FOR WIRE TRANSMISSION: 8:30 A.M. EDT, TUESDAY, June 17, 2008
Douglas B. Weinberg: (202) 606-9590 (Data) BEA 08-27
Christopher L. Bach: 606-9545 (Revisions)
U.S. International Transactions: First Quarter 2008
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
$176.4 billion (preliminary) in the first quarter of 2008 from $167.2 billion
(revised) in the fourth quarter of 2007. The increase was mostly accounted for
by a decrease in the surplus on income. In addition, the deficit on goods and
net unilateral current transfers to foreigners both increased. An increase in
the surplus on services was partly offsetting.
Goods and services
The deficit on goods and services increased to $174.9 billion in the
first quarter from $173.8 billion in the fourth.
Goods
The deficit on goods increased to $211.0 billion in the first quarter
from $208.9 billion in the fourth.
Goods exports increased to $317.8 billion from $303.2 billion. The
largest increases were in nonagricultural industrial supplies and materials and
in agricultural products. Consumer goods also increased.
Goods imports increased to $528.8 billion from $512.1 billion. The
increase largely resulted from an increase in petroleum and products. Among
nonpetroleum products, the largest increase was in nonpetroleum industrial
supplies and materials.
Services
The surplus on services increased to $36.1 billion in the first quarter
from $35.1 billion in the fourth.
Services receipts increased to $136.5 billion from $132.3 billion. The
increase was largely accounted for by increases in �other� private services
(such as business, professional, and technical services, insurance services,
and financial services) and in �other� transportation (such as freight and port
services).
Services payments increased to $100.3 billion from $97.1 billion. The
increase was largely accounted for by increases in travel, in �other�
transportation, in passenger fares, and in �other� private services.
Income
The surplus on income decreased to $29.8 billion in the first quarter
from $36.3 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $198.7 billion
from $214.6 billion. The decrease was largely accounted for by a decrease in
�other� private receipts (which consists of interest and dividends). Direct
investment receipts also decreased.
Income payments on foreign-owned assets in the United States decreased to
$167.1 billion from $176.4 billion. The decrease was more than accounted for
by a decrease in �other� private payments (which consists of interest and
dividends). In contrast, direct investment payments increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged
at $0.8 billion, and payments for compensation of foreign workers in the United
States were virtually unchanged at $2.6 billion.
Unilateral current transfers
Net unilateral current transfers to foreigners were $31.2 billion in the
first quarter, up from $29.8 billion in the fourth. The increase was mostly
accounted for by an increase in private remittances and other transfers.
Capital Account
Net capital account payments (outflows) were virtually unchanged at $0.6
billion in the first quarter.
Financial Account
Net financial inflows--net acquisitions by foreign residents of assets in
the United States less net acquisitions by U.S. residents of assets abroad--
were $124.3 billion in the first quarter, down from $213.4 billion in the
fourth. Net acquisitions by U.S. residents picked up more than net
acquisitions by foreign residents.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $286.6 billion in the first quarter,
following an increase of $153.8 billion in the fourth.
U.S. claims on foreigners reported by U.S. banks increased $218.9 billion
in the first quarter, following an increase of $115.9 billion in the fourth.
Net U.S. purchases of foreign securities were $38.8 billion in the first
quarter, up from $4.2 billion in the fourth. Transactions in foreign stocks
shifted to net U.S. purchases of $28.0 billion from net U.S. sales of $9.3
billion. Net U.S. purchases of foreign bonds were $10.8 billion, down from
$13.5 billion.
U.S. direct investment abroad increased $85.6 billion in the first
quarter, following an increase of $110.9 billion in the fourth. The slowdown
resulted from slowdowns in reinvested earnings, in net intercompany debt
investment abroad, and in net equity capital investment abroad.
U.S. official reserve assets increased $0.3 billion in the first quarter,
following an increase of less than $0.1 billion in the fourth.
U.S. Government assets other than official reserve assets decreased $3.3
billion in the first quarter, following an increase of $22.7 billion in the
fourth.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $411.0 billion in the
first quarter, following an increase of $380.4 billion in the fourth.
