 -74
4 Services........................................................................... 309,146 343,912 75,077 73,785 77,876 82,410 83,304 85,027 85,569 90,013 93,849 3,836 4,341
5 Transfers under U.S. military agency sales contracts........................... 12,769 14,814 2,742 2,915 3,529 3,583 3,899 3,756 3,604 3,555 4,520 965 1,243
6 Travel......................................................................... 64,348 74,481 15,810 14,337 16,181 18,020 17,900 18,675 18,686 19,220 20,064 844 -287
7 Passenger fares................................................................ 15,693 18,858 3,825 3,522 4,036 4,310 4,521 4,654 4,909 4,774 5,129 355 -81
8 Other transportation........................................................... 31,329 36,862 7,558 7,653 7,816 8,302 8,907 9,188 9,124 9,643 10,132 489 -185
9 Royalties and license fees..................................................... 48,137 52,643 11,619 11,845 12,096 12,580 12,677 12,573 12,947 14,446 14,913 467 1,302
10 Other private services......................................................... 136,060 145,433 33,321 33,311 34,015 35,412 35,202 35,975 36,094 38,163 38,881 718 2,283
11 U.S. Government miscellaneous services......................................... 810 821 202 202 203 203 198 206 205 212 210 -2 66
12 Income receipts........................................................................ 309,830 379,527 70,706 73,872 77,594 87,653 86,401 91,465 95,504 106,154 105,986 -168 10,539
13 Income receipts on U.S.-owned assets abroad........................................ 306,854 376,489 69,979 73,156 76,838 86,876 85,657 90,738 94,734 105,357 105,242 -115 10,603
14 Direct investment receipts..................................................... 193,289 233,067 42,080 45,679 48,398 57,129 55,096 57,053 57,863 63,053 56,886 -6,167 -4,497
15 Other private receipts......................................................... 108,868 140,424 27,056 26,236 27,151 28,425 29,758 32,972 36,117 41,577 47,632 6,055 15,129
16 U.S. Government receipts....................................................... 4,697 2,998 843 1,241 1,289 1,322 803 713 754 727 724 -3 -29
17 Compensation of employees.......................................................... 2,976 3,038 727 716 756 777 744 727 770 797 744 -53 -64
18 Imports of goods and services and income payments..........................................-1,780,907 -2,118,119 -437,867 -433,896 -445,003 -464,135 -487,324 -522,684 -537,085 -571,026 -581,655 -10,629 -8,938
19 Imports of goods and services..........................................................-1,517,381 -1,769,031 -373,077 -371,331 -378,761 -394,209 -415,945 -437,141 -447,835 -468,108 -479,446 -11,338 -4,775
20 Goods, balance of payments basis...................................................-1,260,717 -1,472,926 -311,028 -309,763 -313,476 -326,450 -345,241 -364,059 -372,576 -391,050 -400,169 -9,119 161
21 Services........................................................................... -256,664 -296,105 -62,049 -61,568 -65,285 -67,759 -70,704 -73,082 -75,259 -77,058 -79,277 -2,219 -4,936
22 Direct defense expenditures.................................................... -25,296 -29,299 -5,718 -6,162 -6,389 -7,027 -7,099 -7,399 -7,433 -7,368 -7,616 -248 -1,061
23 Travel......................................................................... -57,444 -65,635 -14,493 -12,989 -14,638 -15,324 -15,886 -16,491 -16,603 -16,655 -16,989 -334 -1,045
24 Passenger fares................................................................ -20,957 -23,701 -5,007 -4,875 -5,512 -5,563 -5,740 -5,882 -5,896 -6,183 -6,313 -130 -391
25 Other transportation........................................................... -44,705 -54,169 -10,791 -11,089 -11,294 -11,531 -12,914 -13,158 -13,614 -14,483 -15,266 -783 4
