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JULY 2 0 0 7
S urvey of C urrent B usiness
In This Issue ..
U.S. International Investment Position for 2006
Direct Investment Positions for 2006
Annual Revision of the U.S. International Accounts
U.S. International Transactions for the First Quarter of 2007
Gross Domestic Product by State for 2003-2006
a BEA
State Personal Income for the First Quarter of 2007
BUREAU OF ECONOMIC ANALYSIS
U.S. DEPARTMENT OF COMMERCE
ECONOMICS AND STATISTICS ADMINISTRATION
U.S. Department of Commerce
C a r lo s M . G u tie r r e z , S e c r e ta r y
Economics and Statistics Administration
C y n t h ia A . G la s s m a n , U n d e r S e c r e ta r y f o r E c o n o m ic A f f a ir s
Bureau of Economic Analysis
J. S t e v e n L a n d e f e l d , D i r e c t o r a n d A c t i n g C h i e f E c o n o m i s t
R o s e m a ry D . M a rc u s s , D e p u ty D ire c to r
D e n n i s J. F i x l e r , C h i e f S t a t i s t i c i a n
B r e n t R . M o u l t o n , A s s o c ia te D ir e c t o r f o r N a t i o n a l E c o n o m ic A c c o u n ts
S u m iy e O k u b o , A s s o c ia te D i r e c t o r f o r I n d u s t r y A c c o u n ts
J o e l D . P la t t , A s s o c ia te D i r e c t o r f o r R e g io n a l E c o n o m ic s
V a c a n t , A s s o c ia te D i r e c t o r f o r I n t e r n a t i o n a l E c o n o m ic s
V a c a n t, C h ie f In fo r m a tio n
O ffic e r
BEA Advisory Committee
The BEA A dvisory C om m ittee advises the D irector o f BEA on m atters related to the developm ent and im provem ent o f BEA’s national,
regional, industry, and international econom ic accounts, especially in areas o f new and rapidly grow ing econom ic activities arisin g from
innovative and advancing technologies, and it provides recom m en d ation s from the perspective o f busin ess econom ists, academ icians,
researchers, and experts in governm ent and international affairs.
D a le W . J o r g e n s o n , C h a ir , H a r v a r d
U n iv e r s ity
A l a n J. A u e r b a c h , U n i v e r s i t y o f C a l i f o r n i a , B e r k e l e y
R ic h a r d B . B e rn e r, M o r g a n S ta n le y
M i c h a e l J. B o s k i n , S t a n f o r d U n i v e r s i t y
B a r r y P. B o s w o r t h , T h e B r o o k i n g s I n s t i t u t i o n
S u s a n M . C o llin s , G e o rg e to w n U n iv e r s ity
R o b e r t J. G o r d o n , N o r t h w e s t e r n
U n iv e r s ity
M a u r i n e A . H a v e r , H a v e r A n a ly t ic s , In c .
C h a rle s R . H u lte n , U n iv e r s ity o f M a r y la n d
E d w a r d E . L e a r n e r , U n i v e r s i t y o f C a l i f o r n i a , L o s A n g e le s
T h e r e s e J. M c G u i r e , N o r t h w e s t e r n
W illia m
U n iv e r s ity
D . N o r d h a u s , Y a le U n i v e r s i t y
J o e l L . P r a k k e n , C h a i r m a n , M a c r o e c o n o m ic A d v is e rs , L L C
Jam es Kim , Editor-in-Chief
M . Gretchen G ibson , Managing Editor
K ristina L. M aze, Production Manager
Wm. Ronnie Foster, Graphic Designer
D an Seidov, Editor
R obert E. W ehausen, Production Editor
D anielle M. W ittenberg, Editor
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Survey of C urrent B usiness
July 2007
1
Volume 87 • Number 7
GDP and the Economy: Final Estimates for the First Quarter of 2007
R eal G D P
in c r e a s e d 0 .7 p e r c e n t a f t e r in c r e a s in g 2 .5 p e r c e n t , r e f le c t in g
a d e c e le r a tio n in
e x p o rts , a d o w n tu r n
c o n s u m e r s p e n d in g f o r n o n d u r a b le
6
in
a n u p tu rn
in
im p o r ts ,
F e d e ra l G o v e r n m e n t s p e n d in g , a n d a d e c e le r a tio n in
goods.
Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade
for the First Quarter of 2007
T h e s e e s tim a te s , i n c lu d in g
e s tim a te s o f in v e n t o r ie s f o r m a n u f a c t u r in g b y s ta g e o f f a b r ic a t io n , h a v e
b e e n u p d a te d .
10
21
The International Investment Position of the United States at Yearend 2006
T h e
n e t in t e r n a t io n a l in v e s tm e n t p o s it io n
T h e
c h a n g e w a s m a in ly d u e to
b illio n ; in
2 0 0 5 , it w a s -$ 2 ,2 3 8 .4
b illio n .
e s p e c ia lly s t r o n g n e t f o r e ig n p u r c h a s e s o f U .S . s e c u r itie s .
Direct Investment Positions for 2006: Country and Industry Detail
T h e
h is to r ic a l- c o s t
in v e s tm e n t a b r o a d
p o s itio n
in c r e a s e d
p e r c e n t, w h ile f o r e ig n
37
w a s -$ 2 ,5 3 9 .6
o f
b o th
U .S .
12 p e rc e n t. I n
d ir e c t
in v e s tm e n t
a b ro a d
a n d
fo r e ig n
2 0 0 5 , U .S . d ir e c t in v e s t m e n t a b r o a d
d ir e c t
in c r e a s e d
1
d ir e c t in v e s t m e n t a b r o a d in c r e a s e d 5 p e r c e n t.
Annual Revision of the U.S. International Accounts, 1997-2006
E a c h y e a r , th e s e e s t im a te s o f U .S . t r a n s a c t io n s a n d o f t h e U .S . in t e r n a t io n a l in v e s t m e n t p o s it io n
a re
r e v is e d
in c o r p o r a t e d
54
to
in c o r p o r a te
n e w
s ta tis tic a l
a n d
m e th o d o lo g ic a l
e s tim a te s o f t r a n s a c t io n s i n
changes.
T h is
y e a r,
th e
r e v is io n
f in a n c ia l d e r iv a t iv e s .
How BEA Aligns and Augments Source Data From the U.S. Treasury Department
for Inclusion in the International Transactions Accounts
E ach
w h ic h
y e a r, th e s e
e s tim a te s
p a y m e n ts c o n c e p ts a n d to
o f f in a n c ia l- a c c o u n t flo w s
in
th e
a re b a s e d o n T r e a s u r y D e p a r t m e n t d a ta , a re a d ju s te d t o
c lo s e g a p s i n
c o v e ra g e .
w w w .bea.gov
in t e r n a t io n a l tr a n s a c tio n s
a lig n t h e e s tim a te s w i t h
a c c o u n ts ,
b a la n c e - o f-
July 2007
//■
57
U.S. International Transactions: First Quarter of 2007
T h e
U .S .
c u rre n t-a c c o u n t
c u r r e n t tra n s fe r s to
d e fic it
in c r e a s e d
n e t f in a n c ia l in f lo w s d e c re a s e d $ 2 4 .2 b il l i o n
111
b illio n ,
to
r e fle c tin g
an
in c r e a s e
th e d e fic it o n g o o d s . I n
in
n e t
u n ila te r a l
th e fin a n c ia l a c c o u n t,
$ 2 0 2 .8 b illi o n .
Gross Domestic Product by State: Advance Estimates for 2006 and Revised
Estimates for 2003-2005
E c o n o m ic
g ro w th
p ro d u c t g re w
140
$ 4 .6
f o r e ig n e r s a n d a s m a ll in c r e a s e i n
in
in
th e
U n ite d
S ta te s w a s w id e s p r e a d
in
2 0 0 6 ; in f la t io n - a d ju s t e d
g ro s s d o m e s tic
4 9 s ta te s a n d t h e D i s t r ic t o f C o lu m b ia .
State Personal Income: First Quarter of 2007
P e rs o n a l in c o m e
g ro w th
fo r
th e
w a s h ig h e r th a n
N a tio n
th e
g re w
2 .2
p e rc e n t a fte r g r o w in g
n a tio n a l a v e ra g e
in
ju s t fiv e
1 .4
p e rc e n t.
s ta te s . G r o w t h
in
P e r s o n a l in c o m e
th e s e
s ta te s r e fle c te d
s tr o n g f in a n c e in d u s t r y a c tiv ity .
D-1
BEA Current and Historical Data
iii
Director’s Message
iv
Taking Account
BEA’s Web Site and Contacts (inside back cover)
Schedule of Upcoming News Releases (back cover)
Looking Ahead . . .
A n n u a l R e v is io n
o f th e
N a tio n a l In c o m e
r e v is io n w i ll b e p u b lis h e d
in
th e A u g u s t
d e s c r ib e s t h e e ffe c ts o f t h e r e v is io n
A n
a n d P r o d u c t A c c o u n ts . T h e
S urvey.
o n G D P
a n n u a l N IP A
a n a r tic le
th a t
a n d th e p r in c ip a l s o u rc e s o f t h e r e v is io n .
e x t e n s iv e s e t o f t a b le s w i l l a ls o b e in c lu d e d .
T h is is s u e w i l l in c lu d e
July 2007
D irector’s M essage_________________
T h i s m o n t h ’ s i s s u e o f t h e S u r v e y o f C u r r e n t B u s in e s s f e a t u r e s s e v
e r a l a r tic le s t h a t p r e s e n t n e w e s tim a te s f r o m
c o u n ts ,
in
p a r t ic u la r ,
th e
in t e r n a t io n a l tr a n s a c tio n s
s io n
in c o r p o r a te d
tio n s
r e le a s e d b y t h e
th e s e
im p o r ta n t
in t o
th e
tio n
o f th e U n ite d
in
n e w
u p d a te d
2007
o u r in t e r n a tio n a l a c
a n n u a l
a c c o u n ts . F o r th e
r e v is io n
e s tim a te s o f f in a n c ia l d e r iv a t iv e s
D e p a r tm e n t o f T re a s u ry . T h is
fin a n c ia l
in s tr u m e n ts
e s tim a te s
o f th e
o f
th e
f ir s t tim e , t h is
w e re
a ls o
n e w
r e v i
tra n s a c
d a ta
o n
in c o r p o r a t e d
in t e r n a t io n a l in v e s tm e n t p o s i
S ta te s a t y e a r e n d 2 0 0 6 , w h ic h
is a ls o p r e s e n t e d
t h i s is s u e .
O th e r
q u a rte r
a r tic le s
o f 2007
fe a tu re
a n d
in t e r n a tio n a l
d ir e c t
tr a n s a c tio n s
in v e s tm e n t
p o s itio n s ,
th e
fir s t
in b o u n d
fo r
a n d
o u tb o u n d , fo r 2 0 0 6 .
In
a d d itio n , w e
g ro s s
d o m e s tic
m a d e
a v a ila b le
b e n e fit
to
a r e p le a s e d t o
p ro d u c t b y
ju s t 6
u s e rs
o f
s ta te
m o n th s
o u r
p r e s e n t a c c e le r a te d e s t im a te s o f
fo r
2006. T hese
a fte r th e
r e g io n a l
e n d
d a ta
a n d
e s tim a te s
o f th e
w e re
y e a r, a m a jo r
a n o th e r
e x a m p le
o f
B E A ’s b r o a d e f f o r t s t o p r o v i d e m o r e t i m e l y s t a t is t ic s . T h i s is s u e o f
th e
S u r v e y a ls o
fe a tu re s a p r e s e n ta tio n
o f f ir s t - q u a r t e r 2 0 0 7 s ta te
p e r s o n a l in c o m e .
In
th e T a k in g A c c o u n t fe a tu r e
ite m
th a t
e x p la in s
o u r
p la n s
t io n a l in c o m e
a n d
a n d
c o m p r e h e n s iv e
th e
“ f le x ib le
n e xt
p ro d u c t
fo r
a n n u a l r e v is io n s ,”
b e n e fits t o
( s e e n e x t p a g e ) , p le a s e n o t e t h e
u p c o m in g
a c c o u n ts ,
fo r
r e v is io n .
w h ic h
r e v is io n s
b o th
W e
w i ll a llo w
o f th e
n a
a n n u a l r e v is io n s
a re
us
m o v in g
to
to w a rd
d e liv e r
m a n y
o u r u s e rs .
O n e f in a l n o te : W e r e c e n t ly m a d e a n e w c u s t o m e r g u id e a v a il
a b le
o n
c h u re
o u r
W eb
t h a t d e ta ils
s ite
< w w w .b e a .g o v > .
o u r m a n y p ro d u c ts
c a n b e a c c e s s e d . F e e l fre e to
I t ’s a n
a n d
s h a re it w ith
e a s y -to -re a d
b ro
s e r v ic e s a n d h o w
th e y
y o u r c o lle a g u e s .
July 2007
iv
T a k in g A c c o u n t...
Upcoming Revisions to the
NIPAs
cause
A s
n o t n e c e s s a r ily b e
p r e v io u s ly
u la r 2 0 0 7
a n n o u n c e d , a re g
a n n u a l r e v is io n
o f th e
r e le v a n t
3
h is t o r ic a l
th e
m o s t
a n n u a l
re c e n t
c o u n ts
be
o n
J u ly
27, 2007.
It
r e le a s e d
w i l l in c lu d e
r e v is e d e s t im a te s f o r 2 0 0 4 - 2 0 0 6 .
A t th e
M a y 2006 a n d N o v e m
b e r 2 0 0 6 m e e tin g s
o f th e
o f E c o n o m ic A n a ly s is
v is o r y
o f
C o m m itte e ,
“ f le x ib le
w as
(B E A ) A d
r e v is io n s
have
b a s is ;
a n d
w ill
fro m
som e
p la c e
s iv e
r e v is io n s ,
p u t
a c c o u n ts
tio n
o f
w h ic h
to
th e
a n d
m a jo r
in c lu d e
in p u t- o u t
th e
in t r o d u c
c o n c e p tu a l
a n d
changes,
have
m e th o d o lo g ic a l
In
r e v is io n
tim e
In
c o n tr a s t, fle x ib le a n n u a l r e
v is io n s
in
w i ll ta k e
J u ly ,
b u t
n e c e s s a r ily
p la c e
in c o r p o r a t e
C hanges
c la s s ific a tio n s ,
in
a n d
re
to w a rd
B E A
2 0 0 5 -2 0 0 7 .
f le x ib le
w ill
in
a
J u ly
2002
p u t-o u tp u t
s te p
c o m p re h e n
2009.
T h is
to
th e
a c c o u n ts
fo r u p
to
d e fin it io n s ,
s ta tis tic a l
to u r is m
o n
24
th e
a n d
T h e
e n tir e
c h a in e d - d o lla r
be
tim e
u p d a te d
s e r ie s
o f
to
e s ti
eco
tra v e l a n d
a n d
its
r o le
p r o v id e
in
e s ti
o f
goo ds
a n d
s e r
v ic e s , e s t im a te s o f in c o m e g e n e r
a te d
b y
tra v e l a n d
t o u r is m ,
e s tim a te s o f o u t p u t a n d
a n d
e m p lo y
m e n t g e n e ra te d b y th e in d u s tr y .
in
tr a n s p o r ta tio n
o u tp u t
r e m a in e d
g ro w th
d e c e le r a te d
s tro n g .
c a te g o r ie s —
in
th e
B u t
th re e
a c c o m m o d a
s e r v ic e s a n d d r i n k i n g
p la c e s ; a n d r e c r e a t io n , e n t e r t a i n
m e n t,
a n d
to u r is m
( th e
w h ic h
s h o p p in g .
e m p lo y m e n t
2006
th e
a b o u t th e
ty p e s
in
c h a in - ty p e
a c c o u n ts
m a te s o f e x p e n d itu r e s b y t o u r is ts
b e n c h m a rk
a c c o u n ts .
a n d
p r o v id e
in d u s tr y
p e rc e n t in
re fe re n c e y e a r f o r th e
e s t i
tra v e l
used
to
e co n o m y. T h e y
re
a n
B E A
d a ta
th e
w i ll in c o r p o r a te
o f th e
a
a n n u a l r e v is io n s ,
r e le a s e
r e v is io n
A s
th e r e v is io n w i l l c o v e r
b o th
n o m ic
o th e r
fo r
2005. A n d
m e th o d s c a n b e in c o r p o r a t e d f o r
w ill b e
th e
to
b a s is r a t h e r t h a n d e la y
y e a rs .
N IP A s
w ill
o n a flo w
5
o f th e
w id e ly
d e s ig n e d
th e
re c e n t
B E A
s a te llite a c c o u n ts .
T hese
a re
m o s t
th e
G ro w th
e s t im a te s
a n d
t h e ir in c o r p o r a tio n
nea r
in d e x e s
n a tio n a l
in g
in d u s tr y
r e v is io n s
n o t
w i l l a llo w
in
a v o id
year
lim ite d
changes
u s e rs th a t B E A
w ill
m o s t r e c e n t 3 y e a rs . F le x ib le
n u a l r e v is io n s
r e le a s e
re q u e s ts
each
r e v is io n s
be
fe w e r
at on e
su m m e r
m a jo r
w ill
fro m
to u r is m
q u a rte r o f 2 0 0 6 , a c
th e
tio n s ; f o o d
s u lts
s e r ie s t o p o s s ib le r e v i s i o n .
have
to
re
tim e ly
“ d ig e s t ”
c o n fo rm
m a te s
to
m a te s
r e v is io n
e n tir e
m o re
w ill
(4 )
th e
th e fo u r th
c o r d in g
le a s e d a n d w i l l c o v e r r e v is e d e s t i
v a ls
th e
(2 )
J u ly 2 0 0 8 , a r e g u la r a n n u a l
s iv e
o p e n e d
a
u s e rs
s c h e d u lin g
t a k e n p la c e a t a b o u t 5 - y e a r i n t e r
a n d
u p -to -
t h e e n d o f t h e c a le n d a r y e a r .
m o s t re c e n t 3 y e a rs ; c o m p r e h e n
b e n c h m a r k in g
(3 )
o n
m a jo r c h a n g e s to
d a te s
ta k e n
a m o re
o f im p o r t a n t r e v is io n s
d e liv e r e d
t im e ;
J u ly a n d h a v e r e v is e d o n ly th e
y e a rs .
s u lts
be
th e
in
U s e rs w ill
s e t o f a c c o u n ts ;
co n ce p t
a n
w ith
(1 )
d a te
r e v is io n s ”
th e
a n n u a l
d is c u s s e d . T r a d it io n a l ly ,
n u a l
in
B u re a u
p r o v id e d
to
e s t im a te
O t h e r a d v a n ta g e s :
w ill b e
b e
w ill
lim ite d
n a t io n a l in c o m e a n d p r o d u c t a c
(N IP A s )
p e r io d s
u p d a te s
th e
2 .8
q u a rte r
m o s t re c e n t p e r io d
d a ta
g r o w in g
fo u rth
D ir e c t
ro s e
a re
a v a ila b le ) ,
1 .0 p e r c e n t i n
th e
o f
fo r
a fte r
th ir d
q u a rte r o f 2 0 0 6 .
T h e
p re s s
q u a r te r ly
r e le a s e
e s t im a te s
a re
a n d
a v a ila b le
at
< w w w . b e a .g o v / n e w s r e le a s e s /
in d u s tr y /t o u r is m / 2 0 0 7 /
m a te s , 1 9 2 9 - 2 0 0 8 .
to u r l0 7 .h tm > . A
m o re
in - d e p th
Quarterly Data for Travel
and Tourism Released
a n a ly s is o f t h e t r a v e l a n d t o u r i s m
a c c o u n ts
fo r
In
p u b lis h e d
in
C urrent
B u s in e s s .
th e
d ir e c t
at an
fir s t q u a rte r
to u r is m
o u tp u t
a n n u a l ra te
c o m p a re d to
o f 2 0 0 7 , re a l
o f 2 .3
in c r e a s e d
p e rc e n t,
a r is e o f 7 .4 p e r c e n t
1 9 9 8 -2 0 0 6
th e
June
w as
Su r v e y
P le a s e
of
see
< w w w .b e a .g o v /s c b /p d f/2 0 0 7 /
0 6 % 2 0 J u n e /0 6 0 7 _ T r a v e l.p d f> .
1
July 2007
GDP and the Economy
Final E stim ates for th e First Q u arter of 2007
C O N O M IC
E
g ro w th
2 0 0 7 , a c c o r d in g
to
s lo w e d
th e
in
th e
“ fin a l”
fir s t
q u a rte r
e s t im a te s
o f th e
o f
Chart 1. GDP, Prices, Disposable Personal Income (DPI)
n a
R e a l G D P : P e rc e n t c h a n g e fro m
tio n a l
in c o m e
a n d
g ro s s
d o m e s tic
a fte r
in c r e a s in g
2006
(c h a rt
p ro d u c t
p ro d u c t
2 .5
1 a n d
a c c o u n ts
(G D P )
p e rc e n t
ta b le
(N IP A s ).
in c r e a s e d
in
th e
l) . 1 T h e
0 .7
fo u rth
T h e
p o rts ,
an
a
fir s t- q u a r te r
in
f ir s t- q u a r te r
in
im p o r ts ,
u p tu rn
d o w n tu rn
in
a n d a d e c e le r a tio n i n
b le
goods.
s o ftw a re
In
le s s
s p e n d in g
a
re a l G D P
g ro w th
d e c e le r a tio n
in
ex
s p e n d in g ,
c o n s u m e r s p e n d in g f o r n o n d u r a
u p ,
th a n
fo r
o f
g ro w th
th e “ p r e
F e d e ra l G o v e rn m e n t
c o n tra s t,
tu rn e d
c re a s e d
q u a rte r
(p a g e 3 ).2
d e c e le r a tio n
r e fle c te d
p re c e d in g
p e rc e n t
q u a rte r
r a te w a s r e v is e d u p 0 .1 p e r c e n ta g e p o i n t f r o m
l i m i n a r y ” e s t im a te
th e
R eal
in v e s tm e n t
r e s id e n tia l
in
th e
d u r a b le
e q u ip m e n t
a n d
in v e s tm e n t
de
f ix e d
fo u rth
goo ds
in
q u a rte r,
th e f o u r th
20 04
in
20 0 6
rea l G D P
20 07
in 2 0 0 7 : 1
Consumer spending
■
Nonresidential fixed investment
in
q u a rte r, a n d
Residential ifixed investment
c o n s u m e r s p e n d in g f o r s e r v ic e s a c c e le r a t e d . 3
• P r ic e s o f g o o d s a n d
20 05
in c re a s e
co n su m e r
a c c e le r a te d , i n v e n t o r y
v e s t m e n t d e c r e a s e d le s s t h a n i n
2 0 03
C o n trib u tio n s to th e
s e r v ic e s p u r c h a s e d b y U .S . r e s i
d e n ts in c r e a s e d 3 .7 p e r c e n t a f t e r in c r e a s in g
c e n t. E n e r g y p r ic e s t u r n e d
u p
0 .2 p e r
s h a r p ly a fte r t u r n in g
d o w n s h a r p ly , a n d f o o d p r ic e s a c c e le r a te d .
• R e a l d is p o s a b le p e r s o n a l in c o m e
c e n t,
0 .1
p e rc e n ta g e
p o in t
( D P I ) ro s e 4 .8 p e r
m o re
th a n
th e
-
p r e lim i
1
0
1
2
P e r c e n t a g e p o in ts a t a n a n n u a l r a te
n a r y e s tim a te ; i n
p e rc e n t.
in
th e
th e
th e
fo u rth
C u r r e n t- d o lla r
q u a r te r , i t in c r e a s e d 6 .4
D P I
in c r e a s e d
8 .5
f ir s t q u a r te r , 0 .3 p e r c e n ta g e p o in t m o r e
p r e lim in a r y
in c r e a s e d
5 .4
e s tim a te .
p e rc e n t. A
m e a s u re d b y th e P C E
s a v in g
D P I w a s -0 .7
• C o rp o ra te
as
a
th e
fo u rth
u p tu rn
in c r e a s e d
d e c r e a s in g $ 4 .9 b i l l i o n
Prices of gross domestic purchases
p r ic e s
it
(a s
o f
c u r r e n t- d o lla r
- 0 .9
$ 2 3 .0
p e rc e n t.
b illio n
a fte r
20 03
(p a g e 4 ).
20 04
D P I: P e r c e n t c h a n g e f r o m
1.
e s tim a te s
E ac h
G D P
in c o rp o ra te s
in fo rm a tio n
a t
20 05
th e
p re c e d in g
20 06
20 07
q u a rte r
8
“ R e a l”
a re
in
c h a in e d
(2 0 0 0 )
d o lla rs ,
a n d
p ric e
in d e x e s
a re
c h a in -ty p e m e a s u re s .
2.
q u a rte r
t h e r e a l D P I s lo w d o w n .
p e rc e n ta g e
p e rc e n t, c o m p a re d w ith
p r o fits
p re c e d in g
th a n
q u a rte r,
in
th e
i m p lic it p r ic e d e f la t o r u s e d t o
d e f la t e D P I ) r e s u lt e d i n
• P e rs o n a l
In
s h a rp
P ric e s : P e r c e n t c h a n g e fro m
p e rc e n t
6
e s tim a te
in c re a s in g ly
c a n
b e
fo u n d
fo r
a
q u a rte r
(a d v a n c e ,
c o m p re h e n s iv e
a n d
p re lim in a ry ,
im p ro v e d
so u rc e
m a te s
a re
e x p re sse d
a t
s e a s o n a lly
a d ju s te d
a n n u a l
3 . I n th is a rtic le , “c o n s u m e r s p e n d in g ” re fe rs to
“c h a n g e
in
ra te s ,
a c tiv ity if th e q u a rte r ly r a te w e re m a in ta in e d
c o n s u m p tio n
e x p e n d itu re s
(P C E ),”
p r iv a te in v e n to r ie s ,” a n d
e rn m e n t c o n s u m p tio n
fin a l)
d a ta . M o re
a t < w w w .b e a .g o v / b e a /a b o u t/ in fo q u a l.h tm >
< w w w .b e a .g o v / b e a /f a q / n a tio n a l/g d p _ a c c u r a c y .h tm > .
v a lu e o f a n
a n d
“ in v e n to ry
Q u a rte rly
w h ic h
2
e s ti
sh o w
th e
0
fo r a y e ar.
th e N IP A
se rie s “p e rs o n a l
in v e s tm e n t”
refers
“g o v e rn m e n t s p e n d in g ” re fe rs to
e x p e n d itu re s a n d
a n d
4
g ro s s in v e s tm e n t.”
to
ll.lII
- 2
-4
“g o v
J___ I___I___I___ L
- 6
20 03
Christopher Swann prepared this article.
20 04
U .S . B u r e a u o f E c o n o m ic A n a ly s is
J___ L
20 05
20 06
20 07
2
G
D P
a n d
th e
E c o n o m
July 2007
y
Real GDP Overview
Table 1. Real Gross Domestic Product and Components
C o n s u m e r s p e n d in g g r e w 4 .2 p e r c e n t in th e f ir s t q u a r
[S e a s o n a lly a d ju s te d a t a n n u a l r a te s ]
te r, th e
S h a re of
c u rre n t-
C h a n g e fro m
C o n trib u tio n to p e r c e n t
d o lla r
p r e c e d in g p e rio d
c h a n g e in r e a l G D P
GDP
(p e rc e n t)
(p e r c e n ta g e p o in ts )
2006
I
Gross dom estic p ro d u c t1....
100.0
II
III
2.6
2.0
2007
IV
2.5
2006
I
II
0.7
2.6
III
2.0
2007
IV
2.5
in
s p e n d in g
w e re
p a r tly
as in
th e
fo u rth
f o r d u r a b le
o ffs e t b y
a
q u a r t e r . A c c e le r a
goods
d e c e le r a tio n
and
in
f o r s e r v ic e s
s p e n d in g
fo r
n o n d u r a b le g o o d s
(p e r c e n t)
2007
s a m e r a te
tio n s
N o n r e s id e n t ia l fix e d in v e s tm e n t t u r n e d u p a n d a d d e d
I
0 .2 7 p e rc e n ta g e p o in t t o
re a l G D P
0.7
tr a c tin g
p o in t.
0 .3 4
p e rc e n ta g e
g ro w th
a fte r s u b
E q u ip m e n t a n d
s o ft
w a r e t u r n e d u p , a n d s t r u c t u r e s a c c e le r a te d .
Personal consum ption
expenditures..............................
2.8
4.2
4.2
1.96
2.93
2.89
D u r a b l e g o o d s .............................................
70.5
8 .1
- 0 .1
6 .4
4 .4
8 .7
-0 .0 1
0 .5 0
0 .3 5
0 .6 7
N o n d u r a b l e g o o d s ...................................
2 0 .5
1 .4
1 .5
5 .9
3 .2
0 .3 0
0 .3 2
1 .1 8
0 .6 5
S e r v i c e s .............................................................
4 2 .0
3 .7
2 .8
3 .4
3 .8
1 .5 2
1 .1 4
1 .4 1
1 .5 7
0.17 -0.13 -2.71
-1.59
Gross private dom estic
investm ent.................................
2.6
15.6
F i x e d i n v e s t m e n t .......................................
1 5 .6
N o n r e s i d e n t i a l .......................................
1 0 .5
S t r u c t u r e s ............................................
3 .2
1.0
- 1 .6
1.81
-0.8 -15.2
-9.6
- 1 .2
-9 .1
- 3 .9
- 0 .2 7
-0 .1 9
-1 .5 4
-0 .6 2
R e s id e n tia l in v e s t m e n t d e c r e a s e d f o r t h e s ix t h c o n s e c
u t i v e q u a r t e r , t h o u g h t h e d e c r e a s e w a s le s s i n t h e f i r s t
q u a rte r th a n in th e f o u r th q u a rte r.
1 0 .0
-3.1
2 .6
0 .4 5
1 .0 1
- 0 .3 4
0 .2 7
I n v e n t o r y i n v e s t m e n t d e c r e a s e d s o m e w h a t le s s t h a n i n
15 7
0 8
4 8
0 .5 6
0 .4 6
0 .0 3
0 .1 5
th e
7 .7
- 4 .8
1 .7
-0 .1 0
0 .5 5
- 0 .3 6
0 .1 2
-1 8 .7 -1 9 .8
- 1 5 ,8
-0 .7 2
- 1 .2 0
- 1 .2 1
-0 .8 9
0 .0 6
- 1 .1 6
- 0 .9 7
4 .4
?n
3
E q u i p m e n t a n d s o f t w a r e .......
7 .3
- 1 .4
R e s i d e n t i a l ...............................................
5 .1
-1 1 .1
C h a n g e in p r i v a t e i n v e n t o r i e s .......
-0.1
0 .4 4
-5.3
0.42 -0.19
fo u rth
p o in t fr o m
E x p o rts
Net exports o f goods and
services......................................
6 .2
6 .8
1 0 .6
0 .7
0 .6 6
0 .7 3
1 .1 4
0 .0 8
8 .0
6 .0
9 .4
8 .4
0 .2
0 .4 5
0 .7 1
0 .6 5
0 .0 1
S e r v i c e s ......................................................
3 .3
6 .7
0 .8
1 6 .3
1 .9
0 .2 1
0 .0 3
0 .5 0
0 .0 6
I m p o r t s ................................................................
1 6 .6
1 .4
5 .6
-2 .6
5.5
- 0 .2 4
-0 .9 3
0 .4 5
- 0 .8 8
- 4 .1
6 .0
0 .0 1
- 1 .0 0
0 .6 1
- 0 .8 1
6 .2
2 .8
- 0 .2 5
0 .0 7
-0 .1 6
- 0 .0 7
1n
1 3 .9
- 0 .1
2 .6
9 .9
- 2 .6
19.2
08
17
34
4 .6
- 3 .9
G overnment consum ption
expenditures and gross
investm ent.................................
s lo w e d ,
in c r e a s in g
0 .7
p e rc e n ta g e
p e rc e n t a fte r
a
1 0 .6 -
I m p o r t s in c r e a s e d 5 .5 p e r c e n t a f t e r d e c r e a s in g 2 .6 p e r
c e n t, r e fle c tin g a n u p t u r n in g o o d s im p o r ts .
F e d e ra l G o v e r n m e n t s p e n d in g
0.16
0 .9 7
e r a t io n s i n e x p o r t s o f b o t h g o o d s a n d s e r v ic e s .
1 1 .3
S e r v i c e s ......................................................
s u b tra c te d
p e r c e n t in c r e a s e . T h e s l o w d o w n r e f le c t e d s h a r p d e c e l
G o o d s .............................................................
7 .1
and
1.59 -0.81
E x p o r t s ................................................................
G o o d s .............................................................
q u a rte r
re a l G D P g ro w th .
0.32
0.64
0.19
-0.3 2
0 .0 9
0 .3 1
- 0 .2 8
F e d e r a l ................................................................
6 .9
-4 .5
1 .3
N a t i o n a l d e f e n s e ................................
4 .7
- 2 .0
- 1 .2
1 2 .3
- 7 .4
- 0 .0 9
-0 .0 6
0 .5 5
- 0 .3 6
N o n d e f e n s e ..............................................
2 .3
- 9 .3
6 .5
-9 .6
3 .6
- 0 .2 3
0 .1 5
-0 .2 3
0 .0 8
S t a t e a n d l o c a l ............................................
1 2 .3
4 .0
1 .9
2 .7
3 .9
0 .4 8
0 .2 3
0 .3 3
0 .4 7
? 1
1 9
37
1 7
2.11
1.90
3 .6 2
1 .6 6
i n d e x ................................................................
4 0
? ?
n ?
3 7
G D P p r i c e i n d e x ........................................
3 .3
1 .9
1 .7
4 .2
a fte r
in c r e a s in g
s p e n d in g
m o re
4 .6
p e rc e n t. A
th a n
o ffs e t a n
d e c re a s e d
3 .9
p e rc e n t
in
d e fe n s e
d o w n tu rn
u p tu rn
in
n o n d e fe n s e
s p e n d in g .
Addenda:
S ta te a n d lo c a l g o v e r n m e n t s p e n d in g a c c e le r a t e d a n d
F in a l s a le s o f d o m e s tic p r o d u c t .
a d d e d 0 .4 7 p e rc e n ta g e p o in t to re a l G D P g r o w th .
G r o s s d o m e s tic p u r c h a s e s p ric e
R e a l f i n a l s a le s o f d o m e s t i c p r o d u c t , r e a l G D P le s s i n
v e n t o r y in v e s t m e n t , s lo w e d , in c r e a s in g
1 . T h e e s tim a te s o f G D P u n d e r th e c o n trib u tio n c o lu m n s a r e a ls o p e r c e n t c h a n g e s .
N ote . P e r c e n t c h a n g e s a r e f r o m N IP A t a b l e 1 . 1 . 1 , c o n t r i b u t i o n s a r e f r o m N IP A t a b l e 1 . 1 . 2 , a n d s h a r e s
1 .7 p e r c e n t a f
t e r in c r e a s in g 3 .7 p e r c e n t.
a r e f r o m N IF A t a b l e 1 . 1 . 1 0 .
GDP and Gross Domestic Purchases
In
a d d itio n
to
g ro s s
d o m e s tic
p ro d u c t
r e la te d m e a s u r e o f e c o n o m ic g r o w t h —
chases—
is
in c lu d e d
in
th e
(G D P ),
a n o th e r
g ro s s d o m e s tic p u r
n a t io n a l in c o m e
and
p ro d u c t
a c c o u n ts ( N IP A s ) .
fro m
G D P y ie ld s a m e a s u r e o f e x p e n d it u r e s t h a t fo c u s e s o n
d o m e s tic
expand
G D P m e a s u r e s t h e m a r k e t v a lu e o f f in a l g o o d s a n d s e r
v ic e s p r o d u c e d b y l a b o r a n d p r o p e r t y i »
t h e U n i t e d S ta te s ,
b u y e rs .
Im p o rts
can
be
v ie w e d
as th e
th e
c o n s u m p tio n
and
in v e s t m e n t a lt e r n a tiv e s
D iffe re n c e s b e tw e e n G D P
i n v e n t o r i e s . G D P is d e f i n e d a s t h e s u m
e x p o r ts , g ro s s d o m e s tic p u rc h a s e s e x c e e d s G D P .
o f consum er spend
m e n t , g o v e r n m e n t s p e n d i n g , a n d e x p o r t s le s s i m p o r t s .
G r o s s d o m e s t i c p u r c h a s e s i s d e f i n e d a s G D P le s s e x p o r t s
fo r
a n d g ro s s d o m e s tic p u rc h a s e s
r e fle c t p a tte r n s i n
r e s id e n t ia l in v e s t m e n t , in v e n t o r y in v e s t
o f
d o m e s tic p u r c h a s e rs .
in c lu d in g th e g o o d s th a t a re a d d e d to , o r s u b tr a c te d fr o m ,
in g , b u s in e s s a n d
v a lu e
g o o d s a n d s e r v ic e s t h a t e x c e e d t h e d o m e s t ic s u p p l y a n d t h a t
i m p o r t s le s s e x p o r t s : A s i m p o r t s e x c e e d
F o r a n n u a l a n d q u a r t e r ly e s tim a te s o f th e s e m e a s u r e s , se e
N I P A t a b le s 1 .4 .1 a n d 1 . 4 . 3 - 1 . 4 . 6 .
F o r m o re in fo r m a tio n
on G D P
a n d g ro s s d o m e s tic p u r
p lu s im p o r t s . I t m e a s u re s d o m e s tic d e m a n d f o r g o o d s a n d
c h a s e s , s e e a ls o “ A G u i d e t o t h e N a t i o n a l I n c o m e a n d P r o d
s e r v ic e s r e g a r d le s s o f t h e i r o r i g i n . E x p o r t s r e p r e s e n t f o r e ig n
u c t A c c o u n ts
dem and
< w w w .b e a .g o v /b e a /a n /n ip a g u id .p d f> .
f o r U .S . g o o d s
and
s e r v ic e s . S u b t r a c t i n g
e x p o rts
o f th e
U n ite d
S ta te s ”
o n
B E A ’s W e b
s ite
at
July 2007
3
Survey of Current Business
Revisions to GDP
Table 2. Preliminary and Final Estimates for the First Quarter of 2007
[S e a s o n a lly a d ju s te d a t a n n u a l r a te s ]
C h a n g e fro m
C o n trib u tio n to p e r c e n t
p re c e d in g q u a rte r
c h a n g e in r e a l G D P
(p e r c e n t)
(p e r c e n ta g e p o in ts )
The
f in a l e s tim a te
th e
F in a l
P re lim
in a ry
m in u s
F in a l
g ro w th
in
th e
fo u rth
p r e lim in a r y
e s tim a te . F o r t h e
p e r io d
1 9 7 8 -2 0 0 5 ,
F in a l
P r e lim
p re lim
o f re a l G D P
q u a r t e r is 0 . 7 p e r c e n t , 0 . 1 p e r c e n t a g e p o i n t m o r e t h a n
in a ry
F in a l
in a ry
m in u s
t h e r e v is io n s , w i t h o u t r e g a r d t o s ig n , a v e r a g e d 0 .3 p e r
/
p re lim
c e n ta g e p o in t f r o m
in a ry
t h e p r e l i m i n a r y e s tim a te s t o t h e f i
n a l e s tim a te s .
Gross dom estic product (GDP)1................
0.6
0.7
0.1
0.6
0.7
0.1
Personal consum ption expenditures................
4.4
4.2
-0.2
3.01
2.89
-0.12
D u r a b l e g o o d s ....................................................................................
8 .8
8 .7
- 0 .1
0 .6 8
0 .6 7
- 0 .0 1
N o n d u r a b l e g o o d s ..........................................................................
3 .5
3 .2
- 0 .3
0 .7 1
0 .6 5
- 0 .0 6
The
S e r v i c e s ...................................................................................................
4 .0
3 .8
- 0 .2
1 .6 3
1 .5 7
-0 .0 6
G ross private dom estic investm ent..................
-9.3
-9.6
-0.3
-1.55
-1.59
-0.04
F i x e d i n v e s t m e n t .............................................................................
- 3 .5
- 3 .9
- 0 .4
- 0 .5 7
-0 .6 2
-0 .0 5
N o n r e s i d e n t i a l .............................................................................
2 .9
2 .6
- 0 .3
0 .3 1
0 .2 7
-0 .0 4
S t r u c t u r e s ..................................................................................
5 .1
4 .8
- 0 .3
0 .1 6
0 .1 5
- 0 .0 1
E q u i p m e n t a n d s o f t w a r e .............................................
2 .0
1 .7
- 0 .3
0 .1 4
0 .1 2
- 0 .0 2
R e s i d e n t i a l .......................................................................................
-1 5 .4
- 1 5 .8
- 0 .4
- 0 .8 7
-0 .8 9
- 0 .0 2
C h a n g e in p r i v a t e i n v e n t o r i e s ..............................................
- 0 .9 8
-0 .9 7
s m a ll u p w a r d
r e v is io n
to
th e
p e rc e n t ch a n g e
in
r e a l G D P p r i m a r i l y r e fle c te d a n u p w a r d r e v is io n t o e x
p o r t s o f g o o d s a n d s e r v ic e s a n d w a s b a s e d o n
th e in
c o r p o r a t io n
annual
r e v is io n
/
on
r e v is e d
e s tim a te s
fro m
th e
o f B E A ’s i n t e r n a t i o n a l t r a n s a c t i o n s
a c c o u n ts
a b e s t - c h a n g e b a s is . (S e e “ A n n u a l R e v is io n
U .S .
0 .0 1
o f
I n te r n a t io n a l A c c o u n ts ,
1 9 9 7 -2 0 0 7 ”
in
o f th e
th is
is
s u e .)
-1.00
-0.81
E x p o r t s ......................................................................................................
-0 .6
0 .7
1 .3
- 0 .0 7
0 .0 8
0 .1 5
G o o d s ...................................................................................................
-0 .6
0 .2
0 .8
- 0 .0 5
0 .0 1
0 .0 6
S e r v i c e s ..............................................................................................
-0 .6
1 .9
2 .5
- 0 .0 2
0 .0 6
0 .0 8
The
I m p o r t s ......................................................................................................
5 .7
5 .5
-0 .2
- 0 .9 3
-0 .8 8
0 .0 5
c r e a s e d 3 .7 p e r c e n t i n t h e f i r s t q u a r t e r , 0 .1 p e r c e n ta g e
G o o d s ...................................................................................................
6 .2
6 .0
-0 .2
- 0 .8 4
- 0 .8 1
0 .0 3
p o in t m o re
S e r v i c e s ..............................................................................................
3 .3
2 .8
- 0 .5
- 0 .0 9
- 0 .0 7
0 .0 2
1.0
1.0
Net exports o f goods and s e rvice s...................
Government consum ption expenditures and
gross investm ent...............................................
0.0
0.19
0.19
0.19
F e d e r a l ......................................................................................................
-3 .9
-3 .9
0 .0
- 0 .2 8
- 0 .2 8
0 .0 0
N a t i o n a l d e f e n s e ........................................................................
- 7 .3
- 7 .4
- 0 .1
- 0 .3 6
- 0 .3 6
0 .0 0
N o n d e f e n s e ....................................................................................
3 .6
3 .6
0 .0
0 .0 8
0 .0 8
0 .0 0
S t a t e a n d l o c a l ..................................................................................
3 .9
3 .9
0 .0
0 .4 7
0 .4 7
0 .0 0
1 .6 3
1 .6 6
0 .0 3
in d e x
d o m e s tic
in
r e v i
p r ic e
e x p e n d itu r e s
p r e lim in a r y
p u rc h a s e s
r e v i-
th e
th e
g ro s s
e s tim a te . T h e
to
th a n
fo r
s io n w a s p r i m a r i l y a c c o u n te d f o r b y a n u p w a r d
s io n
0 .0 0
p r ic e
in d e x
fo r
p e rs o n a l
f o r s e r v ic e s , b a s e d o n
c o n s u m p tio n
a r e v is io n
to
p r o d u c e r p r i c e i n d e x f o r p h y s ic i a n s ’ s e r v ic e s .
/
Addenda:
F i n a l s a l e s o f d o m e s t i c p r o d u c t ........................................
1 .6
1 .7
0 .1
G r o s s d o m e s t i c p u r c h a s e s p r i c e i n d e x ....................
3 .6
3 .7
0 .1
G D P p r i c e i n d e x ...............................................................................
4 .0
4 .2
0 .2
1 . T h e e s tim a te s fo r G D P u n d e r th e c o n trib u tio n c o lu m n s a r e a ls o p e r c e n t c h a n g e s .
Source Data for the Final Estimates
The
f in a l e s tim a te s o f g r o s s d o m e s t ic p r o d u c t f o r t h e f i r s t
P e r s o n a l c o n s u m p t i o n e x p e n d i t u r e s : R e t a i l s a le s f o r F e b
ru a ry
and
M a rc h
( re v is e d )
Q u a r te r ly
s e r v ic e s
s u rv e y fo r
in v e s t m e n t :
C o n s tr u c tio n
p u t
in
p la c e f o r F e b r u a r y a n d M a r c h ( r e v i s e d ) . Q u a r t e r l y s e r v ic e s
R e s id e n tia l f i x e d in v e s tm e n t: C o n s t r u c t io n p u t i n
p la c e
f o r F e b r u a r y a n d M a r c h ( re v is e d ) .
C h a n g e i n p r i v a t e i n v e n t o r ie s : M a n u f a c t u r e r s ’ a n d t r a d e
a c c o u n ts
d a ta
fo r
O c to b e r
2006
th ro u g h
M a r c h 2 0 0 7 ( r e v is e d ) .
m e n t : S ta te a n d lo c a l g o v e r n m e n t c o n s t r u c t i o n p u t i n p la c e
f o r F e b r u a r y a n d M a r c h ( re v is e d ) .
G D P p r ic e s : E x p e r t a n d i m p o r t p r i c e s f o r J a n u a r y , F e b
s u rv e y fo r th e fir s t q u a rte r ( n e w ).
in v e n to r ie s f o r M a r c h
tr a n s a c tio n s
G o v e r n m e n t c o n s u m p tio n e x p e n d itu r e s a n d g ro s s in v e s t
th e fir s t q u a rte r (n e w ).
N o n r e s id e n tia l fix e d
J a n u a r y ( r e v is e d ) .
E x p o r t s a n d i m p o r t s o f g o o d s a n d s e r v ic e s : I n t e r n a t i o n a l
q u a r t e r o f 2 0 0 7 in c o r p o r a t e d th e f o llo w in g s o u r c e d a ta .
( r e v is e d ) . P r o d u c e r P r ic e I n d e x f o r
ru a ry ,
and
le u m
im p o r ts
fa m ily
M a rc h
houses
( re v is e d ) .
fo r
( re v is e d ) .
M a rc h
under
U n i t v a lu e
( re v is e d ) .
c o n s tr u c tio n
fo r
in d e x
P r ic e s
th e
fo r p e tro
o f
fir s t
s in g le
q u a rte r
th e
4
G
D P
a n d
th e
E c o n o m
J u ly 2 0 0 7
y
Corporate Profits
Table 3. Corporate Profits
C o rp o ra te
[S e a s o n a lly a d ju s te d ]
B illio n s o f d o l l a r s ( a n n u a l r a t e )
2006
1
II
in c r e a s e d
(q u a r te rly r a te )
D o m e s tic
2007
III
c u r r e n t p r o d u c t io n
p re c e d in g q u a rte r
p re c e d in g q u a rte r
2007
fro m
lio n , o r 0 .3 p e r c e n t.
P e r c e n t c h a n g e fro m
C h a n g e fro m
L evel
p r o f its
$ 2 3 .0 b i l l i o n , o r 1 .4 p e r c e n t , a f t e r d e c r e a s in g $ 4 .9 b i l
IV
I
2006
II
III
2007
IV
$ 2 3 .1
I
p r o f its
o f fin a n c ia l c o r p o r a tio n s
b illi o n , o r 4 .7 p e r c e n t, f o llo w in g
d e c re a s e d
a n in c r e a s e o f
$ 2 0 .5 b i l l i o n , o r 4 .3 p e r c e n t.
C u r r e n t p ro d u c tio n m e a s u r e s :
P r o fits
C o r p o r a t e p r o f i t s .................................................
1 ,6 7 1 .4
2 2 .7
6 1 .5
- 4 .9
2 3 .0
1 .4
3 .9
- 0 .3
1 .4
D o m e s t i c i n d u s t r i e s ...................................
1 ,3 7 9 .3
8 .9
6 6 .8
- 4 2 .1
2 .7
0 .7
4 .9
-3 .0
0 .2
F i n a n c i a l .........................................................
4 7 2 .2
4 1 .7
-9 .1
2 0 .5
- 2 3 .1
9 .4
- 1 .9
4 .3
- 4 .7
N o n f i n a n c i a l ...............................................
9 0 7 .0
- 3 2 .8
7 5 .8
- 6 2 .6
2 5 .7
- 3 .6
8 .7
-6 .6
2 .9
R e s t o f t h e w o r l d ..........................................
2 9 2 .1
1 3 .8
-5 .3
3 7 .3
2 0 .2
6 .1
- 2 .2
1 5 .9
7 .4 -
n o n fin a n c ia l
c o r p o r a tio n s
p e rc e n t, fo llo w in g
in
a de
R e s t- o f- th e - w o r ld
p r o f its
in c r e a s e d
$ 2 0 .2
b illio n ,
or
7 .4 p e r c e n t.
w o r l d ......................................................
4 3 8 .2
2 5 .7
6 .9
1 9 .2
1 0 .1
6 .8
1 .7
4 .7
2 .4
1 4 6 .1
1 1 .9
1 2 .1
- 1 8 .0
- 1 0 .1
7 .9
7 .5
-1 0 .3
-6 .5
P a y m e n ts to th e r e s t of
t h e w o r l d ............................................
Less:
Equals:
d o m e s tic
c re a s e o f $ 6 2 .6 b i l l i o n , o r 6 .6 p e r c e n t.
R e c e ip ts fro m th e r e s t o f th e
Less:
o f
c re a s e d $ 2 5 .7 b i l l i o n , o r 2 .9
Taxes o n
T a x e s o n c o r p o r a t e i n c o m e ....
4 7 9 .7
1 9 .2
1 4 .5
- 1 4 .4
3 .5
4 .2
3 .0
- 2 .9
P r o f i t s a f t e r t a x ................................
1 ,1 9 1 .7
3 .6
4 7 .0
9 .6
1 9 .4
0 .3
4 .2
0 .8
1 .7
N e t d i v i d e n d s ...................................................
6 9 2 .0
1 5 .4
1 9 .3
2 1 .0
2 0 .6
2 .5
3 .1
3 .2
3 .1
p r o d u c t i o n ...............................................
4 9 9 .7
- 1 1 .8
2 7 .8
- 1 1 .5
- 1 .2
- 2 .4
5 .7
-2 .2
N e t c a s h f l o w .........................................................
1 ,3 8 2 .9
1 .1
30.2
- 1 .1
3 .5
0 .1
2 .2
- 0 .1
c o rp o ra te
0 .7 p e r c e n t, in
0 .7 -
in c o m e
c o n tra s t to
in c r e a s e d
$ 3 .5 b illi o n , o r
a d e c re a s e o f $ 1 4 .4 b i l l i o n ,
o r 2 .9 p e r c e n t, in th e f o u r t h q u a r te r .
U n d is tr ib u te d p r o fits fro m c u r r e n t
U n d is tr ib u te d c o r p o r a te p r o f its (a m e a s u re o f n e t s a v
- 0 .2 -
in g
0 .3 s
th a t
e q u a ls
a fte r - ta x
p r o f its
le s s
d iv id e n d s )
de
c r e a s e d $ 1 .2 b i l l i o n , a f t e r d e c r e a s in g $ 1 1 .5 b i l l i o n .
N ote . L e v e l s o f t h e s e a n d o t h e r p r o f i t s s e r i e s a r e s h o w n in N IP A t a b l e s 1 . 1 2 , 1 . 1 4 , 1 . 1 5 , a n d 6 . 1 6 D .
N et
cash
flo w
c o n s u m p t io n
g e n e ra te d
w ith
in v e n to r y
a d ju s tm e n ts
fu n d s
a v a ila b le
(a
fo r
v a lu a tio n
m e a s u re
and
c a p ita l
o f
in t e r n a lly
in v e s tm e n t)
in c r e a s e d
$ 3 .5 b i l l i o n , o r 0 .3 p e r c e n t.
Measuring Corporate Profits
C o r p o r a t e p r o f i t s is a w i d e l y f o l l o w e d e c o n o m i c i n d i c a t o r
in f o r m a t io n
u s e d to
ta x
g a u g e c o rp o ra te
h e a lth , assess in v e s t m e n t c o n d i
fro m
a c c o u n tin g
as
a
s o u rc e
o f in fo r m a tio n
p r o f its
p o l i c i e s a n d c o n d i t i o n s . I n a d d i t i o n , c o r p o r a t e p r o f i t s is a n
a c c o u n t in g d e f in it io n s , a n d t h e y a re c o m p r e h e n s iv e , c o v e r
B E A ’s m e a s u r e o f c o r p o r a t e
in c o m e
in
a
p r o f its
e a r n e d b y c o r p o r a tio n s
m anner
th a t
in c o m e
and
d e fin e d
a s r e c e ip t s
is
p ro d u c t
fu lly
fro m
c o n s is t e n t
a c c o u n ts
a r is in g
a im s t o
(N IP A s ).
fro m
th e
The
and
n a tio n a l
m e a s u re
c u r r e n t p r o d u c tio n
a s s o c ia te d e x p e n s e s . R e c e ip ts e x c lu d e in c o m e
o f d iv id e n d s
i n g a l l i n c o r p o r a t e d b u s in e s s e s —
c a p tu re th e
c u r r e n t p r o d u c tio n
w ith
c a p it a l g a in s , a n d
in
v a te ly h e ld —
le s s
e x p e n s e s e x c lu d e b a d
p r o fits
d ir e c t
a re
e s tim a te s
u n a v a ila b le ,
o f N IP A - c o n s is te n t
B E A
d e r iv e s
th e s e
in
t h r e e s te p s .
in c o m e
r e g a r d le s s
o f any
r e d is tr ib u tio n s
o f in c o m e
t h r o u g h ta x e s . T h i s m e a s u r e is p a r t l y b a s e d o n t a x r e t u r n
a n d p r i
th e C e n s u s B u re a u .
S e c o n d , t o r e m o v e t h e e ffe c ts o f p r ic e c h a n g e s o n in v e n
to r ie s v a lu e d
a t h is to r ic a l c o s t a n d
in v e n t o r y w ith d r a w a ls , B E A
o f ta x a c c o u n tin g
adds an
fo r
in v e n to r y v a lu a tio n
a d ju s t m e n t t h a t v a lu e s in v e n t o r ie s a t c u r r e n t c o s t.
c ia tio n ,
B E A
adds
a
c a p ita l
c o n s u m p tio n
a d ju s tm e n t
( C C A d j ) . C C A d j is d e f i n e d a s t h e d if f e r e n c e b e t w e e n c o n
s u m p t io n
F ir s t, B E A m e a s u r e s p r o f it s b e fo r e ta x e s t o r e fle c t c o r p o
r a te
p u b lic ly tra d e d
a ll in d u s t r ie s . B E A a ls o u s e s o t h e r s o u r c e s
T h ir d , t o r e m o v e t h e e ffe c ts o f t a x a c c o u n tin g o n d e p r e
c o rp o ra te
e s tim a te s
w e ll- s p e c ifie d
o f in f o r m a t i o n t o e s tim a te p r e t a x p r o f it s , in c lu d in g i n f o r
is
th e fo rm
in
m a tio n f r o m
d e b t s , n a t u r a l r e s o u r c e d e p l e t i o n , a n d c a p i t a l lo s s e s .
B ecause
re a s o n s : T h e y a re b a s e d o n
on
t i o n s , a n d a n a ly z e t h e e f f e c t o n c o r p o r a t i o n s o f e c o n o m ic
im p o r t a n t c o m p o n e n t i n k e y m e a s u r e s o f in c o m e .
fo r tw o
t h e I n t e r n a l R e v e n u e S e r v ic e ; B E A u s e s
m e a s u re s
o f f ix e d
c a p ita l ( th e
d e c lin e i n
th e v a lu e o f t h e
s t o c k o f a s s e ts d u e t o w e a r a n d t e a r , o b s o le s c e n c e , a c c id e n
ta l
dam age,
and
a g in g )
and
c a p ita l c o n s u m p t io n
a n c e s ( ta x r e t u r n d e p r e c ia tio n ) .
a llo w
Survey of Current Business
J u ly 2 0 0 7
5
Corporate Profits by Industry
Table 4. Corporate Profits by Industry
I n d u s t r y p r o fits w it h
[S e a s o n a lly a d ju s te d ]
in c r e a s e d
B illio n s o f d o lla r s (a n n u a l r a t e )
p re c e d in g q u a rte r
in v e n to r y v a lu a tio n
b illio n ,
c o m p a re d
w ith
f i r s t - q u a r t e r in c r e a s e
in c r e a s e
in
p r o f its
fro m
a d ju s tm e n t
a $ 4 .4
was
b illio n
s m a lle r t h a n
c u r r e n t p r o d u c tio n
be
c a u s e i t e x c lu d e s t h e c a p it a l c o n s u m p t i o n a d ju s t m e n t ,
2007
2006
th e
(q u a r te rly r a te )
p r e c e d in g q u a r te r
2007
in c r e a s e . T h e
P e r c e n t c h a n g e fro m
C h a n g e fro m
L evel
$ 8 .6
2007
2006
w h i c h in c r e a s e d $ 1 4 .3 b i l l i o n i n t h e f i r s t q u a r t e r .
P r o f its o f d o m e s tic in d u s tr ie s d e c re a s e d $ 1 1 .6 b illi o n ,
Industry profits:
P r o f i t s w i t h I V A .......
c o m p a r e d w i t h a d e c re a s e o f $ 3 2 .8 b i l l i o n .
1 ,8 2 8 .8
3 4 .9
6 3 .2
4 .4
8 .6
2 .0
3 .6
0 .2
D o m e s tic in d u s trie s .
1 .5 3 6 .7
2 1 .1
6 8 .4
- 3 2 .8
- 1 1 .6
1 .4
4 .5
- 2 .1
-0 .7 -
F i n a n c i a l .......................
4 9 8 .9
4 4 .3
- 8 .1
2 2 .6
- 2 3 .8
9 .5
- 1 .6
4 .5
-4 .6 -
P r o fits o f d o m e s tic f in a n c ia l in d u s tr ie s t u r n e d
dow n,
d e c r e a s in g $ 2 3 .8 b i l l i o n , a f t e r in c r e a s in g $ 2 2 .6 b i l l i o n .
N o n f i n a n c i a l ........................
1 .0 3 7 .7
- 2 3 .2
7 6 .5
- 5 5 .4
1 2 .1
- 2 .3
7 .6
U t i l i t i e s ...............................
5 2 .5
7 .1
6 .0
2 .1
-2 .4
1 7 .7
1 2 .8
4 .1
M a n u f a c t u r i n g ............
3 4 6 .1
- 1 0 .8
4 2 .0
- 7 .4
2 1 .6
- 3 .6
1 4 .5
- 2 .2
W h o l e s a l e t r a d e .......
1 0 3 .3
- 8 .9
2 6 .8
- 3 1 .4
9 .6
-8 .3
2 7 .2
- 2 5 .1
R e t a i l t r a d e ...................
1 3 8 .7
- 1 .8
1 0 .1
1 3 .7
- 6 .3
-1 .4
8 .3
- 5 .1
In
c o n tra s t,
in g
1 0 .4
T r a n s p o rta tio n a n d
$ 5 5 .4
re b o u n d s
w a r e h o u s in g ...
3 1 .5
1 .0
1 1 .3
- 6 .3
p r o f its
o f d o m e s tic
n o n fin a n c ia l in d u s
t r ie s t u r n e d u p , in c r e a s in g $ 1 2 .1 b i l l i o n , a f t e r d e c r e a s
b illio n .
in
The
u p tu rn
m a n u fa c tu r in g
and
p r im a r ily
w h o le s a le
r e fle c te d
tra d e
d u s t r ie s ,
I n f o r m a t i o n ....................
1 0 6 .6
- 3 .9
- 2 .6
8 .6
1 4 .7
O th e r n o n f in a n c ia l.
2 5 8 .9
- 1 6 .2
- 6 .8
- 3 4 .9
- 2 3 .3
-4.7
- 2 .1
- 1 1 .0
R e s t o f t h e w o r l d .................
2 9 2 .1
1 3 .8
- 5 .3
3 7 .3
2 0 .2
6 .1
- 2 .2
1 5 .9
an
a c c e le r a tio n
a n d a s m a lle r d e c re a s e i n
tr ie s .
Addenda:
In
c o n tra s t,
p r o f its
in
in fo r m a tio n
in d u s tr ie s ,
“ o th e r n o n fin a n c ia l” in d u s
o f
r e ta il
tra d e
in d u s tr ie s
tu rn e d d o w n .
P r o f i t s b e f o r e t a x ( w i t h o u t IVA
a n d C C A d j ) ..................................
1 ,8 6 1 .6
7 0 .9
4 2 .5
- 1 6 .4
2 4 .0
- 0 .9
- 0 .1
P r o f i t s a f t e r t a x ( w i t h o u t IV A
a n d C C A d j ) ..................................
1 ,3 8 2 .0
5 1 .7
2 8 .0
-1 .9
2 0 .5
IV A .....................................................................
- 3 2 .8
- 3 6 .0
2 0 .7
2 0 .7
- 1 5 .3
C C A d j ............................................................
- 1 5 7 .4
- 1 2 .2
-1 .6
-9 .3
1 4 .3
N ote . L e v e l s o f t h e s e a n d o t h e r p r o f i t s s e r i e s a r e s h o w n in N IP A t a b l e s 1 . 1 2 , 1 . 1 4 , 1 . 1 5 , a n d 6 . 1 6 D .
IVA I n v e n t o r y v a l u a t i o n a d j u s t m e n t
C C A d j C a p ita l c o n s u m p tio n a d ju s tm e n t
Chart 2. Corporate Profits With Inventory Valuation Adjustment: Change From the Preceding Quarter, 2007:1
Billions of dollars
5 0 ---------------------
T o ta l
D o m e s tic
,
f in a n c ia l
I------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1
U tilitie s
M a n u fa c tu rin g
W h o le s a le
R e ta il
T ra n s p o rta tio n 1
In fo rm a tio n
O th e r2
R e s t o f w o rld
D o m e s tic n o n fin a n c ia l
1. Includes warehousing.
2. “Other” nonfinancial corporations include the agriculture, mining, construction, and services industries.
N ote. Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
Corporate Profits by Industry
In d u s try
in v e n to r y
p r o f its
a re
v a lu a tio n
c o rp o ra te
p r o fits
a d ju s tm e n t
(IV A ).
by
in d u s tr y
The
IV A
w ith
re m o v e s
t r y . H o w e v e r , e s tim a te s o f t h e C C A d j a re o n l y a v a ila b le f o r
tw o
b ro a d
c a t e g o r ie s : T o t a l f i n a n c i a l in d u s t r i e s
and
to ta l
t h e e f f e c t o f p r i c e s o n i n v e n t o r i e s . T h e I V A is t h e d i f f e r e n c e
n o n f i n a n c i a l i n d u s t r i e s . F o r m o r e i n f o r m a t i o n a b o u t B E A ’s
b e tw e e n
m e th o d o lo g y ,
th e
c o s t o f in v e n to r y
w ith d r a w a ls
a t a c q u is itio n
see
“ C o rp o ra te
P r o fits :
P r o fits
B e fo r e
Tax,
c o s t a n d r e p la c e m e n t c o s t . I d e a lly , B E A w o u l d a ls o a d d t h e
P r o fits T a x L ia b ility , a n d D iv id e n d s ” a t < w w w .b e a .g o v /b e a /
c a p ita l c o n s u m p t io n
m p _ n a tio n a l.h tm > .
in
- 1 .8
a d ju s tm e n t ( C C A d j)
f o r e a c h in d u s
July 2007
6
Real Inventories, Sales, and Inventory-Sales Ratios
for M anufacturing and Trade for the First Q uarter of 2007
T h is
r e p o r t p re s e n ts
q u a rte r
o f
2006
q u a r te r ly
a n d
th e
e s tim a te s f o r t h e
fir s t
q u a rte r
o f
fo u rth
2007
a n d
m o n t h l y e s tim a te s f o r N o v e m b e r 2 0 0 6 t o A p r i l 2 0 0 7 .
T a b le s
IB ,
2B ,
e s tim a te s . T a b le
IB
3B ,
a n d
4B
p re s e n ts
p re s e n t
c h a in - w e ig h te d
in v e n t o r ie s . T a b le 2 B
p re
to
f in a l
N IP A
assess th e lik e lih o o d
a d d to , o r r e d u c e , in v e n to r ie s in
d e m a n d ;
th e s e
r e n t- d o lla r
a n d
r a tio s
re a l
re s p o n s e to
s u p p le m e n t
e s tim a te s
t h a t b u s in e s s e s w i l l
th e
o f r a tio s
c h a n g e s in
q u a r te r ly
c u r-
o f in v e n to r ie s
o f d o m e s tic
b u s in e s s ,
o f n o n fa rm
b u s i
o f g o o d s a n d s tru c tu r e s th a t a re p re s e n te d in
ta b le s
5 .7 .5 B
a n d
5 .7 .6 B . T a b le
4B
p re s e n ts
e s t i
m a te s o f m a n u f a c t u r in g in v e n t o r ie s b y s ta g e o f f a b r ic a
tio n .
s e n t s s a le s . T a b le 3 B p r e s e n t s i n v e n t o r y - s a l e s r a t i o s t h a t
c a n b e u s e d to
s a le s
ness, a n d
T h e
e s tim a te s
te r a c tiv e
t a b le s
C lic k
“ G ro s s
o n
p le m e n ta l
b le s ”
fo r
o n
1967
D o m e s tic
E s t im a te s , ”
a n d th e n
fo rw a rd
B E A ’s W e b
c lic k
s ite
a re
P ro d u c t,”
o n
a v a ila b le
in
in
a t < w w w .b e a .g o v > .
a n d
u n d e r
“ U n d e r ly in g
“ S u p
d e ta il t a
o n “ L i s t o f U n d e r l y i n g D e t a i l T a b le s . ”
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period
[B i llio n s o f c h a i n e d ( 2 0 0 0 ) d o l l a r s ]
2007
2006
2006
I
IV
2007
.'
N ov.
D ec.
M anufacturing and trade industries.................................................................................
1,263.2
1,259.4
1,260.8
1,263.2
1,261.0
1,263.0
1,259.4
1,259.5
M anufactu rin g..................................................................................................................................
444.0
443.0
443.2
444.0
444.1
443.9
443.0
443.1
Durable g o o d s ..............................................................................................................................
272.4
272.7
270.7
272.4
273.4
273.3
272.7
272.8
W o o d p r o d u c t s ..................................................................................................................................................................................................
1 0 .6
1 0 .2
1 0 .7
1 0 .6
1 0 .5
1 0 .3
1 0 .2
N o n m e t a l l i c m i n e r a l p r o d u c t s ............................................................................................................................................................
9 .9
9 .8
9 .9
9 .9
9 .8
9 .8
9 .8
Jan
F e b .'
M a rc h r
A p ril p
1 0 .1
9 .8
P r i m a r y m e t a l s ..................................................................................................................................................................................................
1 9 .5
1 9 .3
1 9 .4
1 9 .5
1 9 .4
1 9 .3
1 9 .3
1 9 .2
F a b r i c a t e d m e t a l p r o d u c t s .....................................................................................................................................................................
3 0 .4
3 0 .4
3 0 .1
3 0 .4
3 0 .5
3 0 .5
3 0 .4
3 0 .2
M a c h i n e r y ...............................................................................................................................................................................................................
3 5 .1
3 5 .5
3 4 .3
3 5 .1
3 5 .4
3 5 .6
3 5 .5
3 5 .3
C o m p u t e r a n d e l e c t r o n i c p r o d u c t s ...............................................................................................................................................
6 5 .0
6 4 .8
6 4 .6
6 5 .0
6 5 .3
6 5 .1
6 4 .8
6 4 .8
E l e c t r i c a l e q u i p m e n t , a p p l i a n c e s , a n d c o m p o n e n t s ...................................................................................................
1 2 .9
1 2 .8
1 2 .7
1 2 .9
1 2 .9
1 2 .9
1 2 .8
1 2 .8
T r a n s p o r t a t i o n e q u i p m e n t ......................................................................................................................................................................
6 5 .6
6 6 .6
6 5 .8
6 5 .6
6 6 .2
6 6 .4
6 6 .6
6 7 .5
F u r n i t u r e a n d r e l a t e d p r o d u c t s .........................................................................................................................................................
7 .8
7 .8
8 .0
7 .8
7 .9
7 .9
7 .8
7 .7
M i s c e l l a n e o u s m a n u f a c t u r i n g ............................................................................................................................................................
1 6 .3
1 6 .5
1 6 .1
1 6 .3
1 6 .4
1 6 .4
1 6 .5
1 6 .3
Nondurable g o o d s ......................................................................................................................
172.0
170.8
172.7
172.0
171.2
171.0
170.8
170.8
F o o d p r o d u c t s .....................................................................................................................................................................................................
3 3 .0
3 2 .4
3 2 .9
3 3 .0
3 2 .8
3 2 .6
3 2 .4
3 2 .5
B e v e r a g e a n d t o b a c c o p r o d u c t s ......................................................................................................................................................
1 1 .8
1 1 .9
1 1 .9
1 1 .8
1 1 .8
1 1 .8
1 1 .9
1 1 .9
T e x t i l e m i l l s ............................................................................................................................................................................................................
4 .7
4 .5
4 .7
4 .7
4 .6
4 .6
4 .5
4 .5
T e x t ile p r o d u c t m i l l s ......................................................................................................................................................................................
3 .1
3 .0
3 .1
3 .1
3 .1
3 .0
3 .0
3 .0
A p p a r e l ......................................................................................................................................................................................................................
6 .2
6 .2
6 .2
6 .2
6 .2
6 .2
6 .2
6 .2
L e a t h e r a n d a l l i e d p r o d u c t s ........................
1 .2
1 .2
1 .2
1 .2
1 .2
1 .2
1 .2
1 .2
P a p e r p r o d u c t s ........................................................
1 5 .8
1 5 .7
1 5 .9
1 5 .8
1 5 .8
1 5 .7
1 5 .7
1 5 .7
P rin tin g a n d r e la te d s u p p o r t a c tiv itie s
5 .7
5 .7
5 .8
5 .7
5 .7
5 .8
5 .7
5 .7
P e t r o l e u m a n d c o a l p r o d u c t s ....................
1 7 .9
1 7 .9
1 7 .6
1 7 .9
1 7 .3
1 7 .6
1 7 .9
1 8 .1
C h e m i c a l p r o d u c t s .........................................................................................................................................................................................
5 3 .1
5 2 .6
5 3 .7
5 3 .1
5 3 .3
5 2 .9
5 2 .6
5 2 .4
P l a s t i c s a n d r u b b e r p r o d u c t s ..............................................................................................................................................................
1 8 .1
1 8 .2
1 8 .5
1 8 .1
1 8 .2
1 8 .1
1 8 .2
1 8 .2
Merchant wholesale tra d e ..............................................................................................................
351.1
352.4
354.1
351.1
352.1
352.7
352.4
351.9
D u r a b l e g o o d s ..........................................................................................................................................................................................................
2 2 0 .8
2 2 2 .0
2 2 2 .1
2 2 0 .8
2 2 2 .0
2 2 2 .2
2 2 2 .0
2 2 0 .4
N o n d u r a b l e g o o d s ................................................................................................................................................................................................
1 3 0 .9
1 3 1 .1
1 3 2 .6
1 3 0 .9
1 3 0 .8
1 3 1 .2
1 3 1 .1
1 3 2 .0
468.4
464.1
463.6
468.4
464.9
466.7
464.1
464.7
M o t o r v e h i c l e a n d p a r t s d e a l e r s ............................................................................................................................................................
1 5 7 .8
1 5 3 .2
1 5 4 .2
1 5 7 .8
1 5 4 .4
1 5 4 .1
1 5 3 .2
1 5 3 .6
F u r n i t u r e a n d h o m e f u r n i s h i n g s a n d e l e c t r o n i c s a n d a p p l i a n c e s t o r e s .........................................................
3 4 .0
3 4 .4
3 4 .2
3 4 .0
3 4 .4
3 4 .7
3 4 .4
3 4 .5
B u i l d i n g m a t e r i a l a n d g a r d e n e q u i p m e n t a n d s u p p l i e s s t o r e s .................................................................................
4 6 .0
4 5 .9
4 6 .5
4 6 .0
4 5 .6
4 6 .3
4 5 .9
4 6 .9
Retail tra d e .......................................................................................................................................
F o o d a n d b e v e r a g e s t o r e s ............................................................................................................................................................................
3 2 .5
3 2 .4
3 2 .3
3 2 .4
4 0 .5
4 0 .1
3 9 .5
4 0 .5
4 0 .4
4 0 .8
4 0 .1
3 9 .9
7 3 .7
7 4 .3
7 3 .4
7 3 .7
7 4 .2
7 4 .6
7 4 .3
7 4 .7
O t h e r r e t a i l s t o r e s .................................................................................................................................................................................................
8 4 .1
8 3 .8
8 3 .2
8 4 .1
8 3 .6
8 3 .9
8 3 .8
8 3 .0
p P r e lim in a r y
r R e v is e d
N ote . E s tim a te s in th is ta b le a r e b a s e d o n th e N o rth A m e ric a n I n d u s tr y C la s s ific a tio n S y s te m (N A IC S ).
C h a in e d ( 2 0 0 0 ) d o lla r in v e n to r y s e r i e s a r e c a lc u la t e d t o e n s u r e th a t th e c h a in e d ( 2 0 0 0 ) d o lla r c h a n g e in
3 2 .5
3 2 .4
C l o t h i n g a n d c l o t h i n g a c c e s s o r i e s s t o r e s .....................................................................................................................................
G e n e r a l m e r c h a n d i s e s t o r e s .....................................................................................................................................................................
3 2 .6
3 2 .0
in v e n to r ie s fo r 2 0 0 0 e q u a l s t h e c u rr e n t-d o lla r c h a n g e in in v e n to r ie s fo r 2 0 0 0 a n d t h a t t h e a v e r a g e o f t h e 1 9 9 9
a n d 2 0 0 0 e n d - o f - y e a r c h a in - w e ig h t e d a n d fix e d - w e ig h te d in v e n to r ie s a r e e q u a l. B e c a u s e t h e f o rm u la fo r th e
c h a in - ty p e q u a n tity in d e x e s u s e s w e i g h ts o f m o r e th a n o n e p e r io d , th e c o r r e s p o n d i n g c h a in e d - d o l la r e s t i m a t e s
a r e u s u a lly n o t a d d itiv e .
July 2007
7
Survey of Current Business
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate
[Billions of chained (2000) dollars]
2006
IV
2007
I
2007
2006
Nov.
Dec.
J a n .'
M arch'
Fe b .r
April p
M anufacturing and trade in d u s trie s ...............................................................................
952.1
953.8
949.2
954.3
954.3
949.8
957.4
958.5
M anufacturing.................................................................................................................................
330.7
326.7
328.8
330.4
328.5
324.0
327.6
328.0
Durable goo ds.............................................................................................................................
Wood products..........
Nonmetallic mineral products
Primary metals..........
Fabricated metal products
M achinery..................
Computer and electronic products
Electrical equipment, appliances, and components...............................................................
Transportation equipment....
Furniture and related products
Miscellaneous manufacturing
193.6
7.1
7.6
11.6
20.3
24.7
45.6
8.3
52.6
6.2
11.5
191.0
6.6
7.4
11.9
20.4
23.0
46.0
8.7
51.4
6.0
11.4
193.0
6.8
7.5
11.6
20.1
24.5
46.9
8.2
51.9
6.1
11.4
194.3
7.6
7.5
11.8
20.5
24.4
43.6
8.4
54.0
6.2
11.4
192.6
6.7
7.4
12.0
20.6
22.6
47.7
8.6
51.8
6.0
11.4
189.3
6.5
7.4
11.8
20.3
23.1
45.3
8.6
50.7
5.9
11.3
191.3
6.6
7.5
11.9
20.4
23.3
44.9
8.8
51.9
6.0
11.3
194.6
6.7
7.5
11.6
20.7
24.6
48.4
8.9
51.2
6.0
11.5
Nondurable g o o d s .................
Food products...........................................................................................................................
Beverage and tobacco products.............................................................................................
Textile mills.................
Textile product mills...
Apparel.......................
Leather and allied products
Paper products..........
Printing and related support activities
Petroleum and coal pioducts
Chemical products....
Plastics and rubber pioducts
138.6
35.9
8.9
2.6
2.5
3.2
0.6
12.2
7.4
16.3
35.5
14.7
137.1
34.5
8.9
2.5
2.5
3.3
0.6
11.8
7.4
16.6
35.1
14.8
137.4
35.9
9.1
2.6
2.5
3.2
0.5
11.9
7.4
15.7
35.3
14.7
137.7
35.3
8.6
2.5
2.6
3.3
0.6
12.6
7.4
16.0
35.3
14.8
137.5
35.0
8.8
2.6
2.6
3.3
0.6
11.8
7.4
16.5
34.9
14.8
136.1
34.4
8.7
2.5
2.5
3.3
0.6
11.7
7.4
16.1
35.3
14.7
137.7
34.2
9.1
2.5
2.5
3.3
0.6
11.8
7.4
17.0
35.1
15.0
135.4
34.2
9.0
2.5
2.5
3.3
0.6
11.8
7.4
15.1
35.6
15.2
Merchant wholesale trad e.............................................................................................................
Durable goods..............................................................................................................................
Nondurable goods........................................................................................................................
274.0
147.5
127.7
275.7
147.9
128.9
272.8
147.3
126.7
274.2
148.3
127.1
275.7
148.4
128.4
274.3
146.6
128.6
277.2
148.8
129.5
278.9
150.2
129.9
Retail tra d e ......................................................................................................................................
Motor vehicle and parts dealers.................................................................................................
Furniture and home furnishings and electronics and appliance stores...................................
Building material and garden equipment and supplies stores..................................................
Food and beverage stores...........................................................................................................
Clothing and clothing accessories stores...................................................................................
General merchandise stores........................................................................................................
Other retail stores.........................................................................................................................
351.2
83.3
32.1
34.7
43.1
20.6
53.5
86.8
355.8
84.4
32.9
34.5
43.2
21.2
54.5
88.3
351.5
83.0
32.2
34.8
43.1
20.5
53.5
87.4
353.7
84.2
32.8
34.7
43.4
20.7
54.1
87.0
354.4
83.7
32.9
34.6
43.1
21.3
54.6
87.4
356.0
84.5
32.9
34.2
43.2
20.8
54.0
89.4
357.0
85.0
32.9
34.7
43.3
21.4
54.9
88.2
355.8
84.5
33.2
34.0
43.4
21.2
54.5
88.4
p P r e lim in a r y
c u rr e n t-d o lla r v a lu e o f t h e c o r r e s p o n d i n g s e r i e s , d iv id e d b y 1 0 0 . B e c a u s e t h e f o rm u la fo r t h e c h a in - ty p e q u a n -
r R e v is e d
tity i n d e x e s u s e s w e i g h ts o f m o r e t h a n o n e p e rio d , t h e c o r r e s p o n d i n g c h a in e d - d o l la r e s t i m a t e s a r e u s u a lly n o t
N ote . E s tim a te s in t h is t a b le a r e b a s e d o n t h e N o rth A m e ric a n I n d u s tr y C la s s ific a tio n S y s te m (N A IC S ).
a d d itiv e .
C h a in e d ( 2 0 0 0 ) d o lla r s a l e s a r e c a lc u la t e d a s t h e p r o d u c t o f t h e c h a in - ty p e q u a n tity in d e x a n d t h e 2 0 0 0
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on chained (2000) dollars]
2006
2007
IV
I
2006
Nov.
2007
Dec.
Jan. '
F e b .r
M archr
April p
M anufacturing and trade in d u s trie s...............................................................................
1.33
1.32
1.33
1.32
1.32
1.33
1.32
M anufacturing.................................................................................................................................
1.34
1.36
1.35
1.34
1.35
1.37
1.35
1.35
Durable goods.............................................................................................................................
Wood products..........................................................................................................................
Nonmetallic mineral products
Primary metals.....................
Fabricated metal products...
M achinery.............................
Computer and electronic products..........................................................................................
Electrical equipment, appliances, and componenls
Transportation equipment......................................
Furniture and related products..............................
Miscellaneous manufacturing...............................
1.41
1.50
1.31
1.68
1.50
1.43
1.43
1.56
1.25
1.28
1.42
1.43
1.55
1.32
1.61
1.49
1.55
1.41
1.48
1.29
1.30
1.45
1.40
1.57
1.32
1.68
1.49
1.40
1.38
1.55
1.27
1.32
1.41
1.40
1.40
1.32
1.66
1.48
1.44
1.49
1.54
1.21
1.27
1.42
1.42
1.58
1.33
1.61
1.48
1.57
1.37
1.50
1.28
1.32
1.43
1.44
1.60
1.32
1.63
1.50
1.54
1.44
1.50
1.31
1.33
1.45
1.43
1.55
1.30
1.62
1.49
1.52
1.44
1.46
1.28
1.29
1.45
1.40
1.51
1.31
1.65
1.46
1.44
1.34
1.45
1.32
1.29
1.42
Nondurable g o o d s ......................................................................................................................
Food products......................
Beverage and tobacco products
Textile mills............................
Textile product mills..............
Apparel.......................................................................................................................................
Leather and allied products......................................................................................................
Paper products..........................................................................................................................
Printing and related support activities.....................................................................................
Petroleum and coal products...................................................................................................
Chemical products....................................................................................................................
Plastics and rubber products...................................................................................................
1.24
0.92
1.33
1.85
1.21
1.93
2.17
1.30
0.77
1.10
1.49
1.23
1.25
0.94
1.34
1.78
1.18
1.90
2.08
1.33
0.77
1.08
1.50
1.23
1.26
0.92
1.31
1.84
1.23
1.93
2.34
1.34
0.77
1.12
1.52
1.26
1.25
0.93
1.38
1.90
1.19
1.92
2.22
1.26
0.77
1.12
1.50
1.22
1.25
0.94
1.34
1.77
1.20
1.91
2.14
1.33
0.77
1.05
1.53
1.23
1.26
0.95
1.36
1.82
1.20
1.91
2.07
1.34
0.78
1.10
1.50
1.23
1.24
0.95
1.31
1.84
1.19
1.90
2.05
1.33
0.77
1.05
1.50
1.21
1.26
0.95
1.33
1.82
1.18
1.87
2.11
1.33
0.77
1.20
1.47
1.20
Merchant wholesale trad e.............................................................................................................
Durable goods..............................................................................................................................
Nondurable goods........................................................................................................................
1.28
1.50
1.03
1.28
1.50
1.02
1.30
1.51
1.05
1.28
1.49
1.03
1.28
1.50
1.02
1.29
1.52
1.02
1.27
1.49
1.01
1.26
1.47
1.02
Retail tra d e .......................................................................................................................................
Motor vehicle and parts dealers..................................................................................................
Furniture and home furnishings and electronics and appliance stores...................................
Building material and garden equipment and supplies stores..................................................
Food and beverage stores...........................................................................................................
Clothing and clothing accessories stores
General merchandise stores...............
Other retail stores................................
1.33
1.89
1.06
1.33
0.76
1.96
1.38
0.97
1.30
1.81
1.05
1.33
0.75
1.90
1.36
0.95
1.32
1.86
1.06
1.34
0.76
1.92
1.37
0.95
1.32
1.87
1.04
1.33
0.75
1.96
1.36
0.97
1.31
1.84
1.05
1.32
0.75
1.90
1.36
0.96
1.31
1.82
1.05
1.35
0.75
1.96
1.38
0.94
1.30
1.80
1.05
1.32
0.75
1.88
1.35
0.95
1.31
1.82
1.04
1.38
0.74
1.88
1.37
0.94
p P r e lim in a r y
R e v is e d
1.31
N ote . E s tim a te s in th is ta b le a r e b a s e d o n t h e N o rth A m e ric a n I n d u s tr y C la s s ific a tio n S y s te m (N A IC S ).
8
R e a l
In v e n to r ie s
a n d
July 2007
S a le s
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period
[Billions of chained (2000) dollars]
2006
2007
IV
I
2006
Nov.
2007
Dec.
Jan. r
F e b .'
March r
A p rilp
Materials and supplies
M anufactu rin g.................................................................................................................................
150.9
150.8
151.3
150.9
151.3
151.2
150.8
151.1
Durable g o o d s ........................
Wood products.....................
Nonmetallic mineral products
Primary m etals.....................
Fabricated metal products........................................................................................................
Machinery...................................................................................................................................
Computer and electronic products..........................................................................................
Electrical equipment, appliances, and components...............................................................
Transportation equipment.........................................................................................................
Furniture and related products................................................................................................
Miscellaneous manufacturing...................................................................................................
91.9
4.7
3.5
7.1
11.5
12.1
22.2
5.2
16.7
3.1
5.3
91.7
4.6
3.6
6.9
11.5
12.4
22.1
5.2
16.5
3.3
5.3
91.9
4.8
3.5
6.9
11.4
12.0
22.4
5.1
17.2
3.1
5.2
91.9
4.7
3.5
7.1
11.5
12.1
22.2
5.2
16.7
3.1
5.3
92.1
4.7
3.6
7.1
11.5
12.3
22.2
5.2
16.6
3.2
5.3
91.8
4.7
3.6
6.9
11.5
12.3
22.1
5.2
16.7
3.2
5.3
91.7
4.6
3.6
6.9
11.5
12.4
22.1
5.2
16.5
3.3
5.3
91.8
4.5
3.6
6.8
11.4
12.4
22.3
5.2
16.7
3.4
5.2
Nondurable g o o d s ......................................................................................................................
Food products.......................
Beverage and tobacco products
Textile m ills...........................
Textile product m ills..............
Apparel.......................................................................................................................................
Leather and allied products.............
Paper products.................................
Printing and related support activities
Petroleum and coal products...........
Chemical products...........................
Plastics and rubber products...........
59.0
10.0
5.4
1.5
1.1
1.7
0.4
7.6
2.1
5.4
16.4
7.3
59.2
9.8
5.3
1.5
1.1
1.7
0.4
7.5
2.0
5.9
16.2
7.4
59.4
10.0
5.3
1.6
1.1
1.7
0.4
7.7
2.1
5.5
16.3
7.5
59.0
10.0
5.4
1.5
1.1
1.7
0.4
7.6
2.1
5.4
16.4
7.3
59.3
10.0
5.3
1.5
1.1
1.7
0.4
7.6
2.1
5.6
16.2
7.4
59.4
10.0
5.3
1.5
1.1
1.7
0.4
7.6
2.1
5.8
16.2
7.4
59.2
9.8
5.3
1.5
1.1
1.7
0.4
7.5
2.0
5.9
16.2
7.4
59.4
9.8
5.3
1.5
1.0
1.7
0.4
7.5
2.0
6.1
16.0
7.4
M anufactu rin g.................................................................................................................................
128.8
128.9
127.4
128.8
129.2
129.2
128.9
129.1
Durable g o o d s .............................................................................................................................
Wood products..........................................................................................................................
Nonmetallic mineral products
Primary m etals.....................
Fabricated metal products....
Machinery..............................
Computer and electronic products..........................................................................................
Electrical equipment, appliances, and components...............................................................
Transportation equipment.........................................................................................................
Furniture and related products................................................................................................
Miscellaneous manufacturing...................................................................................................
100.4
2.1
1.1
5.8
8.6
11.1
26.5
4.2
36.9
1.6
3.6
100.4
2.2
1.1
5.9
8.6
11.1
25.8
4.2
37.6
1.4
3.5
98.7
2.2
1.1
5.9
8.6
10.4
26.0
4.1
36.1
1.7
3.6
100.4
2.1
1.1
5.8
8.6
11.1
26.5
4.2
36.9
1.6
3.6
101.0
2.2
1.1
5.8
8.7
11.0
26.5
4.2
37.3
1.6
3.6
100.9
2.2
1.1
5.8
8.6
11.1
26.5
4.2
37.2
1.6
3.6
100.4
2.2
1.1
5.9
8.6
11.1
25.8
4.2
37.6
1.4
3.5
100.8
2.2
1.1
5.8
8.6
11.0
25.4
4.2
38.4
1.3
3.5
Nondurable g o o d s ......................................................................................................................
Food products............................................................................................................................
Beverage and tobacco products..............................................................................................
Textile m ills.....
Textile product mills
Apparel............
Leather and allied products
Paper products..........................................................................................................................
Printing and related support activities
Petroleum and coal products...........
Chemical products............................
Plastics and rubber products...........
28.6
4.8
2.3
1.0
0.6
1.1
0.2
1.4
0.9
3.5
10.7
1.9
28.7
4.7
2.4
0.9
0.5
1.1
0.2
1.4
1.0
3.7
10.6
2.0
28.8
4.8
2.3
1.0
0.6
1.1
0.2
1.5
0.9
3.4
11.0
2.0
28.6
4.8
2.3
1.0
0.6
1.1
0.2
1.4
0.9
3.5
10.7
1.9
28.4
4.7
2.3
0.9
0.5
1.1
0.2
1.4
0.9
3.2
11.0
2.0
28.5
4.7
2.4
0.9
0.5
1.1
0.2
1.4
0.9
3.4
10.8
2.0
28.7
4.7
2.4
0.9
0.5
1.1
0.2
1.4
1.0
3.7
10.6
2.0
28.5
4.7
2.4
0.9
0.5
1.1
0.2
1.4
1.0
3.7
10.3
2.0
M anufactu rin g..................................................................................................................................
164.6
163.5
164.7
164.6
163.9
163.7
163.5
163.2
Durable g o o d s .............................................................................................................................
Wood products..........................................................................................................................
Nonmetallic mineral products
Primary m etals.....................
Fabricated metal products....
Machinery..............................
Computer and electronic products..........................................................................................
Electrical equipment, appliances, and components
Transportation equipment.......................................
Furniture and related products...............................
Miscellaneous manufacturing.................................
80.1
3.7
5.3
6.6
10.2
12.0
16.5
3.5
12.1
3.1
7.4
80.8
3.5
5.1
6.5
10.2
12.0
17.1
3.5
12.6
3.1
7.7
80.2
3.8
5.2
6.6
10.1
12.0
16.3
3.5
12.5
3.2
7.3
80.1
3.7
5.3
6.6
10.2
12.0
16.5
3.5
12.1
3.1
7.4
80.4
3.6
5.1
6.5
10.2
12.0
16.8
3.5
12.5
3.1
7.5
80.8
3.5
5.1
6.5
10.2
12.2
16.8
3.5
12.6
3.1
7.6
80.8
3.5
5.1
6.5
10.2
12.0
17.1
3.5
12.6
3.1
7.7
80.3
3.4
5.0
6.4
10.1
12.0
17.2
3.5
12.6
3.0
7.7
Nondurable g o o d s ......................................................................................................................
Food products............................................................................................................................
Beverage and tobacco products..............................................................................................
Textile m ills........
Textile product mills
Apparel............
Leather and allied products......................................................................................................
Paper products..........................................................................................................................
Printing and related support activities
Petroleum and coal products...........
Chemical products............................
Plastics and rubber products...........
84.4
18.2
4.2
2.2
1.4
3.4
0.7
6.8
2.7
9.0
26.0
8.8
82.9
18.0
4.2
2.1
1.4
3.4
0.7
6.7
2.7
8.3
25.8
8.8
84.5
18.1
4.2
2.2
1.5
3.4
0.7
6.8
2.7
8.7
26.3
9.0
84.4
18.2
4.2
2.2
1.4
3.4
0.7
6.8
2.7
9.0
26.0
8.8
83.5
18.1
4.2
2.2
1.5
3.4
0.7
6.7
2.7
8.5
26.1
8.8
83.0
18.0
4.1
2.2
1.4
3.4
0.7
6.7
2.7
8.4
25.9
8.8
82.9
18.0
4.2
2.1
1.4
3.4
0.7
6.7
2.7
8.3
25.8
8.8
82.9
18.0
4.2
2.1
1.4
3.4
0.7
6.8
2.7
8.2
26.1
8.8
Work-in-process
Finished goods
p P r e lim in a r y
r R e v is e d
N ote. E s tim a te s in th is ta b le a r e b a s e d o n th e N o rth A m e r ic a n In d u s tr y C la s s ific a tio n S y s te m (N A IC S ).
C h a in e d ( 2 0 0 0 ) d o lla r in v e n to r y s e r i e s a r e c a lc u la t e d t o e n s u r e th a t t h e c h a in e d ( 2 0 0 0 ) d o lla r c h a n g e in
in v e n to r ie s for 2 0 0 0 e q u a l s t h e c u rr e n t-d o lla r c h a n g e in in v e n to r ie s fo r 2 0 0 0 a n d th a t t h e a v e r a g e o f t h e 1 9 9 9
a n d 2 0 0 0 e n d - o f - y e a r c h a in - w e ig h t e d a n d fix e d - w e ig h te d in v e n to r ie s a r e e q u a l. B e c a u s e t h e f o rm u la fo r th e
c h a in - ty p e q u a n tity in d e x e s u s e s w e i g h ts o f m o r e t h a n o n e p e r io d , t h e c o r r e s p o n d i n g c h a in e d - d o l la r e s t i m a t e s
a r e u s u a lly n o t a d d itiv e .
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This
S e n a t e document p r e s e n t e d
th e f i r s t
national
income e s t i m a t e s
http://library.bea.gov
July 2007
10
The International Investm ent Position of the United States
at Yearend 2006
B y E le n a L. N g u y e n
T
H E
n e t
U n ite d
a t y e a re n d
v is e d )
in t e r n a tio n a l
v a lu e
2005
( ta b le
p o s it io n
b illio n
2 0 0 6 , c o m p a re d w ith
a t y e a re n d
2 0 0 6 , th e
in v e s tm e n t
S ta te s w a s - $ 2 , 5 3 9 . 6
-$ 2 ,2 3 8 .4
1, c h a rt
o f fo r e ig n - o w n e d
o f th e
( p r e lim in a r y )
b illio n
1 ). A t
a s s e ts i n
(re
U .S .-o w n e d
b illio n
at
a s s e ts
y e a re n d
y e a re n d 2 0 0 5
a b ro a d
2006
in c r e a s e d
fro m
to
$ 1 1 ,5 7 6 .3
$ 1 3 ,7 5 5 .0
b illio n
at
( ta b le A ) .
y e a re n d
th e
U n ite d
Table A. U.S. Net International Investment Position at Yearend
[Billions of dollars]
S ta te s c o n t in u e d t o
s e ts a b r o a d . T h e
e x c e e d t h e v a lu e
o f U .S .-o w n e d as
e s tim a te s in c lu d e
n e w ly in t r o d u c e d
c o m p r e h e n s iv e e s
tim a t e s o f U .S . c r o s s - b o r d e r tr a n s a c tio n s a n d p o s it io n s
in
f in a n c ia l d e r iv a t iv e s . ( F o r d e t a ils o n t h e n e w ly i n t r o
d u ce d
e s t im a te s , s e e “ A n n u a l R e v is io n
te r n a tio n a l A c c o u n ts , 1 9 9 7 -2 0 0 6 ” in
T h e
-$ 3 0 1 .3
m e n t p o s itio n
2004
n e t in t e r n a t io n a l in v e s tm e n t p o s it io n
b illio n
fro m
change
in
U .S . I n
t h i s is s u e . )
th e
y e a re n d 2 0 0 5 to
o f th e
U .S .
n e t
in v e s t
y e a re n d 2 0 0 6 w a s
2005
2006
Net p o s itio n .................................................................................. -2,294.4 -2,238.4 -2,539.6
Financial derivatives, net...........................................................
57.9
58.9
Net position, excluding financial derivatives............................ -2,294.4 -2,296.3 -2,598.6
U.S.-owned assets abroad.....................................................
Financial derivatives, gross positive fair value....................
U.S.-owned assets abroad, excluding financial derivatives
9,257.1 11,576.3 13,755.0
1,190.0 1,237.6
9,257.1 10,386.3 12,517.4
Foreign-owned assets in the United S tates........................ 11,551.5 13,814.7 16,294.6
Financial derivatives, gross negative fair value...................