U.S. liabilities to foreigners reported by U.S. banks increased $85.7
billion in the first quarter, following an increase of $124.0 billion in the
fourth.
Net foreign purchases of U.S. Treasury securities were $68.9 billion in
the first quarter, up from $60.1 billion in the fourth.
Transactions in U.S. securities other than U.S. Treasury securities
shifted to net foreign sales of $20.1 billion in the first quarter from net
foreign purchases of $110.5 billion in the fourth. Net foreign purchases of
U.S. stocks were $8.7 billion, down from $56.2 billion. Transactions in U.S.
corporate bonds shifted to net foreign sales of $10.6 billion from net foreign
purchases of $37.9 billion. Transactions in U.S. federally sponsored agency
bonds shifted to net foreign sales of $18.3 billion from net foreign purchases
of $16.4 billion.
Foreign direct investment in the United States increased $46.6 billion in
the first quarter, following an increase of $55.7 billion in the fourth. The
slowdown was more than accounted for by a shift from an increase to a decrease
in net intercompany debt investment in the United States. In contrast, net
equity capital investment in the United States and reinvested earnings both
picked up.
Foreign official assets in the United States increased $173.5 billion in
the first quarter, following an increase of $145.5 billion in the fourth.
Net shipments of U.S. currency to the United States were $0.9 billion in
the first quarter, down from net shipments to the United States of $3.5 billion
in the fourth.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $52.6 billion in the first quarter, compared with
a negative $45.6 billion in the fourth.
In the first quarter, the U.S. dollar depreciated 2 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 updated and revised to incorporate newly available source data and improved
estimating methodologies. The major changes this year are summarized below.
* Services receipts and payments are revised for 2006-2007 to incorporate
the results of BEA�s benchmark survey of international services transactions
for 2006 and of BEA�s new follow-on survey of international services
transactions for 2007. Services receipts and payments are also revised for
2004-2005 to incorporate updated source data for those years.
* U.S. direct investment abroad financial flows and income receipts are
revised to incorporate the results of BEA�s benchmark survey of U.S. direct
investment abroad for 2004.
* For foreign securities, financial flows and interest receipts for foreign
bonds and dividend receipts for foreign stocks are revised for 2006-2007 to
incorporate results of the U.S. Treasury Department�s benchmark survey of
securities claims for December 2006. The same accounts are revised for 2002-
2005 to adjust the results from earlier annual surveys.
* For U.S. securities, financial flows and interest payments for U.S.
corporate bonds, U.S. Treasury bonds, and U.S. agency bonds and dividend
payments for U.S. stocks are revised for 2006-2007 to incorporate results of
the U.S. Treasury Department�s annual survey of securities liabilities for
June 2007.
* Net U.S. currency shipments to foreign banks from U.S. banks are revised
for 1974-2007.
Estimates of U.S. international transactions are revised for 1974-2007,
although the only revisions for 1974-2001 are for net U.S. currency shipments.
Revised estimates for the detailed components of the U.S. international
transactions accounts for 2006-2007 are shown in table 1. Summary information
on revisions for 1997-2007 is shown in table 2.
Preliminary estimates for 2007 and revised estimates for 1976-2006 of the
U.S. net international investment position will be released on June 27. Nearly
all of the revisions are concentrated in 2002-2006.
The fourth-quarter 2007 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 $167.2 billion from
$172.9 billion. The goods deficit was revised to $208.9 billion from $208.1
billion; the services surplus was revised to $35.1 billion from $30.2 billion;
the income surplus was revised to $36.3 billion from $33.0 billion; and
unilateral current transfers were revised to net outflows of $29.8 billion
from $28.1 billion. Net financial inflows were revised to $213.4 billion from
$230.1 billion.