26 Royalties and license fees..................................................... -19,390 -23,901 -4,598 -4,718 -5,012 -5,062 -5,407 -5,731 -6,591 -6,172 -6,400 -228 -1,033
27 Other private services......................................................... -85,741 -95,666 -20,683 -20,961 -21,650 -22,444 -22,776 -23,492 -24,150 -25,246 -25,731 -485 -930
28 U.S. Government miscellaneous services......................................... -3,131 -3,734 -759 -774 -790 -808 -882 -929 -972 -951 -962 -11 -480
29 Income payments........................................................................ -263,526 -349,088 -64,790 -62,565 -66,242 -69,926 -71,379 -85,543 -89,250 -102,918 -102,209 709 -4,163
30 Income payments on foreign-owned assets in the United States....................... -255,020 -340,255 -62,644 -60,496 -64,118 -67,760 -69,219 -83,331 -87,040 -100,666 -100,060 606 -4,191
31 Direct investment payments..................................................... -71,447 -105,146 -16,508 -16,322 -18,432 -20,183 -20,014 -27,973 -27,520 -29,640 -25,598 4,042 106
32 Other private payments......................................................... -110,105 -145,370 -28,059 -26,350 -27,260 -28,436 -29,040 -33,355 -36,246 -46,729 -48,441 -1,712 1,304
33 U.S. Government payments....................................................... -73,468 -89,739 -18,077 -17,824 -18,426 -19,141 -20,165 -22,003 -23,274 -24,297 -26,021 -1,724 -5,601
34 Compensation of employees.......................................................... -8,506 -8,833 -2,146 -2,069 -2,124 -2,166 -2,160 -2,212 -2,210 -2,252 -2,149 103 28
35 Unilateral current transfers, net.......................................................... -71,169 -80,930 -17,743 -17,251 -17,634 -18,543 -22,271 -20,515 -15,771 -22,374 -27,072 -4,698 -8,002
36 U.S. Government grants................................................................. -21,834 -23,317 -5,826 -5,855 -5,435 -4,718 -7,744 -4,961 -4,911 -5,701 -8,962 -3,261 -130
37 U.S. Government pensions and other transfers........................................... -5,341 -6,264 -1,320 -1,335 -1,334 -1,352 -1,554 -1,556 -1,548 -1,607 -1,603 4 -29
38 Private remittances and other transfers................................................ -43,994 -51,349 -10,597 -10,061 -10,865 -12,473 -12,973 -13,998 -9,312 -15,066 -16,507 -1,441 -7,843
June 17, 2005
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2003 2004 2005 Change: Amount of
(Credits +, debits -) 2003r 2004r 2004:IV- Revision
Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 2005:I 2004
Capital and financial account
Capital account
39 Capital account transactions, net.......................................................... -3,214 -1,648 -423 -1,596 -837 -358 -428 -372 -393 -455 -4,456 -4,001 -171
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))............................. -328,397 -855,509 -91,631 -142,267 -25,442 -69,057 -295,140 -133,886 -137,525 -288,957 -60,686 228,271 -37,833
41 U.S. official reserve assets, net...................................................... 1,523 2,805 83 -170 -611 2,221 557 1,122 429 697 5,331 4,634 ....
42 Gold............................................................................... .... .... .... .... .... .... .... .... .... .... .... .... ....
43 Special drawing rights............................................................. 601 -398 897 -102 -97 -97 -100 -90 -98 -110 1,713 1,823 ....
44 Reserve position in the International Monetary Fund................................ 1,494 3,826 -644 86 -383 2,435 815 1,345 676 990 3,763 2,773 ....
45 Foreign currencies................................................................. -572 -623 -170 -154 -131 -117 -158 -133 -149 -183 -145 38 ....