1,132.1
1,178.6
Foreign-owned assets in the United States, excluding
financial derivatives............................................................ 11,551.5 12,682.6 15,116.0
la r g e ly d u e t o e s p e c ia lly s t r o n g n e t f o r e ig n p u r c h a s e s o f
U .S . s e c u r it ie s . T h e
im p a c t o f th e s e
p a r t ly o ffs e t b y p r ic e
a p p r e c ia tio n
s to c k s th a t s u rp a s s e d b y
p r e c ia tio n
o f
a la r g e
fo r e ig n - h e ld
a m o u n t th e
U .S .
s to c k s ,
c h a n g e - ra te c h a n g e s r e s u ltin g f r o m
m o s t m a jo r fo r e ig n
w h ic h
r a is e d
th e
c u r r e n c ie s
d o lla r
a b ro a d .
v a lu e
n e t p u rc h a s e s w a s
o f U .S .- h e ld
p r ic e
a n d
b y
th e a p p r e c ia tio n
a g a in s t t h e
o f
fo r e ig n
• F in a n c ia l
tr a n s a c tio n s
e x c lu d in g
tiv e s in c r e a s e d t h e v a lu e
a p
b y
$ 1 ,0 5 5 .2
ex-
in
2005
b illio n
( ta b le
B ).
in
2006, u p
U .S .
fro m
d ir e c t
o f
re b o u n d e d
s t r o n g ly ; in c r e a s e s i n
U .S . b a n k s
a n d
a s s e ts
U .S . p u r c h a s e s
U .S . n o n b a n k s
o f fo r e ig n
$ 4 2 6 .9
in v e s tm e n t
U .S . d o lla r ,
U .S .-o w n e d
fin a n c ia l
d e r iv a
o f U .S . in v e s tm e n ts a b r o a d
b illio n
a b ro a d
c la im s r e p o r te d b y
a c c e le r a te d ; a n d
s e c u r itie s
w e re
e s p e c ia lly
s tro n g .
Chart 1. Net international Investment Position of the United States at Yearend, 1983-2006
B illio n $
5 0 0 i—
198 3 198 4 198 5 198 6 198 7 1988 198 9 199 0 1991 1992 199 3 199 4 1995 199 6 199 7 1998 199 9 2 0 0 0 2001 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
U.S. Bureau of Economic Analysis
n e t
July 2007
Survey
of
C
urrent
o f price appreciation o f foreign-owned U.S. stocks
(table C).
Table B. Changes in U.S.-Owned Assets Abroad,
Excluding Financial Derivatives
[Billions of dollars]
2005
Total change........
Financial flows.
Valuation adjustments....
Price changes..................
Exchange-rate changes..
Other valuation changes.
11
B u s in e s s
2006
1,129.2
2,131.1
426.9
1,055.2
702.3
661.3
-268.2
309.3
1,075.9
675.9
268.6
131.4
•V aluation adjustments excluding financial deriva
tives increased the value o f U.S. investments abroad
by $1,075.9 billion, largely as a result o f price appre
ciation o f foreign stocks (table B). In addition,
exchange-rate appreciation o f m ost m ajor foreign
currencies against the U.S. dollar from yearend 2005
to yearend 2006 further raised the value o f U.S.owned assets abroad, especially the value o f U.S.owned foreign stocks.
Foreign-owned assets in the United States increased
to $16,294.6 billion at yearend 2006 from $13,814.7
billion at yearend 2005 (table A).
• Financial transactions excluding financial deriva
tives increased the value o f foreign investments in
the United States by $1,859.6 billion in 2006, up
from $1,204.2 billion in 2005 (table C). Both net
foreign official purchases o f U.S. securities and net
foreign private purchases o f U.S. securities other
than Treasury securities were especially strong;
increases in liabilities reported by U.S. banks and
U.S. nonbanks accelerated; and foreign direct
investment in the United States picked up.
•V aluation adjustments excluding financial deriva
tives increased the value o f foreign investments in
the United States by $573.8 billion, largely as a result
Table C. Changes in Foreign-Owned Assets in the United States,
Excluding Financial Derivatives
[Billions of dollars]
2005
2006
Total change........................................................................................
1,131.1
2,433.4
Financial flows................................................................................
1,204.2
1,859.6
Valuation adjustments..................................................................
Price changes...............................................................................
Exchange-rate changes...............................................................
Other valuation changes..............................................................
-73.1
2.9
-51.9
-24.2
573.8
328.3
48.0
197.5
This year, new and comprehensive data are available
for derivatives positions at yearend 2005 and 2006 and
for derivatives transactions in 2006. Derivatives posi
tions with a positive “ fair value” to U.S. residents are
recorded as part o f U.S.-owned assets abroad, and de
rivatives positions with a negative “fair value” to U.S.
residents are recorded as part o f foreign-owned assets
in the United States. Derivatives transactions are re
ported on a net basis and cannot be separated into
transactions for positions with positive fair value and
positions with negative fair value.
The fair value o f a derivatives contract is the
am ount for which the contract could be exchanged be
tween willing parties. A derivatives contract between a
U.S. and a foreign resident with a positive fair value
represents the amount that the foreign resident would
have to pay to the U.S. resident if the contract was ter
minated. A contract with a negative fair value repre
sents the amount that the U.S. resident would have to
pay to the foreign resident if the contract was term i
nated.
U.S. holdings o f financial derivatives with positive
Im provements in the Estimates
As is customary each July, the estimates of the U.S. inter
national investment position incorporate newly available
source data and methodological changes that relate to the
improvements incorporated in the annual revision of the
U.S. international transactions accounts.
This year, BEA introduced newly available comprehen
sive data on U.S. cross-border transactions and positions
in financial derivatives; the new data begin with the 2005
yearend position. U.S. holdings of foreign securities for
2005 were revised to incorporate results from the U.S.
Treasury Department’s annual survey of securities claims
for December 2005. Foreign holdings of U.S. Treasury
securities, U.S. securities other than U.S. Treasury securi
ties, and short-term instruments reported by U.S. banks
were revised for 2004-2005 to incorporate results from
the U.S. Treasury Department’s annual surveys of
securities liabilities for June 2005 (revised) and June
2006.
In addition, all estimates were revised as a result of
newly available or revised quarterly source data, includ
ing data from BEA’s direct investment surveys. Revisions
attributable to these updated source data were for
2003-2005. The net result of revisions from all sources
raised the value of U.S. assets abroad relative to the value
of foreign assets in the United States for 2004-2005. For
2003, the net result of revisions from all sources lowered
the value of U.S. assets abroad relative to the value of for
eign assets in the United States. The net international
investment position at yearend 2005 was revised to
-$2,238.4 billion from -$2,693.8 billion.
For additional information, see “Annual Revision of
the U.S. International Accounts, 1997-2006” in this issue.
12
International Investment Position
fair value increased $47.5 billion to $1,237.6 billion at
yearend 2006, which represents 9 percent o f the value
o f total U.S.-owned assets abroad (table 1). U.S. hold
ings o f financial derivatives with negative fair value in
creased $46.5 billion to $1,178.6 billion, which
represents 7 percent o f the value o f total foreignowned assets in the United States.
The U.S. net investment position in financial deriv
atives increased $1.0 billion to $58.9 billion at yearend
2006. Net financial transactions o f -$28.8 billion (fi
nancial inflows) were more than offset by a valuation
adjustm ent o f $29.8 billion (table 1). D ata for the three
types o f valuation adjustm ents— price changes, exchange-rate changes, and “other” changes— are not
separately available; therefore, the sum for all three
types is recorded as “other” changes.
This article presents the m ajor changes in U.S.owned assets abroad and in foreign-owned assets in
the United States in 2006. Tables 1 and 2 at the end o f
this article present estimates o f the yearend positions
by type o f asset.
C han g es in U .S .-O w ned A ssets A broad
U .S. o ffic ia l re s e rv e a s s e ts a n d o th e r U .S .
G o v e rn m e n t a s s e ts
U.S. official reserve assets increased $31.8 billion to
$219.9 billion in 2006. Increases in the value o f gold, in
foreign currencies, and in Special Drawing Rights
more than offset a decrease in the U.S. reserve position
at the International M onetary Fund (IM F). The m ar
ket value o f the U.S. official gold stock appreciated
$31.1 billion and accounted for nearly the total in
crease in U.S. official reserve assets, as the price o f gold
increased 23 percent in 2006, ending the year at $632
per ounce after climbing as high as $725 per ounce in
mid-May. U.S. official holdings o f foreign currencies
and Special Drawing Rights both increased as a result
o f exchange-rate changes and small financial transac
tions. In contrast, the U.S. reserve position at the IMF
decreased, mostly as a result o f repayments o f U.S. dol
lar funds to the IMF from Argentina, Indonesia, and
Turkey.
U.S. Government assets other than official reserve
assets decreased $5.3 billion to $72.2 billion, as repay
ments o f loans exceeded new U.S. Government credits.
B a n k a n d n o n b a n k c la im s
U.S. claims on foreigners reported by U.S. banks and
securities brokers increased $583.4 billion to $3,089.0
billion in 2006. The increase was mostly accounted for
by financial transactions o f $454.6 billion. U.S. banks’
and securities brokers’ own claims denominated in
July 2007
dollars increased $388.6 billion to $2,244.2 billion (ta
ble D). M ost o f the increase in claims reflected inter
office transfers o f funds in the form o f deposit place
ments and loans to offices overseas, mostly in Europe
and in Caribbean financial centers. Strong interna
tional dem and for U.S. bank credit in 2006 was closely
related to the increase in global merger and acquisition
activity. Claims associated with resale agreements also
rose strongly as U.S. securities brokers and dealers ex
tended credit to international investment funds in Eu
rope and in Caribbean financial centers, partly to
support their acquisitions o f U.S. corporate bonds.
Table D. U.S. Claims Reported by U.S. Banks and Securities Brokers
and U.S. Nonbanks at Yearend
[Billions of dollars]
2004
2005
U.S. claims reported by U.S. banks and securities
brokers..................................................................................
2,229.8
2,505.6
3,089.0
Claims for own accounts, denominated in dollars...........
U.S.-owned banks’ claims...............................................
Foreign-owned banks’ claims.........................................
Brokers’ and dealers’ claims...........................................
Claims for customers accounts, denominated in dollars.
Claims, denominated in foreign currencies......................
1,656.7
387.7
812.4
456.6
411.5
161.6
1,855.6
488.1
917.7
449.8
493.8
156.2
2,244.2
558.5
1,106.0
579.7
656.6
188.2
737.6
734.0
848.5
U.S. claims reported by U.S. nonbanking concerns
2006
U.S. banks’ domestic custom ers’ claims denom i
nated in dollars increased $162.8 billion to $656.6 bil
lion, reflecting an increase in holdings o f short-term
instruments, such as negotiable certificates o f deposits,
commercial paper, and money market instruments.
U.S. banks’ claims payable in foreign currencies in
creased $32.0 billion to $188.2 billion as a result o f an
upturn in deposits and o f exchange-rate changes.
U.S. claims on foreigners reported by U.S. non
banking concerns increased $114.5 billion to $848.5
billion, reflecting a step-up in U.S. deposits, mostly in
Europe.
F o re ig n s e c u ritie s
U.S. holdings o f foreign securities increased $1,086.4
billion to $5,432.3 billion in 2006. The increase re
flected large price appreciation o f foreign stocks, siz
able exchange-rate changes, and strong net U.S.
purchases o f foreign securities.
U.S. holdings o f foreign stocks increased $933.8 bil
lion to $4,251.5 billion in 2006. The increase was at
tributable to stock price appreciation o f $610.8 billion,
exchange-rate changes o f $184.5 billion, and net U.S.
purchases o f $138.5 billion. In 2006, foreign stock
prices (based on M organ Stanley broad market in
dexes) appreciated 16 percent in local currency, the
fourth consecutive year o f double-digit appreciation.
In U.S. dollars, foreign stock prices appreciated 24 per
cent, surpassing U.S. stock price appreciation o f 13
percent. Net U.S. purchases o f foreign stocks were
July 2007
Survey
of
C
urrent
$138.5 billion, slightly below the record $142.6 billion
in 2005. In 2006, U.S. investors increased net purchases
o f European stocks. In contrast, they curtailed net pur
chases o f Japanese stocks and shifted to net sellers of
stocks from Caribbean financial centers.
• At yearend 2006, U.S. holdings o f European stocks
increased $455.4 billion to $2,069.4 billion (table
E). The increase was mostly attributable to strong
increases in European stock prices and exchangerate appreciation o f the euro and the pound against
the U.S. dollar. Net U.S. purchases o f European
stocks were $91.0 billion, up from $55.2 billion.
Table E. U.S. Holdings of Foreign Stocks
by Major Area and Country at Yearend
[Billions of dollars]
Total holdings.............................................................................
Europe.......................................................................................
O f which: United Kingdom............................................
France............................................................
Switzerland....................................................
Germany........................................................
Netherlands..................................................
Spain..............................................................
Italy.................................................................
Finland...........................................................
Sweden..........................................................
Canada.....................................................................................
Caribbean financial centers...................................................
O f which: Bermuda........................................................
Cayman Islands............................................
Latin America, excluding Caribbean financial centers........
O f which: Brazil..............................................................
Mexico............................................................
Asia...........................................................................................
O f which: Japan..............................................................
Korea, Republic of........................................
Taiwan............................................................
Hong Kong.....................................................
Africa.........................................................................................
O f which: South Africa....................................................
Other countries........................................................................
O f which: Australia..........................................................
2004
2005
2006
2,560.4
1,356.2
461.8
164.6
138.2
123.7
136.5
63.0
57.5
33.9
38.3
180.4
257.5
153.5
69.7
105.8
43.1
37.5
565.8
330.4
66.6
34.6
35.4
28.9
21.6
65.8
57.1
3,317.7
1,614.0
544.5
205.1
191.9
158.0
132.8
63.5
63.9
44.4
40.5
247.8
330.1
173.8
102.6
154.3
68.6
57.9
849.9
493.3
110.3
57.1
44.5
39.9
31.6
81.7
71.1
4,251.5
2,069.4
734.2
268.0
236.9
196.1
158.8
77.7
77.1
55.4
49.7
310.9
380.8
214.2
107.3
212.6
98.1
76.3
1,114.9
603.9
146.1
80.2
76.7
56.0
44.5
106.9
93.4
• U.S. holdings o f Japanese stocks increased $110.6
billion to $603.9 billion, mostly as a result o f price
appreciation. Net U.S. purchases o f Japanese stocks
were only $1.9 billion in 2006, down sharply from
$39.9 billion in 2005, and the yen depreciated
slightly against the U.S. dollar.
• U.S. holdings o f Asian stocks other than Japanese
stocks increased $154.4 billion to $511.0 billion.
The increase reflected strong appreciation in stock
prices in the area, exchange-rate appreciation o f the
local currencies against the U.S. dollar, and net U.S.
purchases.
• U.S. holdings o f stocks from Caribbean financial
centers increased $50.7 billion to $380.8 billion,
reflecting price appreciation that more than offset
net U.S. sales o f $21.5 billion.
• U.S. holdings o f Canadian stocks increased $63.1
billion to $310.9 billion, mostly as a result o f price
appreciation. Net U.S. purchases o f Canadian stocks
13
B u s in e s s
were $7.6 billion, up from $4.6 billion, and the
Canadian dollar was unchanged against the U.S.
dollar.
• U.S. holdings o f Latin American stocks increased
$58.3 billion to $212.6 billion, reflecting price
appreciation, exchange-rate changes, and small net
U.S. purchases.
U.S. holdings o f foreign bonds increased $152.6 bil
lion to $1,180.8 billion in 2006. The increase was
mostly the result o f record net U.S. purchases o f $150.9
billion, which were up sharply from $54.5 billion in
2005. Valuation changes accounted for only $1.7 bil
lion o f the total increase in the value o f U.S. holdings,
as adjustments to reflect depreciation o f foreign bond
prices and exchange-rate changes were largely offset
ting. In 2006, U.S. investors sharply increased net pur
chases o f European bonds. U.S. investors also
purchased more Canadian bonds and bonds from C ar
ibbean financial centers. In contrast, they curtailed net
purchases o f Latin American emerging market bonds
and stepped up net sales o f Asian bonds.
•A t yearend 2006, U.S. holdings o f European bonds
increased $149.3 billion to $631.3 billion (table F).
U.S. net purchases o f European bonds were $147.7
billion, up substantially from $45.8 billion in 2005.
Appreciation o f the euro and the pound against the
dollar more than offset bond price depreciation and
somewhat raised the value o f U.S. holdings.
Table F. U.S. Holdings of Foreign Bonds
by Major Area and Country at Yearend
[Billions of dollars]
2004
Total holdings...............................................................................
Europe.........................................................................................
O f which: United Kingdom..............................................
Belgium and Luxembourg..............................
Netherlands....................................................
France...............................................................
Germany..........................................................
Ireland..............................................................
Spain.................................................................
Canada........................................................................................
Caribbean financial centers......................................................
O f which: Cayman Islands..............................................
Latin America, excluding Caribbean financial centers..........
O f which: Mexico..............................................................
Brazil.................................................................
Asia.............................................................................................
O f which: Japan................................................................
Africa...........................................................................................
O f which: South Africa.....................................................
Other countries...........................................................................
O f which: Australia...........................................................
993.0
478.2
178.6
31.8
55.1
41.8
67.9
13.8
5.1
151.9
129.3
114.4
83.8
28.6
19.9
78.9
36.4
6.3
3.0
64.6
40.4
2005
2006
1,028.2
482.0
193.9
33.5
51.8
47.8
49.0
16.9
5.7
157.5
137.1
118.4
87.0
28.2
21.7
84.9
35.1
6.4
2.6
73.3
48.6
1,180.8
631.3
296.6
66.9
49.0
46.7
36.8
31.7
21.3
169.0
142.8
117.7
95.0
25.3
23.7
60.9
31.0
5.9
2.3
75.9
50.8
• In addition, U.S. holdings o f Canadian bonds
increased $11.5 billion to $169.0 billion; U.S. hold
ings o f bonds from Caribbean financial centers
increased $5.7 billion to $142.8 billion; and U.S.
holdings o f Latin American emerging market bonds
increased $8.0 billion to $95.0 billion.
• In contrast, U.S. holdings o f Asian bonds decreased
$24.0 billion to $60.9 billion, mostly as a result o f
14
International Investment Position
U.S. net sales o f $23.8 billion.
U.S. direct investment abroad
The stock o f U.S. direct investment abroad increased
$320.4 billion to $2,855.6 billion in 2006 (table G). Fi
nancial transactions increased U.S. direct investment
abroad by $235.4 billion, mostly as a result o f rein
vested earnings. In 2006, reinvested earnings were es
pecially strong at $220.1 billion, compared with -$20.4
billion in 2005, reflecting a return to more normal div
idend distribution patterns following the phasing out
o f provisions under the American Jobs Creation Act o f
2004 that allowed U.S. parent companies to repatriate
affiliate earnings during a specific period at lower tax
rates.1 U.S. parents’ net equity capital investment in
their foreign affiliates increased $30.2 billion and more
1. This act, which was signed into law on O ctober 22, 2004, allowed U.S.
com panies th at received dividends from foreign subsidiaries during a spe
cific period (calendar year 2004 or calendar year 2005, at taxpayer option,
for calendar-year taxpayers) to be taxed at reduced rates. M ost of these div
idends were n o t paid until 2005, because the act was signed into law late in
2004 and m any com panies delayed distributions until regulatory guidance
had been issued. One condition that had to be satisfied in order to realize
the tax savings was the developm ent o f a dom estic reinvestm ent plan for
the dividends. A nother condition was for the dividends to exceed the
am o u n t th at had historically been paid. For m ore inform ation on this act
and its effects on BEA’s international accounts, see FAQs on this topic on
BEA’s Web site at <w w w.bea.gov/bea/faq/international/FAQ.htm >.
July 2007
than offset a $15.0 billion decrease in net intercom
pany debt.
Table G. U.S. Direct Investment Abroad
[Billions of dollars]
2005
2006
Total position at yearend..........................................................
Total change...........................................................................
2,535.2
71.6
2,855.6
320.4
Financial outflows...................................................................................
Equity capital......................................................................................
Intercompany debt.............................................................................
Reinvested earnings..........................................................................
Price changes........................................................................................
Exchange-rate changes........................................................................
Other valuation changes.......................................................................
-7.7
43.4
-30.7
-20.4
65.4
-30.1
43.9
235.4
30.2
-15.0
220.1
46.0
39.2
-0.1
C hanges in Foreign -O w n ed A ssets
in the U nited States
Foreign official assets
Foreign official assets in the United States increased
$463.9 billion to $2,770.2 billion in 2006, mostly as a
result o f strong net purchases o f U.S. securities. In
2006, foreign official net purchases o f U.S. Treasury se
curities were $189.2 billion, up from $112.8 billion in
2005; net purchases o f U.S. agency bonds nearly dou
bled to a record $191.6 billion; and net purchases o f
U.S. corporate bonds and stocks increased to $34.4 bil
lion from $20.1 billion. Price appreciation o f U.S. cor
porate stocks raised the value o f foreign official assets
somewhat.
Valuing Direct Investment Positions and Other Com ponents
of the U.S. International Investment Position
Virtually all of the categories in the international invest
ment position accounts except direct investment posi
tions can be directly estimated with reference to readily
observable market prices. For example, the value of posi
tions in portfolio investment securities, gold, loans, cur
rencies, and bank deposits can be directly estimated
based on face values or market prices of recent transac
tions. In contrast, direct investment positions typically
involve illiquid ownership interests in companies that
may possess many unique attributes—such as customer
base, management, and ownership of intangible
assets—whose values in the current period are difficult to
determine, because there is no widely accepted standard
for revaluing company financial statements at historical
cost into prices of the current period.
Direct investment at current cost is BEA’s featured
measure of direct investment in current-period prices.
The current-cost method values the U.S. and foreign par
ents’ shares of their affiliates’ investment in plant and
equipment, using the current cost of capital equipment;
in land, using general price indexes; and in inventories,
using estimates of their replacement cost. Direct invest
ment at market value is an alternative measure of direct
investment in current-period prices. The market-value
method values the owners’ equity share of direct invest
ment, using indexes of stock market prices. BEA also
publishes direct investment at historical cost, which val
ues assets and liabilities at their book value. Country and
industry detail can be shown only for direct investment
at historical cost. (For additional information, see J.
Steven Landefeld and Ann M. Lawson, “Valuation of the
U .S . Net International Investment Position,” Su r vey of
C ur ren t B usiness 71 (May 1991): 40-49.)
In this article, BEA features the current-cost method,
because the estimates prepared using this method are
comparable with BEA’s current-cost estimates of the net
stock of fixed assets and consumer durable goods and
with the Federal Reserve Board’s estimates of domestic
net worth (the sum of tangible assets located in the
United States, including plant and equipment, invento
ries, and land). Furthermore, BEA’s calculation of direct
investment income includes a current-cost adjustment to
depreciation; this adjustment converts depreciation as
reported on company financial statements to the pre
ferred economic accounts measure, which is based on the
current cost, rather than on the historical cost, of assets.
For detailed data on direct investment at historical cost
by country and industry, see “Direct Investment Posi
tions for 2006: Country and Industry Detail” in this
issue.
July 2007
Survey
of
B a n k a n d n o n b a n k lia b ilitie s
U.S. liabilities to private foreigners and international
financial institutions reported by U.S. banks and secu
rities brokers increased $717.3 billion to $3,319.0 bil
lion in 2006. U.S. banks’ and securities brokers’ own
liabilities denominated in dollars increased $526.0 bil
lion to $2,621.4 billion, mostly as a result o f interoffice
transfers o f funds from offices overseas, mainly in Car
ibbean financial centers (table H). Deposits accounted
for m ost o f the increase in banks’ own liabilities, as
short-term interest rates were higher in the United
States than abroad. Liabilities associated with repur
chase agreements also increased strongly as U.S. secu
rities brokers borrowed short-term funds, in part to
support increased activity in the U.S. securities market.
U.S. banks’ customers’ liabilities denominated in dol
lars increased $158.2 billion to $558.7 billion, mostly
in the form o f loans, negotiable certificates o f deposit,
and other short-term instruments. U.S. banks’ liabili
ties payable in foreign currencies increased $33.1 bil
lion to $138.9 billion, mostly in deposits.
Table H. U.S. Liabilities Reported by U.S. Banks and Securities
Brokers and U.S. Nonbanks at Yearend
[Billions of dollars]
U.S. liabilities reported by U.S. banks and securities
brokers...................................................................................
Liabilities for own accounts, denominated in dollars.........
U.S.-owned banks’ liabilities.............................................
Foreign-owned banks' liabilities.......................................
Brokers’ and dealers’ liabilities........................................
Liabilities for customers’ accounts, denominated in dollars
Liabilities, denominated in foreign currencies.....................
U.S. liabilities reported by U.S. nonbanking concerns....
2004
2005
2,399.2
2,601.7
3,319.0
1,903.8
686.8
617.7
599.3
389.0
106.4
2,095.4
723.0
688.8
683.6
400.5
105.8
2,621.4
851.2
781.8
988.4
558.7
138.9
508.3
557.8
740.4
2006
U.S. liabilities to foreigners reported by U.S. non
banking concerns increased $182.6 billion to $740.4
billion, reflecting an increase in loans, advances, and
other U.S. corporate borrowing, mostly from Europe.
U .S . T re a s u ry s e c u ritie s
Total foreign official and private holdings o f U.S. Trea
sury securities increased $130.6 billion to $2,115.0 bil
lion in 2006, mostly as a result o f strong net purchases
by foreign official agencies (table I). In contrast, trans
actions by private foreign investors shifted to net sales
o f $35.9 billion in 2006 from net purchases o f $132.3
billion in 2005.
At yearend 2006, Japan and China were m ajor hold
ers o f U.S. Treasury securities; together, they accounted
for more than half o f total foreign holdings. Chinese
holdings o f U.S. Treasury securities increased $112.0
billion to $439.1 billion in 2006, as China continued to
15
C u r r e n t B u s in e s s
use dollars from its trade surplus to accumulate for
eign reserves at a near-record pace. In contrast, Japa
nese holdings o f U.S. Treasury securities decreased
$25.7 billion to $633.4 billion. (In table I, foreign offi
cial and private holdings are combined in order to
avoid the disclosure o f sensitive data on individual
country holdings by foreign official agencies.)
Table I. Foreign Official and Private Holdings of U.S. Treasury
Securities by Selected Countries at Yearend
[Billions of dollars]
Total holdings.............................................................................
Japan.........................................................................................
China.........................................................................................
OPEC Asia...............................................................................
Belgium and Luxembourg......................................................
Korea, Republic of...................................................................
Taiwan.......................................................................................
Hong Kong................................................................................
Brazil.........................................................................................
Germany...................................................................................
United Kingdom.......................................................................
2004
2005
2006
1,813.6
684.3
245.2
48.1
56.1
56.7
66.3
43.3
15.8
41.7
51.7
1,984.4
659.1
327.1
69.5
62.8
67.2
66.4
40.5
28.9
44.2
74.7
2,115.0
633.4
439.1
96.4
77.7
67.6
60.3
54.6
52.5
43.7
36.5
O th e r U .S. s e c u ritie s
Foreign private holdings o f U.S. securities other than
U.S. Treasury securities increased $875.5 billion to
$5,228.5 billion in 2006. The increase was mostly at
tributable to especially strong net foreign purchases o f
U.S. bonds and large price appreciation o f U.S. stocks.
Foreign holdings o f U.S. bonds increased $446.7 bil
lion to $2,689.8 billion, mostly as a result o f especially
strong net foreign purchases o f U.S. corporate bonds.
Exchange-rate appreciation on foreign-currency-denominated U.S. corporate bonds more than offset
bond price depreciation and raised the value o f foreign
holdings somewhat. Net purchases o f corporate bonds
were $412.3 billion, up from $312.3 billion, as demand
was encouraged by record corporate profits, healthy
balance sheets, and near-record low default rates amid
an environment o f moderate inflation and growth in
the United States. Net foreign purchases were also
strengthened by higher yields on U.S. corporate bonds
during a period o f relatively low Treasury bond yields.
Demand for U.S. corporate bonds during the year was
met with ample supply, as issuance was encouraged by
improved liquidity and tightened credit spreads that
made new debt less expensive for corporate borrowers,
especially for those with lower credit ratings. Net for
eign purchases o f U.S. agency bonds were $36.9 billion,
down from $49.8 billion. Relatively low Treasury bond
yields during the year and strong market fundamentals
made higher yielding corporate bonds and stocks more
attractive to many foreign investors.
At yearend 2006, investors in Europe accounted for
International Investment Position
16
$1,660.1 billion, or 62 percent, o f total foreign hold
ings o f U.S. corporate and agency bonds; m ost o f the
holdings were by investors in the United Kingdom and
in Belgium and Luxembourg (table J). Outside o f Eu
rope, investment funds in Caribbean financial centers
accounted for $476.9 billion, or 18 percent, o f total
foreign holdings. Investors in Asia accounted for
$399.0 billion, or 15 percent, o f total foreign holdings;
m ost o f the holdings were by investors in lapan.
Table J. Foreign Private Holdings of U.S. Corporate and Agency
Bonds by Major Area and Country at Yearend
[Billions of dollars]
Total holdings..................................................................................
Europe............................................................................................
United Kingdom...................................................
Belgium and Luxembourg..................................
Netherlands.........................................................
Ireland...................................................................
Switzerland..........................................................
Germany...............................................................
France...................................................................
Canada...........................................................................................
Caribbean financial centers.........................................................
Cayman Islands...................................................
Bermuda..............................................................
Latin America, excluding Caribbean financial centers.............
Asia.................................................................................................
Japan....................................................................
China.....................................................................
Africa..............................................................................................
Other countries..............................................................................
Ofwhich:
Ofwhich:
Ofwhich:
2004
2005
2006
2,035.1
1,295.8
463.7
517.3
60.8
56.2
60.2
62.5
25.1
52.0
329.8
197.6
96.0
28.3
308.9
213.7
33.6
2.1
18.2
2,243.1
1,396.1
482.8
542.7
83.1
69.8
63.8
70.6
31.5
63.8
356.4
228.9
96.5
30.0
370.7
241.2
48.9
2.8
23.3
2,689.8
1,660.1
634.8
571.5
98.2
93.7
79.0
66.3
54.0
83.2
476.9
326.9
106.6
38.5
399.0
243.5
67.2
3.0
29.1
Foreign holdings o f U.S. stocks increased $428.8 bil
lion to $2,538.7 billion, reflecting large price apprecia
tion and strong net purchases. Price appreciation was
$296.4 billion, as the S&P 500 Index gained 14 percent,
the Dow Jones Industrial Average gained 16 percent,
and the NASDAQ Composite gained 10 percent for the
year— all well above their annual gains in 2005 and
2004. Strong appreciation o f U.S. stock prices was
partly attributable to record corporate profits, robust
merger and acquisition activity, and continued growth
in dividend payouts and equity buybacks. In addition,
the Federal Reserve held interest rates steady in the sec
ond half o f the year after more than 2 years o f tighten
ing, boosting investors’ confidence in U.S. stocks as
long-term interest rates pulled back. Net foreign pur
chases o f U.S. stocks in 2006 were the strongest since
2000 at $142.8 billion, up from $88.3 billion in 2005.
At yearend 2006, investors in Europe accounted for
$1,401.0 billion, or 55 percent, o f total foreign hold
ings o f U.S. stocks (table K). Outside o f Europe, invest
ment funds in Caribbean financial centers accounted
for $388.8 billion, or 15 percent, o f total foreign hold
ings; Canadian investors accounted for $311.0 billion,
or 12 percent, o f total holdings; and Japanese investors
accounted for $214.8 billion, or 8 percent, o f total
holdings.
July 2007
Table K. Foreign Private Holdings of U.S. Corporate Stocks by Major
Area and Country at Yearend
[Billions of dollars]
Total holdings........................................................................
Europe................................................................................
United Kingdom........................................
Belgium and Luxembourg......................
Netherlands..............................................
Switzerland...............................................
France.......................................................
Germany....................................................
Ireland.......................................................
Sweden.....................................................
Denmark....................................................
Italy............................................................
Canada...............................................................................
Caribbean financial centers.............................................
Cayman Islands........................................
Bermuda....................................................
Netherlands Antilles................................
Latin America, excluding Caribbean financial centers..
Asia......................................................................................
Japan.........................................................
Africa...................................................................................
Other countries..................................................................
Australia.....................................................
Ofwhich:
Ofwhich:
Ofwhich:
Ofwhich:
2004
2005
2006
1,960.4
1,098.7
292.4
162.6
156.5
134.4
67.4
81.9
56.6
49.9
23.1
34.2
220.2
281.7
139.5
56.7
23.3
31.8
256.1
179.4
4.9
67.0
59.3
2,109.9
1,162.4
291.4
191.9
163.1
139.8
82.9
80.2
63.4
47.7
26.4
30.2
253.6
317.2
164.8
59.9
25.8
33.9
268.4
187.6
4.7
69.7
61.2
2,538.7
1,401.0
390.3
241.3
173.7
159.2
118.8
77.3
74.3
50.3
32.7
30.5
311.0
388.8
217.0
68.8
29.2
40.0
310.1
214.8
5.1
82.7
72.3
U.S. c u rre n c y
U.S. currency held by foreigners increased $12.6 billion
to $364.3 billion in 2006. Net U.S. currency shipments
to foreigners decreased in 2006 to the lowest level since
2000, as conditions in countries that had been using
dollars as a result o f economic and political instability
have recently improved, giving residents greater confi
dence in bank deposits and local currencies.
F o re ig n d ire c t in v e s tm e n t in th e U n ited S ta te s
The stock o f foreign direct investment in the United
States increased $231.2 billion to $2,099.4 billion in
2006 (table L). Financial transactions increased foreign
direct investment in the United States by $180.6 bil
lion, up from an increase o f $109.0 billion in 2005.
Foreign parent companies’ net equity capital invest
ment in their U.S. affiliates increased $98.0 billion, up
from an increase o f $56.6 billion; reinvested earnings
increased $70.6 billion, up from an increase o f $47.7
billion; and net intercompany debt increased $12.0 bil
lion, up from an increase o f $4.7 billion.
Table L. Foreign Direct Investment in the United States
[Billions of dollars]
2005
2006
Total position at yearend............................................................................
1,868.2
2,099.4
Total change..................................................................................................
Financial inflows.........................................................................................
Equity capital..........................................................................................
Intercompany debt.................................................................................
Reinvested earnings..............................................................................
Price changes............................................................................................
Exchange-rate changes............................................................................
Other valuation changes...........................................................................
126.0
109.0
56.6
4.7
47.7
47.6
-1.9
-28.7
231.2
180.6
98.0
12.0
70.6
32.5
3.9
14.2
Tables 1 and 2 follow.
July 2007
Survey
of
17
C u r r e n t B u s in e s s
Table 1. International Investment Position of the United States at Yearend, 2005 and 2006
[Millions of dollars]
Changes in position in 2006
Attributable to
Type of investment
Line
Position, 2005
'
Valuation adjustments
Financial flows
Price changes Exchange-rate
changes1
Total
Position, 2006 p
Other
changes2
(a+b+c+d)
(b)
(c)
(d)
Net international investment position of the United States (lines 2+3)........................
Financial derivatives, net (line 5 less line 2 5 )3.................................................................
Net international investment position excluding financial derivatives (line 6 less line 26)
-2,238,359
57,915
-2,296,274
-833,183
-28,762
-804,421
347,585
n
347,585
220,653
(4)
220,653
-36,325
429,782
-66,107
-301,270
1,020
-302,290
-2,539,629
58,935
-2,598,564
U.S.-owned assets abroad (lines 5+6)..........................................................................
Financial derivatives, gross positive fair value..............................................................
U.S.-owned assets abroad excluding financial derivatives (lines 7+12+17)................
U.S. official reserve assets............................................................................................
Gold.....................................................................
Special drawing rights.........................................
Reserve position in the International Monetary Fund...............................................
Foreign currencies...............................................
U.S. Government assets, other than official reserve assets.........................................
U.S. credits and other long-term assets7
Repayable in dollars................
Other8...................................................................................................................
U.S. foreign currency holdings and U.S. short-term assets......................................
U.S. private assets.........................................................................................................
Direct investment at current cost..............................................................................
Foreign securities............
Bonds..........................
Corporate stocks...................................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........
U.S. claims reported by U.S. banks, not included elsewhere...................................
11,576,336
1,190,029
10,386,307
188,043
134,175
8,210
8,036
37,622
77,523
76,960
76,687
273
563
10,120,741
2,535,188
4,345,884
1,028,179
3,317,705
734,034
2,505,635
f)
(3)
1,055,176
-2,374
0
223
-3,331
734
-5,346
-5,337
-5,337
0
-9
1,062,896
235,358
289,422
150,884
138,538
83,531
454,585
(3)
(3)
675,909
31,123
5 31,123
(3)
(3)
268,603
3,092
(3)
(3)
131,431
-31
6-31
0
0
0
12
12
12
644,786
46,009
598,777
-12,032
610,809
265,511
39,188
198,181
13,727
184,454
13,075
15,067
131,450
-124
0
0
0
17,824
113,750
2,178,654
47,535
2,131,119
31,810
31,092
660
-2,996
3,054
-5,334
-5,325
-5,325
0
-9
2,104,643
320,431
1,086,380
152,579
933,801
114,430
583,402
13,754,990
1,237,564
12,517,426
219,853
165,267
8,870
5,040
40,676
72,189
71,635
71,362
273
554
12,225,384
2,855,619
5,432,264
1,180,758
4,251,506
848,464
3,089,037
Foreign-owned assets in the United States (lines 25+26)..........................................
Financial derivatives, gross negative fair value.............................................................
Foreign-owned assets in the Unites States excluding financial derivatives (lines
27+34).......................................................................................................................
Foreign official assets in the United States..................................................................
U.S. Government securities........
U.S. Treasury securities..........
Other......................................
Other U.S. Government liabilities 9...........................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...............................
Other foreign official assets......................................................................................
Other foreign assets......................................................................................................
Direct investment at current cost..............................................................................
U.S. Treasury securities............................................................................................
U.S. securities other than U.S. Treasury securities..................................................
Corporate and other bonds...........................
Corporate stocks............................................
U.S. currency............................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns......
U.S. liabilities reported by U.S. banks, not included elsewhere...............................
13,814,695
1,132,114
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
2,479,924
46,515
16,294,619
1,178,629
12,682,581
2,306,292
1,725,193
1,340,598
384,595
15,866
296,647
268,586
10,376,289
1,868,245
643,793
4,352,998
2,243,135
2,109,863
351,706
557,840
2,601,707
1,859,597
440,264
380,734
189,181
191,553
3,133
22,040
34,357
1,419,333
180,580
-35,931
591,951
449,194
142,757
12,571
235,769
434,393
328,324
20,840
-8,563
-8,600
37
47,950
197,538
2,769
7,332
-411
7,743
0
-22,000
17,437
194,769
14,190
-4,386
-26,054
-15,789
-10,265
0
-62,849
273,868
2,433,409
463,873
379,503
180,170
199,333
3,133
40
81,197
1,969,536
231,181
-49,550
875,538
446,681
428,857
12,571
182,525
717,271
15,115,990
2,770,165
2,104,696
1,520,768
583,928
18,999
296,687
349,783
12,345,825
2,099,426
594,243
5,228,536
2,689,816
2,538,720
364,277
740,365
3,318,978
3,570,252
2,806,029
235,358
180,580
-1,221
9,387
807,578
416,450
4,377,830
3,222,479
(a)
Memoranda:
Direct investment abroad at market value............................................................................
Direct investment in the United States at market value........................................................
p Preliminary
r Revised
1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their revalua
tion at current exchange rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other adjust
ments to the value of assets and liabilities.
3. Financial flows and valuation adjustments for financial derivatives are available only on a net basis,
which is shown on line 2; they are not separately available for gross positive fair values and gross negative fair
values of financial derivatives. Consequently, columns (a) through (d) on lines 4, 5, and 24, 25 are not avail
able.
4. Data are not separately available for the three types of valuation adjustments; therefore, the sum of all
three types is shown in column (d). Price changes result from changes in the value of derivatives contracts
due to changes in the value of their underlying assets or reference rates, which may arise from movements in
interest rates, stock prices, commodity prices, or other variables. Exchange-rate changes result from the
437
335
2,320
29,403
307,484
32,495
-9,233
284,222
-12,143
296,365
47,950
3,916
25,419
25,419
9,605
9,010
393,709
226,483
179,732
revaluation of foreign-currency-denominated derivatives contracts at current exchange rates. “Other changes"
can result when data on investment positions that had accumulated in prior periods are covered by a new or
more complete survey.
5. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
6. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and
bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetiza
tions are not included in international transactions financial flows.
7. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts
of miscellaneous claims that have been settled through international agreements to be payable to the U.S.
Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced.
8. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country’s currency, or by delivery of materials or transfer of services.
9. Primarily U.S. Government liabilities associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
18
International Investment Position
July 2007
Table 2. International Investment Position
[Millions
Line
Type of Investment
1976
1977
1978
1979
1980
1 Net international investment position of the United States (lines 2+3)
164,832 171,440 206,423 316,926 360,838
? Financial derivatives, net (line 5 less line 25 )1.............................................
3 Net international investment position excluding financial derivatives (line 6
less line 26)................................................................................................ 164,832 171,440 206,423 316,926 360,838
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
?5
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
U.S.-owned assets abroad (lines 5+6).......................................................
Financial derivatives, gross positive fair value1........................................
U.S.-owned assets abroad excluding financial derivatives (lines
7+12+17)...............................................................................................
U.S. official reserve assets........................................................................
Gold2....................
Special drawing rights...........................................................................
Reserve position in the International Monetary Fund...........................
Foreign currencies.................................................................................
U.S. Government assets, other than official reserve assets.....................
U.S. credits and other long-term assets 3............
Repayable in dollars.........................................
Other4..............................................................
U.S. foreign currency holdings and U.S. short-term assets.................
U.S. private assets.....................................................................................
Direct investment at current cost5........................................................
Foreign securities6...........
Bonds6.........................
Corporate stocks6............................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns7..........................................................................................
U.S. claims reported by U.S. banks, not included elsewhere8............
Foreign-owned assets in the United States (lines 25+26)......................
Financial derivatives, gross negative fair value1.......................................
Foreign-owned assets in the Unites States excluding financial
derivatives (lines 27+34).......................................................................
Foreign official assets in the United States...............................................
U.S. Government securities..................................................................
U.S. Treasury securities9..................................................................
Other9...............................................................................................
Other U.S. Government liabilities 10......................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........
Other foreign official assets9................................................................
Other foreign assets..................................................................................
Direct investment at current cost11.......................................................
U.S. Treasury securities9......................................................................
U.S. securities other than U.S. Treasury securities9............................
Corporate and other bonds9............................................................
Corporate stocks9............................................................................
U.S. currency.........................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns12.........................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere13........
1982
1983
1984
1985
1986
1987
339,767
328,954
298,304
160,695
54,343
-36,209
-80,007
-178,470
339,767
328,954
298,304
160,695
54,343
-36,209
-80,007
-178,470
1988
456,964 512,278 621,227 786,701 929,806 1,001,667 1,108,436 1,210,974 1,204,900 1,287,396
1,469,396 1,646,527 1,829,665
456,964 512,278 621,227 786,701
44,094 53,376 69,450 143,260
36,944 45,781 62,471 135,476
2,629
2,724
2,395
1,558
4,434
4,946
1,047
1,253
321
20
4,374
3,807
44,978 48,567 53,187 58,851
44,124 47,749 52,252 57,909
41,309 45,154 49,817 54,616
2,815
2,595
2,435
3,293
854
818
935
942
367,892 410,335 498,590 584,590
222,283 246,078 285,005 336,301
44,157 49,439 53,384 56,769
34,704 39,329 42,148 41,966
9,453 10,110 11,236 14,803
1,469,396 1,646,527 1,829,665
139,875
162,370
144,179
102,428
127,648
107,434
8,395
10,283
9,637
11,730
11,349
9,745
17,322
13,090
17,363
91,850
90,681
87,892
90,923
89,900
87,163
89,271
88,344
85,768
1,652
1,556
1,395
927
781
729
1,237,671 1,393,476 1,597,594
478,062
404,818
513,761
188,589
232,849
158,123
85,724
93,889
104,187
72,399
94,700
128,662
20,317
81,135
929,806 1,001,667 1,108,436 1,210,974 1,204,900 1,287,396
171,412 124,568 143,445 123,110 105,040 117,930
155,816 105,644 120,635 100,484
85,834
81,202
2,610
4,096
5,250
5,025
5,641
7,293
2,852
5,054
7,348
11,312
11,541
11,947
10,134
9,774
10,212
6,289
6,656
12,856
76,903
81,664
65,573
89,792
70,893
86,945
63,731
69,320
75,105
79,852
84,857
87,854
60,731
72,635
66,591
77,618
82,819
85,978
3,000
2,729
2,470
2,234
2,038
1,876
1,842
1,573
1,798
1,812
2,088
1,938
692,821 806,206 888,088 1,006,200 1,012,915 1,079,674
388,072 407,804 374,059 355,643 348,342 371,036
62,454
62,142
74,046
84,723
88,804 119,403
43,524
56,604
45,675
58,569
75,020
62,810
18,930
16,467
17,442
26,154
25,994
44,383
22,256 29,385 34,491 38,429
92,562 130,816 157,029 203,866
42,752
293,508
35,405
404,578
131,329
434,505
141,872
447,363
167,392
507,338
292,132 340,838 414,804 469,775 568,968
661,900
779,482
912,670 1,044,205 1,233,053
1,505,605
1,726,534 2,008,135
292,132
104,445
72,572
70,555
2,017
8,860
17,231
5,782
187,687
47,528
7,028
54,913
11,964
42,949
11,792
340,838
140,867
105,386
101,092
4,294
10,260
18,004
7,217
199,971
55,413
7,562
51,235
11,456
39,779
13,656
568,968
176,062
118,189
111,336
6,853
13,367
30,381
14,125
392,906
127,105
16,113
74,114
9,545
64,569
24,079
661,900
180,425
125,130
117,004
8,126
13,029
26,737
15,529
481,475
164,623
18,505
75,085
10,694
64,391
27,295
779,482
189,109
132,587
124,929
7,658
13,639
24,989
17,894
590,373
184,842
25,758
92,988
16,709
76,279
31,265
912,670 1,044,205 1,233,053
194,468 199,678 202,482
136,987 144,665 145,063
129,716 138,168 138,438
7,271
6,497
6,625
14,231
14,959
15,803
25,534
26,734
26,090
17,716
13,964
14,882
718,202 844,527 1,030,571
193,708 223,538 247,223
33,846
62,121
87,954
113,811 128,477 207,868
17,454
32,421
82,290
96,357
96,056 125,578
36,776
40,797
46,036
1,505,605
241,226
178,916
173,310
5,606
17,993
27,920
16,397
1,264,379
284,701
96,078
309,803
140,863
168,940
50,122
1,726,534 2,008,135
283,058
322,036
220,548
260,934
213,713
252,962
6,835
7,972
15,667
15,200
31,838
31,520
15,005
14,382
1,443,476 1,686,099
334,552
401,766
82,588
100,877
341,732
392,292
166,089
191,314
175,643
200,978
55,584
61,261
12,961
53,465
11,921
60,184
16,019 18,669 30,426
77,719 110,326 121,069
30,606
165,361
27,532
227,988
61,731
278,330
77,415
312,179
86,993
354,497
90,703
432,972
110,187
518,833
144,548
585,355
226 638
130,428
274,342
153,318
270 574
172,377
386 352
219,996
530 074
272,966
590 246
316,200
692 461
391,530
414,804
173,057
128,511
123,991
4,520
12,749
23,327
8,470
241,747
68,976
8,910
53,554
11,457
42,097
16,569
Memoranda:
43
44 Direct investment in the United States at market value11.................................
p Preliminary
r Revised
1. A break in series in 2005 reflects the introduction of U.S. Department of the Treasury data on financial derivatives.
2. U.S. official gold stock is valued at market price.
3. Also includes paid-in capital subscriptions to international financial institutions and resources provided to foreigners
under foreign assistance programs requiring repayment over several years. Excludes World War I debts that are not
being serviced.
4. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third
country’s currency, or by delivery of materials or transfer of services.
5. A break in series in 1994 reflects the reclassification from the direct investment accounts to the nonbank investment
accounts of intercompany debt positions between parent companies and affiliates that are not depository institutions and
that are primarily engaged in financial intermediation. Estimates for 1976 forward are linked to the 1977,1982,1989,
1981
469,775
159,852
106,640
101,748
4,892
12,749
30,540
9,923
309,923
88,579
14,210
58,587
10,269
48,318
19,552
130,138
445,631
177,368
549,457
197,757
653,227
1994, and 1999 benchmark surveys of U.S. direct investment abroad.
6. Estimates include results of the 1994, 1997, and 2001 Benchmark Surveys of U.S. Portfolio Holdings of Foreign
Securities, and the results of the 2003,2004, and 2005 Annual Surveys of U.S. Holdings of Foreign Securities, conducted
by the U.S. Department of the Treasury.
7. A break in series in 1983 reflects the introduction of counterparty data from the United Kingdom and from the Bank
for International Settlements (BIS) for several European countries, Caribbean banking centers, and Asian banking
centers. Additional coverage from BIS data was introduced in 1986,1989,1993, and 1994. In 1994, intercompany debt
positions between parent companies and affiliates that are not depository institutions and that are primarily engaged in
financial intermediation are reclassified from the direct investment accounts to the nonbank investment accounts. A break
in series in 2003 reflects the reclassification of assets reported by U.S. securities brokers from nonbank-reported assets
to bank-reported assets, and a reduction in counterparty balances to eliminate double counting.
July 2007
Survey
of
19
C u r r e n t B u s in e s s
the United States at Yearend, 1976-2006
of dollars]
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
-2 5 9 ,5 0 6
-2 4 5 ,3 4 7
-3 0 9 ,2 5 9
-4 3 1 ,1 9 8
-30 6 ,9 5 6
-3 2 3 ,3 9 7
-4 5 8 ,4 6 2
-4 9 5 ,0 5 5
-8 2 0 ,6 8 2
-8 9 5 ,3 5 8
1999
2000
2001
2002
2003r
2004'
2005r
2006p
-76 6 ,2 3 7 -1,38 1,196 -1,91 9,430 -2 ,0 8 8 ,0 0 8 -2,140,361 -2 ,2 9 4 ,3 9 4 -2 ,2 3 8 ,3 5 9 -2,53 9,629
57,915
58,935
Line
1
?
-259,506 -245,347 -309,259 -431,198 -306,956 -323,397 -458,462 -495,055 -820,682
-895,358
-766,237 -1,381,196 -1,919,430 -2,088,008 -2,140,361 -2,294,394 -2,296,274 -2,598,564
3
2,070,868 2,178,978 2,286,456 2,331,696 2,753,648 2,987,118 3,486,272 4,032,307 4,567,906
5,095,546
5,974,394
6,238,785
6,308,681
6,652,248
7,643,494
9,257,096 11,576,336 13,754,990
1,237,564
4
5
2,987,118 3,486,272 4,032,307 4,567,906 5,095,546
163,394 176,061
160,739 134,836
146,006
100,110 101,279
75,929
75,291
96,698
10,039
11,037
10,312
10,027
10,603
14,649
24,111
12,030
15,435
18,071
41,215
49,096
38,294
30,809
36,001
85,064
86,768
83,908
86,123
86,198
81,884
84,850
82,802
83,999
84,130
81,389
82,358
83,780
84,528
83,606
322
495
444
350
393
2,024
2,262
2,124
2,068
1,918
2,739,816 3,225,147 3,785,445 4,346,872 4,862,772
786,565 885,506 989,810 1,068,063 1,196,021
937,153 1,203,925 1,487,546 1,751,183 2,069,383
310,391
413,310 481,411
543,396
594,400
626,762 790,615 1,006,135 1,207,787 1,474,983
5,974,394
136,418
75,950
10,336
17,950
32,182
84,227
81,657
81,367
290
2,570
5,753,749
1,414,355
2,551,949
548,233
2,003,716
6,238,785
128,400
71,799
10,539
14,824
31,238
85,168
82,574
82,293
281
2,594
6,025,217
1,531,607
2,425,534
572,692
1,852,842
6,308,681
129,961
72,328
10,783
17,869
28,981
85,654
83,132
82,854
278
2,522
6,093,066
1,693,131
2,169,735
557,062
1,612,673
6,652,248
158,602
90,806
12,166
21,979
33,651
85,309
82,682
82,406
276
2,627
6,408,337
1,867,043
2,079,891
705,226
1,374,665
7,643,494
183,577
108,866
12,638
22,535
39,538
84,772
81,980
81,706
274
2,792
7,375,145
2,054,464
2,953,778
874,356
2,079,422
9,257,096 10,386,307 12,517,426
189,591
188,043
219,853
113,947
134,175
165,267
13,628
8,210
8,870
19,544
8,036
5,040
42,472
37,622
40,676
83,062
77,523
72,189
80,308
76,960
71,635
76,687
71,362
80,035
273
273
273
2,754
563
554
8,984,443 10,120,741 12,225,384
2,463,608 2,535,188 2,855,619
3,553,387 4,345,884 5,432,264
992,969 1,028,179 1,180,758
2,560,418 3,317,705 4,251,506
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
737,638
2,229,810
734,034
2,505,635
1,190,029
2,070,868 2,178,978 2,286,456 2,331,696 2,753,648
168,714 174,664 159,223 147,435 164,945
105,164 102,406
92,561
87,168 102,556
9,951
10,989
11,240
8,503
9,039
9,048
9,076
9,488
11,759
11,818
44,551
45,934
40,005
41,532
52,193
83,382
86,643
84,344
81,422
83,022
86,057
81,352
83,716
79,776
81,435
78,814
80,498
80,660
84,734
82,602
962
854
775
1,323
1,114
586
1,947
628
1,646
1,670
1,815,511 1,919,970 2,045,811 2,101,239 2,505,321
553,093 616,655 643,364 663,830 723,526
314,294 342,313 455,750 515,083 853,528
116,949 144,717 176,774 200,817 309,666
197,345 197,596 278,976 314,266 543,862
545,524
982,102
588,322
1,009,046
704,517
1,082,928
836,559
1,231,517
839,303
1,390,897
901,946
1,559,457
594,004
1,772,899
848,464
3,089,037
22
23
2,330,374 2,424,325 2,595,715 2,762,894 3,060,604 3,310,515 3,944,734 4,527,362 5,388,588
5,990,904
6,740,631
7,619,981
8,228,111
8,740,256
9,783,855 11,551,490 13,814,695 16,294,619
24
234,307
713,817
265,315
695,687
256,295
690,402
254,303
668,023
242,022
686,245
322,980
693,118
367,567
768,149
450,578
857,511
1,132,114
2,330,374 2,424,325 2,595,715 2,762,894 3,060,604 3,310,515 3,944,734 4,527,362 5,388,588 5,990,904
896,174
341,746 373,293 398,538 437,263 509,422 535,227 682,873 820,823 873,716
263,612 291,228 311,199 329,317 381,687 407,152 507,460 631,088 648,188
669,768
622,921
257,201
285,911 305,994 322,600 373,050 396,887 489,952 606,427 615,076
33,112
46,847
6,411
5,317
6,717
8,637
10,265
24,661
5,205
17,508
15,374
20,801
22,113
23,678
22,592
21,712
18,386
17,243
18,610
23,573
36,495
54,967
69,721
73,386 107,394 113,098 135,384
125,883
39,880
38,396
68,432
82,137
26,265
24,942
32,178
35,901
31,011
54,045
30,333
44,446
1,988,628 2,051,032 2,197,177 2,325,631 2,551,182 2,775,288 3,261,861 3,706,539 4,514,872 5,094,730
920,044
467,886 505,346 533,404 540,270 593,313 617,982 680,066 745,619 824,136
166,541
543,323
152,452 170,295 197,739 221,501 235,684 326,995 433,903 538,137
482,864 460,644 546,008 599,447 696,449 739,695 969,849 1,165,113 1,512,725 1,903,443
231,673 238,903 274,136 299,287 355,822 368,077 459,080 539,308 618,837
724,619
271,872 300,160 340,627 371,618 510,769 625,805 893,888 1,178,824
251,191
221,741
228,250
67,118
85,933 101,317 114,804 133,734 157,185 169,484 186,846 211,628
1,178,629
?5
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
6,740,631
951,088
693,781
617,680
76,101
21,141
138,847
97,319
5,789,543
1,101,709
440,685
2,351,291
825,175
1,526,116
250,657
7,619,981
1,030,708
756,155
639,796
116,359
19,316
153,403
101,834
6,589,273
1,421,017
381,630
2,623,014
1,068,566
1,554,448
255,972
8,228,111
1,109,072
847,005
720,149
126,856
17,007
134,655
110,405
7,119,039
1,518,473
375,059
2,821,372
1,343,071
1,478,301
279,755
8,740,256
1,250,977
970,359
811,995
158,364
17,144
155,876
107,598
7,489,279
1,499,952
473,503
2,779,067
1,530,982
1,248,085
301,268
9,783,855 11,551,490 12,682,581 15,115,990
1,562,564 2,011,899 2,306,292 2,770,165
1,186,500 1,509,986 1,725,193 2,104,696
986,301 1,251,943 1,340,598 1,520,768
384,595
200,199
258,043
583,928
16,287
16,421
15,866
18,999
270,387
296,647
296,687
201,054
268,586
158,589
215,239
349,783
8,221,291 9,539,591 10,376,289 12,345,825
1,580,994 1,742,246 1,868,245 2,099,426
643,793
527,223
561,610
594,243
3,422,856 3,995,506 4,352,998 5,228,536
1,710,787 2,035,149 2,243,135 2,689,816
1,712,069 1,960,357 2,109,863 2,538,720
332,737
351,706
364,277
317,908
167,093
637,126
213,406
633,251
208,908
637,245
220,666
652,705
485,675
1,013,995
578,046
1,067,155
738,904
1,168,736
798,314
1,326,066
897,335
1,538,154
450,884
1,921,426
508,296
2,399,196
557,840
2,601,707
740,365
3,318,978
41
42
832,460
534,734
731,762
539,601
827,537
669,137
798,630 1,061,299 1,114,582 1,363,792 1,608,340 1,879,285 2,279,601
696,177 768,398 757,853 1,005,726 1,229,118 1,637,408 2,179,035
2,839,639
2,798,193
2,694,014
2,783,235
2,314,934
2,560,294
2,022,588
2,021,817
2,729,126
2,454,877
3,336,421
2,717,383
3,570,252
2,806,029
4,377,830
3,222,479
43
44
229,038
677,147
239,817
784,925
300,424
815,043
346,810
828,248
459,407
968,839
8. A break in series in 1988 reflects the introduction of data on holdings of foreign commercial paper. A break in series
in 2003 reflects the reclassification of assets reported by U.S. securities brokers from nonbank-reported assets to bankreported assets.
9. Estimates include results of the 1978,1984,1989,1994, 2000, and 2004 Benchmark Surveys of Foreign Portfolio
Investment in the United States, and the results of the 2002,2003,2005, and 2006 Annual Surveys of Foreign Holdings
of U.S. Securities, conducted by the U.S. Department of the Treasury.
10. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with
or through foreign official agencies.
11. A break in series in 1994 reflects the reclassification from the direct investment accounts to the nonbank invest
ment accounts of intercompany debt positions between parent companies and affiliates that are not depository institu
tions and that are primarily engaged in financial intermediation. Estimates for 1976 forward are linked to the 1980,1987,
1992,1997, and 2002 benchmark surveys of foreign direct investment in the United States.
12. A break in series in 1983 reflects the introduction of counterparty data from the United Kingdom. A break in series
in 1994 reflects the reclassification of intercompany debt positions between parent companies and affiliates that are not
depository institutions and that are primarily engaged in financial intermediation from the direct investment accounts to
the nonbank investment accounts. A break in series in 1996 reflects the introduction of counterparty data from the Bank
of International Settlements (BIS) for several European countries. A break in series in 2003 reflects the reclassification of
liabilities reported by U.S. securities brokers from nonbank-reported liabilities to bank-reported liabilities, and a reduction
in counterparty balances to eliminate double counting.
13. A break in series in 2003 reflects the reclassification of liabilities reported by U.S. securities brokers from nonbankreported liabilities to bank-reported liabilities.
F O R E I G N - O W N E D U.S
E S T A B L IS H M E N T
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including:
•
Number of establishments
•
Value added
•
Employment
•
Employee benefits
•
Payroll
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Hourly wage rates
•
Shipments or sales
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D ir e c t I n v e s tm e n t
P o s itio n s
fo r 2 0 0 6
Country and Industry Detail
By Marilyn Ibarra and Jennifer Koncz
N 2006, the historical-cost positions o f U.S. direct
investment abroad and foreign direct investment in
the United States grew 12 percent. This marked a
pickup in growth, compared with 2005 growth, of
both the U.S. direct investment abroad— or “out
ward”— position, up from 1 percent, and the foreign
direct investment in the United States— or “ inward”—
position, up from 5 percent (table A and chart l ) . 1
The stronger growth in the outward direct invest
ment position resulted from a substantial shift in direct
investment capital flows from net U.S. disinvestment
abroad to net investment.2 The pickup in growth in the
1. T hrou g h o u t this article, the term s “outw ard direct investm ent” and
“outw ard” are used as shorthand for “U.S. direct investm ent abroad”; like
wise, the term s “inward direct investm ent” and “inw ard” are used as sh o rt
h and for “foreign direct investm ent in the U nited States.” These term s,
which are widely used internationally, replace the abbreviations “USDIA”
and “FDIUS” th at appeared in previous articles in this series.
2. The m easure of direct investm ent capital flows in this article differs
from the m easure of these flows in the international transaction accounts
because the reinvested earnings com ponent of capital flows included here
excludes a current-cost adjustm ent. See the box “Key Terms” for m ore
inform ation. For ease o f exposition, throughout this article, the term
“direct investm ent capital flows” refers to “direct investm ent capital flows
w ithout current-cost adjustm ent,” and the term “reinvested earnings” refers
to “reinvested earnings w ithout current-cost adjustm ent.”
inward direct investment position reflected both larger
net direct investment capital flows into the United
States and a shift in valuation adjustm ents from nega
tive to positive.
Highlights o f the U.S. direct investment abroad esti
mates include the following:
• The 12-percent increase in the outward investment
position in 2006, while above the 1-percent increase
in 2005, was in line with the average annual growth
rate o f 13 percent in 1994-2004.
Chart 1. Direct Investment Positions on a
Historical-Cost Basis, 1983-2006
Billion $
2,600
2.400
2 ,2 0 0
2 ,0 0 0
1,800
1,600
1.400
Table A. Direct Investment Positions on a Historical-Cost Basis,
1982-2006
Billions of dollars
Yearend
19 82.......................
1983.......................
1984 .......................
1985.......................
1986.......................
1987.......................
1988.......................
1989.......................
1990.......................
1991.......................
1992 .......................
1993.......................
1994.......................
1995.......................
1996.......................
1997 .......................
1998.......................
1999.......................
2000 .......................
2001 .......................
2 0 0 2 .......................
20 0 3 .......................
20 0 4 .......................
20 0 5 .......................
2006 .......................
Outward
position1
207.8
212.2
218.1
238.4
270.5
326.3
347.2
381.8
430.5
467.8
502.1
564.3
612.9
699.0
795.2
871.3
1,000.7
1,216.0
1,316.2
1,460.4
1,616.5
1,769.6
2,124.8r
2,135.5r
2,384.0 p
1 ,0 0 0
Percent change from preceding year
Inward
position2
124.7
137.1
164.6
184.6
220.4
263.4
314.8
368.9
394.9
419.1
423.1
467.4
480.7
535.6
598.0
681.8
778.4
955.7
1,256.9
1,344.0
1,327.2
1,395.2
1,520.3r
1,594.5'
1,789.1 p
Outward
position1
Inward
position2
800
600
400
200
2.1
2.8
9.3
13.5
20.6
6.4
10.0
12.8
8.7
7.3
12.4
(3)
14.1
13.8
9.6
14.8
21.5
8.2
10.9
10.7
9.5
20.1
0.5
11.6
9.9
20.1
12.2
19.4
19.5
19.5
17.2
7.0
6.1
1.0
10.5
(3)
11.4
11.7
14.0
14.2
22.8
31.5
6.9
-1.3
5.1
9.0
4.9
12.2
p Preliminary
r Revised
1. U.S. direct investment position abroad.
2. Foreign direct investment position in the United States.
3. The direct investment positions reflect a discontinuity between 1993 and 1994 because of the reclassifica
tion of intercompany debt between parent companies and affiliates that are nondepository financial intermedi
aries from direct investment to other investment accounts.
1 ,2 0 0
0
Percent
35
30
25
20
15
10
5
0
-5
1983 85
87
89
91
93
95
97
99 2001
03
Thereisadiscontinuitybetween1993and1994.Seefootnote3intableA.
U.S.BureauofEconomicAnalysis
Note.
05
Direct Investment Positions for 2006
22
• Reinvested earnings, the largest contributor to the
increase, shifted from negative to positive invest
ment. In 2005, reinvested earnings were negative,
reflecting one-time tax incentives provided by the
American Jobs Creation Act o f 2004. These incen
tives induced U.S. parent companies to repatriate
foreign affiliate earnings that had accumulated over
multiple years. In 2006, the positive reinvested earn
ings reflected a return to more norm al distribution
patterns and strong growth in foreign affiliate earn
ings.
• Net equity capital investment also contributed to
the increase but was the smallest recorded since
1996.
Highlights o f the foreign direct investment in the
United States estimates include the following:
• The 12-percent increase in the inward investment
position in 2006 was significantly higher than the 5percent increase in 2005 and marked the largest per
centage increase since 2000. However, growth in
2006 was in line with the 11 -percent average annual
growth in 1994-2004.
• In 2006, the largest contributor to the increase was
net equity capital investment, much o f which was
for foreign investors’ acquisitions o f U.S. businesses.
Equity capital investment has historically been the
largest contributor to increases in the inward direct
investment position. In 2006, net equity capital
investment was up 73 percent, marking a turn
around after declining for 5 consecutive years.
• Reinvested earnings, which remained above histori
cal norm s for a third consecutive year, contributed
J u ly 2 0 0 7
to the increase in the inward position. Valuation
adjustments and intercompany debt investment
made smaller contributions.
This article presents a discussion o f the historicalcost direct investment positions by type o f capital flow
and by country o f foreign affiliate for outward direct
investment and by type o f capital flow and by country
o f foreign parent for inward direct investment.3
U.S. D irect In vestm ent A broad
The U.S. direct investment position abroad valued at
historical cost— the book value o f U.S. direct investors’
equity in, and net outstanding loans to, their foreign
affiliates— was $2,384.0 billion at the end o f 2006 (ta
ble A and chart 1). Three host countries— the United
Kingdom, Canada, and the Netherlands— accounted
for over a third o f the total position (table 1.2 and
chart 2). Positions in the United Kingdom and Canada
were more than twice as large as those in any other
country except the Netherlands. The position in the
United Kingdom was $364.1 billion, or 15 percent o f
the total. The position in Canada was $246.5 billion
(10 percent), and the position in the Netherlands was
$215.7 billion (9 percent).
The position increased $248.5 billion in 2006, a 12percent increase. The growth was substantially higher
3. The estimates o f outw ard direct investm ent position and related capital
flows by country are classified in the country o f the affiliates w ith which the
U.S. parent has direct transactions and positions. The estim ates o f inward
direct investm ent position and related capital flows by country are classified
in the country o f the foreign parent or of other m em bers o f the foreign p ar
ent group that have direct transactions and positions w ith the U.S. affiliate.
Alternative Measures of the Direct Investment Positions
The detailed estimates of the positions of U.S. direct
investment abroad and of foreign direct investment in the
United States by country and industry are prepared only
on a historical-cost basis, so these estimates largely reflect
the price levels of earlier periods. The estimates are also
prepared on current-cost and market-value bases, but
only at an aggregate level. The current-cost estimates
value the U.S. and foreign parents’ shares of their affili
ates’ investment in plant and equipment, using the cur
rent cost of capital equipment; in land, using general
price indexes; and in inventories, using estimates of their
replacement cost. The market-value estimates value the
equity portion of direct investment using indexes of stock
market prices.
The historical-cost estimates are not ordinarily
adjusted to reflect the changes in the current costs or the
replacement costs of tangible assets or in the stock market
valuations of firms. Over time, the current costs of tangi
ble assets and the stock market valuations of firms tend to
increase. As a result, the historical-cost estimates of the
positions tend to be less than the current-cost and mar
ket-value estimates of the positions. The current-cost and
market-value estimates of the position are discussed in
“The International Investment Position of the United
States at Yearend 2006” in this issue.
Alternative Direct Investment Position Estimates, 2005 and 2006
[Millions of dollars]
Valuation method
Position at
yearend
2005'
Changes in 2006
Total
U.S. direct investment abroad:
Historical cost..........................
Current cost..............................
Market value.............................
2 ,5 3 5 ,1 8 8
248,512
320,431
3 , 5 7 0 ,2 5 2
8 0 7 ,5 7 8
Foreign direct investment in
the United States:
Historical cost..........................
Current cost..............................
Market value.............................
1,594,488
1,868,245
194,599
231,181
2 , 8 0 6 ,0 2 9
4 1 6 ,4 5 0
p Preliminary
r Revised
2 ,1 3 5 ,4 9 2
Capital
flows
216,614
235,358
235,358
Valuation
adjustments
31,898
85,073
572,220
Position at
yearend
2006p
2,384,004
2,855,619
4,377,830
1 7 5 ,3 9 4
1 9 ,2 0 5
1 ,7 8 9 ,0 8 7
180,580
180,580
50,601
235,870
2,099,426
3,222,479
S urv ey
J u ly 2 0 0 7
of
Chart 2. Outward Direct Investment Position
by Host Country at Yearend 2006
\
United Kingdom Islands,
Caribbean (3.4%)
Luxembourg (3.5%
Ireland (3.5%)
Mexico (3.6%)
/
Switzerland (3.8%)
Japan (3.8%)
Germany (4.2%)
Bermuda (4.5%)
Australia (5.1%)
Netherlands (9.0%)
Other (30.0%)
a
23
C u r r e n t B u sin ess
United Kingdom
(15.3%)
Canada (10.3%)
U.S. Bureau of Economic Analysis
than the 1 percent increase in 2005, but was in line
with the 13-percent average annual growth in the out
ward position in 1994-2004.
Changes by component
The $248.5 billion increase in the outward direct in
vestment position resulted from capital flows o f $216.6
billion, which accounted for 87 percent o f the increase,
and valuation adjustments o f $31.9 billion, which ac
counted for 13 percent (table B and chart 3).
Capital flows
Capital flows increased the outward position $216.6
billion in 2006 after reducing it $27.7 billion in 2005.
The 2006 flows were composed o f $201.3 billion o f re
invested earnings and $30.2 billion o f net equity capital
investment, which were partly offset by a $15.0 billion
reduction in U.S. parents’ net intercompany debt
claims on their foreign affiliates.
Equity capital investment. U.S. parents’ net equity
capital investment in their foreign affiliates was $30.2
billion in 2006, down from $43.5 billion in 2005. The
net investment resulted from equity capital increases of
$76.2 billion, partly offset by equity capital decreases of
$46.0 billion. O f the equity capital increases, $37.0 bil
lion, or 49 percent, financed the acquisition or
establishment o f new foreign affiliates. Capital contri
butions to existing foreign affiliates accounted for the
remaining $39.2 billion, or 51 percent.
Equity capital increases for the acquisition or estab
lishment o f new affiliates in 2006 were largest in three
European countries: The United Kingdom, the Nether
lands, and Luxembourg. In the United Kingdom, the
increase was spread among several industries, includ
ing depository institutions, holding companies, and
primary and fabricated metals manufacturing. In the
Netherlands and Luxembourg, the increases were con
centrated in holding companies, which may have in
vested the funds in other countries or industries.
Over a third o f the capital contributions to existing
foreign affiliates were to affiliates in Europe. Among
countries, the largest contributions were to affiliates in
the United Kingdom. Among industries, the largest
contributions were to affiliates in “finance (except de
pository institutions) and insurance.”
Equity capital decreases in 2006 were primarily due
to liquidations or sales o f affiliates. In 2005, in con
trast, the decreases primarily reflected returns o f capi
tal from ongoing affiliates. In 2006, equity capital
decreases were largest in “ Latin America and Other
Western Hemisphere” and in Canada.
Reinvested earnings. In 2006, reinvested earn
ings— the difference between U.S. parent com panies’
shares in their foreign affiliates’ total earnings and the
distributions to the parents from the affiliates’
Chart 3. Change in the Outward Direct Investment
Position by Component, 1997-2006
Table B. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Component
[Billions of dollars]
2006
Total............................................................................................
Capital flows without current-cost adjustment.................
Equity capital.....................................................................
Increases.......................................................................
Decreases.....................................................................
Intercompany debt..........................................................
Reinvested earnings without current-cost adjustment
Valuation adjustments.........................................................
Currency translation........................................................
Other..................................................................................
10.7
-27.7
43.4
76.8
33.3
-30.7
-40.5
38.4
-14.7
53.2
248.5
216.6
30.2
76.2
46.0
-15.0
201.3
31.9
23.3
8.6
1997
98
99 2000
U.S.BureauofEconomicAnalysis
01
02
03
04
05
24
Direct Investment Positions for 2006
cumulative retained earnings— turned up, totaling
$201.3 billion, compared with -$40.5 billion in 2005.
Reinvested earnings accounted for more than 90 per
cent o f capital flows for outward direct investment in
2006 and for more than four-fifths o f the increase in
the position. In 2005, reinvested earnings were nega
tive for the first time since at least 1950 mainly because
o f the American Jobs Creation Act o f 2004, which al
lowed U.S. parent companies to repatriate affiliate
earnings during a specified period at reduced tax rates.
M ost companies that took advantage o f this act did so
in 2005.4 The positive reinvested earnings in 2006 re
flected a return to more norm al distribution patterns,
as well as strong growth in foreign affiliate earnings.
In 2006, reinvested earnings were highest in Europe,
which accounted for 50 percent o f the worldwide total.
Reinvested earnings were highest in four European
countries— the Netherlands, the United Kingdom,
Luxembourg, and Switzerland. By industry, reinvested
earnings were largest in holding companies.
Earnings grew 18 percent in 2006, continuing a pat
tern o f strong growth that began in 2002. Stronger eco
nomic growth in many foreign countries, particularly
in Germany and France, boosted earnings growth in
2006. In addition, depreciation o f the U.S. dollar, par
ticularly against the euro, contributed to the stronger
increase in earnings in terms o f U.S. dollars. The larg
est dollar increases were in Europe, primarily in the
United Kingdom, Luxembourg, the Netherlands, and
France. Earnings rose sharply in several manufacturing
industries, including transportation equipment, com
puters and electronic products, and machinery;
growth was also substantial in professional, scientific,
and technical services. The reinvestment ratio— rein
vested earnings relative to current-year earnings—
shifted from -1 7 percent in 2005 to 70 percent in 2006.
Intercompany debt investment. U.S. parents’ b or
rowing and lending transactions with their foreign af
filiates reduced the net intercompany debt position by
$15.0 billion, following a $30.7 billion reduction in
2005. In 2006, U.S. parents’ indebtedness to their for
eign affiliates increased more than the foreign affiliates’
indebtedness to their U.S. parents. M ost o f the reduc
tion in the debt position was in foreign affiliates in
“Latin America and Other Western Hemisphere,”
largely the “ United Kingdom Islands, Caribbean.” By
industry, m ost o f the reduction was in holding com pa
nies and in “finance (except depository institutions)
and insurance.”
4.
A lthough n o t all unusually large distributions were necessarily m ade
in response to the act, it is notew orthy that in 2005, 38 affiliates m ade dis
tributions o f $1 billion or m ore, com pared w ith only 9 affiliates in 2006 and
2 affiliates in 2004.
July 2007
Valuation adjustments
Valuation adjustments were $31.9 billion and ac
counted for 13 percent o f the increase in the outward
position in 2006. Currency-translation adjustments,
which reflected mainly the appreciation o f the euro
against the dollar, accounted for $23.3 billion o f total
valuation adjustments. Other valuation adjustments o f
$8.6 billion stemmed primarily from capital gains.
Changes by area and by country
In 2006, the outward direct investment position in
creased in all m ajor geographic areas (table C). Europe
accounted for 57 percent o f the total dollar increase in
the position. Asia and Pacific accounted for 21 percent
o f the increase, and “ Latin America and Other Western
Hemisphere” accounted for 15 percent.
Europe. The position increased $140.6 billion,
with reinvested earnings accounting for virtually all
o f the increase. The largest dollar increases in the
position were in the Netherlands and the United
Kingdom — over $30 billion each. Luxembourg and
Ireland each had increases larger than $10 billion. In
these four countries, the main source o f the increases
was reinvested earnings.
In the Netherlands, the increase in the position was
mainly concentrated in holding companies. In the
Table C. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Country of Foreign Affiliate
Change (2005-2006)
Billions of
dollars
All countries....................................................................................
248.5
Percent
12
Canada.......................................................................................
13.0
6
Europe........................................................................................
140.6
13
Netherlands.......................................................................
United Kingdom.................................................................
Luxembourg.......................................................................
Ireland.................................................................................
Switzerland.........................................................................
Germany.............................................................................
Austria................................................................................
France.................................................................................
Italy......................................................................................
31.1
30.6
12.8
12.4
9.0
8.7
6.4
5.8
4.1
17
9
18
17
11
10
58
10
16
Latin America and Other Western Hemisphere....................
37.4
10
Bahamas............................................................................
Mexico................................................................................
Bermuda.............................................................................
10.5
9.6
5.0
67
13
5
Africa...........................................................................................
2.5
11
Ofwhich:
Ofwhich:
Middle East................................................................................
3.9
17
Asia and Pacific..........................................................................
51.2
14
Japan..................................................................................
Australia..............................................................................
Singapore...........................................................................
Hong Kong.........................................................................
China..................................................................................
Korea, Republic o f............................................................
12.5
7.0
6.0
5.5
5.2
4.1
16
6
11
17
31
23
Ofwhich:
J u ly 2 0 0 7
S urvey
of
C u rr e n t B u sin ess
25
Holding Companies in the Data on U.S. Direct Investment Abroad
For the past two decades, U.S. parent companies have funneled
an increasing share of their direct investments abroad through
holding-company affiliates.1 Foreign affiliates classified as
holding companies accounted for 30 percent of the U.S. direct
investment position abroad in 2006.2 In 1982, foreign affili
ates classified as holding companies accounted for 9 percent of
the U.S. direct investment position abroad (chart A). The
upward trend of the holding company share is part of a
broader trend of indirect ownership in which U.S. parents own
foreign affiliates that, in turn, own other foreign affiliates.
One consequence of the rising use of indirect ownership
arrangements is that U.S. direct investment abroad estimates of
the position and related flows show industry and country pat
terns that are increasingly different from the industries and
countries in which the production and sale of goods and ser
vices by foreign affiliates occurs.3
The Bureau of Economic Analysis (BEA) is conducting
research on methodologies for allocating the equity portion of
U.S. direct investment abroad to its ultimate destination, thus
effectively “looking through” holding companies and other
indirect ownership arrangements. A method that would allo
cate data on positions between U.S. parent companies and
their foreign affiliates using company chain-of-ownership
information collected on BEA’s benchmark surveys of the
operations of U.S. parent companies and their foreign affiliates
has been developed. Ongoing BEA research is directed at eval
uating the feasibility of producing annual estimates as well as
focusing on the details of implementation. BEA plans to pub
lish the results of this research when it is more complete.
Data from BEA’s surveys of the operations of U.S. parent
companies and their foreign affiliates suggest the degree to
which indirect ownership structures may affect the country
and industry distributions of the outward position data.4 The
estimates of the operations of these foreign affiliates are classi
fied in the country where the affiliate’s physical assets are
located or where its primary activity is carried out, and they
are classified in the industry that reflects the affiliate’s primary
activity. Thus, these estimates reflect more closely the countries
and industries in which the production of goods and services
by foreign affiliates actually occurs than do the estimates classi
1. A holding com pany is a com pany whose prim ary activity is holding the
securities o r financial assets o f other companies.
2. In 2005, the share fell to 29 percent from 34 percent in 2004. This reversal
was prim arily the result o f large earnings distributions (and the resulting nega
tive reinvested earnings) associated w ith the A m erican Jobs Creation Act of
2004. The largest distributions were, by far, from holding companies.
3. Estimates o f the outw ard position and related flows are allocated to the
industries and countries of the affiliates w ith w hom the U.S. parent companies
have direct transactions and positions rather than to the industries and coun
tries o f the affiliates whose operations the parents ultim ately own or control.
This convention follows international guidelines in the International M onetary
F und’s Balance o f P aym ents M a n u a l, 5th edition, and in the Organisation for
Econom ic C o-operation and Developm ent’s B en ch m a rk D e fin ition o f Foreign
D irect In vestm en t, 3rd edition.
4. Besides chain-of-ow nership inform ation, data collected on the operations
survey include items such as assets, sales, em ploym ent, and net property, plant,
and equipm ent.
fied by the country and industry of the affiliate with which the
parent company has a direct position or transaction.
The use of holding-company affiliates appears to be the most
important reason for differences in the patterns of investment
by country or by industry between the position estimates and
the operations estimates. However, other factors also contrib
ute, including indirect ownership through other types of affili
ates, the fact that the operations estimates, unlike the position
estimates, are not adjusted for percentage of U.S. ownership,
and duplication in some measures of affiliate operations—
such as assets and earnings—when affiliates hold equity or
debt positions in one another. A comparison of the estimates
of the outward direct investment position with the estimates of
the assets and the net property, plant, and equipment (PP8cE)
of foreign affiliates for 2004 (the latest year for which detailed
operations estimates are available) illustrates the differences in
distribution between the position estimates and the estimates
of operations. In that year, manufacturing’s share of the out
ward position—20 percent—was similar to its 18-percent
share of the assets, but much lower then its 42-percent share of
the PP8cE, of foreign affiliates in manufacturing. By country,
the share of the direct investment position accounted for by the
Netherlands was 10 percent, compared to a 9 percent share of
assets and 3 percent share of PP&E.5
For further discussion of the effect of holding companies on
the estimates of direct investment abroad series, see the “Tech
nical Note” in Maria Borga and Raymond J. Mataloni Jr.,
“Direct Investment Positions for 2000: Country and Industry
Detail,” S urvey 81 (July 2001): 23-25.
5. The estimates used to derive the share o f the assets and the share o f the
PP&E covers m ajority-ow ned foreign affiliates.
Chart A. Holding Companies as a Percentage
of the Outward Direct Investment Position,
1982-2006
Percent
198 2 8 4 8 6
88
U.S. Bureau of Economic Analysis
90
92
94
96
98 2000 02 04
06
26
Direct Investment Positions for 2006
United Kingdom, a third o f the increase was in “fi
nance (except depository institutions) and insurance ”
In Luxembourg, increases in holding companies and
“finance (except depository institutions) and insur
ance” were largest. In Ireland, “finance (except deposi
tory institutions) and insurance” accounted for more
than a third o f the total increase.
Latin A m erica and O ther W estern H em isphere.
The outward position rose $37.4 billion. The largest
increases were in the Bahamas, Mexico, and Bermuda.
In the Bahamas, holding companies more than
accounted for the increase. In Mexico, several
m anufacturing industries— including transportation
equipment, computers and electronic products, and
“other m anufacturing”— and mining were the largest
contributors to the increase. In Bermuda, holding
companies accounted for over half o f the increase, pri
marily due to reinvested earnings.
C anada. The $13.0 billion increase in the position
was due largely to increases in mining and in several
m anufacturing industries (particularly computers and
electronic products and chemicals). In mining, rein
vested earnings and valuation adjustments were the
largest contributors to the increase. In computers and
electronic products, the increase was entirely attribut
able to equity capital increases for acquisitions. In
chemicals, reinvested earnings was the largest contrib
utor to the increase.
A sia and Pacific. The $51.2 billion increase was the
second largest percentage increase— 16 percent— o f all
regions. Within this region, the largest increases in dol
lar terms were in Japan, Australia, and Singapore. Al
m ost two-thirds o f the increase in Japan was
attributable to equity capital increases in “finance (ex
cept depository institutions) and insurance ” In Aus
tralia, the largest increases were in holding companies
and mining. In Singapore, the largest increase was in
holding companies.
Africa. The $2.5 billion increase in the position,
though relatively small in dollar terms, represented
growth o f 11 percent. In this region, the largest dollar
increases were in Algeria, Equatorial Guinea, and
Egypt. In all three countries, the main source o f the in
crease was reinvested earnings, particularly those o f af
filiates in oil and gas extraction (classified in mining in
tables 1.1 and 1.2).
M iddle East. The $3.9 billion increase in the posi
tion was the largest percentage increase— 17 percent—
o f any region. The largest dollar increases were in Is
J u ly 2 0 0 7
rael, the United Arab Emirates, and Saudi Arabia. In
Israel, acquisitions in manufacturing, financed by eq
uity capital, accounted for m ost o f the increase. In the
United Arab Emirates, capital contributions to existing
affiliates in mining accounted for m ost o f the increase.
In Saudi Arabia, the position grew partly because par
ents increased their debt position in foreign affiliate
holding companies.
Foreign D irect Investm ent
in the U nited States
The foreign direct investment position in the United
States valued at historical cost— the book value o f for
eign direct investors’ equity in, and outstanding loans
to, their U.S. affiliates— was $1,789.1 billion at the end
o f 2006 (table A and chart 1). The United Kingdom re
mained the largest source country, with a position o f
$303.2 billion, or 17 percent o f the total, followed by
Japan with a position o f $211.0 billion, or 12 percent
(table 2.2 and chart 4). Germany and the Netherlands
had the next largest positions— each accounting for 11
percent.
In 2006, the inward direct investment position in
creased $194.6 billion, or 12 percent, compared with 5percent growth in 2005. The 2006 increase was in line
with average annual growth in 1994-2004.
Chart 4. Inward Direct Investment Position by
Country of Each Member of the Foreign Parent
Group at Yearend 2006________
___
Other (16.4%)
Luxembourg (7.3%)
Switzerland (7.8%)
United Kingdom
(16.9%)
France (8.9%)
Japan (11.8%)
Canada (8.9%)
Netherlands
(10.6%)
U.S. Bureau of Economic Analysis
Germany (11.3%)
S u r v ey o f C u r r e n t B u sin ess
J u ly 2 0 0 7
Changes by component
The $194.6 billion increase in the inward direct invest
ment position resulted from capital flows o f $175.4 bil
lion, which accounted for 90 percent o f the increase,
and valuation adjustments o f $19.2 billion, which ac
counted for the remainder (table D and chart 5).
Capital flows
Capital flows for inward direct investment rose sharply
in 2006 and increased the inward position $175.4 bil
lion, up from $101.0 billion in 2005. This marked the
largest net capital flows since 2000, when they peaked
at $314.0 billion. In 2006, capital flows were com posed
o f net equity capital investment o f $98.0 billion, rein
vested earnings o f $65.4 billion, and net intercompany
debt investment o f $12.0 billion.
Equity capital investment. Foreign parent com pa
nies’ net equity capital investment in their U.S. affili
ates was $98.0 billion in 2006, up from $56.6 billion in
2005. In 2006, the net equity investment resulted from
equity capital increases o f $126.2 billion and partly off
setting equity capital decreases o f $28.2 billion. Equity
Table D. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Component
[Billions of dollars]
2005
Total......................................................................................................
Capital flows without current-cost adjustment...........................
Equity capital..............................................................................
Increases................................................................................
Decreases...............................................................................
Intercompany debt.....................................................................
Reinvested earnings without current-cost adjustment..........
Valuation adjustments...................................................................
Currency translation...................................................................
Other............................................................................................
74.2
101.0
56.6
89.0
32.4
4.7
39.8
-26.9
-1.9
-24.9
2006
194.6
175.4
98.0
126.2
28.2
12.0
65.4
19.2
3.9
15.3
Chart 5. Change in the Inward Direct Investment
Position by Component, 1997-2006
27
capital increases, which increase the inward direct in
vestment position, were up 42 percent in 2006, largely
reflecting a pickup in acquisitions. Equity capital de
creases, which decrease the inward position, were
down slightly from 2005 and mainly reflected the sale
o f affiliates to U.S. companies and the conversion o f af
filiates’ debt claims on foreign parents to reductions in
those parents’ equity interests in their U.S. affiliates.
Acquisitions o f U.S. businesses by foreign direct in
vestors fueled equity capital increases in several indus
tries and were widespread by country o f foreign
parent.5 The largest equity capital increases were in “fi
nance (except depository institutions) and insurance”
and in computers and electronic products m anufac
turing. Acquisitions in these two industries, as well as
in chemicals manufacturing and in machinery m anu
facturing, were am ong the largest in 2006. In “finance
(except depository institutions) and insurance,” Swit
zerland had the largest equity capital increase, followed
by the United Kingdom. In computers and electronic
products manufacturing, France accounted for the
largest equity capital increase. Overall, France, the
United Kingdom, and Germany accounted for the
largest increases in equity holdings in U.S. affiliates.
Equity capital decreases were largest in “other indus
tries,” including utilities.
Reinvested earnings. In 2006, reinvested earn
ings— the foreign parents’ share o f affiliates’ currentperiod earnings less affiliates’ distributions from cur
rent and cumulative retained earnings— totaled $65.4
billion, up 65 percent from 2005. In each year since
2004, earnings that were reinvested in U.S. affiliates
have been substantial in dollar terms, as a share o f current-period earnings and as a contributor to growth in
the inward position. This pattern may suggest a break
from past trends in which earnings reinvested in U.S.
affiliates have been very small or negative and a shift
toward a pattern more like that seen for many years in
outward direct investment (with the notable exception
5. According to prelim inary data from BEA’s survey o f new foreign direct
investm ent, total outlays to acquire or establish U.S. businesses, including
those financed by capital inflows from foreign parents, were $161.5 billion
in 2006. See Lawrence R. McNeil, “Foreign Direct Investm ent in the U nited
States: New Investm ent in 2006,” S u r v ey o f C u r r e n t B u s in e s s 87 (June 2007):
44-51. These data include only those transactions in which U.S. businesses
are newly acquired or established by foreign direct investors, regardless of
w hether the source of financing is the foreign parent or existing U.S. affili
ates. The data on changes to the inward direct investm ent position differ
from these data because changes to the position reflect transactions o f both
new and existing U.S. affiliates w ith m em bers of their foreign parent group
and valuation adjustm ents. Additionally, changes in the inward position do
n ot include financing from sources other than the foreign parent group.
Despite these differences, the two types of data are related because any
outlays to acquire or establish U.S. businesses that are funded by foreign
parent groups are included in the capital transactions that largely deter
m ine the changes in the inward direct investm ent position. According to
data from the new investm ent survey, foreign parent groups financed 80
percent o f total outlays to acquire or establish U.S. businesses in 2006.
Direct Investment Positions for 2006
28
J u ly 2 0 0 7
Key Terms
The key terms used in this statistical presentation are
described in this box. For a more detailed discussion of
these terms and the methodologies used to prepare the
estimates, see Foreign Direct Investment in the United
States: Final Results From the 2002 Benchmark Survey and
U.S. Direct Investment Abroad: Final Results From the 1999
Benchmark Survey. These methodologies are also avail
able on BEA’s Web site at < www.bea.gov>.
Direct investment. Investment in which a resident of
one country obtains a lasting interest in, and a degree of
influence over the management of, a business enterprise
in another country. In the United States (and in the inter
national statistical guidelines), the criterion used to dis
tinguish direct investment from other types of investment
is ownership of at least 10 percent of the voting securities
of an incorporated business enterprise or the equivalent
interest in an unincorporated business enterprise.
U.S. direct investment abroad (outward direct invest
ment). The ownership or control, directly or indirectly,
by one U.S. resident of at least 10 percent of the voting
securities of an incorporated foreign business enterprise
or the equivalent interest in an unincorporated foreign
business enterprise.
Foreign direct investment in the United States
(inward direct investment). The ownership or control,
directly or indirectly, by one foreign resident of at least 10
percent of the voting securities of an incorporated U.S.
business enterprise or the equivalent interest in an unin
corporated U.S. business enterprise.
Foreign affiliate. A foreign business enterprise in
which a single U.S. investor (a U.S. parent) directly or
indirectly owns at least 10 percent of the voting securities,
or the equivalent.
U.S. affiliate. A U.S. business enterprise in which a
single foreign investor (a foreign parent) owns at least 10
percent of the voting securities, or the equivalent.
Ultimate beneficial owner (UBO). For a U.S. affiliate,
that person (in the broad legal sense, including a com
pany), proceeding up the affiliate’s ownership chain
beginning with the foreign parent, that is not owned
more than 50 percent by another person. The UBO ulti
mately owns or controls the affiliate and derives the bene
fits associated with ownership or control. Unlike the
foreign parent, the UBO of a U.S. affiliate may be located
in the United States.
Foreign parent group. Consists of (1) the foreign par
ent, (2) any foreign person, proceeding up the foreign
parent’s ownership chain, that owns more than 50 per
cent of the person below it, up to and including the UBO,
and (3) any foreign person, proceeding down the owner
ship chain(s) of each of these members, that is owned
more than 50 percent by the person above it.
Direct investment position. The value of direct inves
tors’ equity in, and net outstanding loans to, their affili
ates. The position may be viewed as the direct investors’
net financial claims on their affiliates, whether in the
form of equity (including reinvested earnings) or debt.
BEA prepares estimates of the positions for outward
direct investment and for inward direct investment that
are valued on three bases—historical cost, current cost,
and market value. See the box “Alternative Measures of
the Direct Investment Positions” in this article.
Direct investment capital flows without current-cost
adjustment arise from transactions in financial claims
(assets) and liabilities between U.S. parents and their for
eign affiliates or between U.S. affiliates and their foreign
parents. For outward direct investment, capital flows
without current-cost adjustment include the funds that
U.S. direct investors pay to unaffiliated foreign parties
when affiliates are acquired from them and the funds that
U.S. investors receive from them when their affiliates are
sold. Similarly, inward direct investment capital flows
without current-cost adjustment include the funds that
foreign direct investors pay to unaffiliated U.S. residents
when affiliates are acquired from them and the funds that
foreign investors receive from them when their affiliates
are sold.
Direct investment capital flows without current-cost
adjustment differ from direct investment capital flows as
entered in BEA’s international transactions accounts
(ITAs), because they do not include a current-cost adjust
ment. A current-cost adjustment affects direct investment
income and the reinvested earnings component of capital
by converting depreciation charges to a current-cost, or
replacement-cost, basis; adding charges for depletion of
natural resources back to income and reinvested earnings
(because these charges are not treated as production costs
in the national income and product accounts); and reallo
cating expenses for mineral exploration and development
across periods.
Direct investment capital flows without current-cost
adjustment consist of equity capital transactions, inter
company debt transactions, and reinvested earnings with
out current-cost adjustment. Equity capital investment
is the net of equity capital increases and decreases. Equity
capital increases consist of parents’ establishments of new
affiliates, payments by parents to unaffiliated third parties
for the purchase of capital stock or other equity interests
July 2007
S u r v e y o f C u r r e n t B u sin ess
o f 2005).6 The pickup in reinvested earnings has been
supported by strong growth in affiliate earnings. Earn
ings growth has reflected both expansion o f the base
on which earnings accrue and improved profitability
as affiliates have matured and gained experience in the
U.S. market.
In 2006, reinvested earnings were positive in all m a
jor industries (table 2.2). Affiliates in wholesale trade
accounted for the largest share o f the total, followed by
affiliates in “other industries.” In “other industries,”
the largest reinvested earnings were for affiliates in
mining. By country, reinvested earnings were largest
for affiliates with parents in Japan, Canada, France,
and the Netherlands.
Growth in reinvested earnings reflected both higher
earnings and a higher reinvestment ratio— the ratio o f
6. In 1998-2002, inward direct investment reinvested earnings were nega
tive, reflecting distributions to foreign parents in excess o f earnings. In
2003, they were a positive $3.7 billion.
reinvested earnings to total earnings. The reinvestment
ratio increased to 58 percent from 42 percent in 2005.
U.S. affiliates’ earnings increased 19 percent, to $112.1
billion, which was in line with the 19-percent growth
in corporate profits (excluding inventory valuation
and capital consum ption adjustments) o f U.S. dom es
tic industries in 2006. Earnings increased in several in
dustries; growth was particularly strong in “finance
(except depository institutions) and insurance,” in de
pository institutions, and in prim ary and fabricated
metals manufacturing. The largest increases in rein
vested earnings were in wholesale trade and in “finance
(except depository institutions) and insurance.” In
wholesale trade, the increase reflected a rise in the
overall share o f earnings reinvested, and in “finance
(except depository institutions) and insurance,” higher
reinvested earnings reflected stronger earnings.
Intercom pany debt investment. In 2006, foreign
parents’ borrowing and lending transactions with their
Key Terms
when they acquire an existing business, payments made
to acquire additional ownership interests in their affili
ates, and capital contributions to their affiliates. Equity
capital decreases are the funds parents receive when they
reduce their equity interest in their affiliates. Intercom
pany debt investment results from changes in net out
standing loans between parents (and for inward direct
investment, other members of the foreign parent
groups) and their affiliates, including loans by parents to
affiliates and loans by affiliates to parents. Reinvested
earnings without current-cost adjustment are the par
ents’ claim on the cumulative retained earnings of their
affiliates; unlike the measure of reinvested earnings
used in the ITAs, these earnings do not include a cur
rent-cost adjustment at the aggregate level.