* * *
Release dates in 2008:
Fourth quarter and year 2007......................March 17, 2008 (Monday)
First quarter 2008................................June 17, 2008 (Tuesday)
Second quarter 2008........................September 17, 2008 (Wednesday)
Third quarter 2008..........................December 17, 2008 (Wednesday)
* * *
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, 2008
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2006 2007 2008 Change: Amount of
(Credits +, debits -) 2006 r 2007 r 2007:IV- Revision
I r II r III r IV r I r II r III r IV r I p 2008:I 2007
Current account
1 Exports of goods and services and income receipts......................................... 2,142,164 2,463,505 504,862 529,782 543,893 563,627 572,182 602,122 638,393 650,808 653,728 2,920 52,918
2 Exports of goods and services.......................................................... 1,457,015 1,645,726 349,179 359,771 367,643 380,422 385,436 399,951 424,873 435,465 454,271 18,806 17,368
3 Goods, balance of payments basis................................................... 1,023,109 1,148,481 244,679 253,332 259,277 265,821 270,318 279,488 295,494 303,180 317,813 14,633 -727
4 Services........................................................................... 433,905 497,245 104,500 106,439 108,365 114,600 115,118 120,463 129,378 132,285 136,458 4,173 18,095
5 Transfers under U.S. military agency sales contracts........................... 17,430 16,052 4,602 4,252 4,343 4,233 4,629 4,000 3,881 3,542 4,068 526 346
6 Travel......................................................................... 85,720 96,712 20,906 21,284 21,475 22,055 21,818 23,154 25,241 26,499 26,848 349 -385
7 Passenger fares................................................................ 22,036 25,586 5,376 5,465 5,647 5,547 5,800 5,996 6,530 7,259 7,188 -71 257
8 Other transportation........................................................... 46,323 51,586 11,114 11,625 11,788 11,796 12,076 12,639 13,081 13,790 14,922 1,132 -268
9 Royalties and license fees..................................................... 72,191 82,614 16,845 17,530 18,219 19,597 18,991 19,866 21,940 21,817 22,267 450 11,269
10 Other private services......................................................... 189,050 223,483 45,380 45,996 46,599 51,076 51,508 54,521 58,396 59,058 60,850 1,792 6,874
11 U.S. government miscellaneous services......................................... 1,155 1,212 277 286 294 297 296 288 309 320 314 -6 2
12 Income receipts........................................................................ 685,150 817,779 155,683 170,011 176,251 183,205 186,746 202,171 213,520 215,343 199,457 -15,886 35,550
13 Income receipts on U.S.-owned assets abroad........................................ 682,270 814,807 154,962 169,284 175,539 182,485 186,013 201,434 212,774 214,587 198,700 -15,887 35,540
14 Direct investment receipts..................................................... 328,543 368,275 78,178 82,489 82,911 84,965 83,391 89,673 94,953 100,259 97,094 -3,165 15,639
15 Other private receipts......................................................... 351,327 444,299 76,194 86,208 92,034 96,891 102,063 111,187 117,275 113,774 100,831 -12,943 19,866
16 U.S. government receipts....................................................... 2,400 2,233 590 587 594 629 559 574 546 554 775 221 35
17 Compensation of employees.......................................................... 2,880 2,972 721 727 712 720 733 737 746 756 757 1 10
18 Imports of goods and services and income payments......................................... -2,838,254 -3,082,014 -679,297 -705,572 -730,083 -723,303 -738,938 -771,262 -783,548 -788,264 -798,877 -10,613 -37,228
19 Imports of goods and services.......................................................... -2,210,298 -2,345,984 -538,266 -551,612 -565,114 -555,307 -564,979 -578,770 -592,986 -609,248 -629,191 -19,943 -9,111
20 Goods, balance of payments basis................................................... -1,861,380 -1,967,853 -453,286 -465,016 -477,900 -465,178 -473,681 -485,375 -496,698 -512,099 -528,845 -16,746 -3,276
21 Services........................................................................... -348,918 -378,130 -84,981 -86,596 -87,213 -90,129 -91,298 -93,395 -96,288 -97,149 -100,346 -3,197 -5,834