46 U.S. Government assets, other than official reserve assets, net........................ 537 1,215 53 310 483 -309 727 -2 -11 501 4,543 4,042 -54
47 U.S. credits and other long-term assets............................................ -7,279 -3,044 -2,428 -1,591 -1,532 -1,728 -561 -668 -1,270 -545 -502 43 -18
48 Repayments on U.S. credits and other long-term assets.............................. 7,981 4,221 2,445 1,975 2,035 1,526 1,374 544 1,299 1,004 1,113 109 -24
49 U.S. foreign currency holdings and U.S. short-term assets, net..................... -165 38 36 -74 -20 -107 -86 122 -40 42 3,932 3,890 -12
50 U.S. private assets, net............................................................... -330,457 -859,529 -91,767 -142,407 -25,314 -70,969 -296,424 -135,006 -137,943 -290,155 -70,560 219,595 -37,779
51 Direct investment.................................................................. -140,579 -252,012 -15,593 -43,104 -40,858 -41,024 -52,367 -58,425 -41,222 -99,997 -32,248 67,749 -3,504
52 Foreign securities................................................................. -156,064 -102,383 -42,099 -17,474 -47,918 -48,573 -15,532 -30,181 -38,444 -18,226 -34,808 -16,582 -11,543
53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........ -24,240 -149,001 -1,952 -16,383 21,818 -27,723 -55,452 -5,390 -13,490 -74,669 -65,757 8,912 -20,412
54 U.S. claims reported by U.S. banks, not included elsewhere......................... -9,574 -356,133 -32,123 -65,446 41,644 46,351 -173,073 -41,010 -44,787 -97,263 62,253 159,516 -2,320
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))............. 889,043 1,440,105 240,593 240,143 140,909 267,397 423,023 304,937 254,228 457,915 226,078 -231,837 6,934
56 Foreign official assets in the United States, net...................................... 278,275 394,710 50,622 66,889 64,595 96,169 147,401 77,039 75,792 94,478 24,730 -69,748 39,458
57 U.S. Government securities......................................................... 224,874 311,133 41,461 47,550 41,393 94,470 124,010 63,456 66,899 56,768 40,167 -16,601 23,638
58 U.S. Treasury securities....................................................... 184,931 272,648 30,277 42,668 33,935 78,051 112,586 62,977 55,357 41,728 15,240 -26,488 11,108
59 Other.......................................................................... 39,943 38,485 11,184 4,882 7,458 16,419 11,424 479 11,542 15,040 24,927 9,887 12,530
60 Other U.S. Government liabilities.................................................. -517 488 -407 -5 -118 13 -109 45 710 -158 -675 -517 802
61 U.S. liabilities reported by U.S. banks, not included elsewhere.................... 48,643 70,329 8,315 18,593 21,981 -246 22,058 11,350 4,867 32,054 -17,281 -49,335 14,887
62 Other foreign official assets...................................................... 5,275 12,760 1,253 751 1,339 1,932 1,442 2,188 3,316 5,814 2,519 -3,295 131
63 Other foreign assets in the United States, net......................................... 610,768 1,045,395 189,971 173,254 76,314 171,228 275,622 227,898 178,436 363,437 201,348 -162,089 -32,524
64 Direct investment.................................................................. 67,091 106,832 32,327 824 5,825 28,114 8,503 31,039 35,666 31,622 28,807 -2,815 -8,698
65 U.S. Treasury securities........................................................... 104,380 106,958 7,162 58,023 39,439 -244 31,931 60,424 -1,107 15,710 75,546 59,836 -1,180
66 U.S. securities other than U.S. Treasury securities................................ 226,306 369,793 51,997 87,725 14,298 72,286 45,476 81,678 84,401 158,238 88,207 -70,031 -44,291
67 U.S. currency...................................................................... 16,640 14,827 4,927 1,458 2,768 7,487 -1,800 8,754 2,560 5,313 1,072 -4,241 ....
68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns... 99,676 124,358 72,474 13,379 8,875 4,948 44,623 3,887 14,752 61,096 85,969 24,873 37,245
69 U.S. liabilities reported by U.S. banks, not included elsewhere.................... 96,675 322,627 21,084 11,845 5,109 58,637 146,889 42,116 42,164 91,458 -78,253 -169,711 -15,600
70 Statistical discrepancy (sum of above items with sign reversed)............................ -37,753 85,126 -11,879 32,514 14,351 -72,739 18,646 -4,044 50,672 19,856 34,116 14,260 33,204
Memoranda:
71 Balance on goods (lines 3 and 20).......................................................... -547,296 -665,390 -137,861 -135,067 -135,290 -139,078 -151,452 -163,987 -167,775 -182,176 -186,329 -4,153 87
72 Balance on services (lines 4 and 21)....................................................... 52,482 47,807 13,028 12,217 12,591 14,651 12,600 11,945 10,310 12,955 14,572 1,617 -595
73 Balance on goods and services (lines 2 and 19)............................................. -494,814 -617,583 -124,833 -122,850 -122,699 -124,427 -138,852 -152,042 -157,465 -169,221 -171,757 -2,536 -508
74 Balance on income (lines 12 and 29)........................................................ 46,304 30,439 5,916 11,307 11,352 17,727 15,022 5,922 6,254 3,236 3,777 541 6,376
75 Unilateral current transfers, net (line 35)................................................ -71,169 -80,930 -17,743 -17,251 -17,634 -18,543 -22,271 -20,515 -15,771 -22,374 -27,072 -4,698 -8,002
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)................... -519,679 -668,074 -136,660 -128,794 -128,981 -125,243 -146,101 -166,635 -166,982 -188,359 -195,052 -6,693 -2,134
r Revised. p Preliminary.
NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.
June 17, 2005
Table 2. Revisions to U.S. International Transactions
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services Imports of goods and services Unilateral current transfers, net Balance on current account Net financial flows
and income receipts and income payments
Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
1991..... 727,557 727,557 .... -734,563 -734,563 .... 10,752 9,904 -848 3,747 2,898 -849 46,420 46,420 ....
1992..... 750,648 750,648 .... -765,507 -765,626 -119 -33,133 -35,101 -1,968 -47,991 -50,078 -2,087 96,253 96,253 ....
1993..... 778,920 778,920 .... -823,799 -823,914 -115 -37,108 -39,812 -2,704 -81,987 -84,806 -2,819 81,488 81,488 ....
1994..... 869,775 869,775 .... -951,008 -951,122 -114 -36,799 -40,265 -3,466 -118,032 -121,612 -3,580 127,052 127,052 ....
1995..... 1,004,631 1,004,631 .... -1,080,005 -1,080,124 -119 -34,104 -38,177 -4,073 -109,478 -113,670 -4,192 86,298 86,298 ....
1996..... 1,077,731 1,077,731 .... -1,159,355 -1,159,478 -123 -38,583 -43,147 -4,564 -120,207 -124,894 -4,687 137,687 137,687 ....
1997..... 1,191,441 1,191,441 .... -1,287,010 -1,287,142 -132 -40,410 -45,205 -4,795 -135,979 -140,906 -4,927 221,334 221,334 ....
1998..... 1,194,803 1,195,314 511 -1,355,917 -1,356,058 -141 -48,443 -53,320 -4,877 -209,557 -214,064 -4,507 75,740 69,740 -6,000
1999..... 1,259,665 1,260,368 703 -1,509,732 -1,509,874 -142 -46,755 -50,554 -3,799 -296,822 -300,060 -3,238 236,570 236,148 -422
2000..... 1,421,429 1,422,402 973 -1,779,188 -1,779,620 -432 -55,684 -58,781 -3,097 -413,443 -415,999 -2,556 477,098 486,373 9,275
2001..... 1,293,345 1,295,441 2,096 -1,632,465 -1,632,987 -522 -46,581 -51,910 -5,329 -385,701 -389,456 -3,755 416,091 400,243 -15,848
2002..... 1,242,739 1,248,068 5,329 -1,657,301 -1,659,233 -1,932 -59,382 -64,046 -4,664 -473,944 -475,211 -1,267 570,232 500,316 -69,916
2003..... 1,314,888 1,332,397 17,509 -1,778,117 -1,780,907 -2,790 -67,439 -71,169 -3,730 -530,668 -519,679 10,989 545,759 560,646 14,887
2004..... 1,516,169 1,530,975 14,806 -2,109,181 -2,118,119 -8,938 -72,928 -80,930 -8,002 -665,940 -668,074 -2,134 615,495 584,596 -30,899
1991: I 181,296 181,296 .... -186,167 -186,167 .... 15,004 14,828 -176 10,133 9,957 -176 -2,223 -2,223 ....
II....... 180,627 180,627 .... -181,695 -181,695 .... 3,780 3,593 -187 2,712 2,525 -187 13,423 13,423 ....
III...... 181,647 181,647 .... -182,800 -182,800 .... -2,812 -3,033 -221 -3,965 -4,186 -221 17,336 17,336 ....
IV....... 183,993 183,993 .... -183,906 -183,906 .... -5,224 -5,488 -264 -5,137 -5,401 -264 17,885 17,885 ....
1992: I 186,444 186,444 .... -185,439 -185,468 -29 -6,827 -7,210 -383 -5,822 -6,234 -412 19,651 19,651 ....
II....... 186,873 186,873 .... -190,385 -190,414 -29 -7,887 -8,349 -462 -11,399 -11,890 -491 34,069 34,069 ....
III...... 188,127 188,127 .... -193,285 -193,313 -28 -7,441 -7,982 -541 -12,599 -13,168 -569 21,899 21,899 ....