Valuation adjustments to the historical-cost posi
tion. Adjustments that are made to account for the dif
ferences between changes in the historical-cost position,
which are measured at book value, and direct invest
ment capital flows, which are measured at transaction
value. (Unlike the positions on a current-cost and market-value basis, the historical-cost position is not usually
adjusted to account for changes in the replacement cost
of the tangible assets of affiliates or in the market value
of parent companies’ equity in affiliates.)
Valuation adjustments to the historical-cost position
consist of currency-translation and “other” adjustments.
Currency-translation adjustments are made to account
for changes in the exchange rates that are used to trans
late affiliates’ foreign-currency-denominated assets and
liabilities into U.S. dollars. The effects of currency fluc
29
tuations on these adjustments depend on the value and
currency composition of affiliates’ assets and liabilities.
If an affiliate’s assets exceed its liabilities denominated in
a particular foreign currency, depreciation (apprecia
tion) of the currency against the dollar will result in neg
ative (positive) translation adjustments. In the case of a
net liability position in a foreign currency, depreciation
(appreciation) of the currency will result in positive
(negative) translation adjustments.
“Other” valuation adjustments are made to account
for differences between the proceeds from the sale or liq
uidation of affiliates and their book values; for differ
ences between the purchase prices of affiliates and their
book values; for writeoffs resulting from uncompen
sated expropriations of affiliates; and for capital gains
and losses (excluding currency-translation adjustments)
on transactions, such as the sale of assets (excluding
inventories), for an amount that differs from their book
value, or capital gains and losses that represent the reval
uation of the assets of ongoing affiliates for reasons other
than exchange-rate changes, such as the write-down of
assets whose value has been impaired. In addition, for
individual industries, offsetting adjustments may be
made to effect changes in the industry classification of
an affiliate. For individual countries, offsetting adjust
ments are made when the political boundaries of coun
tries change, such as when countries merge or are newly
formed. In addition, for inward direct investment, off
setting adjustments are made when transactions
between foreign residents result in a change in the coun
try of the foreign parent.
30
Direct Investment Positions for 2006
U.S. affiliates boosted their net intercompany debt p o
sition in U.S. affiliates $12.0 billion, following a $4.7
billion increase in 2005. In 2006, the increase reflected
an increase in U.S. affiliates’ outstanding debt to their
foreign parents o f $21.1 billion, which was partly offset
by an increase in the affiliates’ debt claims on their for
eign parents o f $9.1 billion. The largest increase was in
chemicals manufacturing, followed by information.
Affiliates with parents in Europe— particularly Ger
many and France— more than accounted for the in
crease.
Valuation adjustments
Valuation adjustments o f $19.2 billion increased the
inward direct investment position in 2006. In contrast,
valuation adjustments o f -$26.9 billion reduced the
position in 2005. Valuation adjustments in 2006 con
sisted o f currency translation adjustments o f $3.9
billion and “other” valuation adjustments, which in
clude capital gains and losses, o f $15.3 billion. Valua
tion adjustm ents were largest in “finance (except
depository institutions) and insurance” and in chemi
cals manufacturing.
Changes by area and by country
In 2006, the inward direct investment position in
creased for all m ajor areas except Africa (table E). EuTable E. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Country of Each Member of the Foreign
Parent Group
Change (2005-2006)
Billions of
dollars
All countries.........................................................................................
194.6
Percent
12
Canada.............................................................................................
4.8
3
Europe...............................................................................................
142.4
13
France.......................................................................................
Netherlands.............................................................................
Germany...................................................................................
Luxembourg.............................................................................
Ireland.......................................................................................
Spain........................................................................................
United Kingdom......................................................................
38.6
23.9
22.2
14.2
10.0
7.4
7.0
32
14
12
12
54
99
2
Latin America and Other Western Hemisphere.........................
9.1
13
Bermuda...................................................................................
Mexico......................................................................................
3.2
2.3
(1)
60
Africa.................................................................................................
-0.5
-1 8
Ofwhich:
Ofwhich:
Middle East......................................................................................
9.2
110
Asia and Pacific...............................................................................
29.6
13
Japan........................................................................................
Australia....................................................................................
Korea........................................................................................
22.3
3.3
2.8
12
15
49
Ofwhich:
July 2007
rope, which accounted for 73 percent o f the increase,
was by far the largest source o f the increase in position.
Europe. The position increased $142.4 billion in
2006. The largest com ponent o f the increase was net
equity capital investment. Increases in the European
position were broadly based by country and by indus
try. France, the Netherlands, and Germany accounted
for the largest dollar increases.
France had the largest increase, $38.6 billion, which
was spread over several industries, including com put
ers and electronic products m anufacturing, chemicals
manufacturing, and information. In computers and
electronic products m anufacturing, the increase
largely reflected acquisitions o f U.S. businesses. In
chemicals manufacturing, the increase reflected valua
tion adjustments made in connection with corporate
reorganizations. In information, the largest contribu
tor to the increase was intercompany debt investment.
For the Netherlands, the $23.9 billion increase was
attributable to increases in “finance (except depository
institutions) and insurance,” in wholesale trade, and in
chemicals manufacturing. In “finance (except deposi
tory institutions) and insurance,” much o f the increase
reflected corporate reorganizations. In wholesale trade,
acquisitions accounted for m ost o f the increase. In
chemicals manufacturing, the increase reflected valua
tion adjustments and reinvested earnings.
For Germany, the $22.2 billion increase was broadbased by industry. The largest increases were in m a
chinery manufacturing, in information, and in “other
industries.” In machinery manufacturing, acquisitions
financed by equity and debt investments accounted for
the largest portion o f the increase. In information, the
largest contributor to the increase was net intercom
pany debt investment. In “other industries,” particu
larly health services and utilities, the increase largely
reflected acquisitions.
A sia and Pacific. The position increased $29.6 bil
lion in 2006, with Japan accounting for three-quarters
o f the increase. The increase for Japan was broad-based
by industry but the largest increases were in computers
and electronic products manufacturing, in profes
sional, scientific, and technical services, and in “fi
nance (except depository institutions) and insurance.”
In computers and electronic products manufacturing,
the increase reflected changes in the prim ary industry
classifications o f existing affiliates.7 In both profes
sional, scientific, and technical services and “finance
7. A change in the prim ary industry classification of an affiliate from one
industry to another increases the position in the industry to w hich an affili
1. The percent change cannot be computed because of a change in sign attributable to a negative inward ate has been reclassified and decreases the position in the industry in which
position in 2005. A negative direct investment position may result when affiliates’ financial claims on direct
the affiliate was previously classified, b u t does n ot change the overall
investors exceed those investors’ claims on their affiliates. Typically, a negative position will result from debt
inward direct investm ent position.
transactions in which affiliates act as net lenders to their foreign parents.
J u ly 2 0 0 7
31
S u r v e y o f C u r r e n t B u sin e ss
(except depository institutions) and insurance,” acqui
sitions accounted for much o f the increases.
Latin America and Other Western Hemisphere.
The position increased $9.1 billion, reflecting increases
for several countries; Bermuda and Mexico accounted
for the largest dollar increases. For Bermuda, the in
crease was concentrated in information, mainly due to
acquisitions. For Mexico, the increase was spread
across industries, with the largest increases in primary
and fabricated metals m anufacturing and in wholesale
trade.
Middle East and Africa. The $9.2 billion increase in
the position for the Middle East roughly doubled the
position for that region and represented the largest in
crease in percentage terms— 110 percent— am ong all
regions.8 Within the Middle East, Israel had the largest
8. Consistent w ith international standards, the estim ates of the inward
direct investm ent position presented in this article are classified by country
o f foreign parent or of other m em bers of the foreign parent group having
direct transactions and positions with the U.S. affiliate. W hen classified on
this basis, tabulations o f these data m ay differ from those classified by
country o f ultim ate beneficial owner (UBO), particularly when investments
are channeled through affiliates in financial centers in other countries.
Because investm ents from the M iddle East are often routed through affili
ates in other countries, the positions of these other countries as presented
in this article will be relatively higher— and the position of the Middle East
will be relatively lower— than those positions on a UBO basis.
According to prelim inary estimates for 2005, the inward direct invest
m ent position for the M iddle East classified by country of UBO, at $20.0
billion, was twice as large as the position for that region classified by coun
try o f each m em ber o f the foreign parent group, at $10.0 billion. See Jeffrey
H. Lowe, “Foreign Direct Investm ent in the U nited States: Detail for Historical-Cost Position and Related Capital and Incom e Flows, 2002-2005” S u r
v ey 86
(Septem ber 2006): 34-86. Revised estimates for 2005 and
prelim inary estimates for 2006, classified on both bases, will be published
in September.
increase, reflecting acquisitions.
The position for Africa decreased $0.5 billion, the
only decrease o f all the regions.
Canada. The position increased $4.8 billion in 2006,
with the largest increases in “ finance (except deposi
tory institutions) and insurance” and in chemicals
manufacturing. In “finance (except depository institu
tions) and insurance,” both reinvested earnings and ac
quisitions contributed to the increase. In chemicals
manufacturing, reinvested earnings was the largest
contributor to the increase.
R evisions
The estimates o f direct investment positions presented
in this article for 2006 are preliminary. The revised es
timates o f both inward and outward direct investment
positions for 2004-2005 incorporate new survey data.9
The historical-cost outward position for 2004 was
revised up $73.6 billion, to $2,124.8 billion, as valua
tion adjustments were revised up $38.0 billion and
capital flows were revised up $35.6 billion. For 2005,
the preliminary estimate o f the outward position was
revised up $65.5 billion, to $2,135.5 billion as a result
o f a $73.6 billion upward revision to the 2004 position,
a $6.9 billion upward revision to 2005 valuation
adjustments, and a partly offsetting $15.0 billion u p
ward revision to 2005 net capital flows into the United
States.
9. For the previously published estimates, see Jennifer L. Koncz and
Daniel R. Yorgason, “Direct Investm ent Positions for 2005: C ountry and
Industry Detail,” S u r v e y 86 (July 2006): 20-35.
Data Availability
This article summarizes the preliminary estimates of direct
investment positions for 2006 based on BEA’s quarterly,
annual, and benchmark surveys. This article also presents
revised estimates of both outward and inward direct
investment for 2004 and 2005. More detailed estimates
covering the positions and capital transactions discussed
here as well as related income and services transactions for
both outward and inward investment will appear in the
September S u r v e y o f C u r r e n t B u sin e ss.
Detailed estimates of the outward direct investment
position and related capital flows, income, and services
transactions for 1982-2006 are available from BEA’s Web
site, as well as estimates of the inward direct investment
position and related capital flows, income, and services
transactions for 1980-2006. To access these files, which can
be downloaded at no charge, go to BEA’s Web site at
<www.bea.gov> and, under “International,” click on
“Operations of Multinational Companies.” Then, under
uU.S. direct investment abroad” or “Foreign direct invest
ment in the U.S.,” click on the link to either “Selected
Tables” or “Interactive Tables,” which appear next to the
“Balance of payments and direct investment position data”
stub. The interactive tables are a free service, recently
launched by the BEA which allows users to interactively
access detailed balance of payments and direct investment
position data, as well as data on the operations of multina
tional companies. For an introductory guide to this ser
vice, see Ned G. Howenstine, “Primer: Accessing BEA
Direct Investment Data Interactively,” S u r v e y 86 (May
2006): 61-64. Revised estimates for 2006 and final esti
mates for 2005 balance of payments and position data will
be released next year.
For more information on these products and how to
access them, see the International Investment Division
Product Guide at < www.bea.gov/scb/account_articles/
international/iidguide.htm >.
Direct Investment Positions for 2006
32
Acknowledgments
The estimates of the U.S. direct investment position
abroad are based on data from BEA’s quarterly survey
of transactions between U.S. parent companies and
their foreign affiliates. The survey was conducted
under the supervision of Mark W. New, who was
assisted by Iris Branscome, Laura A. Downey, David L.
Grayton, Marie K. Laddomada, Sherry Lee, Louis C.
Luu, Leila C. Morrison, and Dwayne Torney. Com
puter programming for data estimation and tabula
tion was provided by Marie Colosimo, assisted by Xia
Ouyang.
The estimates of the foreign direct investment posi
tion in the United States are based on data from BEA’s
quarterly survey of transactions between U.S. affiliates
of foreign companies and their foreign parents. The
survey was conducted under the supervision of Gre
gory G. Fouch, who was assisted by George M.
Bogachevsky, Peter J. Fox, Barbara C. Huang, Y. Louise
Ku-Graf, Susan M. LaPorte, and Helen P. Yiu. Com
puter programming for data estimation and tabula
tion was provided by Karen E. Poffel, Paula D. Brown,
and Robert C. Simon.
Dan Yorgason provided guidance in the preparation
of tables and charts used in the analysis of U.S. direct
investment abroad.
J u ly 2 0 0 7
The inward direct investment position valued at his
torical cost for 2004 was revised down $0.4 billion, to
$1,520.3 billion. The revision for 2004 resulted from a
$13.9 billion revision o f valuation adjustments from
positive to negative adjustments, and a mostly offset
ting $13.4 billion upward revision to capital flows. The
2005 inward position was revised down $40.8 billion to
$1,594.5 billion. The downward revision to the 2005
position was attributable to a $42.0 billion revision o f
valuation adjustments, from positive to negative ad
justments, and the $0.4 billion downward revision to
the 2004 position, which were partially offset by a $1.6
billion upward revision to capital flows.
Tables 1.1 -2.2 follow.
July 2007
Survey
of
33
C u r r e n t B u s in e s s
Table 1.1. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2005
[Millions of dollars]
Manufacturing
All
Mining
industries
Total
30,540
116,075
23,441
27,330
62,074
13,837
65,439
65,798
452,726
48,834
620,765
80,055
2,829
12,482
4,328
3,938
6,879
1,928
18,150
29,520
13,213
3,580
4,030
43,052
2,603
26,024
29,137
Europe......................................... 1,109,950
Austria......................................
10,982
Belgium....................................
48,409
Czech Republic.......................
2,394
Denmark...................................
5,655
Finland......................................
2,070
France ......................................
60,127
27,775 231,617
1 2,595
11 12,632
749
(*)
-129
3,046
1,361
0
68 24,377
17,791
(D)
231
(D)
77
10
986
73,999
103
6,784
275
30
91
7,023
12,052
78
-2
8
91
225
3,345
16,113
150
31
118
(D)
(D)
397
28,282
(D)
83
6
1,648
635
1,989
8,583
4
631
73
(D)
39
783
17,582
653
917
421
2
89
1,937
57,215
217
3,957
(D)
(D)
(D)
7,915
81,675
2,333
4,370
2
643
444
5,932
44,920
194
-547
60
190
-11
1,713
43,138
(D)
1,028
649
0
0
1,738
207,769
(D)
22,799
(D)
(D)
10
5,228
30,601
157
3,384
43
28
108
1,692
342,438
2,290
3,521
0
582
4
11,140
100,017
810
1,212
(D)
(D)
153
8,240
Germany...................................
Greece......................................
Hungary....................................
Ireland......................................
Italy...........................................
Luxembourg..............................
Netherlands.............................
90,574
1,858
3,299
71,255
24,845
69,746
184,614
25 21,355
258
(*)
9 2,451
(D) 22,587
-48 14,305
163 6,327
3,419 31,249
278
(D)
77
351
1,266
0
9,503
3,715
171
122
10,160
3,491
(D)
10,300
2,580
-3
(D)
126
362
107
2,620
1,828
0
-1
(D)
1,609
8
1,063
4,435
(D)
165
5,850
3,205
(*)
1,264
1,734
0
(D)
329
562
0
(D)
4,365
0
624
63
1,183
0
-40
2,418
(D)
293
(D)
2,625
(D)
(D)
17,132
872
200
3,353
1,574
(D)
10,877
2,630
4
18
11,071
4,159
(D)
4,637
1,131
-83
(D)
(D)
-44
652
(D)
11,155
309
32
10,329
1,557
2,801
40,285
3,941
35
58
2,587
707
21
2,098
26,508
233
0
5,109
491
54,753
87,195
6,697
230
(D)
13,328
2,144
(D)
(D)
Norway.....................................
Poland......................................
Portugal....................................
Russia......................................
Spain........................................
Sweden....................................
Switzerland...............................
Turkey.......................................
United Kingdom.......................
Other........................................
8,819
6,125
2,391
8,562
46,528
33,219
81,048
2,010
333,497
11,924
5,149
4
(*)
6,294
56
0
390
48
6,360
(D)
1,824
2,794
487
632
13,505
2,780
7,808
606
57,367
524
29
125
(*)
207
640
(D)
41
(D)
3,149
261
119
(D)
78
279
7,591
315
5,093
101
14,208
(D)
55
258
10
0
61
167
52
1
1,695
(D)
1,583
27
(*)
-35
-47
836
799
(*)
6,323
5
-64
13
165
(D)
540
414
151
(*)
6,662
8
32
14
2
11
571
19
240
0
541
24
7
509
(D)
49
786
69
(D)
133
5,101
29
63
(D)
(D)
(D)
3,362
(D)
(D)
(D)
19,688
34
196
137
710
518
2,316
452
14,246
480
12,370
(D)
298
(D)
480
4
1,847
360
1,396
8
15,564
289
49
1,840
3
(D)
1,879
0
9,490
688
16,553
(D)
539
595
223
9
5,455
(D)
9,593
(D)
88,449
488
273
98
11
34
1,386
211
1,739
30
11,908
52
24
41
-183
2
19,002
18,248
35,727
(*)
75,748
2,005
466
(D)
662
(D)
1,082
(D)
660
(D)
49,179
(D)
365,895
70,316
11,019
29,619
9,623
4,192
730
4,245
9,568
1,322
84,125
1,278
367
75,106
5,777
1,597
211,453
3,865
103,454
770
18,710
9,735
297
1,963
1,125
1,395
607
2,463
1,428
457
2,229
(*)
0
2,121
98
10
6,746
4
36
(*)
48,366
23,158
1,956
13,930
1,573
1,261
-5
312
3,947
183
22,644
721
219
21,018
51
634
2,564
144
-166
496
6,161
2,844
936
1,535
(D)
76
10
(D)
129
67
3,256
129
9
2,984
32
102
62
26
1
53
10,930
6,031
645
3,734
498
488
5
175
412
75
4,023
89
7
3,869
3
56
876
8
(D)
(D)
3,063
1,742
8
1,538
(D)
(D)
-3
-87
80
(*)
805
(D)
(D)
777
O
(D)
516
1
0
(D)
2,520
1,777
158
1,444
43
12
0
(*)
119
2
(D)
1
0
(D)
0
0
(D)
(*)
(D)
0
-690
1,193
82
1,111
2
(*)
0
0
-3
0
-2,104
(D)
0
-2,206
0
(D)
221
(D)
1
(D)
1,180
143
-96
138
3
15
0
(*)
81
0
1,031
74
0
957
0
(*)
7
5
0
0
5,264
967
-159
281
(D)
(D)
(D)
-1
599
24
4,529
0
(D)
(D)
-5
0
-232
(D)
(D)
0
19,938
8,462
382
4,149
837
352
(D)
(D)
2,529
16
(D)
407
(D)
9,432
21
(D)
(D)
(D)
12
357
15,908
2,261
260
46
713
540
77
86
290
250
3,863
393
77
2,467
676
250
9,783
1,790
2,741
177
5,797
1,807
4,857
3,415
1,091
166
896
2,568
394
1,323
80
(D)
2
(D)
90
(D)
735
(D)
181
128
1,688 17,776
1
0
(D)
(*)
(D) 17,344
374
(*)
(D)
(D)
694 -20,826
26
(D)
18
(*)
4
(D)
131,561
9,974
1,074
5,258
2,488
329
(D)
71
592
(D)
14,852
21
9
13,767
1,041
15
106,735
1,368
58,056
-8
1,349
1,142
49
187
37
43
(D)
51
773
(D)
444
72
0
382
-11
1
-237
-74
-10
1
122,206
11,417
5,767
3,173
367
(D)
2
(D)
1,133
1
9,889
(*)
3
7,348
2,516
23
100,900
90
39,775
0
20,191
4,358
360
1,598
1,604
(D)
-19
237
(D)
(D)
10,740
70
(D)
(D)
1,031
(D)
5,093
(D)
3,003
(D)
79,728
23,637
2,178
4,528
1,433
657
(D)
-15
-37
(D)
(*)
1
(D)
2
-1
3
(*)
0
56
-210
48,169
12,866
12,464
4,589
54
-11
7,833
2,487
225
79
1,703
481
324
-44
17
289
62
288
122
0
164
2
-65
0
0
30
-95
42
9
0
32
1
18
3
-1
24
-8
22,631
8,350
3,770
3,324
7,188
5,501
(D)
-7
1,134
(D)
5,825
4,666
374
233
553
221
98
35
(D)
(D)
3,798
(D)
(D)
(*)
0
—8
-30
(D)
(D)
0
1,114
225
-49
(D)
(D)
1,726
1,315
203
34
174
380,523
115,623
17,033
32,577
6,634
9,487
79,280
18,188
10,344
4,897
6,377
54,500
14,602
6,573
4,408
19,724
8,468
1,830
0
116
6,171
2
1
1,727
339
22
107
(*)
-212
1,155
80,852
14,566
8,252
2,657
1,341
882
14,521
7,816
4,245
867
2,985
14,325
4,081
4,049
266
1,054
412
96
(D)
(D)
17,285
4,055
2,133
217
378
298
4,083
1,433
726
84
362
1,474
891
1,104
48
3,790
2,575
168
145
60
(D)
250
126
45
13
24
98
120
133
(D)
4,249
724
405
171
430
425
399
130
130
-4
42
1,021
118
255
3
23,871
503
1,107
1,041
158
-7
2,938
2,511
2,864
18
1,589
8,763
1,594
786
7
2,111
257
543
198
-18
(D)
779
(D)
1
(D)
(D)
79
63
23
0
7,056
1,556
1,329
31
-19
6
997
650
(D)
3
(D)
1,779
153
358
(D)
19,051
3,714
1,929
865
313
93
4,869
(D)
(D)
542
671
1,093
1,092
1,392
(D)
26,320
2,459
1,870
5,789
528
121
8,058
1,208
273
449
280
2,825
1,854
550
56
68,871
6,409
(D)
6,625
668
2
36,909
1,980
(D)
1,066
850
4,824
7,161
931
4
12,538
2,284
77
263
549
39
6,458
962
194
236
-72
1,260
102
179
6
4,142
5
514
(D)
(D)
4,928
(D)
2,771
(D)
(D)
121,026
(D)
1,307
10,537
293
804
1,951
14
2,400
1,110
(D)
27,845
106
91
-37
(D)
(D)
1,227
(D)
117
204
(D)
910
(D)
200
137
(D)
Asia and Pacific.........................
Australia....................................
China.......................................
Hong Kong................................
India..........................................
Indonesia.................................
Japan........................................
Korea, Republic of...................
Malaysia...................................
New Zealand
Philippines................................
Singapore.................................
Taiwan....
ThailandOther .....
78
78
0
0
O
3,440
1,182
637
-11
38
30
206
747
17
(D)
293
17
49
-1
(D)
902
(D)
0
824
(D)
14
0
14
O
0
361
(D)
(D)
41
200
Middle East................................
Israel........................................
Saudi Arabia............................
United Arab Emirates..............
Other.......................................
126
1
(D)
88
(D)
81
0
48
31
2
(D) -15,694
(D)
(D)
202
1,068
(D)
(D)
0
(D)
176
(D)
328
(D)
277
1,070
1,043
-2
15
0
12
(D)
(D)
(*)
9,870 15,478
2,347
979
727
771
1,572
2,480
2,004
1,080
-63
494
2,979
453
190
3,656
31
(D)
168
(D)
41
(D)
1,099
1,613
984
83
6
578
11
220
37,692
9,628
23,018
5,354
1,195
3,558
12,912
(D)
(D)
627
(D)
(D)
265
(D)
586
(D)
(D)
(D)
(D)
4,664
411
Africa...........................................
Egypt........................................
Nigeria......................................
South Africa.............................
Other........................................
(D)
(D)
242
3
(*)
10
228
25,844
(D)
(D)
2,655
57
1,038
7,950
2,361
(D)
(D)
1,565
602
230
402
2,728
Addenda:
European Union (2 5 ) '............
OPEC 2.....................................
998,028
37,697
10,294 220,372
16,473 6,122
17,213
159
68,373
1,442
11,832
195
13,760
660
28,174
(D)
8,294
116
16,892
620
55,834
(D)
65,517
1,182
197,305
1,382
28,519
1,188
304,675
7,145
97,512
(D)
All countries..................
Canada........................................
Latin America and Other
Western Hemisphere.............
South America..........................
Argentina..............................
Brazil....................................
Chile.....................................
Colombia..............................
Ecuador................................
Peru......................................
Venezuela............................
Other....................................
Central America.......................
Costa Rica............................
Honduras..............................
Mexico..................................
Panama................................
Other....................................
Other Western Hemisphere.....
Barbados..............................
Bermuda...............................
Dominican Republic............
United Kingdom Islands,
Caribbean........................
Other....................................
2,135,492 115,956 449,202
Food
Finance Profes
Electrical
equip
Deposi (except
sional,
Whole
tory
depository scientific, Holding
Other
Informa
Primary
Trans
Compu ment,
Other
sale
Chemi
tion
institu institutions) and companies industries
and
Machin ters and appli portation manu
trade
(nonbank)
tions
and
technical
cals fabricated
ery
electronic ances,
equip facturing
insurance services
and
ment
metals
products
compo
nents
233,474
31,781
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. The European Union (25) comprises Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
48,968 126,937 139,444
1,050
57
163
486
344
1,280
668
264
342
7
42,927
699
30,907
(D)
177,327
Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2005 are revised.
34
Direct Investment Positions for 2006
July 2007
Table 1.2. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2006
[Millions of dollars]
Manufacturing
All
industries
All countries...................
Total
2,384,004 136,145 503,495
Food
32,517 129,778
23,220
32,172
76,660
15,765
74,368
67,550
484,840
57,429
710,336
87,522
3,359
15,074
3,643
4,270
9,897
2,375
18,029
30,874
14,630
5,029
2,265
42,951
2,906
25,567
27,559
1,250,508 31,387 255,375
17,405
(*) 2,909
52,054
9 13,754
3,090
1,111
(*)
5,753
-160
3,432
2,592
0 1,628
65,933
79 25,788
18,869
(D)
276
(D)
75
12
1,425
81,284
112
7,392
332
31
104
7,574
13,438
89
1
9
95
229
3,727
19,634
232
79
176
(D)
(D)
504
31,998
(D)
96
18
1,735
768
2,354
9,435
-7
(D)
74
(D)
74
749
20,104
803
1,176
484
2
96
1,993
60,613
258
(D)
(D)
(D)
(D)
7,462
97,625
2,462
5,650
31
571
761
7,711
51,339
-17
-521
88
244
-22
1,614
50,628
(D)
1,288
974
0
0
1,898
229,436
(D)
24,079
829
670
12
5,357
36,462
206
3,474
45
60
146
2,106
392,860
8,355
2,663
0
647
15
11,842
105,395
828
1,658
12
290
51
9,537
Canada.........................................
Europe.........................................
Austria......................................
Belgium....................................
Czech Republic.......................
Denmark...................................
Finland......................................
France.......................................
Mining
Electrical
Finance Profes
equip
Deposi (except
sional,
Whole
Holding
Primary
tory
depository
Compu ment,
Trans
Informa
scientific,
Other
sale
Other
Chemi
and
tion
Machin ters and appli portation
institu institutions) and companies industries
trade
manu
(nonbank)
cals fabricated
ery
tions
and
electronic ances, equip facturing
technical
metals
products
and
ment
insurance services
compo
nents
246,451
38,023
55,526 137,858 164,290
185,549
Germany...................................
Greece......................................
Hungary....................................
Ireland......................................
Italy...........................................
Luxembourg..............................
Netherlands..............................
99,253
2,073
4,014
83,615
28,936
82,588
215,715
45 26,155
-1
245
2,669
(U)
381 24,649
-31 15,613
163 6,698
3,379 33,124
326
(*)
108
(O)
1,222
0
10,457
3,802
428
81
11,473
3,815
(D)
11,307
3,547
-4
(D)
138
370
(*)
964
2,756
0
5
607
1,825
7
1,113
4,441
(D)
91
6,364
3,795
(D)
1,584
1,663
0
868
265
463
0
2,796
6,597
0
749
-19
1,475
0
-10
3,023
(D)
(D)
(D)
2,648
(D)
4,913
20,702
1,048
346
5,778
2,633
2,145
11,678
2,726
11
7
11,351
5,036
(D)
6,318
1,363
-104
(D)
(D)
-31
840
(D)
12,654
369
123
14,872
1,723
5,048
39,697
4,206
35
62
2,909
758
18
2,683
24,802
235
0
5,371
1,042
63,861
114,334
6,600
235
(D)
(D)
2,194
(D)
(D)
Norway.....................................
Poland......................................
Portugal....................................
Russia......................................
Spain........................................
Sweden.....................................
Switzerland...............................
Turkey.......................................
United Kingdom.......................
Other........................................
10,280
7,190
3,033
10,064
49,413
35,938
90,085
2,088
364,084
15,311
6,240 2,197
(D) 3,640
421
n
1,047
6,988
63 14,278
0 2,765
437 9,643
14
556
7,578 61,427
6,193
1,628
28
191
(*)
284
635
(D)
55
67
2,695
350
121
591
90
(D)
7,839
582
5,293
24
15,473
108
86
343
10
(D)
76
177
16
1
2,299
(D)
1,972
47
6
(D)
-71
891
1,545
(*)
6,726
23
-87
47
114
(D)
488
532
387
(*)
7,999
24
8
4
(D)
12
563
28
470
0
659
21
7
709
(D)
81
724
-477
556
184
4,729
(D)
60
1,710
40
(D)
4,025
(D)
1,320
279
20,846
(D)
222
189
935
586
2,300
669
16,627
524
13,238
816
265
394
554
13
2,639
369
1,140
-20
18,481
(D)
58
1,706
3
(D)
1,596
(*)
12,423
755
19,358
1,790
553
741
273
17
6,351
(D)
10,053
80
98,652
467
351
117
18
46
1,796
261
2,933
38
14,124
70
22
(D)
-2
17
19,053
20,020
36,133
(*)
81,182
(D)
373
(D)
831
(D)
1,337
(D)
697
141
50,046
780
403,284
79,146
13,086
32,601
10,243
4,897
461
4,979
11,556
1,323
93,995
1,573
517
84,699
5,728
1,478
230,143
4,756
108,462
896
21,925 58,848
10,624 27,416
328 2,441
2,738 16,324
968
1,598
1,731
1,526
277
33
3,085
380
1,121
4,932
180
375
3,531 27,492
856
(*)
364
0
3,449 25,467
72
56
10
748
7,770 3,941
4
495
353
(L))
620
(*)
6,046 12,357
2,857
6,963
923
978
1,501
4,240
24
459
478
<D>
12
3
205
(D)
519
(D)
54
80
4,401
3,088
204
112
12
9
2,694
4,204
34
3
143
73
102
993
29
8
1
113
58
81
3,629
2,281
4
2,031
45
186
-2
-84
101
(*)
782
39
4
753
(*)
-15
566
1
0
(D)
2,737
1,886
176
1,522
49
12
0
(*)
125
3
(D)
1
0
(D)
0
(*)
(D)
(*)
(D)
0
1,277
1,375
93
1,284
(D)
O
0
0
(D)
0
(D)
(D)
0
-828
0
(D)
(D)
(D)
(D)
4
1,506
(D)
-109
177
3
16
0
(*)
(D)
0
1,167
81
0
1,086
0
(')
(D)
5
(D)
0
7,794
1,860
-27
561
(D)
(D)
(D)
-1
979
27
6,015
0
(D)
(D)
-5
0
-82
-38
(D)
0
23,502
(D)
404
5,008
(D)
514
(D)
(D)
2,935
15
11,889
(D)
(D)
10,745
24
(D)
(D)
(D)
13
(D)
19,308
2,852
171
664
732
574
103
91
255
263
3,525
465
(D)
2,376
353
(D)
12,930
1,834
3,456
(D)
6,118
3,192
929
729
308
92
2
90
880
161
1,796
1
(*)
1,738
(*)
56
1,130
(D)
344
2
-4,422
5,033
472
2,173
1,393
(D)
(D)
(D)
(D)
280
(D)
0
(D)
(D)
386
47
(D)
25
7
(D)
127,331
9,562
1,539
4,106
2,652
359
(D)
103
688
(D)
16,099
23
10
14,986
1,065
14
101,670
2,273
58,782
-7
1,038
728
56
293
76
47
-2
51
211
-5
439
79
0
364
-5
1
-129
-95
-12
1
151,420
14,808
6,697
4,167
336
195
3
(D)
(D)
1
10,725
(D)
3
7,968
2,667
(D)
125,887
-48
42,345
0
21,718
4,932
453
1,407
2,178
(D)
-26
253
611
(D)
(D)
(D)
46
(D)
1,134
325
(D)
(D)
(D)
-2
(D)
(D)
176
2
35
115
25
n
1
225
2
0
3
(D)
0
59,674
23,916
507
969
36
9
0
26
1
499
15
(D)
10
(D)
151
5
-1
115
32
4,345
1
391
548
3,405
822
(D)
141
(D)
(D)
5,173
(D)
(D)
1
0
-5
-27
19
4
0
1,195
(D)
0
1,151
(D)
14
0
14
(*)
0
305 -22,001
(D) -5,930
1,047
193
6
(D)
0
(D)
170
(D)
377
16
215
-239
-64
0
0
(D)
(D)
6,926
(D)
1,137
60
168
526
383
31,194
9,428
339
127
0
209
3
(D)
(D)
729
(D)
(D)
(D)
(D)
1,459
658
303
494
4
5,210
57
3,084
(D)
(D)
905
(D)
(D)
83
(D)
8,390
1,476
1,721
42
71
-9
1,123
879
(D)
3
(D)
2,289
138
495
(D)
30,132
2,670
2,339
7,873
901
154
8,298
1,338
171
573
288
2,345
2,300
662
221
378
15
0
(D)
(D)
17,655
1,954
1,233
1,687
1,426
675
673
4,898
(D)
(D)
(D)
2,027
933
732
(D)
1,542
1,156
319
34
33
2,417
310
585
253
-18
(D)
758
244
(*)
(D)
-7
157
76
28
0
1,313
1,273
(D)
(D)
(*)
10,377
942
1,016
1,694
2,419
-76
2,329
230
36
192
46
1,362
170
6
11
1,292
244
-39
766
321
28,377
569
1,876
1,513
295
-46
3,991
2,900
3,282
115
1,616
9,595
1,647
967
57
639
426
(D)
(D)
(D)
21,502
3,665
2,270
879
283
(D)
5,872
2,740
(D)
548
(D)
1,010
1,281
1,716
(D)
83,332
7,979
1,554
8,705
1,040
217
44,799
2,785
450
1,125
964
5,128
7,828
837
-79
15,331
3,030
134
366
967
42
7,448
1,212
207
264
-51
1,358
120
229
6
130,933
77,967
2,002
11,790
333
843
1,990
7
(D)
(D)
(D)
(D)
132
124
(D)
29,149
4,267
1,530
2,802
70
1,102
8,961
2,126
1,246
(D)
1,742
(D)
187
583
(D)
31,665
-2
8,938
138
19,299
984
58,667
3,281
78,850
1,372
49,597
844
35,044
1,545
218,406
1,810
33,076
622
353,475
8,940
102,731
2,289
Latin America and Other
Western Hemisphere.................
South America.........................
Argentina..............................
Brazil....................................
Chile.....................................
Colombia..............................
Ecuador................................
Peru......................................
Venezuela.............................
Other....................................
Central America........................
Costa Rica............................
Honduras..............................
Mexico..................................
Panama................................
Other....................................
Other Western Hemisphere.....
Barbados..............................
Bermuda...............................
Dominican Republic.............
United Kingdom Islands,
Caribbean.........................
Other....................................
80,604
35,426
Africa
Egypt........................................
Nigeria......................................
South Africa..............................
Other........................................
25,556
5,911
339
3,818
15,489
Middle East..................................
Israel.........................................
Saudi Arabia.............................
United Arab Emirates..............
Other........................................
26,487
9,964
4,346
4,547
7,630
Asia and Pacific..........................
Australia....................................
China........................................
Hong Kong................................
India..........................................
Indonesia..................................
Japan........................................
Korea, Republic of....................
Malaysia...................................
New Zealand............................
Philippines................................
Singapore.................................
Taiwan......................................
Thailand....................................
Other........................................
431,718
122,587
22,228
38,118
8,852
10,585
91,769
22,280
12,450
5,721
7,034
60,417
16,126
8,217
5,334
Addenda:
European Union (2 5)1............
OPEC 2.....................................
1,123,284
43,030
2,056
(U)
14,464
5,159
-794
103
9,996
1,727
746
11
3
2,900
299
96
2,000
505
259
7
(*)
-16
268
6,920
(D)
79
2,105
(U)
23,426
10,618
1,521
0
-29
6,827
4
1
2,255
377
26
176
(*)
85
1,565
7,468
6,262
385
(O)
(U)
91,382
13,160
10,899
3,201
1,725
800
17,267
9,684
4,787
1,090
3,143
15,907
4,455
4,958
305
11,485 240,620
18,518 7,090
89
89
0
0
(*)
3,894
1,133
754
-22
48
(D)
164
906
38
P
399
19
53
36
(D)
(D)
(U)
231
-58
<D)
189
(D)
1,190
(D)
95
(D)
(U)
19,642
4,307
2,591
266
463
328
4,667
1,737
754
88
398
1,613
1,011
1,370
49
2,245
757
462
87
86
28
174
152
51
14
26
130
148
122
10
279
143
(D)
81
(D)
4,914
944
640
184
497
(D)
518
126
148
7
(D)
1,094
101
224
3
18,175
188
75,323
1,624
12,422
250
16,130
627
88
0
56
30
2
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. The European Union (25) comprises Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2006 are preliminary.
July 2007
Survey
of
35
C u r r e n t B u s in e s s
Table 2.1. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2005
[Millions of dollars]
Manufacturing
All
industries
Total
Food
All countries...................... 1,594,488 513,609
Canada...........................................
154,180
27,739
Primary
Compu
Chemi
Machin ters and
and
cals fabricated
ery
electronic
metals
products
Electrical
Whole
equip
sale
ment,
Trans
trade
Other
appli portation
manu
ances,
equip facturing
and
ment
compo
nents
26,363
49,550
33,250
11,817
4,586
4,736
498
4,964
122
15,602 133,946
7
(D)
-3
2,083
(D)
(D)
(D)
(D)
1,496 13,961
18,329
281
(D)
(D)
(D)
1,188
31,619
180
688
413
393
(D)
22,579
3
7
(D)
37
3,937
20,217 147,999
2,122
25,798
3,568
284
1,436
28,091
3,631
(D)
-15
604
(D)
(D)
(D)
177
(D)
4,734
754
-15
203
(D)
4,966
1,457
2,657
9,828
79,502
70,769
12,373
78
1,048
(D)
(D)
(D)
0
(D)
0
(D)
(D)
(D)
8,633
-3
13
(*)
-1
(D)
458
(*)
(D)
(D)
218
1,493
(D)
572
30,186
22,143
2,282
(D)
(D)
986
2,083
2,248
(D)
35
6
1,350
2,992
3,276
(D)
3
1
(D)
332
9,880
1,393
70,789
22,868
2,051
3,806
11,109
5,304
598
47,921
651
-471
5,424
19,761
1,022
-105
1,184
(D)
(D)
24
18,739
99
1,616
61
1,084
999
(D)
(D)
0
3
5
86
(D)
(D)
2
69
67
-48
74
54
-4
-9
1
(D)
(D)
(D)
518
311
(D)
703
(D)
-4
(D)
207
(D)
(D)
(D)
(D)
-37
-3
-24
1
-15
5
(D)
0
(D)
-1
23,932
18,385
(D)
(D)
100
0
4
8
7
0
267
(D)
Africa..............................................
South Africa.................................
Other...........................................
2,734
491
2,243
731
-3
734
(D)
-5
(D)
(D)
(D)
(D)
Middle East....................................
Israel............................................
Kuwait..........................................
Lebanon......................................
Saudi Arabia................................
United Arab Emirates.................
Other...........................................
8,396
4,308
562
-6
(D)
(D)
143
762
768
(D)
1
(D)
-15
1
-1
-1
(*)
8
8
0
0
0
0
0
(D)
(D)
0
0
10
0
0
Asia and Pacific............................
Australia.......................................
China...........................................
Hong Kong...................................
India.............................................
Japan...........................................
Korea, Republic of......................
Malaysia......................................
New Zealand...............................
Singapore....................................
Taiwan.........................................
Other...........................................
230,228
22,411
707
3,658
1,497
188,687
5,771
422
690
2,183
3,652
550
60,768
4,381
41
1,777
12
53,746
565
5
6
-955
1,165
24
1,401
66
-1
(*)
1
1,385
4
-1
(D)
(D)
-1
n
Addenda:
European Union (2 5)'................
OPEC2.........................................
981,338 317,948
334
9,435
Europe............................................ 1,128,161 403,849
Austria.........................................
2,416
1,267
Belgium.......................................
10,387
3,328
Denmark......................................
6,121
4,530
Finland.........................................
5,970
3,574
France .........................................
120,272 42,079
Germany......................................
Ireland.........................................
Italy..............................................
Luxembourg.................................
Netherlands.................................
180,339
18,594
8,009
116,729
165,366
69,156
8,144
920
26,439
67,825
Norway........................................
Spain...........................................
Sweden.......................................
Switzerland..................................
United Kingdom...........................
Other...........................................
5,204
7,504
22,247
131,342
296,277
31,385
Latin America and Other Western
Hemisphere................................
South and Central America........
Brazil.......................................
Mexico.....................................
Panama...................................
Venezuela................................
Other.......................................
Other Western Hemisphere........
Bahamas.................................
Bermuda..................................
Netherlands Antilles...............
United Kingdom Islands,
Caribbean............................
Other.......................................
215,782
38,609
52,578
17,122
6,086
7,836
15,258
45,515
2,504
1,754
30,365
47,624 125,517 114,481
279
(D)
(D)
419
1,663
(D)
-1
1,638
427
1
2,310
2,172
3,521 13,815 10,393
16,410
(D)
(D)
5
(D)
494
98,418
-1
-2
-1
0
10,842
98,854
(D)
(D)
0
(D)
16,224
140,279
1
938
(*)
(*)
27,480
18,716
46
(D)
3
(D)
397
48,060
(D)
-984
(D)
(D)
3,119
189,093
24
1,914
(D)
-14
9,242
74,832 149,582 242,174
2,590
8,120
30,101 110,639 130,676
260,320
23,049
(D)
22
1,483
6,822
(D)
(D)
17
17,592
16,668
11,258
528
996
980
9,151
2,160
(D)
1,514
23
(D)
34,232
(D)
(D)
5,299
11,383
16,586
(D)
1,261
0
(D)
19,057
693
(D)
(D)
41,485
5,699
-23
44
236
2,635
419
(D)
(D)
(D)
9,241
21,772
6,409
2,036
77,073
11,352
(*)
(D)
39
(D)
(D)
8
105
3,562
(D)
7,296
174
(D)
723
1,544
35,785
22,935
3,650
562
140
5,882
6,991
62,615
443
(*)
(D)
(D)
389
2,697
(D)
269
(D)
(D)
(D)
17,845
(D)
(D)
(D)
(D)
(D)
(D)
818
0
(D)
407
27,032
(D)
579
51
(D)
(D)
1,727
3,498
1,000
(D)
(D)
57
485
27,108
(D)
(D)
554
(D)
6,700
38,651
7,234
-201
-184
-103
-73
(D)
-2
(D)
-18
(*)
(D)
-2
(D)
3
-2
7
(*)
-2
-1
(D)
0
(D)
0
-390
-436
63
(D)
(D)
1
-3
46
0
0
-4
2,955
299
-56
^1
-30
(D)
(D)
2,656
(D)
582
(D)
11,251
6,525
(D)
1,365
-69
(D)
90
4,726
(D)
-811
2,205
2,159
403
(D)
(D)
3
(*)
5
1,755
(D)
0
(D)
923
(D)
18
(D)
(D)
-5
9
(D)
(D)
858
(D)
3,529
2,868
479
690
(D)
<U)
628
661
(D)
0
(D)
12,036
(D)
46
(D)
(D)
6
15
(D)
-3
-6,321
(D)
5,730
796
(D)
(D)
471
11
16
4,934
351
(D)
807
-405
(D)
-20
(D)
3
5
-12
(D)
4
(D)
(D)
15,806
629
89
163
536
19
-178
15,177
(D)
3,377
2,068
(D)
(D)
50
0
1,727
292
2,768
(D)
1,391
-4
(D)
(D)
129
(D)
4,528
3,155
2,722
(D)
-122
-15
(D)
450
-2
-2
(*)
(D)
0
2
(D)
(D)
-1
0
-1
10
10
0
-72
-5
-66
(D)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
0
(D)
266
1
265
(D)
0
0
0
(D)
(D)
1
392
398
(*)
1
0
-7
0
1
0
2
(*)
-1
(*)
0
(D)
(D)
(D)
0
0
(D)
0
-2
(D)
0
n
(D)
(D)
0
(D)
(D)
0
0
0
0
0
820
811
2
0
6
(*)
0
(D)
1,550
(D)
0
(D)
(D)
(D)
8,268
(D)
-9
(D)
19
6,409
32
-6
(*)
-38
409
-12
(D)
352
(D)
-2
(D)
2,133
129
-5
(D)
-1
2
1
(D)
(D)
-44
(D)
3
4,151
-7
-3
2
-25
-1
(*)
5,515
-9
-39
670
(D)
5,381
(D)
35
-9
-785
63
8
(D)
-7
24
(*)
(*)
635
(*)
-1
-1
1
(D)
(*)
(D)
-30
(D)
(*)
43
24,939
(D)
4
-1
8
-34
28
13,065
(D)
4
159
3
8,713
87
-19
1
(D)
(D)
-2
(D)
427
-1
(D)
(D)
(D)
(D)
95,132
1,818
391
1,002
(D)
85,134
4,446
41
(D)
425
1,121
200
(D)
2
2
(D)
(*)
5,038
(D)
0
0
(D)
(D)
(*)
(D)
(D)
70
(D)
72
1,919
(D)
4
1
20
(D)
(D)
(D)
(D)
(D)
364
190
7,535
328
(D)
0
286
931
182
17,855
1,915
(D)
(D)
(*)
14,330
144
0
0
(D)
9
(D)
(D)
5,390
-3
160
(*)
4,706
58
(D)
(D)
(D)
59
18
(D)
(D)
n
(D)
(D)
0
(*)
2
5
(*)
3,061
1,113
(D)
(D)
3
(D)
0
0
(D)
0
0
(D)
(D)
(*)
(D)
-2
(D)
0
2
1
0
9,102 100,672
3
-2
15,076
-1
27,276
-21
22,241
-10
8,588
-1
45,936
(D)
89,057 106,696
(D)
(D)
16,021
(*)
83,509 100,619
4
1,267
113,208
1
16,861
(D)
* A nonzero value between -$500,000 and $500,0000.
D Suppressed to avoid disclosure of data of individual companies.
1. The European Union (25) comprises Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands,
Retail
trade
Finance
Real
Profes
(except
sional,
Deposi deposi estate
Other
tory
and
scientific,
Informa
tory
rental
industries
and
tion
institu
institu
and technical
tions tions)
and leasing
services
insurance
1
(D)
4
(D)
(D)
57
22
47
(D)
589
(D)
(*)
-9
(D)
36
327
-21
1,107
1,581
2
(D)
(*)
9
(D)
-8
(D)
6,898
(D)
116
(D)
14,697
14
258
52
639
215
113
45,444
10
181,030
(D)
Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote. Estimates for 2005 are revised.
36
Direct Investment Positions for 2006
July 2007
Table 2.2. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2006
[Millions of dollars]
Manufacturing
All
industries
Total
Food
All countries.....................
1,789,087 593,759
Canada...........................................
158,979
31,315
Europe........................................... 1,270,570 454,879
Austria........................................
2,367
1,360
Belgium......................................
2,977
12,590
Denmark.....................................
7,209
5,573
Finland........................................
7,289
3,958
France.........................................
158,830 69,857
Primary
Compu
Chemi
and
Machin ters and
cals fabricated
ery
electronic
metals
products
23,874 183,127
34,238
59,889
54,713
14,731
(D)
5,811
625
4,974
19,072 156,976
7
-24
-4
2,938
(D)
(D)
(D)
(0)
2,024 22,178
23,804
297
(D)
(D)
(D)
1,647
39,780
225
42
498
690
(D)
36,027
(D)
3
(D)
(D)
(D)
(D)
11,247
n
7
(D)
1
3,512
27,954
(D)
304
(D)
33,422
3,094
(D)
-10
(D)
(D)
(D)
(D)
209
(D)
4,951
1,063
(D)
205
(D)
3,701
565
(*)
(D)
(D)
809
1,634
(U)
327
26,280
20,491
(D)
(D)
(D)
1,197
3,003
2,835
(D)
(D)
2
1,534
(D)
2,689
(D)
(D)
(D)
(D)
(D)
10,782
(D)
2,162
Germany....................................
Ireland........................................
Italy.............................................
Luxembourg................................
Netherlands................................
202,581
28,551
11,883
130,925
189,293
77,510
11,132
986
30,153
69,775
Norway.......................................
Spain..........................................
Sweden.......................................
Switzerland.................................
United Kingdom.........................
Other..........................................
7,835
14,942
22,287
140,259
303,232
30,495
1,721
2,663
10,591
78,843
76,805
10,976
83
1,920
50
685
(D)
0
6
(*)
(D)
(D)
(D)
79,845
29,341
2,122
6,075
12,994
7,246
903
50,504
664
2,757
6,179
23,520
3,084
23
3,032
-253
26
256
20,436
100
2,186
-319
(D)
1,091
(D)
(D)
0
1
3
(D)
(D)
P
2
544
-6
-58
96
-14
-3
-27
550
(D)
(U)
(D)
1,777
1,557
(D)
1,716
(D)
-1
(D)
220
(D)
(D)
(D)
(D)
-109
-37
-58
1
-6
-8
(D)
0
(D)
1
24,572
16,332
100
0
(D)
(D)
-21
-20
-1
(D)
0
(D)
(D)
-16
-13
-2
(D)
-1
0
0
(D)
(D)
-1
(D)
(D)
-40
Latin America and Other Western
Hemisphere...............................
South and Central America.......
Brazil......................................
Mexico....................................
Panama..................................
Venezuela...............................
Other......................................
Other Western Hemisphere.......
Bahamas................................
Bermuda.................................
Netherlands Antilles..............
United Kingdom Islands,
Caribbean..........................
Other......................................
Africa.............................................
South Africa................................
Other..........................................
2,244
652
1,592
(D)
(D)
-38
-31
-7
Middle East....................................
Israel...........................................
Kuwait.........................................
Lebanon .....................................
Saudi Arabia...............................
United Arab Emirates................
Other..........................................
17,639
(D)
878
-7
(D)
(D)
171
(D)
(D)
(D)
n
(D)
-25
-1
(*)
0
(*)
8
8
0
0
0
0
0
Asia and Pacific...........................
Australia......................................
China..........................................
Hong Kong..................................
India............................................
Japan..........................................
Korea, Republic of.....................
Malaysia.....................................
New Zealand..............................
Singapore...................................
Taiwan........................................
Other..........................................
259,810
25,727
554
3,524
2,002
210,996
8,609
432
615
2,412
4,199
740
(D)
5,721
(D)
1,714
119
65,866
591
13
-8
(D)
1,664
84
(D)
14
-4
-1
(*)
1,366
3
-1
(D)
(U)
-1
2
Addenda:
European Union (25)1...............
OPEC2........................................
1,113,507 369,482
21
12,391
745
10,188
14,204
41,979 125,994 121,169
(D)
(D)
(D)
-281
1,817
(D)
-1
2,350
269
2,177
2,956
(*)
3,322 17,735
7,788
32,898 125,963 148,981
Profes
sional,
scientific, Other
and
industries
technical
services
257,677
43,295
62,262
16,906
51,775
3,040
1,076
29,650
20,399 111,841 113,698
-1
(D)
(D)
-2
(D)
(D)
5
0
0
-2
(D)
(D)
921 17,037 20,177
173,087
1
1,156
(*)
-1
28,941
21,791
(D)
(D)
3
(D)
396
54,509
(D)
-32
(D)
(D)
3,747
199,197
5
2,283
(D)
(D)
9,967
5,648
5,365
272,225
(D)
(D)
113
(D)
16,222
12,284
241
1,174
1,186
15,208
2,450
(D)
1,785
0
(D)
38,788
540
(D)
5,765
12,044
18,975
(D)
1,383
0
(D)
20,425
3,851
(D)
(D)
54,290
7,017
(D)
46
(D)
1,866
256
(D)
(D)
(D)
9,548
24,876
7,242
2,426
83,338
11,909
1
3
(D)
39
(D)
(D)
(D)
860
(D)
34,955
29,540
3,175
(D)
143
7,037
(D)
61,287
443
(*)
(D)
(D)
399
3,299
(D)
(D)
(D)
290
(D)
19,453
(D)
(D)
8,593
(D)
(D)
(D)
(D)
0
1,285
245
37,454
(D)
804
49
(D)
1,423
1,864
4,892
98
(D)
(D)
55
520
27,722
(D)
(D)
1,533
(D)
7,522
32,364
8,409
(D)
-159
(D)
-39
-1
-2
(D)
(D)
n
(D)
-2
(D)
-2
2
5
(*)
-5
-4
(D)
0
(U)
0
201
88
65
(D)
(D)
-1
-2
112
0
0
-4
2,612
624
-70
347
-25
43
331
1,987
(D)
(D)
(D)
11,732
8,988
(D)
1,790
(D)
(D)
169
2,744
(D)
-508
(D)
970
(D)
(D)
(D)
3
(*)
5
(D)
(D)
0
(D)
4,914
(D)
20
(D)
(D)
-7
9
(D)
(D)
4,026
(D)
4,118
3,403
519
1,009
(D)
(D)
657
715
(D)
0
(D)
11,612
(D)
(D)
10
(D)
(D)
11
(D)
-3
-6,729
(D)
5,337
867
(D)
(D)
(D)
10
19
4,470
(D)
(D)
997
109
210
-16
(D)
3
(D)
-11
-101
3
(D)
(D)
17,533
494
91
56
558
1
-213
17,039
(D)
3,492
(D)
(D)
(*)
(D)
(D)
116
0
1,394
(D)
769
-1
1,014
(D)
144
(D)
5,322
369
10,142
501
-6
(*)
-6
(D)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
(D)
0
0
(D)
0
(D)
458
-1
(D)
(D)
-2
(D)
(D)
(D)
0
0
0
(*)
0
(D)
(D)
(D)
814
805
2
0
6
(*)
0
(D)
0
(D)
1,684
1,669
(D)
0
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(D)
(D)
0
2
1
0
(D)
(D)
(*)
(D)
(D)
(*)
0
0
0
0
(*)
(*)
(*)
1
(*)
2
(*)
-1
(*)
0
2,816
(D)
265
1
264
(D)
-17
(*)
(D)
(D)
1,805
(D)
-45
(D)
(D)
120
(D)
0
n
(D)
(D)
0
828
(*)
(D)
(D)
66
22
47
(D)
-3
-1
(*)
-1
858
-2
(*)
(*)
(D)
(D)
(D)
(D)
-42
(D)
-2
46
26,452
(D)
4
(D)
12
-64
27
15,078
(D)
-25
(D)
(D)
9,773
82
31
4
(D)
(D)
(D)
99,974
1,974
614
1,090
(D)
86,977
7,148
48
(D)
158
1,138
284
5,837
2
1
(D)
(*)
5,706
(D)
0
0
(D)
(D)
(*)
(D)
(D)
n
118
73
2,323
(D)
4
(*)
20
(D)
(D)
(D)
(D)
(D)
(D)
222
8,324
418
(D)
0
318
990
187
21,074
2,610
(D)
(D)
(D)
16,799
152
0
3
(D)
16
(D)
12,034
5,844
-4
160
2
5,420
65
(D)
(D)
301
57
17
(D)
(D)
0
n
7
(*)
(*)
6,447
(D)
70
(D)
1,419
4,753
6
9
-1
6
-46
-10
1,282
(D)
(D)
927
678
(D)
(*)
-15
(D)
48
23,637
7,550
-307
80
138
14,830
24
257
9
624
291
141
11,194
-3
40,247
(D)
90,852 111,949
(D)
(D)
20,000
0
96,929 118,000
2
1,431
135,518
(D)
19,795
831
51,214
-3
190,620
(D)
(D)
(D)
0
0
0
1
0
50
(D)
(D)
3
(D)
0
0
(D)
0
0
(D)
(D)
103
(D)
14
7,342
35
-6
(D)
-51
(D)
-2
2,792
445
116
-6
(D)
2,033
186
(D)
(D)
-1
3
4
(*)
5,035
-7
(D)
3
(*)
(*)
2
13,355
-7
3
660
(D)
13,007
(D)
14
-9
(D)
60
36
9,739 127,467
1
-5
19,481
4
35,141
-8
35,361
-2
-4
69,243 153,946 252,028
Retail
trade
Finance
Real
Deposi (except
deposi
estate
Informa
tory
tory and rental
tion
institu institut
and
tions ions) and leasing
insurance
20,222
(D)
(D)
(D)
(D)
3
86
3,870
(D)
7,669
119
* A nonzero value between -$500,000 and $500,0000.
D Suppressed to avoid disclosure of data of individual companies.
1. The European Union (25) comprises Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands,
Electrical
Whole
equip
sale
Trans
ment,
trade
Other
appli portation
manu
ances,
equip facturing
and
ment
compo
nents
Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote. Estimates for 2006 are preliminary.
37
July 2007
A n n u a l
R e v isio n
o f th e
U .S . I n te r n a t io n a l A c c o u n t s ,
1 9 9 7 -2 0 0 6
By Christopher L Bach
S is customary each June, the estimates o f the U.S.
international transactions and o f the U.S. inter
national investment position have been revised to in
corporate statistical and methodological revisions, as
well as changes in the level o f detail presented in the ta
bles. This year, the Bureau o f Economic Analysis (BEA)
has continued to address gaps in coverage. In large
part, the gaps have arisen because o f the dynamic na
ture o f the international financial markets. The m ost
significant revision this year was the incorporation o f
comprehensive estimates o f transactions in financial
derivatives for 2006. In addition, a new methodology
was introduced for estimating interest received and
paid on bonds for 2001-2006; this m ethodology im
proves the accuracy o f the estimate and brings the esti
mation o f interest more closely in line with the
concepts used in the national income and product ac
counts and with international guidelines o f the Inter
national M onetary Fund. Finally, the geographic detail
o f the accounts is presented in an expanded format for
1999-2004; the new estimates extend to these years
the same form at that was introduced last year for
2005-2006.
Other m ajor revisions this year were as follows:
• G oods exports and goods im ports end-use com
m odity classification codes were updated for
2004-2006 to incorporate revisions m ade by the
World Custom s Organization to the international
Harmonized System o f com m odity classification
codes.
• U.S. holdings and transactions in foreign bonds,
stocks, and related interest and dividend receipts
were revised for 2005-2006 to incorporate results o f
the U.S. Treasury Departm ent’s annual survey of
securities claims for December 2005.
• Foreign holdings and transactions in U.S. corporate
bonds, U.S. Treasury bonds, U.S. agency bonds, U.S.
stocks, and related interest and dividend payments
were revised to incorporate results from the U.S.
Treasury Departm ent’s annual surveys o f securities
liabilities for June 2005 (revised) and for June 2006.
• The statistical adjustment for revaluing some goods
im ports o f computer software from the value o f the
A
m edium to full value was updated for 1997-2006.
Estimates o f the international transactions accounts
were revised for 1997-2006, and estimates o f the
international investment position were revised for
2003-2005.
The improved statistical coverage and measurement
in the accounts, new methodologies, and new presen
tation are discussed in the remainder o f this article. In
addition to these m ajor changes, revisions to the ac
counts resulted from the incorporation o f regularly
available data from BEA’s quarterly surveys, from the
U.S. Treasury Department’s and Federal Reserve Sys
tem’s monthly and quarterly surveys, and from other
U.S. Government agencies and private sources. These
revisions affected the estimates for 2003-2006.
For 2006, as a result o f all the changes, the currentaccount deficit was reduced $45.2 billion to $811.5 bil
lion (table 1). By account, $0.6 billion was removed
from goods exports, and $1.7 billion was added to
goods im ports, resulting in a deficit that was $2.3 bil
lion higher than previously estimated. For services,
$9.5 billion was added to services exports, and $0.4 bil
lion was added to services im ports, resulting in a sur
plus that was $9.1 billion higher than previously
estimated. For income, $28.4 billion was added to in
come receipts, and $15.5 billion was removed from in
come payments, resulting in a surplus that was $43.9
billion higher than previously estimated. For net cur
rent unilateral transfers, $5.5 billion in net transfers to
foreign residents was added. Net financial account in
flows (net acquisitions by foreign residents o f assets in
the United States less net acquisitions by U.S. residents
o f assets abroad) were revised up $114.0 billion, to
$833.2 billion. Details on revisions to individual series
are shown in table 2.
For 2005, as a result o f all changes, the net inter
national investment position with direct investment
at current cost was revised to -$2,238.4 billion from
-$2,693.8 billion: U.S. assets abroad were revised to
$11,576.3 billion from $10,008.7 billion, and foreign
assets in the United States were revised to $13,814.7
billion from $12,702.5 billion. Details on revisions to
individual series are shown in table 3.
38
U.S. International Accounts
Financial derivatives
The newly available comprehensive statistics on finan
cial derivatives fill a m ajor gap in coverage in the inter
national accounts and capture an area o f financial
activity that has grown rapidly over the past decade to
becom e an im portant part o f global finance. The sta
tistics are the result o f many years o f collaborative ef
forts am ong the U.S. Treasury Department, the Federal
Reserve Board, the Federal Reserve Bank o f New York,
BEA, and private-sector financial market participants.1
The incorporation o f the statistics on derivatives
transactions resulted in U.S. net receipts (financial in
flows) o f $28.8 billion in 2006. This represents 3.5 per
cent o f the total net financial inflow to the United
States in that year. The incorporation o f the newly
available statistics on derivatives positions resulted in
the addition o f $1,237.6 billion to the value o f U.S.owned assets abroad at yearend 2006 and $1,178.6 bil
lion to the value o f foreign-owned assets in the United
States.
Financial derivatives are financial instruments
whose value is derived from the value o f underlying
variables, such as interest rates, exchange rates, stock
prices, com m odity prices, credit quality, other finan
cial derivatives, and many other variables. Changes in
the value o f financial derivatives are determined by
changes in the value o f their underlying variables. Un
til now, estimates o f derivatives transactions in the in
ternational accounts have been limited to estimates o f
profits and losses o f foreigners’ trading o f futures con
tracts on U.S. exchanges. While coverage o f these fu
tures contracts was believed to be complete, it excluded
transactions o f U.S. residents’ trading o f futures con
tracts on foreign exchanges and all activity in over-thecounter markets, either in the United States or abroad.
The accounts now include comprehensive coverage
o f derivatives transactions beginning with the first
quarter o f 2006 and derivatives positions beginning
with yearend 2005. The previously published partial
estimates o f transactions are removed beginning with
the first quarter o f 2006 to avoid an overlap with the
new source data but are retained for 1977-2005. Esti
m ates o f transactions for the current quarter will be in
corporated into the accounts with a one-quarter lag.
Comprehensive data on financial derivatives elimi
nate a source o f misstatement in the international ac
counts. In the transactions accounts, the absence o f
comprehensive statistics contributed to the statistical
discrepancy because the funds that were received or
paid on all derivatives contracts were recorded in the
1. For a guide to the data by the Federal Reserve Board, see Stephanie E.
C urcuru, “U.S. Cross-Border Derivatives Data: A User’s Guide,” Federal
Reserve B u lletin (May 2007): A1-A16.
July 2007
accounts, but the derivatives transactions that gave rise
to the funds received or paid were largely unrecorded.
In the investment position accounts, U.S. holdings o f
assets abroad and foreign holdings o f assets in the
United States were understated as a result o f the ab
sence o f data for holdings o f derivatives contracts.
Comprehensive data on financial derivatives also
provide more complete measures o f U.S. international
financial transactions and investment positions be
cause derivatives can offset, augment, or substitute for
transactions and positions in other financial instru
ments. One o f the m ost im portant uses o f financial de
rivatives is for hedging, or reducing the risk of,
holdings o f other financial instruments, such as stocks,
bonds, and loans. Derivatives can also be used for
speculative or investment purposes.
Comprehensive data on financial derivatives are col
lected in a new survey within the Treasury Interna
tional Capital reporting system. D ata are collected
from U.S. banks, securities dealers, and other firms
with worldwide holdings o f financial derivatives, for
their own and their custom ers’ accounts combined, in
excess o f $100 billion in notional value, which is the
face value o f underlying assets used to calculate a con
tract’s cash flows. Trading in financial derivatives is
highly concentrated am ong a small number o f large
firms. About 50 firms provide data each quarter to the
Federal Reserve Bank o f New York, which conducts the
survey for the U.S. Treasury Department.
Characteristics. Financial derivatives are o f two
general types, forward-type derivatives and options.
Forward-type derivatives include actual forward con
tracts as well as futures contracts and swaps. A forward
contract is an agreement between parties to buy or sell
an asset or its cash equivalent for a specified price at a
specified future time; forward contracts have custom
ized features and are settled at maturity. A futures con
tract is also an agreement to buy or sell an asset for a
specified price at a specified future time. However, fu
tures contracts differ from forward contracts in several
respects, including that futures have standardized fea
tures and are settled on a daily basis, usually on public
exchanges. A swap is an agreement between parties to
exchange cash flows in the future according to a prear
ranged formula; in essence, a swap is a portfolio o f for
ward contracts. An option gives the holder the right,
but not the obligation, to buy or sell an underlying as
set for a specified price by or on a specified date.
Financial derivatives are traded in both public ex
change markets and private over-the-counter (OTC)
markets. In public exchange markets, contracts
with standardized features are traded, and the ex
change clearinghouse becomes a counterparty to all
July 2007
Survey
of
39
C u r r e n t B u s in e s s
transactions. Futures contracts and options contracts
with standardized features are usually traded on public
exchanges. In OTC markets, contracts with customized
features are arranged and generally settled directly be
tween financial market participants without the in
volvement o f a clearinghouse. Forwards, swaps, and
customized options are usually arranged and traded in
OTC markets.
Presentation in the international accounts. Trans
actions in financial derivatives between U.S. and for
eign residents are presented in sum m ary form in the
financial account o f the U.S. international transactions
accounts (ITAs) (table A). Financial derivatives trans
actions resulted in U.S. net receipts (financial inflows)
o f $28.8 billion in 2006. There was considerable vari
ability in transactions over the four quarters o f the
year, including a shift to U.S. net payments in the
fourth quarter (table A).
Transactions in financial derivatives consist o f U.S.
cash receipts and payments arising from the sale, pur
chase, or periodic settlement o f derivatives contracts.2
For forward-type contacts, cash receipts and payments
usually do not occur at contract initiation because the
initial value o f contracts is usually zero. Cash receipts
and payments occur to settle the value o f forward con
tracts at maturity, to settle daily changes in the value o f
futures contracts, and to settle the value o f swap con
tracts at specific points in time, including maturity or
termination. For options, cash receipts and payments
occur when prem ium s are received or paid at initiation
or when in-the-money options are sold before expira
tion or settled at expiration in cash.
Transactions in financial derivatives are reported on
a net basis, which means that the value o f U.S. cash re
2. Initial cash margin and collateral deposits on derivatives contracts are
classified as banking transactions, specifically increases or decreases in bro
kerage balances, not as derivatives transactions.
ceipts less U.S. cash payments on contracts with posi
tive fair values and negative fair values is reported as a
single amount. Consequently, in the ITAs, derivatives
transactions cannot be separated into transactions for
U.S.-owned assets abroad and for foreign-owned assets
in the United States, as can transactions for all other
types o f financial assets. Instead, derivatives transac
tions are presented as a net am ount on a single line
that is separate from lines for transactions for U.S.owned assets abroad and for foreign-owned assets in
the United States. (See also the box “Derivatives in the
International Transactions A ccounts” )
Positions in financial derivatives are presented in
sum m ary form in the U.S. international investment
position (IIP) (table B). Positions are reported as the
gross positive fair value o f outstanding derivatives con
tracts, which is recorded as part o f U.S.-owned assets
abroad, and the gross negative fair value o f outstand
ing derivatives contracts, which is recorded as part o f
foreign-owned assets in the United States.
The gross positive fair value o f derivatives contracts
to U.S. residents was $1,237.6 billion at yearend 2006,
or 9 percent o f total U.S.-owned assets abroad. The
gross negative fair value o f contracts to U.S. residents
was $1,178.6 billion, or 7 percent o f total foreignowned assets in the United States. The net fair value o f
derivatives contracts was $58.9 billion (table B). The
U.S. net positive position in financial derivatives stands
in contrast to the net negative positions in derivatives
recorded by many other large countries that report
data on derivatives transactions, including the United
Kingdom, France, the Netherlands, Japan, and Italy.
The fair (or market) value o f a derivatives contract
is the am ount for which the contract could be ex
changed between willing parties. A derivatives contract
between a U.S. and a foreign resident with a posi
tive fair value represents the am ount that the foreign
Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2007
2006
(Credits +; debits -)
Line
2006
I
II
III
IV
I
Current account
1 Exports of goods and services and income receipts................................................................................................................
2 Imports of goods and services and income payments..............................................................................................................
3 Unilateral current transfers, net....................................................................................................................................................
2,096,165 494,027 518,595 532,894 550,649 560,445
-2,818,047 -673,277 -700,504 -726,352 -717,914 -726,878
-26,148
-89,595 -21,360 -23,686 -23,877 -20,673
Capital account
4 Capital account transactions, net.................................................................................................................................................
-3,913
-1,724
-1,008
-545
-637
-559
Financial account
5 U.S.-owned assets abroad, net (increase/financial outflow ( - ) ) ..............................................................................................
6 Foreign-owned assets in the United States, net (increase/financial inflow (+)).....................................................................
7 Financial derivatives, net...............................................................................................................................................................
8 Statistical discrepancy (sum of above items with sign reversed)............................................................................................
-1,055,176 -344,032 -212,218 -209,898 -289,028 -420,786
1,859,597 538,140 355,442 449,987 516,029 623,554
14,911
-1,783
n.a.
28,762
1,633
14,001
-17,794
6,593
49,378
-37,121
-36,643
-9,629
Memoranda:
9 Balance on current account (lines 1+2+3).................................................................................................................................
10 Net financial flows (lines 5+6+7)..................................................................................................................................................
-811,477 -200,611 -205,595 -217,334 -187,938 -192,581
833,183 195,741 157,225 255,000 225,218 202,768
U.S. International Accounts
40
resident would have to pay the U.S. resident if the contract was terminated. A contract with a negative fair
value represents the am ount that the U.S. resident
J u ly 2 0 0 7
would have to pay to the foreign resident if the con
tract was terminated. A contract’s fair value can be either computed using the quoted market price o f the
Table B. Summary of International Investment Position of the United States at Yearend, 2005 and 2006
[Millions of dollars]
Changes in position in 2006
Attributable to
Type of investment
Line
Valuation adjustments
Position, 2005
Financial
flows
(a)
Total
Position, 2006
Price changes Exchange rate
Other
changes’
changes2
(b)
(c)
(d)
(a+b+c+d)
1 Net international investment position of the United States (lines 2+3).............................
2 Financial derivatives net (line 5 less line 1 5)3..........................................................................
3 Net international investment position excluding financial derivatives (line 6 less line 16)
-2,238,359
57,915
-2,296,274
-833,183
-28,762
-804,421
347,585
220,653
(4)
347,585
n
220,653
-36,325
429,782
-66,107
-301,270
1,020
-302,290
-2,539,629
58,935
-2,598,564
4
5
6
U.S.-owned assets abroad (lines 5+6)...................................................................................
Financial derivatives, gross positive fair value.....................................................................
U.S.-owned assets abroad excluding financial derivatives (lines 7+8+9).......................
11,576,336
(3)
1,190,029
(3)
10,386,307 1,055,176
(3)
(3)
675,909
(3)
(3)
268,603
(3)
(3)
131,431
2,178,654
47,535
2,131,119
13,754,990
1,237,564
12,517,426
7
8
9
10
11
12
13
U.S. official reserve assets......................................................................................................
U.S Government assets, other than official reserve assets..............................................
U.S. private assets...................................................................................................................
Direct investment at current cost........................................................................................
Foreign securities.................................................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns............
U.S. claims reported by U.S. banks, not included elsewhere........................................
-2,374
188,043
77,523
-5,346
10,120,741 1,062,896
2,535,188
235,358
4,345,884
289,422
734,034
83,531
2,505,635
454,585
31,123
3,092
644,786
46,009
598,777
265,511
39,188
198,181
13,075
15,067
-31
12
131,450
-124
0
17,824
113,750
31,810
-5,334
2,104,643
320,431
1,086,380
114,430
583,402
219,853
72,189
12,225,384
2,855,619
5,432,264
848,464
3,089,037
14
15
16
Foreign-owned assets in the United States (lines 15+16)................................................
Financial derivatives, gross negative fair value....................................................................
Foreign-owned assets in the Unites States excluding financial derivatives (lines 17+18)
13,814,695
(3)
1,132,114
(3)
12,682,581 1,859,597
(3)
(3)
328,324
(3)
(3)
47,950
(3)
(3)
197,538
2,479,924
46,515
2,433,409
16,294,619
1,178,629
15,115,990
17
18
19
?n
21
Foreign official assets in the United States...........................................................................
Other foreign assets.................................................................................................................
Direct investment at current cost........................................................................................
U.S. Treasury securities......................................................................................................
U.S. securities other than U.S. Treasury securities.........................................................
U.S. currency.........................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.........
U.S. liabilities reported by U.S. banks, not included elsewhere.....................................
440,264
2,306,292
10,376,289 1,419,333
1,868,245
180,580
643,793
-35,931
4,352,998
591,951
12,571
351,706
557,840
235,769
2,601,707
434,393
20,840
307,484
32,495
-9,233
284,222
2,769
194,769
14,190
-4,386
-26,054
0
-62,849
273,868
463,873
1,969,536
231,181
-49,550
875,538
12,571
182,525
717,271
2,770,165
12,345,825
2,099,426
594,243
5,228,536
364,277
740,365
3,318,978
??
?3
24
1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their
revaluation at current exchange rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other
adjustments to the value of assets and liabilities.
3. Financial flows and valuation adjustments for financial derivatives are available only on a net
basis, which is shown on line 2; they are not separately available for gross positive fair values and
gross negative fair values of financial derivatives. Consequently, columns (a) through (d) on lines 4,5,
14, and 15 are not available.
47,950
3,916
25,419
9,605
9,010
4. Data are not separately available for the three types of valuation adjustments; therefore, the sum
of all three types is shown in column (d). Price changes result from changes in the value of derivatives
contracts due to changes in the value of their underlying assets or reference rates, which may arise
from movements in interest rates, stock prices, commodity prices, or other variables. Exchange-rate
changes result from the revaluation of foreign-currency-denominated derivatives contracts at current
exchange rates. “Other changes” can result when data on investment positions that had accumulated
in prior periods are covered by a new or more complete survey.
Derivatives in the International Transactions Accounts
Derivatives do not fit neatly into the international trans
actions accounts for two reasons. The first is that, unlike
financial instruments such as bonds and stocks, some
derivatives contracts cannot be categorized solely as
claims or liabilities. Clearly an option written by a U.S.
resident and purchased by a foreign resident is a U.S. lia
bility to foreigners, but the distinction is less clear for
products such as swaps, forwards, and futures. Over the
lives of these products, the fair market value may be posi
tive at times and negative at times, and it may switch
signs several times within a quarter. So these instruments
are neither strictly claims, with consistently positive fair
values and payments to the U.S. resident counterparty to
the contract, nor strictly liabilities, with consistently neg
ative fair values and payments from the U.S. resident
counterparty.
The second reason that derivatives are not easily incor
porated into the international transactions accounts is
the ambiguous status of the associated payments. The
periodic payments on derivatives can be considered
returns on invested capital, which are recorded in the
current account; alternatively, they can be considered
realized gains from changes in the contractual value,
which are recorded in the financial account. Because the
return from derivatives for many end users comes in the
form of trading gains and losses, the International Mone
tary Fund has recommended that periodic payments on
derivatives be recorded as financial account transactions.1
1. See Stephanie E. Curcuru, “U.S. Cross-Border Derivatives Data: A
User’s Guide, Federal Reserve B ulletin (May 2007; reprinted by perm is
sion): A10; Robert M. H eath, “The Statistical M easurem ent o f Financial
Derivatives” (IMF working paper 98/24, W ashington, DC: International
M onetary Fund, M arch 1998); F inancial D erivatives: A S u p p le m en t to
the Balance o f P aym ents M a n u a l (W ashington, DC: International M one
tary Fund, 2000).
Stephanie E. Curcuru
July 2007
Survey
of
contract, or if a quoted market price is unavailable, it
can be estimated using either a quoted market price o f
a similar contract or a valuation technique. Fair values
are reported as o f the close o f business on the last busi
ness day o f the quarter. The gross positive fair value o f
derivatives contracts is the total combined value o f all
contracts with a positive fair value, and the gross nega
tive fair value is the total combined value o f all con
tracts with a negative fair value.
The gross fair values o f U.S. holdings o f derivatives
contracts are large, but they are somewhat smaller than
the values o f many other financial assets recorded in
the IIP. For the years for which data are available, the
gross positive and gross negative fair values o f deriva
tives contracts are largely offsetting; as a result, deriva
tives accounted for only a small portion o f the overall
net position. Transactions involving derivatives con
tracts often have much larger percentage changes in
value than those involving other financial instruments,
and unlike other instruments, the values o f derivatives
contracts can change from positive to negative value,
or vice versa.
The net fair value o f derivatives contracts, net trans
actions, and net valuation adjustments— which are de
rived by subtracting net transactions from yearly
changes in the net fair value o f contracts— are also re
corded in the IIP. Data are not separately available for
the three types o f valuation adjustments— price
changes, exchange-rate changes, and “other” changes;
therefore, the sum o f all three types is recorded as
“other” changes.
Detailed estimates. Detailed estimates o f financial
derivatives transactions are presented in table C. Table
C presents transactions for (1) OTC contracts by m a
jor risk category— interest rate, exchange rate, and
“other” risk, including changes in stock prices, com
m odity prices, credit quality, or any other underlying
variable; (2) U.S. residents’ contracts on foreign ex
changes and foreign residents’ contracts on U.S. ex
changes; and (3) all contracts by country o f residence
o f foreign counterparty. All contracts with foreign offi
cial institutions are presented as a m em orandum item.
By type o f market, transactions were evenly divided
between those in OTC contracts and those in ex
change-traded contracts for 2006, but there was con
siderable variability over the four quarters o f the year
(table C). Transactions in OTC contracts were $14.6
billion for 2006, mostly consisting o f $11.2 billion in
transactions in single-currency interest rate contracts.
The value o f OTC transactions by risk category varied
considerably over the four quarters o f the year. Trans
actions in exchange-traded contracts were $14.2 bil
lion for the year. Nearly three-fourths o f the value was
accounted for by U.S. residents’ transactions on for-
41
C u r r e n t B u s in e s s
eign exchanges, mostly for own accounts. The value o f
U.S. residents’ transactions on foreign exchanges and
foreign residents’ transactions on U.S. exchanges also
varied considerably over the four quarters o f the year.
By residence o f foreign counterparty, transactions
for the year were mostly with counterparties in Eu
rope. On both an annual and a quarterly basis, transac
tions were mostly with counterparties in a few
countries with large financial centers, including the
United Kingdom, Switzerland, the Cayman Islands,
Canada, Ireland, Australia, Germany, and Japan.
Detailed estimates o f financial derivatives positions
are presented in tables D and E. Table D presents gross
positive and gross negative fair values o f derivatives
contracts in the same detail as that for transactions,
with additional detail for types o f OTC contracts— for
wards, swaps, and options. Contracts with own foreign
offices, with foreign official institutions, and contracts
o f U.S. depository institutions with foreigners are pre
sented as memoranda. By type o f market, the gross
Table C. Transactions in Financial Derivatives
[Millions of dollars]
2006
Line
(Credits +; debits -)
2006
I
II
III
IV
1 Financial derivatives, n e t............................................. 28,762 1,633 14,001 14,911 -1,783
By type of contract:
2
Over-the-counter contracts..................................... 14,553 -3,142 10,950 8,870 -2,125
670 6,273 6,801 -2,543
3
Single-currency interest rate contracts............. 11,201
741 -1,033
142
-211
-61
4
Foreign exchange contracts................................
276
5
Other contracts..................................................... 3,563 -4,553 5,710 2,130
6
7
8
9
10
11
6,041
3,619
2,103
1,516
2,422
342
1,056
162
894
-714
19,855 -2,615 11,428 10,895
147
Exchange-traded contracts.................................... 14,209
U.S. residents’ contracts on foreign exchanges 10,365
Own contracts................................................... 6,628
3,737
Customers’ contracts......................................
Foreign residents’ contracts on U.S. exchanges 3,844
By area or country:
Europe.......................................................................
4,775
2,549
679
1,870
2,226
3,051
3,141
3,684
-543
-9 0
O f which:
12
European Union...............................................
n.a.
n.a. 10,166
6,734
2,068
O f which:
13
Euro area.................................................
9,158
4,590
3,380 -2,487
171
-595
813
450
2,422 -1,182
391 2,741
102
-181
288
573
-7,103 6,045
557 1,659
124
-1 5
66 -570
-412 -1,515
340
943
850 -556
614
439
3,186 4,422
4,004 -1,371
3,675
O f which:
14
15
16
17
18
19
20
21
Belgium.............................................
France...............................................
Germany...........................................
Ireland...............................................
Italy....................................................
Netherlands.....................................
United Kingdom........................................
Switzerland.......................................................
-315
759
-687
4,415
215
1,914
6,550
4,849
22
23
24
25
42
Canada...................................................................... -4,507 -1,700 -1,309 -1,540
5,325 3,339 1,272 1,322 -608
Caribbean financial centers....................................
4,840 2,812 1,056 1,677 -705
O f which: Cayman Islands..................................
Latin America, excluding Caribbean financial
565 -591
-6 9 -1,369
centers................................................................... -1,464
26
27
28
29
Asia............................................................................
O f which: Japan....................................................
Africa..........................................................................
Other..........................................................................
5,862
-346
610
3,081
1,105
257
146
793
2,071
742
151
979
2,584
-412
70
1,649
102
-933
243
-340
Australia............................................................ -2,505
International and regional organizations....... 5,396
689
-3 2
-733
1,734
-813 -1,648
2,491 1,203
1,203
399
O f which:
30
31
Memorandum:
32 Contracts with foreign official institutions......................
2,120
307
211
42
U.S. International Accounts
positive and negative fair values o f contracts were alm ost completely attributable to OTC contracts, mainly
single-currency interest rate swaps. The gross fair val-
July 2007
ues o f exchange-traded contracts were small because
changes in the value o f these contracts are settled on a
daily basis.
Table D. Fair Value of Financial Derivatives by Type of Contract at Quarterend
[Millions of dollars]
Line
2005
I
II
III
IV
1 Financial derivatives, net (line 17 less line 33).....................................................................
2 Over-the-counter contracts.................................................................................
3
Single-currency interest rate contracts................................................................
4
Forwards.................................................................................................
Swaps....................................................................................................
5
6
Options...................................................................................................
7
Foreign exchange contracts.............................................................................
8
Forwards.................................................................................................
9
Swaps....................................................................................................
10
Options...................................................................................................
11
Other contracts............................................................................................
12 Exchange-traded contracts................................................................................
13
U.S. residents’ contracts on foreign exchanges......................................................
14
Own contracts...........................................................................................
15
Customers’ contracts..................................................................................
16
Foreign residents’ contracts on U.S. exchanges.....................................................
57,915
54,693
38,925
-329
23,498
15,756
14,956
-1,912
15,450
1,418
812
3,222
867
665
202
2,355
66,356
63,513
42,056
492
25,397
16,167
14,859
-2,281
15,436
1,704
6,598
2,843
873
1,397
-524
1,970
67,749
65,767
41,934
-4,337
33,016
13,255
18,618
-4,838
21,265
2,191
5,215
1,982
881
424
457
1,101
60,003
57,837
37,164
-174
18,019
19,319
16,885
-3,039
17,211
2,713
3,788
2,166
524
674
-150
1,642
58,935
56,198
43,359
125
23,988
19,246
25,441
-2,135
24,634
2,942
-12,602
2,737
706
562
144
2,031
17 Financial derivatives, gross positive fair value....................................................................
18 Over-the-counter contracts.................................................................................
19
Single-currency interest rate contracts................................................................
20
Forwards.................................................................................................
21
Swaps....................................................................................................
22
Options...................................................................................................
Foreign exchange contracts.............................................................................
23
24
Forwards.................................................................................................
25
Swaps....................................................................................................
26
Options...................................................................................................
27
Other contracts............................................................................................
28 Exchange-traded contracts................................................................................
U.S. residents’ contracts on foreign exchanges......................................................
29
30
Own contracts...........................................................................................
31
Customers’ contracts..................................................................................
32
Foreign residents’ contracts on U.S. exchanges.....................................................
1,190,029
1,171,172
853,993
1,132
768,817
84,044
147,057
37,635
84,581
24,841
170,122
18,857
7,139
3,557
3,582
11,718
1,189,856
1,168,623
839,046
2,353
755,082
81,611
139,673
31,316
82,534
25,823
189,904
21,233
7,442
4,378
3,064
13,791
1,295,787
1,270,474
902,012
5,240
814,587
82,185
159,565
40,094
92,413
27,058
208,897
25,313
9,197
5,587
3,610
16,116
1,193,764
1,172,655
803,234
1,688
715,035
86,511
148,117
33,783
88,817
25,517
221,304
21,109
7,364
4,571
2,793
13,745
1,237,564
1,211,924
789,994
1,747
702,266
85,981
175,713
44,928
102,255
28,530
246,217
25,640
7,471
4,589
2,882
18,169
33 Financial derivatives, gross negative fair value...................................................................
34 Over-the-counter contracts.................................................................................
35
Single-currency interest rate contracts................................................................
36
Forwards.................................................................................................
37
Swaps....................................................................................................
38
Options...................................................................................................
Foreign exchange contracts.............................................................................
39
40
Forwards.................................................................................................
41
Swaps....................................................................................................
42
Options...................................................................................................
43
Other contracts............................................................................................
44 Exchange-traded contracts................................................................................
45
U.S. residents' contracts on foreign exchanges......................................................
46
Own contracts...........................................................................................
47
Customers’ contracts..................................................................................
48
Foreign residents’ contracts on U.S. exchanges.....................................................
1,132,114
1,116,479
815,068
1,461
745,319
68,288
132,101
39,547
69,131
23,423
169,310
15,635
6,272
2,892
3,380
9,363
1,123,500
1,105,110
796,990
1,861
729,685
65,444
124,814
33,597
67,098
24,119
183,306
18,390
6,569
2,981
3,588
11,821
1,228,038
1,204,707
860,078
9,577
781,571
68,930
140,947
44,932
71,148
24,867
203,682
23,331
8,316
5,163
3,153
15,015
1,133,761
1,114,818
766,070
1,862
697,016
67,192
131,232
36,822
71,606
22,804
217,516
18,943
6,840
3,897
2,943
12,103
1,178,629
1,155,726
746,635
1,622
678,278
66,735
150,272
47,063
77,621
25,588
258,819
22,903
6,765
4,027
2,738
16,138
8,500
-1,181
18,758
15,847
-328
19,121
9,783
-1,124
24,042
9,095
838
13,722
6,134
1,145
18,456
290,693
12,281
353,435
282,355
13,807
405,034
275,427
12,050
492,290
277,396
10,961
414,977
318,987
10,746
415,979
282,193
13,462
334,677
266,508
14,135
385,913
265,644
13,174
468,248
268,301
10,123
401,255
312,853
9,601
397,523
Memoranda:
Net fair value of contracts:
49 With own foreign offices....................................................................................
50 With foreign official institutions.............................................................................
51 Between U.S. depository institutions and foreigners...................................................
Gross positive fair value of contracts:
52 With own foreign offices....................................................................................
53 With foreign official institutions.............................................................................
54 Between U.S. depository institutions and foreigners...................................................
Gross negative fair value of contracts:
55 With own foreign offices....................................................................................
56 With foreign official institutions.............................................................................
57 Between U.S. depository institutions and foreigners...................................................
IV
2006
July 2007
Survey
of
43
C u r r e n t B u s in e s s
Table E presents gross positive and gross negative
fair values o f derivatives contracts by location o f foreign counterparty. More than 80 percent o f the gross
positive
and gross negative fair values o f contracts was with counterparties in Europe, mostly
in the United Kingdom. Many o f the world’s largest
Table E. Fair Value of Financial Derivatives by Area or Country at Quarterend
[Millions of dollars]
2005
2006
Line
IV
1
2
I
II
IV
III
Financial derivatives, net (line 23 less line 45)..............................................................................
57,915
66,356
67,749
60,003
58,935
Europe.....................................................................................................................................................................
47,116
52,804
58,443
47,330
52,329
O f which:
3
European Union.............................................................................................................................................
n.a.
n.a.
58,127
47,179
51,029
22,364
19,528
22,604
20,079
22,517
193
4,124
10,442
2,936
5,521
3,350
28,036
160
590
5,813
11,887
2,293
6,365
2,116
28,875
1,358
4,333
3,569
1,424
1,024
4,468
-5,844
-7,684
1,047
O f which:
4
Euro area................................................................................................................................................
O f which:
5
6
7
8
9
10
11
12
Belgium..........................................................................................................................................
France.............................................................................................................................................
Germany
Ireland....
Italy.................................................................................................................................................
Netherlands
United Kingdom
Switzerland...........
228
5,139
10,426
4,176
5,517
3,016
27,043
-701
-192
4,195
11,452
3,679
4,979
2,328
32,751
-820
583
4,846
14,794
2,163
5,200
2,543
34,262
-198
13
14
15
16
Canada..........................
Caribbean financial centers
O f which: Cayman Islands
Latin America, excluding Caribbean financial centers......................................................................................
4,168
4,202
1,657
96
3,947
3,622
750
-543
4,706
-1,688
-2,321
453
17
18
19
20
Asia.........................................................................................................................................................................
O f which: Japan.................................................................................................................................................
Africa.......................................................................................................................................................................
Other.......................................................................................................................................................................
2,302
1,137
577
-546
4,634
2,714
781
1,111
2,863
612
978
1,994
2,635
810
1,133
-21
4,785
1,507
932
1,218
2,105
-3,283
2,426
-1,544
2,823
-833
1,814
-2,121
2,925
-1,903
'
O f which:
21
22
Australia..........................................................................................................................................................
International and regional organizations....................................................................................................
23
24
Financial derivatives, gross positive fair value.............................................................................
1,190,029
1,189,856
1,295,787
1,193,764
1,237,564
Europe.....................................................................................................................................................................
1,024,110
1,010,405
1,096,960
1,010,589
1,045,720
O f which:
25
European Union.............................................................................................................................................
n.a.
n.a.
1,063,177
979,354
1,013,071
280,163
269,204
288,038
263,663
308,976
9,726
73,689
94,658
37,638
11,756
23,315
709,960
27,953
32,727
60,267
45,692
13,623
9,881
72,559
97,243
80,219
12,228
23,396
697,207
29,412
31,527
67,156
49,661
14,346
56,816
36,415
3,730
16,012
58,723
39,075
3,085
17,007
O f which:
26
Euro area................................................................................................................................................
O f which:
27
28
29
30
31
32
33
34
Belgium..........................................................................................................................................
France...
Germany
Ireland...
Italy.................................................................................................................................................
Netherlands...................................................................................................................................
United Kingdom.....................................................................................................................................
Switzerland....................................................................................................................................................
11,616
77,606
101,760
38,558
14,548
22,789
707,004
27,298
9,557
80,335
94,527
40,616
11,840
20,658
704,349
26,429
8,904
81,038
102,194
48,757
11,372
22,320
767,553
30,254
35
36
37
38
Canada................................... .'...............................................................................................................................
Caribbean financial centers....
O f which: Cayman Islands..
Latin America, excluding Caribbean financial centers......................................................................................
33,094
55,117
41,723
10,593
39
40
41
42
Asia.........................................................................................................................................................................
O f which: Japan.................................................................................................................................................
Africa.......................................................................................................................................................................
Other.......................................................................................................................................................................
49,018
33,410
3,590
14,507
30,560
56,788
43,424
10,031
61,204
42,915
3,762
17,106
34,436
61,897
47,725
10,501
69,307
46,666
3,824
18,862
O f which:
43
44
Australia..........................................................................................................................................................
International and regional organizations....................................................................................................
9,663
3,087
12,801
3,276
14,180
4,134
12,198
3,113
13,369
2,713
45
46
Financial derivatives, gross negative fair value............................................................................
1,132,114
1,123,500
1,228,038
1,133,761
1,178,629
Europe.....................................................................................................................................................................
976,994
957,601
1,038,517
963,259
993,391
n.a.
n.a.
1,005,050
932,175
962,042
O f which:
47
European Union.............................................................................................................................................
O f which:
257,799
249,676
265,434
243,584
286,459
49
50
51
52
53
54
55
56
Belgium...........................................................................................................................................
France...
Germany
Ireland...
Italy.......
Netherlands...................................................................................................................................
United Kingdom.....................................................................................................................................
Switzerland.....................................................................................................................................................
11,388
72,467
91,334
34,382
9,031
19,773
679,961
27,999
9,749
8,321
9,533
76,140
83,075
36,937
6,861
18,330
671,598
27,249
76,192
87,400
46,594
6,172
19,777
733,291
30,452
69,565
84,216
34,702
6,235
19,965
681,924
27,793
9,291
66,746
85,356
77,926
5,863
21,280
668,332
28,054
57
58
59
60
Canada....................................................................................................................................................................
Caribbean financial centers..................................................................................................................................
O f which: Cayman Islands................................................................................................................................
Latin America, excluding Caribbean financial centers......................................................................................
28,926
50,915
40,066
10,497
26,613
53,166
42,674
10,574
29,730
63,585
50,046
10,048
28,394
56,698
44,268
12,599
27,059
73,000
57,345
13,299
61
62
63
64
Asia.........................................................................................................................................................................
O f which: Japan.................................................................................................................................................
Africa.......................................................................................................................................................................
Other.......................................................................................................................................................................
46,716
32,273
3,013
15,053
56,570
40,201
2,981
15,995
66,444
46,054
2,846
16,868
54,181
35,605
2,597
16,033
53,938
37,568
2,153
15,789
7,558
6,370
10,375
4,820
11,357
4,967
10,384
5,234
10,444
4,616
48
Euro area................................................................................................................................................
O f which:
O f which:
65
66
Australia..........................................................................................................................................................
International and regional organizations....................................................................................................
44
U.S. International Accounts
derivatives dealers maintain AAA credit rated foreign
affiliates in the United Kingdom that are able to book
large am ounts o f OTC derivatives contracts with affili
ated and unaffiliated counterparties worldwide,
thereby often serving to balance the global risk posi
tions o f those large dealers.
Bond interest
BEA is changing its statistical m ethodology for esti
m ating interest receipts and payments on long-term
debt securities. The first change is to introduce into the
estimating procedures for interest received or paid on
foreign bonds, U.S. corporate bonds, and U.S. agency
bonds a measure o f yield, known as the current yield,
that reflects only coupon interest flows. The measure
o f yield previously in the accounts, known as the yield
to maturity; reflected both coupon interest flows and
future gains or losses on securities on the assum ption
they were held to maturity. The shift to a measure o f
current yield now makes the measure o f estimated in
terest on long-term debt securities consistent in con
cept to the measure used in the national income and
product accounts and is consistent with the Interna
tional M onetary Fund’s guidelines for estimating inter
est on debt securities on a debtor basis, or the actual
coupon payments made by debtors. Replacement of
the previous method also removes from the estimate
future capital gains and losses that were included im
plicitly by use o f the yield to maturity. The new esti
mates provide a smoother flow o f payments than the
old series because these implicit future capital gains
and losses have been removed.
The new m ethod also incorporates yields that are
based on information from the annual and benchmark
surveys o f cross-border investment conducted by the
Treasury Department and the Federal Reserve System.
Yields previously used were based on indexes o f broad
market baskets o f securities that closely approximated
the financial characteristics o f cross-border holdings of
securities, but the new yields are now drawn from the
surveys themselves and provide more precise statistical
measures o f the financial characteristics o f cross-bor
der debt holdings. A sufficient number o f annual and
benchm ark surveys were not available to use in the es
tim ation o f current yields the last time BEA reviewed its
income m ethodology in 2004.