22 Direct defense expenditures.................................................... -31,032 -32,820 -7,723 -7,734 -7,984 -7,591 -7,915 -8,085 -8,132 -8,688 -8,783 -95 -9
23 Travel......................................................................... -72,104 -76,167 -17,624 -17,956 -18,021 -18,503 -18,538 -18,849 -19,247 -19,533 -20,324 -791 259
24 Passenger fares................................................................ -27,501 -28,486 -6,748 -6,928 -6,890 -6,935 -6,721 -6,979 -7,422 -7,364 -8,051 -687 88
25 Other transportation........................................................... -65,262 -67,050 -15,877 -16,375 -16,621 -16,389 -16,022 -16,767 -17,119 -17,142 -17,864 -722 44
26 Royalties and license fees..................................................... -23,777 -25,048 -6,230 -5,756 -5,507 -6,285 -6,643 -6,260 -6,155 -5,991 -6,209 -218 2,876
27 Other private services......................................................... -125,221 -144,375 -29,783 -30,831 -31,169 -33,440 -34,444 -35,437 -37,145 -37,350 -38,032 -682 -9,090
28 U.S. government miscellaneous services......................................... -4,021 -4,184 -996 -1,016 -1,022 -987 -1,016 -1,018 -1,069 -1,081 -1,082 -1 -2
29 Income payments........................................................................ -627,956 -736,030 -141,031 -153,960 -164,969 -167,996 -173,959 -192,492 -190,562 -179,016 -169,686 9,330 -28,117
30 Income payments on foreign-owned assets in the United States....................... -618,466 -726,031 -138,674 -151,608 -162,623 -165,561 -171,560 -189,991 -188,045 -176,436 -167,125 9,311 -27,829
31 Direct investment payments..................................................... -144,397 -134,414 -33,882 -35,184 -39,927 -35,404 -33,128 -40,620 -35,243 -25,424 -30,244 -4,820 -5,380
32 Other private payments......................................................... -339,088 -426,515 -74,307 -83,504 -88,063 -93,214 -99,373 -107,963 -110,898 -108,281 -94,103 14,178 -14,591
33 U.S. government payments....................................................... -134,981 -165,102 -30,485 -32,920 -34,633 -36,943 -39,059 -41,408 -41,904 -42,731 -42,778 -47 -7,858
34 Compensation of employees.......................................................... -9,489 -9,999 -2,357 -2,352 -2,346 -2,435 -2,399 -2,501 -2,517 -2,580 -2,561 19 -288
35 Unilateral current transfers, net......................................................... -92,027 -112,705 -21,516 -24,116 -24,716 -21,679 -30,174 -24,953 -27,796 -29,784 -31,227 -1,443 -8,267
36 U.S. government grants................................................................. -27,142 -33,237 -5,671 -7,226 -7,741 -6,504 -10,567 -5,611 -7,109 -9,950 -10,158 -208 -538
37 U.S. government pensions and other transfers........................................... -6,508 -7,323 -1,614 -1,627 -1,620 -1,647 -1,805 -1,834 -1,837 -1,849 -1,954 -105 -488
38 Private remittances and other transfers................................................ -58,377 -72,145 -14,231 -15,263 -15,355 -13,528 -17,802 -17,508 -18,850 -17,985 -19,116 -1,131 -7,241
June 17, 2008
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2006 2007 2008 Change: Amount of
(Credits +, debits -) 2006 r 2007 r 2007:IV- Revision
I r II r III r IV r I r II r III r IV r I p 2008:I 2007
Capital account
39 Capital account transactions, net......................................................... -3,880 -1,843 -1,716 -1,005 -533 -626 -543 -112 -617 -571 -597 -26 474
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives
(increase/financial outflow (-))...................................................... -1,251,749 -1,289,854 -359,608 -234,828 -286,769 -370,543 -442,065 -523,556 -170,476 -153,757 -286,627 -132,870 -83,522
41 U.S. official reserve assets........................................................... 2,374 -122 513 -560 1,006 1,415 -72 26 -54 -22 -276 -254 ....
42 Gold............................................................................... 0 0 0 0 0 0 0 0 0 0 0 0 ....
43 Special drawing rights............................................................. -223 -154 -67 -51 -54 -51 -43 -39 -37 -35 -29 6 ....
