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News Release: U.S. International Transactions


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FOR WIRE TRANSMISSION: 8:30 A.M. EST, THURSDAY, JUNE 19, 2003

Douglas B. Weinberg:     (202) 606-9590 (Data)                        BEA 03-23
Christopher L. Bach:           606-9545 (Revisions)
Recorded Message:              606-5362

        U.S. International Transactions: First Quarter 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 $136.1
billion in the first quarter of 2003 (preliminary) from $128.6 billion
(revised) in the fourth quarter of 2002.  The deficit on goods accounted for
half of the increase.  In addition, the surplus on services decreased, net
outflows for unilateral current transfers increased, and the surplus on income
fell.

NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.

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 new methodology for estimating
insurance services, the incorporation of results from the U.S. Treasury
Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of
December 31, 2001, and the incorporation of results of BEA's Benchmark Survey
of U.S. Direct Investment Abroad for 1999.  The incorporation of these results
led to significant improvements in the estimates of services receipts and
payments, income receipts, and financial flows for U.S.- owned assets abroad.
(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 2002 and revised estimates for
1998-2001 of the U.S. net international investment position.

Goods and services

  The deficit on goods and services increased to $121.6 billion in the first
quarter from $116.1 billion in the fourth.

  Goods

  The deficit on goods increased to $136.0 billion in the first quarter from
$132.2 billion in the fourth.

  Goods exports increased to $173.3 billion from $170.8 billion.  Most of the
increase was in industrial supplies and materials.

  Goods imports increased to $309.2 billion from $303.1 billion.  Petroleum
imports accounted for three-quarters of the increase.  Within nonpetroleum
products, increases in nonpetroleum industrial supplies and materials and in
consumer goods more than offset decreases in automotive vehicles, parts, and
engines and in capital goods.

  Services

  The surplus on services decreased to $14.4 billion in the first quarter from
$16.1 billion in the fourth.

  Services receipts decreased to $74.6 billion from $75.3 billion.  Large
declines in travel and passenger fares, reflecting concerns about the war in
Iraq and the SARS virus, were partly offset by increases in "other" private
services (such as business, professional, and technical services, insurance
services, and financial services) and in royalties and license fees.

Services payments increased to $60.2 billion from $59.2 billion.  Declines in
travel and passenger fares, largely reflecting concerns about the war in Iraq
and the SARS virus, were more than offset by increases in all other services
categories combined.

Income

  The surplus on income decreased to $2.6 billion in the first quarter from
$3.0 billion in the fourth.

  Investment income

  Income receipts on U.S.-owned assets abroad decreased to $63.3 billion from
$64.1 billion.  "Other" private receipts (which consists of interest and
dividends) accounted for much of the decrease, and direct investment receipts
also decreased.

  Income payments on foreign-owned assets in the United States decreased to
$59.3 billion from $59.8 billion.  Decreases in "other" private payments (which
consists of interest and dividends) and in U.S. Government payments (which
consists of interest) more than offset an increase in direct investment payments.

  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
increased slightly to $2.2 billion.

Unilateral current transfers

  Unilateral current transfers were net outflows of $17.1 billion in the first
quarter, up from net outflows of $15.4 billion in the fourth, largely 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 $112.8 billion in the first quarter, down from $152.5 billion in
the fourth.  Financial outflows for U.S.-owned assets abroad increased and
financial inflows for foreign-owned assets in the United States decreased.

U.S.-owned assets abroad

  U.S.-owned assets abroad increased $75.9 billion in the first quarter,
compared with an increase of $44.9 billion in the fourth.

  U.S. claims on foreigners reported by U.S. banks increased $24.4 billion in
the first quarter, following an increase of $5.0 billion in the fourth.

  Net U.S. purchases of foreign securities were $25.8 billion in the first
quarter, up from $5.4 billion in the fourth.  Net U.S. purchases of foreign
stocks were $33.1 billion, up from $12.9 billion. Net U.S. sales of foreign
bonds were $7.3 billion, down slightly from $7.5 billion.

  Net financial outflows for U.S. direct investment abroad were $29.0 billion
in the first quarter, down from $31.7 billion in the fourth.  A shift in
intercompany debt to net inflows from net outflows and a small decrease in
reinvested earnings more than offset a shift in equity capital to net outflows
from net inflows.