The second change is to refine BEA’s statistical
m ethodology for estimating coupon interest payments
on U.S. Treasury bonds by replacing estimates based
on the U.S. Treasury’s Monthly Statement of Public Debt
(M SPD) with estimates derived from annual and
benchm ark surveys conducted by the Treasury Depart
ment and the Federal Reserve System. BEA had intro
July 2007
duced estimates o f coupon interest payments in 2004
based on the MSPD, but the estimation procedure re
quired critical assum ptions about both the m aturity
structure and the share o f Treasury bonds outstanding
that were held by foreigners. The availability o f infor
mation from several cross-border surveys now pro
vides a more precise statistical measure o f coupon
interest payments to foreigners and eliminates the
need to make these critical assum ptions. Thus, the esti
mate o f interest paid to foreigners is significantly im
proved with the use o f this new information.
Measures of yield. The measures o f current yields
that are introduced for foreign securities, U.S. corpo
rate bonds, U.S. agency issues, and U.S. Treasury bonds
are derived from the annual and benchmark surveys of
cross-border investment conducted by the Treasury
Department and Federal Reserve System. Current
yields derived from the survey information are calcu
lated as annual interest receipts or payments divided
by the market value o f associated securities holdings.
Annual interest receipts or payments used in the
com putation o f current yields are derived by m ultiply
ing face values o f securities held as reported in the sur
veys by the coupon rates on the securities, which are
obtained from an outside data vendor. The com puta
tion is perform ed on a security-by-security basis,
based on information obtained from custodians. The
resulting interest receipts or payments are aggregated
across all securities by the country o f the foreign issuer.
The market values o f securities holdings are those re
ported in the surveys.
Revisions. Revisions generated by the changes in
methodology start in 2002; thus, estimates from the
first quarter o f 2002 forward are on a different concep
tual basis than those prior to that time. Source data are
not available to make similar adjustments in earlier
years. In order to minimize discontinuities, sm oothing
adjustments have been made to some o f the estimates
for 2001.
For foreign bonds, interest receipts are higher in ev
ery year than under the previous methodology, reflect
ing both higher yields and a com position o f foreign
holdings weighted more heavily toward emerging m ar
ket countries than was included in the previously used
general market indexes.
For U.S. corporate bonds and U.S. agency bonds, in
terest payments are higher in m ost years, largely re
flecting the higher yields used in those years. The new
yields do not drop in 2003 and rise more slowly in
2004-2006 than the previously used general market
indexes o f yields, partly because the implicit future
capital gains and losses contained in the previous esti
mates have been eliminated.
J u ly 2 0 0 7
S u r v e y o f C u r r e n t B u sin ess
For U.S. Treasury bonds, interest payments are
lower for every year, mostly because the maturity of
holdings indicated by the annual surveys and bench
m arks is shorter than the average maturities included
in the MSPD.
When all the revisions are combined, the surplus on
income is raised in 2001-2005, and the balance shifts
from a deficit to a surplus in 2006, as receipts are raised
and payments are lowered. The quarterly pattern o f
fluctuations in the balance is similar to that in the pre
viously published estimates. While the impact on the
balance is relatively large, the changes relative to total
income receipts and total income payments are small.
These results are summ arized in table 2 (lines 15, 32,
and 33), in tables F, G, and H, and in charts 1 and 2.
Chart 1. Balance on Income, 2001-2006
Billion $
60
Revised
Previously published
50
40
30
20
10
0
-10
2001
2002
2003
2004
2005
2006
U.S. Bureau of Economic Analysis
Chart 2. Balance on Income, 2001:1-2006:IV
Billion $
20
15
10
5
0
-5
-10
20 01
2002
U.S. Bureau of Economic Analysis
2003
2004
2005
2006
45
Geographic presentation
In June 2006, the presentation o f the accounts was
greatly expanded to portray U.S. international transac
tions in substantially greater geographic detail. The
updating o f the geographic detail meant that a com
plete set o f accounts was now presented quarterly for
all countries that had substantial transactions in
goods, services, income, or financial assets with the
United States. The estimates began with 2005.
In June 2007, the expanded geographic detail for the
accounts was extended back to estimates beginning
with 1999. For 1999-2004, table 11 o f the international
transactions presentation now includes new detail for
Belgium, France, Germany, Italy, Luxembourg, the
Netherlands, Venezuela, and South Africa. Separate es
timates are now available for the regions o f Africa, for
the M iddle East, and for Asia and Pacific. Additional
countries added to the South and Central America re
gion are Argentina, Brazil, and Venezuela. Additional
countries added to the Asia and Pacific region include
China, Hong Kong, India, the Republic o f Korea, Sin
gapore, and Taiwan. Also, new country groupings are
now presented within Europe and include first-time
estimates for the euro area.
In addition, for the presentation o f U.S. trade in
goods in table 2, many additional countries have been
added for 1999-2004. In Europe, Austria, Belgium,
Finland, Greece, Ireland, Luxembourg, Norway, Portu
gal, Russia, Spain, Sweden, Switzerland, and Turkey are
added. In South and Central America, Argentina,
Chile, and Colom bia are added; in Asia and Pacific, In
dia, Indonesia, Malaysia, the Philippines, and Thailand
are added; in the Middle East, Israel, and Saudi Arabia
are added; and in Africa, Algeria, Nigeria, and South
Africa are added.
End-use commodity codes for goods exports
and goods imports
End-use com m odity codes for goods exports and
goods im ports have been updated by BEA. These
changes were made to achieve a consistent classifica
tion between exports and im ports and to more appro
priately group the com m odities by their end-use
characteristics. The changes were based on recom m en
dations from BEA, the U.S. Census Bureau, and other
Federal agencies. The changes also reflected the results
o f the work o f the World Custom s Organization
(WCO) as part o f its long-term program to review the
nomenclature o f the international Harmonized System
(HS), from which the end-use classifications are de
rived. The last m ajor set o f WCO modifications to the
HS was introduced in January 2002.
The revisions by the WCO included elimination o f
obsolete codes, the combination o f existing codes, the
46
U.S. International Accounts
introduction o f new more detailed codes within exist
ing codes, the reassignment o f com m odities from one
code to another, and the introduction o f new com
m odity codes to keep pace with newly developed prod
ucts.
The im pact o f this work on BEA’s end-use codes,
which are used in the international transactions ac
counts (ITAs) and the national income and product
accounts (NIPAs), was small. Nearly all o f the changes
involved reclassifications within one-digit end-use
com m odity categories. Reclassifications across one
digit categories resulted in level changes o f less than
half o f 1 percent in all instances; changes o f this size
did not disrupt the fourth-quarter to first-quarter
movements by com m odity in the ITAs or the NIPAs.
For exports at the one-digit end-use level, several
categories o f synthetic yarn and television accessories
were reassigned from industrial supplies and materials
to consum er goods because they were designated spe
cifically for retail sale and considered as consumer
goods, and plastic ladders were reassigned from capital
goods to industrial supplies and materials, which is the
location o f alum inum ladders. The dollar magnitude
o f these changes was $630 million for 2006. At the five
digit level, certain plastic articles were reassigned
within industrial supplies and materials, and digital
still image video cameras, which are now identified
separately, were reassigned within consumer goods to
be combined with other photographic equipment. The
dollar magnitude o f these changes was $2.8 billion for
2004, $3.0 billion for 2005, and $3.3 billion for 2006.
For im ports at the one-digit end-use level, several
categories o f synthetic yarn were reassigned from in
dustrial supplies and materials to consumer goods,
plastic ladders were reassigned from capital goods to
industrial supplies and materials, and certain medical
preparations were reassigned from industrial supplies
and materials to consumer goods because they were
considered final products (that is, drugs) rather than
com pounds used in further production. The dollar
m agnitude o f these changes was $132 million for 2006.
At the five-digit level, digital still image video cameras
were reassigned within consumer goods to be com
bined with other photographic equipment. The dollar
m agnitude o f this change was $5.1 billion for 2004,
$5.5 billion for 2005, and $5.9 billion for 2006.
Newly introduced com m odity codes included the
separate identification o f machinery used to produce
semiconductors, which is included in capital goods;
the separate identification o f solid-state nonvolatile
storage devices (such as flash m em ory), which are in
cluded in consumer goods; and as required by the Rot
terdam Convention on the shipment o f hazardous
materials, the separate identification o f hazardous
July 2007
chemicals, including pesticides, which are included in
industrial supplies and materials.
Historical data on the newly developed basis were
incorporated in the international and national ac
counts for 2004-2006.
Foreign securities
Positions. U.S. holdings o f foreign securities (table 3,
line 19) were revised up $271.9 billion to $4,345.9 bil
lion for 2005 to incorporate the results o f the Decem
ber 2005 Treasury Departm ent annual survey of
securities claims and other updated source data. The
annual survey results caused upward revisions to both
bond and stock positions because the positions re
ported on the annual survey were higher than the pre
viously published positions. Information from the
annual survey was also used to adjust the weights used
to estimate price changes. The position for foreign
bonds was revised up $24.4 billion because o f the an
nual survey results and up $16.2 billion because o f u p
dated source data. The position for foreign stocks was
revised up $230.6 billion because o f the annual survey
results and up $0.6 billion because o f updated source
data.
Transactions. Transactions in foreign securities (ta
ble 2, line 52) were revised for 2005-2006 to incorpo
rate updated monthly transactions data from the
monthly Treasury International Capital (TIC) report
ing system. Net U.S. purchases o f foreign securities
were revised up $17.0 billion in 2005, $16.5 billion in
bonds and $0.5 billion in stocks, and up $11.7 billion
in 2006, $1.7 billion in bonds and $10.0 billion in
stocks.
Income. Income on foreign securities (table 2, part
o f line 15, and table F) was revised for 2001-2006 to
incorporate the results o f the December 2005 annual
survey and other updated source data. The revisions to
positions o f foreign securities from the annual survey
described above were carried through to the income
Table F. Major Sources of Revision to Income Receipts on U.S.
Holdings of Foreign Securities
[Billions of dollars]
(Credits +; debits -)
2001 2002 2003 2004 2005 2006
Interest on foreign bonds
Revised........................................................................ 34.5 41.0 46.7 50.9
Changes due to new bond interest methodology 2.5 10.6 17.8 14.1
Changes due to 2005 Treasury annual survey...
Revisions due to updated source data...............
Previously published................................................. 32.0 30.4 28.8 36.8
56.1 60.9
10.4 4.3
1.1
2.3
0.3 0.9
44.2 53.4
Dividends on foreign stocks
Revised........................................................................
Changes due to 2005 Treasury annual survey...
Revisions due to updated source data...............
Previously published.................................................
34.0 38.2
41.4
54.2
34.0
41.4
54.2
38.2
64.7 82.9
1.0 2.3
0.0 0.6
63.7 79.9
J u ly 2 0 0 7
estimates, which were estimated by applying coupon
and dividend yields to position estimates. Information
from the annual survey was also used to adjust the
weights for the yields. Income on foreign securities was
revised up $2.5 billion for 2005, $1.4 billion for bond
interest and $1.0 billion for dividends, and up $6.2 bil
lion for 2006, $3.2 billion for bond interest, and $2.9
billion for dividends because o f both the annual survey
results and updated source data.
In addition, a new m ethodology was introduced for
estimating interest received on bonds for 2001-2006.
The m ethodology is discussed elsewhere in this article.
Revisions attributable to that source raised income re
ceipts on foreign bonds throughout 2001-2006.
U.S. corporate bonds and stocks
Positions. Foreign holdings o f U.S. corporate bonds
and stocks (table 3, lines 33, part o f line 38, and line
39) were revised down $5.4 billion to $4,137 billion for
2005 to incorporate the results o f the June 2006 Trea
sury Departm ent annual survey o f securities liabilities
and other updated source data. The annual survey re
sults caused an upward revision to foreign official
holdings o f U.S. corporate bonds and stocks and a
downward revision to private holdings o f U.S. corpo
rate bonds and stocks. (Annual liabilities surveys are
conducted for each June and BEA’s estimates o f posi
tions are for yearend. BEA estimates yearend positions
using the June position data from the annual liabilities
survey plus transactions data and estimates o f valua
tion changes.)
For 2005, foreign official holdings o f U.S. corporate
bonds and stocks (table 3, line 33) were revised up
$12.1 billion because o f the annual survey results and
up $0.4 billion because o f updated source data. Private
holdings o f U.S. corporate bonds (table 3, part o f line
38) were revised down $13.6 billion because o f the an
nual survey results and up $1.3 billion because o f u p
dated source data. Private holdings o f U.S. stocks (table
3, line 39) were revised down $7.7 billion because o f
the annual survey results and up $2.1 billion because o f
updated source data.
Transactions. Transactions in U.S. corporate bonds
and stocks were revised for 2005 and 2006 to incorpo
rate updated monthly TIC transactions data. Net for
eign official purchases o f U.S. corporate bonds and
stocks (table 2, line 62) were revised up $0.8 billion for
2005 and up $0.5 billion for 2006. Net private foreign
purchases o f U.S. corporate bonds (table 2, part o f line
66) were revised down $3.7 billion for 2005 and up
$6.0 billion for 2006. Net private foreign purchases o f
U.S. corporate stocks (table 2, part o f line 66) were re
vised up $2.5 billion for 2005 and up $28.7 billion for
2006.
47
S u r v e y o f C u r r e n t B u sin ess
Income. Income on U.S. corporate bonds and
stocks (table 2, part o f line 32, and table G) was revised
for 2005-2006 to incorporate the results o f the June
2006 annual survey and other updated source data.
For 2005, income on U.S. corporate bonds and
stocks was revised down $0.1 billion because o f new
survey results; revisions because o f updated source
data were negligible. For 2006, income on U.S. corpo
rate bonds and stocks was revised down $0.8 billion
because o f annual survey and up $0.9 billion because
o f updated source data.
Income payments on U.S. corporate bonds were
also revised because o f the new m ethodology for es
timating these payments. The m ethodology is dis
cussed elsewhere in this article. Revisions attributable
Table G. Major Sources of Revision to Income Payments on Foreign
Holdings of U.S. Corporate Bonds and Stocks
[Billions of dollars]
(Credits +; debits -)
2003
2004
2005
-61.0
-8.9
-71.5
-7 .0
-52.0
-64.5
-85.3 -105.2
-4.4
3.9
0.8
0.1
0.0 -0.5
-109.4
-81.0
-23.6
-25.7
-37.0
-23.6
-25.7
-37.0
2002
Interest on U.S. corporate bonds
Revised....................................................................... -55.7
Changes due to new bond interest methodology
3.2
Changes due to 2006 Treasury annual survey
Revisions due to updated source data...............
Previously published................................................. -58.8
Dividends on U.S. corporate stocks
Revised.......................................................................
Changes due to 2006 Treasury annual survey
Revisions due to updated source data...............
Previously published.................................................
2006
-38.1 -44.8
0.0
0.0
0.0 -0 .4
-38.1 -44.4
Acknowledgments
The revised estimates were prepared under the general
direction of Paul Farello with the assistance of Renee
Sauers and Erin Whitaker.
John Rutter, Christopher Gohrband, and Douglas
Weinberg prepared the new estimates of financial
derivatives. The new estimates of interest income on
bonds and the incorporation of the annual surveys of
securities by the U.S. Treasury Department were pre
pared by Renee Sauers, Elena Nguyen, and Jessica
Hanson, under the direction of Christopher Gohr
band and Douglas Weinberg. The updated end-use
commodity classifications for goods exports and
goods imports were prepared by Mai-Chi Hoang,
Christian Thieme, Marc Bouchard, Ben Kavanaugh,
and John Rutter. John Rutter prepared the new esti
mates of revalued goods imports of computer soft
ware.
The combined staffs of the Balance of Payments
Division and the International Investment Division
prepared the estimates for the expanded geographic
presentation of the accounts under the direction of
Paul Farello.
48
U.S. International Accounts
to that source lowered income payments on U.S. cor
porate bonds in 2002 and 2006 and raised payments in
2003-2005.
U.S. Treasury and agency bonds
Positions. Foreign holdings o f U.S. Treasury bonds
and o f agency bonds were revised for 2004 and 2005 to
incorporate the results o f two Treasury Department
surveys o f securities liabilities— the June 2005 (re
vised) survey and the June 2006 annual survey— and
other updated source data. Incorporation o f the survey
results led to a redistribution o f Treasury and agency
holdings from the private to the official sector.
Changes resulting from updated source data were
small by com parison to these redistributions.
For 2005, foreign official holdings o f U.S. Treasury
bonds (table 3, line 29) were revised up $45.6 billion
because o f the annual survey results and up $6.1 billion
because o f updated source data. The annual survey re
sults were sm oothed back into 2004, leading to an u p
ward revision o f $10.7 billion. For 2005, foreign
private holdings o f U.S. Treasury bonds (table 3, line
36) were revised down $49.9 billion because o f the an
nual survey results and down $11.2 billion because o f
updated source data. The annual survey results were
sm oothed back into 2004, leading to a downward revi
sion o f $0.7 billion.
For 2005, foreign official holdings o f agency bonds
(table 3, line 30) were revised up $23.8 billion because
o f the annual survey results and up $0.2 billion because
o f updated source data. For 2005, foreign private hold
ings o f agency bonds (table 1, part o f line 38) were
revised down $16.9 billion because o f the annual sur
vey results and down $2.8 billion because o f updated
source data.
Transactions. Transactions in U.S. Treasury bonds
and in agency bonds were revised for 2004-2006 to in
corporate results from the annual surveys and updated
source data. The findings are similar to those for the
position estimates; that is, the survey results indicate
that net purchases reported in the monthly TIC data
for private foreigners were too high, while the monthly
TIC data for official foreigners were too low. BEA, us
ing estimates provided by the Federal Reserve Board
and estimates based on the survey results, has adjusted
the transactions data to correct for the misclassification that can occur when foreign official transactions
are mistakenly attributed to the private sector rather
than to the official sector o f the accounts.
Foreign official net purchases o f Treasury bonds (ta
ble 2, line 58) were revised up $9.9 billion for 2004, up
$41.1 billion for 2005, and up $70.8 billion for 2006.
Foreign private net purchases o f Treasury bonds and
notes (table 2, line 65) were revised down $9.3 billion
July 2007
for 2004, down $67.2 billion for 2005, and were shifted
$65.3 billion to net sales for 2006.
Foreign official net purchases o f agency bonds (ta
ble 2, line 59) were revised up $15.8 billion for 2005
and up $66.1 billion for 2006. Foreign private net pur
chases o f agency bonds (table 2, part o f line 66) were
revised down $22.6 billion for 2005 and down $63.9
billion for 2006.
Income. Revisions to income payments on U.S.
Treasury bonds and agency bonds (table 2, line 33, and
table H) were small for 2004-2006 because the annual
surveys and updated source data generated redistribu
tions between the private and official accounts that
largely offset each other. Income payments were re
vised little in 2004 and 2005 and were revised up $0.3
billion in 2006.
Table H. Major Sources of Revision to U.S.
Government Income Payments
[Billions of dollars]
(Credits +; debits -)
2001 2002 2003 2004 2005 2006
Interest on U.S. Treasury bonds and notes
Revised....................................................................... -49.1 -44.5 -43.7 -50.8 -59.7 -73.1
Changes due to new bond interest methodology
7.1
8.8 10.2
9.8
6.8
4.0
Changes due to 2005 (revised) and 2006
Treasury annual surveys...................................
-0.1
0.0
0.1
Revisions due to updated source data...............
0.0
0.0
Previously published................................................. -53.2 -51.6 -52.5 -61.0 -69.6 -79.9
Interest on U.S. agency bonds
Revised....................................................................... -21.5 -25.8 -26.8 -28.1 -36.4 -49.1
Changes due to new bond interest methodology
-5.4 -8.7 -4 .2 -0.2
4.8
Changes due to 2006 Treasury annual survey
-0.1 -0.5
Revisions due to updated source data...............
0.1
0.1
Previously published................................................. -21.5 -20.5 -18.1 -23.9 -36.2 -53.5
Income payments on U.S. Treasury bonds and
agency bonds were also revised because o f the new
methodology for estimating these payments. The
methodology is discussed elsewhere in this article.
Revisions attributable to that source increased in
come payments on agency bonds for m ost years in
2001-2006 and decreased income payments on U.S.
Treasury bonds throughout 2001-2006.
Goods imports of computer software
The statistical adjustm ent for revaluing som e goods
im ports o f prepackaged general use computer soft
ware from m edium to full value has been updated be
ginning with estimates for 1997. The adjustm ent is
necessary because some values reported to U.S. C us
tom s for these goods im ports are reported at the
value o f the medium (com pact discs or DVDs) on
which the computer code is stored, rather than at their
full value, which consists o f both the value o f the m e
dium and the value o f the content o f the com
puter code contained on the medium. This update
July 2007
Survey
of
49
C u r r e n t B u s in e s s
expands the coverage o f this adjustment and updates
the measurement o f the statistical relationship between
the value o f the m edium and the value o f the con
tent.
The previous statistical adjustment revalued goods
software im ports containing only data and computer
code without sound or image. Over the past decade,
advances in technology have led to several newer types
o f goods software imports, primarily those containing
sound and image and those interactive with com put
ers. Coverage o f these newer types o f multimedia im
ports is now included in this statistical adjustment.
Growth in these last two categories has increased con
siderably over the past decade and now accounts for
m ost o f the value o f the adjustment. In addition, the
new adjustment updates the statistical relationship
between the value o f the medium and the value o f the
content o f the software. This update was necessary be
cause o f the much higher value o f the content o f newer
types o f software content relative to the m edium on
which they were stored than for the early types o f soft
ware content. Only goods im ports reported at the
value o f the medium are revalued; some goods im ports
o f software are already reported to U.S. Custom s at full
value.
As a result o f the expansion in coverage and the re
measurement o f the average unit market values applied
to the quantities o f software reported at the value o f
the medium, the upward adjustm ent increased from
$0.1 billion to $0.7 b illion for 1997, and by 2006, it in
creased from $0.1 billion to $3.5 billion. Table I below
shows the total new estimated market value for com
puter software im ports that have been adjusted to m ar
ket value and the amounts o f adjustm ent for 19972006. These adjustments to Census-basis goods im
ports appear in the standard presentation o f the ac
counts in “ Table 2a, U.S. Trade in G oods” under
“ Im ports”, “ Other adjustments, net” (line 15).
Table I. Major Sources of Revision to Goods Imports
[Billions of dollars]
(Credits +; debits -)
Goods imports
Revised..............................................................................................................
Changes due to computer software..........................................................
Revisions due to updated source data......................................................
Previously published........................................................................................
1997
1998
-876.8
-0.6
0.3
-876.5
-918.6
-1.1
-0 .4
-917.1
1999
2000
-1,031.8
-1 .5
-0 .3
-1,030.0
-1,226.7
-2.1
-0.1
-1,224.4
2001
-1,148.2
-2.1
-0.3
-1,145.9
2002
2003
2004
2005
2006
-1,167.4
-2.7
0.1
-1,164.7
-1,264.3
-3.7
0.1
-1,260.7
-1,477.1
-4.1
-0.1
-1,472.9
-1,681.8
-4.1
-0 .3
-1,677.4
-1,861.4
-3.4
1.7
-1,859.7
Tables 1 through 3 follow.
U.S. International Accounts
50
July 2007
Table 1. Revisions to U.S. International Transactions
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services and
income receipts
Imports of goods and services and
income payments
Unilateral current transfers, net
(inflows +, outflows -)
Previously
published
Revised
-1,286,597
-1,355,334
-1,509,207
-1,778,020
-1,630,811
-1,654,232
-1,777,462
-2,110,559
-2,455,328
-2,831,369
-1,286,921
-1,356,868
-1,511,011
-1,780,296
-1,629,097
-1,651,990
-1,789,819
-2,114,926
-2,454,871
-2,818,047
-324
-1,534
-1,804
-2,276
1,714
2,242
-12,357
-4,367
457
13,322
-45,062
-53,187
-50,428
-58,645
-51,295
-63,587
-69,210
-81,582
-86,072
-84,122
-45,062
-53,187
-50,428
-58,645
-51,295
-63,587
-70,607
-84,414
-88,535
-89,595
287,279
299,679
303,542
300,762
-313,370
-318,220
-325,472
-329,536
-313,391
-318,210
-325,593
-329,728
-21
10
-121
-192
-9,967
-10,267
302,195
298,846
293,115
300,835
302,195
298,846
293,115
300,835
-333,832
-337,534
-338,440
-345,530
-334,146
-337,834
-338,864
-346,026
-314
-300
-424
-496
1999:
300,183
307,288
319,936
332,407
300,183
307.288
319,936
332,407
-351,199
-366,741
-388,190
-403,076
-351,564
-367,128
-388,656
-403,662
2000:
341,683
355,307
360,295
364,231
341,683
355,307
360,295
364,231
-427,173
-440,926
-453,693
-456,232
2001:
350,489
334,968
311,110
296,582
350,489
334,968
312,094
298,144
2002:
300,892
312.379
318,631
313,475
2003:
Previously
published
Revised
1,191,257
1,194,993
1,259,809
1,421,515
1,293,147
1,245,373
1,319,158
1,526,855
1,749,892
2,058,836
1,191,257
1,194,993
1,259,809
1,421,515
1,295,693
1,255,936
1,338,325
1,559,191
1,788,557
2,096,165
1997:
287,279
299,679
303,542
300,762
1998:
1997...
1998...
1999...
2000...
2001...
2002...
2003...
2004...
2005...
2006...
Revision
Revision
Previously
published
Revised
Revision
Net financial flows
(inflows +, outflows -)
Balance on current account
Previously
published
Revised
Revision
Previously
published
Revised
Revision
-140,402
-213,528
-299,826
-415,150
-388,959
-472,446
-527,514
-665,286
-791,508
-856,655
-140,726
-215,062
-301,630
-417,426
-384,699
-459,641
-522,101
-640,148
-754,848
-811,477
-324
-1,534
-1,804
-2,276
4,260
12,805
5,413
25,138
36,660
45,178
221,334
69,740
236,148
486,373
400,243
503,167
538,345
582,419
785,449
719,149
221,334
69,740
236,148
486,373
400,243
503,167
538,928
556,742
777,356
833,183
-14,160
-9,967
-10,267
-10,666
-14,160
-36,058
-28,808
-32,596
-42,934
-36,079
-28,798
-32,717
-43,126
-21
10
-121
-192
20,276
47,567
47,836
105,651
20,276
47,567
47,836
105,651
-12,053
-12,361
-13,140
-15,633
-12,053
-12,361
-13,140
-15,633
-43,690
-51,049
-58,465
-60,328
-44,004
-51,349
-58,889
-60,824
-314
-300
-424
-496
4,732
16,427
17,443
31,136
4,732
16,427
17,443
31,136
-365
-387
-466
-586
-11,885
-12,260
-11,987
-14,295
-11,885
-12,260
-11,987
-14,295
-62,901
-71,713
-80,241
-84,964
-63,266
-72,100
-80,707
-85,550
-365
-387
-466
-586
24,660
65,434
33,368
112,686
24,660
65,434
33,368
112,686
-427,646
-441,576
-454,243
-456,835
-473
-650
-550
-603
-12,859
-13,368
-14,208
-18,212
-12,859
-13,368
-14,208
-18,212
-98,349
-98,987
-107,606
-110,213
-98,822
-99,637
-108,156
-110,816
-473
-650
-550
-603
41,092
140,258
161,338
143,685
41,092
140,258
161,338
143,685
984
1,562
-442,851
-417,089
-401,111
-369,764
-442,826
-416,706
-400,657
-368,912
25
383
454
852
-15,171
-15,802
-2,941
-17,374
-15,171
-15,802
-2,941
-17,374
-107,533
-97,923
-92,942
-90,556
-107,508
-97,540
-91,504
-88,142
25
383
1,438
2,414
115,961
121,164
55,794
107,325
115,961
121,164
55,794
107,325
302,466
314,290
321,839
317,345
1,574
1,911
3,208
3,870
-391,610
-416,841
-423,115
-422,661
-388,601
-415,267
-423,307
-424,810
3,009
1,574
-192
-2,149
-18,326
-14,764
-14,599
-15,897
-18,326
-14,764
-14,599
-15,897
-109,044
-119,226
-119,083
-125,083
-104,461
-115,741
-116,067
-123,362
4,583
3,485
3,016
1,721
89,272
91,584
162,677
159,631
89,272
91,584
162,677
159,631
316,991
319.380
330,049
352,733
321,646
324,744
335,211
356,719
4,655
5,364
5,162
3,986
-436,556
-433,578
-444,630
-462,697
-439,095
-437,889
-448,024
-464,810
-2,539
-4,311
-3,394
-2,113
-17,598
-16,905
-16,961
-17,747
-17,660
-16,962
-17,710
-18,277
-62
-57
-749
-530
-137,163
-131,103
-131,542
-127,711
-135,109
-130,107
-130,523
-126,368
2,054
996
1,019
1,343
159,784
62,535
129,745
186,285
159,729
63,301
129,579
186,323
-55
766
-166
38
2004:
362,895
375,770
384,648
403,536
372.271
384.288
393.272
409,357
9,376
8,518
8,624
5,821
-486,179
-521,646
-534,451
-568,283
-489,241
-521,604
-534,072
-570,010
-3,062
42
379
-1,727
-22,554
-20,895
-16,524
-21,609
-22,972
-21,371
-17,273
-22,799
-418
-476
-749
-1,190
-145,838
-166,771
-166,327
-186,356
-139,941
-158,687
-158,073
-183,452
5,897
8,084
8,254
2,904
129,718
178,979
115,604
158,122
121,924
165,936
103,222
165,659
-7,794
-13,043
-12,382
7,537
2005:
415,277
429,326
442,935
462,357
424,101
440,217
451,964
472,275
8,824
10,891
9,029
9,918
-579,764
-599,390
-616,886
-659,290
-578,269
-599,084
-616,350
-661,169
1,495
306
536
-1,879
-27,237
-23,194
-9,464
-26,176
-28,225
-24,372
-9,019
-26,915
-1,178
445
-739
-191,724
-193,258
-183,415
-223,109
-182,392
-183,238
-173,406
-215,809
9,332
10,020
10,009
7,300
136,737
149,803
256,212
242,694
145,995
97,517
242,180
291,665
9,258
-52,286
-14,032
48,971
483,338
510,923
523,832
540,741
494,027
518,595
532,894
550,649
10,689
7,672
9,062
9,908
-677,571
-706,776
-730,711
-716,311
-673,277
-700,504
-726,352
-717,914
4,294
6,272
4,359
-1,603
-19,545
-21,860
-22,498
-20,220
-21,360
-23,686
-23,877
-20,673
-1,815
-1,826
-1,379
-453
-213,778
-217,713
-229,377
-195,790
-200,611
-205,595
-217,334
-187,938
13,167
12,118
12,043
7,852
171,269
153,574
229,710
164,596
195,741
157,225
255,000
225,218
24,472
3,651
25,290
60,622
2006:
2,546
10,563
19,167
32,336
38,665
37,329
-1,397
-2,832
-2,463
-5,473
583
-25,677
-8,093
114,034
July 2007
Survey
of
51
C u r r e n t B u s in e s s
Table 2. Major Sources of Revisions, International Transactions Accounts, 1997-2006—Continues
[Millions of dollars]
(Credits+; debits-)’
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
155,692
2,546
153,146
129,511
10,563
118,948
126,641
17,839
108,802
157,114
14,301
142,813
230,537
12,900
217,637
334,958
14,162
320,796
50,861
14,077
56,074
10,426
1,127
Current account
Other private income receipts (line 15):
Revised.................................................................................................................................................
Amount of revision............................................................................................................................
Previously published............................................................................................................................
Ofwhich:
Interest on foreign bonds:
Revised.......................................................................................................................................
Changes due to new bond interest methodology...................................................................
Changes due to 2005 Treasury annual survey.......................................................................
Revisions due to updated source data....................................................................................
Previously published...................................................................................................................
Dividends on foreign stocks:
Revised.......................................................................................................................................
Changes due to 2005 Treasury annual survey.......................................................................
Revisions due to updated source data....................................................................................
Previously published...................................................................................................................
Goods imports (line 20):
Revised.................................................................................................................................................
Changes due to computer software................................................................................................
Revisions due to updated source data............................................................................................
Previously published............................................................................................................................
135,652
151,818
156,354
192,398
135,652
151,818
156,354
192,398
31,108
35,498
37,459
37,943
34,541
2,546
40,987
10,563
46,687
17,839
31,108
35,498
37,459
37,943
31,995
30,424
28,848
36,784
44,206
60,897
4,326
2,290
930
53,351
24,589
26,507
29,950
33,295
33,970
38,248
41,432
54,164
24,589
26,507
29,950
33,295
33,970
38,248
41,432
54,164
64,721
1,048
11
63,662
82,851
2,328
611
79,912
315
-876,794
-586
262
-876,470
-918,637 -1,031,784 -1,226,684 -1,148,231 -1,167,377 -1,264,307 -1,477,094 -1,681,780 -1,861,380
-4,097
-2,064
-4,149
-3,409
-1,107
-1,488
-2,140
-2,740
-3,685
1,684
-267
-71
-260
-427
-316
-136
83
95
-917,103 -1,029,980 -1,224,408 -1,145,900 -1,164,720 -1,260,717 -1,472,926 -1,677,371 -1,859,655
-112,878
-127,988
-138,120
-180,918
-159,825
-112,878
-127,988
-138,120
-180,918
-159,825
Interest on U.S. corporate bonds:
Revised.......................................................................................................................................
-28,169
-30,583
-40,239
-51,697
Changes due to 2006 Treasury annual survey.......................................................................
Revisions due to updated source data....................................................................................
Previously published...................................................................................................................
-28,169
-30,583
-40,239
-13,976
-15,765
-13,976
Other private income payments (line 32):
Revised.................................................................................................................................................
Amount of revision...........................................................................................................................
Previously published............................................................................................................................
-127,012
3,165
-130,177
-119,051
-8,926
-110,125
-154,485
-6,916
-147,569
-227,431
-3,819
-223,612
-334,645
-5,414
-329,231
-55,114
-55,675
3,165
-60,974
-8,926
-71,502
-7,023
-51,697
-55,114
-58,840
-52,048
-64,479
-85,303
-4,408
105
4
-81,004
-105,160
3,889
834
-478
-109,405
-17,058
-l'9,645
-21,129
-23,560
-25,661
-37,037
-15,765
-17,058
-19,645
-21,129
-23,560
-25,661
-37,037
-38,083
3
-12
-38,074
-44,821
20
-410
-44,431
-81,701
-84,154
-81,701
-84,154
-80,525
-84,517
-78,381
-73,834
-74,908
-82,536 -103,874 -133,755
1,734
9,685
37
11,315
4,045
5,938
Previously
published............................................................................................................................
-73,871
-88,474 -113,559 -145,070
-82,426
-76,642
-80,525
-84,517
-58,382
-62,817
-58,155
-53,929
-49,110
4,045
-44,541
7,095
-43,717
8,756
-50,785
10,222
-50
Previously published...................................................................................................................
-58,382
-62,817
-58,155
-53,929
-53,155
-51,636
-52,473
-60,957
Interest on U.S. agency bonds:
Revised.......................................................................................................................................
-12,130
-12,193
-13,917
-20,336
-21,511
-25,849
-5,362
-26,786
-8,720
-28,137
-4,234
-12,130
-12,193
-13,917
-20,336
-21,511
-20,487
-18,066
-23,903
Ofwhich:
Dividends on U.S. corporate stocks:
Revised.......................................................................................................................................
Changes due to 2006 Treasury annual survey.......................................................................
Revisions due to updated source data....................................................................................
Previously published...................................................................................................................
U.S. Government income payments (line 33):
Ofwhich:
Interest on U.S. Treasury bonds and notes:
Changes due to new bond interest methodology...................................................................
See the footnotes and note at the end of the table.
-59,723
9,842
31
36
-69,632
-73,115
6,757
73
-5
-79,940
-36,431
-229
-60
68
-36,210
-49,108
4,812
-470
95
-53,545
U.S. International Accounts
52
July 2007
Table 2. Major Sources of Revisions, International Transactions Accounts, 1997-2006—Table Ends
[Millions of dollars]
(Credits +; debits-)1
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Financial account
U.S. private assets abroad
Foreign securities (line 52):
Revised.................................................................................................................................................
Amount of revision............................................................................................................................
Previously published........................................................................................................................
-116,852
-130,204
-122,236
-127,908
-90,644
-48,568
-146,722
-146,549
-116,852
-130,204
-122,236
-127 908
-90,644
-48,568
-146,722
-146,549
Foreign bonds:
Revised.........................................................................................................................................
Revisions due to updated source data....................................................................................
Previously published.................................................................................................................
-59,566
-28,842
-7,925
-21,194
18,475
-31,614
-28,719
-61,793
-59,566
-28 842
-7 925
-21,194
18,475
-31,614
-28,719
-61,793
Foreign stocks:
Revised.........................................................................................................................................
Revisions due to updated source data....................................................................................
Previously published....................................................................................................................
-57,286
-101,362
-114,311
-106,714
-109,119
-16,954
-118,003
-84,756
-57,286
-101,362
-114,311
-106,714
-109,119
-16,954
-118,003
-84,756
-6,690
-9,921
12,177
-5,199
33,700
60,466
184,931
273,279
9,941
-6,690
-9,921
12,177
-5,199
33,700
60,466
184,931
263,338
4,529
6,332
20,350
40,909
20,920
30,505
39,943
41,662
4,529
6,332
20,350
40,909
20,920
30,505
39,943
41,662
-208
-3,487
915
3,127
5,726
3,616
5,275
13,703
-208
-3,487
915
3,127
5,726
3,616
5,275
13,703
130,435
28,581
-44,497
-69,983
-14,378
100,403
91,455
93,608
-9,332
-44,497
-69,983
-14,378
100,403
91,455
102,940
-197,098
-16,973
-180,125
-289,422
-11,731
-277,691
-54,497
-16,506
-37,991
-150,884
-1,714
-149,170
-142,601
-467
-142,134
-138,538
-10,017
-128,521
112,841
31,706
9,386
71,749
189,181
65,702
5,135
118,344
100,493
16915
-1,123
84,701
191,553
61,518
4,585
125,450
20,095
837
19,258
34,357
465
33,892
132,300
-32 293
-34 898
199,491
-35,931
-68,087
2,739
29,417
450,386
-23,754
474,140
591,951
-29,203
621,154
312,314
-3,691
316,005
412,260
5,991
406,269
49,768
-18,326
-4,258
72,352
36,934
-61,577
-2,357
100,868
Foreign official assets in the United States
U.S. Treasury securities (line 58):
Revised.................................................................................................................................................
Changes to bonds and notes due to 2005 (revised) and 2006 Treasury annual surveys..............
Revisions due to updated source data............................................................................................
Previously published............................................................................................................................
Other (line 59):
Revised.................................................................................................................................................
Changes to agency bonds due to 2006 Treasury annual survey....................................................
Revisions due to updated source data............................................................................................
Previously published............................................................................................................................
Other foreign official assets (line 62):
Revised.................................................................................................................................................
Revisions to corporate bonds and stocks due to updated source data..........................................
Previously published............................................................................................................................
Other foreign assets in the United States
U.S. Treasury securities (line 65):
Revised.................................................................................................................................................
Changes to bonds and notes due to 2005 (revised) and 2006 Treasury annual surveys..............
Revisions due to updated source data............................................................................................
Previously published............................................................................................................................
130,435
28,581
U.S. securities other than U.S. Treasury securities (line 66):
Revised.................................................................................................................................................
Amount of revision............................................................................................................................
Previously published............................................................................................................................
161,409
156,315
298,834
459,889
393,885
283,299
220,705
381,493
161,409
156,315
298,834
459,889
393,885
283,299
220,705
381,493
U.S. corporate bonds:
Revised.........................................................................................................................................
Revisions due to updated source data....................................................................................
Previously published....................................................................................................................
66,865
105,948
142,821
166,403
191,616
145,415
223,215
254,564
66,865
105,948
142,821
166,403
191,616
145,415
223,215
254,564
25,784
4,720
43,096
100,994
82,769
81,832
-36,801
67,380
25,784
4,720
43,096
100,994
82,769
81,832
-36,801
67,380
68,760
45,647
112,917
192,492
119,500
56,052
34,291
59,549
68,760
45,647
112,917
192,492
119,500
56,052
34,291
59,549
88,304
2,521
85,783
142,757
28,740
114,017
116,518
23,140
76,247
170,672
66,110
95,871
96,526
93,522
31,804
116,518
23,140
76,247
170,672
66,110
95,871
96,526
272
93,250
1,699
30,105
235,769
9,640
49,620
176,509
U.S. agency bonds:
Revised.........................................................................................................................................
Changes due to 2006 Treasury annual survey.......................................................................
Revisions due to updated source data....................................................................................
Previously published....................................................................................................................
U.S. corporate stocks:
Revised.........................................................................................................................................
Revisions due to updated source data....................................................................................
Previously published.....................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns (line 68):
Revised.................................................................................................................................................
Changes due to the removal of exchange-traded futures (financial derivatives) data...................
Revisions due to updated source data............................................................................................
Previously published.............................................................................................................................
Financial derivatives, net (line 70):
Revised.................................................................................................................................................
Changes due to new Treasury source data.....................................................................................
Previously published.............................................................................................................................
1. Credits +: An increase in U.S. receipts and U.S. liabilities, or a decrease in U.S. payments and U.S. claims. Debits An increase in U.S. payments and U.S. claims, or a decrease in U.S. receipts and U.S. liabilities.
2. Estimates were not previously published.
N ote . Line numbers refer to table 1 in “U.S. International Transactions: First Quarter of 2007” in this issue of the Survey.
28,762
(2)
(2)
July 2007
Survey
of
53
C u r r e n t B u s in e s s
Table 3. Major Sources of Revisions, International Investment Position at Yearend, 2004-2006
[Millions of dollars]
2004
2005
2006
U.S. private assets
Financial derivatives, gross positive fair value (line 5):
Foreign securities (line 19):
Revised..................................................................................................................................................................................................................................
3,553,387
Previously published..............................................................................................................................................................................................................
3,553,387
Foreign bonds (line 20):
Revised..........................................................................................................................................................................................................................
992,969
Previously published......................................................................................................................................................................................................
992,969
Foreign stocks (line 21):
Revised..........................................................................................................................................................................................................................
2,560,418
Previously published......................................................................................................................................................................................................
2,560,418
1,190,029
(1)
(’)
1,237,564
(1)
0
4,345,884
271,887
4,073,997
5,432,264
(')
(’)
1,028,179
24,416
16,220
987,543
1,180,758
(')
(1)
(’)
3,317,705
230,605
646
3,086,454
4,251,506
(’)
(1)
(')
1,132,114
(')
(1)
1,178,629
0
(')
Foreign official assets in the United States
Financial derivatives, gross negative fair value (line 25):
Changes due to new Treasury source data
U.S. Government securities (line 28):
Revised..................................................................................................................................................................................................................................
Amount of revision.............................................................................................................................................................................................................
Previously published..............................................................................................................................................................................................................
1,509,986
10,693
1,499,293
1,725,193
75,796
1,649,397
2,104,696
(’)
(1)
U.S. Treasury securities (line 29):
Revised..........................................................................................................................................................................................................................
Changes to bonds and notes due to 2005 (revised) and 2006 Treasury annual surveys........................................................................................
1,251,943
10,693
Previously published......................................................................................................................................................................................................
1,241,250
1,340,598
45,646
6,071
1,288,881
1,520,768
O
(')
n
Other (line 30):
Revised..........................................................................................................................................................................................................................
Changes to agency bonds due to 2006 Treasury annual survey..............................................................................................................................
258,043
384,595
23,846
233
360,516
583,928
(’)
(’)
(1)
268,586
12,075
447
256,064
349,783
(')
(’)
(’)
643,793
-49,919
-11,163
704,875
594,243
(’)
(')
(1)
4,352,998
-37,684
4,390,682
5,228,536
(')
(')
1,758,370
-13,628
1,308
1,770,690
2,168,473
484,765
-16,914
-2,828
504,507
521,343
(1)
(’)
(’)
2,109,863
-7,701
2,079
2,115,485
2,538,720
O
(!)
0
Previously published...................................................................
Other foreign official assets (line 33):
Revised..................................................................................................................................................................................................................................
Changes to corporate bonds and stocks due to 2006 Treasury annual survey...............................................................................................................
Previously published.......................................................................................
258,043
215,239
215,239
Other foreign assets in the United States
U.S. Treasury securities (line 36):
Changes to bonds and notes due to 2005 (revised) and 2006 Treasury annual surveys................................................................................................
561,610
-678
Previously published..............................................................................................................................................................................................................
562,288
U.S. securities other than U.S. Treasury securities (line 37):
Revised..................................................................................................................................................................................................................................
3,995,506
Previously published..............................................................................................................................................................................................................
3,995,506
U.S. corporate bonds (part of line 38):
1,584,304
1,584,304
{')
(')
(1)
U.S. agency bonds (part of line 38):
450,845
450,845
U.S. corporate stocks (line 39):
1,960,357
1,960,357
1. Estimates were not previously published.
N ote . Line numbers refer to table 1 in “The U.S. International Investment Position of the United States at Yearend 2 0 0 6 ” in this issue of the Survey.
54
July 2007
How BEA Aligns and Augments Source Data From the U.S. Treasury
Department for Inclusion in the International Transactions Accounts
Like most of the U.S. economic accounts produced by
the Bureau of Economic Analysis (BEA), the estimates
of financial-account transactions in the international
transactions accounts (ITAs) are based largely on source
data collected by other Government agencies— in this
case, by the Treasury International Capital (TIC)
reporting system of the U.S. Department of the Trea
sury. The presentation of the adjustments undertaken
by BEA to align and to augment these data for inclusion
in the financial account can help data users reconcile
BEA’s financial-account estimates with the TIC data
that are available to the public on the Treasury Depart
ment’s Web site and in the Treasury Bulletin.
The relationship between the estimates in the ITAs
that are prepared by BEA and the data from the TIC
reporting system are shown in tables 1-3. Table 1 pre
sents the estimates of transactions in foreign long-term
securities; in U.S. long-term securities, excluding U.S.
Treasury securities; and in U.S. Treasury securities.
Table 2 presents the estimates of claims on, and liabili
ties to, foreigners reported by U.S. nonbanking con
cerns, and table 3 presents the estimates of claims on,
and liabilities to, foreigners reported by U.S. banks.
In tables 1-3, the numerous adjustments that BEA
makes to the TIC source data in order to align the data
with balance-of-payments concepts and to close gaps in
coverage are identified. In addition, examples of both
types of adjustments are presented below.
Aligning with balance-of-payments concepts. The
TIC data for gross U.S. purchases of foreign stocks and
bonds (table 1, line A l) include the commissions that
are paid by the U.S. purchasers to foreign brokers. In the
ITAs, payments o f commissions to foreigners are treated
as payments for financial services, not as purchases of
securities, and these payments are included in the cur
rent account, not in the financial account. Therefore,
BEA adjusts the TIC data for gross U.S. purchases by
subtracting an estimate of payments of brokerage com
missions (line A3) from the data for gross purchases.
Similarly, the TIC data for gross U.S. sales of foreign
stocks and bonds (line A6) represent the proceeds from
sales less the commissions paid by U.S. sellers to foreign
brokers. To capture the total value of securities sold,
BEA adds an estimate o f brokerage commissions (line
A7) to the TIC sales data.
Closing gaps in coverage. The TIC data for gross
U.S. purchases of foreign stocks and bonds do not fully
cover some transactions, such as acquisitions of U.S.
companies by foreigners who finance their purchases
through exchanges of stock. These stock swap transac
tions may bypass the U.S. brokers and dealers who are
the primary respondents to the TIC survey on securities
transactions. When stock is exchanged, the U.S. persons
who previously held securities in the acquired U.S.
company receive shares in the acquiring foreign corpo
ration, and the receipt o f these shares should be
recorded in the ITAs as the acquisition, or purchase, of
foreign long-term securities.
In order to account for this gap in coverage in the
TIC data, BEA adds an estimate of security swap trans
actions and other coverage adjustments (line A2) to the
TIC data.
July 2007
S urvey
of
C
urrent
55
B u s in e s s
Table 1. Relation of Transactions in Foreign Long-Term Securities, U.S. Long-Term Securities Excluding U.S. Treasury Securities, and U.S.
Treasury Securities in the U.S. International Transactions Accounts (ITAs) to Treasury International Capital (TIC) Reporting System Data
[Millions of dollars]
Line
2004 '
2005 r
2006 p
Foreign Long-Term Securities
A1 Gross U.S. purchases of foreign stocks and bonds, TIC...............................................................................................................
2 P lu s : Security swap transactions and other coverage adjustments................................................................................................
3 M in u s Brokerage commissions...................................................................................................................................................
4 P/us: Underwriting and private placement fees............................................................................................................................
5 Equals: Gross U.S. purchases of foreign stocks and bonds, ITAs..........................................................................................
3,275,961
-6,467
626
1,400
3,270,268
3,872,378
24,595
875
1,818
3,897,916
5,819,375
40,740
1,071
3,646
5,862,690
6 Gross U.S. sales of foreign stocks and bonds, TIC......................................................................................................................
7 P/us: Brokerage commissions.....................................................................................................................................................
8 Plus: Coverage adjustment for gross sales..................................................................................................................................
9 Equals: Gross U.S. sales of foreign stocks and bonds, ITAs..................................................................................................
3,123,119
600
0
3,123,719
3,699,986
832
0
3,700,818
5,572,234
1,034
0
5,573,268
10 Net U.S. purchases (-) or sales (+) of foreign stocks and bonds, TIC (A6 - A1)............................................................................
11 P/us: Coverage adjustments ((A7 + A8) - (A2 - A3 + A4))...........................................................................................................
-152,842
6,293
-172,392
-24,706
-247,141
-42,281
12 Net U.S. purchases (-) or sales (+) of foreign long-term securities, ITAs (A9 - A5) (table 1, line 52).....................................
-146,549
-197,098
-289,422
81 Gross foreign purchases of other U.S. long-term securities, TIC..................................................................................................
2 P/us: Security swap transactions and other coverage adjustments................................................................................................
3 M inus: Brokerage commissions...................................................................................................................................................
4 P/us: Underwriting and private placement fees............................................................................................................................
5 Equals: Gross foreign purchases of other U.S. long-term securities, ITAs.............................................................................
6,242,839
(D)
(D)
(D)
6,277,653
7,106,213
11,034
2,490
225
7,114,982
10,142,332
2,009
2,451
242
10,142,132
6 Gross foreign sales of other U.S. long-term securities, TIC...........................................................................................................
7 P/us: Brokerage commissions.....................................................................................................................................................
8 P/us: Coverage adjustment for gross sales..................................................................................................................................
9 Equals: Gross foreign sales of other U.S. long-term securities, ITAs.....................................................................................
5,678,462
2,170
160,163
5,840,795
6,432,785
2,311
108,912
6,544,008
9,201,788
2,271
120,212
9,324,271
10 Net foreign purchases (+) or sales (-) of other U.S. long-term securities, TIC (B1 —B6)...............................................................
11 Plus: Coverage adjustments ((B2 -B 3 + B4) - (B7 + B8))...........................................................................................................
564,377
-127,519
673,428
-102,454
940,544
-122,683
12 Net foreign purchases (+) or sales (-) of other U.S. long-term securities, ITAs (B5 - B9) (table 1, line 59 + 62 + 66)............
13 Other U.S. Government securities, foreign official assets (table 1, line 59)................................................................................
14 Other foreign official assets (table 1, line 62)............................................................................................................................
15 Other U.S. securities, other foreign assets (table 1, line 66)......................................................................................................
436,858
41,662
13,703
381,493
570,974
100,493
20,095
450,386
817,861
191,553
34,357
591,951
Cl Gross foreign purchases of U.S. Treasury marketable bonds and notes, TIC................................................................................
2 Minus: Brokerage commissions and other fees............................................................................................................................
3 Equals: Gross foreign purchases of U.S. Treasury marketable bonds and notes, ITAs..........................................................
8,936,041
581
8,935,460
10,051,249
675
10,050,574
10,959,374
505
10,958,869
4 Gross foreign sales of U.S. Treasury marketable bonds and notes, TIC........................................................................................
5 Plus: Brokerage commissions and other fees..............................................................................................................................
6 Plus: Coverage adjustment for gross sales..................................................................................................................................
7 Equals: Gross foreign sales of U.S. Treasury marketable bonds and notes, ITAs..................................................................
8,583,966
581
20,000
8,604,547
9,713,136
675
32,000
9,745,811
10,761,721
505
32,000
10,794,226
8 Net foreign purchases (+) or sales (-) of U.S. Treasury marketable bonds and notes, TIC (C1 - C4).............................................
9 Plus: Coverage adjustments (—(C2) - (C5 + C6)).........................................................................................................................
352,075
-21,162
338,113
-33,350
197,653
-33,010
10 Net foreign purchases (+) or sales (- ) of U.S. Treasury marketable bonds and notes, ITAs (C3 - C7)...................................
330,913
304,763
164,643
11 P/us: Non-marketable bonds and notes...................................................................................................................................
12 Plus: Short-term U.S. Treasury obligations.............................................................................................................................
-982
36,956
-682
-58,940
79
-11,472
13 Net foreign purchases (+) or sales (- ) of U.S. Treasury securities, ITAs (C10 + C11+ C12) (table 1, line 58 + line 65)...........
14 U.S. Treasury securities, foreign official assets (table 1, line 58).............................................................................................
15 U.S. Treasury securities, other foreign assets (table 1, line 65)..................................................................................................
366,887
245,141
273,279
93,608
112,841
132,300
U.S. Long-Term Securities, Excluding U.S. Treasury Securities
U.S. Treasury Securities
p Preliminary
r Revised
D Suppressed to avoid disclosure of individual companies.
153,250
189,181
-35,931
56
July 2007
How BEA Aligns and Augments Source Data
Table 2. Relation of Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns Except Securities Brokers in
the International Transactions Accounts (ITAs) to Treasury International Capital (TIC) Reporting System Data
[Millions of dollars]
Line
Claims
(Credits +; decrease in U.S. assets. Debits
2005 r
2006 p
100,949
143,232
-42,283
143,232
144 950
-1,718
144,950
143,936
1,014
increase in U.S. assets.)
A1 Total claims outstanding, beginning of year, T IC .....................................................................................................................................................................................
V Total claims outstanding, end of year, T IC ..................................................................................................................................................................................................
3 Change in claims, TIC (A1 - A2)................................................................................................................................................................................................................
4
b
6
7
8
2004 r
Minus: Valuation adjustments including unrealized exchange-rate gain or loss and other adjustments 1........................................................................... -10,617
Minus: Break in series.................................................................................................................................................................................................................................
0
Plus: Financial intermediaries’ accounts 2
-8,295
Plus: Supplemental source data 3...........
-129,176
Plus: Other coverage adjustm ents4
45,000
9 Equals: Claims on unaffiliated foreigners reported by U.S. nonbanking concerns, except securities brokers, ITAs (A3 - A4 - A5 + A6 + A7 + A8)
(table 1, line 5 3 )......................................................................................................................................................................................................................................... -124,137
18,104 -13,075
0
0
-2,606
-9,670
-42,113 -106,012
24,938
18,062
-39,603
-83,531
73,935
92,009
18,074
92,009
76,710
-15,299
76,710
92,376
15,666
Minus: Valuation adjustments including unrealized exchange-rate gain or loss and other adjustments 1...........................................................................
Minus: Break in series.................................................................................................................................................................................................................................
Plus: Financial intermediaries’ accounts 2............................................................................................................................................................................................
Plus: Supplemental source data 3.............................................................................................................................................................................................................
Plus: Other coverage adjustments 5........................................................................................................................................................................................................
5,844
0
6,214
71,813
3,265
-9,596
0
9,873
59,205
-31,571
9,605
0
34,429
132,629
62,650
9 Equals: Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns, except securities brokers, ITAs (B3 - B4 - B5 + B6 + B7 + B8)
(table 1, line 6 8 ).........................................................................................................................................................................................................................................
93,522
31,804
235,769
Liabilities
(Credits +; increase in U.S. liabilities. Debits
decrease in U.S. liabilities.)
B1 Total liabilities outstanding, beginning of year, TIC ....................................................................................................................................................................................
2 Total liabilities outstanding, end of year, TIC...............................................................................................................................................................................................
3 Change in liabilities, TIC (B2 - B1)...........................................................................................................................................................................................................
4
b
6
7
8
p Preliminary
r Revised
1. Includes unrealized gains or losses only on foreign-currency-denominated assets and liabilities.
2.Financial intermediaries’ accounts represent transactions between firms in a direct investment relation
ship (that is, between U.S. parents and their foreign affiliates or between U.S. affiliates and their foreign parent
groups), where both the U.S. and the foreign firm are classified in a finance industry, but the firms are neither
banks nor securities brokers.
3. Includes supplemental transactions from the Bank of England, the Bank for International Settlements
(BIS), and the Federal Reserve Board.
4. Includes supplemental insurance transactions and adjustments to avoid double-counting U.S. claims on
foreigners.
5. Includes adjustments to avoid double counting U.S. liabilities to foreigners and, in 2004 and 2005,
includes supplemental futures trading transactions.
Table 3. Relation of Claims on and Liabilities to Foreigners Reported by U.S. Banks and Securities Brokers in the
International Transactions Accounts (ITAs) to Treasury International Capital (TIC) Reporting System Data
[Millions of dollars]
Line
2004 r
Claims
(Credits +; decrease in U.S. assets. Debits
2005 r
2006 o
increase in U.S. assets.)
A1 Total claims outstanding, beginning of year, T IC ....................................................................................................................................................................................
? Total claims outstanding, end of year, TIC ...............................................................................................................................................................................................
3 Change in claims, TIC (A1 - A2)............................................................................................................................................................................................................
1,707,337 2,188,441 2,500,399
2,188,441 2,500,399 3 082 183
-481,104 -311,958 -581,784
Minus: Valuation adjustments including unrealized exchange-rate gain or loss and other adjustments 1.......................................................................
Minus: Break in series.............................................................................................................................................................................................................................
Minus: Direct investment.........................................................................................................................................................................................................................
Plus: Coverage adjustments including commercial paper and other adjustments 2...............................................................................................................
-29,130
-61,714
-1,737
28,756
-57,881
0
-1,653
34,953
-128,817
0
2,596
978
8 Equals: Claims on foreigners reported by U.S. banks, not included elsewhere, ITAs (A3 - A4 - A5 - A6 + A7) (table 1, line 5 4 )...............................
-359,767
-217,471
-454,585
4
S
fi
7
Liabilities
(Credits +; increase in U.S. liabilities. Debits
decrease in U.S. liabilities.)
R1 Total liabilities outstanding, beginning of year, TIC ................................................................................................................................................................................. 2,382,470 3,017,873 3,186,745
? Total liabilities outstanding, end of year, T IC ........................................................................................................................................................................................... 3,017 873 3,186,745 3 907 371
3 Change in liabilities, TIC (B2 - B 1 ).......................................................................................................................................................................................................
635,403
168,872
720,626
4
h
fi
7
Minus: Valuation adjustments including unrealized exchange-rate gain or loss and other adjustments..........................................................................
Minus: Break in series.............................................................................................................................................................................................................................
Minus: Direct investment........................................................................................................................................................................................................................
Plus: Coverage adjustments including short-term U.S. Treasury obligations and other adjustm ents3 ............................................................................
5,942
189,540
-1,027
-36,956
-902
o
-5 4
58,940
270,951
o
4,684
11,442
8 Equals: Liabilities to foreigners reported by U.S. banks, not included elsewhere, ITAs (B3 - B4 - B5 - B6 + B7) (table 1, lines 61 + 69).................
9
Liabilities to foreign official agencies (table 1, line 6 1 )..................................................................................................................................................................
10
Liabilities to other foreigners (table 1, line 69).................................................................................................................................................................................
403,992
69,245
334,747
228,768
26,260
202,508
456,433
22,040
434,393
p Preliminary
r Revised
1. Includes adjustments for claims on foreigners written off by U.S. reporters.
2. Includes adjustments for supplemental transactions in foreign commercial paper and other instruments.
3. Includes adjustments for transactions that are included in other international transactions accounts,
including transactions in short-term U.S Treasury obligations and in other liabilities held in custody by U.S.
reporters.
57
July 2007
U .S . I n te r n a t io n a l T r a n s a c t i o n s
First Quarter of 2007
By R enee M. Sauers
The estimates presented in this article reflect the annual revision of the international
transactions accounts. For more information, see “Annual Revision of the U.S. Inter
national Accounts, 1997-2006” in this issue.
HE U.S. current-account deficit— the combined
balances on trade in goods and services, income,
and net unilateral current transfers— increased to
$192.6 billion (preliminary) in the first quarter o f 2007
from $187.9 billion (revised) in the fourth quarter of
2006 (table A, chart l ) .1 The increase was mostly at
tributable to an increase in net unilateral current
transfers to foreigners. In addition, the deficit on
goods increased a small amount. These increases were
partly offset by increases in the surpluses on services
and on income.
In the financial account, net financial inflows— net
acquisitions by foreign residents o f assets in the United
States less net acquisitions by U.S. residents o f assets
abroad— were $202.8 billion in the first quarter, down
from $225.2 billion in the fourth quarter. Net acquisi
T
1.
Q uarterly estimates of U.S. current-account and financial-account
com ponents are seasonally adjusted when series dem onstrate statistically
significant seasonal patterns. The accom panying tables present both
adjusted and unadjusted estimates.
tions by U.S. residents picked up more than net acqui
sitions by foreign residents.
The statistical discrepancy— errors and om issions in
recorded transactions— was a negative $9.6 billion in
the first quarter, compared with a negative $36.6 bil
lion in the fourth quarter.
The following are highlights for the first quarter o f
2007:
• G oods exports increased at a more moderate rate
than in recent quarters. G oods im ports re
bounded after a fourth-quarter decrease, mostly
as a result o f a rebound in petroleum and prod
ucts.
• Net U.S. purchases o f foreign securities slowed but
remained relatively strong.
• Net private foreign purchases o f U.S. Treasury secu
rities picked up, and net private foreign purchases
o f other U.S. securities slowed.
• Both U.S. claims and U.S. liabilities reported by U.S.
banks increased strongly.
Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Line
Corresponding lines in tables 1 and 11 are indicated in ()
(Credits +; debits -)
2005
2005
2007
2006
2006
Change:
2006:IV2007:1
I
II
III
IV
I
II
III
IV
Ip
424,101
214,391
94,359
115,351
440,217
223,068
95,817
121,333
451,964
224,320
97,770
129,873
472,275
232,852
100,492
138,931
494,027
243,880
101,756
148,391
518,595
252,458
104,117
162,020
532,894
260,285
105,583
167,026
550,649
266,486
111,137
173,025
560,445
270,116
112,806
177,523
9,7%
3,630
1,669
4,498
5 Imports of goods and services and income payments (18)...................................... -2,454,871 -2,818,047 -578,269 -599,084 -616,350 -661,169 -673,277 -700,504 -726,352 -717,914 -726,878
6 Goods, balance of payments basis (20)...................................................................... -1,681,780 -1,861,380 -398,781 -411,592 -423,638 -447,769 -451,637 -463,734 -479,184 -466,825 -470,983
7 Services (21)................................................................................................................ -315,661 -342,845 -76,611 -77,963 -79,404 -81,684 -83,711 -85,419 -85,991 -87,724 -88,727
8 Income payments (29).................................................................................................. -457,430 -613,823 -102,877 -109,529 -113,308 -131,716 -137,929 -151,352 -161,177 -163,365 -167,167
-88,535
-89,595 -28,225 -24,372
-9,019 -26,915 -21,360 -23,686 -23,877 -20,673 -26,148
9 Unilateral current transfers, net (35)............................................................................
-8,964
-4,158
-1,003
-3,802
Current account
1 Exports of goods and services and income receipts (1)...........................................
2 Goods, balance of payments basis (3)........................................................................
3 Services (4)..................................................................................................................
4 Income receipts (12).....................................................................................................
1,788,557 2,096,165
894,631 1,023,109
388,439
422,594
650,462
505,488
-5,475
Capital account
10 Capital account transactions, net (39)........................................................................
-4,054
-3,913
-2,598
-512
-473
-472
-1,724
-1,008
-545
-637
-559
78
Financial account
11 U.S.-owned assets abroad, net (increase/financial outflow (-)) (40).......................
12 U.S. official reserve assets, net (41)............................................................................
13 U.S. Government assets, other than official reserve assets, net (46)........................
14 U.S. private assets, net (50).........................................................................................
-426,875 -1,055,176
2,374
14,096
5,539
5,346
-446,510 -1,062,896
-86,619 -213,305 -141,628
-797
5,331
4,766
2,591
989
1,501
-94,541 -213,497 -147,894
15 Foreign-owned assets in the United States, net (increase/financial inflow (+)) (55)
16 Foreign official assets in the United States, net (56)...................................................
17 Other foreign assets in the United States, net (63).....................................................
1,204,231 1,859,597
440,264
259,268
944,963 1,419,333
232,614
25,052
207,562
310,822
81,292
229,530
383,808
54,736
329,072
14,678 -344,032 -212,218 -209,898 -289,028 -420,786 -131,758
1,415
-72
-1,487
513
-560
1,006
4,796
1,570
962
-496
459
1,049
1,765
466
9,423 -345,594 -213,423 -212,474 -291,405 -421,180 -129,775
276,987
98,188
178,799
538,140
125,257
412,883
355,442
120,861
234,581
449,987
108,799
341,188
516,029
85,347
430,682
623,554
147,834
475,720
107,525
62,487
45,038
18 Financial derivatives, net (70).......................................................................................
n.a.
28,762
n.a.
n.a.
n.a.
n.a.
1,633
14,001
14,911
-1,783
n.a.
n.a.
19 Statistical discrepancy (sum of above items with sign reversed) (71)....................
-18,454
-17,794
38,995
86,234
-68,302
-75,384
6,593
49,378
-37,121
-36,643
-9,629
28,797
Memoranda:
19 Balance on current account (77)......................................................................................
20 Net financial flows (40,55, and 70).................................................................................
-754,848
777,356
-811,477 -182,392 -183,238 -173,406 -215,809 -200,611 -205,595 -217,334 -187,938 -192,581
97,517 242,180 291,665 195,741 157,225 255,000 225,218 202,768
833,183 145,995
-4,643
-24,233
p Preliminary
n.a. Not available
58
U.S. International Transactions
July 2007
Selected economic and financial market
developments
Chart 1. U.S. Current-Account Balance and
Its Components
In the first quarter, the U.S. dollar appreciated less than
1 percent on a nominal, trade-weighted, quarterly av
erage basis against a group o f seven m ajor currencies
that are widely traded in international markets (table
B, chart 2). The U.S. dollar appreciated 3 percent
Chart 2. Nominal Indexes of Foreign Currency Price
Table B. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2006
I
Nominal:1
Broad2......................................................
Major currencies3.................................
Other important trading partners4........
Real:1
Broad2......................................................
Major currencies3.................................
Other important trading partners4........
Selected currencies (nominal):5
Canada......................................................
European currencies:
Euro area6.............................................
United Kingdom.....................................
Switzerland............................................
Japan.........................................................
Mexico.......................................................
Brazil.........................................................
II
2007
III
IV
I
2006
March
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
96.4
89.7
105.1
94.9
86.8
105.5
94.4
86.3
105.0
93.9
86.3
103.7
93.7
86.7
102.9
96.6
90.0
105.2
95.9
88.8
105.2
93.9
85.3
105.0
95.0
86.3
106.4
94.8
86.7
105.3
94.1
85.9
104.8
94.4
86.4
104.8
94.6
87.2
104.4
93.9
86.2
103.8
93.2
85.6
103.0
94.1
87.2
103.1
93.8
86.9
102.8
93.3
86.0
102.8
98.6
97.1
100.3
98.4
94.9
102.3
98.1
94.7
101.9
96.0
93.8
98.5
95.9
94.6
97.5
99.1
97.7
100.7
99.1
96.9
101.5
97.4
93.4
101.9
98.7
94.5
103.5
98.6
95.2
102.5
98.0
94.3
102.1
97.6
94.5
101.1
97.1
94.9
99.6
95.8
93.6
98.4
95.0
92.9
97.4
96.1
94.7
97.7
95.7
94.7
96.9
96.0
94.3
97.9
76.0
73.9
73.8
75.0
77.1
76.2
75.3
73.1
73.3
74.3
73.6
73.5
74.3
74.8
75.9
77.4
77.1
76.9
96.4
94.1
93.5
103.1
104.6
145.0
92.2
90.4
89.8
101.0
110.4
144.3
91.0
88.0
89.4
102.7
108.1
143.5
89.9
86.1
89.1
104.0
107.5
142.2
88.4
84.4
89.0
105.4
108.8
139.3
96.4
94.6
94.2
103.5
106.1
142.4
94.4
93.3
92.6
103.3
109.1
140.7
90.8
88.3
88.0
98.6
109.5
143.5
91.5
89.5
88.9
101.2
112.5
148.8
91.4
89.5
89.3
102.2
108.4
144.7
90.5
87.1
88.9
102.3
107.4
142.5
91.1
87.6
89.9
103.5
108.5
143.4
91.9
87.9
90.9
104.7
107.5
141.9
89.9
86.3
89.2
103.6
107.8
142.6
87.8
84.0
87.3
103.6
107.2
142.0
89.2
84.2
89.7
106.3
108.2
141.4
88.6
84.2
89.4
106.4
108.6
138.5
87.5
84.7
87.9
103.5
109.7
138.1
1. For more information on the nominal and real indexes of the foreign exchange value of the U.S. dollar, see
Federal Reserve Bulletin, vol. 84 (October 1998): 811-18.
2. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group
of U.S. trading partners, including the currencies of the euro area countries, Australia, Canada, Japan, Sweden,
Switzerland, United Kingdom, Argentina, Brazil, Chile, Colombia, Mexico, Venezuela, China, Hong Kong, India,
Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Israel, Saudi Arabia, and Russia.
Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
3. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that
circulate widely outside the country of issue, including the currencies of the euro area countries, Australia,
Canada, Japan, Sweden, Switzerland, and the United Kingdom. The weight for each currency is its broad-index
weight divided by the sum of the broad-index weights for all of the currencies included in the major currency
2007
April
index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
4. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that do
not circulate widely outside the country of issue, including the currencies of Argentina, Brazil, Chile, Colombia,
Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan,
Thailand, Israel, Saudi Arabia, and Russia. The weight for each currency is its broad-index weight divided by
the sum of the broad-index weights for all of the currencies included in the other important trading partners
index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
5. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain; beginning with the first quarter of 2007, also includes Slovenia.
July 2007
Survey
of
against the Canadian dollar and 1 percent against the
Japanese yen, and it depreciated 2 percent against the
euro.
In the United States, data releases in the first quarter
indicated that U.S. economic growth in the fourth
quarter picked up somewhat. Releases indicated that
the U.S. deficit on trade in goods and services on a 3m onth moving-average basis narrowed. U.S. monetary
authorities left the target interest level for the Federal
funds rate at 5.25 percent, and other U.S. short-term
interest rates decreased slightly (chart 3). U.S. and for
eign long-term interest rates and stock prices fell
sharply in late February and early March but largely re
covered by the end o f the quarter, finishing near their
levels at the start o f the quarter.
In Europe, data releases indicated that euro area
economic growth in the fourth quarter strengthened.
Am ong selected countries, economic activity in Ger
many, France, Italy, and Spain strengthened. Euro area
m onetary authorities raised the m inim um bid rate on
m ain refinancing operations, a key policy-controlled
interest rate, to 3.75 percent in mid-M arch from 3.50
Chart 3. U.S. and Foreign Interest Rates
P ercent
59
C u r r e n t B u s in e s s
percent. Euro area short-term interest rates have risen
steadily in recent quarters, reducing the large gap that
existed between U.S. and euro area short-term rates.
In Japan, reports showed that economic growth in
the fourth quarter strengthened considerably. Japanese
m onetary authorities increased the key overnight lend
ing rate to 0.50 percent in late February from 0.25 per
cent.
In Canada, reported economic growth in the fourth
quarter changed little, and Canadian monetary au
thorities left the target level for the overnight rate at
4.25 percent.
C urrent A ccoun t
Goods and services
The deficit on goods and services decreased slightly to
$176.8 billion in the first quarter from $176.9 billion in
the fourth quarter. A $0.7 billion increase in the sur
plus on services was mostly offset by a $0.5 billion in
crease in the deficit on goods.
Goods
The deficit on goods increased to $200.9 billion in the
first quarter from $200.3 billion in the fourth quarter,
as export growth slowed and im ports rebounded.
Exports. Exports o f goods increased $3.6 billion, or
1.4 percent, to $270.1 billion (table C). Exports have
posted successively smaller gains in each o f the last
four quarters (chart 4). Real exports slowed substan
tially, to 0.4 percent, and export prices increased 1.0
Revisions to the Estimates
1. Three-month interest rates.
2. Long-term government bonds, 10-year maturities.
Data: Federal Reserve Board, British Bankers’ Association, and foreign monetary authorities.
U.S. Bureau of Economic Analysis
The estimates presented in this article incorporate
methodological and statistical improvements and
newly available source data. The following estimates
have been revised: Goods for 1997-2006; services for
2003-2006; income for 2001-2006; unilateral current
transfers for 2003-2006; capital-account transactions
for 2003-2006; and financial flows for 2003-2006. For
more information, see “Annual Revision of the U.S.
International Accounts, 1997-2006” in this issue.
For the fourth quarter of 2006, the current-account
deficit was revised to $187.9 billion from $195.8 bil
lion. The goods deficit was revised to $200.3 billion
from $197.9 billion; the services surplus was revised to
$23.4 billion from $19.4 billion; the surplus on
income was revised to $9.7 billion from $3.0 billion;
and unilateral current transfers were revised to net
outflows of $20.7 billion from $20.2 billion. Net finan
cial inflows were revised to $225.2 billion from $164.6
billion.
U.S. International Transactions
60
percent (chart 5).2
Consum er goods increased $1.2 billion. Nondurable
goods increased as a result o f a large increase in m edi
cal, dental, and pharmaceutical preparations, mainly
2. Q uantity (real) estimates are calculated using a chain-type Fisher for
m ula w ith annual weights for all years and quarterly weights for all q u ar
ters. Real estim ates are expressed as chained (2000) dollars. Price indexes
(2000 - 100) are also calculated using a chain-type Fisher formula.
Chart 4. U.S. Trade in Goods: Change in Value From
Preceding Quarter_______________________
Billion $
J u ly 2 0 0 7
to the European Union. Durable goods also increased,
mostly as a result o f an increase in home entertainment
equipment.
Agricultural products, which have picked up in re
cent quarters, increased $1.0 billion, the largest in
crease in 3Vi years. The first-quarter increase was
partly accounted for by strong increases in wheat and
soybeans. Corn also increased, reflecting an increase in
prices; corn prices have increased strongly in recent
quarters, partly in response to the expanded produc
tion o f ethanol.
Automotive vehicles, parts, and engines increased
$0.5 billion. The increase was attributable to increases
in passenger cars, m ostly to Germany, and in other ve
hicles, mainly to Mexico and Russia.
Nonagricultural industrial supplies and materials,
which have slowed after strong gains in the first half of
2006, increased only $0.3 billion. In the first quarter of
2007, increases in chemicals, steelmaking materials,
and iron and steel products were largely offset by de
creases in energy products and nonferrous metals.
Data Availability
The estimates that are presented in tables 1-11 of the
U.S. international transactions accounts are available
interactively on BEA’s Web site at < www.bea.gov>.
Users may view and download the most recent quar
terly estimates for an entire table, or they may select
the period, frequency, and lines that they wish to view.
The estimates are available in an HTML table, in an
Excel file, or as comma-separated values.
B ased on seasonally adjusted estim ates
U.S. Bureau of Economic Analysis
Table C. U.S. Trade in Goods in Current and Chained (2000) Dollars and Percent Changes From Previous Period
[Balance-of-payments basis, millions of dollars, quarters seasonally adjusted]
Current dollars
Chained (2000) dollars1
2006
2005
2007
2006
2006
2005
I
III
II
IV
|p
2007
2006
I
II
III
IV
Ip
894,631 1,023,109
64,887
72,869
829,744 950,240
243,880
17,309
226,571
252,458
18,028
234,430
260,285
18,689
241,596
266,486
18,843
247,643
270,116
19,826
250,290
920,418
57,961
864,287
223,350
14,199
209,580
227,743
14,697
213,458
231,805
14,773
217,476
237,298
14,296
223,591
238,195
14,146
224,677
Imports......................................................... 1,681,780 1,861,380
Petroleum and products............................ 251,856 302,430
Nonpetroleum products............................. 1,429,924 1,558,950
451,637
73,362
378,275
463,734
78,713
385,021
479,184
82,768
396,416
466,825
67,587
399,238
470,983 1,534,163 1,625,375
70,852 140,986 138,028
400,131 1,395,919 1,500,534
402,059
36,545
366,318
402,557
33,914
372,174
410,176
34,176
380,084
410,471
33,557
381,823
413,404
35,805
380,765
Exports.........................................................
Agricultural products.................................
Nonagricultural products...........................
831,225
53,537
779,146
Percent change from previous period (current dollars)
2005
Percent change from previous period (chained (2000) dollars)
2007
2006
2006
2005
2006
II
I
III
IV
2007
2006
|p
I
II
III
IV
I”
Exports.........................................................
Agricultural products.................................
Nonagricultural products...........................
10.8
3.1
11.4
14.4
12.3
14.5
4.7
4.5
4.8
3.5
4.2
3.5
3.1
3.7
3.1
2.4
0.8
2.5
1.4
5.2
1.1
7.5
5.2
7.7
10.7
8.3
10.9
4.0
4.4
4.0
2.0
3.5
1.9
1.8
0.5
1.9
2.4
-3.2
2.8
0.4
-1.0
0.5
Imports.........................................................
Petroleum and products............................
Nonpetroleum products.............................
13.9
39.6
10.3
10.7
20.1
9.0
0.9
-1.1
1.3
2.7
7.3
1.8
3.3
5.2
3.0
-2.6
-18.3
0.7
0.9
4.8
0.2
6.9
2.3
7.6
5.9
-2.1
7.5
1.3
-0.9
1.7
0.1
-7.2
1.6
1.9
0.8
2.1
0.1
-1.8
0.5
0.7
6.7
-0.3
p Preliminary
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive.
N ote . Percent changes in quarterly estimates are not annualized and are expressed at quarterly rates.
J u ly 2 0 0 7
S u r v ey o f C u r r e n t B u sin ess
Capital goods decreased $0.9 billion, the first de
cline in 4 years, after increasing strongly in recent
quarters. Civilian aircraft, engines, and parts decreased
by a large am ount after a very substantial increase in
the fourth quarter. Among other capital goods, large
decreases in machine tools and metalworking machin
ery and in computers, peripherals, and parts were
mostly offset by large increases in “other” industrial
machinery and in “other” office and business m a
chines.
Chart 5. U.S. Trade in Goods: Change in Real Exports
and Imports and in Prices From Preceding Quarter
Percent
5 1-------------------------------------------------------------------------------------------------------------EXPORTS
■ Real (chained (2000) dollars)
-1
Im ports. Im ports o f goods increased $4.2 billion, or
0.9 percent, to $471.0 billion (table C). Real im ports
increased 0.7 percent, and im port prices increased 0.2
percent. The increase in value was largely due to a re
bound in petroleum and products.
Petroleum and products increased $3.3 billion after
a substantial decrease in the fourth quarter (chart 6).
The rebound resulted from an upturn in the average
number o f barrels im ported daily to 14.10 million
from 13.32 million. In contrast, the average price per
barrel decreased 2 percent, to $54.36, despite two re
cent production cuts by OPEC, one in November 2006
and the other in February 2007. In the first quarter,
both U.S. domestic production and consum ption o f
petroleum increased moderately, and U.S. inventories
increased the m ost in 4 years. Petroleum im ports from
members o f OPEC were boosted by the entry o f An
gola into the group at the start o f the year.
Capital goods increased $2.4 billion. Two-thirds o f
the increase was attributable to the strongest increase
in computers, peripherals, and parts in 5 years, partly
resulting from substantial im ports o f computers from
China. Civilian aircraft, mainly from Canada and
France, and telecommunications equipment, mainly
from China, also contributed to the first-quarter in
crease. In contrast, oil drilling, mining, and construc
tion machinery and machine tools and metalworking
machinery, both mainly from Japan, decreased.
Consumer goods increased $1.9 billion. Nondurable
goods accounted for m ost o f the rise, reflecting a
-2
Chart 6. Imports of Petroleum and Products:
Indexes of Value, Price per Barrel, and Barrels
U.S. Bureau of Economic Analysis
61
62
U.S. International Transactions
substantial increase in medical, dental, and pharm a
ceutical products from Ireland. Durable goods in
creased much less than in the previous two quarters.
The slowdown was attributable to a decline in radio
and stereo equipment and a slowdown in toys, shoot
ing, and sporting goods.
Foods, feeds, and beverages increased $0.8 billion.
The increase was mainly attributable to increases in
vegetables, fruits, nuts, and preparations from Mexico
and Chile, in fish and shellfish from Russia, and in
meat products and poultry from Canada.
Nonpetroleum industrial supplies and materials de
creased $2.1 billion. Iron and steel products decreased
for the second consecutive quarter as U.S. inventories
o f these products remained high and as demand from
the U.S. automotive industry, a m ajor user, remained
low. Building materials fell for the fourth consecutive
quarter am id the continued slowdown in U.S. residen
tial construction.
Automotive vehicles, parts, and engines decreased
$1.8 billion, almost entirely because o f a decrease in
im ports o f passenger cars, mostly from Germany and
Mexico. Im ports o f other vehicles, mostly from Mexico
and Canada, also decreased.
Balances by area. Increases in the goods deficits
with Canada, Latin America and Other Western H em i
sphere (m ostly Mexico), and Africa (mostly members
o f OPEC) were largely offset by decreases in goods def
icits with Asia and Pacific (mostly China and Japan)
and Europe (particularly the United Kingdom).
Services
The surplus on services increased to $24.1 billion in
the first quarter from $23.4 billion in the fourth quar
ter, as services receipts increased more than services
payments. Over the last four quarters, the surplus on
services has increased $6.0 billion.
Travel receipts increased $0.4 billion to $22.5 bil
lion. The increase resulted from an increase in receipts
from overseas travelers that was mostly due to a pickup
in the number o f overseas visitors to the United States.
Travel payments were virtually unchanged at $18.4 bil
lion. Passenger fare receipts were virtually unchanged
at $5.7 billion, and passenger fare payments increased
$0.2 billion to $7.2 billion.
“Other” transportation receipts increased $0.1 bil
lion to $11.9 billion; an increase in receipts for port
services was partly offset by a decrease in receipts for
freight services. “Other” transportation payments de
creased $0.1 billion to $16.2 billion. A decrease in pay
ments for freight services was largely offset by an
increase in payments for port services.
“Other” private services receipts increased $0.7 bil
July 2007
lion to $51.2 billion. The increase resulted from in
creases for both affiliated and unaffiliated services.
Among unaffiliated services, receipts for insurance ser
vices and telecommunications increased. In contrast,
receipts for financial services decreased after an espe
cially strong increase in the fourth quarter. “Other”
private services payments increased $0.4 billion to
$31.3 billion. The increase resulted from an increase in
payments for unaffiliated services, mainly business,
professional, and technical services and insurance ser
vices.
Income
The surplus on income increased to $10.4 billion in the
first quarter from $9.7 billion in the fourth quarter, as
income receipts increased more than income pay
ments.
Receipts o f income on U.S. direct investment abroad
increased $0.6 billion to $81.5 billion. Increases in the
earnings o f foreign affiliates in manufacturing and
wholesale trade were partly offset by decreases in the
earnings o f affiliates in holding companies and “other”
industries.
Payments o f income on foreign direct investment in
the United States decreased $3.6 billion to $30.2 bil
lion. Decreases in the earnings o f U.S. affiliates in
wholesale trade more than accounted for the decrease.
In contrast, earnings o f U.S. affiliates in finance and in
surance increased, mostly reflecting a rise in earnings
o f depository institutions owned by European parent
companies.
Both receipts and payments o f “other” private and
U.S. Government income increased as a result of
higher average holdings and am ounts outstanding; av
erage interest rates changed little. Receipts o f “other”
private income increased $3.9 billion to $94.8 billion.
The increase was accounted for by increases in divi
dend and interest receipts on U.S. holdings o f foreign
securities and in interest receipts on bank claims. U.S.
Government income receipts were virtually unchanged
at $0.6 billion.
Payments o f “other” private income increased $5.8
billion to $97.0 billion. Dividend and interest pay
ments on foreign holdings o f U.S. securities and inter
est payments on bank and nonbank liabilities all
increased. Payments o f income on U.S. Government li
abilities increased $1.6 billion to $37.7 billion.
Unilateral current transfers
Net unilateral current transfers to foreigners were
$26.1 billion in the first quarter, up from $20.7 billion
in the fourth quarter. The increase resulted from in
creases in U.S. Government grants, mostly to the
M iddle East, and in private remittances and other
transfers.
C apital A ccoun t
Net capital account payments (outflows) were virtually
unchanged at $0.6 billion in the first quarter.
Financial A cco u n t
Net financial inflows— net acquisitions by foreign resi
dents o f assets in the United States less net acquisitions
by U.S. residents o f assets abroad— were $202.8 billion
in the first quarter, down from $225.2 billion in the
fourth quarter.3 Net acquisitions by U.S. residents
picked up more than net acquisitions by foreign resi
dents.
U.S.-owned assets abroad
Net U.S.-owned assets abroad increased $420.8 billion
in the first quarter after an increase o f $289.0 billion in
the fourth quarter. The pickup was mostly attributable
to a sizable pickup in U.S. claims on foreigners re
ported by U.S. banks. In addition, claims reported by
U.S. nonbanking concerns increased after decreasing
in the fourth quarter. In contrast, net U.S. purchases o f
foreign securities slowed after record net purchases in
the fourth quarter.
U.S. official reserve assets. U.S. official reserve as
sets increased $0.1 billion in the first quarter after a de
crease o f $1.4 billion in the fourth quarter. The
increase was more than accounted for by an increase in
U.S. official holdings o f foreign currencies. In contrast,
the U.S. reserve position in the International Monetary
Fund (IMF) decreased as a result o f the repayment o f
U.S. dollars to the IMF by Turkey and other countries.
Claims reported by banks and by nonbanks. U.S.
claims on foreigners reported by U.S. banks and secu
rities brokers increased $233.0 billion in the first quar
ter after an increase o f $123.9 billion in the fourth
quarter (chart 7).
Banks’ own claims denominated in dollars in
creased $219.2 billion after an increase o f $108.1 bil
lion. The strong first-quarter increase was mostly
attributable to foreign-owned banks in the United
States lending to their own offices in Europe. Elevated
merger and acquisition activity and sustained eco
nomic .growth in Europe contributed to strong Euro
pean credit demand. In addition, U.S. brokers and
dealers lent funds to foreign banks and nonbanks in
the United Kingdom, mostly in the form o f resale
agreements.
Banks’ domestic customers’ claims denominated in
3. N et financial flows for the m ost recent quarter exclude transactions in
financial derivatives because data are n ot available.
63
S u r v e y o f C u r r e n t B u sin ess
J u ly 2 0 0 7
dollars increased $1.7 billion after an increase o f $20.5
billion. In the first quarter, increases in deposits and
brokerage balances and in “other” short-term instru
ments were largely offset by decreases in negotiable
certificates o f deposit and commercial paper.
Claims reported by U.S. nonbanking concerns in
creased $25.0 billion in the first quarter in contrast to a
decrease o f $15.8 billion in the fourth quarter. The
first-quarter increase was largely attributable to in
creases in deposits in Caribbean financial centers and
the United Kingdom.
Foreign securities. Net U.S. purchases o f foreign se
curities were $87.7 billion in the first quarter, down
from $117.2 billion in the fourth quarter. In the first
quarter, net U.S. purchases o f both foreign stocks and
foreign bonds slowed.
Net U.S. purchases o f foreign stocks were $43.5 bil
lion, down from $62.7 billion. Foreign stock markets
Chart 7. Selected Financial-Account Transactions,
2005:11-2007:1_________________________
Billion $
300
TRANSACTIONS IN U.S.-OWNED ASSETS ABROAD, NET'
■ U.S. direct investment abroad
250 - • Foreign securities
200
Transactions increasing assets (+)
■ U.S. claims reported by U.S. banks
and securities brokers
■ U.S. claims reported by U.S. nonbanks
150
100
50
it
0
l u l l l 111
Transactions decreasing assets (-)
-5 0
-1 0 0
300
250
200
1 1I i i i I I i i I i i i I I i i 1 i i i I 1 i i I i i i I
TRANSACTIONS IN FOREIGN-OWNED ASSETS IN THE UNITED STATES, NET
■ Foreign direct investment in the United States
•0 US: securities
■ U.S. liabilities reported by U.S.
_
. . .
•
. , >
banks and secures brokers
Transactions increasing assets (+)
■ U.S. liabilities reported by U.S. nonbanks
150
100
50
0
milk
mi
11111
J IL I I
11 1
Transactions decreasing assets (-
-5 0
l 1 1,1 I 1 i l l
-1 0 0
2005:11-2007:1
2005:11-2007:1
2005:11-2007:1
2005:11-2007:1
1. Under balance-of-payments concepts, transactions that increase U.S.-owned assets abroad are
shown as negative amounts in tables 1-11, and transactions that decrease U.S.-owned assets
abroad are shown as positive amounts.
Note. Excludes financial-account transactions in U.S. official reserve assets, in other U.S. Government
assets, in foreign official assets in the United States, and in U.S. currency.
U.S. Bureau of Economic Analysis
64
U.S. International Transactions
were generally weaker in the first quarter than in the
fourth quarter, though they outperform ed the U.S.
stock market in both quarters. Net U.S. purchases o f
stocks from Asia decreased, mostly as a result o f a shift
to net U.S. sales to Hong Kong, where stock prices were
impacted by a sharp fall in the Chinese stock market.
Net U.S. purchases o f stocks from Europe also de
creased; in the fourth quarter, net U.S. purchases were
boosted by stock swaps resulting from foreign acquisi
tions o f U.S. companies.
Net U.S. purchases o f foreign bonds were $44.2 bil
lion, down from $54.5 billion. Decreases in net U.S.
purchases o f bonds from Europe, where the bonds o f
many foreign countries are traded, and from Latin
America were partly offset by a decrease in net U.S.
sales o f bonds to Asia. Returns on emerging market
bonds were much weaker in the first quarter than in
the previous two quarters, and returns on foreign in
vestment-grade bonds remained weaker than returns
on U.S. corporate bonds.
D irect investm ent. U.S. direct investment abroad
was $75.5 billion in the first quarter, up from $66.1 bil
lion in the fourth quarter. The pickup was more than
accounted for by a pickup in net equity capital invest
ment abroad, which resulted from a decline in sales o f
foreign affiliates by U.S. parent companies. In contrast,
net U.S. disinvestment on intercompany debt in
creased, and reinvested earnings slowed.
Foreign-owned assets in the United States
Net foreign-owned assets in the United States in
creased $623.6 billion in the first quarter after an in
crease o f $516.0 billion in the fourth quarter. The
pickup mostly reflected larger increases in the first
quarter than in the fourth quarter in foreign official as
sets in the United States and in liabilities reported by
U.S banks and U.S. nonbanking concerns. In addition,
net foreign purchases o f U.S. Treasury securities picked
up.
Foreign official assets. Foreign official assets in the
United States increased $147.8 billion in the first quar
ter after an increase o f $85.3 billion in the fourth quar
ter. Assets o f Asian countries increased much more in
the first quarter than in the fourth quarter, and assets
o f European countries increased less in the first quarter
than in the fourth quarter.
L iabilities reported by banks and by nonbanks.
U.S. liabilities reported by U.S. banks and securities
brokers, excluding U.S. Treasury securities, increased
$203.8 billion in the first quarter after an increase o f
$172.3 billion in the fourth quarter.
Banks’ own liabilities denominated in dollars in
creased $166.4 billion after an increase o f $132.5 bil
lion. The strong first-quarter increase mostly reflected
J u ly 2 0 0 7
a surge in borrowing by U.S. brokers and dealers in the
form o f repurchase agreements, mainly with foreign
banks and nonbanks in the United Kingdom. Foreignowned banks in the United States borrowed m oder
ately, and U.S.-owned banks repaid previously bor
rowed funds.
Banks’ customers’ liabilities denominated in dollars
increased $30.6 billion after an increase o f $19.9 bil
lion. The first-quarter increase was accounted for by
increases in negotiable certificates o f deposits and
other short-term instruments and in “other” liabilities.
U.S. liabilities reported by U.S. nonbanking con
cerns increased $81.1 billion after an increase o f $49.6
billion. The first-quarter increase mostly reflected an
increase in borrowing from the United Kingdom.
U.S. Treasury securities. Net foreign purchases of
U.S. Treasury securities were $45.6 billion in the first
quarter, up from $22.1 billion in the fourth quarter
(chart 8). The first-quarter net purchases were the
largest in 2 years. The step-up was attributable to in
creases in net purchases by the United Kingdom and
Caribbean financial centers that were only partly offset
by a shift to net sales from net purchases by Japan.
O ther U.S. securities. Net foreign purchases o f U.S.
securities other than U.S. Treasury securities were
$123.4 billion in the first quarter, down from $132.7
billion in the fourth quarter. The slowdown was more
than accounted for by an increase in net sales o f feder
ally sponsored agency bonds and a decrease in net pu r
chases o f U.S. corporate bonds. In contrast, net
purchases o f U.S. stocks picked up.
Chart 8. Transactions in U.S. Securities,
2005:11-2007:1
Billion $
160
140
120
i Stocks
Corporate bonds
1Federally sponsored agency bonds
i U.S.Treasury securities
100
Net purchases by foreign
residents (+)
80
60
40
20
111 l l l I
0
-2 0
-4 0
Net sales by foreign residents (-]
i ll
I I I I
2005:11-2007:1
III l I l I I I I I I I I I 111 l l l I
2005:11-2007:1
Excludes transactions in foreign official assets.
U.S. Bureau of Economic Analysis
N ote .
2005:11-2007:1
2005:11-2007:1
July 2007
Survey
of
C u r r e n t B u s in e s s
Net foreign purchases o f U.S. stocks were $49.1 bil
lion, up from $26.6 billion. Net purchases stepped up
though U.S. stock markets were little changed and were
outperform ed by m ost m ajor foreign stock markets.
Net purchases from Europe, mainly the United King
dom, and from Caribbean financial centers increased.
In contrast, transactions from Canada shifted to small
net sales from net purchases.
Net foreign purchases o f U.S. corporate bonds were
$102.1 billion, down from $112.2 billion. Although
lower, net foreign purchases remained strong. U.S.
bond prices increased as a result o f favorable U.S. eco
nom ic and financial market conditions. Net purchases
o f corporate bonds from Caribbean financial centers
and from Asia decreased. In contrast, net purchases
from Europe picked up.
Net foreign sales o f U.S. federally sponsored agency
bonds were $27.7 billion, up from $6.1 billion. The
pickup in net sales mostly reflected a decrease in net
purchases from the United Kingdom and a shift to net
65
sales from net purchases from Caribbean financial cen
ters. Spreads on U.S. agency bonds over U.S. Treasury
bonds increased.
U.S. currency. Transactions in U.S. currency shifted
to net shipments to the United States o f $1.6 billion in
the first quarter from net shipments to foreign coun
tries o f $8.4 billion in the fourth quarter.
Direct investment. Foreign direct investment in the
United States was $23.5 billion in the first quarter,
down from $45.6 billion in the fourth quarter. The
slowdown was partly accounted for by a shift from an
increase to a decrease in net intercompany debt invest
ment in the United States. In addition, net equity capi
tal investment in the United States slowed, mainly as a
result o f a drop in the value o f foreign acquisitions of
U.S. companies. In contrast, reinvested earnings picked
up as the share o f earnings that were distributed de
clined in the first quarter after large distributions in
the fourth quarter.
Tables 1 through 11 follow.
U.S. International Transactions
66
July 2007
Table 1. U.S. International
[Millions
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
71a
72
73
74
75
76
77
(Credits +; debits - ) 1
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
Current account
Exports of goods and services and income receipts.......................................... 172,090 184,655 220,516 287,965 344,440 380,928 366,983 356,106 399,913 387,612 407,098 457,053 567,862
142,716 152,301 178,428 224,131 271,834 294,398 275,236 266,106 291,094 289,070 310,033 348,869 431,149
Exports of goods and services..............................................................................
Goods, balance of payments basis2................................................................. 114,745 120,816 142,075 184,439 224,250 237,044 211,157 201,799 219,926 215,915 223,344 250,208 320,230
Services 3...........................................................................................................