44 Reserve position in the International Monetary Fund................................ 3,331 1,021 729 -351 1,275 1,678 212 294 230 285 112 -173 ....
45 Foreign currencies................................................................. -734 -989 -149 -158 -215 -212 -241 -229 -247 -272 -359 -87 ....
46 U.S. government assets, other than official reserve assets............................. 5,346 -22,273 1,049 1,765 1,570 962 445 -596 623 -22,744 3,346 26,090 658
47 U.S. credits and other long-term assets............................................ -2,992 -2,475 -1,517 -376 -592 -507 -608 -1,405 -182 -279 -228 51 -34
48 Repayments on U.S. credits and other long-term assets.............................. 8,329 4,104 2,558 2,147 2,170 1,454 1,091 687 780 1,546 601 -945 654
49 U.S. foreign currency holdings and U.S. short-term assets.......................... 9 -23,902 8 -6 -8 15 -38 122 25 -24,011 2,973 26,984 38
50 U.S. private assets.................................................................... -1,259,469 -1,267,459 -361,170 -236,033 -289,346 -372,920 -442,438 -522,985 -171,045 -130,990 -289,697 -158,707 -84,181
51 Direct investment.................................................................. -241,244 -333,271 -55,969 -47,902 -65,992 -71,381 -66,706 -93,616 -62,043 -110,905 -85,608 25,297 2,144
52 Foreign securities................................................................. -365,204 -288,731 -75,699 -80,252 -72,558 -136,695 -99,541 -84,671 -100,317 -4,202 -38,826 -34,624 -14,880
53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........ -164,597 -706 -24,771 -48,334 -57,000 -34,492 -46,048 -134,713 80,012 100,043 53,644 -46,399 -16,525
54 U.S. claims reported by U.S. banks, not included elsewhere......................... -488,424 -644,751 -204,731 -59,545 -93,796 -130,352 -230,143 -209,985 -88,697 -115,926 -218,907 -102,981 -54,920
55 Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+))....................................................... 2,061,113 2,057,703 537,649 405,008 524,858 593,598 692,713 718,112 266,476 380,402 410,962 30,560 194,006
56 Foreign official assets in the United States........................................... 487,939 411,058 130,427 127,303 121,843 108,366 163,270 88,822 13,469 145,497 173,501 28,004 -1,640
57 U.S. government securities......................................................... 428,401 230,330 117,579 71,299 121,907 117,616 121,640 61,641 -7,788 54,837 167,682 112,845 -1,522
58 U.S. Treasury securities....................................................... 208,564 58,865 65,573 26,391 60,641 55,959 40,337 1,610 -25,810 42,728 88,647 45,919 8,965
59 Other.......................................................................... 219,837 171,465 52,006 44,908 61,266 61,657 81,303 60,031 18,022 12,109 79,035 66,926 -10,487
60 Other U.S. government liabilities.................................................. 2,816 5,342 -45 760 913 1,188 366 -69 913 4,132 1,792 -2,340 -331
61 U.S. liabilities reported by U.S. banks, not included elsewhere.................... 22,365 108,695 2,394 43,366 -7,871 -15,524 30,329 15,956 9,873 52,537 -26,906 -79,443 239
62 Other foreign official assets...................................................... 34,357 66,691 10,499 11,878 6,894 5,086 10,935 11,294 10,471 33,991 30,933 -3,058 -26