  U.S. official reserve assets decreased $0.1 billion in the first quarter, in
contrast to an increase of $0.8 billion in the fourth.

Foreign-owned assets in the United States

  Foreign-owned assets in the United States increased $188.7 billion in the
first quarter, compared with an increase of $197.4 billion in the fourth.

  U.S. liabilities to foreigners reported by U.S. banks increased $25.0 billion
in the first quarter, following an increase of $54.2 billion in the fourth.

  Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $50.9 billion in the first quarter, down from $67.0 billion in the fourth.
Transactions in U.S. stocks shifted to net foreign sales of $3.3 billion from
net foreign purchases of $11.9 billion.  Net foreign purchases of U.S. corporate
bonds increased to $60.1 billion from $39.7 billion, and transactions in
federally sponsored agency bonds shifted to net foreign sales of $5.8 billion
from net foreign purchases of $15.3 billion.

  Net foreign purchases of U.S. Treasury securities were $13.5 billion in the
first quarter, up from $12.7 billion in the fourth.

  Net financial inflows for foreign direct investment in the United States were
$25.8 billion in the first quarter, up from $15.3 billion in the fourth.  A
large increase in net equity capital inflows and a small increase in reinvested
earnings more than offset a shift in intercompany debt to net outflows from
net inflows.

  Foreign official assets in the United States increased $35.9 billion in the
first quarter, following an increase of $32.2 billion in the fourth.

  Net U.S. currency shipments were $4.9 billion in the first quarter, down from
$7.2 billion in the fourth.

  The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $23.7 billion in the first quarter, in contrast to a negative
$23.6 billion in the fourth.

  In the first quarter, the U.S. dollar depreciated 5 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 receipts and "other" private service payments are
revised for 1992-2002 to incorporate a new methodology for estimating insurance
services.  The new methodology results in a more accurate measure of insurance
services performed and eliminates sharp swings in the previous measure which
occurred whenever losses paid or recovered were outside of "normal" bounds,
such as occurred after the September 11, 2001 terrorist attacks and Hurricane
Andrew in 1992.

    U.S. transactions in foreign stocks and bonds and related dividend and
interest receipts are revised for 1998-2002 to incorporate the results of the
U.S. Treasury Department's Benchmark Survey of U.S. Portfolio Investment Abroad
as of December 31, 2001.  These benchmark surveys are much more comprehensive
and detailed than regular monthly and quarterly reports.

    U.S. direct investment abroad financial flows, income, affiliated "other"
private services, and affiliated royalties and license fees are revised for
1999-2002 to incorporate the results of BEA's Benchmark Survey of U.S. Direct
Investment Abroad for 1999.

    Net foreign purchases of U.S. Treasury securities are revised as a result
of updated and corrected source data.

    Bank and nonbank income receipts and payments, which are components of
"other" private income receipts and "other" private income payments,
respectively, have been revised for 2001-2002, partly as a result of new
details available from the U.S. Treasury Department's statistical collection
system, which contains new information on banking and nonbanking transactions.

    New estimates of emigrants' transfers and more complete estimates of
immigrants' transfers are introduced into the capital account for 1992-2002.

    New estimates of emigrants' remittances are introduced into the private
remittances and other transfers account for 1992-2002.

    New estimates of earnings and expenditures of U.S. residents temporarily
working abroad are introduced into the compensation receipts account and the
"other" private services payments account, respectively, for 1992-2002.

    New estimates of commissions received from foreigners trading on U.S.
futures exchanges, which are a component of "other" private services receipts,
are introduced for 2000-2002.

  In addition to the above improvements, estimates for 1999-2002 have been
revised as a result of other newly available or revised quarterly and annual
survey results and updated source data.

  Preliminary estimates for 2002 and revised estimates for 1998-2001 for the
U.S. net international investment position will be presented in a news release
on June 30.

  Revised estimates for the detailed components of the U.S. international
transactions accounts for 2001-2002 are shown in table 1.  Summary information
on revisions for 1992-2002 is shown in table 2.