27,971
31,485 36,353 39,692 47,584 57,354 64,079 64,307 71,168 73,155 86,689 98,661 110,919
Transfers under U.S. military agency sales contracts 4.................................
7,554
6,981
5,826
8,209
9,029 10,720 12,572 12,524
9,969
8,718
8,549 11,106
9,284
8,441
Travel..............................................................................................................
5,742
6,150
7,183
10,588 12,913 12,393 10,947 1617,177 17,762 20,385 23,563 29,434
Passenger fares.............................................................................................
1,229
1,366
2,156
3,174
1,603
2,591
3,111
3,610 164,067
4,411
5,582
7,003
8,976
Other transportation.......................................................................................
9,971
6,747
7,090
8,136
11,618 12,560 12,317 12,590 13,809 14,674 ,615,438 17,027 19,311
6,184
Royalties and license fees 5...........................................................................
4,920
5,885
7,085
7,284
5,603
6,177
4,353
5,778
6,678
8,113 10,174 12,139
4,717
5,439
Other private services 5..................................................................................
3,584
3,848
6,276 ,610,250 17,444 18,192 19,255 20,035 1628,027 29,263 31,111
U.S. Government miscellaneous services.....................................................
557
520
576
714
489
620
398
517
666
878
526
664
595
Income receipts......................................................................................................
29,375 32,354 42,088 63,834 72,606 86,529 91,747 90,000 108,819 98,542 97,064 108,184 136,713
32,354
63,834
91,747
Income receipts on U.S.-owned assets abroad.................................................
29,375
42,088
72,606 86,529
90,000 108,819 98,542 96,156 107,190 135,718
Direct investment receipts..
18,999 19,673 25,458 38,183 37,146 32,549 1629,469 31,750 35,325 35,410 36,938 46,288 58,445
9,043 11,057 14,788 23,356 32,898 50,300 58,160 53,418 68,267 57,633 52,806 55,592 70,571
Other private receipts........
2,562
5,227
4,118
4,832
U.S. Government receipts..
1,332
1,625
1,843
2,295
5,499
6,413
5,311
6,703
3,680
Compensation of employees..
994
908
995
Imports of goods and services and income payments....................................... -162,109 -193,764 -229,870 -281,657 -333,774 -364,196 -355,975 -377,488 -473,923 -483,769 -530,142 -594,443 -663,741
Imports of goods and services............................................................................... -148,798 -179,547 -208,191 -248,696 -291,241 -310,570 -299,391 -323,874 -400,166 -410,950 -448,572 -500,552 -545,715
Goods, balance of payments basis 2................................................................. -124,228 -151,907 -176,002 -212,007 -249,750 -265,067 -247,642 -268,901 -332,418 -338,088 -368,425 -409,765 -447,189
Services 3........................................................................................................... -24,570 -27,640 -32,189 -36,689 -41,491 -45,503 -51,749 -54,973 -67,748 -72,862 -80,147 -90,787 -98,526
Direct defense expenditures..........................................................................
-4,895 -5,823 -7,352 -8,294 -10,851 -11,564 -12,460 -13,087 -12,516 -13,108 -13,730 -14,950 -15,604
Travel..............................................................................................................
-6,856 -7,451
-8,475 -9,413 -10,397 -11,479 -12,394 -13,149 16—22,913 -24,558 -25,913 -29,310 -32,114
Passenger fares.............................................................................................
-2,568 -2,748 -2,896 -3,184 -3,607 -4,487 -4,772 -6,003 16-5,735 -6,444 -6,505 -7,283 -7,729
Other transportation.......................................................................................
-6,852 -7,972 -9,124 -10,906 -11,790 -12,474 -11,710 -12,222 -14,843 -15,643 16-1 7,766 -19,010 -20,891
-482
-504
-671
-831
-724
Royalties and license fees 5..........................................................................
-650
-795
-943 -1,168 -1,170 -1,401
-1,857 -2,601
Other private services 5.................................................................................
-2,006 -2,190 -2,573 -2,822 -2,909 16—3,562 -8,159 -8,001
-9,040 -10,203 1S—13,146 -16,485 -17,667
U.S. Government miscellaneous services.....................................................
-951
-1,099 -1,239 -1,214 -1,287 -1,460 -1,568 -1,534 -1,735 -1,686 -1,893 -1,921
-911
Income payments................................................................................................... -13,311 -14,217 -21,680 -32,961 -42,532 -53,626 -56,583 -53,614 -73,756 -72,819 -81,571 -93,891 -118,026
Income payments on foreign-owned assets in the United States..................... -13,311 -14,217 -21,680 -32,961 -42,532 -53,626 -56,583 -53,614 -73,756 -72,819 -78,893 -91,553 -116,179
-6,357 -8,635 -6,898 16—2,114 -4,120 -8,443 -6,945 -6,856 -7,676 -12,150
Direct investment payments..........................................................................
-3,110 -2,834 -4,211
Other private payments.....
-5,841
-5,681
-8,795 -15,481 -21,214 -29,415 -35,187 -30,501 -44,158 -42,745 -47,412 -57,659 -72,314
U.S. Government payments
-4,520 -5,542 -8,674 -11,122 -12,684 -17,313 -19,282 -18,993 -21,155 -23,129 -24,625 -26,218 -31,715
Compensation of employees ..
-2,678 -2,338 -1,847
Unilateral current transfers, net ..
-5,686 -5,226 -5,788 -6,593 -8,349 -11,702 -16,544 -17,310 -20,335 -21,998 -24,132 -23,265 -25,274
-3,519 -2,990 -3,412 -4,015 -5,486 -5,145 -6,087 -6,469 -8,696 -11,268 -11,883 -10,309 -10,537
U.S. Government grants 4.........
U.S. Government pensions and other transfers....................................................
-1,250 -1,378 -1,532 -1,658 -1,818 -2,041
-2,251
-2,207 -2,159 -2,138 -2,372 -2,409 -2,709
Private remittances and other transfers 6..............................................................
-917
-859
-844
-920 -1,044 ,s—4,516 16—8,207 -8,635 -9,479 -8,593 -9,877 -10,548 -12,028
Capital account
Capital account transactions, net..........................................................................
199
209
235
315
365
301
493
Financial account
U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................ -51,269 -34,785 -61,130 -64,915 -85,815 -113,054 -127,882 -66,373 -40,376 -44,752 -111,723 -79,296 -106,573
U.S. official reserve assets.....................................................................................
-2,558
-375
732
6 -7,003 -4,082 -4,965 -1,196 -3,131
-3,858
312
9,149 -3,912
Gold 7.................................................................................................................
-118
-65
-65
(*)
Special drawing rights........................................................................................
-121
1,249
3
-979
-78
1,136
-730 -1,371
-66
-897
-246
-509
127
Reserve position in the International Monetary Fund.......................................
-294
-189 -1,667 -2,491
-2,552 -4,434
-2,212
4,231
-995
908
2,070
1,501
1,025
Foreign currencies..............................................................................................
158 -4,683
257 -6,472
-1,041
-268
-861
3,304 -1,156 -3,869
-942
7,588 -5,064
U.S. Government assets, other than official reserve assets..................................
-4,214 -3,693 -4,660 -3,746 -5,162 -5,097 -6,131
-5,006 -5,489 -2,821
-2,022
1,006
2,967
U.S. credits and other long-term assets............................................................
-6,943 -6,445 -7,470 -7,697 -9,860 -9,674 -10,063 -9,967 -9,599 -7,657 -9,084 -6,506 -7,680
2,719
2,941
3,926
4,292
Repayments on U.S. credits and other long-term assets 8...............................
2,596
4,456
4,413
5,012
4,490
4,719
7,625 10,370
6,089
U.S. foreign currency holdings and U.S. short-term assets...............................
133
33
-131
25
242
164
-360
-379
-51
117
973
-113
277
U.S. private assets................................................................................................. -44,498 -30,717 -57,202 -61,176 -73,651 -103,875 -116,786 -60,172 -31,757 -38,074 -110,014 -89,450 -105,628
Direct investment................................................................................................ -11,949 -11,890 -16,056 -25,222 -19,222 -9,624 ,6—4,556 -12,528 -16,407 -18,927 -23,995 -35,034 -22,528
Foreign securities...............................................................................................
-8,885 -5,460 -3,626 -4,726 -3,568 -5,699 -7,983 -6,762 -4,756 -7,481
-4,271
-5,251
-7,980
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
-2,296 -1,940 -3,853 -5,014 -4,023 -4,377
6,823 -10,954
533 -10,342 -21,773 -7,046 -21,193
U.S. claims reported by U.S. banks, not included elsewhere............................ -21,368 -11,427 -33,667 -26,213 -46,838 -84,175 -111,070 -29,928 -11,127 -1,323 -59,975 -42,119 -53,927
Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+)).............................................................................
38,018 53,219 67,036 40,852 62,612 86,232 96,589 88,694 117,752 146,115 230,009 248,634 246,522
Foreign official assets in the United States...........................................................
17,693 36,816 33,678 -13,665 15,497
4,960
3,593
3,140 -1,119 35,648 45,387 39,758
5,845
U.S. Government securities...............
9,892 32,538 24,221 -21,972
11,895
6,322
5,085
6,496
4,703 -1,139 33,150 44,802 43,050
U.S. Treasury securities 9..............
9,319 30,230 23,555 -22,435
9,708
5,019
5,779
6,972
4,690
-838 34,364 43,238 41,741
Other10..........................................
573
2,308
666
463
2,187
1,303
-694
-476
13
-301
-1,214
1,564
1,309
Other U.S. Government liabilities 11..................................................................
4,627
1,400
2,476
-40
615
-338
605
602
739
844
-467
2,195 -2,326
U.S. liabilities reported by U.S. banks, not included elsewhere........................
773
7,213
969
5,551
-159 -3,670 -1,747
545
555
645
1,187
3,918
-319
Other foreign official assets 12...........................................................................
2,105
1,135
2,205
1,430
3,145
2,646
-350 -1,798 -2,857 -1,469
-884 -1,007 -2,506
Other foreign assets in the United States..............................................................
20,326 16,403 33,358 54,516 47,115 81,272 92,997 82,849 114,612 147,233 194,360 203,247 206,764
Direct investment................................................................................................
4,347
3,728
7,897 11,877 16,918 25,195 1612,635 10,372 24,468 19,742 35,420 58,470 57,735
534 152,178 154,060 152,645 152,927 ,57,027 158,689 23,001
U.S. Treasury securities.....................................................................................
2,783
20,433
3,809 -7,643 20,239
U.S. securities other than U.S. Treasury securities...........................................
1,284
2,437
1,351
5,457
2,254
6,085
6,905
8,164 12,568 50,962 70,969 42,120 26,353
1,900
3,000
3,000
4,500
U.S. currency......................................................................................................
1,500
4,000
3,200
5,400
4,100
5,200
4,100
5,400
5,800
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
-578
1,086
1,889
1,621
6,852
917 -2,383
-118
16,626
9,851
3,325 18,363 32,893
6,719 16,141
32,607 10,743 42,128 65,633 50,342 33,849 41,045 76,737 86,537 63,744
U.S. liabilities reported by U.S. banks, not included elsewhere........................
10,990
n.a.
n.a.
Financial derivatives, net.........................................................................................
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Statistical discrepancy (sum of above items with sign reversed).....................
8,955 -4,099
9,236 24,349 20,886 21,792 36,630 16,162 16,733 16,478 28,590 -9,048 -19,289
Seasonal adjustment discrepancy.........................................................
Memoranda:
Balance on goods (lines 3 and 20)............................................................................
-9,483 -31,091 -33,927 -27,568 -25,500 -28,023 -36,485 -67,102 -112,492 -122,173 -145,081 -159,557 -126,959
3,845
4,164
3,003
Balance on services (lines 4 and 21)........................................................................
3,401
6,093 11,852 12,329
9,335
3,419
294
7,874 12,393
6,543
Balance on goods and services (lines 2 and 19)......................................................
-6,082 -27,246 -29,763 -24,565 -19,407 -16,172 -24,156 -57,767 -109,073 -121,880 -138,538 -151,684 -114,566
Balance on income (lines 12 and 29)........................................................................
16,063 18,137 20,408 30,873 30,073 32,903 35,164 36,386 35,063 25,723 15,494 14,293 18,687
Unilateral current transfers, net (line 35)...................................................................
-5,686 -5,226 -5,788 -6,593 -8,349 -11,702 -16,544 -17,310 -20,335 -21,998 -24,132 -23,265 -25,274
-285
2,317
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
4,295 -14,335 -15,143
5,030 -5,536 -38,691 -94,344 -118,155 -147,177 -160,655 -121,153
Ofwhich:
Seethefootnotesonpages108-109.
July 2007
Survey
of
67
C u r r e n t B u s in e s s
Transactions—Continues
of dollars]
1989
1990
1991
1992
1993
648,290
487,003
359,916
127,087
8,564
36,205
10,657
20,526
13,818
36,729
587
161,287
160,270
61,981
92,638
5,651
1,017
-721,607
-580,144
-477,665
-102,479
-15,313
-33,416
-8,249
-22,172
-2,528
-18,930
-1,871
-141,463
-139,177
-7,045
-93,768
-38,364
-2,286
-26,169
-10,860
-2,775
-12,534
706,975
535,233
387,401
147,832
9,932
43,007
15,298
22,042
16,634
40,251
668
171,742
170,570
65,973
94,072
10,525
1,172
-759,290
-616,097
-498,438
-117,659
-17,531
-37,349
-10,531
-24,966
-3,135
-22,229
-1,919
-143,192
-139,728
-3,450
-95,508
-40,770
-3,464
-26,654
-10,359
-3,224
-13,070
727,557
578,343
414,083
164,260
11,134
48,385
15,854
22,631
17,819
47,749
690
149,214
147,924
58,718
81,186
8,019
1,290
-734,564
-609,479
-491,020
-118,459
-16,409
-35,322
-10,013
-24,975
-4,035
-25,591
-2,116
-125,085
-121,059
2,265
-82,452
-40,872
-4,026
9,904
29,193
-3,775
-15,514
750,648
616,882
439,631
177,251
12,387
54,742
16,618
21,531
20,841
1650,292
841
133,767
131,971
57,539
67,316
7,115
1,796
-765,626
-656,094
-536,528
-119,566
-13,835
-38,552
-10,603
-23,767
-5,162
16—25,386
-2,263
-109,532
-104,780
-2,190
-63,509
-39,081
-4,752
-35,100
-16,319
-4,043
-14,738
778,921
642,863
456,943
185,920
13,470
57,875
16,528
21,958
21,694
53,510
883
136,057
134,237
67,245
61,865
5,126
1,820
-823,914
-713,174
-589,394
-123,780
-12,087
-40,713
-11,410
-24,524
-5,032
-27,760
-2,255
-110,741
-105,609
-7,943
-58,290
-39,376
-5,132
-39,811
-17,035
-4,104
-18,672
336
-6,579
-4,479
-557
-1,299
-175,383
-25,293
-81,234
-2,158
-535
471
-25,229
1,233
-5,608
6,725
115
-151,323
-43,447
-22,070
-27,646
-58,160
224,928
8,503
1,532
149
1,383
160
4,976
1,835
216,425
68,274
29,618
38,767
5,900
22,086
51,780
n.a.
49,605
1994
2002
2003
2004
2005
2006
869,775 1,004,631 1,077,731 1,191,257 1,194,993 1,259,809 1,421,515 1,295,693
703,254
794,387
933,174
965,884 1,070,597 1,004,896
851,602
934,453
771,994
718,712
502,859
575,204
612,113
678,366
670,416
683,965
286,184
200,395
256,087
262,758
298,603
219,183
239,489
281,919
12,787
14,643
16,446
16,675
17,405
15,928
13,790
12,539
58,417
69,809
73,426
82,400
71,893
63,395
71,325
74,801
16,997
20,687
18,909
20,422
20,868
20,098
19,785
17,926
23,754
26,081
28,442
26,074
27,006
25,604
26,916
29,803
26,712
33,228
35,626
39,670
43,233
40,696
30,289
32,470
107,904
113,857
60,841
73,340
83,929
91,774
103,934
65,048
887
818
928
955
926
885
786
831
166,521
256,804
290,797
210,244
226,129
261,819
293,925
350,918
164,578
254,534
259,382
291,177
348,083
287,918
208,065
223,948
77,344
128,665
95,260
102,505
115,323
103,963
131,626
151,839
83,106
108,092
116,852
135,652
156,354
192,398
155,692
151,818
4,128
3,197
3,846
3,561
4,713
4,591
3,559
3,601
2,879
1,943
2,270
2,437
2,748
2,835
2,179
2,181
-951,122 -1,080,124 -1,159,478 -1,286,921 -1,356,868 -1,511,011 -1,780,296 -1,629,097
-801,747 -890,771 -955,667 -1,042,726 -1,099,314 -1,230,974 -1,450,432 -1,370,022
-668,690 -749,374 -803,113 -876,794 -918,637 -1,031,784 -1,226,684 -1,148,231
-133,057 -141,397 -152,554 -165,932 -180,677 -199,190 -223,748 -221,791
-10,217
-11,061
-11,707
-12,185
-13,335
-13,473
-14,835
-10,043
-64,705
-60,200
-43,782
-44,916
-48,078
-52,051
-56,483
-58,963
-19,971
-24,274
-22,633
-13,062
-14,663
-15,809
-18,138
-21,315
-38,682
-26,019
-27,034
-27,403
-28,959
-30,363
-34,139
-41,425
-5,852
-7,837
-13,107
-16,468
-16,538
-6,919
-9,161
-11,235
-66,021
-31,565
-39,679
-43,154
-47,591
-55,510
-60,520
-35,199
-2,883
-2,882
-2,560
-2,623
-2,687
-2,762
-2,849
-2,821
-149,375 -189,353 -203,811 -244,195 -257,554 -280,037 -329,864 -259,075
-143,423 -183,090 -197,511 -237,529 -250,560 -272,082 -322,345 -250,989
-53,437
-56,910
-12,783
-22,150
-30,318
-33,093
-42,950
-38,418
-77,081
-97,149
-97,800 -112,878 -127,988 -138,120 -180,918 -159,825
-84,154
-80,525
-84,517
-78,381
-44,192
-55,623
-66,618
-81,701
-5,952
-6,666
-6,994
-7,955
-7,519
-8,086
-6,263
-6,300
-45,062
-53,187
-58,645
-51,295
-40,265
-38,074
-43,017
-50,428
-11,517
-12,472
-13,270
-13,774
-16,714
-14,978
-11,190
-15,401
-3,451
-4,466
-4,191
-4,305
-4,406
-4,705
-5,798
-4,556
-33,980
-20,731
-23,433
-23,150
-28,399
-35,612
-32,248
-37,226
1,255,936
974,721
682,422
292,299
11,943
66,605
17,046
29,195
44,508
122,207
795
281,215
278,404
145,590
129,511
3,303
2,811
-1,651,990
-1,398,446
-1,167,377
-231,069
-19,101
-58,715
-19,969
-38,407
-19,353
-72,604
-2,920
-253,544
-245,164
-43,244
-127,012
-74,908
-8,380
-63,587
-17,097
-5,125
-41,365
1,338,325
1,017,757
713,415
304,342
13,315
64,359
15,891
31,416
46,988
131,563
810
320,568
317,755
186,417
126,641
4,697
2,813
-1,789,819
-1,514,672
-1,264,307
-250,365
-25,296
-57,447
-20,989
-44,705
-19,033
-79,764
-3,131
-275,147
-266,635
-73,750
-119,051
-73,834
-8,512
-70,607
-22,173
-5,341
-43,093
1,559,191
1,157,250
807,516
349,734
15,781
74,546
18,851
36,957
54,490
148,149
959
401,942
399,120
239,008
157,114
2,998
2,822
-2,114,926
-1,769,341
-1,477,094
-292,247
-29,299
-65,750
-24,718
-54,161
-23,274
-91,267
-3,778
-345,585
-336,621
-99,600
-154,485
-82,536
-8,963
-84,414
-23,634
-6,264
-54,516
1,788,557
1,283,070
894,631
388,439
19,539
81,799
20,970
41,334
59,409
164,301
1,087
505,488
502,598
269,346
230,537
2,715
2,890
-2,454,871
-1,997,441
-1,681,780
-315,661
-30,075
-68,970
-26,149
-61,929
-24,632
-99,927
-3,979
-457,430
-448,139
-116,834
-227,431
-103,874
-9,290
-88,535
-33,039
-6,303
-49,193
2,096,165
1,445,703
1,023,109
422,594
17,112
85,694
22,187
46,297
62,378
187,771
1,155
650,462
647,582
310,224
334,958
2,400
2,880
-2,818,047
-2,204,225
-1,861,380
-342,845
-31,054
-72,029
-27,503
-65,282
-26,432
-116,524
-4,021
-613,823
-604,410
-136,010
-334,645
-133,755
-9,412
-89,595
-27,142
-6,508
-55,945
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
-4,054
-3,913
39
-426,875 -1,055,176
2,374
14,096
0
0
-223
4,511
10,200
3,331
-734
-615
5,539
5,346
-2,992
-2,255
8,329
5,603
9
2,191
-446,510 -1,062,896
7,662 -235,358
-197,098 -289,422
-39,603
-83,531
-217,471 -454,585
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
864,352 1,461,766 1,204,231 1,859,597
440,264
259,268
278,069
397,755
213,334
380,734
224,874
314,941
112,841
189,181
184,931
273,279
41,662
100,493
191,553
39,943
-134
-421
3,133
-723
22,040
69,245
26,260
48,643
34,357
5,275
13,703
20,095
944,963 1,419,333
586,283 1,064,011
180,580
63,750
145,812
108,996
-35,931
91,455
93,608
132,300
591,951
220,705
381,493
450,386
14,829
12,571
16,640
18,969
31,804
235,769
93,522
96,526
334,747
434,393
97,207
202,508
n.a.
n.a.
28,762
n.a.
-18,454
85,775
-17,794
-13,348
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
71a
-838,271
79,749
-758,522
36,640
-89,595
-811,477
72
73
74
75
76
77
1995
1996
1997
1998
1999
2000
2001
-1,723
-927
-735
-1,027
-766
-4,939
-1,010
-1,270
-1,470
-3,480
-2,369
-64,389
5,763
-74,410 -200,551 -178,937
3,901
-1,379
5,346
-352,264
-9,742
-413,409
6,668
-485,475
-1,010
-192
731
-2,697
2,317
-8,410
10,856
-130
-81,393
-37,183
-28,765
-27,824
12,379
-176
-366
6,307
2,923
-12,880
16,777
-974
-73,075
-37,889
-45,673
11,097
-610
-441
2,316
-537
-2,691
-43
494
4,276
-798
5,293
-351
-1,667
-390
-6,311
-7,408
-5,383
5,807
6,270
5,088
-67
-310
-95
-76,644 -198,823 -183,893
-48,266 -83,951 -80,167
-49,166 -146,253 -63,190
-387
766 -36,336
30,615
-4,200
21,175
-808
-2,466
-6,468
-984
-4,859
4,125
-250
-341,538
-98,750
-122,394
-45,286
-75,108
370
-1,280
7,578
-989
-5,025
3,930
106
-419,088
-91,885
-149,315
-86,333
-91,555
-350
-3,575
2,915
68
-5,417
5,438
47
-484,533
-104,803
-116,852
-121,760
-141,118
-353,829
-6,783
0
-147
-5,119
-1,517
-422
-4,678
4,111
145
-346,624
-142,644
-130,204
-38,204
-35,572
-504,062
8,747
0
10
5,484
3,253
2,750
-6,175
9,559
-634
-515,559
-224,934
-122,236
-97,704
-70,685
-560,523
-290
0
-722
2,308
-1,876
-941
-5,182
4,265
-24
-559,292
-159,212
-127,908
-138,790
-133,382
-382,616
-4,911
0
-630
-3,600
-681
-486
-4,431
3,873
72
-377,219
-142,349
-90,644
-8,520
-135,706
-294,646
-3,681
0
-475
-2,632
-574
345
-5,251
5,701
-105
-291,310
-154,460
-48,568
-50,022
-38,260
-325,424
1,523
0
601
1,494
-572
537
-7,279
7,981
-165
-327,484
-149,564
-146,722
-18,184
-13,014
-905,024
2,805
0
-398
3,826
-623
1,710
-3,044
4,716
38
-909,539
-279,086
-146,549
-124,137
-359,767
141,571
33,910
30,243
29,576
667
1,868
3,385
-1,586
107,661
48,494
-2,534
1,592
18,800
45,133
-3,824
n.a.
25,211
110,809
17,388
16,147
14,846
1,301
1,367
-1,484
1,359
93,421
23,171
18,826
35,144
15,400
-3,115
3,994
n.a.
-44,840
170,663
40,476
22,403
18,454
3,949
2,190
16,571
-688
130,185
19,822
37,131
30,043
13,400
13,573
16,216
n.a.
-45,617
282,041
71,753
53,014
48,952
4,062
1,313
14,841
2,585
210,288
51,363
24,381
80,092
18,900
10,489
25,063
n.a.
4,617
305,989
39,583
36,827
30,750
6,077
1,564
3,665
-2,473
266,406
46,121
34,274
56,971
23,400
1,302
104,338
n.a.
-3,717
438,562
109,880
72,712
68,977
3,735
-105
34,008
3,265
328,682
57,776
91,544
77,249
12,300
59,637
30,176
n.a.
28,196
551,096
126,724
120,679
115,671
5,008
-982
5,704
1,323
424,372
86,502
147,022
103,272
17,362
53,736
16,478
n.a.
-12,188
706,809
19,036
-2,161
-6,690
4,529
-881
22,286
-208
687,773
105,603
130,435
161,409
24,782
116,518
149,026
n.a.
-79,581
423,569
-19,903
-3,589
-9,921
6,332
-3,326
-9,501
-3,487
443,472
179,045
28,581
156,315
16,622
23,140
39,769
n.a.
146,088
740,210 1,046,896
43,543
42,758
32,527
35,710
12,177
-5,199
20,350
40,909
-1,825
-2,863
12,964
5,746
915
3,127
696,667 1,004,138
321,274
289,444
-44,497
-69,983
298,834
459,889
22,407
5,315
76,247
170,672
54,232
116,971
n.a.
n.a.
-67,937
70,421
782,859
28,059
54,620
33,700
20,920
-2,309
-29,978
5,726
754,800
167,021
-14,378
393,885
23,783
66,110
118,379
n.a.
-14,274
797,813
115,945
90,971
60,466
30,505
137
21,221
3,616
681,868
84,372
100,403
283,299
21,513
95,871
96,410
n.a.
-42,056
-117,749 -111,037
24,607
30,173
-93,142 -80,864
19,824
28,550
-26,169 -26,654
-99,486 -78,968
-76,937
45,802
-31,136
24,131
9,904
2,897
-96,897 -132,451 -165,831
62,141
57,685
67,338
-39,212 -70,311
-98,493
17,146
24,235
25,316
-35,100 -39,811 -40,265
-50,078 -84,805 -121,612
-174,170
77,786
-96,384
20,891
-38,074
-113,567
-191,000
86,935
-104,065
22,318
-43,017
-124,764
-198,428
90,155
-108,273
12,609
-45,062
-140,726
-248,221
82,081
-166,140
4,265
-53,187
-215,062
-429,519
64,393
-365,126
31,722
-51,295
-384,699
-484,955
61,230
-423,725
27,671
-63,587
-459,641
-347,819
82,729
-265,090
13,888
-50,428
-301,630
-454,690
74,855
-379,835
21,054
-58,645
-417,426
-550,892
53,977
-496,915
45,421
-70,607
-522,101
-669,578
57,487
-612,092
56,357
-84,414
-640,148
-787,149
72,778
-714,371
48,058
-88,535
-754,848
Line
U.S. International Transactions
68
July 2007
Table 1. U.S. International
[Millions
Not seasonally adjusted
Line
1994
1993
(Credits +; debits -) ’
1
II
III
IV
I
II
1995
III
IV
I
II
III
IV
Current account
1 Exports of goods and services and income receipts..........................................
190,229 194,458 192,372 201,862 203,181 213,340 220,537 232,717 240,604 249,625 253,408 260,994
2 Exports of goods and services...............................................................................
156,845 161,042 158,318 166,658 165,898 173,661 177,787 185,908 189,594 196,447 201,365 206,981
3
Goods, balance of payments basis 2..........................
112,161 115,764 108,267 120,751 118,792 124,955 123,800 135,312 138,769 144,742 141,105 150,588
45,907
53,987
4
Services 3...................................................................
44,684
47,106
48,706
50,596
45,278
50,051
50,825
51,705
60,260
56,393
5
Transfers under U.S. military agency sales contracts 4.................................
3,419
3,625
2,736
3,244
3,714
2,969
3,407
4,041
3,690
2,860
3,502
3,693
14,644
17,208
13,747
13,157
14,887
19,475
6
12,710
14,410
17,156
13,599
12,818
15,876
Travel......................................................................
7
Passenger fares.....................................................
4,966
4,227
3,800
3,989
3,773
3,870
4,147
5,025
3,955
4,349
5,653
4,680
Other transportation...............................................
5,392
5,447
5,387
6,099
6,412
8
5,499
5,620
5,856
6,180
6,549
6,576
6,776
4,994
6,497
9
Royalties and license fees 5..........................................................................
5,400
5,260
6,040
6,310
6,550
7,355
6,999
7,662
8,348
7,280
13,371
10
Other private services 5..................
13,894
13,970
15,610
15,218
15,898
16,824
12,275
14,115
16,653
14,980
16,591
11
U.S. Government miscellaneous services.....................................................
204
286
225
168
251
150
226
260
202
158
262
196
34,054
12 Income receipts......................................................................................................
33,384
33,415
35,204
37,283
39,679
42,750
46,809
51,010
53,178
52,043
54,013
32,949
33,592
34,727
42,257
46,299
52,634
13
Income receipts on U.S.-owned assets abroad.................................................
32,969
36,818
39,204
50,467
51,496
53,468
14
Direct investment receipts..............................................................................
16,174
16,930
16,628
17,513
17,944
18,460
19,668
21,272
22,881
22,893
24,805
24,681
15,514
15
15,384
16,028
17,735
19,944
21,515
23,912
27,442
27,694
Other private receipts.....................................................................................
14,939
26,259
26,697
16
U.S. Government receipts..............................................................................
1,390
1,450
1,186
1,139
1,074
1,115
1,100
800
1,315
1,132
1,173
1,093
17
Compensation of employees..............................................................................
435
462
477
465
493
510
544
547
446
475
543
545
18 Imports of goods and services and income payments....................................... -189,060 -205,429 -211,125 -218,300 -211,704 -232,449 -250,165 -256,804 -253,617 -272,891 -279,081 -274,535
19 Imports of goods and services............................................................................... -163,913 -177,933 -183,861 -187,467 -180,467 -196,950 -210,361 -213,969 -209,301 -226,027 -228,992 -226,451
20
Goods, balance of payments basis 2................................................................. -136,194 -146,396 -150,197 -156,607 -150,167 -162,978 -173,862 -181,683 -177,389 -189,998 -190,392 -191,595
21
Services 3...........................................................................................................
-27,719 -31,537 -33,664 -30,860 -30,300 -33,972 -36,499 -32,286 -31,912 -36,029 -38,600 -34,856
22
Direct defense expenditures..........................................................................
-3,177
-3,194
-2,919
-2,797
-2,487
-2,695
-2,669
-2,366
-2,572
-2,447
-2,446
-2,578
23
Travel..............................................................................................................
-8,108 -10,749 -12,265
-9,591
-8,998 -11,848 -13,341
-9,595
-9,140 -12,208 -13,457 -10,111
24
-2,749
Passenger fares......
-2,486
-2,894
-3,281
-2,908
-3,401
-3,789
-2,964
-3,119
-4,232
-3,883
-3,429
-5,887
-6,247
-6,024
-6,934
-6,671
25
Other transportation,
-6,151
-6,239
-6,390
-7,019
-6,677
-6,595
-6,743
-1,317
-1,432
26
Royalties and license fees 5
-1,118
-1,219
-1,378
-1,591
-1,570
-1,547
-1,787
-1,259
-1,567
-2,018
27
-7,042
Other private services 5.................................................................................
-6,368
-6,774
-7,576
-7,454
-7,767
-7,837
-8,507
-8,247
-8,997
-8,545
-9,410
-601
28
U.S. Government miscellaneous services.....................................................
-575
-556
-523
-630
-638
-679
-613
-692
-662
-636
-633
29 Income payments................................................................................................... -25,147 -27,496 -27,265 -30,833 -31,237 -35,499 -39,804 -42,835 -44,316 -46,864 -50,089 -48,084
-24,002 -26,280 -25,941 -29,386 -29,879 -34,060 -38,252 -41,232 -42,861 -45,358 -48,464 -46,407
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments..........................................................................
-1,974
-3,607
-3,514
-5,214
-6,697
288
-2,650
-6,725
-6,626
-9,339
-6,973
-7,380
32
Other private payments.................................................................................. -14,588 -13,943 -14,005 -15,754 -16,179 -18,267 -20,387 -22,248 -23,984 -24,365 -24,488 -24,312
33
U.S. Government payments..........................................................................
-9,702
-9,687
-9,962 -10,025 -10,186 -10,579 -11,140 -12,287 -12,251 -13,613 -14,637 -15,122
-1,324
34
Compensation of employees.............................................................................
-1,145
-1,447
-1,552
-1,603
-1,677
-1,216
-1,358
-1,439
-1,455
-1,506
-1,625
35 Unilateral current transfers, net
-8,271
-8,614
-8,854
-9,675 -13,011
-8,444
-9,798 -13,409
-9,507 -10,195
-9,610
-8,762
-3,007
-4,097
-6,221
36 U.S. Government grants4......................................................................................
-3,468
-6,463
-2,488
-2,946
-3,323
-2,964
-2,698
-3,037
-2,491
37 U.S. Government pensions and other transfers....................................................
-813
-1,657
-1,257
-1,707
-598
-1,036
-845
-747
-713
-910
-1,012
-816
-4,765
38 Private remittances and other transfers6..............................................................
-4,666
-4,350
-4,891
-5,281
-4,751
-5,218
-5,481
-5,933
-5,899
-6,146
-5,455
Capital account
-232
-396
-637
39 Capital account transactions, net..........................................................................
-758
-150
-159
-158
-1,011
-158
-175
-69
-46
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
-22,486 -46,952 -53,991 -77,122 -42,259 -46,868 -33,890 -55,920 -67,130 -119,044 -48,562 -117,528
41
822
-545
3,537
-165
U.S. official reserve assets.....................................................................................
-983
-673
-59
2,033
-5,318
-2,722
-1,893
191
4?
Gold 7......................................................................... .............. .....................
-118
-111
-121
-867
362
43
Special drawing rights........................................................................................
-140
-166
-113
-101
-108
-156
-147
44
Reserve position in the International Monetary Fund.......................................
-48
-80
273
-27
-228
313
-3
251
-526
-786
-991
-163
-1,264
Foreign currencies..............................................................................................
-378
-327
2,181
45
-615
675
-480
45
3,394
-3,925
501
-1,780
46 U.S. Government assets, other than official reserve assets..................................
487
-304
-194
-340
477
-323
252
399
-943
-553
-225
-458
47
U.S. credits and other long-term assets............................................................
-757
-1,372
-945
-773
-1,668
-2,925
-1,006
-2,248
-1,622
-862
-1,028
-1,347
48
Repayments on U.S. credits and other long-term assets 8...............................
1,763
891
2,036
1,580
1,120
1,383
937
1,072
1,522
882
1,648
649
49
U.S. foreign currency holdings and U.S. short-term assets...............................
-422
-562
-334
-242
-331
1,005
36
-165
368
-3
-12
7
50 U.S. private assets
-21,990 -47,470 -53,253 -76,110 -42,599 -50,882 -33,402 -57,010 -61,259 -116,097 -46,921 -117,261
51
Direct investment
-15,977 -24,373 -14,171 -29,430 -31,073 -16,123 -19,258 -13,713 -21,684 -16,033 -23,023 -38,010
5?
-28,208 -29,833 -51,940 -36,272 -19,540 -11,834 -13,368 -18,448
-8,596 -27,964 -42,116 -43,718
-6,130
5,896
1,725 53 -2,215 -20,966
-960 -12,195
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
-725
-2,631 -24,580
13,729 -31,804
54
U.S. claims reported by U.S. banks, not included elsewhere............................
6,962 -12,133
10,229
184 -12,654 -28,348 -47,520
28,325
7,461
-1,959
-3,729
4,489
55 Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+))..............................................................................
24,852
86,155 111,584
89,869
82,848
76,171
59,450
57,101
97,430 122,459 117,462 101,211
56 Foreign official assets in the United States...........................................................
10,937
24,277
17,466
19,073
10,568
19,358
202
39,302
9,455
21,956
37,072
11,550
57
20,443
1,074
18,697
U.S. Government securities................
1,745
6,750
24,076
8,282
8,774
11,258
26,560
21,116
13,778
58
U.S. Treasury securities 9...............
19,098
23,106
897
5,922
16,475
7,456
10,132
1,080
5,668
25,234
20,598
13,013
59
Other10...........................................
665
1,082
1,345
177
2,222
970
2,360
1,318
1,126
518
1,326
765
60
Other U.S. Government liabilities ” ..................................................................
132
932
718
284
-469
659
-5
626
-562
-504
907
54
8,257
-2,486
1,177
61
U.S. liabilities reported by U.S. banks, not included elsewhere........................
9,485
-415
9,588
2,143
-9,243
10,995
7,510
18,918
-3,415
62
184
1,404
1,099
Other foreign official assets 12...........................................................................
-102
-753
-965
-800
45
265
2,948
-228
280
63 Other foreign assets in the United States..............................................................
67,082
87,307
13,915
41,984
79,301
47,646
63,490
75,969
75,474
85,387
78,160
89,661
64
Direct investment.............................................
7,813
12,149
19,603
5,472
14,623
11,798
6,026
20,000
9,439
18,279
12,198
17,860
65
U.S. Treasury securities.................................
-292
3,258
8,052
9,912
25,799
13,363
-7,098
35,294
5,661
28,010
28,438
-198
66
17,782
37,411
U.S. securities other than U.S. Treasury securities...........................................
9,694
21,070
12,352
15,205
13,389
10,160
12,400
15,851
26,218
22,780
67
U.S. currency..................................................
3,000
5,900
6,400
3,600
4,700
5,500
6,300
6,900
6,400
1,900
1,900
2,100
68
U.S. liabilities to unaffiliated foreigners reported Dy U.S. nonDanking concerns
-215
6,531
288
3,885
5,856
-1,620
4,269
-7,203
17,764
11,864
13,493
16,516
31,491
26,737
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
-19,740
2,842
27,205
14,756
25,797
20,313
1,461
15,136 -16,605
30,184
70 Financial derivatives, net.........................................................................................
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
71 Statistical discrepancy (sum of above items with sign reversed).....................
5,495
7,479
-3,503
-4,854 -30,315
18,331
-9,136
17,403
-7,502
40,122
28,659 -33,083
71a
Seasonal adjustment discrepancy.........................................................
Memoranda:
72 Balance on goods (lines 3 and 20)............................................................................
-24,033 -30,632 -41,930 -35,856 -31,375 -38,023 -50,062 -46,371 -38,620 -45,256 -49,287 -41,007
13,741
16,387
15,047
73 Balance on services (lines 4 and 21)........................................................................
16,966
16,806
14,734
17,488
18,310
18,913
15,676
21,660
21,537
74 Balance on goods and services (lines 2 and 19)......................................................
-7,068 -16,891 -25,543 -20,809 -14,569 -23,289 -32,574 -28,061 -19,707 -29,580 -27,627 -19,470
6,789
4,372
75 Balance on income (lines 12 and 29).........
8,236
5,919
6,046
4,180
2,946
3,974
6,694
1,954
6,314
5,929
-8,271
76 Unilateral current transfers, net (line 35)...................................................................
-8,854
-9,675 -13,011
-8,614
-8,444
-9,798 -13,409
-9,610
-9,507 -10,195
-8,762
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
-7,102 -19,826 -28,428 -29,449 -17,137 -27,553 -39,426 -37,496 -22,623 -32,028 -35,180 -23,736
Ofwhich:
Seethefootnotesonpages108-109.
July 2007
Survey
of
69
C u r r e n t B u s in e s s
Transactions—Continues
of dollars]
Not seasonally adjusted
1996
1
1997
II
III
IV
I
II
1999
1998
III
IV
I
II
III
IV
I
II
Line
IV
III
263,301
207,521
151,602
55,919
3,610
14,950
4,675
6,147
7,682
18,530
325
55,780
55,236
25,367
28,500
1,369
544
-269,598
-222,231
-187,681
-34,550
-2,745
-10,119
-3,542
-6,389
-1,780
-9,317
-658
-47,367
-45,948
-6,892
-23,494
-15,562
-1,419
-11,314
-4,509
-1,010
-5,795
266,592
211,677
154,006
57,671
3,902
17,462
4,914
6,480
7,682
17,038
193
54,915
54,371
24,891
28,570
910
544
-288,030
-238,006
-199,437
-38,569
-2,691
-12,611
-4,158
-6,955
-1,741
-9,756
-657
-50,024
-48,521
-8,467
-23,907
-16,147
-1,503
-8,924
-2,566
-744
-5,614
264,057
208,045
145,526
62,519
4,341
19,386
5,639
6,482
8,013
18,432
226
56,012
55,465
24,721
29,325
1,419
547
-299,999
-247,591
-205,505
-42,086
-2,811
-14,762
-4,521
-7,124
-2,284
-9,892
-692
-52,408
-50,779
-9,150
-24,949
-16,680
-1,629
-9,793
-2,780
-1,229
-5,784
283,781
224,359
160,979
63,380
4,593
18,011
5,194
6,965
9,093
19,340
184
59,422
58,876
27,526
30,457
893
546
-301,851
-247,839
-210,490
-37,349
-2,814
-10,586
-3,588
-6,935
-2,032
-10,714
-680
-54,012
-52,263
-8,584
-25,450
-18,229
-1,749
-12,986
-5,546
-1,483
-5,957
285,674
222,951
162,328
60,623
3,876
16,084
4,800
6,591
8,045
20,967
260
62,723
62,156
28,960
32,239
957
567
-301,039
-242,690
-205,113
-37,577
-2,855
-11,030
-3,930
-6,897
-2,185
-10,014
-666
-58,349
-56,839
-10,773
-26,675
-19,391
-1,510
-10,267
-2,281
-1,080
-6,906
300,042
234,736
172,087
62,649
4,672
18,167
5,018
6,755
8,161
19,666
210
65,306
64,740
30,185
33,805
750
566
-319,534
-259,071
-217,019
-42,052
-2,737
-13,761
-4,941
-7,290
-2,135
-10,492
-696
-60,463
-58,879
-11,098
-27,501
-20,280
-1,584
-9,844
-2,308
-852
-6,684
300,409
235,077
166,183
68,894
4,304
21,902
5,980
6,719
8,272
21,473
244
65,332
64,763
29,834
33,895
1,034
569
-333,828
-271,086
-225,413
-45,673
-2,961
-16,013
-5,298
-7,332
-2,389
-10,958
-722
-62,742
-61,005
-11,730
-28,471
-20,804
-1,737
-10,572
-2,476
-900
-7,196
305,132
241,689
177,768
63,921
3,823
17,273
5,070
6,941
8,750
21,823
241
63,443
62,875
26,344
35,713
818
568
-332,520
-269,879
-229,249
-40,630
-3,154
-11,247
-3,969
-7,440
-2,452
-11,690
-678
-62,641
-60,806
-9,349
-30,231
-21,226
-1,835
-14,379
-5,407
-1,359
-7,613
299,595
232,769
170,134
62,635
4,558
15,667
4,604
6,071
8,318
23,217
200
66,826
66,236
27,734
37,578
924
590
-321,211
-258,478
-218,324
-40,154
-2,922
-11,647
-4,242
-7,126
-2,690
-10,855
-672
-62,733
-61,157
-8,786
-31,187
-21,184
-1,576
-12,266
-2,365
-1,026
-8,875
299,287
232,119
167,707
64,412
4,471
18,138
5,021
6,300
8,528
21,704
250
67,168
66,568
27,606
38,196
766
600
-339,065
-273,885
-227,923
-45,962
-2,855
-15,180
-5,337
-7,511
-2,596
-11,816
-667
-65,180
-63,543
-10,730
-31,410
-21,403
-1,637
-11,976
-2,209
-919
-8,848
290,772
226,633
157,823
68,810
3,994
20,374
5,756
6,682
8,558
23,239
207
64,139
63,523
23,108
39,410
1,005
616
-347,739
-282,343
-232,809
-49,534
-3,186
-17,218
-5,735
-7,795
-2,753
-12,082
-765
-65,396
-63,565
-9,193
-33,426
-20,946
-1,831
-12,837
-2,882
-815
-9,140
305,339
241,653
174,752
66,901
4,382
17,146
4,717
6,551
10,222
23,614
269
63,686
63,055
25,515
36,634
906
631
-348,853
-284,608
-239,581
-45,027
-3,222
-12,438
-4,657
-7,931
-3,196
-12,838
-745
-64,245
-62,295
-9,709
-31,965
-20,621
-1,950
-16,108
-5,814
-1,545
-8,749
297,822
229,982
163,297
66,685
4,000
15,833
4,466
6,161
9,542
26,480
203
67,840
67,145
29,861
36,319
965
695
-339,538
-274,982
-230,686
-44,296
-3,166
-12,137
-4,771
-7,493
-3,019
-13,020
-690
-64,556
-62,717
-10,557
-31,769
-20,391
-1,839
-11,991
-2,574
-894
-8,523
308,209
236,827
168,213
68,614
4,547
18,563
4,756
6,667
9,528
24,330
223
71,382
70,685
32,144
37,868
673
697
-368,901
-300,838
-249,995
-50,843
-3,311
-15,907
-5,655
-8,218
-3,153
-13,924
-675
-68,063
-66,168
-13,912
-32,086
-20,170
-1,895
-11,857
-3,097
-856
-7,904
318,238
241,972
166,836
75,136
3,951
21,836
5,760
7,054
9,975
26,321
239
76,266
75,592
34,384
40,361
847
674
-397,038
-323,708
-268,988
-54,720
-3,564
-17,979
-5,964
-9,185
-3,180
-14,082
-766
-73,330
-71,246
-15,749
-35,535
-19,962
-2,084
-11,934
-2,847
-1,015
-8,072
335,540
257,103
185,619
71,484
3,430
18,569
4,803
7,034
10,625
26,803
220
78,437
77,755
35,237
41,806
712
682
-405,534
-331,446
-282,115
-49,331
-3,294
-12,940
-4,925
-9,243
-3,755
-14,484
-690
-74,088
-71,951
-13,219
-38,730
-20,002
-2,137
-14,646
-5,256
-1,641
-7,749
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
-178
-178
-186
-193
-215
-280
-300
-232
-194
-191
-197
-184
-196
-191
-189
-4,363
39
-83,404
17
-69,855
-523
-93,254
7,489
-166,896
-315
-155,854
4,480
-95,654
-236
-121,539
-730
-112,428
-4,524
-199
-849
1,065
-210
-1,076
1,013
-147
-83,211
-26,732
-43,538
-15,210
2,269
-133
-220
-170
-568
-1,512
683
261
-68,764
-16,828
-30,579
-22,000
643
848
-183
6,824
105
-1,192
1,214
83
-100,848
-24,803
-33,178
-9,090
-33,777
-146
-28
-141
-316
-1,245
1,020
-91
-166,265
-23,522
-42,020
-40,033
-60,690
72
1,055
3,353
-76
-1,170
1,119
-25
-160,258
-32,669
-24,352
-38,112
-65,125
-133
54
-157
-298
-1,616
1,329
-11
-95,120
-27,385
-31,275
-9,885
-26,575
-139
-463
-128
377
-1,426
1,832
-29
-121,186
-23,369
-51,401
-22,173
-24,243
-150
-4,221
-153
65
-1,205
1,158
112
-107,969
-21,380
-9,824
-51,590
-25,175
-77,851
-444
0
-182
-85
-177
-80
-1,192
1,134
-22
-77,327
-45,257
-19,451
-7,822
-4,797
-140,824
-1,945
0
73
-1,032
-986
-483
-1,156
699
-26
-138,396
-46,885
-42,961
-20,363
-28,187
-60,999
-2,025
0
189
-2,078
-136
188
-1,286
1,336
138
-59,162
-22,958
7,783
-15,658
-28,329
-74,155
-2,369
0
-227
-1,924
-218
-47
-1,044
942
55
-71,739
-27,544
-75,575
5,639
25,741
-88,361
4,068
0
562
3
3,503
118
-1,314
1,554
-122
-92,547
-72,236
2,696
-47,211
24,204
-184,495
1,159
0
-190
1,413
-64
-392
-2,167
1,887
-112
-185,262
-52,259
-69,682
-27,021
-36,300
-126,193
1,951
0
-184
2,268
-133
-686
-1,595
1,026
-117
-127,458
-66,765
-39,790
-13,663
-7,240
-105,013
1,569
0
-178
1,800
-53
3,710
-1,099
5,092
-283
-110,292
-33,674
-15,460
-9,809
-51,349
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
84,870
51,771
55,839
55,685
154
-554
-3,303
-211
33,099
28,133
16,037
20,356
-2,391
4,350
-33,386
n.a.
16,323
101,919
13,503
-1,934
-3,378
1,444
-65
14,217
1,285
88,416
16,698
24,972
24,686
4,542
15,259
2,259
n.a.
-1,524
145,448
23,020
26,135
24,908
1,227
147
-1,677
-1,585
122,428
16,596
36,734
29,719
7,382
28,925
3,072
n.a.
-6,273
218,859
38,430
40,639
38,456
2,183
-510
-3,533
1,834
180,429
25,075
69,279
28,511
7,829
5,202
44,533
n.a.
-20,714
173,048
27,763
23,105
22,351
754
-155
8,123
-3,310
145,285
28,669
29,053
38,490
3,484
25,055
20,534
n.a.
8,653
141,356
-6,019
-11,411
-12,373
962
-286
4,643
1,035
147,375
23,787
33,928
45,651
4,822
6,461
32,726
n.a.
-16,086
168,452
23,474
10,316
7,604
2,712
-562
12,817
903
144,978
19,094
36,133
52,544
6,576
25,550
5,081
n.a.
-2,622
223,953
-26,182
-24,171
-24,272
101
122
-3,297
1,164
250,135
34,053
31,321
24,724
9,900
59,452
90,685
n.a.
-69,526
79,471
11,072
13,946
11,336
2,610
-954
-964
-956
68,399
20,060
-6,535
63,237
746
39,833
-48,942
n.a.
32,456
155,711
-10,235
-20,051
-20,305
254
-760
9,744
832
165,946
21,047
21,814
56,146
2,349
30,722
33,868
n.a.
37,058
77,597
-46,640
-30,917
-32,823
1,906
-281
-12,948
-2,494
124,237
25,124
-5,082
6,628
7,277
14,976
75,314
n.a.
53,403
110,790
25,900
33,433
31,871
1,562
-1,331
-5,333
-869
84,890
112,814
18,384
30,304
6,250
-62,391
-20,471
n.a.
23,171
108,183
4,381
6,793
800
5,993
-1,244
-1,273
105
103,802
27,659
-13,327
49,157
2,440
51,307
-13,434
n.a.
34,081
251,089
-757
-916
-6,708
5,792
-1,085
1,761
-517
251,846
143,988
-11,412
70,205
3,057
16,928
29,080
n.a.
6,146
158,044
12,625
14,798
12,963
1,835
-767
-1,617
211
145,419
51,944
3,685
86,202
4,697
-8,777
7,668
n.a.
59,072
222,894
27,294
11,852
5,122
6,730
233
14,093
1,116
195,600
65,853
-23,443
93,270
12,213
16,789
30,918
n.a.
-28,878
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
71a
-36,079
21,369
-14,710
8,413
-11,314
-17,611
-45,431
-26,329
4,891
-8,924
-30,362
-59,979
20,433
-39,546
3,604
-9,793
-45,735
-49,511
26,031
-23,480
5,410
-12,986
-31,056
-42,785
23,046
-19,739
4,374
-10,267
-25,632
-44,932
20,597
-24,335
4,843
-9,844
-29,336
-59,230
23,221
-36,009
2,590
-10,572
-43,991
-51,481
23,291
-28,190
802
-14,379
-41,767
-48,190
22,481
-25,709
4,093
-12,266
-33,882
-60,216
18,450
-41,766
1,988
-11,976
-51,754
-74,986
19,276
-55,710
-1,257
-12,837
-69,804
-64,829
21,874
-42,955
-559
-16,108
-59,622
-67,389
22,389
-45,000
3,284
-11,991
-53,707
-81,782
17,771
-64,011
3,319
-11,857
-72,549
-102,152
20,416
-81,736
2,936
-11,934
-90,734
-96,496
22,153
-74,343
4,349
-14,646
-84,640
72
73
74
75
76
77
19,102
U.S. International Transactions
70
July 2007
Table 1. U.S. International
[Millions
Not seasonally adjusted
Line
(Credits +; debits - ) 1
1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
fin
61
62
63
64
65
66
67
68
69
70
71
71a
72
73
74
75
76
77
Current account
Exports of goods and services and income receipts..........................................
Exports of goods and services..............................................................................
Goods, balance of payments basis 2.................................................................
Services 3...........................................................................................................
Transfers under U.S. military agency sales contracts4.................................
Travel..............................................................................................................
Passenger fares.............................................................................................
Other transportation.......................................................................................
Royalties and license fees 5...........................................................................
Other private services 5..................................................................................
U.S. Government miscellaneous services.....................................................
Income receipts......................................................................................................
Income receipts on U.S.-owned assets abroad.................................................
Direct investment receipts..
Other private receipts........
U.S. Government receipts..
Compensation of employees..
Imports of goods and services and income payments.......................................
Imports of goods and services...............................................................................
Goods, balance of payments basis 2.................................................................
Services 3...........................................................................................................
Direct defense expenditures..........................................................................
Travel..............................................................................................................
Passenger fares............................
Other transportation......................
Royalties and license fees 5..........
Other private services 5.................
U.S. Government miscellaneous services
Income payments..................................
Income payments on foreign-owned assets in the United States.....................
Direct investment payments..........................................................................
Other private payments.....
U.S. Government payments..........................................................................
Compensation of employees..
Unilateral current transfers, net..
U.S. Government grants 4.........
U.S. Government pensions and other transfers....................................................
Private remittances and other transfers6..............................................................
Capital account
Capital account transactions, net..........................................................................
Financial account
U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
U.S. official reserve assets.....................................................................................
Gold 7.................................................................................................................
Special drawing rights........................................................................................
Reserve position in the International Monetary Fund.......................................
Foreign currencies..............................................................................................
U.S. Government assets, other than official reserve assets..................................
U.S. credits and other long-term assets............................................................
Repayments on U.S. credits and other long-term assets 8...............................
U.S. foreign currency holdings and U.S. short-term assets...............................
U.S. private assets.................................................................................................
Direct investment................................................................................................
Foreign securities...............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere...........................
Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+)).............
Foreign official assets in the United States...........................................................
U.S. Government securities...............
U.S. Treasury securities 9..............
Other10..........................................
Other U.S. Government liabilities 11..................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12...........................................................................
Other foreign assets in the United States..............................................................
Direct investment................................................................................................
U.S. Treasury securities.....................................................................................
U.S. securities other than U.S. Treasury securities...........................................
U.S. currency......................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Financial derivatives, net.........................................................................................
Statistical discrepancy (sum of above items with sign reversed).....................
2001
2000
II
III
IV
1
II
2002
III
IV
II
III
IV
340,009 356,927 359,771 364,808 347,616 336,973 310,381 300,723 300,437 316,735 319,709 319,055
255,698 267,463 272,213 275,223 265,328 260,510 241,411 237,647 233,689 245,994 245,839 249,199
184,886 193,710 193,460 199,938 192,905 187,631 167,280 170,896 164,047 175,169 169,101 174,105
70,812
73,753
78,753
75,285
72,423
72,879
69,642
70,825
76,738
75,094
74,131
66,751
2,741
3,334
3,328
3,751
3,296
3,415
3,548
2,916
2,785
3,418
2,751
2,989
17,944
19,600
18,303
20,265
20,178
13,147
21,318
23,538
14,451
16,742
18,857
16,555
5,017
4,684
3,317
3,872
4,600
5,223
5,847
4,849
5,076
4,062
4,281
4,831
6,925
7,532
7,853
7,493
7,125
7,263
6,653
6,723
7,139
7,686
7,647
7,401
10,107
10,459
10,672
9,865
11,023
10,114
11,135
10,751
11,351
9,701
11,260
11,999
27,370
25,104
27,235
28,195
29,483
26,646
28,227
29,501
31,502
28,578
30,486
31,641
153
233
214
222
214
194
195
199
186
201
200
201
89,464
87,558
89,585
82,288
76,463
68,970
63,076
66,748
70,741
73,870
84,311
69,856
62,372
83,589
88,775
86,840
88,879
81,539
75,758
68,249
66,022
70,050
73,172
69,160
38,012
36,947
36,904
38,981
37,899
33,800
29,645
34,200
38,407
36,079
34,359
30,861
48,777
44,430
48,953
50,238
46,198
41,240
36,463
30,923
32,539
33,860
31,791
32,189
1,147
1,017
742
982
718
940
925
936
899
607
905
892
722
689
718
706
749
705
704
726
721
691
698
696
-414,315 -444,749 -463,113 -458,119 -427,928 -420,055 -408,495 -372,619 -372,791 -418,773 -433,251 -427,175
-335,238 -359,979 -379,264 -375,951 -351,792 -350,653 -340,556 -327,021 -313,902 -350,946 -365,290 -368,308
-284,973 -302,376 -318,268 -321,067 -299,257 -290,969 -282,157 -275,848 -261,236 -292,530 -303,745 -309,866
-50,265 -57,603 -60,996 -54,884 -52,535 -59,684 -58,399 -51,173 -52,666 -58,416 -61,545 -58,442
-3,262
-3,382
-3,417
-3,521
-3,308
-3,478
-3,675
-4,265
-4,359
-4,633
-4,955
-5,154
-13,852 -18,316 -18,719 -13,818 -13,542 -18,471 -17,203 -10,984 -12,620 -15,968 -17,081 -13,046
-6,941
-6,772
-5,294
-6,631
-5,408
-5,219
-4,422
-6,551
-4,091
-5,475
-5,430
-4,642
-9,979
-9,293 -10,047 -11,226 -10,859
-9,960
-9,582
-8,396
-9,161
-9,552 -10,097 -10,362
-4,487
-4,592
-3,994
-3,651
-3,738
-3,935
-3,991
-4,618
-4,749
-4,954
-4,565
-5,085
-14,203 -14,771 -15,359 -16,187 -15,619 -16,384 -16,671 -17,347 -17,379 -17,498 -18,303 -19,424
-718
-712
-726
-726
-710
-743
-723
-707
-741
-729
-725
-725
-79,077 -84,770 -83,849 -82,168 -76,136 -69,402 -67,939 -45,598 -58,889 -67,827 -67,961 -58,867
-77,312 -82,989 -81,941 -80,103 -74,222 -67,486 -65,858 -43,423 -56,901 -65,797 -65,884 -56,582
-15,894 -16,667 -13,554 -10,795
-7,263
-5,182
-7,695
7,357
-7,880 -14,248 -14,598
-6,518
-41,012 -45,059 -47,045 -47,802 -46,000 -41,944 -39,266 -32,615 -30,421 -33,016 -32,644 -30,931
-20,406 -21,263 -21,342 -21,506 -20,959 -20,360 -18,897 -18,165 -18,600 -18,533 -18,642 -19,133
-1,914
-1,765
-1,781
-1,908
-2,065
-1,916
-2,081
-2,175
-2,077
-1,988
-2,030
-2,285
-13,095 -12,913 -14,132 -18,505 -15,485 -15,136
-2,767 -17,907 -18,941 -14,133 -14,342 -16,171
-2,884
-3,173
-3,637
-7,020
-2,426
-2,479
-2,867
-3,745
-6,397
-3,287
-3,075
-4,338
-1,087
-912
-1,024
-1,682
-1,167
-934
-1,027
-2,670
-1,330
-1,005
-923
-1,867
-9,124
-8,828
-9,803 -11,892 -11,723
-9,471
1,127 -11,492 -11,214
-9,841 -10,344
-9,966
-223
-238
-211,182 -110,679
-554
2,020
0
0
-180
-180
-237
2,328
-137
-128
-127
-570
-1,750
-1,371
860
1,329
294
-59
-210,501 -112,129
-38,510 -55,407
-32,542 -38,171
-79,800 -25,287
-59,649
6,736
248,069
22,542
24,311
16,204
8,107
-430
-2,270
931
225,527
51,465
-15,199
129,306
-2,661
72,433
-9,817
n.a.
50,737
250,843
6,952
6,738
-3,596
10,334
-899
209
904
243,891
94,953
-22,883
88,189
989
28,796
53,847
n.a.
-39,191
-301
-313
-87,941 -150,721 -220,722
-346
-1,410
190
0
0
0
-182
-180
-189
574
1,300
-1,083
-1,464
-147
-195
114
-358
77
-1,094
-1,010
-1,051
1,266
810
1,071
-101
-158
100
-87,709 -148,953 -220,989
-42,712 -22,583 -39,909
-32,363 -24,832 -25,355
-14,121 -19,582 -46,769
1,487 -81,956 -108,956
-90,329
-1,343
0
-156
-1,015
-172
-783
-1,330
573
-26
-88,203
-30,410
-50,200
-7,507
-86
248,330
11,354
3,673
-10,599
14,272
-185
7,554
312
236,976
82,124
-13,413
122,138
757
16,914
28,456
n.a.
-42,645
209,564
-19,965
-9,634
-19,566
9,932
-1,154
-10,205
1,028
229,529
61,036
-11,916
108,537
2,772
-173
69,273
n.a.
-20,704
-270
-279
299,654
1,910
988
-7,208
8,196
-311
253
980
297,744
92,732
-18,488
120,256
6,230
52,529
44,485
n.a.
-36,838
331,701
21,333
19,590
16,016
3,574
-601
1,341
1,003
310,368
58,691
-17,659
129,474
2,311
112,097
25,454
n.a.
-14,881
-333
-333
-399
-417
29,815 -101,380
-199
-3,559
0
0
-145
-140
-3,242
83
-172
-142
77
143
-996
-1,011
1,111
1,118
-30
28
33,297 -101,324
-47,370 -24,660
11,639 -26,728
1,824
43,932
67,204 -93,868
-88,432 -143,204
390
-1,843
0
0
-109
-107
652
-1,607
-129
-153
133
42
-853
-565
994
566
-8
41
-88,955 -141,403
-51,746 -39,655
-9,012 -20,735
-27,798 -13,680
-399 -67,333
-2,698
-1,416
0
-132
-1,136
-148
-27
-1,375
1,452
-104
-1,255
-36,755
4,884
-7,443
38,059
-60,312
-812
0
-127
-541
-144
197
-2,458
2,689
-34
-59,697
-26,304
-23,705
-1,101
-8,587
25,729
15,653
14,545
14,761
-216
-205
-675
1,988
10,076
16,576
-7,998
60,748
8,203
-23,171
-44,282
n.a.
45,670
174,713
12,801
10,337
4,420
5,917
-597
2,335
726
161,912
25,085
10,327
73,750
4,525
57,788
-9,563
n.a.
5,335
163,249
18,328
20,609
9,124
11,485
464
-3,590
845
144,921
15,393
54,060
43,282
2,556
7,515
22,115
n.a.
-32,268
226,842
31,504
34,083
27,548
6,535
-95
-3,623
1,139
195,338
34,987
17,186
66,578
7,249
12,763
56,575
n.a.
-41,822
-323
215,865
11,038
30,119
22,489
7,630
-349
-20,439
1,707
204,827
30,718
23,195
95,126
10,497
-22,643
67,934
n.a.
-24,359
Memoranda:
Balance on goods (lines 3 and 20)............................................................................ -100,087 -108,666 -124,808 -121,129 -106,352 -103,338 -114,877 -104,952
20,547
16,150
17,757
Balance on services (lines 4 and 21)........................................................................
20,401
19,888
13,195
15,732
15,578
Balance on goods and services (lines 2 and 19)...................................................... -79,540 -92,516 -107,051 -100,728 -86,464 -90,143 -99,145 -89,374
5,234
4,694
7,417
6,152
Balance on income (lines 12 and 29)........................................................................
3,709
7,061
1,031
17,478
-13,095 -12,913 -14,132 -18,505 -15,485 -15,136
-2,767 -17,907
Unilateral current transfers, net (line 35 )...................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
-87,401 -100,735 -117,474 -111,816 -95,797 -98,218 -100,881 -89,803
Seethefootnotesonpages108-109.
1
-321
233,009
53,312
25,942
19,374
6,568
365
26,099
906
179,697
8,907
18,830
99,689
7,183
17,805
27,283
n.a.
26,699
-97,189 -117,361 -134,644 -135,761
16,976
12,409
16,652
15,193
-80,213 -104,952 -119,451 -119,109
2,914
7,859
5,909
10,989
-18,941 -14,133 -14,342 -16,171
-91,295 -116,171 -127,884 -124,291
July 2007
Survey
of
71
C u r r e n t B u s in e s s
Transactions—Continues
of dollars]
Not seasonally adjusted
2003
I
II
2004
III
IV
I
II
2006
2005
III
IV
I
II
III
IV
I
II
2007
III
IV
Line
Ip
318,054
243,356
171,727
71,629
2,897
13,569
3,475
7,239
10,932
33,315
202
74,698
74,011
41,685
31,383
943
687
-422,510
-354,984
-297,952
-57,032
-5,718
-12,469
-4,500
-10,244
-4,332
-19,010
-759
-67,526
-65,449
-17,622
-29,063
-18,764
-2,077
-17,917
-5,889
-1,037
-10,991
326,933
248,417
177,685
70,732
2,983
14,476
3,527
7,681
11,439
30,424
202
78,516
77,841
45,356
31,336
1,149
675
-441,323
-373,463
-311,770
-61,693
-6,162
-14,486
-5,358
-11,223
-4,416
-19,274
-774
-67,860
-65,856
-18,168
-29,382
-18,306
-2,004
-16,485
-5,911
-1,208
-9,366
333,470
253,323
172,809
80,514
3,890
19,174
4,638
8,152
11,502
32,955
203
80,147
79,432
46,303
31,807
1,322
715
-457,471
-387,140
-320,194
-66,946
-6,389
-17,054
-6,178
-11,649
-4,881
-20,005
-790
-70,331
-68,188
-19,747
-29,993
-18,448
-2,143
-17,824
-5,598
-1,155
-11,071
359,868
272,661
191,194
81,467
3,545
17,140
4,251
8,344
13,115
34,869
203
87,207
86,471
53,073
32,115
1,283
736
-468,515
-399,085
-334,391
-64,694
-7,027
-13,438
-4,953
-11,589
-5,404
-21,475
-808
-69,430
-67,142
-18,213
-30,613
-18,316
-2,288
-18,381
-4,775
-1,941
-11,665
369,733
277,000
193,782
83,218
4,081
16,042
4,224
8,620
12,591
37,446
214
92,733
92,041
56,839
34,328
874
692
-473,570
-399,637
-333,909
-65,728
-7,099
-13,489
-5,335
-12,349
-5,002
-21,557
-897
-73,933
-71,851
-20,735
-32,397
-18,719
-2,082
-23,094
-7,819
-1,392
-13,883
386,464
287,710
203,215
84,495
4,082
18,817
4,577
9,224
12,973
34,589
232
98,755
98,083
60,785
36,769
529
672
-526,203
-440,902
-366,412
-74,490
-7,399
-18,376
-6,943
-13,287
-5,252
-22,289
-944
-85,300
-83,143
-28,097
-34,601
-20,445
-2,157
-20,491
-5,027
-1,159
-14,305
390,358
288,349
198,704
89,645
3,969
21,452
5,386
9,362
13,034
36,195
247
102,009
101,293
59,962
40,485
846
716
-543,018
-455,660
-378,357
-77,303
-7,433
-19,273
-6,780
-13,944
-6,312
-22,588
-973
-87,358
-85,118
-25,320
-38,686
-21,112
-2,240
-17,540
-5,007
-1,337
-11,196
412,636
304,192
211,815
92,377
3,649
18,235
4,663
9,751
15,893
39,920
266
108,445
107,703
61,422
45,532
749
742
-572,134
-473,142
-398,416
-74,726
-7,368
-14,612
-5,660
-14,581
-6,707
-24,834
-964
-98,993
-96,508
-25,447
-48,801
-22,260
-2,484
-23,289
-5,781
-2,376
-15,132
419,359
304,577
212,255
92,322
4,820
17,782
4,669
9,476
14,189
41,112
274
114,782
114,077
62,495
50,796
786
705
-557,594
-455,039
-382,558
-72,481
-7,544
-14,713
-5,799
-14,963
-5,648
-22,804
-1,010
-102,555
-100,335
-27,769
-48,681
-23,885
-2,220
-28,468
-9,403
-1,071
-17,994
443,835
321,303
227,525
93,778
4,780
21,420
5,112
10,224
14,357
37,622
262
122,533
121,808
66,735
54,505
567
725
-606,278
-495,782
-415,076
-80,706
-7,479
-19,815
-7,022
-15,377
-5,791
-24,260
-962
-110,497
-108,299
-29,643
-53,544
-25,112
-2,198
-23,690
-5,893
-1,451
-16,346
449,593
320,404
219,568
100,836
5,330
23,547
5,946
10,428
14,441
40,853
291
129,189
128,462
68,210
59,574
678
727
-627,740
-514,024
-431,312
-82,712
-7,541
-19,590
-7,102
-15,436
-6,409
-25,618
-1,016
-113,716
-111,359
-25,341
-59,605
-26,413
-2,357
-9,687
-7,653
-1,909
-125
475,771
336,787
235,283
101,504
4,609
19,050
5,242
11,206
16,422
44,714
260
138,984
138,251
71,906
65,662
683
733
-663,259
-532,597
-452,834
-79,763
-7,511
-14,852
-6,226
-16,153
-6,784
-27,245
-991
-130,662
-128,147
-34,082
-65,601
-28,464
-2,515
-26,690
-10,090
-1,872
-14,728
489,772
342,119
242,019
100,100
4,531
18,785
5,223
10,866
14,277
46,141
277
147,653
146,932
72,512
73,776
644
721
-651,964
-514,348
-435,242
-79,106
-7,726
-14,933
-6,176
-15,471
-6,398
-27,407
-996
-137,615
-135,329
-31,021
-73,830
-30,478
-2,286
-21,989
-5,671
-1,740
-14,578
524,226
360,837
258,538
102,299
4,188
22,050
5,233
11,640
15,051
43,850
286
163,389
162,662
79,156
83,004
502
727
-708,953
-556,647
-468,288
-88,359
-7,737
-20,596
-7,528
-16,531
-6,135
-28,816
-1,016
-152,306
-150,062
-34,113
-83,037
-32,912
-2,244
-22,860
-7,226
-1,277
-14,357
528,476
362,051
254,059
107,992
4,102
24,006
6,032
11,954
15,514
46,090
294
166,425
165,713
77,783
87,348
582
712
-736,448
-574,860
-485,730
-89,130
-7,990
-20,549
-7,257
-17,037
-6,092
-29,183
-1,022
-161,588
-159,256
-38,318
-86,607
-34,331
-2,332
-23,923
-7,741
-1,465
-14,717
553,692
380,696
268,493
112,203
4,291
20,853
5,698
11,837
17,536
51,691
297
172,996
172,276
80,774
90,830
672
720
-720,683
-558,370
-472,120
-86,250
-7,601
-15,951
-6,542
-16,243
-7,808
-31,118
-987
-162,313
-159,763
-32,558
-91,171
-36,034
-2,550
-20,823
-6,504
-2,026
-12,293
554,815
378,324
267,879
110,445
4,442
19,928
5,545
11,628
15,887
52,719
296
176,492
175,763
80,404
94,778
581
729
-704,052
-537,267
-453,631
-83,636
-7,940
-15,777
-6,484
-15,317
-6,333
-30,790
-995
-166,785
-164,428
-29,808
-96,955
-37,665
-2,357
-26,693
-10,101
-1,532
-15,060
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
-489
-1,663
-909
-419
-487
-427
-952
-503
-2,598
-512
-473
-472
-1,724
-1,008
-545
-637
-559
39
-87,330
83
0
897
-644
-170
53
-2,428
2,445
36
-87,466
-27,671
-31,947
1,757
-29,605
-160,441
-170
0
-102
86
-154
310
-1,591
1,975
-74
-160,581
-49,526
-32,734
-15,089
-63,232
-3,234
-611
0
-97
-383
-131
483
-1,532
2,035
-20
-3,106
-43,076
-27,677
21,261
46,386
-74,419
2,221
0
-97
2,435
-117
-309
-1,728
1,526
-107
-76,331
-29,291
-54,364
-26,113
33,437
-324,650
557
0
-100
815
-158
727
-561
1,374
-86
-325,934
-68,354
-30,045
-58,312
-169,223
-149,876
1,122
0
-90
1,345
-133
-2
-668
544
122
-150,996
-67,302
-38,702
-5,265
-39,727
-155,501
429
0
-98
676
-149
484
-1,270
1,794
^10
-156,414
-49,610
-47,988
-3,743
-55,073
-274,997
697
0
-110
990
-183
501
-545
1,004
42
-276,195
-93,820
-29,814
-56,817
-95,744
-90,618
5,331
0
1,713
3,763
-145
2,591
-519
1,083
2,027
-98,540
-27,721
-51,591
-65,005
45,777
-216,072
-797
0
-97
-564
-136
989
-708
1,586
111
-216,264
-44,029
-49,258
60,298
-183,275
-147,507
4,766
0
2,976
1,951
-161
1,501
-518
1,957
62
-153,774
20,584
-47,362
-30,155
-96,841
27,323
4,796
0
-81
5,050
-173
459
-509
977
-9
22,068
58,828
-48,887
-4,741
16,868
-350,441
513
0
-67
729
-149
1,049
-1,517
2,558
8
-352,003
-72,911
-57,693
-24,302
-197,097
-211,860
-560
0
-51
-351
-158
1,765
-376
2,147
-6
-213,065
-53,386
-59,003
-45,885
-54,791
-213,420
1,006
0
-54
1,275
-215
1,570
-592
2,170
-8
-215,996
-52,540
-55,496
-29,162
-78,798
-279,455
1,415
0
-51
1,678
-212
962
-507
1,454
15
-281,832
-56,521
-117,230
15,818
-123,899
-427,111
-72
0
-43
212
-241
466
-529
1,064
-69
-427,505
-81,789
-87,731
-24,968
-233,017
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
242,603
50,531
41,461
30,277
11,184
-498
8,315
1,253
192,072
37,728
7,103
52,209
4,927
68,460
21,645
n.a.
-32,411
223,030
66,877
47,550
42,668
4,882
-17
18,593
751
156,153
-3,158
49,717
81,187
1,458
15,129
11,820
n.a.
69,949
132,313
64,397
41,393
33,935
7,458
-316
21,981
1,339
67,916
405
35,138
15,354
2,768
9,137
5,114
n.a.
13,655
266,406
96,264
94,470
78,051
16,419
108
-246
1,932
170,142
28,775
-503
71,955
7,487
3,800
58,628
n.a.
-64,540
442,031
147,636
124,051
112,586
11,465
-216
22,058
1,743
294,395
26,384
31,976
47,862
-1,797
42,751
147,219
n.a.
10,037
315,467
79,949
66,043
62,841
3,202
-215
11,353
2,768
235,518
34,290
64,838
87,270
8,753
2,883
37,484
n.a.
-4,934
257,469
76,120
67,994
56,062
11,932
442
4,317
3,367
181,349
35,656
-6,871
86,577
2,560
12,951
50,476
n.a.
69,185
446,799
94,050
56,853
41,790
15,063
-145
31,517
5,825
352,749
49,482
3,665
159,784
5,313
34,937
99,568
n.a.
11,487
233,259
25,052
38,940
15,999
22,941
-698
-15,814
2,624
208,207
34,630
78,528
75,631
1,072
86,888
-68,542
n.a.
26,660
312,863
81,292
42,673
23,768
18,905
120
34,219
4,280
231,571
-4,003
-13,001
107,694
3,607
-26,982
164,256
n.a.
89,854
385,754
54,736
45,405
19,412
25,993
440
1,994
6,897
331,018
43,666
24,316
141,900
5,132
13,629
102,375
n.a.
-49,940
272,355
98,188
86,316
53,662
32,654
-283
5,861
6,294
174,167
34,703
42,457
125,161
9,158
-41,731
4,419
n.a.
-85,029
538,077
125,257
112,338
65,124
47,214
26
2,394
10,499
412,820
42,913
-25,274
173,213
1,933
60,613
159,422
1,633
-3,365
356,824
120,861
65,626
24,262
41,364
824
42,533
11,878
235,963
50,438
-19,307
145,750
1,127
55,907
2,048
14,001
49,630
.................
452,097
108,799
107,972
52,746
55,226
1,154
-7,221
6,894
343,298
45,089
-13,440
140,243
1,129
69,637
100,640
14,911
-21,148
512,598
85,347
94,798
47,049
47,749
1,129
-15,666
5,086
427,251
42,139
22,090
132,745
8,382
49,612
172,283
-1,783
-42,910
624,305
147,834
106,253
40,197
66,056
467
29,445
11,669
476,471
24,217
45,614
123,428
-1,631
81,076
203,767
n.a.
-20,706
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
71a
-126,225
14,597
-111,628
7,172
-17,917
-122,373
-134,085
9,039
-125,046
10,656
-16,485
-130,875
-147,385
13,568
-133,817
9,816
-17,824
-141,825
-143,197
16,773
-126,424
17,777
-18,381
-127,028
-140,127
17,490
-122,637
18,800
-23,094
-126,932
-163,197
10,004
-153,193
13,454
-20,491
-160,229
-179,653
12,342
-167,312
14,651
-17,540
-170,200
-186,601
17,651
-168,950
9,452
-23,289
-182,787
-170,303
19,841
-150,462
12,227
-28,468
-166,703
-187,551
13,072
-174,479
12,036
-23,690
-186,133
-211,744
18,124
-193,620
15,473
-9,687
-187,834
-217,551
21,741
-195,810
8,322
-26,690
-214,178
-193,223
20,994
-172,229
10,037
-21,989
-184,181
-209,750
13,940
-195,810
11,083
-22,860
-207,587
-231,671
18,862
-212,809
4,837
-23,923
-231,895
-203,627
25,953
-177,674
10,683
-20,823
-187,814
-185,752
26,809
-158,943
9,707
-26,693
-175,929
72
73
74
75
76
77
72
U.S. International Transactions
July 2007
Table 1. U.S. International
[Millions
Seasonally adjusted
Line
(Credits +; debits - ) 1
1994
1993
1
II
III
IV
I
II
1995
III
IV
I
II
III
IV
Current account
1 Exports of goods and services and income receipts.......................................... 191,422 193,169 194,153 200,170 204,240 211,812 222,795 230,930 241,117 248,705 255,495 259,310
2 Exports of goods and services..............................................................................
158,083 159,714 159,689 165,371 167,195 172,229 179,614 184,219 190,543 195,683 202,972 205,186
3
Goods, balance of payments basis 2.................................................................
112,099 113,257 112,982 118,605 118,833 122,251 128,947 132,828 138,370 142,520 146,536 147,778
4
Services 3...........................................................................................................
45,984
46,457
46,707
46,766
48,362
49,978
50,667
51,391
52,173
56,436
53.163
57,408
5
Transfers under U.S. military agency sales contracts 4.................................
3,690
3,419
3,244
3,714
3,626
2,736
2,860
2,969
3,407
4,041
3,502
3,693
6
Travel...........................................................................................
14,204
14,469
14,486
14,714
14,716
14,399
14,493
14,810
16,357
14,863
15,041
17,133
Passenger fares..............
7
4,106
4,115
4,207
4,100
4,176
4,280
4,292
4,251
4,538
4,500
4,869
5,001
5,517
8
Other transportation........
5,493
5,391
5,557
5,873
5,496
6,046
6,339
6,697
6,295
6,561
6,528
9
Royalties and license fees 5..........................................................................
5,257
5,504
5,376
5,557
6,541
6,655
6,668
6,849
7,219
7,429
7,822
7,819
10
Other private services 5....
13,030
13,147
13,396
13,932
15,062
14,639
15,228
15,913
15,649
16,557
15,972
16,869
11
U.S. Government miscellaneous services.....................................................
204
286
225
168
251
150
226
260
202
262
158
196
12 Income receipts......................................................................................................
33,339
33,455
34,464
39,583
46,711
34,799
37,045
43,181
50,574
53,022
52,523
54,124
13
Income receipts on U.S.-owned assets abroad.................................................
32,904
33,009
34,002
34,322
36,580
39,108
42,688
46,201
50,031
52,478
51,976
53,579
14
Direct investment receipts
16,199
16,739
17,158
17,150
18,176
20,207
22,577
23,502
17,799
21,160
24,412
24,769
15
Other private receipts......
15,384
15,514
19,944
14,939
16,028
21,515
23,912
17,735
26,259
26,697
27,442
27,694
16
U.S. Government receipts
1,321
1,331
1,330
1,144
988
966
1,046
1,129
1,195
1,032
1,116
1,369
17
Compensation of employees
435
446
462
477
475
465
493
510
544
547
543
545
18 imports of goods and services and income payments....................................... -197,860 -204,737 -205,549 -215,772 -220,726 -231,476 -244,319 -254,602 -263,108 -271,587 -272,929 -272,501
19 Imports of goods and services.............................................................................. -172,327 -177,461 -178,685 -184,702 -189,112 -196,223 -204,966 -211,448 -218,392 -225,007 -223,289 -224,085
20
Goods, balance of payments basis 2................................................................. -142,331 -146,800 -147,763 -152,500 -156,303 -163,200 -171,342 -177,845 -183,966 -189,910 -187,685 -187,813
21
Services 3........................................................................................................... -29,996 -30,661 -30,922 -32,202 -32,809 -33,023 -33,624 -33,603 -34,426 -35,097 -35,604 -36,272
22
Direct defense expenditures..........................................................................
-3,177
-3,194
-2,919
-2,797
-2,669
-2,487
-2,695
-2,366
-2,572
-2,447
-2,446
-2,578
Travel..............................................................................................................
23
-9,830
-9,827 -10,045 -11,011 -10,879 -10,882 -11,045 -10,976 -10,982 -11,302 -11,084 -11,550
24
Passenger fares.............................................................................................
-2,716
-2,754
-3,227
-2,906
-3,034
-3,348
-3,179
-3,308
-3,404
-3,745
-3,655
-3,861
Other transportation.......................................................................................
25
-6,030
-6,215
-6,076
-6,203
-6,174
-6,439
-6,776
-6,629
-6,754
-6,781
-6,861
-6,639
26
Royalties and license fees 5........
-1,143
-1,258
-1,300
-1,612
-1,312
-1,421
-1,331
-1,508
-1,654
-1,569
-1,773
-1,923
27
-6,525
-6,857
Other private services 5...............
-7,075
-7,303
-7,856
-7,640
-7,868
-8,203
-8,453
-8,622
-9,033
-9,088
28
U.S. Government miscellaneous services.....................................................
-575
-556
-601
-523
-638
-679
-630
-613
-692
-662
-636
-633
29 Income payments.................................
-25,533 -27,276 -26,864 -31,070 -31,614 -35,253 -39,353 -43,154 -44,716 -46,580 -49,640 -48,416
30
Income payments on foreign-owned assets in the United States.....................
-24,323 -26,005 -25,581 -29,701 -30,171 -33,759 -37,857 -41,636 -43,165 -45,019 -48,079 -46,827
31
Direct investment payments..........................................................................
-33
-2,375
-1,614
-3,922
-3,806
-4,913
-6,330
-8,954
-7,101
-6,930
-7,041
-7,393
32
Other private payments....
-14,588 -13,943 -14,005 -15,754 -16,179 -18,267 -20,387 -22,248 -23,984 -24,365 -24,488 -24,312
33
U.S. Government payments..........................................................................
-9,702
-9,687
-9,962 -10,025 -10,186 -10,579 -11,140 -12,287 -12,251 -13,613 -14,637 -15,122
Compensation of employees
34
-1,271
-1,210
-1,283
-1,494
-1,369
-1,443
-1,496
-1,518
-1,551
-1,561
-1,561
-1,589
35 Unilateral current transfers, net.............................................................................
-8,339
-9,111
-9,906 -12,456
-8,914 -10,084 -12,773
-8,495
-9,443
-9,131
-9,543
-9,956
36 U.S. Government grants 4...............................
-3,007
-3,468
-4,097
-6,463
-2,946
-3,323
-6,221
-2,488
-2,964
-2,698
-3,037
-2,491
37 U.S. Government pensions and other transfers....................................................
-904
-1,068
-1,071
-974
-1,061
-964
-1,555
-1,063
-762
-973
-980
-736
38 Private remittances and other transfers 6........
-4,428
-4,575
-4,994
-4,738
-4,932
-5,043
-5,206
-5,489
-5,717
-5,872
-5,660
-6,183
Capital account
39 Capital account transactions, net..........................................................................
-758
-150
-232
-1,011
-159
-158
-396
-158
-175
-637
-46
-69
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................ -21,491 -45,843 -52,975 -80,243 -39,740 -45,677 -31,948 -61,574 -64,771 -118,089 -47,311 -122,091
41 U.S. official reserve assets.....................................................................................
822
-983
-544
3,537
-673
-59
-165
2,033
-5,318
-2,722
-1,893
191
4?
Gold 7.................................................................................................................
43
Special drawing rights........................................................................................
-140
-166
-118
-113
-101
-108
-111
-121
-867
362
-147
-156
44
Reserve position in the International Monetary Fund.......................................
-228
313
-48
-80
251
-3
273
-27
-991
-526
-786
-163
45
Foreign currencies..............................................................................................
-615
675
-378
3,394
-480
45
-327
2,181
-1,264
-3,925
501
-1,780
46 U.S. Government assets, other than official reserve assets..................................
487
-304
-194
477
-340
399
-323
-943
252
-553
-225
-458
47
U.S. credits and other long-term assets............................................................
-945
-773
-1,668
-2,925
-757
-1,006
-1,372
-2,248
-1,622
-862
-1,028
-1,347
48
Repayments on U.S. credits and other long-term assets 8...............................
1,763
891
2,036
1,580
1,120
1,648
937
1,383
1,072
1,522
882
649
49
U.S. foreign currency holdings and U.S. short-term assets...............................
-331
-422
-562
-165
-334
1,005
36
368
-242
-3
-12
7
50 U.S. private assets................................................................................................. -20,995 -46,361 -52,237 -79,230 -40,080 -49,691 -31,460 -62,664 -58,900 -115,142 -45,670 -121,824
Direct investment................................................................................................ -14,982 -23,264 -13,155 -32,550 -28,554 -14,932 -17,316 -19,367 -19,325 -15,078 -21,772 -42,573
51
52
Foreign securities............................................................................................... -28,208 -29,833 -51,940 -36,272 -19,540 -11,834 -13,368 -18,448
-8,596 -27,964 -42,116 -43,718
b3
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
-6,130
-725
5,896
1,725
-2,215 -20,966
-960 -12,195
13,729 -31,804
-2,631 -24,580
54
U.S. claims reported by U.S. banks, not included elsewhere............................
28,325
7,461
6,962 -12,133
10,229
-1,959
184 -12,654 -28,348 -47,520
4,489
-3,729
55 Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+)).............................................................................
25,099
59,038
85,694 112,210
56,842
81,934
90,280
76,933
97,915 122,149 116,366 102,132
56 Foreign official assets in the United States...........................................................
10,937
17,466
19,073
24,277
10,568
9,455
19,358
202
21,956
37,072
39,302
11,550
57
U.S. Government securities.............
1,745
6,750
20,443
8,282
24,076
1,074
18,697
8,774
11,258
26,560
21,116
13,778
58
U.S. Treasury securities9............
1,080
5,668
19,098
5,922
23,106
897
16,475
7,456
10,132
25,234
20,598
13,013
Other10........................................
59
665
1,082
1,345
970
177
2,360
2,222
1,318
1,126
1,326
518
765
60
Other U.S. Government liabilities " ..................................................................
-469
132
932
718
659
-5
284
626
-562
54
-504
907
61
8,257
U.S. liabilities reported by U.S. banks, not included elsewhere........................
9,485
-2,486
-415
2,143
1,177
9,588
-9,243
10,995
18,918
7,510
-3,415
62
Other foreign official assets 12...........................................................................
1,404
1,099
184
-102
-753
-965
-800
45
265
2,948
-228
280
63 Other foreign assets in the United States..............................................................
14,162
41,572
66,621
87,933
79,712
47,387
62,576
76,731
75,959
85,077
77,064
90,582
64
Direct investment................................................................................................
8,060
11,386
11,688
20,229
5,767
5,883
13,709
20,762
9,924
11,888
16,764
19,200
65
U.S. Treasury securities.....................................................................................
13,363
-292
3,258
8,052
-7,098
9,912
5,661
25,799
28,010
35,294
28,438
-198
66
U.S. securities other than U.S. Treasury securities...........................................
9,694
15,205
17,782
37,411
12,352
21,070
13,389
10,160
12,400
15,851
26,218
22,780
6/
U.S. currency......................................................................................................
3,000
5,900
6,400
3,600
5,500
6,300
4,700
6,900
6,400
1,900
1,900
2,100
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
-215
6,531
288
3,885
4,269
5,856
-1,620
17,764
-7,203
11,864
13,493
16,516
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
-19,740
2,842
25,797
27,205
14,756
31,491
26,737
20,313
1,461
15,136 -16,605
30,184
70 Financial derivatives, net.........................................................................................
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11,927
71 Statistical discrepancy (sum of above items with sign reversed).....................
7,634 -11,185
-3,750 -25,401
18,424 -17,982
21,244
-1,535
27,999 -41,441
43,175
71a
Seasonal adjustment discrepancy.........................................................
6,432
156
-7,682
1,104
4,914
93
-8,846
3,841
5,967
-8,358
-660
3,053
Memoranda:
-30,232 -33,543 -34,781 -33,895 -37,470 -40,949 -42,395 -45,017 -45,596 -47,390 -41,149 -40,035
72 Balance on goods (lines 3 and 20)............................................................................
/3 Balance on services (lines 4 and 21)........................................................................
15,988
15,796
15,785
14,564
15,553
16,955
17,043
17,788
17,747
18,066
20,832
21,136
74 Balance on goods and services (lines 2 and 19)...................................................... -14,244 -17,747 -18,996 -19,331 -21,917 -23,994 -25,352 -27,229 -27,849 -29,324 -20,317 -18,899
75 Balance on income (lines 12 and 29)........................................................................
7,806
6,179
7,600
3,729
4,330
5,431
3,828
3,557
5,858
6,442
2,883
5,708
76 Unilateral current transfers, net (line 35)...................................................................
-8,339
-9,111
-9,906 -12,456
-8,914 -10,084 -12,773
-8,495
-9,443
-9,131
-9,543
-9,956
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
-14,777 -20,679 -21,302 -28,058 -24,981 -28,578 -31,608 -36,445 -31,434 -32,013 -26,977 -23,147
Ofwhich:
Seethefootnotesonpages108-109.