63 Other foreign assets in the United States.............................................. 1,573,174 1,646,645 407,222 277,705 403,015 485,232 529,443 629,290 253,007 234,905 237,461 2,556 195,646
64 Direct investment.................................................................. 241,961 237,542 38,694 62,831 54,813 85,623 14,026 61,862 105,908 55,746 46,627 -9,119 33,128
65 U.S. Treasury securities........................................................... -58,204 156,825 -25,913 -24,019 -21,586 13,314 42,882 -13,522 67,406 60,059 68,932 8,873 -9,476
66 U.S. securities other than U.S. Treasury securities................................ 683,363 573,850 167,614 139,710 197,908 178,131 183,507 310,340 -30,486 110,489 -20,115 -130,604 181,966
67 U.S. currency...................................................................... 2,227 -10,675 35 -2,345 -2,321 6,858 -6,165 -1,635 655 -3,530 -914 2,616 -21,612
68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns... 242,727 156,290 63,888 59,875 69,984 48,980 90,061 122,476 55,599 -111,846 57,185 169,031 -10,289
69 U.S. liabilities reported by U.S. banks, not included elsewhere.................... 461,100 532,813 162,904 41,653 104,217 152,326 205,132 149,769 53,925 123,987 85,746 -38,241 21,929
70 Financial derivatives, net................................................................ 29,710 6,496 1,633 14,090 15,134 -1,147 14,795 -1,007 5,942 -13,234 n.a. 13,234 6,496
71 Statistical discrepancy (sum of above items with sign reversed)........................... -47,078 -41,287 17,994 16,641 -41,784 -39,927 -67,970 656 71,627 -45,600 52,638 98,238 -124,877
Memoranda:
72 Balance on goods (lines 3 and 20).......................................................... -838,270 -819,373 -208,607 -211,684 -218,623 -199,356 -203,363 -205,887 -201,204 -208,919 -211,032 -2,113 -4,003
73 Balance on services (lines 4 and 21)....................................................... 84,987 119,115 19,519 19,843 21,152 24,471 23,820 27,068 33,090 35,136 36,112 976 12,261
74 Balance on goods and services (lines 2 and 19)............................................. -753,283 -700,258 -189,087 -191,841 -197,471 -174,885 -179,543 -178,819 -168,114 -173,783 -174,920 -1,137 8,257
75 Balance on income (lines 12 and 29)........................................................ 57,194 81,749 14,652 16,051 11,282 15,209 12,787 9,679 22,958 36,327 29,771 -6,556 7,433
76 Unilateral current transfers, net (line 35)................................................ -92,027 -112,705 -21,516 -24,116 -24,716 -21,679 -30,174 -24,953 -27,796 -29,784 -31,227 -1,443 -8,267
77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)................... -788,116 -731,214 -195,952 -199,906 -210,906 -181,355 -196,930 -194,093 -172,952 -167,241 -176,376 -9,135 7,424
p Preliminary
r Revised
n.a. Not available
NOTE: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
June 17, 2008
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 (inflows +, outflows -) (inflows +, outflows -)
Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
1997....... 1,191,257 1,191,257 .... -1,286,921 -1,286,921 .... -45,062 -45,062 .... -140,726 -140,726 .... 221,334 218,977 -2,357
1998....... 1,194,993 1,194,993 .... -1,356,868 -1,356,868 .... -53,187 -53,187 .... -215,062 -215,062 .... 69,740 66,965 -2,775
1999....... 1,259,809 1,259,809 .... -1,511,011 -1,511,011 .... -50,428 -50,428 .... -301,630 -301,630 .... 236,148 238,148 2,000