  The fourth-quarter 2002 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 $128.6 billion from $136.9 billion.
The goods deficit was revised to $132.2 billion from $132.3 billion; the
services surplus was revised to $16.1 billion from $12.0 billion; the balance
on income was revised to a surplus of $3.0 billion from a deficit of $2.6
billion; and unilateral current transfers were revised to net outflows of
$15.4 billion from net outflows of $14.1 billion.  Net recorded financial
inflows were revised to $152.5 billion from $144.1 billion.

                       *         *          *

  Release dates in 2003:

  Second quarter 2003...............................September 15, 2003 (Monday)
  Third quarter 2003................................December 16, 2003 (Tuesday)

                       *          *         *

  BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on BEA's
Web site:

                           <www.bea.gov>

  Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:

                 (202) 606-5362 U.S. international transactions
                          -5306 Gross domestic product
                          -5303 Personal income and outlays

  Most of BEA's estimates and analyses are published in the Survey of Current
Business, BEA's monthly journal.  Subscriptions and single copies of the
printed Survey are for sale by the Superintendent of Documents, U.S. Government
Printing Office.  Internet:<bookstore.gpo.gov>; phone: (202) 512-1800;
fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
                                                                                                                                                                                                        June 19, 2003

    Table 1. U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                   2001                                2002                                2003    Change:  Amount of
                                      (Credits +, debits -)                                   2001r      2002r                                                                                    2002:IV -  Revision
                                                                                                                    Ir       IIr     IIIr      IVr      Ir       IIr     IIIr      IVr      Ip      2003:I    2002

                                         Current account

     1 Exports of goods and services and income receipts................................... 1,284,942  1,229,649  348,355  331,765  309,601  295,222  297,074  307,616  313,939  311,015  311,914       899    13,145

     2      Exports of goods and services.................................................. 1,007,580    974,107  269,268  259,158  243,900  235,255  236,442  243,696  247,815  246,151  247,848     1,697     2,243

     3          Goods, balance of payments basis...........................................   718,712    681,874  194,145  184,457  172,526  167,584  165,298  171,421  174,315  170,840  173,251     2,411      -712

     4          Services...................................................................   288,868    292,233   75,123   74,701   71,374   67,671   71,144   72,275   73,500   75,311   74,597      -714     2,955
     5              Transfers under U.S. military agency sales contracts...................    12,539     11,943    2,741    3,548    3,334    2,916    2,785    2,751    3,418    2,989    3,063        74      -101

     6              Travel.................................................................    71,893     66,547   20,735   19,619   17,374   14,165   16,295   16,030   16,217   18,005   16,424    -1,581    -3,773
     7              Passenger fares........................................................    17,926     17,046    5,100    4,865    4,507    3,454    4,224    4,279    4,288    4,255    3,754      -501      -397
     8              Other transportation...................................................    28,442     29,166    7,477    7,234    7,050    6,681    7,102    7,075    7,307    7,682    7,794       112       789

     9               Royalties and license fees............................................    41,098     44,142   10,370   10,406    9,922   10,401   10,373   11,221   11,389   11,157   11,606       449     1,183
    10               Other private services................................................   116,139    122,594   28,478   28,828   28,973   29,860   30,170   30,720   30,681   31,022   31,754       732     5,254
    11               U.S. Government miscellaneous services................................       831        795      222      201      214      194      195      199      200      201      202         1      ....

    12      Income receipts................................................................   277,362    255,542   79,087   72,607   65,701   59,967   60,632   63,920   66,124   64,864   64,066      -798    10,902
    13           Income receipts on U.S.-owned assets abroad...............................   274,272    252,379   78,283   71,847   64,930   59,212   59,821   63,140   65,339   64,077   63,259      -818    10,202
    14               Direct investment receipts............................................   124,333    142,933   32,603   31,489   30,336   29,904   32,058   34,874   37,264   38,735   38,613      -122    14,865
    15               Other private receipts................................................   146,378    106,143   44,787   39,581   33,744   28,266   26,950   27,560   27,225   24,408   23,715      -693    -4,623
    16               U.S. Government receipts..............................................     3,561      3,303      893      777      850    1,042      813      706      850      934      931        -3       -40
    17           Compensation of employees.................................................     3,090      3,163      804      760      771      755      811      780      785      787      807        20       700

    18 Imports of goods and services and income payments...................................-1,632,072 -1,651,657 -440,865 -420,408 -401,981 -368,820 -387,864 -416,962 -422,666 -424,165 -430,910    -6,745    12,251