July 2007
Survey
of
73
C u r r e n t B u s in e s s
Transactions— Continues
of dollars]
Seasonally adjusted
1996
II
1
1997
III
IV
I
1998
III
II
I
IV
Line
1999
III
II
IV
I
II
III
IV
263,221
266,995
266,854
280,655
287,279
299,679
303,542
300,762
302,195
298,846
293,115
300,835
300,183
307,288
319,936
332,407
1
207,994
212,211
210,520
225,185
234,541
238,010
236,721
235,750
231,733
228,840
236,849
233,057
236,282
244,174
252,372
2
150,552
57,442
3,610
152,861
59,350
3,902
151,856
220,873
156,844
170,249
64,292
4,672
173,155
64,855
4,304
172,292
64,429
3,823
171,060
64,690
4,558
165,559
66,174
4,471
169,743
67,106
4,382
164,302
166,144
68,755
4,000
70,138
4,547
172,989
71,185
3,951
180,530
64,029
4,593
162,670
62,515
3,876
164,054
58,664
4,341
71,842
3,430
3
4
5
16,814
5,015
6,263
17,722
5,075
6,490
16,194
4,900
6,438
19,079
5,432
6,882
18,351
5,184
6,701
18,276
5,179
6,761
18,595
5,234
6,691
18,204
5,271
6,855
17,926
4,960
6,385
18,121
4,839
6,469
18,346
4,864
6,666
18,818
5,112
6,707
19,516
4,970
7,074
6
7
8
7,898
18,070
193
8,198
18,367
226
8,463
19,396
184
8,236
19,907
260
8,358
20,836
210
8,385
21,402
244
8,250
21,785
241
8,574
22,087
200
17,296
5,078
6,328
8,722
23,161
207
17,922
4,881
6,599
7,911
17,504
325
18,181
5,179
6,293
8,805
22,995
250
9,524
23,529
269
9,751
25,372
203
9,717
25,775
223
10,099
26,259
239
10,103
26,529
220
9
10
11
55,227
54,683
24,915
28,500
1,268
544
54,784
54,240
24,563
28,570
1,107
544
56,334
55,787
25,183
29,325
1,279
547
59,782
59,236
27,840
30,457
939
546
62,094
61,527
28,426
32,239
862
567
65,138
64,572
29,801
33,805
966
566
65,532
64,963
30,187
33,895
881
569
64,041
63,473
26,910
35,713
850
568
66,445
65,855
27,423
37,578
854
590
67,113
66,513
27,396
38,196
921
600
64,275
63,659
23,361
39,410
888
616
63,986
63,355
25,784
36,634
937
631
67,126
66,431
29,201
36,319
911
695
71,006
70,309
31,630
37,868
811
697
75,762
75,088
33,981
40,361
746
674
80,035
79,353
36,816
41,806
731
682
12
13
14
15
16
17
64,786
3,994
-279,419
-287,312
-293,261
-299,487
-313,391
-318,210
-325,593
-329,728
-334,146
-337,834
-338,864
-346,026
-351,564
-367,128
-388,656
-403,662
18
-231,535
-237,676
-241,203
-245,254
-254,614
-258,175
-263,052
-266,886
-270,971
-273,124
-273,638
-281,584
-286,783
-299,714
-315,647
-328,830
19
-194,445
-200,070
-202,367
-206,231
-214,209
-217,296
-220,974
-224,315
-227,667
-228,497
-227,854
-234,619
-239,080
-250,480
-264,829
-277,395
20
-37,090
-2,745
-37,606
-2,691
-38,836
-2,811
-39,023
-2,814
-40,405
-2,855
-40,879
-2,737
-42,078
-2,961
-42,571
-3,154
-43,304
-2,922
-44,627
-2,855
-45,784
-3,186
-46,965
-3,222
-47,703
-3,166
-49,234
-3,311
-50,818
-3,564
-51,435
-3,294
21
22
-11,949
-3,867
-6,526
-11,727
-3,894
-6,990
-12,140
-4,002
-6,991
-12,262
-4,046
-6,895
-12,895
-4,306
-7,121
-12,840
-4,629
-7,225
-13,150
-4,730
-7,113
-13,166
-4,473
-7,502
-13,675
-4,650
-7,404
-14,131
-4,981
-7,456
-14,196
-5,139
-7,567
-14,481
-5,201
-7,937
-14,293
-5,187
-7,784
-14,584
-5,242
-8,187
-14,805
-5,346
-8,952
-15,281
-5,540
-9,216
23
24
25
-1,794
-9,551
-658
-1,812
-9,835
-657
-2,291
-9,909
-692
-1,941
-10,385
-680
-2,208
-10,354
-666
-2,186
-10,566
-696
-2,435
-10,967
-722
-2,332
-11,266
-678
-2,730
-11,251
-672
-2,659
-11,878
-667
-2,836
-12,095
-765
-3,011
-12,368
-745
-3,096
-13,487
-690
-3,227
-14,008
-675
-3,303
-14,082
-766
-3,480
-13,934
-690
26
27
28
-47,884
-46,374
-7,318
-23,494
-15,562
-1,510
-49,636
-48,076
-8,022
-23,907
-16,147
-1,560
-52,058
-50,488
-8,859
-24,949
-16,680
-1,570
-54,233
-52,573
-8,894
-25,450
-18,229
-1,660
-58,777
-57,171
-11,105
-26,675
-19,391
-1,606
-60,035
-58,385
-10,604
-27,501
-20,280
-1,650
-62,541
-60,859
-11,584
-28,471
-20,804
-1,682
-62,842
-61,115
-9,658
-30,231
-21,226
-1,727
-63,175
-61,488
-9,117
-31,187
-21,184
-1,687
-64,710
-63,002
-10,189
-31,410
-21,403
-1,708
-65,226
-63,460
-9,088
-33,426
-20,946
-1,766
-64,442
-62,609
-10,023
-31,965
-20,621
-1,833
-64,781
-62,827
-10,667
-31,769
-20,391
-1,954
-67,414
-65,430
-13,174
-32,086
-20,170
-1,984
-73,009
-71,005
-15,508
-35,535
-19,962
-2,004
-74,832
-72,819
-14,087
-38,730
-20,002
-2,013
29
30
31
32
33
34
-11,242
-9,523
-9,651
-12,603
-9,967
-10,267
-10,666
-14,160
-12,053
-12,361
-13,140
-15,633
-11,885
-12,260
-11,987
-14,295
-4,509
-1,157
-5,576
-2,566
-1,103
-5,854
-2,780
-1,111
-5,760
-5,546
-1,095
-5,962
-2,281
-1,027
-6,659
-2,308
-1,071
-6,888
-2,476
-1,024
-7,166
-5,407
-1,069
-7,684
-2,365
-1,080
-8,608
-2,209
-1,094
-9,058
-2,882
-1,055
-9,203
-5,814
-1,075
-8,744
-2,574
-1,066
-8,245
-3,097
-1,074
-8,089
-2,847
-1,085
-8,055
-5,256
-1,181
-7,858
35
36
37
38
-178
-178
-186
-193
-215
-280
-300
-232
-194
-191
-197
-184
-196
-191
-189
-4,363
39
-80,431
-68,123
-91,580
-173,272
-152,729
-93,152
-119,387
-120,209
-74,438
-138,628
-58,520
-82,245
-84,623
-182,426
-123,490
-113,524
40
17
-523
7,489
-315
4,480
-236
-730
-4,524
-199
-849
1,065
-133
-220
-170
848
-183
6,824
-146
-28
-141
72
1,055
3,353
-133
54
-157
-139
^463
-128
-150
-4,221
-153
-444
0
-182
-85
-177
-1,945
0
73
-1,032
-986
-2,025
0
189
-2,078
-136
-2,369
0
-227
-1,924
-218
4,068
0
562
3
3,503
1,159
0
-190
1,413
-64
1,951
0
-184
2,268
-133
1,569
0
-178
1,800
-53
41
42
43
44
45
-210
-1,076
1,013
-147
-80,238
-23,759
-43,538
-15,210
2,269
-568
-1,512
683
261
-67,032
-15,096
-30,579
-22,000
643
105
-1,192
1,214
83
-99,174
-23,129
-33,178
-9,090
-33,777
-316
-1,245
1,020
-91
-172,641
-29,898
-42,020
-40,033
-60,690
-76
-1,170
1,119
-25
-157,133
-29,544
-24,352
-38,112
-65,125
-298
-1,616
1,329
-11
65
-1,205
1,158
112
-115,750
-29,161
-9,824
-51,590
-25,175
-80
-1,192
1,134
-22
-73,914
-41,844
-19,451
-7,822
-4,797
-483
-1,156
699
-26
-136,200
-44,689
-42,961
-20,363
-28,187
188
-1,286
1,336
138
118
-1,314
1,554
-122
-88,809
-68,498
2,696
-47,211
24,204
-686
-1,595
1,026
-117
3,710
-1,099
5,092
-283
46
47
48
49
-56,683
-20,479
7,783
-15,658
-28,329
-47
-1,044
942
55
-79,829
-35,634
-75,575
5,639
25,741
-392
-2,167
1,887
-112
-92,618
-24,883
-31,275
-9,885
-26,575
377
-1,426
1,832
-29
-119,034
-21,217
-51,401
-22,173
-24,243
-183,193
-50,190
-69,682
-27,021
-36,300
-124,755
-64,062
-39,790
-13,663
-7,240
-118,803
-42,185
-15,460
-9,809
-51,349
50
51
52
53
54
85,255
101,405
144,109
220,326
173,005
140,719
167,223
225,860
79,170
155,055
75,963
113,381
109,283
247,860
156,858
226,210
55
51,771
55,839
55,685
154
-554
-3,303
-211
13,503
-1,934
-3,378
1,444
-65
14,217
1,285
23,020
26,135
24,908
1,227
147
-1,677
-1,585
38,430
40,639
38,456
2,183
-510
-3,533
1,834
27,763
23,105
22,351
754
-155
8,123
-3,310
-6,019
-11,411
-12,373
962
-286
4,643
1,035
23,474
10,316
7,604
2,712
-562
12,817
903
-26,182
-24,171
-24,272
101
122
-3,297
1,164
11,072
13,946
11,336
2,610
-954
-964
-956
-10,235
-20,051
-20,305
254
-760
9,744
832
-46,640
-30,917
-32,823
1,906
-281
-12,948
-2,494
25,900
33,433
31,871
1,562
-1,331
-5,333
-869
4,381
6,793
800
5,993
-1,244
-1,273
105
-757
-916
-6,708
5,792
-1,085
1,761
-517
12,625
14,798
12,963
1,835
-767
-1,617
211
27,294
11,852
5,122
6,730
233
14,093
1,116
56
57
58
59
60
61
62
33,484
28,518
16,037
20,356
-2,391
4,350
-33,386
87,902
16,184
24,972
24,686
4,542
15,259
2,259
121,089
15,257
36,734
29,719
7,382
28,925
3,072
181,896
26,542
69,279
28,511
7,829
5,202
44,533
145,242
28,626
29,053
38,490
3,484
25,055
20,534
146,738
23,150
33,928
45,651
4,822
6,461
32,726
143,749
17,865
36,133
52,544
6,576
25,550
5,081
252,042
35,960
31,321
24,724
9,900
59,452
90,685
68,098
19,759
-6,535
63,237
746
39,833
-48,942
165,290
20,391
21,814
56,146
2,349
30,722
33,868
122,603
23,490
-5,082
6,628
7,277
14,976
75,314
87,481
115,405
18,384
30,304
6,250
-62,391
-20,471
104,902
28,759
-13,327
49,157
2,440
51,307
-13,434
248,617
140,759
-11,412
70,205
3,057
16,928
29,080
144,233
50,758
3,685
86,202
4,697
-8,777
7,668
198,916
69,169
-23,443
93,270
12,213
16,789
30,918
63
64
65
66
67
68
69
n.a.
22,794
n.a.
-3,264
n.a.
-16,285
n.a.
-15,426
n.a.
16,018
n.a.
-18,489
n.a.
-14,819
n.a.
-62,293
n.a.
39,466
n.a.
35,113
n.a.
41,643
n.a.
29,872
n.a.
38,802
n.a.
6,857
n.a.
47,528
n.a.
-22,773
70
6,471
-1,740
-10,012
5,288
7,365
-2,403
-12,197
7,233
7,010
-1,945
-11,760
6,701
4,721
711
-11,544
6,105
71
71a
-43,893
20,352
-23,541
7,343
-11,242
-27,440
-47,209
21,744
-25,465
5,148
-9,523
-29,840
-50,511
19,828
-30,683
4,276
-9,651
-36,058
-49,387
25,006
-24,381
5,549
-12,603
-31,435
-51,539
22,110
-29,429
3,317
-9,967
-36,079
-47,047
23,413
-23,634
5,103
-10,267
-28,798
-47,819
22,777
-25,042
2,991
-10,666
-32,717
-52,023
21,858
-30,165
1,199
-14,160
-43,126
-56,607
21,386
-35,221
3,270
-12,053
-44,004
-62,938
21,547
-41,391
2,403
-12,361
-51,349
-63,800
19,002
-44,798
-951
-13,140
-58,889
-64,876
20,141
-44,735
-456
-15,633
-60,824
-74,778
21,052
-53,726
2,345
-11,885
-63,266
-84,336
20,904
-63,432
3,592
-12,260
-72,100
-91,840
20,367
-71,473
2,753
-11,987
-80,707
-96,865
20,407
-76,458
5,203
-14,295
-85,550
72
73
74
75
76
77
74
U.S. International Transactions
July 2007
Table 1. U.S. International
[Millions
Seasonally adjusted
Line
(Credits +; debits - ) '
2000
I
II
2001
III
IV
I
II
2002
III
IV
I
II
III
IV
Current account
1 Exports of goods and services and income receipts..........................................
341,683
355,307
360,295
364,231
350,489
334,968
312,094
298,144
302,466
314,290
321,839
317,345
2
Exports of goods and services............................................................................
258,380
266,562
273,473
272,182
268,540
259,140
243,227
233,990
235,970
244,423
246,437
3
4
5
Goods, balance of payments basis 2...............................................................
191,227
196,703
75,479
3,415
193,976
74,564
2,741
172,648
172,131
74,110
3,548
70,579
3,334
167,058
66,932
2,916
165,171
75,335
3,751
198,811
74,662
3,296
185,030
Services 3.......................................................................................................
Transfers under U.S. military agency sales contracts 4................................
185,253
73,127
3,328
247,891
174,241
70,799
2,785
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
20,486
4,990
7,241
21,013
5,328
7,529
20,343
5,184
7,519
20,558
5,185
7,514
20,735
5,100
7,477
19,619
4,865
7,234
17,374
4,507
7,050
14,165
3,454
6,681
16,158
4,224
6,964
73,650
3,418
16,287
4,288
7,384
75,558
2,989
6
7
8
72,292
2,751
16,155
4,279
7,154
9
10
11
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
10,676
26,220
186
10,863
26,698
153
10,921
27,166
233
10,772
27,821
214
10,118
28,171
222
10,241
28,402
201
9,888
28,212
214
10,448
29,074
194
10,410
30,063
195
11,282
30,472
199
11,590
30,483
200
11,225
31,190
201
12
13
14
1b
16
17
Income receipts...................................................................................................
Income receipts on U.S.-owned assets abroad...............................................
Direct investment receipts
Other private receipts......
U.S. Government receipts
Compensation of employees
83,303
82,581
37,085
44,430
1,066
722
88,745
88,056
38,140
48,777
1,139
689
86,822
86,104
36,306
48,953
845
718
92,049
91,343
40,309
50,238
796
706
81,949
81,200
34,109
46,198
893
749
75,828
75,123
33,106
41,240
777
705
68,867
68,146
30,833
36,463
850
721
64,154
63,450
30,617
31,791
1,042
704
66,496
65,770
34,034
30,923
813
726
69,867
69,176
35,931
32,539
706
691
73,948
73,250
38,540
33,860
850
698
70,908
70,212
37,089
32,189
934
696
170,879
18,005
4,255
7,693
18 Imports of goods and services and income payments.......................................
-427,646 -441,576 -454,243 -456,835 -442,826 -416,706 -400,657 -368,912 -388,601 -415,267 -423,307 -424,810
19
Imports of goods and services............................................................................
20
Goods, balance of payments basis 2...............................................................
-348,377 -357,464 -370,683 -373,912 -366,305 -348,307 -333,389 -322,021
-294,137 -302,219 -313,330 -316,998 -309,885 -290,729 -278,526 -269,091
21
22
Services 3.......................................................................................................
Direct defense expenditures........................................................................
-54,240
-3,262
-55,245
-3,382
-57,353
-3,521
-56,914
-3,308
-56,420
-3,478
-57,578
-3,417
-54,863
-3,675
-52,930
-4,265
-55,981
-4,359
-56,586
-4,633
-57,979
-4,955
-60,522
-5,154
23
24
2b
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
-16,272
-5,804
-9,724
-16,139
-6,136
-10,167
-16,083
-6,242
-10,796
-16,211
-6,092
-10,741
-15,885
-5,798
-10,447
-16,725
-6,136
-10,014
-14,611
-5,895
-9,144
-12,979
-4,804
-9,080
-14,543
-4,874
-8,855
-14,510
-4,874
-9,547
-14,489
-4,829
-9,751
-15,173
-5,392
-10,254
26
21
28
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
-3,758
-14,710
-710
-3,840
-14,863
-718
-4,630
-15,338
-743
-4,240
-15,610
-712
-4,115
-15,974
-723
-4,065
-16,495
-726
-4,083
-16,729
-726
-4,274
-16,821
-707
-4,893
-17,716
-741
-4,746
-17,551
-725
-5,021
-18,209
-725
-4,691
-19,129
-729
29
30
31
32
33
34
Income payments................................................................................................
Income payments on foreign-owned assets in the United States.....................
Direct investment payments........................................................................
Other private payments...............................................................................
U.S. Government payments........................................................................
Compensation of employees...........................................................................
-79,269
-77,390
-15,972
-41,012
-20,406
-1,879
-84,112
-82,234
-15,912
-45,059
-21,263
-1,878
-83,560
-81,720
-13,333
-47,045
-21,342
-1,840
-82,923
-81,001
-11,693
-47,802
-21,506
-1,922
-76,521
-74,515
-7,556
-46,000
-20,959
-2,006
-68,399
-66,393
-4,089
-41,944
-20,360
-2,006
-67,268
-65,247
-7,084
-39,266
-18,897
-2,021
-46,891
-44,836
5,944
-32,615
-18,165
-2,055
-58,955
-56,861
-7,840
-30,421
-18,600
-2,094
-66,891
-64,761
-13,212
-33,016
-18,533
-2,130
-67,478
-65,434
-14,148
-32,644
-18,642
-2,044
-60,216
-58,106
-8,042
-30,931
-19,133
-2,110
35 Unilateral current transfers, net.............................................................................
36
U.S. Government grants4...................................................................................
37
U.S. Government pensions and other transfers..................................................
38
Private remittances and other transfers 6............................................................
-12,859
-13,368
-14,208
-18,212
-15,171
-15,802
-2,941
-17,374
-18,326
-14,764
-14,599
-15,897
-2,884
-1,168
-8,807
-3,173
-1,179
-9,016
-3,637
-1,183
-9,388
-7,020
-1,177
-10,015
-2,426
-1,316
-11,429
-2,479
-1,291
-12,032
-2,867
-1,305
1,231
-3,745
-1,886
-11,743
-6,397
-1,271
-10,658
-3,287
-1,279
-10,198
-3,075
-1,282
-10,242
-4,338
-1,292
-10,267
-223
-238
-270
-279
-301
-313
-333
-323
-321
-333
-399
-417
-84,847 -160,771 -216,194
-86,702
-329,646 -348,376 -355,829 -364,594
-273,665
-291,790 -297,850 -304,072
Capital account
39 Capital account transactions, net...........................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
41
42
43
44
4b
46
47
48
49
U.S. official reserve assets..................................................................................
Gold 7.............................................................................................................
Special drawing rights.....................................................................................
Reserve position in the International Monetary Fund......................................
Foreign currencies...........................................................................................
U.S. Government assets, other than official reserve assets.................................
U.S. credits and other long-term assets..........................................................
Repayments on U.S. credits and other long-term assets 8..............................
U.S. foreign currency holdings and U.S. short-term assets..............................
50
51
b2
53
b4
U.S. private assets..............................................................................................
Direct investment.............................................................................................
Foreign securities............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere...........................
-207,606 -107,301
32,858 -112,577
-84,841 -139,712
892
-70,987
-554
0
-180
-237
-137
2,020
0
-180
2,328
-128
-346
0
-182
1,300
-1,464
-1,410
0
-180
-1,083
-147
190
0
-189
574
-195
-1,343
0
-156
-1,015
-172
-3,559
0
-145
-3,242
-172
-199
0
-140
83
-142
390
0
-109
652
-153
-1,843
0
-107
-1,607
-129
-1,416
0
-132
-1,136
-148
-812
0
-127
-541
-144
-127
-1,750
1,329
294
-570
-1,371
860
-59
114
-1,051
1,266
-101
-358
-1,010
810
-158
77
-1,094
1,071
100
-783
-1,330
573
-26
77
-1,011
1,118
-30
143
-996
1,111
28
133
-853
994
-8
42
-565
566
41
-27
-1,375
1,452
-104
197
-2,458
2,689
-34
-84,615 -159,003 -216,461
-32,633 -35,381
-39,618
-24,832 -25,355
-32,363
-19,582 -46,769
-14,121
1,487 -81,956 -108,956
-84,576
-26,783
-50,200
-7,507
-86
-85,364 -137,911
-48,155
-36,163
-9,012 -20,735
-27,798 -13,680
-399
-67,333
2,335
-33,165
4,884
-7,443
38,059
-70,372
-36,979
-23,705
-1,101
-8,587
-206,925 -108,751
-34,934
-52,029
-32,542
-38,171
-25,287
-79,800
6,736
-59,649
36,340 -112,521
-44,327 -35,857
11,639 -26,728
1,824
43,932
67,204 -93,868
55 Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+)).............................................................................
248,698
247,559
246,185
304,456
332,155
207,866
22,936
219,902
174,113
231,296
161,785
230,618
56
57
58
59
60
61
62
Foreign official assets in the United States.........................................................
U.S. Government securities.............................................................................
U.S. Treasury securities 9............................................................................
O ther10.......................................................................................................
Other U.S. Government liabilities 11................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets ,2.........................................................................
22,542
24,311
16,204
8,107
-430
-2,270
931
6,952
6,738
-3,596
10,334
-899
209
904
11,354
3,673
-10,599
14,272
-185
7,554
312
1,910
988
-7,208
8,196
-311
253
980
21,333
19,590
16,016
3,574
-601
1,341
1,003
-19,965
-9,634
-19,566
9,932
-1,154
-10,205
1,028
15,653
14,545
14,761
-216
-205
-675
1,988
11,038
30,119
22,489
7,630
-349
-20,439
1,707
12,801
10,337
4,420
5,917
-597
2,335
726
53,312
25,942
19,374
6,568
365
26,099
906
18,328
20,609
9,124
11,485
464
-3,590
845
63
64
65
66
6/
68
69
Other foreign assets in the United States............................................................
Direct investment.............................................................................................
U.S. Treasury securities..................................................................................
U.S. securities other than U.S. Treasury securities.........................................
U.S. currency...................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere........................
226,156
52,094
-15,199
129,306
-2,661
72,433
-9,817
240,607
91,669
-22,883
88,189
989
28,796
53,847
234,831
79,979
-13,413
122,138
757
16,914
28,456
302,546
97,534
-18,488
120,256
6,230
52,529
44,485
310,822
59,145
-17,659
129,474
2,311
112,097
25,454
227,831
59,338
-11,916
108,537
2,772
-173
69,273
7,283
13,783
-7,998
60,748
8,203
-23,171
-44,282
208,864
34,755
23,195
95,126
10,497
-22,643
67,934
161,312
24,485
10,327
73,750
4,525
57,788
-9,563
177,984
7,194
18,830
99,689
7,183
17,805
27,283
143,457
13,929
54,060
43,282
2,556
7,515
22,115
31,504
34,083
27,548
6,535
-95
-3,623
1,139
199,114
38,763
17,186
66,578
7,249
12,763
56,575
70 Financial derivatives, net.........................................................................................
71 Statistical discrepancy (sum of above items with sign reversed).....................
/1a
O f which: Seasonal adjustment discrepancy.......................................................
n.a.
57,953
n.a.
-40,383
n.a.
-52,912
n.a.
-32,590
n.a.
-8,152
n.a.
-23,311
n.a.
36,043
n.a.
-18,860
n.a.
15,510
n.a.
24,490
n.a.
-46,211
n.a.
-35,852
7,216
-1,192
-10,267
4,248
6,729
-2,607
-9,627
5,499
10,175
-2,209
-13,943
5,970
Memoranda:
72
/3
/4
lb
76
77
Balance on goods (lines 3 and 20)..........................................................................
Balance on services (lines 4 and 21)......................................................................
Balance on goods and services (lines 2 and 19)....................................................
Balance on income (lines 12 and 29)......................................................................
Unilateral current transfers, net (line 35).................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
Seethefootnotesonpages108-109.
-108,884 -110,992 -114,519 -120,295 -115,909 -105,699 -105,878 -102,033 -108,494 -119,659 -123,609 -133,193
18,887
20,090
18,565
18,144
16,532
17,309
14,002
15,716
14,818
15,706
15,671
15,036
-89,997
-90,902
-97,210 -101,730
-97,765 -89,167
-90,162
-88,031
-93,676 -103,953 -107,938 -118,157
4,034
4,633
3,262
9,126
7,429
5,428
1,599
17,263
7,541
2,976
6,470
10,692
-13,368 -14,208
-18,212
-12,859
-15,171
-15,802
-17,374 -18,326
-2,941
-14,764 -14,599
-15,897
-98,822
-99,637 -108,156 -110,816 -107,508
-97,540
-91,504 -88,142 -104,461 -115,741 -116,067 -123,362
July 2007
Survey
of
75
C u r r e n t B u s in e s s
Transactions— Table Ends
of dollars]
Seasonally adjusted
2003
1
II
2004
III
IV
I
II
2005
III
IV
I
II
2007
2006
III
IV
I
II
III
IV
Line
Ip
321,646
324,744
335,211
356,719
372,271
384,288
393,272
409,357
424,101
440,217
451,964
472,275
494,027
518,595
532,894
550,649
560,445
1
246,840
247,219
254,792
268,905
278,964
286,707
290,532
301,046
308,750
318,885
322,090
333,344
345,636
356,575
365,868
377,623
382,922
2
173,423
174,438
177,796
187,758
194,110
200,045
203,835
209,526
214,391
223,068
224,320
232,852
243,880
252,458
260,285
266,486
270,116
3
73,417
2,897
72,781
2,983
76,996
3,890
81,147
3,545
84,854
4,081
86,662
4,082
86,697
3,969
91,520
3,649
94,359
4,820
95,817
4,780
97,770
5,330
100,492
4,609
101,756
4,531
104,117
4,188
105,583
4,102
111,137
4,291
112,806
4,442
15,809
3,843
7,583
14,336
3,616
7,690
18,034
4,337
8,308
17,863
4,547
8,955
18,667
4,654
9,190
18,703
4,867
9,138
19,313
4,782
9,674
19,930
4,849
9,924
20,926
5,227
10,250
20,411
5,546
10,234
20,532
5,347
10,926
20,845
5,397
11,038
21,212
5,328
11,754
21,527
5,696
11,716
22,110
5,765
11,789
22,536
5,731
11,858
11,324
31,759
202
11,563
32,391
202
16,180
4,095
7,835
11,822
32,971
203
4
5
6
7
8
12,278
34,442
203
13,095
36,098
214
13,179
36,658
232
13,419
36,354
247
14,797
39,038
266
14,783
39,779
274
14,568
39,803
262
14,836
41,123
291
15,222
43,596
260
14,923
44,745
277
15,196
46,153
286
15,815
46,433
294
16,444
50,441
297
16,762
51,181
296
9
10
11
74,806
74,119
41,893
31,383
843
687
77,525
76,850
44,273
31,336
1,241
675
80,419
79,704
46,608
31,807
1,289
715
87,814
87,078
53,641
32,115
1,322
736
93,308
92,616
57,485
34,328
803
692
97,581
96,909
59,427
36,769
713
672
102,741
102,025
60,786
40,485
754
716
108,311
107,569
61,310
45,532
727
742
115,351
114,646
63,145
50,796
705
705
121,333
120,608
65,397
54,505
706
725
129,873
129,146
68,945
59,574
627
727
138,931
138,198
71,859
65,662
677
733
148,391
147,670
73,304
73,776
590
721
162,020
161,293
77,702
83,004
587
727
167,026
166,314
78,372
87,348
594
712
173,025
172,305
80,846
90,830
629
720
177,523
176,794
81,466
94,778
550
729
12
13
14
15
16
17
-439,095
-437,889
-448,024
-464,810
-489,241
-521,604
-534,072
-570,010
-578,269
-599,084
-616,350
-661,169
-673,277
-700,504
-726,352
-717,914
-726,878
18
-371,491
-370,908
-378,144
-394,128
-415,000
-437,309
-447,134
-469,898
-475,392
-489,555
-503,042
-529,453
-535,348
-549,153
-565,175
-554,549
-559,710
19
-310,808
-311,060
-314,727
-327,712
-345,176
-365,168
-373,498
-393,252
-398,781
-411,592
-423,638
-447,769
-451,637
-463,734
-479,184
-466,825
-470,983
20
-60,683
-5,718
-59,848
-6,162
-63,417
-6,389
-66,416
-7,027
-69,824
-7,099
-72,141
-7,399
-73,636
-7,433
-76,646
-7,368
-76,611
-7,544
-77,963
-7,479
-79,404
-7,541
-81,684
-7,511
-83,711
-7,726
-85,419
-7,737
-85,991
-7,990
-87,724
-7,601
-88,727
-7,940
21
22
-14,493
-5,011
-10,791
-12,989
-4,888
-11,089
-14,638
-5,526
-11,294
-15,327
-5,564
-11,531
-15,852
-5,800
-12,912
-16,455
-6,343
-13,156
-16,606
-6,321
-13,612
-16,837
-6,254
-14,481
-17,188
-6,257
-15,398
-17,508
-6,421
-15,243
-17,156
-6,745
-15,148
-17,118
-6,726
-16,140
-17,582
-6,748
-16,025
-18,077
-6,927
-16,401
-18,015
-6,889
-16,491
-18,355
-6,939
-16,365
-18,393
-7,159
-16,218
23
24
25
-4,499
-19,412
-759
-4,617
-19,329
-774
-4,922
-19,858
-790
-4,995
-21,164
-808
-5,288
-21,976
-897
-5,569
-22,275
-944
-6,202
-22,489
-973
-6,214
-24,527
-964
-5,976
-23,238
-1,010
-6,142
-24,208
-962
-6,283
-25,515
-1,016
-6,231
-26,967
-991
-6,767
-27,867
-996
-6,532
-28,728
-1,016
-6,497
-29,087
-1,022
-6,636
-30,841
-987
-6,737
-31,285
-995
26
27
28
-67,604
-65,457
-17,630
-29,063
-18,764
-2,147
-66,981
-64,911
-17,223
-29,382
-18,306
-2,070
-69,880
-67,755
-19,314
-29,993
-18,448
-2,125
-70,682
-68,513
-19,584
-30,613
-18,316
-2,169
-74,241
-72,061
-20,945
-32,397
-18,719
-2,180
-84,294
-82,063
-27,017
-34,601
-20,445
-2,231
-86,938
-84,725
-24,927
-38,686
-21,112
-2,213
-100,112
-97,772
-26,711
-48,801
-22,260
-2,340
-102,877
-100,599
-28,033
-48,681
-23,885
-2,278
-109,529
-107,229
-28,573
-53,544
-25,112
-2,300
-113,308
-110,943
-24,925
-59,605
-26,413
-2,365
-131,716
-129,368
-35,303
-65,601
-28,464
-2,348
-137,929
-135,607
-31,299
-73,830
-30,478
-2,322
-151,352
-149,004
-33,055
-83,037
-32,912
-2,348
-161,177
-158,823
-37,885
-86,607
-34,331
-2,354
-163,365
-160,977
-33,772
-91,171
-36,034
-2,388
-167,167
-164,773
-30,153
-96,955
-37,665
-2,394
29
30
31
32
33
34
-17,660
-16,962
-17,710
-18,277
-22,972
-21,371
-17,273
-22,799
-28,225
-24,372
-9,019
-26,915
-21,360
-23,686
-23,877
-20,673
-26,148
-5,889
-1,320
-10,451
-5,911
-1,335
-9,716
-5,598
-1,334
-10,778
-4,775
-1,352
-12,150
-7,819
-1,554
-13,599
-5,027
-1,556
-14,788
-5,007
-1,548
-10,718
-5,781
-1,607
-15,411
-9,403
-1,558
-17,264
-5,893
-1,569
-16,910
-7,653
-1,584
218
-10,090
-1,592
-15,233
-5,671
-1,614
-14,075
-7,226
-1,627
-14,833
-7,741
-1,620
-14,516
-6,504
-1,647
-12,522
-10,101
-1,692
-14,355
35
36
37
38
-489
-1,663
-909
-419
-487
-427
-952
-503
-2,598
-512
-473
-472
-1,724
-1,008
-545
-637
-559
39
-82,315
-157,427
-755
-84,924
-319,682
-147,854
-152,663
-284,826
-86,619
-213,305
-141,628
14,678
-344,032
-212,218
-209,898
-289,028
-420,786
83
0
897
-644
-170
-170
0
-102
86
-154
-611
0
-97
-383
-131
2,221
0
-97
2,435
-117
557
0
-100
815
-158
1,122
0
-90
1,345
-133
429
0
-98
676
-149
697
0
-110
990
-183
5,331
0
1,713
3,763
-145
-797
0
-97
-564
-136
4,766
0
2,976
1,951
-161
4,796
0
-81
5,050
-173
513
0
-67
729
-149
-560
0
-51
-351
-158
1,006
0
-54
1,275
-215
1,415
0
-51
1,678
-212
-72
0
-43
212
-241
40
41
42
43
44
45
53
-2,428
2,445
36
310
-1,591
1,975
-74
483
-1,532
2,035
-20
-309
-1,728
1,526
-107
727
-561
1,374
-86
-2
-668
544
122
484
-1,270
1,794
-40
2,591
-519
1,083
2,027
989
-708
1,586
111
466
-529
1,064
-69
46
47
48
49
-86,836
-39,796
-54,364
-26,113
33,437
-320,966
-63,386
-30,045
-58,312
-169,223
-148,974
-65,280
-38,702
-5,265
-39,727
-153,576
-46,772
-47,988
-3,743
-55,073
-94,541
-23,722
-51,591
-65,005
45,777
-213,497
-41,262
-49,258
60,298
-183,275
9,423
46,183
-48,887
-4,741
16,868
-213,423
-53,744
-59,003
-45,885
-54,791
1,570
-592
2,170
-8
-212,474
-49,018
-55,496
-29,162
-78,798
962
-507
1,454
15
-627
-40,597
-27,677
21,261
46,386
1,049
-1,517
2,558
8
-345,594
-66,502
-57,693
-24,302
-197,097
1,765
-376
2,147
-6
-157,567
-46,512
-32,734
-15,089
-63,232
1,501
-518
1,957
62
-147,894
26,464
-47,362
-30,155
-96,841
459
-509
977
-9
-82,451
-22,656
-31,947
1,757
-29,605
501
-545
1,004
42
-286,024
-103,649
-29,814
-56,817
-95,744
-291,405
-66,094
-117,230
15,818
-123,899
-421,180
-75,464
-87,731
-24,968
-233,017
50
51
52
53
54
242,044
220,728
130,334
271,247
441,606
313,790
255,885
450,485
232,614
310,822
383,808
276,987
538,140
355,442
449,987
516,029
623,554
55
50,531
41,461
30,277
11,184
-498
8,315
1,253
66,877
47,550
42,668
4,882
-17
18,593
751
64,397
41,393
33,935
7,458
-316
21,981
1,339
96,264
94,470
78,051
16,419
108
-246
1,932
147,636
124,051
112,586
11,465
-216
22,058
1,743
79,949
66,043
62,841
3,202
-215
11,353
2,768
76,120
67,994
56,062
11,932
442
4,317
3,367
94,050
56,853
41,790
15,063
-145
31,517
5,825
25,052
38,940
15,999
22,941
-698
-15,814
2,624
81,292
42,673
23,768
18,905
120
34,219
4,280
54,736
45,405
19,412
25,993
440
1,994
6,897
98,188
86,316
53,662
32,654
-283
5,861
6,294
125,257
112,338
65,124
47,214
26
2,394
10,499
120,861
65,626
24,262
41,364
824
42,533
11,878
108,799
107,972
52,746
55,226
1,154
-7,221
6,894
85,347
94,798
47,049
47,749
1,129
-15,666
5,086
147,834
106,253
40,197
66,056
467
29,445
11,669
56
57
58
59
60
61
62
191,513
37,169
7,103
52,209
4,927
68,460
21,645
153,851
-5,460
49,717
81,187
1,458
15,129
11,820
65,937
-1,574
35,138
15,354
2,768
9,137
5,114
174,983
33,616
-503
71,955
7,487
3,800
58,628
293,970
25,959
31,976
47,862
-1,797
42,751
147,219
233,841
32,613
64,838
87,270
8,753
2,883
37,484
179,765
34,072
-6,871
86,577
2,560
12,951
50,476
356,435
53,168
3,665
159,784
5,313
34,937
99,568
207,562
33,985
78,528
75,631
1,072
86,888
-68,542
229,530
-6,044
-13,001
107,694
3,607
-26,982
164,256
329,072
41,720
24,316
141,900
5,132
13,629
102,375
178,799
39,335
42,457
125,161
9,158
-41,731
4,419
412,883
42,976
-25,274
173,213
1,933
60,613
159,422
234,581
49,056
-19,307
145,750
1,127
55,907
2,048
341,188
42,979
-13,440
140,243
1,129
69,637
100,640
430,682
45,570
22,090
132,745
8,382
49,612
172,283
475,720
23,466
45,614
123,428
-1,631
81,076
203,767
63
64
65
66
67
68
69
n.a.
-24,131
n.a.
68,469
n.a.
1,853
n.a.
-59,536
n.a.
18,505
n.a.
-6,823
n.a.
55,802
n.a.
18,295
n.a.
38,995
n.a.
86,234
n.a.
-68,302
n.a.
-75,384
1,633
6,593
14,001
49,378
14,911
-37,121
-1,783
-36,643
n.a.
-9,629
70
8,280
-1,480
-11,802
5,004
8,467
-1,889
-13,383
6,809
12,335
-3,620
-18,362
9,644
9,958
-252
-15,973
6,267
11,077
71
71a
-137,385
12,734
-124,651
7,202
-17,660
-135,109
-136,622
12,933
-123,689
10,544
-16,962
-130,107
-136,931
13,579
-123,352
10,539
-17,710
-130,523
-139,954
14,731
-125,223
17,132
-18,277
-126,368
-151,066
15,030
-136,036
19,067
-22,972
-139,941
-165,123
14,520
-150,603
13,287
-21,371
-158,687
-169,663
13,061
-156,603
15,803
-17,273
-158,073
-183,726
14,874
-168,852
8,199
-22,799
-183,452
-184,390
17,749
-166,641
12,474
-28,225
-182,392
-188,524
17,854
-170,670
11,804
-24,372
-183,238
-199,318
18,366
-180,952
16,565
-9,019
-173,406
-214,917
18,808
-196,109
7,215
-26,915
-215,809
-207,757
18,045
-189,712
10,462
-21,360
-200,611
-211,276
18,699
-192,577
10,668
-23,686
-205,595
-218,899
19,592
-199,307
5,850
-23,877
-217,334
-200,339
23,414
-176,926
9,661
-20,673
-187,938
-200,867
24,079
-176,788
10,356
-26,148
-192,581
72
73
74
75
76
77
76
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1993
1994
1995
1996
1997
464,858
512,626
584,741
625,075
689,182
1,181
866
88
779
37
752
264
-7,829
-1,267
-8,922
-1,799
-9,278
-1,075
456,943
502,859
580,526
1998
1999
2000
2001
2002
2003
2004
2005
2006
A Balance-of-payments adjustments to Census trade data:
EXPORTS
1 Exports of goods, Census basis 1 including reexports
and including military grant shipments.........................
2
3
4
5
6
7
Adjustments:
Private gift parcel remittances...........................................
Gold exports, nonmonetary...............................................
Inland U.S. freight to Canada............................................
U.S.-Canadian reconciliation adjustments, n.e.c., n e t2.....
Exports transferred under U.S. military agency sales
contracts identified in Census documents 3...................
Other adjustments, n e t4...................................................
682,138
695,797
781,918
729,100
693,103
724,771
818,775
685
22
648
0
646
27
511
0
458
0
394
0
905,978 1,036,635
394
0
487
0
663
0
877
0
-12,355
-1,623
-10,493
-1,030
-10,855
-1,515
-10,658
-1,847
-8,086
-2,349
-7,935
-2,911
-7,393
-3,682
-8,431
-3,319
-8,228
-3,518
-8,167
-3,843
-10,630
-3,773
575,204
612,113
678,366
670,416
683,965
771,994
718,712
682,422
713,415
807,516
663,256
743,543
795,289
869,704
911,896 1,024,618 1,218,022 1,140,999 1,161,366 1,257,121 1,469,704 1,673,455 1,853,938
84
6,775
2,767
84
2,752
3,129
78
3,066
3,358
72
4,948
3,596
1
3,536
3,704
2
2,907
3,571
6
2,727
3,654
4
3,214
3,929
25
2,220
3,609
2
400
3,782
74
625
3,857
123
40
4,347
756
0
4,694
549
0
5,208
-704
-54
-546
15
-683
12
-750
-42
-714
563
-790
1,051
-615
1,394
-608
2,123
-603
1,981
-753
2,580
-788
3,418
-891
3,771
-963
3,838
-1,242
2,927
589,394
668,690
749,374
803,113
876,794
8 Equals: Exports of goods, adjusted to balance-of-
payments basis, excluding “military” (table 1, line 3)
IMPORTS
9 Imports of goods, Census basis 1 (general imports)........
10
11
12
13
14
15
Adjustments:
Electric energy...................................................................
Gold imports, nonmonetary...............................................
Inland freight in Canada....................................................
U.S.-Canadian reconciliation adjustment, n.e.c., n e t2.......
Imports of U.S. military agencies identified in Census
documents3..................................................................
Other adjustments, n e t5 6.................................................
894,631 1,023,109
16 Equals: Imports of goods, adjusted to balance-of-
payments basis, excluding “military” (table 1, line 20)
See the footnotes on pages 108-109.
918,637 1,031,784 1,226,684 1,148,231 1,167,377 1,264,307 1,477,094 1,681,780 1,861,380
July 2007
Survey
77
C u r r e n t B u s in e s s
of
in Goods—Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2005
1
II
2006
III
I
IV
II
2007
III
IV
Ip
2005
II
I
2006
III
IV
I
II
2007
III
IV
Line
Ie
A
214,723
230,549
222,364
238,342
244,654
261,466
257,659
272,856
271,512
216,858
226,093
227,116
235,911
246,515
255,386
263,885
270,849
273,750
1
158
0
160
0
160
0
185
0
215
0
219
0
209
0
234
0
253
0
158
0
160
0
160
0
185
0
215
0
219
0
209
0
234
0
253
0
2
3
4
5
-1,729
-897
-2,176
-1,008
-2,066
-890
-2,196
-1,048
-2,027
-823
-2,148
-999
-2,880
-929
-3,575
-1,022
-2,866
-1,020
-1,729
-897
-2,176
-1,008
-2,066
-890
-2,196
-1,048
-2,027
-823
-2,148
-999
-2,880
-929
-3,575
-1,022
-2,866
-1,020
6
7
212,255
227,525
219,568
235,283
242,019
258,538
254,059
268,493
267,879
214,391
223,068
224,320
232,852
243,880
252,458
260,285
266,486
270,116
8
380,584
413,073
429,129
450,669
433,304
466,570
483,795
470,269
451,037
396,807
409,589
421,455
445,604
449,699
462,016
477,249
464,974
468,389
9
82
0
1,150
206
0
1,200
269
0
1,125
199
0
1,219
167
0
1,298
94
0
1,358
137
0
1,299
151
0
1,253
150
838
1,323
82
0
1,150
206
0
1,200
269
0
1,125
199
0
1,219
167
0
1,298
94
0
1,358
137
0
1,299
151
0
1,253
150
838
1,323
10
11
12
13
-250
992
-252
849
-209
998
-252
999
-273
746
-385
651
-264
763
-320
767
-363
646
-250
992
-252
849
-209
998
-252
999
-273
746
-385
651
-264
763
-320
767
-363
646
14
15
382,558
415,076
431,312
452,834
435,242
468,288
485,730
472,120
453,631
398,781
411,592
423,638
447,769
451,637
463,734
479,184
466,825
470,983
16
78
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1999
2001
2000
2002
2004
2003
2005
2006
B Trade in goods, by area and country, adjusted to balance-of-
payments basis, excluding military:7
EXPORTS
1 Total, all countries...............................................................................
2
Europe...............................................................................................
3
European Union
4
Euro area
5
Austria
6
Belgium
7
France
8
Germany
9
Ireland
10
Italy..............................................................................................
11
Netherlands
12
Norway
13
Russia
14
Spain..
15
Sweden
16
Switzeiland
17
Turkey,
18
United Kingdom...........................................................................
19
Other Europe...............................................................................
683,965
168,298
771,994
184,657
718,712
178,229
682,422
160,045
713,415
168,314
807,516
189,416
894,631
207,895
1,023,109
241,274
149,021
104,631
2,565
12,305
18,498
26,359
6,355
9,878
19,342
1,362
1,849
6,004
4,224
8,296
2,951
37,657
10,653
162,483
114,930
2,579
13,888
20,161
28,921
7,693
10,951
21,714
1,522
2,096
6,252
4,483
9,895
3,604
40,725
10,173
155,763
111,026
2,589
13,414
19,693
29,363
7,131
9,715
19,328
1,808
2,714
5,536
3,486
9,754
2,905
39,701
11,092
140,447
103,837
2,414
13,195
18,871
26,027
6,736
9,810
18,110
1,356
2,397
5,048
3,093
7,724
2,918
32,085
10,261
147,425
109,898
1,752
15,111
16,849
28,290
7,689
10,286
20,535
1,407
2,449
5,693
3,164
8,577
2,636
32,871
11,005
167,666
124,762
1,936
16,789
21,083
30,842
8,159
10,420
24,120
1,494
2,966
6,528
3,206
9,200
3,153
35,124
14,396
183,439
135,686
2,586
18,562
22,228
33,584
9,323
11,245
26,288
1,873
3,970
6,768
3,647
10,646
4,081
37,569
15,525
210,169
153,696
2,976
21,232
23,990
40,743
8,503
12,272
30,881
2,290
4,703
7,262
4,071
14,314
5,475
44,215
18,347
Canada 2............................................................................................
Latin America and Other Western Hemisphere............................
166,713
141,492
178,877
170,267
163,259
158,969
160,916
148,158
169,930
148,955
189,981
171,887
212,192
192,382
230,982
222,298
South and Central America.........................................................
Argentina.................................................................................
Brazil.......................................................................................
Chile........................................................................................
Colombia
Mexico
Venezuela
Other
Other Western Hemisphere.........................................................
131,204
4,919
13,116
3,016
3,536
86,758
5,314
14,545
10,288
158,837
4,652
15,257
3,431
3,629
111,172
5,509
15,187
11,430
147,858
3,892
15,790
3,068
3,489
101,181
5,600
14,838
11,111
137,068
1,573
12,267
2,601
3,548
97,242
3,967
15,870
11,090
137,447
2,431
11,125
2,697
3,717
97,224
2,782
17,471
11,508
159,429
3,384
13,727
3,583
4,471
110,697
4,743
18,824
12,458
177,318
4,111
15,173
5,207
5,414
120,264
6,411
20,738
15,064
204,735
4,761
19,088
6,469
6,645
133,893
8,977
24,902
17,563
179,847
211,043
188,731
185,665
198,047
221,860
237,511
274,532
11,535
13,047
12,565
3,682
2,040
56,073
22,256
8,979
7,183
16,009
17,430
4,927
4,121
12,184
16,141
14,510
3,668
2,430
63,473
27,150
10,854
8,760
17,620
23,832
6,494
3,927
10,592
19,108
13,943
3,754
2,536
55,879
21,203
9,296
7,614
17,337
17,394
5,934
4,141
12,756
22,040
12,539
4,097
2,551
49,670
21,756
10,259
7,252
15,977
17,886
4,751
4,131
12,695
28,287
13,453
4,977
2,504
50,252
23,481
10,837
7,954
16,147
16,987
5,557
4,916
13,752
34,638
15,785
6,091
2,662
52,288
25,730
10,848
7,019
19,252
21,296
6,275
6,224
15,296
41,799
16,319
7,973
3,049
53,265
27,135
10,386
6,863
20,259
21,453
7,192
6,522
17,151
55,038
17,749
9,990
3,062
57,593
31,418
12,462
7,584
24,255
22,645
8,042
7,543
18,122
16,984
18,141
17,867
18,047
21,594
29,766
35,795
6,827
6,312
4,983
7,363
4,974
4,647
6,972
5,562
5,607
6,669
4,386
6,812
6,459
4,111
7,477
8,008
4,833
8,753
8,608
6,526
14,632
9,535
7,338
18,922
9,493
10,165
11,383
9,771
10,122
12,778
14,885
18,228
461
631
2,580
5,821
857
724
3,082
5,502
1,032
958
2,953
6,440
964
1,061
2,515
5,231
484
1,023
2,815
5,800
965
1,559
3,165
7,089
1,161
1,625
3,894
8,205
1,098
2,228
4,449
10,453
International organizations and unallocated................................
Memorandum:
0
1
0
0
0
0
0
0
55 Members of OPEC..............................................................................
18,315
17,625
19,503
17,808
16,554
21,579
31,304
39,108
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Asia and Pacific
45
46
47
48
Middle East
49
50
51
52
53
Africa...
54
Australia
China..
Hong Kong
India...
Indonesia
Japan..
Korea, Republic of.......................................................................
Malaysia
Philippines
Singapore
Taiwan
Thailand
Other..
Israel...
Saudi Arabia
Other..
Algeria
Nigeria
South Africa
Other..
Seethefootnotesonpages108-109.
July 2007
Survey
of
79
C u r r e n t B u s in e s s
in Goods— Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2005
1
II
2006
III
I
IV
II
2007
III
IV
2005
Ip
I
II
2007
2006
IV
III
II
I
IV
III
Line
I <>
212,255
51,522
227,525
53,586
219,568
48,516
235,283
54,271
242,019
56,879
258,538
62,357
254,059
58,645
268,493
63,393
267,879
68,591
214,391
52,111
223,068
52,409
224,320
49,522
232,852
53,853
243,880
57,388
252,458
60,779
260,285
59,958
266,486
63,149
270,116
69,286
45,401
33,688
547
4,532
5,667
8,214
2,618
2,875
6,553
448
904
1,536
1,021
2,805
1,053
9,187
3,562
47,348
34,600
730
4,874
5,844
8,330
2,131
2,875
6,715
442
1,039
1,877
926
2,521
1,043
10,059
4,180
42,670
31,365
625
4,446
4,810
8,193
1,932
2,506
6,105
445
975
1,651
780
2,574
929
8,954
3,591
48,020
36,033
684
4,710
5,907
8,847
2,642
2,989
6,915
538
1,052
1,704
920
2,746
1,056
9,369
4,192
49,717
36,466
692
4,744
6,227
9,388
2,388
2,954
7,041
561
1,028
1,840
958
3,428
1,180
10,503
3,947
54,476
39,208
805
5,352
6,341
10,056
1,925
3,324
8,089
549
1,226
1,776
1,069
3,404
1,598
11,913
4,930
51,013
37,164
747
5,258
5,514
10,262
1,854
2,853
7,534
596
1,178
1,647
990
3,300
1,495
10,910
4,507
54,963
40,858
732
5,878
5,908
11,037
2,336
3,141
8,217
584
1,271
1,999
1,054
4,182
1,202
10,889
4,963
60,687
44,568
951
5,758
6,898
11,734
2,653
3,436
8,667
670
1,377
2,197
1,082
3,268
1,469
12,478
5,953
45,968
34,109
551
4,592
5,753
8,308
2,653
2,907
6,638
450
904
1,548
1,036
2,828
1,048
9,306
3,589
46,263
33,804
714
4,760
5,699
8,137
2,081
2,813
6,561
433
1,038
1,844
904
2,458
1,042
9,823
4,102
43,524
31,986
638
4,530
4,897
8,344
1,962
2,562
6,231
455
1,010
1,699
794
2,623
960
9,136
3,681
47,684
35,787
683
4,680
5,879
8,795
2,627
2,963
6,858
535
1,018
1,677
913
2,737
1,031
9,304
4,153
50,201
36,847
701
4,801
6,300
9,464
2,405
2,995
7,122
566
1,029
1,856
969
3,439
1,184
10,587
3,970
53,070
38,195
785
5,207
6,165
9,796
1,879
3,234
7,891
534
1,206
1,738
1,042
3,313
1,575
11,601
4,813
52,126
37,954
758
5,362
5,627
10,476
1,890
2,920
7,702
610
1,220
1,689
1,009
3,370
1,542
11,167
4,616
54,772
40,700
732
5,862
5,898
11,007
2,329
3,123
8,166
580
1,248
1,979
1,051
4,192
1,174
10,860
4,948
61,319
45,074
976
5,829
7,017
11,842
2,682
3,471
8,760
676
1,376
2,210
1,092
3,323
1,460
12,566
6,006
50,604
44,444
55,160
48,492
51,420
48,219
55,008
51,227
56,379
52,473
60,508
55,548
56,241
55,785
57,854
58,492
58,143
55,999
51,175
44,957
54,069
47,553
52,392
49,244
54,556
50,628
56,880
52,917
59,088
54,258
57,518
57,201
57,496
57,922
58,590
56,574
41,029
892
3,343
1,127
1,309
28,111
1,464
4,783
3,415
44,671
1,180
3,782
1,437
1,399
29,859
1,522
5,492
3,821
44,391
991
3,956
1,332
1,282
30,149
1,684
4,997
3,828
47,227
1,048
4,092
1,311
1,424
32,145
1,741
5,466
4,000
48,256
1,049
4,131
1,443
1,463
32,497
1,887
5,786
4,217
51,372
1,165
4,343
1,761
1,602
34,024
2,165
6,312
4,176
51,365
1,289
5,066
1,604
1,689
33,142
2,321
6,254
4,420
53,742
1,258
5,548
1,661
1,891
34,230
2,604
6,550
4,750
51,528
1,228
5,546
1,620
1,886
32,351
2,226
6,671
4,471
41,534
905
3,390
1,134
1,319
28,461
1,487
4,838
3,423
43,780
1,151
3,681
1,403
1,379
29,283
1,488
5,395
3,773
45,316
1,012
4,027
1,368
1,314
30,767
1,715
5,113
3,928
46,688
1,043
4,075
1,302
1,402
31,753
1,721
5,392
3,940
48,676
1,058
4,177
1,448
1,470
32,785
1,905
5,833
4,241
50,162
1,133
4,219
1,715
1,568
33,251
2,108
6,168
4,096
52,659
1,314
5,153
1,654
1,741
33,996
2,376
6,425
4,542
53,238
1,256
5,539
1,652
1,866
33,861
2,588
6,476
4,684
52,063
1,239
5,648
1,631
1,897
32,671
2,246
6,731
4,511
55,802
58,933
60,449
62,327
64,055
67,155
69,589
73,733
71,016
56,229
57,889
61,891
61,502
64,365
65,665
71,448
73,054
71,533
3,581
9,021
3,857
1,792
884
12,622
6,694
2,275
1,555
5,146
5,227
1,803
1,345
3,977
10,011
4,092
2,028
780
13,246
6,662
2,513
1,637
4,986
5,596
1,835
1,570
3,882
10,697
4,341
2,127
653
13,685
6,772
2,780
1,793
4,948
5,496
1,778
1,497
3,856
12,070
4,029
2,026
732
13,712
7,007
2,818
1,878
5,179
5,134
1,776
2,110
4,105
12,494
3,981
2,125
692
13,887
7,770
3,108
1,889
5,266
4,934
1,667
2,137
4,099
13,146
4,481
2,505
803
14,228
7,689
3,360
1,804
5,697
5,922
1,837
1,584
4,435
14,423
4,601
2,651
767
14,715
8,033
3,103
1,961
5,867
5,564
1,821
1,648
4,512
14,975
4,686
2,709
800
14,763
7,926
2,891
1,930
7,425
6,225
2,717
2,174
4,250
14,535
4,612
2,882
844
15,113
7,820
2,901
1,879
6,689
5,447
1,837
2,207
3,621
9,089
3,887
1,806
881
12,665
6,773
2,303
1,567
5,196
5,267
1,821
1,353
3,880
9,862
4,009
1,980
784
13,073
6,519
2,454
1,611
4,867
5,506
1,799
1,545
3,964
10,969
4,426
2,175
676
14,067
6,928
2,833
1,832
5,040
5,627
1,820
1,534
3,831
11,879
3,997
2,012
708
13,460
6,915
2,796
1,853
5,156
5,053
1,752
2,090
4,167
12,492
4,003
2,143
690
13,926
7,812
3,114
1,906
5,313
4,965
1,681
2,153
3,979
12,898
4,372
2,443
802
13,959
7,515
3,280
1,761
5,536
5,786
1,794
1,540
4,522
14,828
4,709
2,700
801
15,187
8,233
3,180
2,014
5,967
5,734
1,868
1,705
4,483
14,820
4,665
2,704
769
14,521
7,858
2,888
1,903
7,439
6,160
2,699
2,145
4,298
14,577
4,653
2,929
834
15,175
7,895
2,933
1,891
6,759
5,493
1,864
2,232
6,301
7,512
7,261
8,692
8,453
8,868
8,886
9,588
8,789
6,324
7,360
7,438
8,644
8,543
8,646
9,090
9,516
8,795
2,033
1,329
2,939
2,265
1,610
3,637
2,157
1,520
3,584
2,153
2,067
4,472
2,281
1,485
4,687
2,400
1,864
4,604
2,343
2,010
4,533
2,511
1,979
5,098
2,744
1,815
4,230
2,060
1,339
2,925
2,200
1,577
3,583
2,202
1,556
3,680
2,146
2,054
4,444
2,310
1,498
4,735
2,332
1,815
4,499
2,398
2,054
4,638
2,495
1,971
5,050
2,772
1,821
4,202
3,582
3,842
3,703
3,758
3,780
4,102
4,913
5,433
5,341
3,595
3,788
3,833
3,669
3,787
4,022
5,070
5,349
5,338
272
321
991
1,998
247
394
999
2,202
400
452
953
1,898
242
458
951
2,107
184
440
970
2,186
335
550
1,045
2,172
323
645
1,157
2,788
256
593
1,277
3,307
279
594
1,125
3,343
270
315
1,006
2,004
244
393
975
2,176
409
475
972
1,977
238
442
941
2,048
186
436
981
2,184
330
541
1,016
2,135
332
669
1,180
2,889
250
582
1,272
3,245
279
592
1,134
3,333
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,710
7,652
7,774
9,168
8,778
9,626
9,984
10,720
9,692
6,723
7,532
7,976
9,073
8,852
9,413
10,221
10,622
9,682
80
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1999
2001
2000
2002
2003
2004
2005
2006
B Trade in goods, by area and country, adjusted to balance-of-payments
basis, excluding military 7— Continued:
IMPORTS
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
Europe.......................................................................................................
1,031,784
227,204
1,226,684
259,848
1,148,231
255,988
1,167,377
261,340
1,264,307
285,270
1,477,094
321,486
1,681,780
355,403
1,861,380
383,812
European Union..............................................................................
Euro area........................................................................................
Austria.................................................................................................
Belgium...............................................................................................
France.................................................................................................
Germany.............................................................................................
Ireland.................................................................................................
Italy......................................................................................................
Netherlands.........................................................................................
Norway................................................................................................
Russia.................................................................................................
Spain...................................................................................................
Sweden...............................................................................................
Switzerland..........................................................................................
Turkey..................................................................................................
United Kingdom...................................................................................
Other Europe.......................................................................................
195,078
144,598
2,917
9,195
25,749
55,271
11,018
22,349
8,464
4,035
5,922
5,048
8,124
12,072
2,627
38,975
15,438
220,200
163,636
3,230
9,940
29,809
58,588
16,498
25,034
9,657
5,698
7,662
5,713
9,625
13,049
3,040
43,379
18,926
220,047
166,508
4,007
10,172
30,421
59,141
18,536
23,768
9,492
5,189
6,263
5,206
8,943
11,877
3,052
41,185
18,736
225,870
172,762
3,871
9,811
28,289
62,540
22,486
24,209
9,843
5,808
6,871
5,738
9,271
9,768
3,520
40,597
18,718
245,436
187,937
4,503
10,146
29,244
68,188
25,805
25,398
11,550
5,193
8,617
6,666
11,172
10,678
3,794
42,610
21,706
278,645
209,746
5,809
12,460
31,609
77,349
27,492
28,096
12,433
6,460
11,891
7,347
12,726
11,674
4,957
46,087
25,096
308,951
229,206
6,119
13,025
33,848
84,967
28,789
30,975
14,826
6,732
15,309
8,618
13,873
13,004
5,185
50,800
29,333
330,382
246,862
8,340
14,406
37,036
89,237
28,591
32,660
17,294
6,978
19,829
9,773
13,901
14,239
5,351
53,187
32,990
75
Canada 2....................................................................................................
Latin America and Other Western Hemisphere....................................
201,752
169,043
234,084
210,186
219,243
199,660
212,225
205,193
224,955
218,526
259,871
256,746
294,081
295,915
306,067
334,877
South and Central America.................................................................
Argentina.........................................................................................
Brazil...............................................................................................
Chile................................................................................................
Colombia.........................................................................................
Mexico.............................................................................................
Venezuela........................................................................................
Other...............................................................................................
Other Western Hemisphere.................................................................
160,996
2,599
11,318
2,953
6,260
110,574
11,335
15,957
8,047
199,855
3,101
13,854
3,268
6,969
136,829
18,623
17,211
10,331
190,268
3,014
14,467
3,495
5,711
132,279
15,251
16,051
9,392
196,135
3,187
15,782
3,785
5,605
135,701
15,093
16,982
9,058
206,719
3,170
17,917
3,706
6,385
139,695
17,136
18,710
11,807
242,663
3,746
21,164
4,732
7,257
158,096
24,921
22,747
14,083
277,697
4,589
24,441
6,659
8,850
173,034
33,978
26,146
18,218
316,292
3,981
26,373
9,563
9,269
201,196
37,134
28,776
18,585
86
87
88
89
90
91
92
93
94
95
96
97
98
99
Asia and Pacific........................................................................................
391,435
455,941
411,473
432,214
462,063
542,072
608,703
684,297
Australia..............................................................................................
China...................................................................................................
Hong Kong ..........................................................................................
India....................................................................................................
Indonesia.............................................................................................
Japan...................................................................................................
Korea, Republic of...............................................................................
Malaysia..............................................................................................
Philippines...........................................................................................
Singapore............................................................................................
Taiwan.................................................................................................
Thailand..............................................................................................
Other...................................................................................................
5,284
81,840
10,770
9,073
9,526
131,039
31,160
21,434
12,356
18,224
35,444
14,330
10,955
6,442
100,112
11,943
10,691
10,371
146,711
40,309
25,580
13,942
19,273
40,980
16,388
13,199
6,461
102,403
10,018
9,755
10,104
126,685
35,207
22,353
11,329
15,080
33,642
14,728
13,708
6,478
125,316
9,763
11,821
9,646
121,617
35,606
24,015
11,052
14,821
32,611
14,796
14,672
6,406
152,671
9,327
13,068
9,516
118,264
37,238
25,448
10,071
15,161
32,118
15,181
17,594
7,519
196,973
9,935
15,577
10,811
130,094
46,177
28,191
9,144
15,406
34,986
17,581
19,678
7,291
243,886
9,341
18,819
12,015
138,375
43,791
33,693
9,255
15,131
35,103
19,895
22,108
8,147
288,125
8,160
21,845
13,425
148,559
45,811
36,537
9,696
17,712
38,414
22,471
25,395
100
101
102
103
Middle East...............................................................................................
25,365
38,977
36,424
34,304
41,469
51,283
62,468
71,907
Israel....................................................................................................
Saudi Arabia........................................................................................
Other...................................................................................................
9,808
8,254
7,303
12,975
14,365
11,637
11,971
13,272
11,181
12,417
13,148
8,739
12,766
18,068
10,635
14,574
20,958
15,751
16,850
27,193
18,425
19,174
31,688
21,045
104
105
106
107
108
Africa.........................................................................................................
16,985
27,648
25,443
22,101
32,024
45,636
65,210
80,420
Algeria.................................................................................................
Nigeria.................................................................................................
South Africa.........................................................................................
Other...................................................................................................
1,824
4,385
3,190
7,586
2,724
10,537
4,217
10,170
2,702
8,775
4,439
9,527
2,360
5,945
4,036
9,760
4,749
10,394
4,627
12,254
7,409
16,249
5,942
16,036
10,447
24,240
5,884
24,639
109
International organizations and unallocated........................................
Memorandum:
0
0
0
0
0
0
0
15,456
27,863
7,501
29,600
0
110 Members of OPEC......................................................................................
41,978
67,094
59,755
53,246
68,346
94,109
124,942
145,368
56 Total, all countries........................................................................................
76
77
78
79
80
81
82
83
84
85
Seethefootnotesonpages108-109.
July 2007
Survey
of
81
C u r r e n t B u s in e s s
in Goods— Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2005
I
II
2007
2006
III
IV
I
II
III
IV
2006
2005
I»
II
I
III
I
IV
II
2007
IV
III
Line
Ip
382,558
82,981
415,076
91,301
431,312
87,363
452,834
93,758
435,242
90,066
468,288
99,260
485,730
97,412
472,120
97,074
453,631
94,568
398,781
86,264
411,592
90,645
423,638
86,064
447,769
92,430
451,637
93,090
463,734
98,475
479,184
96,400
466,825
95,847
470,983
97,753
72,028
53,840
1,362
2,991
7,982
19,782
7,152
7,275
3,150
1,531
3,681
2,088
3,403
3,155
1,246
11,532
6,651
78,827
58,397
1,530
3,243
8,804
21,439
7,636
7,853
3,616
1,929
4,190
2,196
3,942
3,430
1,302
12,715
7,476
76,083
56,449
1,521
3,286
8,212
21,127
6,641
7,896
3,856
1,536
3,689
1,999
3,141
3,050
1,386
12,480
7,543
82,013
60,520
1,706
3,505
8,850
22,619
7,360
7,951
4,204
1,736
3,749
2,335
3,387
3,369
1,251
14,073
7,663
78,307
58,667
1,793
3,689
8,963
21,617
7,092
7,641
3,780
1,747
3,938
2,064
3,522
3,264
1,287
12,278
7,391
85,013
62,974
1,872
3,791
9,446
22,600
7,166
8,413
4,525
1,760
5,848
2,673
3,813
3,525
1,396
14,082
8,350
82,857
61,909
1,935
3,642
9,000
21,883
7,341
8,161
4,827
1,898
6,141
2,430
3,099
3,343
1,366
13,444
8,902
84,205
63,312
2,740
3,284
9,627
23,137
6,992
8,445
4,162
1,573
3,902
2,606
3,467
4,107
1,302
13,383
8,347
83,391
63,250
2,320
3,563
9,647
22,194
8,066
8,053
3,660
1,625
3,823
3,275
3,434
3,425
1,161
12,540
7,782
74,798
55,879
1,410
3,114
8,289
20,498
7,433
7,546
3,286
1,608
3,879
2,174
3,523
3,272
1,301
12,015
6,916
78,333
58,051
1,527
3,212
8,745
21,344
7,587
7,814
3,582
1,883
4,113
2,175
3,917
3,414
1,295
12,613
7,424
75,053
55,715
1,506
3,238
8,103
20,886
6,554
7,801
3,778
1,481
3,558
1,967
3,105
3,017
1,361
12,270
7,439
80,767
59,561
1,676
3,461
8,711
22,239
7,215
7,814
4,180
1,760
3,759
2,302
3,328
3,301
1,228
13,902
7,554
80,752
60,459
1,836
3,812
9,239
22,221
7,267
7,877
3,960
1,859
4,193
2,145
3,626
3,364
1,328
12,701
7,662
84,430
62,558
1,872
3,756
9,381
22,489
7,118
8,362
4,459
1,710
5,734
2,648
3,787
3,518
1,391
13,970
8,280
82,161
61,415
1,935
3,603
8,935
21,742
7,319
8,104
4,722
1,813
5,957
2,401
3,073
3,338
1,354
13,300
8,804
83,039
62,430
2,697
3,235
9,481
22,785
6,887
8,317
4,153
1,596
3,945
2,579
3,415
4,019
1,278
13,216
8,244
86,075
65,241
2,394
3,688
9,958
22,884
8,295
8,305
3,793
1,727
4,026
3,357
3,545
3,533
1,198
12,988
8,062
68,214
67,337
71,599
74,680
73,004
75,148
81,264
78,750
77,097
80,941
78,711
85,061
75,141
87,097
75,118
81,778
75,917
79,570
70,997
70,393
71,068
73,794
71,699
73,371
80,317
78,357
79,835
84,454
77,904
83,857
74,023
85,374
74,305
81,192
78,824
83,007
78,173
1,118
6,137
2,610
2,140
51,315
8,110
6,743
4,834
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
63,555
1,054
5,694
1,733
1,926
39,436
7,524
6,188
3,782
70,120
1,124
6,176
1,506
2,162
44,239
8,460
6,453
4,560
70,340
1,211
6,203
1,466
2,315
42,930
9,591
6,624
4,808
73,682
1,200
6,368
1,954
2,447
46,429
8,403
6,881
5,068
76,318
1,100
6,085
2,442
2,299
48,172
9,231
6,989
4,623
79,939
937
6,266
2,365
2,533
51,232
9,431
7,175
5,122
82,655
938
7,511
2,607
2,521
51,160
10,403
7,515
4,442
77,380
1,006
6,511
2,149
1,916
50,632
8,069
7,097
4,398
74,959
1,058
5,914
2,531
2,033
49,469
7,484
6,470
4,611
66,426
1,113
5,923
1,801
2,017
41,080
8,037
6,455
3,967
69,288
1,103
6,125
1,493
2,123
43,877
8,185
6,382
4,506
68,677
1,168
6,097
1,436
2,236
42,150
9,112
6,478
4,694
73,306
1,205
6,296
1,929
2,474
45,927
8,644
6,831
5,051
79,621
1,151
6,311
2,510
2,422
49,979
9,970
7,278
4,833
78,834
916
6,219
2,349
2,487
50,720
9,072
7,071
5,023
81,040
913
7,417
2,587
2,457
50,461
9,821
7,384
4,334
76,797
1,001
6,426
2,117
1,903
50,036
8,271
7,043
4,395
137,512
147,769
160,125
163,297
153,421
165,236
182,348
183,292
168,368
142,922
147,101
158,357
160,323
158,072
164,645
181,573
180,007
173,742
1,538
51,076
1,972
4,341
2,859
34,035
11,227
6,885
2,133
3,540
8,366
4,427
5,113
1,921
58,273
1,857
4,417
2,849
34,636
10,902
8,381
2,190
3,764
8,663
4,915
5,001
1,995
67,129
2,831
4,926
3,222
33,777
10,329
9,197
2,520
3,792
8,966
5,270
6,171
1,837
67,408
2,681
5,135
3,085
35,927
11,333
9,230
2,412
4,035
9,108
5,283
5,823
1,828
59,907
2,034
5,268
3,159
35,557
11,226
8,170
2,358
4,030
8,827
5,173
5,884
2,025
67,852
1,983
5,111
3,200
36,703
11,512
8,989
2,344
4,408
9,579
5,350
6,180
2,127
79,007
2,233
5,870
3,699
36,982
11,559
9,992
2,624
4,765
10,240
6,063
7,187
2,167
81,359
1,910
5,596
3,367
39,317
11,514
9,386
2,370
4,509
9,768
5,885
6,144
1,885
71,454
1,522
5,830
3,496
36,234
12,015
8,279
2,273
4,657
8,989
5,392
6,342
1,593
53,275
2,056
4,505
2,967
35,223
11,664
7,154
2,211
3,680
8,684
4,590
5,320
1,915
58,047
1,853
4,400
2,836
34,476
10,820
8,350
2,181
3,743
8,615
4,899
4,966
1,975
66,445
2,803
4,866
3,183
33,412
10,167
9,109
2,494
3,741
8,855
5,214
6,093
1,808
66,119
2,629
5,048
3,029
35,264
11,140
9,080
2,369
3,967
8,949
5,192
5,729
1,872
61,795
2,093
5,426
3,253
36,574
11,594
8,409
2,424
4,147
9,087
5,322
6,076
2,013
67,687
1,975
5,093
3,184
36,569
11,428
8,956
2,335
4,394
9,542
5,331
6,138
2,117
78,796
2,225
5,832
3,674
36,813
11,452
9,940
2,614
4,744
10,188
6,041
7,137
2,145
79,847
1,867
5,494
3,314
38,603
11,337
9,232
2,323
4,427
9,597
5,777
6,044
1,936
73,763
1,570
6,004
3,611
37,382
12,425
8,540
2,341
4,797
9,273
5,552
6,548
13,288
14,865
17,451
16,864
16,027
19,240
20,101
16,539
15,393
14,096
14,526
16,776
17,070
17,106
18,734
19,305
16,762
16,377
4,044
5,539
3,705
4,113
6,529
4,223
4,572
7,863
5,016
4,121
7,262
5,481
4,536
7,158
4,333
4,949
8,646
5,645
4,770
8,798
6,533
4,919
7,086
4,534
4,865
6,223
4,305
4,185
5,963
3,948
4,095
6,316
4,115
4,518
7,448
4,810
4,052
7,466
5,552
4,669
7,763
4,674
4,914
8,321
5,499
4,752
8,303
6,250
4,839
7,301
4,622
5,004
6,762
4,611
13,226
14,862
18,221
18,901
17,690
20,780
23,631
18,319
19,815
14,109
14,458
17,371
19,272
19,080
20,119
22,509
18,712
21,280
1,828
4,929
1,320
5,149
2,512
5,620
1,535
5,195
3,094
6,582
3,013
7,109
2,689
6,971
1,605
6,425
4,090
7,452
5,324
7,331
3,353
6,109
3,806
6,872
1,983
5,288
1,371
5,467
2,443
5,425
2,942
6,211
3,079
7,316
2,953
7,563
3,967
7,135
3,476
6,271
1,897
7,068
4,126
7,464
104
105
106
1,447
1,582
7,098
7,197
1,999
1,968
1,929
2,047
7,239
9,008
6,928
7,090
100
101
102
103
1,527
1,432
1,554
1,650
1,993
2,116
107
5,063
6,786
7,323
6,914
7,024
5,060
6,894
1,961
8,594
7,574
108
0
0
0
0
0
0
0
109
33,486
34,782
35,800
36,988
39,556
33,024
37,840
110
0
0
0
0
0
0
0
0
0
0
0
25,807
29,957
35,157
34,021
33,169
38,289
41,652
32,258
35,080
27,587
29,087
86
87
88
89
90
91
92
93
94
95
96
97
98
99
82
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1999
2000
2001
2002
2003
2004
2005
2006
B Trade in goods, by area and country, adjusted to balance-of-payments
basis, excluding military 7— Continued:
BALANCE (EXCESS OF EXPORTS +)
111 Total, all countries........................................................................................
112
113
114
115
116
11/
118
119
120
121
122
123
124
12b
126
127
128
129
Europe.......................................................................................................
-347,819
-58,906
-454,690
-75,191
-429,519
-77,759
-484,955
-101,295
-550,892
-116,956
-669,578
-132,070
-787,149
-147,508
-838,271
-142,538
European Union..............................................................................
Euro area........................................................................................
Austria.................................................................................................
Belgium...............................................................................................
France.................................................................................................
Germany.............................................................................................
Ireland.................................................................................................
Italy......................................................................................................
Netherlands.........................................................................................
Norway................................................................................................
Russia.................................................................................................
Spain...................................................................................................
Sweden...............................................................................................
Switzerland..........................................................................................
Turkey..................................................................................................
United Kingdom...................................................................................
Other Europe.......................................................................................
-46,057
-39,967
-352
3,110
-7,251
-28,912
-4,663
-12,471
10,878
-2,673
-4,073
956
-3,900
-3,776
324
-1,318
-4,785
-57,717
-48,706
-651
3,948
-9,648
-29,667
-8,805
-14,083
12,057
-4,176
-5,566
539
-5,142
-3,154
564
-2,654
-8,753
-64,284
-55,482
-1,418
3,242
-10,728
-29,778
-11,405
-14,053
9,836
-3,381
-3,549
330
-5,457
-2,123
-147
-1,484
-7,644
-85,423
-68,925
-1,457
3,384
-9,418
-36,513
-15,750
-14,399
8,267
-4,452
-4,474
-690
-6,178
-2,044
-602
-8,512
-8,457
-98,011
-78,039
-2,751
4,965
-12,395
-39,898
-18,116
-15,112
8,985
-3,786
-6,168
-973
-8,008
-2,101
-1,158
-9,739
-10,701
-110,979
-84,984
-3,873
4,329
-10,526
-46,507
-19,333
-17,676
11,687
-4,966
-8,925
-819
-9,520
-2,474
-1,804
-10,963
-10,700
-125,512
-93,520
-3,533
5,537
-11,620
-51,383
-19,466
-19,730
11,462
-4,859
-11,339
-1,850
-10,226
-2,358
-1,104
-13,231
-13,808
-120,213
-93,166
-5,364
6,826
-13,046
-48,494
-20,088
-20,388
13,587
-4,688
-15,126
-2,511
-9,830
75
124
-8,972
-14,643
130
Canada 2....................................................................................................
Latin America and Other Western Hemisphere....................................
-35,039
-27,551
-55,207
-39,919
-55,984
-40,691
-51,309
-57,035
-55,025
-69,571
-69,890
-84,859
-81,889
-103,533
-75,085
-112,579
South and Central America.................................................................
Argentina.........................................................................................
Brazil...............................................................................................
Chile................................................................................................
Colombia.........................................................................................
Mexico.............................................................................................
Venezuela........................................................................................
Other...............................................................................................
Other Western Hemisphere.................................................................
-29,792
2,320
1,798
63
-2,724
-23,816
-6,021
-1,412
2,241
-41,018
1,551
1,403
163
-3,340
-25,657
-13,114
-2,024
1,099
-42,410
878
1,323
-427
-2,222
-31,098
-9,651
-1,213
1,719
-59,067
-1,614
-3,515
-1,184
-2,057
-38,459
-11,126
-1,112
2,032
-69,272
-739
-6,792
-1,009
-2,668
-42,471
-14,354
-1,239
-299
-83,234
-362
-7,437
-1,149
-2,786
-47,399
-20,178
-3,923
-1,625
-100,379
-478
-9,268
-1,452
-3,436
-52,770
-27,567
-5,408
-3,154
-111,557
780
-7,285
-3,094
-2,624
-67,303
-28,157
-3,874
-1,022
141
142
143
144
14b
146
147
148
149
1b0
1b1
162
153
154
Asia and Pacific........................................................................................
-211,588
-244,898
-222,742
-246,549
-264,016
-320,212
-371,192
-409,765
Australia..............................................................................................
China...................................................................................................
Hong Kong ..........................................................................................
India....................................................................................................
Indonesia.............................................................................................
Japan...................................................................................................
Korea, Republic o f...............................................................................
Malaysia..............................................................................................
Philippines...........................................................................................
Singapore............................................................................................
Taiwan.................................................................................................
Thailand..............................................................................................
Other...................................................................................................
6,251
-68,793
1,795
-5,391
-7,486
-74,966
-8,904
-12,455
-5,173
-2,215
-18,014
-9,403
-6,834
5,742
-83,971
2,567
-7,023
-7,941
-83,238
-13,159
-14,726
-5,182
-1,653
-17,148
-9,894
-9,272
4,131
-83,295
3,925
-6,001
-7,568
-70,806
-14,004
-13,057
-3,715
2,257
-16,248
-8,794
-9,567
6,278
-103,276
2,776
-7,724
-7,095
-71,947
-13,850
-13,756
-3,800
1,156
-14,725
-10,045
-10,541
6,289
-124,384
4,126
-8,091
-7,012
-68,012
-13,757
-14,611
-2,117
986
-15,131
-9,624
-12,678
6,233
-162,335
5,850
-9,486
-8,149
-77,806
-20,447
-17,343
-2,125
3,846
-13,690
-11,306
-13,454
8,005
-202,087
6,978
-10,846
-8,966
-85,110
-16,656
-23,307
-2,392
5,128
-13,650
-12,703
-15,586
9,004
-233,087
9,589
-11,855
-10,363
-90,966
-14,393
-24,075
-2,112
6,543
-15,769
-14,429
-17,852
155
156
157
158
Middle East...............................................................................................
-7,243
-21,993
-18,283
-16,437
-23,422
-29,689
-32,702
-36,112
Israel....................................................................................................
Saudi Arabia........................................................................................
Other...................................................................................................
-2,981
-1,942
-2,320
-5,612
-9,391
-6,990
-4,999
-7,710
-5,574
-5,748
-8,762
-1,927
-6,307
-13,957
-3,158
-6,566
-16,125
-6,998
-8,242
-20,667
-3,793
-9,639
-24,350
-2,123
159
160
161
162
163
164
Africa.........................................................................................................
-7,492
-17,483
-14,060
-12,330
-21,902
-32,858
-50,325
-62,192
Algeria.................................................................................................
Nigeria.................................................................................................
South Africa.........................................................................................
Other...................................................................................................
-1,363
-3,754
-610
-1,765
-1,867
-9,813
-1,135
-4,668
-1,670
-7,817
-1,486
-3,087
-1,396
-4,884
-1,521
-4,529
-4,265
-9,371
-1,812
-6,454
-6,444
-14,690
-2,777
-8,947
-9,286
-22,615
-1,990
-16,434
-14,358
-25,635
-3,052
-19,147
131
132
133
134
135
136
137
138
139
140
International organizations and unallocated........................................
Memorandum:
0
1
0
0
0
0
0
0
165 Members of OPEC......................................................................................
-23,663
-49,469
-40,252
-35,438
-51,792
-72,530
-93,638
-106,260
Seethefootnotesonpages108-109.
July 2007
Survey
of
83
C u r r e n t B u s in e s s
in Goods—Continues
of dollars]
Seasonally adjusted
Not seasonally adjusted
2005
1
II
2007
2006
III
IV
I
II
III
IV
I
II
2007
2006
2005
Io
IV
III
I
II
III
Line
I"
IV
B
-193,223
-33,187
-209,750
-36,903
-231,671
-38,767
-203,627
-33,681
-185,752
-25,977
-184,390
-34,153
-188,524
-38,236
-199,318
-36,542
-214,917
-38,577
-207,757
-35,702
-211,276
-37,696
-218,899
-36,442
-200,339
-32,698
-200,867
-28,467
-33,993
-24,487
-1,022
1,205
-2,943
-13,772
-4,718
-4,962
2,711
-1,198
-2,697
-631
-2,467
-623
-195
-4,704
-3,471
-28,590
-22,201
-1,101
1,055
-2,736
-12,229
-4,704
-4,687
3,261
-1,186
-2,910
-224
-2,564
164
-107
-1,775
-3,444
-30,537
-23,766
-1,067
1,561
-3,105
-12,544
-5,241
-5,089
3,564
-1,211
-4,622
-897
-2,744
-121
202
-2,169
-3,420
-31,844
-24,745
-1,188
1,616
-3,486
-11,621
-5,487
-5,308
2,707
-1,302
-4,963
-783
-2,109
-43
129
-2,534
-4,395
-29,242
-22,454
-2,008
2,594
-3,719
-12,100
-4,656
-5,304
4,055
-989
-2,631
-607
-2,413
75
-100
-2,494
-3,384
-22,704
-18,682
-1,369
2,195
-2,749
-10,460
-5,413
-4,617
5,007
-955
-2,446
-1,078
-2,352
-157
308
-62
-1,829
-28,830
-21,770
-859
1,478
-2,536
-12,190
-4,780
-4,639
3,352
-1,158
-2,975
-626
-2,487
-444
-253
-2,709
-3,327
-32,070
-24,247
-813
1,548
-3,046
-13,207
-5,506
-5,001
2,979
-1,450
-3,075
-331
-3,013
-956
-253
-2,790
-3,322
-31,529
-23,729
-868
1,292
-3,206
-12,542
-4,592
-5,239
2,453
-1,026
-2,548
-268
-2,311
-394
^401
-3,134
-3,758
-33,083
-23,774
-993
1,219
-2,832
-13,444
-4,588
-4,851
2,678
-1,225
-2,741
-625
-2,415
-564
-197
-4,598
-3,401
-30,551
-23,612
-1,135
989
-2,939
-12,757
-4,862
-4,882
3,162
-1,293
-3,164
-289
-2,657
75
-144
-2,114
-3,692
-31,360
-24,363
-1,087
1,451
-3,216
-12,693
-5,239
-5,128
3,432
-1,176
-4,528
-910
-2,745
-205
184
-2,369
-3,467
-30,035
-23,461
-1,177
1,759
-3,308
-11,266
-5,429
-5,184
2,980
-1,203
-4,737
-712
-2,064
32
188
-2,133
-4,188
-28,267
-21,730
-1,965
2,627
-3,583
-11,778
-4,558
-5,194
4,013
-1,016
-2,697
-600
-2,364
173
-104
-2,356
-3,296
-24,756
-20,167
-1,418
2,141
-2,941
-11,042
-5,613
-4,834
4,967
-1,051
-2,650
-1,147
-2,453
-210
262
-422
-2,056
-21,584
-26,929
-26,256
-27,523
-20,718
-28,468
-18,203
-29,513
-18,900
-31,312
-17,264
-23,286
-17,774
-23,571
-19,822
-25,436
-16,999
-26,241
-19,307
-24,127
-25,761
-27,729
-22,955
-31,537
-18,816
-29,599
-16,505
-28,173
-16,809
-23,270
-20,234
-26,433
-25,449
56
-2,394
-69
-763
-14,380
-6,938
-961
-739
-25,949
-220
-2,247
-134
-1,033
-12,781
-7,907
-1,627
-980
-26,455
-152
-2,276
-643
-1,023
-14,284
-6,662
-1,415
-1,068
-28,062
-51
-1,954
-999
-836
-15,675
-7,344
-1,203
-406
-28,567
228
-1,923
-604
-931
-17,208
-7,266
-863
-946
-31,290
351
-2,445
-1,003
-832
-18,018
-8,082
-1,261
-22
-23,638
252
-963
-488
-25
-16,402
-5,465
-547
352
-23,431
170
-368
-911
-147
-17,118
-5,258
201
-140
-24,892
-208
-2,533
-667
-698
-12,619
-6,550
-1,617
-544
-25,508
48
-2,444
-90
-744
-14,594
-6,697
-987
-733
-23,361
-156
-2,070
-68
-922
-11,383
-7,397
-1,365
-766
-26,618
-162
-2,221
-627
-1,072
-14,174
-6,923
-1,439
-1,111
-30,945
-93
-2,134
-1,062
-952
-17,194
-8,065
-1,445
-592
-28,672
217
-2,000
-634
-919
-17,469
-6,964
-903
-927
-28,381
401
-2,264
-933
-716
-16,465
-7,445
-959
208
-23,559
255
-887
-465
-37
-16,175
-5,683
-567
289
-26,110
121
-489
-979
-243
-18,644
-5,864
-12
-323
-81,710
-88,836
-99,676
-100,970
-89,366
-98,081
-112,759
-109,559
-97,352
-86,693
-89,212
-96,466
-98,821
-93,707
-98,980
-110,125
-106,953
-102,209
2,043
-42,055
1,885
-2,549
-1,975
-21,413
-4,533
-4,610
-578
1,606
-3,139
-2,624
-3,768
2,056
-48,262
2,235
-2,389
-2,069
-21,390
-4,240
-5,868
-553
1,222
-3,067
-3,080
-3,431
1,887
-56,432
1,510
-2,799
-2,569
-20,092
-3,557
-6,417
-727
1,156
-3,470
-3,492
-4,674
2,019
-55,338
1,348
-3,109
-2,353
-22,215
-4,326
-6,412
-534
1,144
-3,974
-3,507
-3,713
2,277
-47,413
1,947
-3,143
-2,467
-21,670
-3,456
-5,062
-469
1,236
-3,893
-3,506
-3,747
2,074
-54,706
2,498
-2,606
-2,397
-22,475
-3,823
-5,629
-540
1,289
-3,657
-3,513
-4,596
2,308
-64,584
2,368
-3,219
-2,932
-22,267
-3,526
-6,889
-663
1,102
-4,676
-4,242
-5,539
2,345
-66,384
2,776
-2,887
-2,567
-24,554
-3,588
-6,495
-440
2,916
-3,543
-3,168
-3,970
2,365
-56,919
3,090
-2,948
-2,652
-21,121
-4,195
-5,378
-394
2,032
-3,542
-3,555
-4,135
2,028
-44,186
1,831
-2,699
-2,086
-22,558
-4,891
-4,851
-644
1,516
-3,417
-2,769
-3,967
1,965
-48,185
2,156
-2,420
-2,052
-21,403
-4,301
-5,896
-570
1,124
-3,109
-3,100
-3,421
1,989
-55,476
1,623
-2,691
-2,507
-19,345
-3,239
-6,276
-662
1,299
-3,228
-3,394
-4,559
2,023
-54,240
1,368
-3,036
-2,321
-21,804
-4,225
-6,284
-516
1,189
-3,896
-3,440
-3,639
2,295
-49,303
1,910
-3,283
-2,563
-22,648
-3,782
-5,295
-518
1,166
-4,122
-3,641
-3,923
1,966
-54,789
2,397
-2,650
-2,382
-22,610
-3,913
-5,676
-574
1,142
-3,756
-3,537
-4,598
2,405
-63,968
2,484
-3,132
-2,873
-21,626
-3,219
-6,760
-600
1,223
-4,454
-4,173
-5,432
2,338
-65,027
2,798
-2,790
-2,545
-24,082
-3,479
-6,344
-420
3,012
-3,437
-3,078
-3,899
2,362
-59,186
3,083
-3,075
-2,777
-22,207
-4,530
-5,607
-450
1,962
-3,780
-3,688
-4,316
-6,987
-7,353
-10,190
-8,172
-7,574
-10,372
-11,215
-6,951
-6,604
-7,772
-7,166
-9,338
-8,426
-8,563
-10,088
-10,215
-7,246
-7,582
-2,011
-4,210
-766
-1,848
-4,919
-586
-2,415
-6,343
-1,432
-1,968
-5,195
-1,009
-2,255
-5,673
354
-2,549
-6,782
-1,041
-2,427
-6,788
-2,000
-2,408
-5,107
564
-2,121
-4,408
-75
-2,125
-4,624
-1,023
-1,895
-4,739
-532
-2,316
-5,892
-1,130
-1,906
-5,412
-1,108
-2,359
-6,265
61
-2,582
-6,506
-1,000
-2,354
-6,249
-1,612
-2,344
-5,330
428
-2,232
-4,941
-409
-9,644
-11,020
-14,518
-15,143
-13,910
-16,678
-18,718
-12,886
-14,474
-10,514
-10,670
-13,538
-15,603
-15,293
-16,097
-17,439
-13,363
-15,942
-1,556
-4,608
-329
-3,151
-2,265
-5,226
-536
-2,993
-2,694
-6,130
-494
-5,200
-2,771
-6,651
-631
-5,090
-2,505
-6,531
-635
-4,239
-3,755
-6,902
-954
-5,067
-5,001
-6,686
-811
-6,220
-3,097
-5,516
-652
-3,621
-3,527
-6,278
-922
-3,747
-1,713
-4,973
-365
-3,463
-2,199
-5,032
-552
-2,887
-2,533
-5,736
-460
-4,809
-2,841
-6,874
-613
-5,275
-2,767
-7,127
-669
-4,730
-3,637
-6,594
-977
-4,889
-4,728
-6,225
-781
-5,705
-3,226
-5,689
-625
-3,823
-3,847
-6,872
-982
-4,241
159
160
161
162
163
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
164
-19,097
-22,305
-27,383
-24,853
-24,391
-28,663
-31,668
-21,538
-25,388
-20,864
-21,555
-25,510
-25,709
-26,948
-27,575
-29,335
-22,402
-28,158
165
-170,303
-31,459
-187,551
-37,715
-26,627
-20,152
-815
1,541
-2,315
-11,568
-4,534
-4,400
3,403
-1,083
-2,777
-552
-2,382
-350
-193
-2,345
-3,089
-31,479
-23,797
-800
1,631
-2,960
-13,109
-5,505
-4,978
3,099
-1,487
-3,151
-319
-3,016
-909
-259
-2,656
-3,296
-211,744
-38,847
-33,413
-25,084
-896
1,160
-3,402
-12,934
-4,709
-5,390
2,249
-1,091
-2,714
-348
-2,361
-476
-457
-3,526
-3,952
-17,610
-22,893
-16,439
-26,188
-22,526
-162
-2,351
-606
-617
-11,325
-6,060
-1,405
-367
-217,551
-39,487
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
84
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
C Trade in goods, by principal end-use category, adjusted to balance-of-
payments basis, excluding military:
1 Exports of goods, balance-of-payments basis, excluding military (A—8) 456,943 502,859 575,204 612,113 678,366 670,416
683,965 771,994 718,712 682,422 713,415 807,516 894,631 1,023,109
2
3
Agricultural products.............................................................................
Nonagricultural products......................................................................
49,657
634,308
52,801
719,193
54,890
663,822
54,512
627,910
60,884
652,531
62,943
744,573
64,887
829,744
72,869
950,240
4
Foods, feeds, and beverages..................................................................
40,537
42,355
50,811
55,953
51,953
46,831
45,977
47,871
49,408
49,616
55,025
56,568
58,954
65,962
5
7
8
9
10
11
12
Agricultural................
Grains and preparations
Wheat................
Corn..................
Soybeans ..............
Meat products and poultry
Vegetables, fruits, nuts, and preparations........................................
Other agricultural foods, feeds, and beverages.................................
36,491
14,314
4,873
5,325
4,644
4,567
6,698
6,268
38,297
13,583
4,269
4,986
4,363
5,446
7,390
7,515
46,491
18,611
5,688
8,323
5,427
6,618
7,865
7,970
51,677
21,230
6,413
9,559
7,364
7,185
8,076
7,822
48,053
16,137
4,329
6,234
7,506
7,244
8,264
8,902
43,508
14,361
3,808
5,223
4,941
6,751
8,095
9,360
42,032
13,910
3,730
5,667
4,623
6,850
7,948
8,701
44,889
13,942
3,477
5,344
5,500
7,987
8,261
9,199
45,030
14,363
3,772
5,785
5,806
7,002
8,596
9,263
50,022
14,806
4,002
5,751
8,047
7,873
9,152
10,144
50,956
17,069
5,192
6,927
6,894
5,672
10,088
11,233
52,948
15,594
4,416
5,824
6,626
7,206
11,550
11,972
59,608
18,341
4,257
8,227
7,288
7,831
12,645
13,503
13
14
Nonagricultural (fish, distilled beverages, etc.).....................................
Fish and shellfish.............................................................................
4,046
3,204
4,058
3,180
4,320
3,324
4,276
3,117
3,900
2,791
3,323
2,352
3,945
2,970
43,749
13,650
3,500
5,259
5,382
7,708
8,357
8,652
4,122
3,033
4,519
3,266
4,586
3,197
5,003
3,364
5,612
3,823
6,006
4,208
6,354
4,351
15
Industrial supplies and materials...........................................................
147,636 172,650 160,199 156,828 173,052 203,917 233,059
276,080
16
17
18
19
20
Agricultural................................................. ?........................................
Raw cotton.......................................................................................
Tobacco, unmanufactured................................................................
Hides and skins, including furskins..................................................
Other agricultural industrial supplies................................................
21
22
23
24
25
Nonagricultural.....................................................................................
Energy products...............................................................................
Fuels and lubricants.....................................................................
Coal and related fuels..............................................................
Petroleum and products...........................................................
26
27
28
29
30
Paper and paper base stocks...........................................................
Textile supplies and related materials..............................................
Chemicals, excluding medicinals.....................................................
Building materials, except metals.....................................................
Other nonmetals...............................................................................
8,492
7,162
30,076
8,740
10,816
10,104
8,189
35,132
8,833
12,000
14,488
9,292
42,981
9,054
13,536
12,482
10,154
42,439
9,252
15,426
12,785
11,391
46,828
9,470
16,894
31
32
33
34
35
36
37
38
Metals and nonmetallic products......................................................
Steelmaking materials..................................................................
Iron and steel products.................................................................
Nonferrous metals........................................................................
Nonmonetary gold....................................................................
Other precious metals..............................................................
Other nonferrous metals..........................................................
Other metals and nonmetallic products........................................
27,167
1,782
3,656
14,577
9,064
891
4,622
7,152
26,355
1,853
3,936
12,268
5,813
1,025
5,430
8,298
32,479
2,746
5,828
14,584
5,122
1,595
7,867
9,321
33,372
2,117
5,448
15,469
6,940
1,449
7,080
10,338
34,665
2,266
5,920
15,015
5,725
1,809
7,481
11,464
6
43,602 47,096 57,242 61,520 58,467 53,156
413,341 455,763 517,962 550,593 619,899 617,260
111,985 121,211 146,115 148,262 158,730 148,738
6,867
1,541
1,301
1,299
2,726
9,340
2,575
1,451
1,270
4,044
7,323
970
1,299
1,148
3,906
8,761
1,925
1,195
1,602
4,039
9,723
2,177
1,269
1,970
4,307
9,213
2,067
1,060
1,751
4,335
10,573
3,389
1,027
1,793
4,364
105,118 112,652 135,605 138,662 148,599 139,398
12,665 12,039 13,775 15,537 16,566 13,335
12,560 11,959 13,673 15,404 16,291
13,034
3,641
4,122
3,445
4,295
4,439
3,683
7,491
8,097
6,968
9,631
10,419
8,075
140,313
12,882
12,540
2,749
8,620
163,889
16,636
16,201
2,598
12,012
150,476
15,922
14,674
2,258
10,637
147,615
15,085
14,766
1,923
10,338
162,479
18,230
17,466
1,804
12,693
12,151
9,570
44,944
7,964
18,273
12,174
9,806
45,927
8,156
18,896
14,000
11,367
52,242
8,755
21,629
12,386
10,866
49,326
7,770
19,598
12,211
11,142
52,320
7,610
17,030
12,813
11,347
57,994
7,829
17,953
13,971
12,814
66,306
8,952
22,314
15,135
12,866
73,554
9,563
24,467
16,476
13,033
82,976
10,543
26,843
33,161
1,566
5,763
14,223
5,485
2,018
6,720
11,609
32,472
1,415
5,741
13,526
5,263
1,812
6,451
11,790
39,260
1,732
6,827
16,048
6,028
2,476
7,544
14,653
34,608
1,769
6,199
14,219
4,896
2,695
6,628
12,421
32,217
1,863
5,988
12,127
3,357
2,561
6,209
12,239
36,313
2,607
7,081
13,943
4,791
2,145
7,007
12,682
43,247
4,014
8,845
16,256
4,450
2,758
9,048
14,132
53,710
5,992
11,269
20,796
5,549
3,176
12,071
15,653
72,728
6,802
12,443
34,419
8,783
7,040
18,596
19,064
8,559
2,644
1,305
1,535
3,075
10,510
3,717
1,390
1,763
3,640
9,600
2,744
1,367
1,693
3,796
10,131
2,718
1,553
1,665
4,195
11,672
4,279
1,041
1,758
4,594
11,597
3,933
984
1,788
4,892
12,872
4,516
1,134
2,056
5,166
192,245 221,462
24,641
32,167
31,109
23,806
2,967
3,715
22,664
17,082
263,208
40,609
39,537
3,901
31,568
39
Capital goods, except automotive..........................................................
182,709 205,706 234,415 253,957 295,830 299,822
311,249 356,999 321,723 290,437 293,673 331,441 362,341
413,894
40
41
42
43
44
45
46
47
Machinery, except consumer-type........................................................
Electric generating machinery, electric apparatus, and parts............
Nonelectric, including parts and attachments...................................
Oil drilling, mining, and construction machinery............................
Industrial engines, pumps, and compressors................................
Machine tools and metalworking machinery.................................
Measuring, testing, and control instruments.................................
Other industrial, agricultural, and service industry machinery......
148,364 172,489 206,490 221,006 252,103 243,307
16,824 19,563 22,928 24,028 27,883 27,212
131,540 152,926 183,562 196,978 224,220 216,095
9,474 10,213 11,498 12,671
15,936 15,913
9,504
7,008
8,598
9,593 11,724 10,919
4,402
5,241
6,503
6,274
3,635
5,799
7,051
7,940
9,019
9,805 11,774 12,540
29,485 32,995 38,486 41,742 47,340 44,487
334,355
39,272
295,083
23,349
15,977
9,497
19,152
66,086
48
49
50
51
52
Computers, peripherals, and parts...............................................
Semiconductors...........................................................................
Telecommunications equipment...................................................
Other office and business machines
Scientific, hospital, and medical equipment and parts..................
Civilian aircraft, engines, and parts...,
Civilian aircraft, complete, all types
Other transportation equipment....
255,155 306,342 266,432
35,766
30,887
29,353
225,802 270,576 235,545
12,598
14,057
11,965
11,602
10,992
11,992
6,208
7,468
5,816
13,142
16,369
14,169
53,142
46,060
44,695
55,542
46,724
47,555
46,962
60,077
45,065
25,367
31,268
27,874
3,201
2,894
2,999
16,748
19,309
20,063
48,091
52,920
52,618
22,693
28,996
25,816
3,174
2,566
2,673
53
54
55
33,320
25,178
16,296
2,465
11,519
39,654
34,153
20,248
2,718
13,041
31,475
18,704
1,742
26,129
12,861
1,796
43,719
35,769
20,217
2,924
14,739
30,792
15,660
2,159
49,360
38,861
23,340
3,288
16,094
45,247
37,650
23,869
3,442
15,754
41,359
23,584
2,368
53,548
31,818
2,967
38,553
42,235
22,208
2,023
19,305
50,426
26,677
2,425
278,569
31,311
247,258
15,512
13,512
7,075
16,927
52,889
39,925
46,138
20,743
1,927
20,861
46,724
23,306
2,679
42,805
48,050
24,402
2,111
23,975
49,974
22,917
2,898
297,902
33,374
264,528
18,985
14,935
7,663
16,720
58,786
45,537
47,221
25,307
2,336
27,038
60,784
29,333
3,655
47,580
52,430
28,322
2,702
29,988
75,170
40,833
4,369
51,556
57,531
61,394
64,359
73,435
72,512
75,256
80,357
75,435
78,942
80,633
89,213
98,578
107,161
57
58
59
60
61
To Canada........................................