IV....... 189,201 189,201 .... -196,399 -196,427 -28 -10,980 -11,561 -581 -18,178 -18,787 -609 20,632 20,632 ....
1993: I 191,422 191,422 .... -197,831 -197,860 -29 -7,732 -8,339 -607 -14,141 -14,777 -636 3,608 3,608 ....
II....... 193,169 193,169 .... -204,708 -204,737 -29 -8,455 -9,111 -656 -19,994 -20,679 -685 13,195 13,195 ....
III...... 194,153 194,153 .... -205,520 -205,549 -29 -9,210 -9,906 -696 -20,577 -21,302 -725 32,719 32,719 ....
IV....... 200,170 200,170 .... -215,744 -215,772 -28 -11,711 -12,456 -745 -27,285 -28,058 -773 31,967 31,967 ....
1994: I 204,240 204,240 .... -220,697 -220,726 -29 -7,697 -8,495 -798 -24,154 -24,981 -827 50,540 50,540 ....
II....... 211,812 211,812 .... -231,447 -231,476 -29 -8,067 -8,914 -847 -27,702 -28,578 -876 11,165 11,165 ....
III...... 222,795 222,795 .... -244,291 -244,319 -28 -9,198 -10,084 -886 -30,694 -31,608 -914 49,986 49,986 ....
IV....... 230,930 230,930 .... -254,574 -254,602 -28 -11,837 -12,773 -936 -35,481 -36,445 -964 15,359 15,359 ....
1995: I 241,117 241,117 .... -263,078 -263,108 -30 -8,502 -9,467 -965 -30,463 -31,458 -995 33,144 33,144 ....
II....... 248,705 248,705 .... -271,557 -271,587 -30 -8,154 -9,156 -1,002 -31,006 -32,038 -1,032 4,060 4,060 ....
III...... 255,495 255,495 .... -272,899 -272,929 -30 -8,533 -9,570 -1,037 -25,937 -27,004 -1,067 69,055 69,055 ....
IV....... 259,310 259,310 .... -272,472 -272,501 -29 -8,913 -9,982 -1,069 -22,075 -23,173 -1,098 -19,959 -19,959 ....
1996: I 263,221 263,221 .... -279,388 -279,419 -31 -10,169 -11,272 -1,103 -26,336 -27,470 -1,134 4,824 4,824 ....
II....... 266,995 266,995 .... -287,281 -287,312 -31 -8,421 -9,554 -1,133 -28,707 -29,871 -1,164 33,282 33,282 ....
III...... 266,854 266,854 .... -293,230 -293,261 -31 -8,531 -9,686 -1,155 -34,907 -36,093 -1,186 52,529 52,529 ....
IV....... 280,655 280,655 .... -299,457 -299,487 -30 -11,464 -12,636 -1,172 -30,266 -31,468 -1,202 47,054 47,054 ....
June 17, 2005
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 Unilateral current transfers, net Balance on current account Net financial flows
and income receipts and income payments
Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
1997: I 287,298 287,298 .... -313,484 -313,518 -34 -8,815 -10,004 -1,189 -35,001 -36,224 -1,223 20,276 20,276 ....
II....... 299,738 299,738 .... -318,291 -318,324 -33 -9,103 -10,303 -1,200 -27,656 -28,889 -1,233 47,567 47,567 ....
III...... 303,592 303,592 .... -325,603 -325,636 -33 -9,503 -10,704 -1,201 -31,514 -32,748 -1,234 47,836 47,836 ....
IV....... 300,816 300,816 .... -329,635 -329,667 -32 -12,988 -14,194 -1,206 -41,807 -43,045 -1,238 105,651 105,651 ....