    19      Imports of goods and services..................................................-1,365,399 -1,392,145 -362,708 -348,614 -332,943 -321,137 -326,499 -348,584 -354,795 -362,267 -369,415    -7,148    15,261

    20          Goods, balance of payments basis...........................................-1,145,927 -1,164,746 -306,871 -291,627 -278,847 -268,582 -271,331 -292,707 -297,627 -303,081 -309,248    -6,167     2,193

    21          Services...................................................................  -219,472   -227,399  -55,837  -56,987  -54,096  -52,555  -55,168  -55,877  -57,168  -59,186  -60,167      -981    13,068
    22              Direct defense expenditures............................................   -14,975    -19,245   -3,513   -3,447   -3,710   -4,305   -4,394   -4,668   -4,990   -5,193   -5,700      -507       173

    23              Travel.................................................................   -60,200    -58,044  -15,885  -16,725  -14,611  -12,979  -14,453  -14,252  -14,314  -15,025  -14,330       695     1,259
    24              Passenger fares........................................................   -22,633    -19,969   -5,798   -6,136   -5,895   -4,804   -4,874   -4,874   -4,829   -5,392   -5,078       314     1,024
    25              Other transportation...................................................   -38,682    -38,527  -10,447  -10,014   -9,144   -9,080   -8,891   -9,580   -9,787  -10,271  -10,824      -553        28

    26               Royalties and license fees............................................   -16,713    -19,258   -4,132   -4,087   -4,145   -4,349   -4,728   -4,902   -5,036   -4,592   -4,936      -344       641
    27               Other private services................................................   -63,387    -69,436  -15,339  -15,852  -15,865  -16,331  -17,087  -16,876  -17,487  -17,984  -18,554      -570     9,943
    28               U.S. Government miscellaneous services................................    -2,882     -2,920     -723     -726     -726     -707     -741     -725     -725     -729     -745       -16      ....

    29      Income payments................................................................  -266,673   -259,512  -78,157  -71,794  -69,038  -47,683  -61,365  -68,378  -67,871  -61,898  -61,495       403    -3,010
    30           Income payments on foreign-owned assets in the United States..............  -258,571   -251,108  -76,145  -69,785  -67,015  -45,625  -59,271  -66,246  -65,820  -59,771  -59,317       454    -3,507
    31               Direct investment payments............................................   -17,848    -49,458   -8,974   -7,323   -7,523    5,973   -8,134  -13,464  -15,350  -12,510  -14,136    -1,626       663
    32               Other private payments................................................  -160,042   -127,735  -45,821  -41,865  -39,730  -32,626  -32,512  -33,773  -31,802  -29,648  -28,264     1,384    -3,193
    33               U.S. Government payments..............................................   -80,681    -73,915  -21,350  -20,597  -19,762  -18,972  -18,625  -19,009  -18,668  -17,613  -16,917       696      -977
    34           Compensation of employees.................................................    -8,102     -8,404   -2,012   -2,009   -2,023   -2,058   -2,094   -2,132   -2,051   -2,127   -2,178       -51       497

    35 Unilateral current transfers, net...................................................   -46,615    -58,853  -11,494  -11,321  -11,256  -12,542  -15,938  -13,481  -13,997  -15,436  -17,116    -1,680    -2,830

    36      U.S. Government grants.........................................................   -11,517    -17,097   -2,426   -2,479   -2,867   -3,745   -6,397   -3,287   -3,075   -4,338   -5,865    -1,527      -183
    37      U.S. Government pensions and other transfers...................................    -5,798     -5,125   -1,316   -1,291   -1,305   -1,886   -1,271   -1,279   -1,282   -1,292   -1,366       -74         6
    38      Private remittances and other transfers........................................   -29,300    -36,631   -7,752   -7,551   -7,084   -6,911   -8,270   -8,915   -9,640   -9,806   -9,885       -79    -2,653


                                                                                                                                                                                                        June 19, 2003
    Table 1. U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                   2001                                2002                                2003    Change:  Amount of
                                      (Credits +, debits -)                                   2001r      2002r                                                                                    2002:IV -  Revision
                                                                                                                    Ir       IIr     IIIr      IVr      Ir       IIr     IIIr      IVr      Ip      2003:I    2002