2000....... 1,421,515 1,421,515 .... -1,780,296 -1,780,296 .... -58,645 -58,645 .... -417,426 -417,426 .... 486,373 477,701 -8,672
2001....... 1,295,693 1,295,693 .... -1,629,097 -1,629,097 .... -51,295 -51,295 .... -384,699 -384,699 .... 400,243 400,254 11
2002....... 1,255,936 1,255,663 -273 -1,651,990 -1,651,990 .... -63,587 -64,948 -1,361 -459,641 -461,275 -1,634 503,167 500,515 -2,652
2003....... 1,338,325 1,338,213 -112 -1,789,819 -1,789,819 .... -70,607 -71,794 -1,187 -522,101 -523,400 -1,299 538,928 532,879 -6,049
2004....... 1,559,191 1,574,326 15,135 -2,114,926 -2,114,837 89 -84,414 -84,482 -68 -640,148 -624,993 15,155 556,742 532,331 -24,411
2005....... 1,788,557 1,819,016 30,459 -2,454,871 -2,458,225 -3,354 -88,535 -89,784 -1,249 -754,848 -728,993 25,855 777,356 700,716 -76,640
2006....... 2,096,165 2,142,164 45,999 -2,818,047 -2,838,254 -20,207 -89,595 -92,027 -2,432 -811,477 -788,116 23,361 833,183 839,074 5,891
2007....... 2,410,587 2,463,505 52,918 -3,044,786 -3,082,014 -37,228 -104,438 -112,705 -8,267 -738,638 -731,214 7,424 /1/657,365 774,345 116,980
1997: I 287,279 287,279 .... -313,391 -313,391 .... -9,967 -9,967 .... -36,079 -36,079 .... 20,276 19,518 -758
II........ 299,679 299,679 .... -318,210 -318,210 .... -10,267 -10,267 .... -28,798 -28,798 .... 47,567 47,070 -497
III....... 303,542 303,542 .... -325,593 -325,593 .... -10,666 -10,666 .... -32,717 -32,717 .... 47,836 47,222 -614
IV........ 300,762 300,762 .... -329,728 -329,728 .... -14,160 -14,160 .... -43,126 -43,126 .... 105,651 105,163 -488
1998: I 302,195 302,195 .... -334,146 -334,146 .... -12,053 -12,053 .... -44,004 -44,004 .... 4,732 3,927 -805
II........ 298,846 298,846 .... -337,834 -337,834 .... -12,361 -12,361 .... -51,349 -51,349 .... 16,427 15,911 -516
III....... 293,115 293,115 .... -338,864 -338,864 .... -13,140 -13,140 .... -58,889 -58,889 .... 17,443 16,673 -770
IV........ 300,835 300,835 .... -346,026 -346,026 .... -15,633 -15,633 .... -60,824 -60,824 .... 31,136 30,452 -684
1999: I 300,183 300,183 .... -351,564 -351,564 .... -11,885 -11,885 .... -63,266 -63,266 .... 24,660 23,694 -966
II........ 307,288 307,288 .... -367,128 -367,128 .... -12,260 -12,260 .... -72,100 -72,100 .... 65,434 64,785 -649
III....... 319,936 319,936 .... -388,656 -388,656 .... -11,987 -11,987 .... -80,707 -80,707 .... 33,368 32,570 -798
IV........ 332,407 332,407 .... -403,662 -403,662 .... -14,295 -14,295 .... -85,550 -85,550 .... 112,686 117,099 4,413
2000: I 341,683 341,683 .... -427,646 -427,646 .... -12,859 -12,859 .... -98,822 -98,822 .... 41,092 35,176 -5,916
II........ 355,307 355,307 .... -441,576 -441,576 .... -13,368 -13,368 .... -99,637 -99,637 .... 140,258 139,263 -995
III....... 360,295 360,295 .... -454,243 -454,243 .... -14,208 -14,208 .... -108,156 -108,156 .... 161,338 160,217 -1,121
IV........ 364,231 364,231 .... -456,835 -456,835 .... -18,212 -18,212 .... -110,816 -110,816 .... 143,685 143,045 -640
2001: I 350,489 350,489 .... -442,826 -442,826 .... -15,171 -15,171 .... -107,508 -107,508 .... 115,961 114,573 -1,388
II........ 334,968 334,968 .... -416,706 -416,706 .... -15,802 -15,802 .... -97,540 -97,540 .... 121,164 120,165 -999
III....... 312,094 312,094 .... -400,657 -400,657 .... -2,941 -2,941 .... -91,504 -91,504 .... 55,794 57,084 1,290
IV........ 298,144 298,144 .... -368,912 -368,912 .... -17,374 -17,374 .... -88,142 -88,142 .... 107,325 108,433 1,108