Passenger cars, new and used........................................................
Trucks, buses, and special purpose vehicles....................................
Engines and engine parts................................................................
Other parts and accessories............................................................
27,471
6,435
3,197
3,973
13,866
31,809
7,548
4,334
3,623
16,304
34,066
7,303
4,874
3,765
18,124
35,117
7,840
5,011
3,788
18,478
39,693
9,282
5,863
4,065
20,483
40,499
8,612
6,181
4,483
21,223
45,941
9,212
6,677
5,620
24,432
45,810
9,226
6,521
5,848
24,215
40,598
8,647
5,335
5,260
21,356
44,552
10,178
6,418
5,255
22,701
46,218
10,729
7,846
5,418
22,225
53,592
12,097
10,091
6,226
25,178
56,772
13,135
11,795
6,710
25,132
62
63
64
65
66
To other areas......................................................................................
Passenger cars, new and used........................................................
Trucks, buses, and special purpose vehicles....................................
Engines and engine parts................................................................
Other parts and accessories............................................................
24,085
8,138
2,154
2,033
11,760
25,722
8,896
1,917
2,280
12,629
27,328
9,429
2,289
2,299
13,311
29,242
9,126
3,216
2,355
14,545
33,742
7,507
4,288
2,940
19,007
32,013
7,585
3,506
2,670
18,252
29,315
7,243
2,157
3,306
16,609
34,547
7,522
2,858
4,633
19,534
34,837
9,179
2,225
4,624
18,809
34,390
10,374
1,945
4,858
17,213
34,415
11,373
2,399
4,694
15,949
50,006
10,491
9,136
5,781
24,598
39,207
14,119
2,793
4,975
17,320
44,986
18,397
3,386
5,097
18,106
50,389
20,843
3,308
5,487
20,751
67
Consumer goods (nonfood), except automotive...................................
54,460
59,711
64,152
69,322
77,031
79,367
80,923
89,377
88,331
84,359
89,908 103,239 116,093
129,983
68
69
26,044
29,150
31,406
34,073
37,215
38,293
38,826
42,381
41,681
40,164
43,560
49,013
52,859
57,727
70
71
72
Consumer nondurable goods, manufactured.......................................
Medical, dental, and pharmaceutical preparations, including
vitamins........................................................................................
Consumer durable goods, manufactured.............................................
Household and kitchen appliances and other household goods.......
Unmanufactured consumer goods (gem stones, nursery stock)...........
6,613
26,328
10,572
2,088
7,019
28,140
11,439
2,421
7,317
30,043
12,017
2,703
8,026
32,356
13,204
2,893
9,301
36,790
15,298
3,026
10,673
37,820
15,693
3,254
12,457
38,251
16,151
3,846
14,312
42,273
17,746
4,723
16,577
41,940
17,658
4,710
17,348
39,091
16,866
5,104
20,529
40,582
18,375
5,766
25,431
46,566
20,638
7,660
27,620
53,986
23,457
9,248
30,920
61,882
26,248
10,374
73
Exports, n.e.c.............................................................................................
15,696
16,345
18,317
20,260
21,387
23,146
22,924
24,740
23,616
22,240
21,124
23,138
25,606
30,029
56
Automotive vehicles, parts, and engines
29,316
19,114
13,502
2,382
10,573
32,787
20,191
1,558
237,586 244,270
27,544
27,497
210,042 216,773
12,893
12,833
11,602
11,690
5,174
5,253
13,218
13,936
42,831
43,467
Seethefootnotesonpages108-109.
July 2007
Survey
of
85
C u r r e n t B u s in e s s
in Goods—Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2005
1
II
2006
III
IV
I
II
2007
III
IV
Ip
2005
I
II
2007
2006
III
IV
I
II
III
IV
Line
Ip
C
212,255
227,525
219,568
235,283
242,019
258,538
254,059
268,493
267,879
214,391
223,068
224,320
232,852
243,880
252,458
260,285
266,486
270,116
1
16,283
195,972
15,360
212,165
14,782
204,786
18,462
216,821
18,011
224,008
17,209
241,329
16,781
237,278
20,868
247,625
20,645
247,234
15,654
198,737
16,458
206,610
16,204
208,116
16,571
216,281
17,309
226,571
18,028
234,430
18,689
241,596
18,843
247,643
19,826
250,290
2
3
14,596
13,723
13,870
16,765
15,834
15,055
15,943
19,130
18,851
14,280
15,093
14,577
15,004
15,461
16,134
17,159
17,208
18,369
4
13,145
3,696
1,040
1,286
2,423
1,560
2,681
2,785
12,489
3,775
960
1,442
1,072
1,853
2,818
2,971
11,980
3,903
1,200
1,451
658
1,803
2,631
2,985
15,334
4,220
1,216
1,645
2,473
1,990
3,420
3,231
14,214
4,259
1,041
1,604
2,203
1,770
2,971
3,011
13,711
4,416
991
1,995
878
1,893
3,129
3,395
14,044
4,599
1,105
2,166
1,116
1,996
2,929
3,404
17,639
5,067
1,120
2,462
3,091
2,172
3,616
3,693
17,328
5,629
1,314
2,599
2,923
2,058
3,237
3,481
12,821
3,690
1,099
1,293
1,768
1,667
2,759
2,937
13,611
3,905
1,069
1,434
2,069
1,873
2,836
2,928
13,020
3,929
1,084
1,494
1,398
1,802
2,911
2,980
13,496
4,070
1,164
1,603
1,391
1,864
3,044
3,127
13,870
4,224
1,071
1,619
1,550
1,882
3,041
3,173
14,515
4,504
1,096
1,953
1,642
1,902
3,132
3,335
15,585
4,682
1,013
2,230
2,276
1,999
3,223
3,405
15,638
4,931
1,077
2,425
1,820
2,048
3,249
3,590
16,814
5,587
1,351
2,612
2,087
2,179
3,310
3,651
5
6
7
8
9
10
11
12
1,451
1,070
1,234
767
1,890
1,412
1,431
959
1,620
1,172
1,344
824
1,899
1,369
1,491
986
1,523
1,032
1,459
1,038
1,482
1,006
1,557
1,102
1,508
1,062
1,591
1,097
1,619
1,089
1,574
1,071
1,570
1,094
1,555
1,014
13
14
56,202
60,402
58,429
58,026
64,075
70,580
70,705
70,720
71,814
56,458
58,921
58,530
59,150
64,082
68,954
70,929
72,115
72,242
15
3,044
1,092
335
453
1,164
2,774
1,027
200
460
1,087
2,736
1,056
131
451
1,098
3,043
758
318
424
1,543
3,690
1,559
393
520
1,218
3,393
1,521
206
539
1,127
2,662
841
135
507
1,179
3,127
595
400
490
1,642
3,200
885
381
575
1,359
2,752
883
245
442
1,182
2,759
863
237
431
1,228
3,097
1,191
248
449
1,209
2,989
996
254
466
1,273
3,349
1,336
289
494
1,230
3,416
1,370
261
507
1,278
3,006
919
266
518
1,303
3,101
891
318
537
1,355
2,912
720
271
556
1,365
16
17
18
19
20
53,158
7,523
7,350
752
5,273
57,628
9,147
8,945
1,115
6,460
55,693
8,022
7,679
926
5,734
54,983
7,475
7,135
922
5,197
60,385
8,931
8,612
862
6,593
67,187
10,476
10,261
1,024
8,037
68,043
10,722
10,465
1,004
8,807
67,593
10,480
10,199
1,011
8,131
68,614
9,789
9,549
919
7,509
53,706
7,677
7,504
839
5,340
56,162
9,003
8,801
1,066
6,365
55,433
7,931
7,588
888
5,681
56,161
7,556
7,216
922
5,278
60,733
8,988
8,669
939
6,572
65,538
10,280
10,066
982
7,883
67,923
10,772
10,514
974
8,886
69,014
10,569
10,288
1,006
8,227
69,330
10,057
9,816
1,022
7,673
21
22
23
24
25
3,693
3,204
18,358
2,279
5,790
3,850
3,453
19,081
2,482
6,245
3,814
3,160
18,307
2,388
6,106
3,778
3,049
17,808
2,414
6,326
3,935
3,260
19,088
2,540
6,640
4,069
3,451
21,258
2,744
6,898
4,169
3,285
21,486
2,659
6,693
4,303
3,037
21,144
2,600
6,612
4,327
3,148
22,163
2,701
6,628
3,695
3,266
18,427
2,340
5,811
3,816
3,245
18,598
2,357
6,048
3,828
3,170
18,355
2,385
6,154
3,796
3,185
18,174
2,481
6,454
3,918
3,304
19,069
2,595
6,645
4,032
3,248
20,710
2,607
6,673
4,182
3,303
21,569
2,675
6,759
4,344
3,178
21,628
2,666
6,766
4,296
3,194
22,224
2,765
6,634
26
27
28
29
30
12,311
1,188
2,846
4,656
1,380
740
2,536
3,621
13,370
1,504
2,882
5,046
1,378
771
2,897
3,938
13,896
1,734
2,697
5,508
1,338
758
3,412
3,957
14,133
1,566
2,844
5,586
1,453
907
3,226
4,137
15,991
1,535
3,012
7,067
1,927
1,493
3,647
4,377
18,291
1,645
3,189
8,573
2,206
1,903
4,464
4,884
19,029
1,767
3,120
9,150
2,400
1,411
5,339
4,992
19,417
1,855
3,122
9,629
2,250
2,233
5,146
4,811
19,858
2,306
3,468
9,200
2,638
1,955
4,607
4,884
12,490
1,267
2,797
4,741
1,379
740
2,622
3,685
13,095
1,429
2,775
5,109
1,378
771
2,960
3,782
13,610
1,684
2,753
5,242
1,338
758
3,146
3,931
14,515
1,612
2,944
5,704
1,454
907
3,343
4,255
16,214
1,604
2,959
7,201
1,927
1,493
3,781
4,450
17,988
1,565
3,066
8,669
2,206
1,903
4,560
4,688
18,663
1,745
3,167
8,778
2,400
1,411
4,967
4,973
19,863
1,888
3,251
9,771
2,250
2,233
5,288
4,953
20,160
2,451
3,384
9,365
2,638
1,954
4,773
4,960
31
32
33
34
35
36
37
38
84,599
91,797
89,243
96,702
98,190
104,571
102,653
108,480
105,280
85,907
90,244
90,472
95,718
99,769
102,289
103,915
107,921
107,023
39
70,520
7,958
62,562
4,632
3,361
1,813
3,912
14,126
74,034
8,380
65,654
4,709
3,719
1,942
4,170
15,114
74,116
8,294
65,822
4,673
3,706
1,859
4,159
14,331
79,232
8,742
70,490
4,971
4,149
2,049
4,479
15,215
79,537
9,332
70,205
4,923
3,812
2,276
4,535
16,063
84,322
10,030
74,292
5,602
4,010
2,380
4,853
17,050
83,983
10,035
73,948
5,824
4,036
2,431
4,877
16,538
84,883
10,197
74,686
6,966
4,198
1,667
4,807
17,737
71,578
8,050
63,528
4,692
3,458
1,869
3,964
14,210
73,287
8,276
65,011
4,547
3,648
1,899
4,059
14,426
74,878
8,249
66,629
4,706
3,770
1,893
4,229
14,605
78,159
8,799
69,360
5,040
4,059
2,002
4,468
15,545
80,752
9,409
71,343
4,948
3,912
2,331
4,597
16,136
83,223
9,891
73,332
5,421
3,920
2,329
4,722
16,278
84,589
9,986
74,603
5,933
4,092
2,468
4,918
16,778
85,791
9,986
75,805
7,047
4,053
2,369
4,915
16,894
85,928
10,239
75,689
7,067
4,276
1,702
4,817
17,697
40
41
42
43
44
45
46
47
11,060
10,843
5,891
519
6,405
10,973
11,390
6,350
559
6,728
11,206
12,321
6,335
587
6,645
12,298
12,667
6,731
671
7,260
11,690
12,575
6,363
626
7,342
11,550
13,650
7,048
700
7,449
11,513
13,562
7,229
671
7,267
86,513
9,875
76,638
7,000
4,119
2,410
4,887
16,435
12,827
12,643
7,682
705
7,930
11,213
12,160
7,198
1,098
7,642
48
49
50
51
52
17,669
9,492
984
19,077
10,553
1,172
17,660
9,044
1,010
20,764
11,744
1,203
19,398
10,252
999
16,416
8,281
1,143
18,033
9,697
984
18,316
9,665
1,010
11,977
12,693
7,443
660
7,754
20,927
11,992
1,203
11,329
12,549
7,520
1,144
7,588
16,327
8,088
1,143
12,022
13,550
6,988
701
7,401
17,894
9,479
1,172
11,802
13,197
7,262
682
7,471
14,263
6,346
864
11,583
12,021
6,348
599
6,875
14,730
6,801
864
11,779
12,990
6,629
659
7,362
16,848
8,919
915
11,503
11,365
6,308
563
6,693
16,042
8,186
915
11,361
12,676
6,514
630
7,065
13,346
5,980
733
11,090
11,159
6,137
544
6,405
13,596
6,065
733
20,096
10,820
999
53
54
55
23,270
25,737
23,167
26,404
25,904
28,252
25,321
27,684
27,703
23,586
23,781
25,019
26,192
26,127
26,107
27,548
27,379
27,879
56
12,996
2,880
2,347
1,573
6,196
14,573
3,670
2,737
1,625
6,541
12,255
2,439
2,398
1,435
5,983
13,768
3,108
2,609
1,593
6,458
15,589
3,788
3,280
1,773
6,748
12,913
2,703
2,902
1,591
5,717
14,320
3,456
2,970
1,713
6,181
14,518
3,344
2,774
1,808
6,592
14,722
3,513
3,155
1,712
6,342
14,412
3,352
2,943
1,765
6,352
12,636
5,416
1,011
1,350
4,859
12,663
5,207
825
1,334
5,297
12,408
5,334
717
1,293
5,064
13,364
5,642
870
1,468
5,384
13,185
5,646
851
1,469
5,219
13,737
3,120
2,603
1,536
6,478
11,282
4,476
854
1,289
4,663
13,856
3,076
2,907
1,654
6,219
10,912
4,241
793
1,271
4,607
13,004
2,993
2,452
1,514
6,045
10,777
4,323
851
1,238
4,365
13,782
3,194
2,790
1,579
6,219
11,164
4,568
880
1,263
4,453
12,929
2,948
2,453
1,525
6,003
10,657
4,505
756
1,212
4,184
13,922
3,036
2,583
1,651
6,652
10,274
4,172
702
1,213
4,187
13,950
3,188
2,643
1,633
6,486
11,954
4,660
896
1,392
5,006
12,270
5,093
925
1,358
4,894
12,345
4,982
965
1,390
5,008
12,251
4,957
789
1,307
5,198
12,826
5,599
773
1,316
5,138
12,967
5,305
781
1,474
5,407
14,327
3,334
2,907
1,747
6,339
13,552
5,968
897
1,464
5,223
57
58
59
60
61
62
63
64
65
66
27,862
29,324
28,497
30,410
31,080
32,761
31,787
34,355
35,328
28,073
28,686
29,312
30,022
31,099
31,885
33,008
33,991
35,215
67
12,814
13,404
13,061
13,580
13,955
14,267
14,523
14,982
15,605
12,930
13,229
13,173
13,527
14,014
14,065
14,683
14,965
15,502
68
6,917
12,819
5,384
2,229
7,174
13,655
5,936
2,265
6,445
12,967
5,931
2,469
7,084
14,545
6,206
2,285
7,416
14,531
6,234
2,594
7,636
15,721
6,585
2,773
7,654
14,810
6,489
2,454
8,214
16,820
6,940
2,553
8,974
16,801
6,942
2,922
6,901
12,916
5,417
2,227
6,992
13,237
5,821
2,220
6,705
13,709
6,074
2,430
7,022
14,124
6,145
2,371
7,347
14,562
6,263
2,523
7,420
15,118
6,461
2,702
7,958
15,815
6,647
2,510
8,195
16,387
6,877
2,639
8,754
16,826
6,963
2,887
69
70
71
72
5,726
6,542
6,362
6,976
6,936
7,319
7,650
8,124
8,903
6,087
6,343
6,410
6,766
7,342
7,089
7,726
7,872
9,388
73
86
U.S. International Transactions
July 2007
Table 2. U.S. Trade
[Millions
Line
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
C Trade in goods, by principal end-use category, adjusted to balance-ofpayments basis, excluding military—Continued:
74 Imports of goods, balance-of-payments basis, excluding military (A-16) 589,394 668,690 749,374 803,113 876,794 918,637 1,031,784 1,226,684 1,148,231 1,167,377 1,264,307 1,477,094 1,681,780 1,861,380
75
Petroleum and products 6......................................................................
51,483 51,275 56,029 72,746 71,771 50,903
67,807 120,279 103,587 103,491 133,079 180,459 251,856 302,430
Nonpetroleum products......................................................................... 537,911 617,415 693,345 730,367 805,023 867,734 963,977 1,106,405 1,044,644 1,063,886 1,131,228 1,296,635 1,429,924 1,558,950
76
77
Foods, feeds, and beverages...................................................................
27,860 30,955 33,191 35,734 39,705 41,259
78
79
80
81
82
83
84
Agricultural............................................................................................
Coffee, cocoa, and sugai
Green coffee.............
Meat products and poultry
Vegetables, fruits, nuts, and preparations.........................................
Wine, beer, and related products
Other agricultural foods, feeds, and beverages.................................
19,929
2,431
1,382
4,261
5,560
1,944
5,733
85
86
87
Nonagricultural (fish, distilled beverages, etc.)......................................
Fish and shellfish..........
Whiskey and other alcoholic beverages............................................
7,931
5,900
1,738
88
43,602
45,978
46,642
49,687
55,832
62,144
68,096
74,937
29,482
5,039
3,575
4,166
7,632
3,254
9,391
30,509
4,484
3,069
4,320
8,245
3,628
9,832
31,703
3,712
2,534
4,502
9,135
4,163
10,191
32,777
3,258
2,350
5,297
9,191
4,500
10,531
33,435
2,306
1,356
6,046
9,415
4,692
10,976
36,041
2,436
1,369
6,017
10,073
5,353
12,162
40,767
2,889
1,613
5,715
11,322
6,024
14,817
46,495
3,115
1,869
6,860
12,619
6,258
17,643
51,321
4,238
2,502
7,476
13,877
6,940
18,790
56,349
4,893
2,830
7,467
15,236
7,834
20,919
10,223
7,702
2,189
10,750
8,117
2,300
11,899
8,914
2,618
13,201
9,909
2,948
13,207
9,754
3,067
13,646
10,027
3,288
15,065
10,945
3,712
15,649
11,210
4,043
16,775
11,944
4,380
18,588
13,203
4,931
Industrial supplies and materials............................................................ 152,233 164,914 184,519 208,889 216,694 202,460
224,117
302,197
276,114
268,078
314,499
412,934
524,527
602,539
5,534
218,583
78,179
76,879
5,607
296,590
138,491
135,771
5,312
270,802
124,876
122,114
5,232
262,846
118,803
117,656
5,826
308,673
157,115
155,712
6,691
406,243
210,899
209,514
7,310
517,217
295,790
292,445
8,098
594,441
340,112
337,394
22,121
3,259
2,270
3,920
5,943
2,133
6,865
8,834
6,642
1,826
24,270 26,682
4,078
4,118
2,986
2,491
3,936
3,776
6,466
7,390
2,368
2,793
7,422
8,606
8,921
6,734
1,845
9,052
6,663
2,045
89
90
91
92
Agricultural............................................................................................
Nonagricultural products.......................................................................
Energy products................................................................................
Fuels and lubricants 6...................................................................
93
94
95
96
97
Paper and paper base stocks............................................................
Textile supplies and related materials...............................................
Chemicals, excluding medicinals......................................................
Building materials, except metals......................................................
Other nonmetals................................................................................
8,308
7,560
18,122
10,609
10,308
8,906
8,194
21,404
12,671
11,006
12,860
8,628
25,301
12,807
12,444
10,846
8,847
26,405
15,025
13,278
10,648
10,108
28,642
16,811
14,092
11,190
10,350
28,707
17,897
14,594
11,582
10,305
29,601
21,812
15,799
13,686
11,255
33,761
21,788
17,848
12,239
10,314
34,049
21,261
17,252
11,462
10,868
33,088
22,487
18,432
11,768
10,806
36,661
24,163
20,140
13,051
12,008
42,276
32,014
23,254
13,573
12,750
51,014
34,398
25,877
14,448
12,915
53,766
34,989
28,220
98
99
100
101
102
103
104
105
106
Metals and nonmetallic products.......................................................
Steelmaking materials...................................................................
Iron and steel products..................................................................
Nonferrous metals.........................................................................
Nonmonetary gold.....................................................................
Other precious metals...............................................................
Bauxite and aluminum...............................................................
Other nonferrous metals...........................................................
Other metals and nonmetallic products.........................................
35,653
1,841
11,760
18,137
8,820
1,822
3,606
3,889
3,915
39,936
2,255
16,122
16,728
4,738
2,028
5,260
4,702
4,831
44,883
2,957
16,176
20,260
5,290
2,516
6,218
6,236
5,490
47,754
3,045
17,221
21,677
7,747
2,493
5,071
6,366
5,811
49,942
2,999
18,164
22,034
6,608
2,643
5,829
6,954
6,745
54,424
3,273
21,183
22,836
6,527
3,942
6,210
6,157
7,132
51,305
2,792
18,125
22,795
5,768
4,463
6,400
6,164
7,593
59,761
3,098
20,908
26,686
5,877
6,643
6,981
7,185
9,069
50,811
2,236
16,708
23,246
4,305
6,063
6,397
6,481
8,621
47,706
2,452
17,731
18,840
2,856
3,714
6,598
5,672
8,683
48,020
2,836
16,318
19,352
3,582
3,633
6,922
5,215
9,514
72,741
5,623
28,873
26,046
4,050
4,838
9,269
7,889
12,199
83,815
6,149
30,781
31,808
4,433
5,424
11,565
10,386
15,077
109,991
6,513
38,498
45,726
5,644
8,326
14,530
17,226
19,254
107
4,559
4,721
5,559
6,455
6,261
5,907
147,674 160,193 178,960 202,434 210,433 196,553
57,114 58,076 62,037 80,279 80,190 59,391
56,369 57,018 61,101 79,314 79,194 58,327
Capital goods, except automotive........................................................... 153,150 185,016 222,145 228,416 253,579 269,831
295,717
347,024
297,992
283,322
295,868
343,582
379,334
418,271
269,137
32,815
236,322
6,984
7,714
7,757
7,831
46,850
318,042
39,716
278,326
7,166
9,454
8,659
9,533
51,636
264,502
34,789
229,713
6,901
9,780
7,416
9,006
47,478
256,133
32,879
223,254
6,573
9,033
5,944
8,927
47,979
269,586
33,325
236,261
7,823
9,210
6,193
9,686
51,872
316,849
38,533
278,316
11,619
11,087
7,060
11,488
62,107
351,190
43,070
308,120
15,635
12,659
8,326
12,209
70,238
387,157
49,838
337,319
18,960
14,090
9,572
13,364
77,396
72,474
33,416
16,238
7,348
10,463
24,424
21,814
7,049
81,456
37,628
21,553
6,399
12,150
26,580
23,773
9,217
89,762
48,354
32,688
6,133
14,941
74,001
30,423
24,632
4,864
15,212
75,150
26,015
23,135
4,468
16,030
76,513
24,604
24,781
7,136
18,443
88,635
26,749
29,477
8,050
22,044
93,309
25,760
37,063
8,575
24,346
101,347
27,376
40,250
8,717
26,247
28,982
26,376
12,404
33,490
31,358
14,885
27,189
25,458
12,300
26,282
24,085
12,233
26,733
24,299
11,386
28,144
25,752
10,699
31,114
28,384
10,607
Automotive vehicles, parts, and engines................................................ 102,058 118,130 123,725 128,743 139,428 148,636
108
109
110
111
112
113
114
115
Machinery, except consumer-type.........................................................
Electric generating machinery, electric apparatus and parts..............
Nonelectric, including parts and attachments...................................
Oil drilling, mining, and construction machinery.............................
Industrial engines, pumps, and compressors.................................
Machine tools and metalworking machinery..................................
Measuring, testing, and control instruments..................................
Other industrial, agricultural, and service industry machinery.......
140,889 172,164 209,788 213,992 235,227 245,407
17,412 20,019 24,137 24,745 27,916 29,063
123,477 152,145 185,651 189,247 207,311 216,344
3,999
4,931
4,993
5,143
6,325
7,960
3,996
5,445
5,798
5,863
6,089
6,817
4,296
5,223
6,718
7,569
8,314
8,892
3,777
4,641
5,601
5,960
6,723
7,360
26,930 32,698 37,642 38,802 42,405 45,376
116
117
118
119
120
121
122
123
Computers, peripherals, and parts................................................
Semiconductors............................................................................
Telecommunications equipment....................................................
Other office and business machines.............................................
Scientific, hospital, and medical equipment and parts...................
38,036
19,490
11,354
5,416
6,183
Transportation equipment, except automotive.......................................
Civilian aircraft, engines, and parts...................................................
Civilian aircraft, complete, all types...............................................
12,261
11,294
3,786
46,160
26,156
14,261
6,242
6,388
12,852
11,298
3,698
56,276
39,042
15,448
6,861
7,272
12,357
10,709
3,590
61,514 70,176
36,707 36,881
12,960 14,144
6,794
7,350
7,935
8,904
14,424 18,352
12,671 16,598
4,547
3,920
178,966
195,877
189,781
203,745
210,139
228,162
239,486
256,660
125
126
127
128
129
From Canada........................................................................................
Passenger cars, new and used.........................................................
Trucks, buses, and special purpose vehicles....................................
Engines and engine parts.................................................................
Other parts and accessories.............................................................
37,323
18,272
8,725
1,916
8,410
42,208
22,158
8,660
1,966
9,424
44,361
23,920
8,974
1,831
9,636
45,890
24,139
8,787
2,562
10,402
49,291
25,125
10,183
2,841
11,142
51,354
27,315
9,157
3,353
11,529
63,842
33,790
12,830
4,128
13,094
63,953
33,932
12,154
4,235
13,632
57,865
30,560
11,074
3,446
12,785
59,747
30,996
11,091
3,590
14,070
60,650
30,517
11,051
3,829
15,253
67,676
35,625
11,368
4,317
16,366
70,758
36,078
12,888
4,352
17,440
70,281
36,601
12,609
3,978
17,093
130
131
132
133
134
From other areas...................................................................................
Passenger cars, new and used.........................................................
Trucks, buses, and special purpose vehicles....................................
Engines and engine parts.................................................................
Other parts and accessories.............................................................
64,735
34,003
2,394
6,567
21,771
75,922
38,952
2,986
8,252
25,732
79,364
39,906
3,689
9,053
26,716
82,853
41,725
4,641
9,374
27,113
90,137
47,097
5,265
9,098
28,677
97,282
52,049
5,433
9,404
30,396
115,124
62,508
7,191
10,359
35,066
131,924
75,267
6,488
11,075
39,094
131,916
76,090
8,162
10,345
37,319
143,998
82,998
8,307
11,356
41,337
149,489
83,903
8,780
12,143
44,663
160,486
86,643
9,612
13,746
50,485
168,728
87,316
9,780
15,410
56,222
186,379
98,908
11,775
16,011
59,685
Consumer goods (nonfood), except automotive.................................... 133,697 145,903 159,718 172,533 195,211 218,478
124
135
136
137
138
139
140
141
142
143
144
Consumer nondurable goods, manufactured........................................
Textile apparel and household goods, except rugs............................
Footwear of leather, rubber, and other materials...............................
Consumer durable goods, manufactured..............................................
Household and kitchen appliances and other household goods........
Toys, shooting, and sporting goods, including bicycles......................
Television and video receivers...........................................................
Radio and stereo equipment, including records, tapes, and disks.....
Unmanufactured consumer goods (gemstones, nursery stock).............
145
Imports, n.e.c., and U.S. goods returned................................................
146
147
U.S. goods returned..............................................................................
Other products, including balance of payments adjustments not
included above (minimum value shipments and miscellaneous
imports).............................................................................................
Seethefootnotesonpages108-109.
243,534
284,149
286,550
310,712
337,691
377,146
411,493
446,101
93,380 103,822
46,812 52,689
10,500 10,781
91,952 103,790
35,500 40,361
18,159 19,321
11,458 14,325
9,157 10,373
9,879 10,866
114,525
55,936
10,757
116,587
47,183
19,831
16,381
10,952
12,422
131,310
63,279
11,376
138,004
56,168
21,730
21,044
13,017
14,835
136,725
62,983
11,775
136,574
58,869
21,885
20,675
11,259
13,251
146,197
64,308
11,617
149,665
66,294
23,217
23,110
12,371
14,850
161,674
69,534
11,875
160,131
73,777
22,951
25,392
12,843
15,886
174,027
74,655
12,613
185,160
87,375
24,114
25,749
14,809
17,959
186,136
79,740
13,708
205,398
97,094
27,084
29,597
16,377
19,959
200,839
83,426
14,704
223,973
105,816
28,789
35,869
15,178
21,289
20,396 23,772 26,076 28,798 32,177 37,973
45,848
51,459
51,152
51,833
50,278
53,126
58,844
62,872
12,402
15,042
16,406
18,552
20,582
24,043
28,780
31,858
32,693
32,751
30,786
30,728
33,561
34,870
7,994
8,730
9,670
10,246
11,595
13,930
17,068
19,601
18,459
19,082
19,492
22,398
25,283
28,002
62,826
31,671
8,369
63,798
22,373
12,466
8,251
7,174
7,073
68,038
34,565
9,025
70,017
25,101
12,802
9,148
8,700
7,848
75,189
37,783
9,309
76,417
27,582
13,997
9,819
9,277
8,112
80,697
39,604
9,724
83,111
31,457
15,479
11,024
8,494
8,725
July 2007
Survey
of
87
C u r r e n t B u s in e s s
in Goods—Table Ends
of dollars]
Not seasonally adjusted
Seasonally adjusted
2005
1
II
2006
III
IV
I
II
2007
III
IV
Ie
2005
I
II
2006
III
IV
I
II
2007
III
IV
Line
Ie
C
382,558
415,076
431,312
452,834
435,242
468,288
485,730
472,120
453,631
398,781
411,592
423,638
447,769
451,637
463,734
479,184
466,825
470,983
74
49,820
332,738
59,743
355,333
70,131
361,181
72,162
380,672
67,429
367,813
81,755
386,533
87,697
398,033
65,549
406,571
65,264
388,367
53,542
345,239
57,722
353,870
66,418
357,220
74,174
373,595
73,362
378,275
78,713
385,021
82,768
396,416
67,587
399,238
70,852
400,131
75
76
16,097
17,004
16,686
18,309
18,285
18,434
18,279
19,939
19,918
16,389
16,857
17,247
17,603
18,448
18,302
18,964
19,223
20,030
77
12,399
1,107
608
1,628
3,910
1,474
4,280
13,155
1,092
743
1,919
3,642
1,800
4,702
12,300
998
587
1,845
2,825
1,823
4,809
13,467
1,041
564
2,084
3,500
1,843
4,999
14,168
1,275
675
2,026
4,496
1,641
4,730
13,975
1,203
733
1,726
3,806
2,044
5,196
13,514
1,320
734
1,719
3,133
1,967
5,375
15,456
1,225
777
1,994
5,155
1,857
5,225
12,217
992
532
1,662
3,289
1,693
4,581
12,827
1,043
696
1,928
3,505
1,687
4,664
13,015
1,057
630
1,938
3,506
1,803
4,711
13,262
1,146
644
1,948
3,577
1,757
4,834
13,854
1,149
573
2,045
3,769
1,870
5,021
13,633
1,140
677
1,748
3,660
1,927
5,158
14,340
1,387
785
1,818
3,873
1,964
5,298
14,522
1,217
795
1,856
3,934
2,073
5,442
15,067
1,080
665
2,004
4,316
2,126
5,541
78
79
80
81
82
83
84
3,698
2,621
965
3,849
2,697
1,037
4,386
3,158
1,116
4,842
3,468
1,262
4,117
2,925
1,064
4,459
3,131
1,224
4,765
3,437
1,211
14,692
1,095
688
1,996
3,801
2,182
5,618
5,247
3,710
1,432
4,462
3,155
1,208
4,172
2,959
1,101
4,030
2,873
1,042
4,232
2,997
1,123
4,341
3,115
1,114
4,594
3,269
1,198
4,669
3,329
1,235
4,624
3,269
1,238
4,701
3,336
1,260
4,963
3,504
1,360
85
86
87
114,185
127,106
136,820
146,416
140,574
158,006
165,603
138,356
137,748
118,058
123,349
133,317
149,803
146,298
153,239
160,897
142,105
143,271
88
1,861
112,324
58,893
58,315
1,838
125,268
68,610
67,918
1,669
135,151
81,163
80,047
1,942
144,474
87,124
86,165
2,071
138,503
77,940
77,155
2,073
155,933
90,734
90,161
1,924
163,679
96,796
96,015
2,030
136,326
74,642
74,063
2,184
135,564
74,365
73,677
1,832
116,226
61,968
61,388
1,760
121,589
67,035
66,256
1,750
131,567
78,185
77,219
1,968
147,835
88,602
87,582
2,001
144,297
83,119
82,332
2,002
151,237
88,294
87,615
2,032
158,865
92,436
91,787
2,063
140,042
76,263
75,660
2,096
141,175
79,491
78,795
89
90
91
92
3,380
3,102
12,404
7,995
5,955
3,366
3,293
12,643
9,152
6,492
3,326
3,172
11,938
8,771
6,639
3,501
3,183
14,029
8,480
6,791
3,464
3,156
14,314
8,699
6,547
3,605
3,359
13,574
9,738
7,130
3,745
3,246
13,235
9,089
7,294
3,634
3,154
12,643
7,463
7,249
3,465
3,125
13,766
7,081
6,442
3,436
3,181
11,902
8,505
6,234
3,370
3,138
12,267
8,516
6,329
3,275
3,156
12,203
8,372
6,486
3,492
3,275
14,642
9,005
6,828
3,521
3,215
13,662
9,237
6,817
3,617
3,207
13,238
9,090
6,947
3,695
3,246
13,614
8,738
7,154
3,615
3,247
13,252
7,924
7,302
3,520
3,189
13,154
7,496
6,706
93
94
95
96
97
20,595
1,828
8,095
7,325
958
1,222
2,823
2,322
3,347
21,712
1,574
8,185
8,107
1,011
1,235
3,251
2,610
3,846
20,142
1,320
7,149
7,801
1,102
1,362
2,829
2,508
3,872
21,366
1,427
7,352
8,575
1,362
1,605
2,662
2,946
4,012
24,383
1,473
8,780
9,942
1,430
1,839
3,322
3,351
4,188
27,793
1,584
9,472
11,697
1,539
2,025
4,049
4,084
5,040
30,274
1,812
10,611
12,620
1,390
2,226
3,779
5,225
5,231
27,541
1,644
9,635
11,467
1,285
2,236
3,380
4,566
4,795
27,320
1,450
8,678
12,636
1,960
2,715
3,481
4,480
4,556
21,000
1,965
8,284
7,281
958
1,236
2,752
2,335
3,470
20,934
1,515
7,963
7,798
1,011
1,232
2,957
2,598
3,658
19,890
1,256
7,003
7,844
1,102
1,330
2,907
2,505
3,787
21,991
1,413
7,531
8,885
1,362
1,626
2,949
2,948
4,162
24,726
1,590
8,925
9,878
1,430
1,795
3,285
3,368
4,333
26,844
1,544
9,247
11,261
1,539
2,016
3,646
4,060
4,792
29,982
1,746
10,464
12,628
1,390
2,239
3,802
5,197
5,144
28,439
1,633
9,862
11,959
1,285
2,276
3,797
4,601
4,985
27,619
1,556
8,798
12,544
1,960
2,657
3,441
4,486
4,721
98
99
100
101
102
103
104
105
106
87,299
95,986
96,672
99,377
97,809
104,478
107,518
108,466
105,364
90,859
95,150
95,486
97,839
101,085
103,550
106,707
106,929
109,357
107
80,339
9,779
70,560
3,385
3,043
1,828
2,816
16,666
88,321
10,634
77,687
4,493
3,289
2,084
3,012
18,025
90,039
11,293
78,746
3,854
3,128
2,069
3,139
17,519
92,491
11,364
81,127
3,903
3,199
2,345
3,242
18,028
90,152
11,305
78,847
4,342
3,402
2,327
3,169
18,496
96,747
12,355
84,392
5,137
3,556
2,401
3,329
20,007
100,105
13,287
86,818
4,829
3,543
2,370
3,383
19,282
100,153
12,891
87,262
4,652
3,589
2,474
3,483
19,611
96,488
12,693
83,795
4,628
3,679
2,144
3,461
19,404
83,872
10,146
73,726
3,374
3,022
1,898
2,899
16,938
88,833
11,015
77,818
3,953
3,186
2,099
3,092
17,733
90,937
11,338
79,599
4,131
3,251
2,300
3,203
18,167
93,431
11,610
81,821
4,333
3,360
2,394
3,243
18,684
95,893
12,258
83,635
4,790
3,456
2,342
3,324
19,344
99,238
13,069
86,169
4,946
3,634
2,394
3,356
19,664
98,595
12,901
85,694
4,891
3,640
2,442
3,441
19,704
100,471
13,081
87,390
4,613
3,654
2,184
3,544
19,721
108
109
110
111
112
113
114
115
21,318
6,182
7,533
1,991
5,798
22,652
6,275
9,718
2,168
5,971
24,338
6,554
9,765
2,180
6,200
25,001
6,749
10,047
2,236
6,377
23,220
6,671
9,151
2,034
6,035
24,636
6,661
9,959
2,242
6,464
26,742
7,217
10,457
2,196
6,799
26,749
6,827
10,683
2,245
6,949
25,217
6,665
10,070
1,990
6,537
22,980
6,242
8,139
2,147
6,087
87,548
10,571
76,977
4,177
3,200
2,029
3,015
17,400
23,182
6,329
9,490
2,125
6,030
23,383
6,480
9,658
2,146
6,088
23,764
6,709
9,776
2,157
6,141
24,772
6,752
9,844
2,177
6,262
25,245
6,722
9,692
2,196
6,524
25,851
7,103
10,301
2,169
6,751
25,479
6,799
10,413
2,175
6,710
27,116
6,747
10,878
2,125
6,808
116
117
118
119
120
6,960
6,350
2,746
7,665
7,068
3,294
6,633
6,030
2,280
6,886
6,304
2,379
7,657
7,034
2,830
7,731
6,952
2,651
7,413
6,763
2,326
8,313
7,635
2,800
8,876
8,187
3,353
6,987
6,376
2,746
7,602
7,006
3,294
6,653
6,050
2,280
6,902
6,320
2,379
7,654
7,031
2,830
7,657
6,878
2,651
7,469
6,819
2,326
8,334
7,656
2,800
8,886
8,197
3,353
121
122
123
56,951
60,092
57,321
65,122
63,519
66,143
59,822
67,176
63,394
57,489
58,381
60,430
63,186
63,695
64,199
63,604
65,162
63,359
124
17,102
8,839
2,709
1,182
4,372
16,896
8,333
3,298
1,034
4,231
19,175
10,475
3,491
993
4,216
18,640
10,061
3,026
1,032
4,521
16,843
8,714
2,755
1,149
4,225
16,584
7,919
3,212
1,079
4,374
18,190
9,128
3,504
1,102
4,456
19,141
10,317
3,417
1,022
4,385
18,075
9,687
3,088
990
4,310
125
126
127
128
129
44,682
23,015
2,899
3,990
14,778
45,246
23,136
2,668
3,866
15,576
40,646
21,243
2,207
3,702
13,494
41,797
21,788
2,498
3,712
13,799
42,240
21,601
2,371
3,974
14,294
44,045
22,684
2,704
4,022
14,635
45,620
24,228
2,852
3,891
14,649
46,853
24,807
2,948
4,069
15,029
17,578
8,983
3,376
951
4,268
47,584
25,506
3,021
4,053
15,004
17,503
9,149
3,231
1,101
4,022
44,879
23,510
2,715
3,931
14,723
17,877
9,296
3,212
1,065
4,304
46,322
24,367
2,954
3,998
15,003
16,751
8,635
2,933
972
4,211
45,947
24,775
2,800
3,967
14,405
17,525
9,068
3,460
919
4,078
49,651
27,831
3,143
3,977
14,700
18,148
9,653
3,148
1,135
4,212
40,425
20,093
2,341
3,903
14,088
18,976
9,874
3,400
1,141
4,561
47,167
24,552
3,018
4,113
15,484
15,140
7,598
2,723
886
3,933
39,849
20,565
2,091
3,716
13,477
17,585
8,431
3,390
1,143
4,621
42,507
21,883
2,548
3,824
14,252
45,856
23,789
2,752
3,826
15,489
130
131
132
133
134
94,372
99,786
109,140
108,195
100,005
105,682
118,877
121,537
111,625
101,896
102,962
102,334
104,301
106,690
109,125
113,158
117,128
119,013
135
44,419
18,724
3,399
45,264
21,912
5,757
5,873
3,700
4,689
46,262
18,773
3,238
48,546
23,986
5,878
6,802
3,798
4,978
50,046
23,138
3,841
53,777
25,725
7,699
7,643
4,117
5,317
45,409
19,105
3,230
57,811
25,471
7,750
9,279
4,762
4,975
46,280
18,458
3,619
48,414
24,689
5,154
6,681
3,225
5,311
48,479
19,223
3,455
51,764
25,580
5,865
8,056
3,444
5,439
55,305
24,805
4,095
58,345
27,778
8,046
9,500
3,614
5,227
50,775
20,940
3,535
65,450
27,769
9,724
11,632
4,895
5,312
52,073
20,156
3,881
53,880
26,137
6,955
8,116
3,205
5,672
46,423
20,066
3,350
50,814
23,581
7,110
7,120
4,231
4,659
47,472
20,125
3,399
50,533
24,050
6,788
7,152
3,929
4,957
45,503
19,638
3,441
51,632
24,528
6,791
7,420
4,114
5,199
46,738
19,911
3,518
52,419
24,935
6,395
7,905
4,103
5,144
47,675
19,530
3,538
53,761
26,145
6,407
8,093
3,704
5,254
49,627
20,565
3,628
54,130
25,665
6,853
8,567
3,625
5,368
51,267
21,484
3,684
56,716
26,774
7,209
9,363
3,719
5,175
52,270
21,847
3,854
59,366
27,232
8,320
9,846
4,130
5,492
53,751
21,434
3,790
59,642
27,510
8,514
9,763
3,638
5,620
136
137
138
139
140
141
142
143
144
13,654
15,102
14,673
15,415
15,050
15,545
15,631
16,646
15,582
14,090
14,893
14,824
15,037
15,421
15,319
15,854
16,278
15,953
145
7,795
8,718
8,389
8,659
8,409
8,473
8,556
9,432
8,800
7,999
8,593
8,550
8,419
8,533
8,338
8,771
9,228
8,906
146
5,859
6,384
6,284
6,756
6,641
7,072
7,075
7,214
6,782
6,091
6,300
6,274
6,618
6,888
6,981
7,083
7,050
7,047
147
88
U.S. International Transactions
July 2007
Table 3. Private
[Millions
Not seasonally adjusted
2004
Line
1 Exports of private services.................................................................................................................
2005
2006
2005
I
II
III
IV
332,994
367,813
404,327
87,227
88,736
95,216
96,634
2
3
4
5
6
Travel (table 1, line 6 ).....................................................................................................................
Passenger fares (table 1, line 7)......................................................................................................
Other transportation (table 1, line 8 )...............................................................................................
Freight........................................................................................................................................
Port services..................
74,546
18,851
36,957
15,479
21,478
81,799
20,970
41,334
16,470
24,865
85,694
22,187
46,297
17,266
29,031
17,782
4,669
9,476
3,957
5,519
21,420
5,112
10,224
4,131
6,093
23,547
5,946
10,428
4,036
6,392
19,050
5,242
11,206
4,346
6,861
7
8
9
10
11
12
13
Royalties and license fees (table 1, line 9)......................................................................................
Affiliated.........................
U.S. parents’ receipts..
U.S. affiliates’ receipts.
Unaffiliated.....................
Industrial processes '.
Other2...................................................................................................................................
54,490
40,848
37,174
3,675
13,642
5,657
7,984
59,409
43,880
39,758
4,123
15,528
6,733
8,795
62,378
44,477
39,340
5,137
17,901
7,510
10,390
14,189
10,510
9,780
730
3,679
1,740
1,939
14,357
10,650
9,792
858
3,707
1,595
2,112
14,441
10,600
9,861
739
3,841
1,726
2,115
16,422
12,121
10,325
1,796
4,301
1,672
2,629
14
15
16
17
18
19
20
21
22
23
24
Other private services (table 1, line 10)
Affiliated services...........
U.S. parents’ receipts..
U.S. affiliates’ receipts.
Unaffiliated services.......
Education...............................................................................................................................
Financial services
Insurance services
Telecommunications
Business, professional, and technical services.......................................................................
Other unaffiliated services 3....................................................................................................
148,149
44,943
27,309
17,634
103,206
13,634
27,766
7,314
4,651
34,546
15,295
164,301
50,108
29,850
20,259
114,193
14,076
31,039
7,787
5,231
41,874
14,187
187,771
57,638
32,551
25,088
130,133
14,570
37,114
9,276
6,257
47,400
15,515
41,112
11,702
7,183
4,518
29,410
5,783
7,313
1,845
1,183
9,453
3,833
37,622
11,599
7,081
4,518
26,023
1,740
7,228
1,771
1,344
10,290
3,651
40,853
11,806
7,033
4,773
29,047
3,908
7,870
2,098
1,365
10,565
3,241
44,714
15,001
8,552
6,449
29,713
2,645
8,628
2,073
1,339
11,566
3,462
259,170
281,607
307,770
63,927
72,265
74,155
71,261
26
27
28
29
30
Travel (table 1, line 23).......
Passenger fares (table 1, line 24)....................................................................................................
Other transportation (table 1, line 25)
Freight........................................................................................................................................
Port services..............................................................................................................................
65,750
24,718
54,161
39,225
14,936
68,970
26,149
61,929
43,920
18,009
72,029
27,503
65,282
45,700
19,582
14,713
5,799
14,963
10,836
4,127
19,815
7,022
15,377
10,897
4,480
19,590
7,102
15,436
10,767
4,669
14,852
6,226
16,153
11,420
4,733
31
32
33
34
35
36
37
Royalties and license fees (table 1, line 26)....................................................................................
Affiliated.....................................................................................................................................
U.S. parents’ payments
U.S. affiliates' payments
Unaffiliated.........
Industrial processes 1
Other2...........
23,274
17,881
2,620
15,261
5,393
2,881
2,513
24,632
20,373
3,055
17,318
4,260
2,834
1,428
26,432
20,963
2,260
18,703
5,469
3,017
2,453
5,648
4,565
736
3,829
1,083
757
326
5,791
4,702
755
3,947
1,089
733
357
6,409
5,322
788
4,534
1,087
727
361
6,784
5,784
777
5,007
1,001
617
384
38
39
40
41
42
43
44
45
46
47
48
Other private services (table 1, line 27)..........................................................................................
Affiliated services.......................................................................................................................
U.S. parents’ payments
U.S. affiliates’ payments
Unaffiliated services.......
Education..................
Financial services...................................................................................................................
Insurance services..................................................................................................................
Telecommunications................................................................................................................
Business, professional, and technical services.......................................................................
Other unaffiliated services 3....................................................................................................
91,267
33,861
21,405
12,457
57,406
3,543
5,486
29,090
4,602
13,640
1,050
99,927
39,847
22,977
16,870
60,080
3,962
6,720
28,540
4,527
14,824
1,508
116,524
48,201
26,026
22,175
68,323
4,403
8,497
33,582
4,557
15,845
1,441
22,804
8,855
5,400
3,455
13,949
744
1,552
6,666
1,100
3,589
299
24,260
9,555
5,634
3,920
14,705
993
1,676
6,717
1,151
3,795
374
25,618
9,799
5,636
4,163
15,819
1,308
1,735
7,579
1,179
3,623
394
27,245
11,638
6,306
5,332
15,607
917
1,757
7,578
1,097
3,817
441
25 Imports of private services.
Supplemental detail on insurance transactions:
49 Premiums received 4..........................................................................................................................
50 Actual losses paid..............................................................................................................................
19,836
10,649
21,277
14,067
23,252
10,928
4,899
3,387
4,405
3,613
6,012
3,630
5,961
3,437
51 Premiums paid 4.................................................................................................................................
52 Actual losses recovered.....................................................................................................................
66,683
31,967
65,695
42,173
65,280
29,324
16,469
6,628
15,751
6,620
17,032
22,078
16,443
6,847
-669,578
73,824
-595,755
-787,149
86,206
-700,943
-838,271
96,558
-741,714
-170,303
23,301
-147,002
-187,551
16,471
-171,080
-211,744
21,060
-190,684
-217,551
25,374
-192,177
Memoranda:
53 Balance on goods (table 1, line 72).....................................................................................................
54 Balance on private services (line 1 minus line 25)..............................................................................
55 Balance on goods and private services (lines 53 and 54)...................................................................
Seethefootnotesonpages108-109.
July 2007
Survey
of
89
C u r r e n t B u s in e s s
Services Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
2006
2005
Ip
I
II
III
107,615
105,707
89,265
90,774
20,853
5,698
11,837
4,501
7,336
19,928
5,545
11,628
4,292
7,336
19,930
4,849
9,924
4,036
5,888
20,926
5,227
10,250
4,085
6,165
15,514
11,068
9,764
1,305
4,446
1,800
2,646
17,536
12,178
10,613
1,565
5,358
2,184
3,173
15,887
10,681
9,618
1,063
5,206
2,195
3,010
14,783
11,021
10,019
1,002
3,762
1,740
2,022
46,090
13,660
7,791
5,869
32,430
4,066
8,395
2,239
1,792
12,092
3,846
51,691
16,758
9,361
7,397
34,933
2,695
10,675
2,366
1,712
13,063
4,422
52,719
14,649
8,651
5,998
38,070
6,176
10,302
2,757
1,820
12,568
4,446
79,606
80,118
77,662
20,596
7,528
16,531
11,430
5,101
20,549
7,257
17,037
11,785
5,252
15,951
6,542
16,243
11,480
4,763
6,398
4,697
563
4,134
1,701
786
915
6,135
4,814
552
4,262
1,321
708
614
6,092
4,810
553
4,258
1,282
741
542
27,407
11,551
5,938
5,612
15,856
829
1,884
8,015
1,068
3,673
388
28,816
11,834
6,594
5,240
16,982
1,107
2,133
8,333
1,192
3,866
351
5,995
3,104
1
II
III
95,292
97,824
103,596
18,785
5,223
10,866
4,060
6,806
22,050
5,233
11,640
4,300
7,340
24,006
6,032
11,954
4,405
7,549
14,277
10,168
9,156
1,012
4,109
1,814
2,295
15,051
11,063
9,807
1,256
3,988
1,712
2,276
46,141
13,156
7,521
5,635
32,985
6,009
9,263
2,330
1,354
10,592
3,437
43,850
14,065
7,878
6,187
29,785
1,800
8,781
2,341
1,399
11,653
3,810
70,384
14,933
6,176
15,471
11,005
4,466
2007
2006
II
III
2007
IV
Line
IV
I
92,150
95,623
96,948
99,643
101,187
106,549
108,068
1
20,411
5,546
10,234
4,057
6,177
20,532
5,347
10,926
4,292
6,635
20,845
5,397
11,038
4,149
6,889
21,212
5,328
11,754
4,252
7,502
21,527
5,696
11,716
4,422
7,294
22,110
5,765
11,789
4,443
7,346
22,536
5,731
11,858
4,385
7,473
2
3
4
5
6
14,568
10,778
9,788
990
3,790
1,595
2,195
14,836
10,910
10,101
809
3,925
1,726
2,199
15,222
11,171
9,850
1,321
4,051
1,672
2,379
14,923
10,714
9,396
1,318
4,209
1,814
2,395
15,196
11,107
9,809
1,299
4,088
1,712
2,376
15,815
11,269
9,989
1,280
4,546
1,800
2,746
16,444
11,386
10,145
1,241
5,058
2,184
2,873
16,762
11,440
10,180
1,260
5,322
2,195
3,126
7
8
9
10
11
12
13
39,779
12,343
7,514
4,830
27,436
3,475
7,313
1,845
1,183
9,701
3,919
39,803
11,917
7,232
4,685
27,886
3,499
7,228
1,771
1,344
10,377
3,667
41,123
12,452
7,400
5,052
28,671
3,532
7,870
2,098
1,365
10,631
3,174
43,596
13,396
7,703
5,693
30,200
3,570
8,628
2,073
1,339
11,163
3,427
44,745
13,819
7,839
5,980
30,926
3,607
9,263
2,330
1,354
10,858
3,514
46,153
14,438
8,065
6,373
31,715
3,637
8,781
2,341
1,399
11,732
3,826
46,433
14,453
8,214
6,239
31,980
3,656
8,395
2,239
1,792
12,115
3,783
50,441
14,929
8,433
6,496
35,512
3,671
10,675
2,366
1,712
12,695
4,393
51,181
15,340
8,702
6,638
35,841
3,702
10,302
2,757
1,820
12,735
4,525
14
15
16
17
18
19
20
21
22
23
24
74,701
68,057
69,522
70,847
73,182
74,989
76,666
76,979
79,136
79,792
25
15,777
6,484
15,317
10,820
4,497
17,188
6,257
15,398
11,116
4,282
17,508
6,421
15,243
10,796
4,447
17,156
6,745
15,148
10,569
4,579
17,118
6,726
16,140
11,439
4,701
17,582
6,748
16,025
11,227
4,798
18,077
6,927
16,401
11,346
5,055
18,015
6,889
16,491
11,515
4,976
18,355
6,939
16,365
11,612
4,753
18,393
7,159
16,218
11,419
4,799
26
27
28
29
30
7,808
6,643
593
6,049
1,165
782
382
6,333
5,129
615
4,513
1,204
784
419
5,976
4,893
736
4,157
1,083
757
326
6,142
5,053
755
4,298
1,089
733
357
6,283
5,197
788
4,409
1,087
727
361
6,231
5,230
777
4,454
1,001
617
384
6,767
5,066
563
4,503
1,701
786
915
6,532
5,211
552
4,660
1,321
708
614
6,497
5,216
553
4,663
1,282
741
542
6,636
5,471
593
4,877
1,165
782
382
6,737
5,533
615
4,918
1,204
784
419
31
32
33
34
35
36
37
29,183
11,603
6,327
5,276
17,580
1,459
2,115
8,600
1,135
3,883
388
31,118
13,213
7,167
6,046
17,905
1,008
2,365
8,634
1,162
4,423
314
30,790
12,602
6,684
5,918
18,188
910
2,416
8,776
1,178
4,591
319
23,238
9,082
5,627
3,455
14,156
950
1,552
6,666
1,100
3,589
299
24,208
9,518
5,598
3,920
14,690
978
1,676
6,717
1,151
3,795
374
25,515
10,007
5,843
4,163
15,508
998
1,735
7,579
1,179
3,623
394
26,967
11,241
5,909
5,332
15,726
1,036
1,757
7,578
1,097
3,817
441
27,867
11,774
6,162
5,612
16,093
1,066
1,884
8,015
1,068
3,673
388
28,728
11,768
6,529
5,240
16,960
1,085
2,133
8,333
1,192
3,866
351
29,087
11,870
6,593
5,276
17,217
1,097
2,115
8,600
1,135
3,883
388
30,841
12,789
6,743
6,046
18,052
1,155
2,365
8,634
1,162
4,423
314
31,285
12,829
6,911
5,918
18,456
1,178
2,416
8,776
1,178
4,591
319
38
39
40
41
42
43
44
45
46
47
48
5,937
2,780
5,415
2,558
5,905
2,486
5,984
2,556
4,899
3,387
4,405
3,613
6,012
3,630
5,961
3,437
5,995
3,104
5,937
2,780
5,415
2,558
5,905
2,486
5,984
2,556
49
50
16,140
7,041
16,348
7,246
16,522
7,436
16,270
7,601
16,379
7,738
16,469
6,628
15,751
6,620
17,032
22,078
16,443
6,847
16,140
7,041
16,348
7,246
16,522
7,436
16,270
7,601
16,379
7,738
51
52
-193,223
24,908
-168,316
-209,750
18,219
-191,531
-231,671
23,478
-208,193
-203,627
29,953
-173,674
-185,752
31,006
-154,746
-184,390
21,209
-163,181
-188,524
21,253
-167,271
-199,318
21,303
-178,015
-214,917
22,441
-192,476
-207,757
21,959
-185,799
-211,276
22,977
-188,299
-218,899
24,208
-194,691
-200,339
27,414
-172,925
-200,867
28,276
-172,591
53
54
55
IV
Ip
90
U.S. International Transactions
July 2007
Table 4. U.S. Official Reserve Assets and Foreign Official Assets in the United States
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets or increase in foreign assets.
2004
Debits increase in U.S. assets or decrease in foreign assets.)
2005
2006
2005
I
A1 U.S. official reserve assets, net (table 1, line 41)................................................
2
Gold (table 1, line 42)......................................................................................
3
Special drawing rights (table 1, line 43)..........................................................
4
Reserve position in the International Monetary Fund (table 1, line 44)............
5
Foreign currencies (table 1, line 45)................................................................
2007
II
III
IV
I
II
III
IV
Ip
Amounts
outstanding
March 31,
2007
14,096
0
4,511
10,200
-615
2,374
0
-223
3,331
-734
5,331
0
1,713
3,763
-145
-797
0
-97
-564
-136
4,766
0
2,976
1,951
-161
4,796
0
-81
5,050
-173
513
0
-67
729
-149
-560
0
-51
-351
-158
1,006
0
-54
1,275
-215
1,415
0
-51
1,678
-212
-72
0
-43
212
-241
228,280
173,047
8,948
4,846
41,439
B1 Foreign official assets in the United States, net (table 1, line 56)..................... 397,755 259,268
By instrument:
2
U.S. Treasury securities (table 1, line 58)........................................................ 273,279 112,841
3
Bills and certificates....................................................................................
17,440 -43,336
4
Bonds and notes, marketable...................................................................... 256,821 156,859
5
Bonds and notes, nonmarketable................................................................
-982
-682
6
Other U.S. Government securities (table 1, line 59).........................................
41,662 100,493
7
Other U.S. Government liabilities (table 1, line 60)..........................................
-134
-421
8
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 61)
69,245
26,260
9
Banks’ liabilities for own account1..............................................................
27,779
25,468
10
Repurchase agreements.........................................................................
23,910
5,505
11
Deposits and brokerage balances 2........................................................
2,405
18,813
12
Other liabilities.........................................................................................
1,464
1,150
13
Banks’ customers’ liabilities 1......................................................................
41,466
792
14
Negotiable certificates of deposit and other short-term instruments........
42,209
1,373
15
Other liabilities.........................................................................................
-743
-581
16
Other foreign official assets (table 1, line 62)..................................................
13,703
20,095
440,264
25,052
81,292
54,736
98,188
125,257
120,861
108,799
85,347
147,834
2,925,148
189,181
15,999
23,768
-9,354 -30,933
-25,031
214,133
25,322
55,451
79
31
-750
191,553
22,941
18,905
3,133
-698
120
22,040 -15,814
34,219
41,830
1,223
15,569
22,903
-2,904
6,883
6,824
14,745
6,305
4,182 -2,178
1,862
-19,790 -17,037
18,650
-18,767 -15,702
14,483
4,167
-1,023
-1,335
34,357
2,624
4,280
19,412
-9,543
28,937
18
25,993
440
1,994
8,471
7,383
-32
1,120
-6,477
-2,926
-3,551
6,897
53,662
65,124
24,262
52,746
47,049
6,494
13,270 -27,462
-8,224
-2,615
47,149
51,835
51,705
60,950
49,643
19
19
19
21
20
32,654
47,214
41,364
47,749
55,226
-283
26
824
1,154
1,129
5,861
2,394 42,533 -7,221 -15,666
205
25,839
20,086
4,839 -8,934
-5,857
24,477
17,118 -8,539 -10,153
5,716
583
5,673
8,513
-24
346
779 -2,705
4,865
1,243
5,656 -23,445
22,447 -12,060
-6,732
5,518 -22,321
22,405 -12,306
-6,545
138 -1,124
42
246
-187
6,294
10,499
11,878
6,894
5,086
40,197
22,099
18,078
20
66,056
467
29,445
29,447
34,046
939
-5,538
-2
80
-82
11,669
1,565,809
198,931
1,365,831
1,047
651,637
19,466
326,132
220,261
152,031
61,110
7,120
105,871
105,851
20
362,104
2,310
34
-1,789
65,952
-3,195
-8,576
15,525
482
6,723
70,160
5,064
234
16,447
639
21,291
105,462
1,890
2,105
499,779
8,115
199,460
2,157,648
16,038
44,108
17
18
19
20
21
22
By area:
Europe.............................................................................................................
Canada...............................
Latin America and Caribbean
Asia...................................
Africa.................................
Other...............................................................................................................
See the footnotes on pages 108-109.
2,805
0
-398
3,826
-623
2006
44,189
1,669
24,517
316,984
1,174
9,222
24,948
88,407
293
-965
5,667
36,764
225,630 311,178
5,528
-1,851
-2,798
6,731
-8,053
-665
-728
33,149
2,732
-1,383
15,166
442
1,461
56,369
927
6,927
39,306
229
8,192
75,754
-1,443
3,219
12,237
-417
12,216
89,860
2,737
4,228
7,241
-422
9,021
97,213
176
-4,430
29,623
-355
7,335
48,351
-3,321
3,714
July 2007
Survey
of
91
C u r r e n t B u s in e s s
Table 5. Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2004
2005
2006
2005
II
I
A1 U.S. Government grants and transactions increasing Government assets, total.....................
2007
2006
III
IV
I
II
III
IV
Ip
27,298
35,443
31,836
10,072
6,591
8,147
10,633
8,400
8,094
8,343
6,998
10,700
24,294
23,634
6,634
17,002
35,381
33,039
9,642
23,397
28,853
27,142
2,787
24,355
11,581
9,403
3,958
5,445
5,994
5,893
551
5,342
7,691
7,653
667
6,986
10,115
10,090
4,466
5,625
6,891
5,671
545
5,126
7,713
7,226
456
6,770
7,743
7,741
659
7,082
6,505
6,504
1,126
5,377
10,102
10,101
3,573
6,529
7
Grants, net...................................................................................................................................
U.S. Government current grants, net (table 1, line 36, with sign reversed)...............................
Financing military purchases 1.............................................................................................
Other grants........................................................................................................................
Cash contributions received from coalition partners for Persian Gulf operations..................
Debt forgiveness (table 1, part of line 39, with sign reversed)..................................................
658
2,342
1,711
2,178
101
39
24
1,220
487
2
2
0
8
9
10
11
12
Credits and other long-term assets (table 1, line 47, with sign reversed).....................................
Capital subscriptions and contributions to international financial institutions, excluding IMF....
Credits repayable in U.S. dollars..............................................................................................
Credits repayable in other than U.S. dollars.............................................................................
Other long-term assets...........................................................................................................
3,044
1,993
1,051
0
0
2,255
1,263
989
2
0
2,992
2,024
968
0
0
519
363
156
0
0
708
355
353
0
0
518
294
222
2
0
509
252
257
0
0
1,517
1,302
215
0
0
376
162
214
0
0
592
336
256
0
0
507
224
284
0
0
529
284
245
0
0
13
14
-38
1
-2,191
2
-9
0
-2,027
0
-111
0
-62
2
9
0
—8
0
6
0
8
0
-15
0
69
0
0
0
1
0
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20
21
22
23
24
25
26
Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed)..........
Foreign currency holdings (excluding administrative cash holdings), n e t................................
Receipts from:
Sales of agricultural commodities....................................................................................
Interest............................................................................................................................
Repayments of principal..................................................................................................
Reverse grants................................................................................................................
Other sources.................................................................................................................
Less currencies disbursed for:
Grants and credits in the recipient’s currency..................................................................
Other grants and credits..................................................................................................
Other U.S. Government expenditures..............................................................................
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act, net................................
Assets financing military sales contracts, n e t2........................................................................
Other short-term assets (including changes in administrative cash holdings), net...................
0
0
0
-29
0
0
-11
0
0
0
-2,184
0
0
-10
0
0
0
50
0
0
-59
0
0
0
-2,017
0
0
-10
0
0
0
-86
0
0
-25
0
0
0
-78
0
0
15
0
0
0
-2
0
0
11
0
0
0
7
0
0
-16
0
0
0
9
0
0
-3
0
0
0
7
0
0
1
0
0
0
27
0
0
-42
0
0
0
4
0
0
65
27
28
29
30
31
32
33
34
35
Capital subscriptions and contributions to international financial institutions, excluding IMF........
Under Agricultural Trade Development and Assistance Act and related programs.......................
Under Foreign Assistance Act and related programs...................................................................
Under Export-lmport Bank Act.....................................................................................................
Under Commodity Credit Corporation Charter A ct......................................................................
Under other grant and credit programs........................................................................................
Other foreign currency assets acquired (lines A16, A17, and A19).............................................
Less foreign currencies used by U.S. Government other than for grants or credits (line A22)......
Other (including changes in administrative cash holdings), net...................................................
1,993
1,140
22,457
273
133
1,313
1
0
-11
1,264
1,468
30,885
446
5
1,383
2
0
-10
2,024
1,384
25,362
1,690
7
1,427
0
0
-59
363
370
8,927
131
2
289
0
0
-10
355
368
5,457
79
4
352
0
0
-25
294
267
7,046
175
5
345
2
0
15
252
464
9,455
61
-6
397
0
0
11
1,302
400
5,223
1,201
3
287
0
0
-16
162
413
6,727
398
2
396
0
0
-3
336
301
7,318
51
0
336
0
0
1
224
270
6,095
41
2
409
0
0
-42
284
306
9,575
18
100
353
0
0
65
36
37
38
39
40
41
42
43
44
Estimated transactions involving no direct dollar outflow from the United States.........................
Expenditures on U.S. goods.....................................................................................................
Expenditures on U.S. services4 .............................................................................................
Financing of military sales contracts by U.S. Government5 (line C6)......................................
By long-term credits............................................................................................................
By short-term credits 1........................................................................................................
By grants 1..........................................................................................................................
U.S. Government grants and credits to repay prior U.S. Government credits 14......................
U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other
assets..................................................................................................................................
Increase in liabilities associated with U.S. Government grants and transactions increasing
Government assets (including changes in retained accounts)7 (line C11 )..........................
Less receipts on short-term U.S. Government assets (a) financing military sales contracts '
(b) financing repayment of private credits and other assets, and (c) financing expenditures
on U.S. goods......................................................................................................................
Less foreign currencies used by U.S. Government other than for grants or credits (line A22)
Estimated dollar payments to foreign countries and international financial institutions.................
18,193
7,632
7,053
3,221
124
0
3,098
201
23,789
11,064
9,404
2,906
239
0
2,667
2,482
18,477
4,305
9,639
2,617
439
0
2,178
1,865
7,386
4,075
2,202
944
47
0
897
2,182
3,816
856
2,150
630
87
0
543
156
4,795
1,310
2,822
662
0
0
662
76
7,791
4,823
2,230
670
105
0
565
68
4,835
870
2,074
582
58
0
524
1,302
4,734
997
2,663
557
112
0
445
508
4,701
1,092
2,822
756
103
0
653
24
4,207
1,347
2,080
722
166
0
556
31
7,112
3,943
2,575
548
51
0
497
42
149
-16
62
14
26
-63
8
10
10
11
32
8
0
0
0
0
0
0
0
0
0
0
0
0
63
0
9,105
2,051
0
11,654
11
0
13,359
2,031
0
2,686
1
0
2,775
11
0
3,352
9
0
2,842
3
0
3,565
1
0
3,361
3
0
3,642
4
0
2,791
4
0
3,588
B1 Repayments on U.S. Government long-term assets, total (table 1, line 48)...............................
2
Receipts of principal on U.S. Government credits........................................................................
3
Under Agricultural Trade Development and Assistance Act and related programs...................
4
Under Foreign Assistance Act and related programs...............................................................
Under Export-lmport Bank Act................................................................................................
5
6
Under Commodity Credit Corporation Charter A ct..................................................................
7
Under other credit programs...................................................................................................
Receipts on other long-term assets.............................................................................................
8
4,716
5,604
8,329
1,083
1,586
1,957
977
2,558
2,147
2,170
1,454
1,064
4,716
488
2,309
1,446
390
83
5,604
629
1,273
1,509
1,918
275
8,329
694
1,759
3,784
1,849
244
2,558
145
556
1,791
59
7
0
1,064
136
503
276
148
0
2,170
140
364
311
1,118
237
0
1,453
261
365
231
597
(*)
3,133
1,957
168
358
383
867
180
0
2,147
148
473
1,451
75
(*)
-421
1,586
140
273
362
811
0
0
977
267
237
318
71
84
(*)
-134
1,083
54
404
445
170
11
0
-698
120
440
26
824
1,154
(*)
(*)
1,129
467
By category
2
3
4
5
fi
15
16
17
18
19
By program
By disposition 3
45
46
47
4tt
C1 U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 60).......
Associated with military sales contracts2....................................................................................
2
3
U.S. Government cash receipts from foreign governments (including principal repayments on
credits financing military sales contracts), net of refunds 1..................................................
4
Less U.S. Government receipts from principal repayments.....................................................
5
Less U.S. Treasury securities issued in connection with prepayments for military purchases in
the United States.................................................................................................................
6
Plus financing of military sales contracts by U.S. Government5 (line A39).............................
7
By long-term credits............................................................................................................
8
By short-term credits 1........................................................................................................
By
grants' ..........................................................................................................................
9
10
Less transfers of goods and services (including transfers financed by grants for military
purchases, and by credits)12 (table 1, line 5 ).....................................................................
11
Associated with U.S. Government grants and transactions increasing Government assets
(including changes in retained accounts)7 (line A45)..............................................................
12
Associated with other liabilities....................................................................................................
13
Sales of nuclear material by Department of Energy/U.S. Enrichment Corporation 8................
14
Sales of space launch and other services by National Aeronautics and Space Administration
15
Other sales and miscellaneous operations..............................................................................
Seethefootnotesonpages108-109.
(*)
-283
(*)
(*)
0
-133
-419
3,120
-692
121
433
-282
30
825
1,145
1,120
457
13,965
991
17,436
825
18,837
929
3,749
268
4,450
179
5,369
168
3,868
210
4,502
231
4,771
315
4,682
192
4,881
191
5,151
303
548
3,221
124
0
3,098
397
2,906
239
0
2,667
292
2,617
439
0
2,178
298
944
47
0
897
0
630
87
0
543
100
662
0
0
662
0
670
105
0
565
292
582
58
0
524
0
557
112
0
445
0
756
103
0
653
0
722
166
0
556
497
548
51
0
497
15,780
19,538
17,112
4,819
4,780
5,330
4,609
4,531
4,188
4,102
4,291
4,442
0
-2
0
-1
0
14
0
-6
0
-1
0
7
0
-1
0
-3
0
-1
0
9
0
9
0
10
-1
-1
-1
0
1
13
0
-6
0
-1
0
7
-1
(*)
(*)
-4
0
-1
(*)
9
(*)
9
0
10
92
U.S. International Transactions
July 2007
Table 6. Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
(Credits +; debits - ) 1
2004
2005
2006
2005
I
II
310,224
62,495
66,735
68,210
71,906
304,476
84,382
220,093
201,349
18,744
5,748
9,908
-4,159
291,480
59,243
29,271
31,791
100,387
70,788
285,732
57,640
28,802
32,285
99,309
67,696
5,748
1,603
469
-493
1,078
3,092
60,947
28,018
32,930
27,775
5,155
1,547
2,377
-830
57,340
11,073
5,811
7,514
20,450
12,492
55,792
10,736
5,699
7,647
19,997
11,714
1,547
337
113
-133
453
778
65,212
36,934
28,278
23,210
5,068
1,524
2,358
-835
61,667
13,370
6,761
7,654
20,573
13,309
60,144
12,984
6,646
7,726
20,287
12,502
1,524
386
115
-72
286
807
66,625
87,639
-21,014
-25,987
4,973
1,586
2,454
-869
63,237
12,615
5,942
7,390
21,628
15,661
61,652
12,199
5,842
7,444
21,325
14,842
1,586
417
100
-54
303
819
70,395
130,989
-60,595
-65,473
4,878
1,511
2,484
-972
67,028
12,079
7,428
7,514
23,267
16,740
65,517
11,681
7,293
7,591
23,012
15,940
1,511
398
136
-78
255
800
-235,358
-27,721
-44,029
20,584
58,828
-30,247
-76,234
45,987
-220,093
14,983
-6,368
21,351
-216,614
-60,022
-22,703
-20,633
-73,929
-39,328
-30,247
-15,354
-1,141
-8,675
-10,054
4,977
-201,349
-44,841
-23,104
-19,149
-72,194
-42,061
14,983
174
1,542
7,191
8,320
-2,244
-11,080
-18,400
7,320
-32,930
16,289
8,337
7,952
-22,566
-14,170
-4,037
-551
4,433
-8,242
-11,080
-7,162
-599
-4,171
-233
1,085
-27,775
-6,986
-3,911
-5,338
-2,577
-8,962
16,289
-21
474
8,958
7,243
-364
-12,891
-17,727
4,837
-28,278
-2,861
1,236
-4,096
-38,961
-15,212
-3,877
-19,384
8,383
-8,872
-12,891
-6,673
-135
-1,023
-407
-4,653
-23,210
-8,666
-4,061
-4,966
-703
-4,813
-2,861
127
320
-13,395
9,494
593
-2,546
-12,250
9,704
21,014
2,116
1,051
1,065
25,557
-2,213
-7,244
-1,293
49,589
-13,282
-2,546
-263
-68
-1,972
-340
98
25,987
-768
-3,015
-3,700
44,050
-10,580
2,116
-1,182
-4,162
4,380
5,879
-2,800
-16,926
-28,380
11,454
60,595
15,159
13,735
1,424
63,706
-5,043
-360
9,650
69,764
-10,305
-16,926
-4,931
-370
-53
-3,329
-8,244
65,473
2,960
-292
3,151
64,827
-5,174
15,159
-3,073
302
6,552
8,265
3,113
37,079
9,044
9,038
9,073
9,548
39,340
-2,260
9,780
-736
9,792
-755
9,861
-788
10,325
-777
III
IV
U.S. direct investment abroad:
1 Income (table 1, line 14).............................................................................................................................................
239,008
269,346
2
Earnings..............................................................................................................................................................
3
Distributed earnings........................................................................................................................................
4
Reinvested earnings...........................................
5
Reinvested earnings without current-cost adjustment
6
Current-cost adjustment..................................
/
Interest...................................................................
8
U.S. parents’ receipts.........................................
9
U.S. parents’ payments.......................................
10 Income without current-cost adjustment......................
11
Manufacturing..................................................................................................................................................
12
Wholesale trade..............................................................................................................................................
13
Finance (including depository institutions) and insurance................................................................................
14
Holding companies, except bank holding companies.......................................................................................
1b
Other...............................................................................................................................................................
16
Earnings without current-cost adjustment (line 2 less line 6 )...............................................................................
17
Manufacturing..................................................................................................................................................
18
Wholesale trade..............................................................................................................................................
19
Finance (including depository institutions) and insurance................................................................................
20
Holding companies, except bank holding companies.......................................................................................
21
Other...............................................................................................................................................................
22
Interest................................................................................................................................................................
23
Manufacturing..................................................................................................................................................
24
Wholesale trade..............................................................................................................................................
25
Finance (including depository institutions) and insurance 1.............................................................................
26
Holding companies, except bank holding companies.......................................................................................
2/
Other...............................................................................................................................................................
232,598
66,938
165,660
144,541
21,119
6,410
9,174
-2,765
217,889
46,577
23,808
26,890
72,382
48,232
211,479
45,335
23,362
27,046
70,692
45,045
6,410
1,242
446
-155
1,690
3,187
263,178
283,580
-20,401
-40,475
20,074
6,168
9,673
-3,505
249,272
49,137
25,943
30,072
85,918
58,202
243,104
47,600
25,479
30,408
84,620
54,998
6,168
1,537
464
-336
1,298
3,204
28 Capital (table 1, line 51 ).............................................................................................................................................
29
Equity capital.......................................................................................................................................................
30
Increases in equity capital...............................................................................................................................
31
Decreases in equity capital..............................................................................................................................
32
Reinvested earnings (line 4 with sign reversed)...................................................................................................
Intercompany debt...............................................................................................................................................
33
34
U.S. parents’ receivables.................................................................................................................................
35
U.S. parents’ payables.....................................................................................................................................
36 Capital without current-cost adjustment..................................................................................................................
37
Manufacturing..................................................................................................................................................
38
Wholesale trade..............................................................................................................................................
39
Finance (including depository institutions) and insurance................................................................................
40
Holding companies, except bank holding companies.......................................................................................
41
Other...............................................................................................................................................................
42
Equity capital.......................................................................................................................................................
Manufacturing..................................................................................................................................................
43
44
Wholesale trade..............................................................................................................................................
Finance (including depository institutions) and insurance................................................................................
45
46
Holding companies, except bank holding companies.......................................................................................
4/
Other...............................................................................................................................................................
48
Reinvested earnings without current-cost adjustment (line 5 with sign reversed)................................................
49
Manufacturing..................................................................................................................................................
50
Wholesale trade..............................................................................................................................................
51
Finance (including depository institutions) and insurance................................................................................
52
Holding companies, except bank holding companies.......................................................................................
Other...............................................................................................................................................................
53
54
Intercompany debt...............................................................................................................................................
55
Manufacturing..................................................................................................................................................
56
Wholesale trade..............................................................................................................................................
57
Finance (including depository institutions) and insurance 2.............................................................................
58
Holding companies, except bank holding companies.......................................................................................
Other...............................................................................................................................................................
59
-279,086
7,662
-109,991
-160,746
50,754
-165,660
-3,435
-29,484
26,049
-257,967
-58,028
-14,744
-38,160
-113,677
-33,358
-109,991
-23,025
-1,301
-21,613
-61,199
-2,853
-144,541
-32,117
-16,561
-17,468
-49,609
-28,787
-3,435
-2,887
3,119
921
-2,869
-1,719
-43,443
-76,757
33,315
20,401
30,704
24,359
6,345
27,736
-36,638
-15,518
-11,577
132,169
-40,701
-43,443
-19,030
-1,172
-7,218
-4,309
-11,714
40,475
-13,460
-11,280
-10,853
105,597
-29,529
30,704
-4,148
-3,066
6,494
30,881
543
60 Royalties and license fees, n et.................................................................................................................................
61
U.S. parents’ receipts (table 1, part of line 9 ).......................................................................................................
62
U.S. parents’ payments (table 1, part of line 26)..................................................................................................
34,554
36,703
37,174
-2,620
39,758
-3,055
63 Other private services, net........................................................................................................................................
64
U.S. parents’ receipts (table 1, part of line 10).....................................................................................................
65
U.S. parents’ payments (table 1, part of line 27)..................................................................................................
5,904
6,873
6,524
1,783
1,447
1,397
2,246
27,309
-21,405
29,850
-22,977
32,551
-26,026
7,183
-5,400
7,081
-5,634
7,033
-5,636
8,552
-6,306
See the footnotes on pages 108-109.
July 2007
Survey
of
93
C u r r e n t B u s in e s s
License Fees, and Other Private Services— Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2006
II
1
2007
III
IV
Ip
2005
II
I
2007
2006
IV
III
I
III
II
Ie
IV
72,512
79,156
77,783
80,774
80,404
63,145
65,397
68,945
71,859
73,304
77,702
78,372
80,846
81,466
71,124
15,572
55,553
50,786
4,767
1,387
2,305
-918
67,745
13,100
6,319
8,206
24,025
16,094
66,357
12,740
6,205
8,287
23,732
15,393
1,387
360
114
-81
293
701
77,631
25,756
51,876
47,179
4,697
1,525
2,487
-963
74,459
15,533
7,995
7,927
24,615
18,388
72,934
15,121
7,857
8,022
24,310
17,624
1,525
412
138
-95
306
764
76,294
14,299
61,995
57,344
4,651
1,489
2,498
-1,010
73,132
15,341
6,609
8,166
25,235
17,780
71,643
14,903
6,503
8,275
24,969
16,992
1,489
437
106
-108
265
788
79,426
28,756
50,670
46,041
4,629
1,348
2,617
-1,269
76,145
15,269
8,347
7,492
26,511
18,526
74,797
14,876
8,237
7,700
26,297
17,687
1,348
393
111
-209
214
839
79,017
15,024
63,993
59,322
4,671
1,387
2,527
-1,140
75,733
16,437
7,496
8,050
25,847
17,903
74,346
16,044
7,396
8,190
25,595
17,120
1,387
393
99
-140
252
782
61,598
32,667
28,931
23,776
5,155
1,547
2,377
-830
57,990
11,584
6,311
7,154
20,450
12,492
56,443
11,247
6,198
7,287
19,997
11,714
1,547
337
113
-133
453
778
63,873
38,362
25,511
20,443
5,068
1,524
2,358
-835
60,329
12,410
6,609
7,427
20,573
13,309
58,805
12,024
6,494
7,499
20,287
12,502
1,524
386
115
-72
286
807
67,360
94,254
-26,894
-31,867
4,973
1,586
2,454
-869
63,972
12,747
6,392
7,544
21,628
15,661
62,387
12,330
6,292
7,598
21,325
14,842
1,586
417
100
-54
303
819
70,348
118,297
-47,949
-52,827
4,878
1,511
2,484
-972
66,981
12,397
6,631
7,946
23,267
16,740
65,470
11,999
6,495
8,024
23,012
15,940
1,511
398
136
-78
255
800
71,916
22,772
49,144
44,377
4,767
1,387
2,305
-918
68,537
13,690
6,871
7,857
24,025
16,094
67,149
13,330
6,756
7,938
23,732
15,393
1,387
360
114
-81
293
701
76,177
23,944
52,233
47,536
4,697
1,525
2,487
-963
73,005
14,381
7,831
7,790
24,615
18,388
71,480
13,969
7,693
7,885
24,310
17,624
1,525
412
138
-95
306
764
76,884
18,412
58,472
53,821
4,651
1,489
2,498
-1,010
73,721
15,417
7,091
8,198
25,235
17,780
72,233
14,980
6,985
8,306
24,969
16,992
1,489
437
106
-108
265
788
79,499
19,255
60,244
55,615
4,629
1,348
2,617
-1,269
76,217
15,755
7,478
7,947
26,511
18,526
74,870
15,361
7,368
8,156
26,297
17,687
1,348
393
111
-209
214
839
80,079
22,411
57,667
52,996
4,671
1,387
2,527
-1,140
76,795
17,164
8,122
7,759
25,847
17,903
75,408
16,771
8,022
7,899
25,595
17,120
1,387
393
99
-140
252
782
-72,911
-53,386
-52,540
-56,521
-81,789
-23,722
-41,262
26,464
46,183
-66,502
-53,744
-49,018
-66,094
-75,464
-12,589
-17,337
4,748
-55,553
-4,769
-9,870
5,101
-68,144
-8,834
-7,786
-10,207
-27,996
-13,320
-12,589
-255
90
-4,947
-6,768
-708
-50,786
-9,191
-5,296
-5,161
-20,018
-11,119
-4,769
612
-2,580
-99
-1,210
-1,492
-2,916
-12,462
9,546
-51,876
1,405
-7,601
9,006
-48,689
-11,633
-3,003
-14,146
-14,793
-5,115
-2,916
19
-263
-5,134
274
2,188
-47,179
-12,560
-6,576
-3,897
-17,117
-7,029
1,405
908
3,837
-5,114
2,050
-275
-4,662
-15,082
10,421
-61,995
14,116
8,704
5,412
-47,889
-13,984
-4,633
1,876
-17,362
-13,787
-4,662
-3,058
57
429
-2,090
0
-57,344
-11,893
-5,552
-6,013
-20,094
-13,791
14,116
967
862
7,460
4,822
4
-10,081
-31,353
21,272
-50,670
4,230
2,399
1,832
-51,892
-25,571
-7,281
1,845
-13,778
-7,106
-10,081
-12,060
-1,025
978
-1,471
3,497
-46,041
-11,197
-5,679
-4,078
-14,965
-10,122
4,230
-2,313
-577
4,945
2,658
-482
-26,637
-30,614
3,978
-63,993
8,840
4,570
4,270
-77,118
-15,564
-6,116
-15,247
-27,255
-12,937
-26,637
-6,325
-506
-10,093
-4,963
-4,750
-59,322
-13,378
-6,647
-4,062
-21,437
-13,798
8,840
4,139
1,037
-1,092
-855
5,612
-11,080
-18,400
7,320
-28,931
16,289
8,337
7,952
-18,567
-14,000
-3,918
661
5,696
-7,007
-11,080
-7,162
-599
-4,171
-233
1,085
-23,776
-6,816
-3,793
-4,126
-1,313
-7,728
16,289
-21
474
8,958
7,243
-364
-12,891
-17,727
4,837
-25,511
-2,861
1,236
-4,096
-36,194
-13,118
-3,031
-18,249
8,569
-10,367
-12,891
-6,673
-135
-1,023
-407
-4,653
-20,443
-6,572
-3,215
-3,831
-517
-6,307
-2,861
127
320
-13,395
9,494
593
-2,546
-12,250
9,704
26,894
2,116
1,051
1,065
31,437
-1,664
-6,661
-356
51,251
-11,133
-2,546
-263
-68
-1,972
-340
98
31,867
-219
-2,431
-2,764
45,712
-8,431
2,116
-1,182
-4,162
4,380
5,879
-2,800
-16,926
-28,380
11,454
47,949
15,159
13,735
1,424
51,061
-7,856
-1,908
6,367
66,652
-12,195
-16,926
-4,931
-370
-53
-3,329
-8,244
52,827
148
-1,840
-132
61,716
-7,064
15,159
-3,073
302
6,552
8,265
3,113
-12,589
-17,337
4,748
-49,144
-4,769
-9,870
5,101
-61,735
-8,721
-8,035
-9,249
-25,075
-10,656
-12,589
-255
90
-4,947
-6,768
-708
-44,377
-9,077
-5,545
-4,202
-17,097
-8,456
-4,769
612
-2,580
-99
-1,210
-1,492
-2,916
-12,462
9,546
-52,233
1,405
-7,601
9,006
-49,047
-9,958
-2,392
-13,338
-15,093
-8,266
-2,916
19
-263
-5,134
274
2,188
-47,536
-10,885
-5,966
-3,089
-17,417
-10,180
1,405
908
3,837
-5,114
2,050
-275
-4,662
-15,082
10,421
-58,472
14,116
8,704
5,412
-44,367
-13,988
-4,642
2,265
-16,538
-11,464
-4,662
-3,058
57
429
-2,090
0
-53,821
-11,898
-5,561
-5,624
-19,270
-11,469
14,116
967
862
7,460
4,822
4
-10,081
-31,353
21,272
-60,244
4,230
2,399
1,832
-61,465
-27,355
-7,634
-311
-17,223
-8,941
-10,081
-12,060
-1,025
978
-1,471
3,497
-55,615
-12,981
-6,033
-6,234
-18,410
-11,957
4,230
-2,313
-577
4,945
2,658
-482
-26,637
-30,614
3,978
-57,667
8,840
4,570
4,270
-70,793
-15,587
-6,477
-13,644
-24,119
-10,966
-26,637
-6,325
-506
-10,093
-4,963
-4,750
-52,996
-13,400
-7,008
-2,459
-18,301
-11,828
8,840
4,139
1,037
-1,092
-855
5,612
8,593
9,256
9,211
10,019
9,003
9,283
9,034
9,313
9,073
8,834
9,257
9,436
9,552
9,565
9,156
-563
9,807
-552
9,764
-553
10,613
-593
9,618
-615
10,019
-736
9,788
-755
10,101
-788
9,850
-777
9,396
-563
9,809
-552
9,989
-553
10,145
-593
10,180
-615
1,582
1,283
1,464
2,195
1,967
1,887
1,635
1,557
1,794
1,677
1,536
1,621
1,690
1,791
7,521
-5,938
7,878
-6,594
7,791
-6,327
9,361
-7,167
8,651
-6,684
7.514
-5,627
7,232
-5,598
7,400
-5,843
7,703
-5,909
7,839
-6,162
8,065
-6,529
8,214
-6,593
8,433
-6,743
8,702
-6,911
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
94
July 2007
U.S. International Transactions
Table 6. Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
(Credits +; debits - ) 1
2004
2005
2006
2005
II
I
III
IV
Foreign direct investment in the United States:
66 Income (table 1, line 31).............................................................................................................................................
-99,600
-116,834
-136,010
-27,769
-29,643
-25,341
-34,082
67
Earnings..............................................................................................................................................................
68
Distributed earnings........................................................................................................................................
69
Reinvested earnings
70
Reinvested earnings without current-cost adjustment..................................................................................
71
Current-cost adjustment
72
Interest......................
73
U.S. affiliates’ payments
74
U.S. affiliates’ receipts
75 Income without current-cost adjustment...................................................................................................................
76
Manufacturing..................................................................................................................................................
77
Wholesale trade..................................................
78
Finance (including depository institutions) and insurance
79
Other...................................................................
80
Earnings without current-cost adjustment (line 67 less line 71)
81
Manufacturing......................................................
82
Wholesale trade..................................................
83
Finance (including depository institutions) and insurance................................................................................
84
Other...............................................................................................................................................................
Interest...........
85
86
Manufacturing..................................................................................................................................................
87
Wholesale trade
88
Finance (including depository institutions) and insurance 1.............................................................................
89
Other...............................................................................................................................................................
-85,662
-36,287
-49,375
-39,389
-9,986
-13,938
-16,234
2,296
-89,614
-34,631
-25,624
-11,129
-18,230
-75,676
-26,852
-25,263
-10,458
-13,103
-13,938
-7,779
-361
-671
-5,127
-102,108
-54,382
-47,726
-39,755
-7,971
-14,726
-18,388
3,662
-108,863
-47,934
-26,965
-9,529
-24,435
-94,137
-39,869
-26,523
-8,766
-18,980
-14,726
-8,066
-442
-763
-5,455
-117,237
-46,618
-70,620
-65,434
-5,186
-18,773
-23,185
4,412
-130,824
-54,319
-28,218
-18,601
-29,686
-112,051
-45,311
-27,246
-17,196
-22,299
-18,773
-9,009
-972
-1,405
-7,388
-24,553
-13,954
-10,599
-8,355
-2,244
-3,216
-4,029
814
-25,525
-10,454
-6,526
-4,763
-3,781
-22,309
-8,745
-6,444
-4,588
-2,532
-3,216
-1,709
-82
-175
-1,250
-26,215
-3,939
-22,276
-20,187
-2,089
-3,427
-4,269
841
-27,554
-11,457
-6,324
-2,948
-6,825
-24,126
-9,631
-6,254
-2,763
-5,479
-3,427
-1,826
-70
-185
-1,345
-21,573
-19,474
-2,099
-186
-1,913
-3,767
-4,664
896
-23,428
-12,721
-5,756
1,163
-6,113
-19,660
-10,561
-5,691
1,360
-4,769
-3,767
-2,161
-66
-197
-1,344
-29,766
-17,015
-12,751
-11,026
-1,725
-4,316
-5,427
1,111
-32,357
-13,302
-8,359
-2,980
-7,716
-28,041
-10,932
-8,135
-2,775
-6,200
-4,316
-2,370
-224
-205
-1,516
90 Capital (table 1, line 64)
91
Equity capital.......................................................................................................................................................
92
Increases in equity capital...................................
93
Decreases in equity capital.............................................................................................................................
94
Reinvested earnings (line 69 with sign reversed)
95
Intercompany debt........................................
96
U.S. affiliates’ payables............................
97
U.S. affiliates’ receivables................................................................................................................................
98 Capital without current-cost adjustment..................................................................................................................
99
Manufacturing....................
100
Wholesale trade..............................................................................................................................................
101
Finance (including depository institutions) and insurance................................................................................
102
Other.................................
103
Equity capital.........................
104
Manufacturing....................
105
Wholesale trade..............................................................................................................................................
106
Finance (including depository institutions) and insurance.......................
107
Other...............................................................................................................................................................
108
Reinvested earnings without current-cost adjustment (line 70 with sign reversed)
109
Manufacturing.........................................................................................
110
Wholesale trade.....................................................................................
111
Finance (including depository institutions) and insurance.......................
112
113
Intercompany debt...............................................................................................................................................
114
Manufacturing..................................................................
115
Wholesale trade..............................................................................................................................................
116
Finance (including depository institutions) and insurance 2.............................................................................
117
Other...............................................................................
145,812
108,996
180,580
34,630
-4,003
43,666
34,703
92,905
125,900
-32,994
49,375
3,532
28,528
-24,996
135,826
21,005
26,613
49,503
38,705
92,905
15,530
6,249
41,064
30,063
39,389
20,524
4,985
4,779
9,100
3,532
-15,049
15,379
3,660
-458
56,559
89,007
-32,449
47,726
4,712
17,801
-13,090
101,025
52,911
15,673
16,740
15,701
56,559
20,923
3,039
20,237
12,360
39,755
17,715
8,009
696
13,334
4,712
14,273
4,625
-4,193
-9,993
97,980
126,225
-28,245
70,620
11,980
21,071
-9,091
175,394
65,804
21,011
46,367
42,212
97,980
45,264
7,228
28,988
16,500
65,434
24,992
13,239
9,479
17,724
11,980
-4,452
544
7,900
7,988
18,383
22,825
-4,443
10,599
5,648
2,952
2,696
32,386
9,730
186
11,583
10,887
18,383
3,247
32
6,328
8,775
8,355
2,283
1,299
3,431
1,341
5,648
4,200
-1,146
1,824
771
-254
14,573
-14,827
22,276
-26,025
-10,700
-15,326
-6,092
2,436
3,636
2,515
-14,679
-254
3,888
1,129
2,620
-7,890
20,187
8,779
5,667
1,637
4,104
-26,025
-10,231
-3,159
-1,742
-10,894
19,363
21,900
-2,538
2,099
22,204
24,649
-2,445
41,753
19,846
6,868
2,188
12,851
19,363
6,897
1,006
5,274
6,186
186
843
-2,326
-2,130
3,799
22,204
12,106
8,188
-955
2,865
19,067
29,708
-10,641
12,751
2,885
900
1,985
32,978
20,898
4,983
454
6,643
19,067
6,891
872
6,016
5,289
11,026
5,809
3,369
-2,242
4,090
2,885
8,198
742
-3,320
-2,735
-11,586
-13,195
-13,566
-3,100
-3,089
-3,796
-3,211
-15,261
3,675
-17,318
4,123
-18,703
5,137
-3,829
730
-3,947
858
-4,534
739
-5,007
1,796
118 Royalties and license fees, net.................................................................................................................................
119
U.S. affiliates’ payments (table 1, part of line 26).................................................................................................
120
U.S. affiliates’ receipts (table 1, part of line 9)
121 Other private services, net..............................
122
U.S. affiliates’ payments (table 1, part of line 27)
123
U.S. affiliates’ receipts (table 1, part of line 10)....................................................................................................
Seethefootnotesonpages108-109.