                                  Capital and financial account

                                         Capital account

    39 Capital account transactions, net...................................................    -1,062     -1,285     -267     -260     -286     -249     -277     -286     -364     -358     -340        18    -1,993

                                        Financial account

    40 U.S.-owned assets abroad, net (increase/financial outflow (-))......................  -349,939   -178,985 -192,224  -92,213   37,353 -102,853  -35,227 -128,567   29,712  -44,902  -75,897   -30,995   -22,816

    41     U.S. official reserve assets, net...............................................    -4,911     -3,681      190   -1,343   -3,559     -199      390   -1,843   -1,416     -812       83       895      ....
    42          Gold.......................................................................      ....       ....     ....     ....     ....     ....     ....     ....     ....     ....     ....      ....      ....
    43          Special drawing rights.....................................................      -630       -475     -189     -156     -145     -140     -109     -107     -132     -127      897     1,024      ....
    44          Reserve position in the International Monetary Fund........................    -3,600     -2,632      574   -1,015   -3,242       83      652   -1,607   -1,136     -541     -644      -103      ....
    45          Foreign currencies.........................................................      -681       -574     -195     -172     -172     -142     -153     -129     -148     -144     -170       -26      ....

    46     U.S. Government assets, other than official reserve assets, net.................      -486        -32       77     -783       77      143      133       42      -27     -180       37       217      -411
    47          U.S. credits and other long-term assets....................................    -4,431     -5,611   -1,094   -1,330   -1,011     -996     -853     -565   -1,375   -2,818   -1,420     1,398      -398
    48          Repayments on U.S. credits and other long-term assets......................     3,873      5,684    1,071      573    1,118    1,111      994      566    1,452    2,672    1,505    -1,167       -12
    49          U.S. foreign currency holdings and U.S. short-term assets, net.............        72       -105      100      -26      -30       28       -8       41     -104      -34      -48       -14        -1

    50     U.S. private assets, net........................................................  -344,542   -175,272 -192,491  -90,087   40,835 -102,797  -35,750 -126,766   31,155  -43,910  -76,017   -32,107   -22,405
    51          Direct investment..........................................................  -119,963   -137,836  -14,147  -30,809  -41,781  -33,224  -39,083  -35,459  -31,623  -31,670  -28,974     2,696   -14,308
    52          Foreign securities.........................................................   -84,637     15,801  -23,849  -48,701   13,140  -25,227    5,367   -5,843   21,641   -5,364  -25,785   -20,421    13,579
    53          U.S. claims on unaffiliated foreigners reported by
                     U.S. nonbanking concerns..............................................    -4,997    -31,880  -43,929   -7,404     -101   46,437   -1,886  -16,210  -11,862   -1,922    3,134     5,056    -3,391
    54          U.S. claims reported by U.S. banks, not included elsewhere.................  -134,945    -21,357 -110,566   -3,173   69,577  -90,783     -148  -69,254   52,999   -4,954  -24,392   -19,438   -18,285

    55 Foreign-owned assets in the United States, net (increase/financial inflow (+))......   765,531    706,983  313,923  213,471   24,084  214,051  146,813  221,242  141,478  197,448  188,652    -8,796    76,619

    56     Foreign official assets in the United States, net...............................     5,104     94,860    4,290  -21,197   16,702    5,309    6,106   47,552    8,992   32,210   35,870     3,660    -1,770
    57          U.S. Government securities.................................................    31,665     73,521    2,547  -10,866   15,594   24,390    6,257   21,706   12,300   33,258   27,479    -5,779      -492
    58              U.S. Treasury securities...............................................    10,745     43,144   -1,027  -20,798   15,810   16,760   -1,039   15,138    1,415   27,630   18,099    -9,531      -512
    59              Other..................................................................    20,920     30,377    3,574    9,932     -216    7,630    7,296    6,568   10,885    5,628    9,380     3,752        20
    60          Other U.S. Government liabilities..........................................    -2,309        137     -601   -1,154     -205     -349     -597      365      464      -95     -694      -599       -21
    61          U.S. liabilities reported by U.S. banks, not included elsewhere............   -29,978     17,594    1,341  -10,205     -675  -20,439     -280   24,575   -4,607   -2,094    7,759     9,853    -1,237
    62          Other foreign official assets..............................................     5,726      3,608    1,003    1,028    1,988    1,707      726      906      835    1,141    1,326       185       -20