2002: I 302,466 302,429 -37 -388,601 -388,601 .... -18,326 -18,542 -216 -104,461 -104,714 -253 89,272 88,384 -888
II........ 314,290 314,174 -116 -415,267 -415,267 .... -14,764 -15,007 -243 -115,741 -116,100 -359 91,584 91,613 29
III....... 321,839 321,743 -96 -423,307 -423,307 .... -14,599 -15,005 -406 -116,067 -116,569 -502 162,677 161,227 -1,450
IV........ 317,345 317,321 -24 -424,810 -424,810 .... -15,897 -16,394 -497 -123,362 -123,883 -521 159,631 159,288 -343
June 17, 2008
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 (inflows +, outflows -) (inflows +, outflows -)
Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision
published published published published published
2003: I 321,646 321,626 -20 -439,095 -439,095 .... -17,660 -18,219 -559 -135,109 -135,688 -579 159,729 158,593 -1,136
II........ 324,744 324,745 1 -437,889 -437,889 .... -16,962 -17,600 -638 -130,107 -130,744 -637 63,301 60,305 -2,996
III....... 335,211 335,183 -28 -448,024 -448,024 .... -17,710 -17,707 3 -130,523 -130,548 -25 129,579 128,422 -1,157
IV........ 356,719 356,654 -65 -464,810 -464,810 .... -18,277 -18,269 8 -126,368 -126,425 -57 186,323 185,563 -760
2004: I 372,271 375,712 3,441 -489,241 -489,177 64 -22,972 -22,987 -15 -139,941 -136,453 3,488 121,924 105,507 -16,417
II........ 384,288 387,382 3,094 -521,604 -521,673 -69 -21,371 -21,385 -14 -158,687 -155,676 3,011 165,936 161,128 -4,808
III....... 393,272 396,956 3,684 -534,072 -534,133 -61 -17,273 -17,289 -16 -158,073 -154,466 3,607 103,222 104,685 1,463
IV........ 409,357 414,275 4,918 -570,010 -569,854 156 -22,799 -22,822 -23 -183,452 -178,401 5,051 165,659 161,012 -4,647
2005: I 424,101 434,701 10,600 -578,269 -580,114 -1,845 -28,225 -28,644 -419 -182,392 -174,057 8,335 145,995 105,007 -40,988
II........ 440,217 447,848 7,631 -599,084 -600,704 -1,620 -24,372 -24,964 -592 -183,238 -177,821 5,417 97,517 82,483 -15,034
III....... 451,964 457,508 5,544 -616,350 -617,311 -961 -9,019 -9,090 -71 -173,406 -168,892 4,514 242,180 221,043 -21,137
IV........ 472,275 478,958 6,683 -661,169 -660,097 1,072 -26,915 -27,085 -170 -215,809 -208,223 7,586 291,665 292,183 518
2006: I 494,027 504,862 10,835 -673,277 -679,297 -6,020 -21,360 -21,516 -156 -200,611 -195,952 4,659 195,741 179,674 -16,067
II........ 518,595 529,782 11,187 -700,504 -705,572 -5,068 -23,686 -24,116 -430 -205,595 -199,906 5,689 157,225 184,270 27,045
III....... 532,894 543,893 10,999 -726,352 -730,083 -3,731 -23,877 -24,716 -839 -217,334 -210,906 6,428 255,000 253,223 -1,777
IV........ 550,649 563,627 12,978 -717,914 -723,303 -5,389 -20,673 -21,679 -1,006 -187,938 -181,355 6,583 225,218 221,908 -3,310
2007: I 557,146 572,182 15,036 -728,338 -738,938 -10,600 -27,009 -30,174 -3,165 -198,201 -196,930 1,271 182,591 265,443 82,852
II........ 590,756 602,122 11,366 -757,645 -771,262 -13,617 -23,169 -24,953 -1,784 -190,058 -194,093 -4,035 155,937 193,549 37,612
III....... 626,130 638,393 12,263 -777,362 -783,548 -6,186 -26,211 -27,796 -1,585 -177,444 -172,952 4,492 111,080 101,942 -9,138
IV........ 636,554 650,808 14,254 -781,438 -788,264 -6,826 -28,052 -29,784 -1,732 -172,936 -167,241 5,695 230,103 213,411 -16,692
1. The previously published annual data for 2007 excluded transactions in financial derivatives because data were only available for the first three quarters of the year.
NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.