1998: I 302,200 302,233 33 -333,905 -333,940 -35 -10,869 -12,088 -1,219 -42,574 -43,795 -1,221 6,232 4,732 -1,500
II....... 298,801 298,900 99 -337,651 -337,687 -36 -11,174 -12,393 -1,219 -50,024 -51,180 -1,156 17,927 16,427 -1,500
III...... 293,039 293,199 160 -338,641 -338,677 -36 -11,956 -13,175 -1,219 -57,558 -58,653 -1,095 18,943 17,443 -1,500
IV....... 300,761 300,980 219 -345,722 -345,756 -34 -14,443 -15,662 -1,219 -59,404 -60,438 -1,034 32,636 31,136 -1,500
1999: I 300,137 300,257 120 -351,303 -351,339 -36 -10,899 -11,919 -1,020 -62,065 -63,001 -936 24,993 24,660 -333
II....... 307,252 307,426 174 -366,856 -366,892 -36 -11,316 -12,291 -975 -70,920 -71,757 -837 67,218 65,434 -1,784
III...... 319,816 320,016 200 -388,302 -388,337 -35 -11,092 -12,021 -929 -79,578 -80,342 -764 31,632 33,368 1,736
IV....... 332,465 332,674 209 -403,270 -403,305 -35 -13,448 -14,324 -876 -84,253 -84,955 -702 112,727 112,686 -41
2000: I 341,606 341,910 304 -427,348 -427,456 -108 -12,129 -12,894 -765 -97,871 -98,440 -569 34,031 41,092 7,061
II....... 355,236 355,482 246 -441,169 -441,277 -108 -12,645 -13,402 -757 -98,578 -99,197 -619 139,513 140,258 745
III...... 360,310 360,539 229 -454,026 -454,135 -109 -13,481 -14,246 -765 -107,197 -107,842 -645 159,700 161,338 1,638
IV....... 364,277 364,471 194 -456,650 -456,757 -107 -17,435 -18,240 -805 -109,808 -110,526 -718 143,854 143,685 -169
2001: I 350,473 350,876 403 -443,079 -443,202 -123 -14,083 -15,268 -1,185 -106,689 -107,594 -905 120,773 115,961 -4,812
II....... 334,755 335,316 561 -417,608 -417,729 -121 -14,690 -15,992 -1,302 -97,543 -98,405 -862 123,780 121,164 -2,616
III...... 311,400 311,942 542 -401,578 -401,689 -111 -1,719 -3,114 -1,395 -91,897 -92,861 -964 60,238 55,794 -4,444
IV....... 296,718 297,308 590 -370,205 -370,373 -168 -16,087 -17,530 -1,443 -89,574 -90,595 -1,021 111,301 107,325 -3,976
2002: I 299,663 301,512 1,849 -392,457 -393,183 -726 -17,411 -18,420 -1,009 -110,205 -110,091 114 131,845 92,304 -39,541
II....... 312,230 312,943 713 -416,557 -417,356 -799 -13,562 -14,873 -1,311 -117,889 -119,286 -1,397 95,762 90,489 -5,273
III...... 317,911 319,154 1,243 -423,484 -424,507 -1,023 -13,427 -14,726 -1,299 -119,000 -120,079 -1,079 171,649 162,492 -9,157
IV....... 312,935 314,463 1,528 -424,804 -424,184 620 -14,980 -16,027 -1,047 -126,849 -125,748 1,101 170,978 155,026 -15,952
2003: I 315,676 318,950 3,274 -437,067 -437,867 -800 -16,815 -17,743 -928 -138,206 -136,660 1,546 143,440 148,962 5,522
II....... 317,367 322,353 4,986 -434,873 -433,896 977 -16,369 -17,251 -882 -133,875 -128,794 5,081 107,591 97,876 -9,715
III...... 329,508 333,656 4,148 -444,497 -445,003 -506 -16,639 -17,634 -995 -131,628 -128,981 2,647 126,064 115,467 -10,597
IV....... 352,336 357,435 5,099 -461,679 -464,135 -2,456 -17,617 -18,543 -926 -126,960 -125,243 1,717 168,664 198,340 29,676
2004: I 360,045 363,494 3,449 -486,803 -487,324 -521 -20,720 -22,271 -1,551 -147,478 -146,101 1,377 138,438 127,883 -10,555
II....... 372,895 376,564 3,669 -519,271 -522,684 -3,413 -18,332 -20,515 -2,183 -164,708 -166,635 -1,927 164,559 171,051 6,492
III...... 382,867 385,874 3,007 -533,828 -537,085 -3,257 -14,897 -15,771 -874 -165,858 -166,982 -1,124 128,702 116,703 -11,999
IV....... 400,363 405,041 4,678 -569,278 -571,026 -1,748 -18,983 -22,374 -3,391 -187,898 -188,359 -461 183,793 168,958 -14,835
NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.
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