    63     Other foreign assets in the United States, net..................................   760,427    612,123  309,633  234,668    7,382  208,742  140,707  173,690  132,486  165,238  152,782   -12,456    78,389
    64          Direct investment..........................................................   151,581     39,633   44,924   63,011   14,962   28,682   10,607     -456   14,199   15,281   25,785    10,504     9,519
    65          U.S. Treasury securities...................................................    -7,438     96,217   -4,620  -14,688  -13,050   24,920   11,789   14,218   57,505   12,705   13,487       782    43,062
    66          U.S. securities other than U.S. Treasury securities........................   406,633    291,492  129,999  113,548   64,172   98,914   74,461  104,187   45,880   66,964   50,944   -16,020     6,881
    67          U.S. currency..............................................................    23,783     21,513    2,311    2,772    8,203   10,497    4,525    7,183    2,556    7,249    4,927    -2,322      ....
    68          U.S. liabilities to unaffiliated foreigners reported by
                     U.S. nonbanking concerns..............................................    67,489     72,142  111,565      752  -22,623  -22,205   46,771   24,610   -8,102    8,863   32,636    23,773    22,406
    69          U.S. liabilities reported by U.S. banks, not included elsewhere............   118,379     91,126   25,454   69,273  -44,282   67,934   -7,446   23,948   20,448   54,176   25,003   -29,173    -3,479

    70 Statistical discrepancy (sum of above items with sign reversed).....................   -20,785    -45,852  -17,428  -21,034   42,485  -24,809   -4,581   30,438  -48,102  -23,602   23,697    47,299   -74,376

       Memoranda:
    71 Balance on goods (lines 3 and 20)...................................................  -427,215   -482,872 -112,726 -107,170 -106,321 -100,998 -106,033 -121,286 -123,312 -132,241 -135,997    -3,756     1,481
    72 Balance on services (lines 4 and 21)................................................    69,396     64,834   19,286   17,714   17,278   15,116   15,976   16,398   16,332   16,125   14,430    -1,695    16,023
    73 Balance on goods and services (lines 2 and 19)......................................  -357,819   -418,038  -93,440  -89,456  -89,043  -85,882  -90,057 -104,888 -106,980 -116,116 -121,567    -5,451    17,504
    74 Balance on income (lines 12 and 29).................................................    10,689     -3,970      930      813   -3,337   12,284     -733   -4,458   -1,747    2,966    2,571      -395     7,892
    75 Unilateral current transfers, net (line 35).........................................   -46,615    -58,853  -11,494  -11,321  -11,256  -12,542  -15,938  -13,481  -13,997  -15,436  -17,116    -1,680    -2,830
    76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)............  -393,745   -480,861 -104,004  -99,964 -103,636  -86,140 -106,728 -122,827 -122,724 -128,586 -136,112    -7,526    22,566
    r  Revised.  p  Preliminary.
    NOTE:--Details may not add to totals because of rounding.     Source:  Bureau of Economic Analysis

                                                                                                                                                                                                   June 19, 2003

    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                             Previously                              Previously                               Previously                              Previously
               published     Revised     Revision     published     Revised     Revision      published     Revised     Revision       published     Revised     Revision      published     Revised     Revision

    1992......     748,603      748,881          278     -762,105     -763,741       -1,636      -35,013      -33,154        1,859      -48,515      -48,013          502       96,253       96,253         ....
    1993......     777,044      776,921         -123     -821,930     -821,797          133      -37,637      -37,113          524      -82,523      -81,989          534       81,488       81,488         ....
    1994......     869,328      868,460         -868     -949,312     -948,555          757      -38,260      -37,583          677     -118,244     -117,678          566      129,933      129,933         ....
    1995......   1,005,935    1,005,645         -290   -1,077,701   -1,075,674        2,027      -34,057      -35,188       -1,131     -105,823     -105,217          606       86,186       86,186         ....
    1996......   1,077,966    1,077,148         -818   -1,155,706   -1,155,489          217      -40,081      -38,862        1,219     -117,821     -117,203          618      137,173      137,173         ....
    1997......   1,195,538    1,194,899         -639   -1,283,116   -1,281,291        1,825      -40,794      -41,292         -498     -128,372     -127,684          688      219,210      219,210         ....
    1998......   1,192,045    1,191,206         -839   -1,351,363   -1,347,462        3,901      -44,509      -48,435       -3,926     -203,827     -204,691         -864       63,809       75,740       11,931
    1999......   1,247,682    1,255,671        7,989   -1,491,781   -1,499,762       -7,981      -48,757      -46,755        2,002     -292,856     -290,846        2,010      264,910      236,570      -28,340
    2000......   1,417,236    1,416,915         -321   -1,774,135   -1,772,694        1,441      -53,442      -55,679       -2,237     -410,341     -411,458       -1,117      409,497      456,341       46,844
    2001......   1,281,793    1,284,942        3,149   -1,625,701   -1,632,072       -6,371      -49,463      -46,615        2,848     -393,371     -393,745         -374      381,844      415,592       33,748
    2002......   1,216,504    1,229,649       13,145   -1,663,908   -1,651,657       12,251      -56,023      -58,853       -2,830     -503,427     -480,861       22,566      474,195      527,998       53,803

    1992: I...     185,822      185,909           87     -183,681     -183,755          -74       -7,545       -6,847          698       -5,404       -4,693          711       19,651       19,651         ....
         II...     186,302      186,380           78     -190,411     -190,447          -36       -8,418       -7,890          528      -12,527      -11,957          570       34,069       34,069         ....
        III...     187,644      187,709           65     -191,986     -193,531       -1,545       -7,837       -7,457          380      -12,179      -13,279       -1,100       21,899       21,899         ....
         IV...     188,834      188,880           46     -196,029     -196,005           24      -11,214      -10,960          254      -18,409      -18,085          324       20,632       20,632         ....

    1993: I...     190,901      190,925           24     -196,141     -196,106           35       -7,905       -7,741          164      -13,145      -12,922          223        3,608        3,608         ....
         II...     192,641      192,634           -7     -204,858     -204,825           33       -8,576       -8,451          125      -20,793      -20,642          151       13,195       13,195         ....
        III...     193,687      193,639          -48     -205,631     -205,599           32       -9,339       -9,211          128      -21,283      -21,171          112       32,719       32,719         ....
         IV...     199,813      199,716          -97     -215,303     -215,267           36      -11,816      -11,709          107      -27,306      -27,260           46       31,967       31,967         ....

    1994: I...     203,793      203,607         -186     -219,175     -219,109           66       -7,971       -7,708          263      -23,353      -23,210          143       50,540       50,540         ....
         II...     211,509      211,276         -233     -231,549     -231,424          125       -8,482       -8,277          205      -28,522      -28,425           97       13,770       13,770         ....
        III...     222,795      222,554         -241     -244,408     -244,192          216       -9,610       -9,452          158      -31,223      -31,090          133       50,949       50,949         ....
         IV...     231,233      231,025         -208     -254,181     -253,831          350      -12,194      -12,146           48      -35,142      -34,952          190       14,672       14,672         ....

    1995: I...     241,599      241,511          -88     -261,741     -261,135          606       -8,577       -8,812         -235      -28,719      -28,436          283       32,965       32,965         ....
         II...     249,063      249,001          -62     -271,787     -271,151          636       -8,080       -8,418         -338      -30,804      -30,568          236        4,190        4,190         ....
        III...     255,633      255,574          -59     -272,735     -272,181          554       -8,460       -8,784         -324      -25,562      -25,391          171       69,607       69,607         ....
         IV...     259,636      259,555          -81     -271,439     -271,208          231       -8,939       -9,174         -235      -20,742      -20,827          -85      -20,574      -20,574         ....

    1996: I...     262,927      262,752         -175     -276,913     -276,829           84      -10,519      -10,212          307      -24,505      -24,289          216        4,319        4,319         ....
         II...     266,859      266,662         -197     -286,958     -286,956            2       -8,744       -8,462          282      -28,843      -28,756           87       32,893       32,893         ....
        III...     267,240      267,020         -220     -293,473     -293,453           20       -8,940       -8,653          287      -35,173      -35,086           87       52,434       52,434         ....
         IV...     280,934      280,708         -226     -298,363     -298,252          111      -11,878      -11,535          343      -29,307      -29,079          228       47,529       47,529         ....

    1997: I...     287,373      287,175         -198     -310,740     -310,602          138       -9,054       -8,899          155      -32,421      -32,326           95       20,792       20,792         ....
         II...     300,459      300,275         -184     -317,828     -317,518          310       -9,280       -9,285           -5      -26,649      -26,528          121       47,103       47,103         ....
        III...     305,114      304,962         -152     -325,650     -325,106          544       -9,561       -9,772         -211      -30,097      -29,916          181       47,940       47,940         ....
         IV...     302,595      302,490         -105     -328,901     -328,068          833      -12,902      -13,336         -434      -39,208      -38,914          294      103,371      103,371         ....

    1998: I...     301,808      301,310         -498     -332,743     -331,242        1,501       -9,900      -10,868         -968      -40,835      -40,800           35        3,281        6,232        2,951
         II...     298,310      297,869         -441     -337,467     -336,183        1,284      -10,134      -11,171       -1,037      -49,291      -49,485         -194       15,106       17,927        2,821
        III...     291,511      292,139          628     -338,013     -337,144          869      -10,775      -11,954       -1,179      -57,277      -56,959          318       15,665       18,943        3,278
         IV...     300,414      299,886         -528     -343,142     -342,895          247      -13,699      -14,441         -742      -56,427      -57,450       -1,023       29,755       32,636        2,881

    1999: I...     297,111      299,118        2,007     -345,676     -347,512       -1,836      -11,107      -10,899          208      -59,672      -59,293          379       35,328       24,993      -10,335
         II...     303,765      306,214        2,449     -362,299     -364,498       -2,199      -11,614      -11,316          298      -70,148      -69,600          548       72,003       67,218       -4,785
        III...     316,533      318,820        2,287     -385,035     -386,995       -1,960      -11,641      -11,092          549      -80,143      -79,267          876       39,590       31,632       -7,958
         IV...     330,273      331,524        1,251     -398,776     -400,756       -1,980      -14,393      -13,449          944      -82,896      -82,681          215      117,992      112,727       -5,265

    2000: I...     340,178      340,457          279     -422,527     -423,355         -828      -11,749      -12,123         -374      -94,098      -95,021         -923       11,835       29,845       18,010
         II...     355,468      354,103       -1,365     -441,206     -440,583          623      -12,349      -12,646         -297      -98,087      -99,126       -1,039      135,317      134,435         -882
        III...     360,827      359,157       -1,670     -455,079     -454,244          835      -12,925      -13,480         -555     -107,177     -108,567       -1,390      151,904      154,469        2,565
         IV...     360,765      363,198        2,433     -455,329     -454,517          812      -16,418      -17,435       -1,017     -110,982     -108,754        2,228      110,440      137,592       27,152

    2001: I...     349,040      348,355         -685     -445,154     -440,865        4,289      -11,608      -11,494          114     -107,722     -104,004        3,718       86,695      121,699       35,004
         II...     331,612      331,765          153     -418,930     -420,408       -1,478      -11,916      -11,321          595      -99,234      -99,964         -730      101,574      121,258       19,684
        III...     309,477      309,601          124     -388,448     -401,981      -13,533      -12,360      -11,256        1,104      -91,331     -103,636      -12,305       42,867       61,437       18,570
         IV...     291,667      295,222        3,555     -373,174     -368,820        4,354      -13,579      -12,542        1,037      -95,086      -86,140        8,946      150,709      111,198      -39,511

    2002: I...     291,005      297,074        6,069     -387,616     -387,864         -248      -15,931      -15,938           -7     -112,542     -106,728        5,814       87,416      111,586       24,170
         II...     304,923      307,616        2,693     -419,693     -416,962        2,731      -12,927      -13,481         -554     -127,697     -122,827        4,870       73,066       92,675       19,609
        III...     312,392      313,939        1,547     -425,656     -422,666        2,990      -13,073      -13,997         -924     -126,337     -122,724        3,613      169,591      171,190        1,599
         IV...     308,183      311,015        2,832     -430,949     -424,165        6,784      -14,088      -15,436       -1,348     -136,854     -128,586        8,268      144,115      152,546        8,431

    NOTE:--Details may not add to totals because of rounding.     Source:  Bureau of Economic Analysis