5,178
3,389
2,913
1,064
598
610
1,117
-12,457
17,634
-16,870
20,259
-22,175
25,088
-3,455
4,518
-3,920
4,518
-4,163
4,773
-5,332
6,449
July 2007
Survey
of
95
C u r r e n t B u s in e s s
License Fees, and Other Private Services— Table Ends
of dollars]
Not seasonally adjusted
Seasonally adjusted
2006
1
II
2007
III
IV
2005
I
Ip
II
2007
2006
III
IV
I
II
III
IV
Line
Ip
-31,021
-34,113
-38,318
-32,558
-29,808
-28,033
-28,573
-24,925
-35,303
-31,299
-33,055
-37,885
-33,772
-30,153
-27,105
-4,905
-22,200
-20,736
-1,464
-3,917
-4,895
978
-29,557
-11,309
-7,088
-4,124
-7,037
-25,641
-9,427
-6,830
-3,901
-5,483
-3,917
-1,882
-258
-223
-1,554
-29,944
-5,911
-24,033
-22,716
-1,317
-4,169
-5,312
1,144
-32,796
-12,980
-6,918
-5,940
-6,958
-28,627
-11,207
-6,671
-5,556
-5,193
-4,169
-1,772
-247
-385
-1,765
-33,046
-9,272
-23,774
-22,551
-1,223
-5,272
-6,491
1,220
-37,095
-14,658
-7,899
-6,277
-8,260
-31,823
-12,032
-7,645
-5,908
-6,239
-5,272
-2,626
-255
-369
-2,021
-27,142
-26,529
-612
570
-1,182
-5,416
-6,487
1,071
-31,376
-15,373
-6,312
-2,259
-7,432
-25,960
-12,645
-6,100
-1,832
-5,384
-5,416
-2,728
-213
-428
-2,048
-24,678
-5,374
-19,305
-18,022
-1,283
-5,130
-6,190
1,060
-28,525
-14,441
-3,272
-4,199
-6,614
-23,395
-11,623
-3,017
-3,771
-4,985
-5,130
-2,818
-255
-428
-1,629
-24,817
-14,863
-9,954
-7,710
-2,244
-3,216
-4,029
814
-25,789
-10,702
-6,526
-4,780
-3,781
-22,573
-8,993
-6,444
-4,604
-2,532
-3,216
-1,709
-82
-175
-1,250
-25,145
-4,910
-20,235
-18,146
-2,089
-3,427
-4,269
841
-26,484
-10,367
-6,324
-2,968
-6,825
-23,056
-8,541
-6,254
-2,782
-5,479
-3,427
-1,826
-70
-185
-1,345
-21,158
-21,005
-153
1,760
-1,913
-3,767
-4,664
896
-23,012
-12,269
-5,756
1,126
-6,113
-19,245
-10,108
-5,691
1,323
-4,769
-3,767
-2,161
-66
-197
-1,344
-30,988
-13,604
-17,383
-15,658
-1,725
-4,316
-5,427
1,111
-33,578
-14,597
-8,359
-2,907
-7,716
-29,263
-12,226
-8,135
-2,702
-6,200
-4,316
-2,370
-224
-205
-1,516
-27,382
-5,120
-22,262
-20,798
-1,464
-3,917
-4,895
978
-29,835
-11,586
-7,088
-4,124
-7,037
-25,918
-9,705
-6,830
-3,901
-5,483
-3,917
-1,882
-258
-223
-1,554
-28,886
-6,235
-22,650
-21,333
-1,317
-4,169
-5,312
1,144
-31,737
-11,921
-6,918
-5,940
-6,958
-27,569
-10,149
-6,671
-5,556
-5,193
H 169
-1,772
-247
-385
-1,765
-32,613
-10,949
-21,664
-20,441
-1,223
-5,272
-6,491
1,220
-36,662
-14,225
-7,899
-6,277
-8,260
-31,390
-11,599
-7,645
-5,908
-6,239
-5,272
-2,626
-255
-369
-2,021
-28,356
-24,313
-4,043
-2,861
-1,182
-5,416
-6,487
1,071
-32,590
-16,587
-6,312
-2,259
-7,432
-27,174
-13,858
-6,100
-1,832
-5,384
-5,416
-2,728
-213
-428
-2,048
-25,023
-6,470
-18,554
-17,271
-1,283
-5,130
-6,190
1,060
-28,870
-14,786
-3,272
-4,199
-6,614
-23,740
-11,968
-3,017
-3,771
-4,985
-5,130
-2,818
-255
-428
-1,629
42,913
50,438
45,089
42,139
24,217
33,985
-6,044
41,720
39,335
42,976
49,056
42,979
45,570
23,466
26,715
36,976
-10,261
22,200
-6,002
4,974
-10,975
41,449
15,710
11,141
15,535
-937
26,715
11,392
6,433
7,663
1,227
20,736
6,609
6,642
2,860
4,625
-6,002
-2,291
-1,934
5,012
-6,788
21,170
25,973
-4,803
24,033
5,235
21,784
-16,549
49,121
15,552
6,540
10,043
16,987
21,170
9,591
1,303
5,678
4,597
22,716
9,213
6,228
2,801
4,474
5,235
-3,252
-992
1,563
7,916
13,539
22,592
-9,054
23,774
7,776
10,661
-2,885
43,866
24,890
-426
9,789
9,613
13,539
3,777
-3,254
4,670
8,346
22,551
10,194
3,274
4,169
4,915
7,776
10,919
-446
950
-3,647
36,556
40,684
-4,128
612
4,971
-16,347
21,318
40,957
9,652
3,756
11,000
16,549
36,556
20,503
2,745
10,977
2,331
-570
-1,023
-2,905
-352
3,710
4,971
-9,828
3,916
375
10,508
24,089
32,641
-8,553
19,305
-19,176
4,197
-23,373
22,934
15,748
6,600
-2,353
2,940
24,089
10,977
3,712
3,755
5,645
18,022
9,164
2,913
2,016
3,928
-19,176
-4,393
-25
-8,124
-6,633
18,383
22,825
-4,443
9,954
5,648
2,952
2,696
31,741
9,978
186
10,843
10,734
18,383
3,247
32
6,328
8,775
7,710
2,531
1,299
2,692
1,188
5,648
4,200
-1,146
1,824
771
-254
14,573
-14,827
20,235
-26,025
-10,700
-15,326
-8,133
1,347
3,636
1,994
-15,110
-254
3,888
1,129
2,620
-7,890
18,146
7,690
5,667
1,116
3,674
-26,025
-10,231
-3,159
-1,742
-10,894
19,363
21,900
-2,538
153
22,204
24,649
-2,445
39,807
19,394
6,868
1,009
12,536
19,363
6,897
1,006
5,274
6,186
-1,760
391
-2,326
-3,309
3,485
22,204
12,106
8,188
-955
2,865
19,067
29,708
-10,641
17,383
2,885
900
1,985
37,610
22,192
4,983
2,894
7,541
19,067
6,891
872
6,016
5,289
15,658
7,104
3,369
198
4,988
2,885
8,198
742
-3,320
-2,735
26,715
36,976
-10,261
22,262
-6,002
4,974
-10,975
41,512
15,988
11,141
15,411
-1,027
26,715
11,392
6,433
7,663
1,227
20,798
6,886
6,642
2,735
4,534
-6,002
-2,291
-1,934
5,012
-6,788
21,170
25,973
-4,803
22,650
5,235
21,784
-16,549
47,739
14,494
6,540
10,046
16,660
21,170
9,591
1,303
5,678
4,597
21,333
8,154
6,228
2,804
4,147
5,235
-3,252
-992
1,563
7,916
13,539
22,592
-9,054
21,664
7,776
10,661
-2,885
41,756
24,457
-426
8,468
9,257
13,539
3,777
-3,254
4,670
8,346
20,441
9,761
3,274
2,848
4,559
7,776
10,919
-446
950
-3,647
36,556
40,684
-4,128
4,043
4,971
-16,347
21,318
44,388
10,866
3,756
12,443
17,323
36,556
20,503
2,745
10,977
2,331
2,861
191
-2,905
1,091
4,483
4,971
-9,828
3,916
375
10,508
24,089
32,641
-8,553
18,554
-19,176
4,197
-23,373
22,183
16,093
6,600
-3,257
2,747
24,089
10,977
3,712
3,755
5,645
17,271
9,509
2,913
1,112
3,736
-19,176
-4,393
-25
-8,124
-6,633
-3,123
-3,006
-2,953
-4,484
-3,451
-3,155
-3,308
-3,599
-3,133
-3,186
-3,361
-3,383
-3,636
-3,658
-4,134
1,012
-4,262
1,256
-4,258
1,305
-6,049
1,565
-4,513
1,063
-4,157
1,002
-4,298
990
-4,409
809
-4,454
1,321
-4,503
1,318
-4,660
1,299
-4,663
1,280
-4,877
1,241
-4,918
1,260
23
947
592
1,350
80
1,375
765
888
361
367
1,133
962
449
720
-5,612
5,635
-5,240
6,187
-5,276
5,869
-6,046
7,397
-5,918
5,998
-3,455
4,830
-3,920
4,685
-4,163
5,052
-5,332
5,693
-5,612
5,980
-5,240
6,373
-5,276
6,239
-6,046
6,496
-5,918
6,638
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
July 2007
U.S. International Transactions
96
Table 7. Transactions in Long-Term Securities
[Millions of dollars]
Not seasonally adjusted
(Credits +; (
2004
2005
2006
III
II
Foreign securities, net purchases (-) or net sales (+) by U.S. residents (table 1, line 52 or lines 4 + 18 below)
Stocks, gross purchases by U.S. residents....................................................................................................
Stocks, gross sales by U.S. residents............................................................................................................
Stocks, net purchases by U.S. residents
........
New issues in the United States 1.......
........
Transactions in outstanding stocks, net.....................................................................................................
Net purchases by U.S. residents, by area:
Europe...............................................................................................................................................
Of which: United Kingdom...............................................................................................................
Canada..............................................................................................................................................
Caribbean financial centers 2...............................................................................................................
Latin America, excluding Caribbean financial centers..............................................................................
Asia...................................................................................................................................................
Of which: Japan..............................................................................................................................
Africa.................................................................................................................................................
Other..........
Bonds, gross purchases by U.S. residents.....................................................................................................
Bonds, gross sales by U.S. residents.......
Bonds, net purchases by U.S. residents
New issues in the United States 1........
Transactions in outstanding bonds, net...
Net purchases by U.S. residents, by area:
Europe...............................................................................................................................................
Of which: United Kingdom...............................................................................................................
Canada.....................................................
Caribbean financial centers 2......................
Latin America, excluding Caribbean financial centers..............................................................................
Asia..........................................................
Of which: Japan....................................
Africa........................................................
Other.................................................................................................................................................
U.S. securities, excluding transactions in U.S. Treasury securities and transactions of foreign official
agencies, net purchases (+) or net sales (-) by foreign residents (table 1, line 66 or lines 4 + 16 + 30 below)
Stocks, gross purchases by foreign residents.................................................................................................
Stocks, gross sales by foreign residents........................................................................................................
Stocks, net purchases by foreign residents...............................................................................................
Net purchases by foreign residents, by area:
Europe...............................................................................................................................................
Of which: United Kingdom...............................................................................................................
Canada..............................................................................................................................................
Caribbean financial centers 2...............................................................................................................
Latin America, excluding Caribbean financial centers..............................................................................
Asia...................................................................................................................................................
Of which: Japan..............................................................................................................................
Africa.................................................................................................................................................
Other
.........................................................................................
Corporate bonds, gross purchases by foreign residents..................................................................................
Corporate bonds, gross sales by foreign residents.........................................................................................
Corporate bonds, net purchases by foreign residents
New issues sold abroad by U.S. corporations '..
Transactions in outstanding bonds, net......................................................................................................
Net purchases by foreign residents, by area:
Europe...............................................................................................................................................
Of which: United Kingdom...............................................................................................................
Canada..............................................................................................................................................
Caribbean financial centers 2...............................................................................................................
Latin America, excluding Caribbean financial centers..............................................................................
Asia...................................................................................................................................................
Of which: Japan..............................................................................................................................
Africa.................................................................................................................................................
Other..........
Federally sponsored agency bonds, gross purchases by foreign residents........................................................
Federally sponsored agency bonds, gross sales by foreign residents
Federally sponsored agency bonds, net purchases by foreign residents..................................................
New issues sold abroad by federally sponsored agencies 1......
Transactions in outstanding bonds, net...................................
Net purchases by foreign residents, by area:
Europe...............................................................................................................................................
Of which: United Kingdom
Canada..............................
Caribbean financial centers 2...............................................................................................................
Latin America, excluding Caribbean financial centers.............................................................................
Asia..................................
Of which: Japan.............
Africa.................................
Other.................................................................................................................................................
U.S. Treasury bonds and notes, excluding transactions of foreign official agencies, net purchases (+) or net
sales (-) by foreign residents (table 1, part of line 65)...............................................................................
U.S. Treasury bonds and notes, gross purchases by foreign residents..............................................................
U.S. Treasury bonds and notes, gross sales by foreign residents.....................................................................
Net purchases by foreign residents, by area:
Europe ...................................................................................................................................................
Canada.........................................................
Caribbean financial centers 2....................................................................................................................
Latin America, excluding Caribbean financial centers.................................................................................
Asia.......................................................................................................................................................
Africa......................................................................................................................................................
Other......................................................................................................................................................
Memoranda:
Net purchases of marketable long-term U.S. securities by foreign official agencies included elsewhere in the
international transactions accounts, net purchases (+) or net sales (-) (lines in table 4):
U.S. Treasury marketable bonds and notes (line B4).......................................................................................
Other U.S. Government securities (line B6)...................................................................................................
U.S. corporate and other bonds (part of line B16)..........................................................................................
U.S. stocks (part of line B16)........................................................................................................................
Seethefootnotesonpages108-109.
-146,549 -197,098
-289,422 -49,258
IV
I
II
-47,362
-48,887 -57,693
524,577
500,100
586,157
551,255
745,066
702,428
-138,538 -24,477
-34,902
-42,638 -42,498
1,749,287 2,383,377 3,838,823
1,664,531 2,240,776 3,700,285
-84,756 -142,601
2006
2005
2007
III
-59,003
899,236 1,019,311
856,738 996,460
IV
I»
-55,496 -117,230 -87,731
842,141 1,078,135 1,190,735
831,694 1,015,393 1,147,220
-22,851
-10,447
-62,742
-43,515
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-58,679 -55,155
-90,993
-65,271
-42,599 -33,782
-7,573
-13,450
-4,551
21,464
522
-2,511
2,097
-6,438
-7,806
-44,842
-38,455 -67,370
-1,910
-33,055 -39,859
-22
-1,857
-2,799
-4,719
-5,989
23,231
1,520,981 1,514,539 2,023,867
1,459,188 1,460,042 1,872,983
-11,967
-4,633
933
-5,534
-485
-6,664
-836
-327
-433
401,101
376,320
-8,716
-7,875
886
2,429
-1,550
-26,640
-17,408
-614
-697
365,696
353,236
-12,868
-3,788
-3,619
3,505
-4,103
-23,019
-17,185
-857
-1,677
379,914
373,665
-12,239
-9,061
-3,747
3,736
-2,988
-24,644
-3,385
-948
-1,668
476,355
461,160
-17,519
-13,877
-1,361
1,091
-1,440
-272
6,056
-1,128
-2,222
486,154
450,002
-11,260
-14,168
-1,188
1,528
156
904
-241
-263
-324
456,051
411,002
-6,249 -15,195
-49,975
-28,165
-1,277
15,109
-3,534
-20,830
-4,340
-460
-1,775
605,307
550,819
-37,904
-27,387
-2,331
5,355
2,497
-8,451
-4,137
376
-3,057
761,156
716,940
-372
-84,384
n.a.
n.a.
-150,884 -24,781
-61,793
-54,497
-36,152
-45,049
-54,488
-44,216
-15,664
-46,129
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-71,512
-64,926
-4,816
-947
-3,155
24,087
12,545
1,634
-7,083
-45,778
-22,276
-1,461
-2,811
-17,087
21,802
7,014
183
-9,345
-147,701
-101,619
-11,306
-5,723
-7,868
23,827
4,053
496
-2,609
-30,690
-24,342
-611
8,882
-5,509
7,970
5,387
31
-4,854
-1,463
9,826
-1,774
-4,993
-8,532
5,316
1,745
193
-1,207
-1,378
1,753
683
-5,894
-1,475
3,334
397
19
-1,538
-9,689
-13,821
-3,816
1,568
-5,337
1,736
71
59
284
-40,368
-22,254
-1,082
-1,296
1,435
6,446
2,014
-31
-1,256
-44,555
-32,584
-4,492
-2,386
-450
4,896
2,044
184
1,754
-53,089
-32,960
-1,916
-3,609
-3,516
10,749
-76
284
-3,391
-44,169
-27,773
-1,937
-2,789
-183
5,552
-1,398
70
-760
381,493 450,386
591,951
107,694
141,900
125,161
173,213
145,750
140,243
132,745
123,428
-12,460
3,883,241 4,723,119 6,874,124 1,168,662 1,187,906 1,301,639 1,564,082 1,809,496 1,678,452 1,822,094 2,095,410
3,823,692 4,634,815 6,731,367 1,156,145 1,157,452 1,276,015 1,501,049 1,791,454 1,643,341 1,795,523 2,046,344
142,757
12,517
30,454
25,624
63,033
18,042
35,111
26,571
49,066
35,338
43,981
94,193
28,864
24,212
74,808
12,776
3,878
20,983
3,094
34,312
14,775
-416
-388
1,900
5,477
8,719
-1,131
4,874
-789
-59
62
-86
266
12,264
-32
645
1,154,846 1,248,173 1,624,812
900,282 935,859 1,212,552
9,304
7,071
965
-2,013
-21
4,811
142
-47
-482
321,347
245,113
11,739
4,847
10,796
7,688
371
-558
-1,258
72
346
307,162
219,347
13,359
6,420
5,716
4,154
-451
2,359
1,184
-9
496
311,865
218,407
42,360
26,973
4,392
12,867
1,064
1,863
694
114
373
377,086
282,467
16,783
14,896
2,919
-3,410
746
944
843
161
-101
392,457
286,697
27,586
22,212
2,261
7,814
-329
-2,533
-700
-94
406
376,818
277,180
7,464
10,727
3,204
17,041
419
-1,405
-1,626
-119
-33
478,451
366,208
24,746
19,933
-29
22,688
369
-148
-111
-97
1,537
478,731
376,647
59,549
88,304
254,564
312,314
412,260
76,234
87,815
93,458
94,619
105,760
99,638
112,243
102,084
84,876
169,688
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
199,811
242,051
192,415
144,715
7,899
1,918
91,134
40,195
9,321
7,279
54,369
53,918
12,263
25,605
203
626
7,734
8,116
972,943 1,341,992
923,175 1,305,058
49,671
37,584
-205
12,097
2,044
11,023
4,166
78
1,526
227,575
208,632
54,434
42,010
35
14,850
1,529
13,580
6,457
194
3,193
256,121
232,490
64,082
44,646
1,501
6,623
1,426
17,643
9,482
127
2,056
267,515
261,436
56,695
44,611
2,506
17,247
2,335
11,907
2,161
90
3,839
329,985
314,424
67,232
51,172
2,377
18,249
2,346
12,674
729
317
2,565
351,970
330,022
58,276
41,017
569
25,280
2,698
11,815
3,212
206
794
312,962
307,468
59,848
55,615
2,447
30,358
1,942
17,522
6,161
^10
536
347,075
353,144
65,397
57,862
4,599
15,998
650
12,338
2,629
-4
3,106
358,278
386,000
126,343
CQCQQ
oy.^yy
6,006
47,057
20,183
51,855
33,453
558
2,562
1,099,859
1,032,479
67,380
49,768
36,934
18,943
23,631
6,079
15,561
21,948
5,494
-6,069
-27,722
55,637
11,743
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,305
31,410
4,990
11,335
1,813
36,409
16,462
-133
-339
-11,905
-1,318
12,134
2,952
7,089
40,240
15,630
-320
-422
11,565
13,614
9,602
29,805
3,356
-17,709
-5,414
-226
541
-2,172
-2,345
3,087
4,442
505
12,953
8,666
-46
174
3,294
4,818
2,506
5,519
310
12,260
2,873
85
-343
-8,683
-6,409
3,826
-5,597
1,411
15,260
9,755
-128
-10
-145
-721
2,951
6,984
344
5,175
-2,274
-11
263
14,841
14,209
1,616
2,913
425
1,776
2,375
4
373
-10,800
-10,952
1,921
14,305
750
-589
1,538
-138
45
7,669
11,078
3,114
5,603
1,837
-24,071
-7,053
-81
-140
-5,034
641
1,682
-5,521
605
-19,549
-10,233
53
42
74,092
147,904
-49,490 -12,804
39,161
43,600 -30,354
-16,878
-13,105
10,847
40,831
8,057,944 9,305,653 10,305,640 2,455,765 2,404,486 2,099,100 2,524,178 2,578,969 2,481,736 2,720,757 3,210,701
7,983,852 9,157,749 10,355,130 2,468,569 2,365,325 2,055,500 2,554,532 2,595,847 2,494,841 2,709,910 3,169,870
38,170
16,258
22,138
-3,392
1,045
679
-806
65,183
21,817
44,884
10,425
1,342
1,718
2,535
-37,805
14,731
-10,645
5,470
-20,255
1,092
-2,078
8,356
5,602
-36,669
2,722
6,419
-321
1,087
20,789
4,271
811
5,422
6,712
785
371
33,436
6,016
11,300
1,467
-10,362
404
1,339
2,813
4,799
-14,335
2,492
-25,038
459
-1,544
-14,255
5,482
5,365
-1,510
-12,005
178
-133
-27,640
7,659
-2,427
2,201
6,771
434
-103
1,277
-3,209
752
2,287
10,017
21
-298
33,198
1,466
11,486
5,822
-11,106
-410
375
256,821
41,662
11,464
2,239
156,859
100,493
19,141
954
214,133
191,553
28,591
5,766
55,451
18,905
4,515
-235
28,937
25,993
5,608
1,289
47,149
32,654
5,957
337
51,835
47,214
8,623
1,876
51,705
41,364
6,133
5,745
60,950
55,226
5,745
1,149
49,643
47,749
8,090
-3,004
18,078
66,056
10,621
1,048
July 2007
97
S u r v e y o f C u r r e n t B u s in e s s
Table 8. Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns Except Securities Brokers1
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets or increase in U.S. liabilities.
Debits -; increase in U.S. assets or decrease in U.S. liabilities.)
2004
2005
2005
2006
I
5
6
/
8
9
10
11
12
13
14
15
By instrument:2
Resale agreements.........................................................................
Negotiable certificates of deposit....................................................
Other short-term instruments (including money market instruments)
Deposits.........................................................................................
Other claims....................................................................................
Of which: Financial intermediaries’ accounts 3...........................
By area:
Europe.............................................................................................
Of which:
United Kingdom......................................................................
Germany.................................................................................
Caribbean financial centers 4..........................................................
Other..............................................................................................
IV
I
II
III
IV
Ip
-83,531
-79,817
-65,005
-65,197
60,298
60,825
-30,155
-31,698
-4,741
-2,248
-24,302
-22,902
-45,885
-44,456
-29,162
-29,552
15,818
17,093
-24,968
-23,853
871,201
832,789
-95,012
-30,230
-28,853
-9,465
-80,686
869
-70,863
5,666
59,372
1,453
-15,868
-15,830
-1,494
-754
-21,278
-1,624
-36,824
-7,632
-33,408
3,856
10,824
6,269
-20,929
-2,924
664,743
168,046
-10,677
54
-6,730
-86,969
-20,920
-8,295
6,972
38
-3,343
-28,410
-13,575
-2,606
-15,007
50
-5,022
-67,671
7,833
-9,670
5,658
9
-2,034
-66,583
-2,247
656
2,411
-79
3,086
50,451
4,956
-2,223
-433
91
-3,039
-7,040
-21,277
-5,668
-664
17
-1,356
-5,238
4,993
4,629
1,893
63
756
-27,750
2,136
-5,852
-4,326
-16
-397
-48,203
8,486
3,135
-12,229
6
-8,861
-6,922
-1,546
-2,319
-345
-3
3,480
15,204
-1,243
-4,634
-4,751
9
2,335
-18,412
-3,034
2,351
22,603
6
15,730
672,495
121,955
80,401
-44,394
-16,528 -102,182
-62,812
72,624
-34,736
8,396
-43,141
-40,153
-46,206
27,318
-19,237
565,332
-29,238
16,347
-78,013
-2,835
-825
15,219
-20,103
-1,687
-46,867
10,028
16,970
5,395
-46,336
822
5,040
-7,425
61,343
5,113
-15,915
4,116
-8,166
-287
8,536
-5,498
-7,666
9,571
-17,764
7,120
-26,547
2,024
16,580
3,659
-33,389
5,554
-3,574
-729
-38,566
-6,043
18,502
-1,848
51,635
8,493
-14,538
4,313
-9,088
-671
-10,320
5,704
294,667
50,782
241,687
25,770
-124,137
Financial claims........................................................................................ -125,242
Denominated in U.S. dollars............................................................
Denominated in foreign currencies.................................................
III
Amounts
outstanding
March 31,
2007
-39,603
-38,318
A1 Claims, total (table 1, line 53).....................................................................
2
3
4
II
2007
2006
Commercial claims..................................................................................
1,105
-1,285
-3,714
192
-527
1,543
-2,493
-1,400
-1,429
390
-1,275
-1,115
38,412
Denominated in U.S. dollars............................................................
Denominated in foreign currencies.................................................
-1,912
3,017
-2,459
1,174
-3,151
-563
-169
361
-739
212
466
1,077
-2,017
-476
-969
-431
-2,092
663
629
-239
-719
-556
-1,497
382
34,549
3,863
19
20
By instrument:
Trade receivables............................................................................
Advance payments and other claims..............................................
-409
1,514
-356
-929
-3,511
-203
1,254
-1,062
-901
374
1,040
503
-1,749
-744
-1,264
-136
-1,585
156
675
-285
-1,337
62
-808
-307
33,520
4,892
21
22
23
24
By area:
Europe.............................................................................................
Canada............................................................................................
Asia...
Other.
1,215
1,065
-1,525
350
1,179
-761
-1,241
-462
-1,980
-661
-904
-169
18
-130
457
-153
177
-16
-852
164
910
138
674
-179
74
-753
-1,520
-294
-2,376
431
887
-342
500
-396
-950
-583
-93
222
-176
437
-11
-918
-665
319
-768
534
201
-1,082
14,846
2,844
10,798
9,924
Financial liabilities..................................................................................
93,522
91,410
31,804
19,751
235,769
232,694
86,888
82,829
-26,982
-33,433
13,629
14,481
-41,731
-44,126
60,613
56,932
55,907
52,732
69,637
70,666
49,612
52,364
81,076
78,928
824,280
781,581
Denominated in U.S. dollars............................................................
Denominated in foreign currencies.................................................
74,633
16,777
7,412
12,339
210,318
22,376
87,828
-4,999
-27,986
-5,447
3,275
11,206
-55,705
11,579
51,988
4,944
41,877
10,855
67,109
3,557
49,344
3,020
72,120
6,808
636,384
145,197
By instrument:2
Repurchase agreements.................................................................
Short-term instruments...................................................................
Other liabilities.................................................................................
Of which: Financial intermediaries’ accounts 3............................
19,564
-2,975
74,821
6,214
-16,595
-1,830
38,176
9,873
477
-1,360
233,577
34,429
-7,743
-2,338
92,910
7,807
-12,275
936
-22,094
1,147
-2,393
-4,130
21,004
-1,308
5,816
3,702
-53,644
2,227
92
-3,427
60,267
14,643
-10,770
720
62,782
297
9,005
1,399
60,262
3,022
2,150
-52
50,266
16,467
2,431
-3,947
80,444
14,610
21,013
7,692
752,876
97,692
16
17
18
B1 Liabilities, total (table 1, line 68)................................................................
2
3
4
5
6
7
8
By area:
Europe.............................................................................................
Of which:
United Kingdom......................................................................
Germany.................................................................................
Caribbean financial centers 4..........................................................
Other..............................................................................................
70,092
11,700
251,940
80,608
-26,374
1,025
-43,559
85,505
43,327
61,936
61,172
83,912
724,653
67,462
-1,206
16,416
4,902
-15,015
-2,157
-1,030
9,081
157,012
17,729
-10,559
-8,687
67,045
-1,231
-3,672
5,893
-31,422
-7,073
-4,659
-2,400
-3,817
3,338
12,430
1,026
-46,821
2,809
-5,129
4,562
73,045
-2,935
-29,360
787
42,836
4,563
8,126
1,279
33,574
3,070
6,949
1,781
7,557
13,031
3,726
-12,534
53,884
1,455
-3,186
-1,798
415,522
98,643
44,295
12,633
Commercial liabilities.............................................................................
2,112
12,053
3,075
4,059
6,451
-852
2,395
3,681
3,175
-1,029
-2,752
2,148
42,699
Denominated in U.S. dollars............................................................
Denominated in foreign currencies.................................................
1,443
669
12,256
-203
2,676
399
4,078
-19
6,655
-204
-777
-75
2,300
95
3,596
85
2,774
401
-804
-225
-2,890
138
1,850
298
39,173
3,526
17
18
By instrument:
Trade payables................................................................................
Advance receipts and other liabilities..............................................
919
1,193
7,009
5,044
2,710
365
3,186
873
1,242
5,209
1,293
-2,145
1,288
1,107
3,133
548
3,025
150
-549
-480
-2,899
147
1,515
633
27,224
15,475
19
20
21
22
By area:
Europe............................................................................................
Canada
AsiaOther
1,129
-68
480
571
2,311
1,744
5,690
2,308
453
1,347
1,274
1
-1,415
2,382
2,153
939
3,674
-502
2,500
779
-2,000
1,531
-58
-325
2,052
-1,667
1,095
915
788
478
2,512
-97
200
749
366
1,860
103
-50
-308
-774
-638
170
-1,296
-988
803
432
-30
943
11,795
4,141
18,756
8,007
9
10
11
12
13
14
15
16
Seethefootnotesonpages108-109.
98
U.S. International Transactions
July 2007
Table 9. Claims on Foreigners Reported by U.S. Banks and Securities Brokers1
[Millions of dollars]
Not seasonally adjusted
(Credits +; decrease in U.S. assets.
Debits increase in U.S. assets.)
Line
2004
2005
2006
2005
I
II
2006
III
IV
I
II
2007
III
IV
Ip
Amounts
outstanding
March 31,
2007
1 Claims reported by U.S. banks and securities brokers, total (table 1,
2
3
line 54)....................................................................................................... -359,767 -217,471 -454,585
Claims for own accounts........................................................................ -354,911 -162,800 -303,118
Denominated in dollars.......................................................................
7
8
By instrument:2
Resale agreements.....................................................................
Negotiable certificates of deposit................................................
Other short-term instruments (including money market
instruments)............................................................................
Deposits and brokerage balances...............................................
Other claims (including loans).....................................................
9
10
11
By foreign borrower:
Claims on:
Foreign banks.........................................................................
Foreign nonbanks, excluding foreign official institutions..........
Foreign official institutions 3....................................................
12
13
By type of U.S. reporting institution:4
U.S.-owned banks’ claims on:
Foreign banks.........................................................................
Foreign nonbanks and foreign official institutions....................
14
15
4
5
6
-327,423 -175,858 -294,861
45,777 -183,275
68,213 -177,443
-96,841
-91,577
16,868 -197,097
38,007 -144,141
-54,791
-346
-78,798 -123,899 -233,017
-36,207 -122,424 -216,174
3,310,264
2,590,649
61,369 -173,379 -102,275
38,427 -135,112
-5,506
-46,157 -108,086 -219,226
2,471,260
-45,266
-3,819
840
-273
-53,304
-425
-3,896
697
53,692
1,557
-37,433
1,566
40,272
-1,023
-26,844
-919
-21,261
-3,443
-72,167
-3,561
696,123
9,794
-1,938
1,440
-3,436
-155,470 -70,065 -175,530
-35,130 -101,245 -68,308
-1,390
-3,868
66,060
-1,949
-69,005
-48,696
-1,785
-3,710
-93,581
1,688
6,518
-25,028
-2,507
-84,486
-12,252
1,266
-51,660
5,639
725
-887
-18,232
-1,422
-38,497
-43,463
691
-66,473
-77,716
8,571
1,005,323
751,449
-197,709 -187,697 -221,938
-109,742
14,140 -46,424
-19,972
-2,301 -26,499
56,619 -143,388 -101,897
5,041 -20,051
717
-9,940
-291
-1,095
969 -108,747
28,433 -29,140
9,025
2,775
-24,221
33,251
-14,536
-36,663
3,141
-12,635
-52,307 -185,134
-53,676 -39,492
-2,103
5,400
1,827,266
542,725
101,269
-25,337
-7,352
500,926
98,034
-134,669
-3,594
-21,919
4,535
-2,668
1,556
-33,323
-27,206
21,907
-4,677
-66,275
-1,093
-12,432
-6,803
-10,205
2,195
-33,697
-13,343
-46,009
2,787
41,700
-10,491
Foreign-owned banks’ claims on:
Foreign banks.........................................................................
Foreign nonbanks and foreign official institutions....................
-142,435 -103,079 -184,512
-4,834
-2,257
-3,784
30,248
4,186
-46,399
-4,289
-82,565
3,935
-4,363
-6,089
-46,663
-3,989
12,411
-9,500
-60,237
6,109
-90,023 -107,836
-8,926
3,596
1,134,864
87,959
16
17
Brokers’ and dealers’ claims on:
Foreign banks.........................................................................
Foreign nonbanks and foreign official institutions....................
-33,355
-129,415
-17,613
24,474
-4,103
-41,933
4,464
5,241
-30,714
-24,609
-6,900
2,490
15,537
41,352
-28,387
-9,033
9,377
25,428
-18,126
-5,112
33,033
-53,216
-51,961
-17,814
191,476
458,001
18
Denominated in foreign currencies......................................................
-27,488
13,058
-8,257
6,844
-4,064
10,698
-420
-9,029
5,160
9,950
-14,338
3,052
119,389
19
20
By instrument:2
Deposits and brokerage balances...............................................
Other claims (including loans).....................................................
-10,339
-17,149
2,313
10,745
3,803
-12,060
2,061
4,783
-1,968
-2,096
4,122
6,576
-1,902
1,482
-4,564
-4,465
3,055
2,105
8,716
1,234
-3,404
-10,934
-3,662
6,714
55,515
63,874
21
Claims for customers’ accounts............................................................
-4,856
-54,671 -151,467
-22,436
-5,832
-5,264
-21,139
-52,956
-54,445
-42,591
-1,475
-16,843
719,615
22
Denominated in dollars.......................................................................
1,992
-26,750 -142,843
-12,194
1,444
-6,728
-9,272
-42,741
-36,789
-42,856
-20,457
-1,674
637,108
-67,005
-10,378
4,683
-6,159
6,472
-1,423
1,164
16,337
-18,257
-79,146
810
4,017
-3,210
766
1,020
10,065
2,544
1,489
-15,499
-731
3,070
-17,773
-17,241
-32,057
11,413
-28,585
7,793
15,222
123,811
140,524
26
2/
By instrument:2
Commercial paper5....................................................................
Negotiable certificates of deposit................................................
Other short-term instruments (including money market
instruments)6..........................................................................
Deposits and brokerage balances (including sweep accounts)7
Other claims................................................................................
-3,031
3,729
-3,755
-18,652
-20,165
-5,434
-28,534
-14,420
-2,486
-4,543
-13,595
1,117
-93
6,714
-2,733
-1,656
-14,071
-2,086
-12,360
787
-1,732
-2,872
-22,444
-1,195
-1,342
-17,596
-3,148
-18,562
24,356
648
-5,758
1,264
1,209
-9,474
-13,161
-2,054
73,474
275,183
24,116
28
Denominated in foreign currencies......................................................
-6,848
-27,921
-8,624
-10,242
-7,276
1,464
-11,867
-10,215
-17,656
265
18,982
-15,169
82,507
29
30
By instrument:2
Deposits and brokerage balances...............................................
Other claims................................................................................
-2,885
-3,963
-13,744
-14,177
-14,235
5,611
-12,783
2,541
-1,307
-5,969
27
1,437
319
-12,186
-2,697
-7,518
-1,555
-16,101
-8,397
8,662
-1,586
20,568
-16,396
1,227
52,760
29,747
40,229 -101,615
-78,107
28,282 -130,560
35,126
-75,544
-50,546 -179,987
1,719,503
39,397
20,730
1,123
-1,737
-2,552
7,146
12,072
-51
1,619
-43,096
-33,757
-2,076
-68,463
1,181
-7,445
-5,497
-185
-4,672
-36,150
-48,170
-5,193
-1,412
2,944
-13,798
1,280
251
-1,526
-1,086
22,771
-10,405
27,057
-3,215
-21,922
-22,566
-311
-2,618
-83,656
-19,046
-766
-73,934
-1,058
14,139
2,394
-661
-4,257
12,312
50,698
-14,591
-59,843
-2,263
-14,147
-1,429
-103
1,030
-28,511
-17,535
5,780
29,075
969
-33,610
-25,617
-8
-5,460
-82,390
31,355
-9,722
-49,958
-5,850
-5,926
-18,900
-641
-1,256
-54,267
-57,573
-2,492
-61,682
-4,219
18,383
20,991
321
-3,341
966,077
170,352
111,659
1,144,581
65,980
218,709
134,380
2,475
47,357
23
24
25
Claims, total (line 1), by area:
31
32
33
34
35
36
37
38
39
40
Europe..................................................................................................... -228,107 -111,211 -221,524
Of which:
United Kingdom............................................................................... -125,865 -40,935 -182,245
Switzerland......................................................................................
-31,990 -38,426
45,472
Canada....................................................................................................
8,793 -16,551 -19,299
Caribbean financial centers 8.................................................................. -112,950 -44,555 -154,660
Latin America, excluding Caribbean financial centers..............................
-1,642
-8,202
3,158
Asia.........................................................................................................
-29,719 -36,019 -39,544
-26,634 -14,711 -43,552
O f which: Japan...................................................................................
Africa.......................................................................................................
-1,413
3,253
-296
Other.......................................................................................................
-4,195
-7,197
-9,943
Memoranda:
1 International banking facilities (IBFs) own claims, denominated in dollars (in
lines 1-15 above)....................................................................................
-71,369
-82,764
-76,876
28,985
-59,363
-45,248
-7,138
-40,223
-9,761
-13,008
-13,884
-94,569
619,476
By bank ownership:4
U.S.-owned IBFs.................................................................................
Foreign-owned IBFs............................................................................
7,649
-79,018
-10,008
-72,756
-7,437
-69,439
3,136
25,849
-25,592
-33,771
15,527
-60,775
-3,079
-4,059
-13,622
-26,601
-33,294
23,533
30,613
-43,621
8,866
-22,750
-22,159
-72,410
86,545
532,931
2
3
See the footnotes on pages 108-109.
July 2007
99
S u r v e y o f C u r r e n t B u s in e s s
Table 10. Liabilities to Foreigners, Except Foreign Official Agencies, Reported by U.S. Banks and Securities Brokers1
[Millions of dollars]
Not seasonally adjusted
(Credits +; increase in U.S. liabilities.
Debits decrease in U.S. liabilities.)
Line
2004
2005
2006
2005
2007
2006
I
II
III
IV
Amounts
outstanding
March 31,
2007
I
II
III
IV
I"
3,276
-1,143
4,419
12,563
164,502
5,080
159,422
152,666
-381
-2,429
2,048
-88,376
100,305
-335
100,640
59,149
183,526
11,243
172,283
151,713
208,550
4,783
203,767
171,702
3,636,131
81,207
1 Liabilities reported by U.S. banks and securities brokers, total (table 1,
354,263
19,516
334,747
318,461
186,904
-15,604
202,508
194,718
447,952
13,559
-67,961
581
164,059
-197
87,530
-14,845
4
part of line 65 and table 1, line 69).........................................................
U.S. Treasury bills and certificates (table 1, part of line 65)...............
Other U.S. liabilities, total (table 1, line 69)...........................................
Liabilities for own accounts...............................................................
434,393
275,152
-68,542
-69,315
164,256
158,920
102,375
92,550
5
Denominated in dollars...................................................................
302,592
191,554
252,173
-68,722
143,739
88,519
28,018
149,687
-88,337
58,372
132,451
166,378
2,809,781
6
/
8
By instrument:2
Repurchase agreements.........................................................
Deposits and brokerage balances...........................................
Other liabilities (including loans).............................................
156,937
89,375
56,280
42,695
69,916
78,943
41,036
215,422
-4,285
4,342
-59,467
-13,597
8,206
97,396
38,137
42,816
44,686
1,017
-12,669
-12,699
53,386
55,583
75,738
18,366
-86,762
36,358
-37,933
55,529
-9,974
12,817
16,686
113,300
2,465
122,988
27,780
15,610
988,549
1,284,077
537,155
9
10
By foreign holder:
Liabilities to:
Foreign banks.....................................................................
Foreign nonbanks, including international organizations.....
118,805
183,787
215,432
-23,878
223,828
28,345
-50,948
-17,774
148,052
-4,313
50,387
38,132
67,941
-39,923
108,355
41,332
-11,536
-76,801
46,026
12,346
80,983
51,468
98,093
68,285
1,933,679
876,102
11
12
By type of U.S. reporting institution:3
U.S.-owned banks’ liabilities to:
Foreign banks.....................................................................
Foreign nonbanks, including international organizations.....
28,594
16,191
91,948
4,135
108,916
19,995
-29,976
-2,894
71,576
8,899
14,260
4,913
36,088
-6,783
23,370
3,941
44,131
7,667
-13,773
6,915
55,188
1,472
2,481
-4,948
743,334
127,395
13
14
Foreign-owned banks’ liabilities to:
Foreign banks.....................................................................
Foreign nonbanks, including international organizations.....
89,660
1,643
69,775
1,352
82,117
10,893
-32,864
139
57,430
342
41,988
-1,130
3,221
2,001
40,758
-2,336
-41,438
4,168
14,946
762
67,851
8,299
4,967
5,866
710,433
82,198
15
16
17
Brokers’ and dealers' liabilities to:
Foreign banks.....................................................................
Foreign nonbanks, including international organizations.....
Denominated in foreign currencies.................................................
551
165,953
53,709
-29,365
32,795
-2,543
11,892
-15,019
19,046
-13,554
-5,861
34,349
28,632
-35,141
44,227
39,727
-14,229
-88,636
44,853
4,669
-42,056
41,697
90,645
67,367
479,912
666,509
15,869
3,164
22,979
-593
15,181
4,031
-15,455
2,979
-39
777
19,262
5,324
136,647
18
19
By instrument:2
Deposits and brokerage balances...........................................
Other liabilities (including loans).............................................
13,631
2,238
11,877
-8,713
16,681
6,298
6,994
-7,587
6,804
8,377
5,225
-1,194
-7,146
-8,309
459
2,520
1,056
-1,095
2,764
-1,987
12,402
6,860
1,767
3,557
89,709
46,938
20
Liabilities for customers’ accounts...................................................
16,286
7,790
159,241
773
5,336
9,825
-8,144
6,756
90,424
41,491
20,570
32,065
608,496
21
Denominated in dollars...................................................................
12,404
490
158,155
-286
1,683
6,740
-7,647
6,687
90,540
41,020
19,908
30,563
589,226
23
By instrument:2
Negotiable certificates of deposit and other short-term
instruments.........................................................................
Other liabilities (including loans).............................................
20,356
-7,952
9,491
-9,001
65,433
92,722
6,264
-6,550
53
1,630
566
6,174
38,228
52,312
10,855
30,165
9,803
10,105
3,882
7,300
1,086
1,059
3,653
3,085
69
-116
471
662
14,962
15,601
1,502
280,512
308,714
Denominated in foreign currencies.................................................
2,608
-10,255
-497
6,547
140
24
137,240
-3,664
203,339
5,859
-1,957
-152
-5,918
177,551
3,341
2,826
12,635
3,431
668
2,056
17
9,610
379,473
8,885
35,362
-675
1,721
40,879
879
-89,080
3,793
-27,769
-447
3,203
80,039
-598
79,648
5,861
2,330
-104
-2,920
64,151
6,885
11,076
1,409
15,491
868
2,495
-7,518
-3,825
1,182
1,572
13,379
351
-722
100,575 -113,279
-2,071
5,089
63,701 105,620
8,282
1,413
7,471
-14,255
331
-1,295
2,859
-2,971
-17,488
7,573
102,078
-814
5,783
-231
3,739
30,209
-981
108,074
4
36,363
520
-1,906
201,717
2,948
3,135
1,145
-5,062
5
-121
1,529,841
45,668
1,644,648
106,741
197,281
8,473
22,272
1 International banking facilities (IBFs) own liabilities, denominated in dollars
(in lines 3-14 above)...............................................................................
2,380
78,008
-69,654
-33,543
72,943
44,256
-5,648
5,656
-19,196
-54,622
-1,492
15,322
393,252
By bank ownership:3..............................................................................
U.S.-owned IBFs.................................................................................
Foreign-owned IBFs............................................................................
1,892
488
25,642
52,366
18,800
-88,454
-3,417
-30,126
30,047
42,896
-8,641
52,897
7,653
-13,301
11,632
-5,976
24,662
-43,858
-29,054
-25,568
11,560
-13,052
17,237
-1,915
138,722
254,530
2
3
22
3,554,924
2,946,428
19,270
Other U.S. liabilities, total (line 3), by area:
25
26
27
28
29
30
31
Europe................................................................................................
Canada...............................................................................................
Caribbean financial centers 4..............................................................
Latin America, excluding Caribbean financial centers.........................
Asia....................................................................................................
Africa..................................................................................................
Other..................................................................................................
Memoranda:
2
3
See the footnotes on pages 108-109.
100
U.S. International Transactions
July 2007
Table 11. U.S. International
[Millions
Europe
Line
(Credits +; debits - ) 1
2006
2007
IV
Ie
European Union 15
Euro area16
2006
2007
2006
2007
IV
Ie
IV
I»
2006
2006
Belgium
2006
2007
IV
I»
2006
2006
Current account
1 Exports of goods and services and income receipts..........................................
718,920
194,178
198,187
626,191
169,586
173,618
393,466
105,135
108,256
31,538
8,445
8,661
2
Exports of goods and services............................................................................
408,886
109,628
111,778
353,459
94,760
97,583
235,537
63,350
65,866
24,752
6,903
6,735
3
Goods, balance of payments basis 2...............................................................
241,274
63,393
68,591
210,169
54,963
60,687
153,696
40,858
44,568
21,232
5,878
5,758
4
5
Services 3........................................................................................................
Transfers under U.S. military agency sales contracts 4................................
167,612
3,740
46,235
1,101
43,187
1,091
143,290
2,568
39,797
826
36,896
821
81,841
1,263
22,492
244
21,298
301
3,520
51
1,025
15
977
11
6
7
8
Travel...........................................................................................................
Passenger fares...
Other transportation....................................................................................
27,393
6,907
16,891
6,970
1,767
4,321
5,824
1,515
4,338
25,075
6,252
15,069
6,372
1,608
3,853
5,320
1,353
3,848
12,237
3,520
8,848
3,099
893
2,262
2,461
671
2,270
518
317
495
123
77
125
114
77
126
9
10
11
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
31,974
80,401
306
9,092
22,903
81
7,938
22,398
82
24,813
69,273
241
7,159
19,915
64
4,916
10,638
41
761
1,375
3
226
458
1
199
449
1
310,034
309,621
146,608
161,960
1,053
413
84,551
84,446
39,161
44,972
313
105
86,409
86,301
38,765
47,210
326
108
272,732
272,399
126,801
144,763
835
333
74,826
74,741
34,036
40,422
283
85
17,449
38,385
139
157,929
157,742
97,156
59,833
753
187
4,939
11,015
41
12
Income receipts.............................................
13
Income receipts on U.S.-owned assets abroad...............................................
14
Direct investment receipts......................
15
Other private receipts.............................
16
U.S. Government receipts......................
17
Compensation of employees......................
18 Imports of goods and services and income payments.......................................
6,102
19,386
65
76,035
75,947
33,046
42,656
245
88
41,784
41,737
25,090
16,446
201
47
42,390
42,341
24,465
17,632
244
49
6,787
6,769
3,837
2,932
0
18
1,542
1,537
723
814
0
5
1,926
1,921
855
1,066
0
5
-837,360 -212,193 -210,025 -730,469 -185,275 -184,958 -468,743 -119,765 -117,777
19
Imports of goods and services............................................................................
-534,565 -134,872 -129,938 -459,405 -116,802 -113,569 -326,185
20
Goods, balance of payments basis 2...............................................................
-383,812
-97,074
-94,568 -330,382
-84,205
-83,391
21
22
Services 3........................................................................................................
Direct defense expenditures........................................................................
-150,753
-11,706
-37,798
-2,806
-35,370 -129,023
-3,000
-10,260
-32,597
-2,490
-30,178
-2,660
23
24
25
Travel...........................................................................................................
Passenger fares..........................................................................................
Other transportation.......
-22,829
-13,997
-24,767
-4,332
-3,106
-6,235
-3,838
-2,977
-5,694
-20,280
-13,167
-21,728
-3,957
-2,923
-5,479
26
27
28
Royalties and license fees 5........................................................................
Other private services 5...
U.S. Government miscellaneous services...................................................
-16,301
-59,203
-1,950
-5,011
-15,822
-487
-3,745
-15,622
-494
-12,068
-50,048
-1,472
29
Income payments................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments........................................................................
32
Other private payments...............................................................................
33
U.S. Government payments........................................................................
34
Compensation of employees...........................................................................
35 Unilateral current transfers, net......................
36
U.S. Government grants 4..............................
37
U.S. Government pensions and other transfers..................................................
38
Private remittances and other transfers 6.......
-302,795
-302,228
-88,922
-183,890
-29,416
-567
-77,321
-77,160
-20,390
-49,064
-7,706
-161
-80,087 -271,064
-79,920 -270,631
-19,071
-84,334
-52,690 -164,061
-8,159
-22,236
-166
-433
-35,761
-8,906
-9,011
-83,512
-81,304
-17,302
-4,160
-4,288
-246,862
-63,312
-63,250
-14,406
-3,284
-3,563
-79,323
-8,384
-20,200
-2,080
-18,054
-2,200
-2,896
-136
-876
-36
-725
-30
-3,425
-2,777
-4,981
-13,329
-7,724
-12,460
-2,679
-1,749
-3,200
-2,210
-1,675
-2,938
-264
-5
-634
-88
-1
-160
-42
-1
-146
-3,893
-13,495
-360
-2,688
-13,285
-362
-8,613
-27,621
-1,192
-2,935
-7,264
-293
-1,853
-6,883
-295
-228
-1,559
-69
-120
-460
-11
-51
-444
-11
-68,474
-68,351
-18,105
-44,780
-5,466
-123
-71,389 -142,558
-71,261 -142,246
-17,401
-51,982
-48,050 -74,000
-16,264
-5,810
-312
-128
-36,254
-36,170
-12,438
-19,578
-4,154
-84
-36,473
-36,386
-11,660
-20,592
-4,134
-87
-18,460
-18,452
-711
-14,924
-2,817
-8
-4,746
-4,744
-231
-3,831
-682
-2
-4,723
-4,720
-173
-3,891
-656
-3
-519
(*)
-790
-81
-31
-10
-310
-209
0
-275
-515
0
-23
-58
0
-6
-25
0
-6
-4
-63
-63
-24
-6
-6
-86,346 -147,037
-7,295
219
-1,529
-1,922
1,536
-270
-4,470
-2,062
-1,727
-3,506
-464
-442
1,125
-474
-451
-604
-114
-1,601
-207
-24
-410
1,970
-21
-420
171
-31
-611
-3,828
-888
-209
-210
-392
-101
-113
-246
Capital account
39 Capital account transactions, net..........................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
-24,072
-10,733
-24,479
41
42
43
44
4“i
U.S. official reserve assets..................................................................................
Gold 7......................
Special drawing rights.....................................................................................
-689
0
-197
0
-224
0
-558
0
-156
0
-179
0
-558
0
-156
0
-179
0
0
0
0
0
0
0
-689
-197
-224
-156
2,056
-500
2,549
7
101
-172
275
-2
356
-77
463
-30
-156
20
-165
173
12
-558
U.S. Government assets, other than official reserve assets.................................
U.S. credits and other long-term assets..........................................................
Repayments on U.S. credits and other long-term assets8.............................
U.S. foreign currency holdings and U.S. short-term assets..............................
-558
337
-439
758
18
-179
46
47
48
49
28
-51
91
-12
317
0
309
8
12
0
7
5
-179
37
0
37
0
2
0
0
2
2
0
0
2
0
0
0
0
-86,202 -146,895
-26,492
-28,043
-32,217
-30,219
-28,194
-10,283
701
-78,350
-24,074
-4,524
-18,682
5,208
-6,076
-10,735
-632
-11,012
2,258
-1,349
-24,479
-1,636
-10,480
-831
-11,532
76,466
-3,186
8,561
-2,312
n
(18)
(18)
(18)
(18)
(18)
50
U.S. private assets....................................................
51
Direct investment...................................................
52
Foreign securities............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, excluding financial derivatives
56
57
58
59
60
61
62
-690,387 -163,178 -324,209 -697,543 -180,245 -275,004 -269,559
-691,754 -163,082 -324,341
-127,375
-36,780 -42,276
-238,694 -103,064
-82,073
-104,161
27,308 -20,005
-221,524
-50,546 -179,987
-697,321 -180,109 -274,853 -269,318
-111,867
-34,688
-33,663 -87,533
-229,796
-95,430
-87,301
-61,438
-109,718
27,174 -19,924 -61,119
-245,940
-77,165 -133,965
-59,228
(increase/financial inflow (+))..............................................................................
776,455
232,151
438,096
Foreign official assets in the United States.........................................................
U.S. Government securities.............................................................................
U.S. Treasury securities 9
O ther10.......................................................................................................
Other U.S. Government liabilities " ................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12.........................................................................
88,407
n
c 7)
C7)
-302
n
n
688,048
122,183
-34,353
347,809
n.a.
252,392
17
29,623
16,447
n
(17)
(17)
n
(17)
C7)
-190
(17)
(,7)
202,528
31,365
5,437
74,981
n.a.
60,536
30,209
(17)
C7)
-162
(17)
(17)
421,649
14,844
35,264
85,109
n.a.
84,715
201,717
n
119,408
n
330,175
n.a.
255,227
1894,603
147
n.a.
-51,115 -100,311
n.a.
-10,312
63
Other foreign assets in the United States............................................................
64
Direct investment............................
65
U.S. Treasury securities.................
66
U.S. securities other than U.S. Treasury securities.........................................
6/
U.S. currency...................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Financial derivatives, net.........................................................................................
71 Statistical discrepancy (sum of above items with sign reversed)14.................
19,855
20,700
799,079
n
n
-333
n
n
213,386
408,870
279,897
89,224
(18)
(18)
(18)
n
(18)
(1S)
(18)
(18)
n
-165
(18)
(18)
n
-296
n
(18)
n
415
(16)
(18)
(18)
(18)
(18)
(.8)
188
(18)
(18)
n
n
n
55
(18)
(18)
n
5
n
(18)
n
n
H
-2
(18)
(18)
n
n
(18)
(18)
1
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
25,666
(18)
11,820
(18)
106,902
(18)
20,829
(18)
11,436
(18)
49,143
n.a.
97,586
1825,851
-7,150
n.a.
53,670
1821,687
6,352
n.a.
30,158
1828,465
912
n
-3,606
n.a.
11,808
18—551
1,722
(18)
71,218
85,462
n.a.
n.a.
60,834
84,159
1855,833 18227,725
783
(18)
-4,544
n.a.
5,257
18-4,687
-4,716
n.a.
850
18-169
2,068
n.a.
-20,955 -122,143
9,158
60,497
-2,487
14,822
n.a.
80,944
-315
31,900
-15
2,684
n.a.
27,157
-93,166
2,518
-90,648
15,371
-4,470
-79,747
-22,454
2,293
-20,161
5,530
-519
-15,150
-18,682
3,244
-15,438
5,917
-790
-10,311
6,826
624
7,450
-11,673
-81
-4,304
2,594
149
2,743
-3,204
-31
-491
2,195
252
2,447
-2,797
-10
-360
Memoranda:
72
73
74
75
76
77
Balance on goods (lines 3 and 20)..........................................................................
Balance on services (lines 4 and 21)......................................................................
Balance on goods and services (lines 2 and 19)....................................................
Balance on income (lines 12 and 29).....
Unilateral current transfers, net (line 35).................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
Seethefootnotesonpages108-109.
-142,538
16,859
-125,679
7,238
-7,295
-125,735
-33,681
8,436
-25,245
7,230
219
-17,796
-25,977 -120,213
7,817
14,267
-18,160 -105,946
6,323
1,668
-1,529
-1,922
-13,367 -106,200
-29,242
7,201
-22,041
6,352
1,536
-14,153
-22,704
6,718
-15,986
4,646
-270
-11,610
July 2007
101
S u r v e y o f C u r r e n t B u s in e s s
Transactions, by Area— Continues
of dollars]
France
Germany
2006
2007
IV
Ip
62,510
16,422
17,388
39,015
10,015
10,704
23,990
5,908
15,025
45
4,107
9
2,289
569
1,618
Italy
Netherlands
2006
2007
IV
Ip
81,771
22,257
22,441
27,381
7,248
7,189
61,609
16,768
17,063
20,104
5,234
5,356
6,898
40,743
11,037
11,734
12,272
3,141
3,436
30,881
3,806
11
20,866
183
5,731
56
5,329
41
7,832
293
2,093
26
1,920
61
10,188
230
565
138
376
489
136
367
3,165
1,041
3,348
746
247
906
643
257
916
1,564
565
599
412
148
154
265
101
148
1,021
387
1,421
2,718
7,740
45
785
2,220
14
659
2,130
14
3,585
9,496
48
1,088
2,673
15
896
2,561
15
1,377
3,422
12
387
963
3
374
968
3
23,496
23,452
7,209
16,243
0
44
6,408
6,397
2,071
4,326
0
11
6,684
6,673
1,973
4,700
0
11
20,162
20,091
8,906
10,496
689
71
5,489
5,471
2,662
2,612
197
18
5,378
5,359
2,540
2,595
224
19
7,277
7,261
3,893
3,368
0
16
2,014
2,010
1,044
966
0
4
-73,473
-18,991
-17,763
-139,684
-35,458
-34,351
-42,737
-52,551
-14,017
-13,063
-117,117
-30,002
-28,706
-40,238
-37,036
-9,627
-9,647
-89,237
-23,137
-22,194
-15,515
-112
-4,390
-29
-3,416
-30
-27,880
-6,551
-6,865
-1,632
-3,124
-1,864
-2,080
-671
-429
-647
-516
-394
-440
-2,559
-2,596
-5,006
-526
-603
-1,236
-2,811
-5,190
-334
-1,151
-1,376
-87
-599
-1,349
-88
-2,547
-8,168
-453
-20,922
-20,817
-13,022
-6,492
-1,303
-105
-4,975
-4,947
-2,986
-1,650
-311
-28
-4,700
-4,671
-2,463
-1,875
-333
-29
-22,567
-22,474
-9,131
-10,857
-2,486
-93
2006
Europe, excluding European Union
United Kingdom
2006
2007
IV
Ip
2006
2007
IV
Ip
83,709
21,995
21,799
195,787
54,016
55,566
41,069
11,187
11,396
92,521
24,332
24,760
92,728
24,592
24,569
55,427
14,867
14,195
1
2
8,217
8,667
44,215
10,889
2,970
56
2,729
44
48,306
334
13,443
103
12,478
31,105
8,430
7,904
3
12,282
82
24,322
1,172
6,437
275
6,291
270
4
5
254
104
354
206
84
361
10,775
2,539
3,459
2,409
557
878
2,318
655
1,822
598
159
468
504
162
490
6
7
8
1,298
7,039
19
7,162
11,128
65
1,932
2,988
17
1,836
3,012
17
9
10
11
10,403
10,398
7,664
2,734
0
5
5,553
25,560
85
103,266
103,170
25,080
78,008
82
96
2,778
657
899
1,634
7,354
18
1,965
5,151
14
565
1,634
3
525
1,506
3
1,833
1,829
866
963
0
4
42,640
42,624
32,239
10,385
0
16
10,809
10,805
7,984
2,821
0
4
29,683
29,658
7,719
21,857
82
25
30,806
30,782
7,228
23,554
0
24
37,302
37,222
19,807
17,197
218
80
9,725
9,705
5,125
4,550
30
20
10,374
10,354
5,719
4,554
81
20
-15,656
-14,928
-210,449
-52,700
-54,507
-106,891
-26,918
-25,067
12
13
14
15
16
17
18
-10,799
-10,343
-61,885
-10,187
-9,718
-26,345
-6,564
-5,804
-91,652
-23,115
-21,929
-75,160
-18,071
-32,660
-8,445
-8,053
-17,294
-4,162
-3,660
-53,187
-13,383
-12,540
-53,430
-12,869
-16,369
-11,177
20
-6,512
-1,714
-7,578
-1,085
-1,742
-265
-1,665
-300
-456
-500
-1,173
-2,887
-775
-798
-765
-1,987
-116
-588
-1,965
-116
-93
-1,827
-113
-532
-161
-191
-34
-531
-28
-9,051
-113
-1,027
-826
-2,151
-2,205
-2,666
-63
-2,402
-27
-2,144
^10
-38,465
-1,423
-9,732
-299
-9,389
-350
-21,730
-1,446
-5,202
-316
-5,192
-340
21
22
-438
-199
-170
-20
-509
-29
-214
-192
-523
-216
-191
-505
-5,697
-4,772
-4,364
-1,075
-1,055
-1,066
-1,049
-983
-969
-2,549
-830
-3,039
-375
-183
-756
23
24
25
-661
-772
-14
-424
-754
-14
-1,776
-20,209
-224
-551
-5,635
-52
-462
-5,524
-52
-4,233
-9,155
-478
-1,118
-2,327
-127
-413
-200
-713
-1,057
-2,337
-132
-5,456
-5,431
-1,906
-2,862
-663
-25
-5,645
-5,619
-1,938
-3,006
-675
-26
-2,498
-2,451
-747
-1,008
-696
-47
-611
-598
-155
-268
-175
-13
-625
-612
-164
-274
-174
-13
-35,540
-35,526
-22,663
-11,170
-1,693
-14
-9,092
-9,088
-5,546
-3,106
-436
-4
-9,124
-9,120
-5,392
-3,291
-437
-4
-118,797
-118,700
-27,812
-87,154
-3,734
-97
-29,585
-29,559
-4,357
-24,443
-759
-26
-32,578
-32,551
-4,822
-26,660
-1,069
-27
-31,731
-31,597
-4,588
-19,829
-7,180
-134
-8,847
-8,809
-2,285
-4,284
-2,240
-38
-8,698
-8,660
-1,671
-4,640
-2,349
-38
2006
2006
2007
2006
I
2006
2007
IV
Ip
2006
2006
IV
"
Line
2006
19
26
27
28
571
188
185
10
387
316
-422
-114
-119
127
203
-7
3,570
2,102
650
-5,373
-1,317
-1,259
0
-96
667
0
-30
218
0
-23
208
0
-413
423
0
-103
490
0
-104
420
0
-245
-177
0
-62
-52
0
-67
-52
0
-28
155
0
-7
210
0
-8
1
0
-269
3,839
0
-68
2,170
0
-72
722
-1,948
-126
-3,299
-440
-32
-845
-453
-31
-775
29
30
31
32
33
34
35
36
37
38
-32
-8
-8
-19
-5
-5
-26
-7
-7
8
2
2
-49
-13
-13
-496
-108
-97
39
-39,569
-9,113
-31,914
24,860
14,800
-7,742
-11,442
-3,344
7,241
-73,165
-22,359
-20,531
-416,493
-99,138
-125,573
7,156
17,067
-49,205
40
-214
0
-69
0
-44
0
-226
0
-51
0
-95
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-131
0
-41
0
-45
0
-214
-69
-44
-226
-51
-95
1
0
0
1
-1
0
0
-1
0
0
0
0
(* )
1
0
0
1
-39,356
-4,886
-16,035
-8,007
-10,428
-9,043
-1,308
-13,188
-4,160
9,613
-31,870
-1,878
-9,630
-1,614
-18,748
-1
0
0
-1
25,087
-8,275
8,972
9,908
14,482
14,851
-4,069
-248
8,498
10,670
66,894
44,039
9,442
41,565
('» )
(1 8 )
(1 8 )
(1 8 )
n
(1 8 )
H
(1 8 )
H
64
H
9
n
-1
13
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
28,141
(1 8 )
(1 8 )
(1 8 )
H
(1 8 )
(1 8 )
-131
^t1
-45
41
42
43
44
45
0
0
0
-3,344
-1,237
4,486
-305
-6,288
0
0
0
0
-1
0
0
-1
-1
0
0
-1
-1
0
0
-1
0
0
0
0
-2
0
0
-2
-11
0
0
-11
1,719
-61
1,791
-11
81
-7
102
-14
328
-26
372
-18
46
47
48
49
-7,648
-2,125
2,837
-802
-7,558
0
0
0
0
-11,441
-3,184
3,469
1,391
-13,117
7,241
-844
1,945
-130
6,270
-73,164
-32,896
5,885
-40,314
-5,839
-22,358
-9,278
2,136
-16,180
964
-20,530
-12,048
1,062
-4,042
-5,502
-416,493
-19,382
-166,890
-47,976
-182,245
-99,136
-7,277
-61,125
51,656
-82,390
-125,562
-6,577
-55,160
-9,558
-54,267
5,568
-15,507
-8,898
5,557
24,416
17,027
-2,092
-7,634
134
26,619
-49,488
-8,613
5,228
-S1
-46,022
50
51
52
53
54
12,380
6,604
2,068
504
-2,328
86,106
17,002
40,471
520,153
124,950
328,513
-22,625
18,765
29,227
(1 8 )
(1 8 )
n
(1 8 )
(1 8 )
( ’8)
(1 8 )
(1 8 )
(1 8 )
(I S )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
n
(1 8 )
C 8)
(1 8 )
H
(18 )
(1 8 )
(1 8 )
H
(1 8 )
(1 8 )
(1 8 )
H
(1 8 )
H
(1 8 )
(1 8 )
(.8 )
H
(18 )
(1 8 )
(1 8 )
H
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
16
-6
-103
(1 8 )
26
H
n
-15
(1 8 )
18
H
-7
(1 8 )
(1 8 )
(1 8 )
55
56
57
58
59
60
61
62
(* )
0
0
(1 8 )
(1 8 )
(1 8 )
12,347
H
2,153
31,003
12,512
(1 8 )
(1 8 )
(1 8 )
(1 8 )
40,847
n.a.
-518
18-1,640
18,815
n.a.
-171
1813,039
9,102
n.a.
7,759
18—9,571
-16,892
n.a.
17,834
189,607
759
-17,659
-570
-31,967
n.a.
22,670
-13,046
-490
-13,536
2,573
571
-10,392
-3,719
-283
-4,002
1,433
188
-2,381
-2,749
390
-2,359
1,984
185
-190
n
(* )
(1 8 )
-45
50
27
38
(1 8 )
(1 8 )
(1 8 )
(1 8 )
n
(1 8 )
(1 8 )
(1 8 )
(1 8 )
( 18)
239
(18 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
2,224
( 18)
3,756
-140
17,029
-1,772
1,987
11,468
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
-19,968
n.a.
13,048
<86,772
4,495
n.a.
1,527
18-1,636
-2,816
n.a.
-141
181,372
-1,360
n.a.
116
181,491
-1,485
n.a.
49
,8-707
-4,053
n.a.
65,254
187,826
-2,496
n.a.
24,169
18-2,927
-1,564
n.a.
17,768
1822,242
-687
-7,816
-1,515
-12,846
n.a.
12,737
215
24,961
-556
7,068
n.a.
-1,633
1,914
-36,815
439
-1,625
-48,494
-7,014
-55,508
-2,405
10
-57,903
-12,100
-1,134
-13,234
33
387
-12,814
-10,460
-1,183
-11,643
-267
316
-11,594
-20,388
254
-20,134
4,779
-422
-15,777
-5,304
351
-4,953
1,403
-114
-3,665
-4,617
255
-4,362
1,208
-119
-3,273
13,587
1,138
14,725
7,100
127
21,951
4,055
567
4,622
1,716
203
6,542
(18)
H
(1 8 )
(1S )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(1 8 )
31
( 18)
-25
134
(1 8 )
(1 8 )
(1 8 )
(1 8 )
(18)
(1 8 )
(1 8 )
2,775
(18)
5,699
3,025
(1 8 )
(1 8 )
(1 8 )
78,436
n.a.
54,095
,8196,357
17,634
n.a.
-2,835
18-40,230
3,763
n.a.
-298
189,626
-353
n.a.
556
1825,865
4,422
-33,639
n.a.
-204,637
n.a.
31,012
-1,921
-30,159
n.a.
21,832
63
64
65
66
67
68
69
70
71
-2,494
3,711
1,217
99
2,102
3,418
-62
2,893
2,831
-1,771
650
1,710
-22,325
2,592
-19,733
5,570
-5,373
-19,536
-4,439
1,236
-3,204
877
-1,317
-3,643
-3,273
1,099
-2,174
1,677
-1,259
-1,757
72
73
74
75
76
77
5,717
H
-360
(1 8 )
(1 8 )
280,837
n.a.
157,172
1870,650
77,420
n.a.
6,998
1834,822
n.a.
-26,807
6,550
-99,069
5,007
585
5,592
1,279
-7
6,864
-8,972
9,841
869
-15,531
3,570
-11,092
102
U.S. International Transactions
July 2007
Table 11. U.S. International
[Millions
Latin America and
Other Western Hemisphere
Canada
Line
(Credits +; debits - ) '
2006
2007
IV
I"
2006
2007
IV
Ip
South and Central America
2006
2006
2006
2007
IV
Ip
Argentina
2006
2006
2007
IV
Ip
2,293
2006
Current account
1 Exports of goods and services and income receipts..........................................
313,969
78,443
80,079
436,402
115,969
112,531
292,206
77,511
74,239
9,209
2,457
2
Exports of goods and services............................................................................
270,626
67,722
69,117
292,574
74,114
255,444
67,649
64,567
7,019
1,872
1,898
3
Goods, balance of payments basis 2...............................................................
230,982
57,854
58,143
222,298
78,213
58,492
55,999
204,735
53,742
51,528
4,761
1,258
1,228
4
5
Services 3........................................................................................................
Transfers under U.S. military agency sales contracts 4................................
39,644
213
9,868
55
10,974
76
70,276
875
19,721
187
18,115
267
50,709
787
13,907
165
13,039
231
2,258
7
614
1
670
2
6
7
8
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
10,334
3,095
3,189
2,142
752
775
3,076
954
798
20,693
6,344
5,362
5,604
1,711
1,424
4,453
1,637
1,360
17,476
5,416
4,186
4,838
1,486
1,112
3,928
1,446
1,073
124
75
35
141
104
35
9
10
11
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
5,079
17,611
123
1,353
4,759
31
1,266
4,773
31
4,242
32,597
164
1,152
9,603
40
1,052
9,305
40
3,413
19,302
129
942
5,333
31
852
5,477
31
533
337
133
224
1,015
9
63
314
2
55
331
2
12
Income receipts...................................................................................................
13
Income receipts on U.S.-owned assets abroad...............................................
14
Direct investment receipts...........................................................................
15
Other private receipts..................................................................................
16
U.S. Government receipts...........................................................................
17
Compensation of employees...........................................................................
18 Imports of goods and services and income payments.......................................
43,344
43,206
23,442
19,764
0
138
10,722
10,687
5,427
5,260
0
35
10,962
10,927
5,597
5,330
0
35
143,828
143,613
50,436
92,941
236
215
37,756
37,702
13,017
24,589
96
54
38,417
38,364
12,826
25,499
39
53
36,763
36,576
25,113
11,254
209
187
9,862
9,815
6,725
3,008
82
47
9,672
9,626
6,481
3,109
36
46
2,190
2,182
1,670
501
11
8
584
582
445
135
2
2
395
393
251
137
5
2
-355,062
-86,855
-87,506 -517,917 -131,990 -131,169 -371,121
-91,773
-89,619
-5,753
-1,520
-1,571
19
Imports of goods and services............................................................................
-330,187
-80,652
-81,130 -392,973
-96,894
-94,819 -346,336
-85,254
-83,012
-1,332
-1,377
20
21
22
Goods, balance of payments basis 2...............................................................
-306,067
-75,118
-75,917 -334,877
-81,778
-77,380
-74,959
-1,006
-1,058
Services 3........................................................................................................
Direct defense expenditures........................................................................
-24,120
-240
-5,534
-60
-58,096
-316
-15,116
-83
-79,570 -316,292
-30,044
-15,249
-292
-85
-5,048
-3,981
-7,874
-77
-8,053
-79
-1,067
-9
-326
-1
-319
-4
-4,532
-613
-768
-4,854
-580
-780
-572
-50
-118
-187
-21
-29
-182
-12
-34
-5,213
-64
23
24
25
Travel...........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
-7,319
-373
-4,725
-1,154
-68
-1,169
-906
-46
-1,180
-23,735
-3,050
-6,076
-6,100
-770
-1,479
-6,335
-740
-1,461
-17,277
-2,415
-3,187
26
27
28
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
-860
-10,265
-338
-256
-2,735
-92
-217
-2,711
-89
-604
-23,784
-532
-217
-6,350
-117
-132
-6,377
-119
-403
-6,026
-444
-169
-1,615
-100
-67
-1,594
-99
-10
-292
-16
-1
-85
-2
-2
-83
-2
29
Income payments................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments........................................................................
32
Other private payments...............................................................................
33
U.S. Government payments
34
Compensation of employees
35 Unilateral current transfers, net
36
U.S. Government grants 4......
37
U.S. Government pensions and other transfers..................................................
38
Private remittances and other transfers 6............................................................
-24,875
-24,405
-12,426
-10,638
-1,341
-470
-6,203
-6,078
-2,792
-2,881
-405
-125
-6,376 -124,944
-6,249 -117,735
-6,262
-2,830
-2,982
-97,441
-437 -14,032
-127
-7,209
-35,097
-33,199
-1,680
-27,631
-3,888
-1,898
-36,350
-34,659
-1,507
-28,956
-4,196
-1,691
-24,785
-17,688
-3,311
-8,023
-6,354
-7,097
-6,520
-4,662
-676
-2,174
-1,812
-1,858
-6,606
-4,933
-627
-2,284
-2,022
-1,673
-705
-695
-2
-508
-185
-10
-188
-185
-4
-134
-47
-3
-193
-190
387
-50
-322
-29,125
-7,102
-7,389
-22,970
-5,637
-6,024
0
-156
106
0
-167
-155
-2,140
-738
-26,247
-257
-184
-6,661
-673
-202
-6,514
-1,765
-615
-20,590
-183
-153
-5,301
-604
-182
-5,238
-125
-1
-17
(*)
-25
0
-622
1,009
39 Capital account transactions, net...........................................................................
110
24
29
-185
-42
^1
-189
-43
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
-5,507 -167,028
-A
-138
-48
-3
(*)
-27
-97
-7
-10
-7
-18
-42
4
1
1
Capital account
-54,383
-15,709
-63,769
-85,555
-40,413
-17,988
-7,922
-3,465
-1,059
-837
41
42
43
44
45
U.S. official reserve assets..................................................................................
Gold 7.............................................................................................................
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
46
47
48
49
U.S. Government assets, other than official reserve assets.................................
U.S. credits and other long-term assets..........................................................
Repayments on U.S. credits and other long-term assets8..............................
U.S. foreign currency holdings and U.S. short-term assets..............................
-1
0
0
-1
-1
0
0
0
0
0
0
589
-265
858
-5
154
-88
244
-2
142
-76
221
-3
532
-179
715
-4
120
-57
179
-2
136
-76
215
-3
-3
-12
10
-1
-2
-11
10
-1
89
0
89
0
50
U.S. private assets..............................................................................................
51
Direct investment.............................................................................................
52
Foreign securities............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, excluding financial derivatives
-54,382
-14,793
-18,879
-1,411
-19,299
-15,708
-2,960
-3,193
167
-9,722
-5,507 -167,616
-3,281
-22,273
67
-4,268
17,452
4,534
-2,492 -162,862
-63,923
2,354
4,450
-14,919
-55,808
-85,697
-13,047
4,880
-11,629
-65,901
-40,945
-18,574
-15,063
584
-7,892
-18,108
-4,704
-7,133
-656
-5,615
-8,058
-5,685
2,614
-853
-4,134
-3,463
-2,099
-927
-123
-314
-1,057
-327
-34
20
-716
-926
-532
-62
-452
120
(increase/financial inflow (+))..............................................................................
57,164
-409
12,803
594,023
183,016
73,727
71,596
13,207
30,683
1,449
260
851
Foreign official assets in the United States.........................................................
U.S. Government securities.............................................................................
U.S. Treasury securities 9............................................................................
O ther10.......................................................................................................
Other U.S. Government liabilities 11................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12.........................................................................
-965
-355
639
36,764
7,335
21,291
(")
( ,7)
( ,7)
(”)
(")
C7)
28
(")
(")
-54
2,522
-11
( ,7)
n
12,164
2,827
n
557,260
9,302
V7)
55
( 17)
(17)
175,682
1,023
(17)
(17)
(17)
(,7)
(,7)
V 7)
56
57
58
59
60
61
62
63
Other foreign assets in the United States............................................................
64
Direct investment.............................................................................................
65
U.S. Treasury securities..................................................................................
66
U.S. securities other than U.S. Treasury securities.........................................
U.S. currency...................................................................................................
6/
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Financial derivatives, net.........................................................................................
71 Statistical discrepancy (sum of above items with sign reversed)14.................
n
<")
75
(17)
( ,7)
58,129
6,570
n
30,277
n.a.
n
-1
(17)
(17)
n
(,7)
(17)
8,765
n.a.
6,252
n.a.
(,7)
(")
n
(17)
13
V 7)
169,828
n.a.
n
57,200
n.a.
(,7)
-44
( ,7)
n
52,436
-2,982
n
34,789
n.a.
n
n
n
n
(18)
10
(,8)
(,8)
(18)
(18)
(.8)
57
n
n
(18)
(18)
(18)
5,086
175
n
n
14,432
n.a.
n
(18)
n
(18)
(18)
-43
(18)
n
(18)
1,808
(")
4,172
n.a.
1,620
n.a.
(18)
(18)
(18)
(18)
(18)
(18)
10
(18S))
(1
(18)
(18)
-1
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
29
-31
(18)
(18)
613
n.a.
-32
18829
(,9,
136
n.a.
-68
i 8224
130
n.a.
46
18664
n
(18)
(16)
(18)
(18)
11
9,610
-981
388,358
108,078
4,280
1852,068
188,803
1827,298
-4,507
42,321
42
24,513
3,861
n.a.
425 -320,031
-1,977
-94,106
n.a.
37,896
-1,464
72,354
-1,369
26,092
n.a.
-1,316
-1,319
-122
n.a.
-712
-75,085
15,524
-59,561
18,469
387
-40,705
-17,264
4,334
-12,930
4,519
-50
-8,461
-17,774 -112,579
5,761
12,180
-12,013 -100,399
4,586
18,885
-322
-29,125
-7,749 -110,640
-23,286
4,605
-18,681
2,660
-7,102
-23,123
-23,571 -111,557
20,665
2,866
-20,705
-90,892
11,977
2,068
-7,389
-22,970
-26,027 -101,885
-23,638
6,033
-17,605
3,342
-5,637
-19,899
-23,431
4,986
-18,445
3,066
-6,024
-21,403
780
1,191
1,971
1,486
-125
3,331
252
289
541
397
-17
920
170
351
521
201
-25
697
2,948
Memoranda:
72
73
74
75
76
77
Balance on goods (lines 3 and 20)..........................................................................
Balance on services (lines 4 and 21)......................................................................
Balance on goods and services (lines 2 and 19)....................................................
Balance on income (lines 12 and 29)......................................................................
Unilateral current transfers, net (line 35).................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
Seethefootnotesonpages108-109.
July 2007
Survey
of
103
C u r r e n t B u s in e s s
Transactions, by Area— Continues
of dollars]
Brazil
Mexico
2006
2007
IV
Ip
Venezuela
2006
2006
2007
Other South and Central America
2006
2006
2007
2006
2006
IV
I
Other Western Hemisphere
2007
2006
»
IV
2006
2007
IV
Ip
Line
2006
Ip
IV
Ip
36,399
10,534
10,682
169,645
43,789
41,604
15,512
4,424
3,757
61,440
16,307
15,904
144,196
38,458
38,292
1
26,700
7,713
7,690
156,376
40,353
38,028
12,214
3,537
2,940
53,135
14,174
14,010
37,131
10,564
9,547
2
19,088
5,548
5,546
133,893
34,230
32,351
8,977
2,604
2,226
38,016
10,102
10,177
17,563
4,750
4,471
3
7,612
48
2,165
36
2,144
4
22,483
23
6,123
5
5,677
3
3,237
7
933
2
714
(*)
15,119
702
4,072
120
3,833
221
19,568
88
5,814
22
5,076
36
4
5
1,947
708
776
554
190
204
538
198
202
7,146
2,119
1,403
1,962
562
361
1,582
632
343
1,336
419
147
410
137
44
243
78
36
6,514
1,833
1,727
1,788
522
468
1,424
434
457
3,217
928
1,176
766
225
312
525
191
287
6
7
8
921
3,205
7
264
915
2
241
959
2
1,567
10,208
17
382
2,730
5
185
1,142
2
53
286
45
311
(*)
(*)
517
3,733
94
151
1,001
22
129
1,146
22
829
13,295
35
210
4,270
9
200
3,828
9
9
10
11
9,699
9,679
5,973
3,595
111
20
2,821
2,816
1,752
1,016
48
5
2,992
2,987
1,919
1,064
4
5
13,270
13,238
9,391
3,837
10
32
410
2,818
5
3,436
3,428
2,458
968
2
8
3,576
3,568
2,580
986
2
8
3,298
3,287
2,777
502
8
11
888
885
736
145
4
3
817
815
653
162
0
2
8,305
8,189
5,301
2,819
69
116
2,133
2,104
1,334
744
26
29
1,894
1,865
1,080
760
25
29
107,066
107,038
25,324
81,687
27
28
27,895
27,888
6,293
21,581
14
7
28,745
28,738
6,345
22,390
3
7
-31,784
-8,088
-7,692
-229,166
-57,588
-56,982
-39,834
-8,796
-7,978
-64,584
-15,781
-15,396
-146,796
-40,217
-41,551
12
13
14
15
16
17
18
-29,234
-7,228
-6,671
-216,139
-54,470
-53,736
-37,698
-8,249
-7,616
-58,217
-13,974
-13,612
-46,638
-11,640
-11,807
19
-26,373
-6,511
-5,914
-201,196
-50,632
-49,469
-37,134
-8,069
-7,484
-47,608
-11,162
-11,034
-18,585
-4,398
20
-2,861
-6
-717
-1
-757
-2
-14,943
-16
-3,838
-5
-4,267
-4
-564
-3
-180
-1
-132
-1
-10,609
-258
-2,812
-69
-2,578
-68
-28,053
-24
-7,242
-6
-4,611
-7,196
-749
-263
-465
-156
-64
-112
-186
-83
-109
-10,003
-901
-981
-2,646
-164
-222
-3,038
-210
-240
-249
-68
-93
-90
-20
-25
-48
-17
-22
-5,704
-1,133
-1,530
-1,453
-344
-380
-1,400
-258
-375
-6,458
-635
-2,889
-1,568
-157
-711
-1,481
-160
-681
23
24
25
-10
-1,353
-15
-2
-379
-3
-3
-371
-3
-214
-2,657
-171
-60
-701
-41
-46
-688
-41
-2
-141
-9
-41
-2
-41
-2
(*)
-167
-1,583
-233
-105
-409
-52
-15
-411
-51
-201
-17,758
-88
-48
-4,735
-17
-65
-4,783
-20
26
27
28
-2,550
-2,533
19
-788
-1,764
-17
-860
-854
-46
-206
-602
-6
-1,021
-1,015
2
-254
-763
-6
-13,027
-6,031
-715
-2,403
-2,913
-6,996
-3,118
-1,294
104
-646
-752
-1,824
-3,246
-1,606
-196
-644
-766
-1,640
-2,136
-2,120
-777
-1,129
-214
-16
-547
-542
-363
-359
-5
-296
-58
-4
-6,368
-6,310
-1,837
-3,195
-1,278
-58
-1,807
-1,787
-20
-1,783
-1,763
-424
-952
-387
-20
-100,158
-100,046
-2,950
-89,418
-7,678
-112
-28,577
-28,537
-1,004
-25,457
-2,076
-40
-29,744
-29,726
-880
-26,672
-2,174
-18
-738
-227
-234
-11,134
-2,777
-2,845
-84
-21
58
-10,889
-2,594
-2,977
-6,155
-1,465
-1,365
-25
-21
-692
-2
-5
-220
-4
-5
-225
-64
-278
-10,792
-7
-69
-2,701
-13
-74
-2,758
-8
-4
-72
-2
-1
-18
-2
-1
61
-1,667
-285
-8,937
-171
-71
-2,352
-584
-95
-2,298
-375
-123
-5,657
-74
-31
-1,360
-69
-20
-1,276
29
30
31
32
33
34
35
36
37
38
-7
-2
-2
-116
-30
-29
12
3
3
-82
-15
-15
4
1
1
39
-14,132
-11,818
-4,031
-9,694
-3,485
-1,112
-6,275
-974
-708
-6,846
-652
-1,233
-126,615
-45,781
-77,634
40
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
41
42
43
44
45
369
-57
427
-1
18
0
18
0
-4,049
-1,671
-664
240
-1,954
31
-13
47
-3
-9,725
-10,645
2,906
744
-2,730
5
-10
14
1
-3,490
-4,213
589
-36
170
6
-4
11
-1
-1,118
-2,548
2,390
-370
-590
10
0
10
0
-6,285
-2,045
-4,404
42
122
5
0
5
0
-979
614
-1,654
-18
80
0
0
0
0
-708
-246
-282
-60
-120
124
-97
221
0
-6,971
-2,619
-4,098
-88
-166
47
-16
65
-2
-699
5
-950
-127
373
23
-72
97
-2
-1,256
-687
1,232
-211
-1,590
56
-86
143
-1
-126,672
-3,700
15,130
16,868
-154,970
34
-31
65
-14,501
-1,166
-8,540
9
-4,804
65
-20
85
0
-11,883
-782
-5,084
-495
-5,522
-45,816
7,058
11,583
-14,263
-50,193
6
0
6
0
-77,640
-7,363
2,266
-10,776
-61,767
46
47
48
49
50
51
52
53
54
31,942
9,634
23,292
14,710
-3,841
1,262
-2,874
92
754
26,369
7,062
4,525
522,427
169,810
43,044
55
(18)
(18)
(18)
(18)
H
(18)
(1S)
(18)
(18)
(16)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(16)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
18)
(18)
(18)
-1
(18)
(18)
-2
(18)
(18)
0
(18)
(18)
-43
H
(18)
(18)
(18)
(18)
(18)
(18)
(16)
77
H
(18)
(18)
(18)
(18)
(18)
5
(18)
(18)
(18)
(18)
(18)
(18)
-17
(18)
(18)
(1
8)
(18)
(1
8)
(18)
56
57
58
59
60
61
62
4
(*)
(16)
(18)
H
(16)
(18)
1
(16)
(18)
(*)
(D)
-296
(D)
-5
H
-2
(18)
(18)
(D)
-692
(D)
(18)
(18)
H
3
(18)
n
O
(18)
(18)
—
6
-1
(18)
n
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(’8)
(16)
207
(18)
76
(18)
252
(18)
2,387
(18)
-196
(18)
440
(18)
489
(18)
-160
(18)
307
(18)
1,974
(18)
486
(18)
799
(18)
4,215
848
(18)
-4,791
(18)
1,180
n.a.
-1
1830,551
211
n.a.
31
189,333
('.)
397
n.a.
-91
1822,735
n.a.
6,875
n.a.
-91
185,535
2,435
n.a.
-371
18-5,709
809
n.a.
134
18—122
n.a.
1,328
n.a.
-323
18-4,361
(>,)
216
n.a.
-111
18149
-157
n.a.
225
18379
n.a.
4,436
n.a.
(18)
1,174
n.a.
441
n.a.
(18)
155,396
n.a.
(18)
53,028
n.a.
(18)
33,169
n.a.
(18)
1819,961
185,325
1814,666
n.a.
-32
-22,014
65,754
23,933
18,102
33,543
5,271
4,116
-1,369
-2,958
183,328
n.a.
-21,681
-1,464
-3,944
-7,285
4,751
-2,534
7,150
-738
3,878
-963
1,448
485
1,961
-227
2,218
-368
1,387
1,019
1,970
-234
2,755
-67,303
7,540
-59,763
243
-11,134
-70,655
-16,402
2,285
-14,117
318
-2,777
-16,576
-17,118
1,410
-15,708
330
-2,845
-18,223
-28,157
2,673
-25,484
1,162
-84
-24,406
-5,465
753
-4,713
341
-21
-4,393
-5,258
582
-4,676
454
58
-4,164
-9,592
4,511
-5,081
1,937
-10,889
-14,033
-1,060
1,260
200
326
-2,594
-2,068
n
n
n
H
n
n
H
18362,813
18115,936
-809
5,325
-392,386
-608
-120,198
-857
1,255
398
111
-2,977
-2,469
-1,022
-8,485
-9,507
6,907
-6,155
-8,755
352
-1,428
-1,076
-683
-1,465
-3,224
21
22
39,213
63
64
65
66
67
68
69
70
71
-140
-2,120
-2,260
-998
-1,365
-4,623
72
73
74
75
76
77
104
U.S. International Transactions
July 2007
Table 11. U.S. International
[Millions
Asia and Pacific
(Credits +; debits - ) '
Line
2006
Australia
2007
2006
Current account
1 Exports of goods and services and income receipts..........................................
2
Exports of goods and services............................................................................
2006
China
2007
Hong Kong
2007
2006
2006
IV
2006
2007
IV
Ip
2006
2006
IV
Ip
Ie
Ip
484,735
128,217
126,878
39,955
10,950
10,135
72,101
19,278
19,003
31,059
8,254
8,046
388,038
102,458
100,767
26,840
7,223
6,589
65,959
17,781
17,611
23,063
6,040
5,943
IV
3
Goods, balance of payments basis 2...............................................................
274,532
73,733
71,016
17,151
4,512
4,250
55,038
14,975
14,535
17,749
4,686
4,612
4
5
Services 3.......................................................................................................
Transfers under U.S. military agency sales contracts 4................................
113,506
4,076
28,725
1,288
29,751
697
9,689
558
2,711
311
2,339
92
10,921
0
2,806
0
3,076
0
5,314
0
1,354
1,331
(*)
(*)
6
7
8
Travel..........................................................................................................
Passenger fares
Other transportation
23,953
5,445
16,735
5,415
1,346
4,191
5,907
1,379
4,008
2,482
574
352
595
150
93
511
127
75
1,642
431
2,417
392
104
624
363
103
602
473
140
1,221
90
30
309
116
38
288
9
10
11
Royalties and license fees 5........................................................................
Other private services 5
U.S. Government miscellaneous services...................................................
20,117
42,803
377
5,683
10,698
104
5,361
12,295
104
1,264
4,436
22
360
1,195
7
274
1,253
7
1,442
4,967
22
405
1,277
4
402
1,602
4
632
2,833
15
193
727
5
155
729
5
12
Income receipts...................................................................................................
13
Income receipts on U.S.-owned assets abroad...............................................
14
Direct investment receipts...........................................................................
15
Other private receipts..................................................................................
16
U.S. Government receipts...........................................................................
17
Compensation of employees...........................................................................
18 Imports of goods and services and income payments.......................................
96,697
96,313
59,227
36,627
459
384
25,759
25,662
15,753
9,761
148
97
26,111
26,012
15,773
10,160
79
99
13,116
13,088
7,602
5,486
0
28
3,726
3,719
2,229
1,490
0
7
3,546
3,539
1,936
1,603
0
7
6,142
6,106
4,684
1,359
63
36
1,497
1,488
1,245
233
10
9
1,392
1,382
1,123
240
19
10
7,996
7,928
6,105
1,815
8
68
2,215
2,198
1,690
508
0
17
2,103
2,086
1,579
504
3
17
-901,322 -241,123 -226,146
-20,144
-5,242
-4,894 -328,244
-92,604
-83,322
-20,386
-5,183
-4,835
19
Imports of goods and services............................................................................
-765,728 -204,402 -189,049
-13,173
-3,505
-3,229 -295,407
-83,209
-73,111
-14,629
-3,559
-3,158
20
Goods, balance of payments basis 2...............................................................
Services 3.......................................................................................................
Direct defense expenditures........................................................................
-684,297 -183,292 -168,368
-8,147
-2,167
-1,885 -288,125
-81,359
-71,454
-8,160
-1,910
-1,522
21
22
-81,431
-5,602
-21,110
-1,409
-20,681
-1,410
-5,026
-164
-1,338
-43
-1,344
-40
-7,282
-5
-1,850
-1
-1,657
-1
-1,649
-2
-1,636
-3
23
24
25
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
-3,753
-2,441
-5,824
-3,905
-2,408
-5,508
-1,156
-935
-342
-287
-241
-85
-321
-271
-82
-2,155
-603
-3,296
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
-2,260
-5,254
-168
-2,169
-5,111
-170
-300
-2,056
-73
-108
-554
-19
-70
-541
-19
-54
-1,140
-29
-495
-163
-843
-17
-325
-7
-462
-115
-746
-12
-313
-8
-298
-313
-513
26
27
28
-15,159
-9,143
-23,489
-7,838
-19,531
-669
-6,469
-18
-1,167
-1,206
-2,055
-48
-1,931
-44
-23
-488
-12
-329
-330
-481
-8
-473
-12
-135,594
-134,558
-21,591
-30,514
-82,453
-1,036
-36,721
-36,399
-5,851
-8,306
-22,242
-322
-37,096
-36,767
-4,875
-8,859
-23,033
-329
-6,971
-6,953
-2,998
-2,988
-967
-18
-1,738
-1,733
-678
-807
-248
-5
-1,665
-1,660
-519
-887
-254
-5
-32,837
-32,461
29
-4,654
-27,836
-376
-9,395
-9,288
9
-1,321
-7,976
-107
-10,211
-10,102
-5
-1,417
-8,680
-109
-5,757
-5,742
-228
-2,565
-2,949
-15
-1,625
-1,620
-70
-764
-786
-5
-1,677
-1,672
-76
-838
-758
-5
29
Income payments................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments........................................................................
32
Other private payments
U.S. Government payments
33
34
Compensation of employees
35 Unilateral current transfers, net
36
U.S. Government grants 4..
37
U.S. Government pensions and other transfers..................................................
38
Private remittances and other transfers 6............................................................
-15,147
-3,680
-4,758
-234
-35
-51
-2,065
-478
-602
-32
-17
-31
-5,422
-782
-8,943
-1,584
-207
-1,889
-1,823
-183
-2,752
0
-73
-161
0
-18
-17
0
-18
-33
-4
-4
-2,057
-2
-1
-475
-2
-1
-599
0
-10
-22
0
-3
-14
0
-2
-29
39 Capital account transactions, net..........................................................................
-988
-316
-243
-27
-7
-7
-152
-40
-41
-21
-6
-6
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))............................................................................................................
-112,874
-30,140
-7,869
-22,757
-6,651
-10,568
4,836
2,621
-607
-23,195
-7,439
1,108
-45
0
-15
0
-17
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital account
41
42
43
44
45
U.S. official reserve assets.
Gold 7............................
-45
-15
-17
46
47
48
49
U.S. Government assets, other than official reserve assets.................................
U.S. credits and other long-term assets..........................................................
Repayments on U.S. credits and other long-term assets 8..............................
U.S. foreign currency holdings and U.S. short-term assets..............................
979
-143
1,101
21
286
-6
278
14
149
-68
211
6
1
0
0
1
0
0
0
0
0
0
0
0
136
0
133
3
26
0
21
5
43
0
42
1
28
0
28
0
0
0
0
50
U.S. private assets..............................................................................................
51
Direct investment.............................................................................................
52
Foreign securities............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, excluding financial derivatives
-113,808
-45,041
-23,953
3,743
-48,557
-30,411
-11,685
-14,536
1,206
-5,396
-8,001
-15,821
-9,363
2,171
15,012
-22,758
-6,460
-8,268
818
-8,848
-6,651
-1,959
-4,907
-172
387
-10,568
-3,365
-4,684
3,320
-5,839
4,700
-4,656
7,346
2,744
-735
2,595
-2,642
3,518
2,095
-376
-650
-1,781
4,476
59
-3,404
-23,223
-4,817
-19,360
-56
1,010
-7,438
817
-10,345
-87
2,177
14
0
14
0
1,094
-1,673
1,166
-107
1,707
(increase/financial inflow (+)).............................................................................
354,659
90,178
83,990
16,148
2,549
7,138
209,549
35,825
76,733
37,909
9,352
-7,039
Foreign official assets in the United States
U.S. Government securities.......
U.S. Treasury securities 9......
O ther10.................................
Other U.S. Government liabilities 11
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12....................................... .................................
275,712
V7)
52,572
97,971
(17)
(,7)
(17)
(17)
(,7)
(")
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
n
(»)
-119
(18)
(18)
84
(18)
(18)
-2
n
(18)
(18)
0
(18)
(18)
(18)
(18)
(18)
164
(18)
-189
(18)
363
(18)
-48
(18)
-64
(18)
-2,553
n.a.
-1,808
1840,022
(19)
2,151
n.a.
-518
1875,289
1,183
n.a.
-176
1836,535
-3,545
n.a.
-564
1813,514
(19)
-5,525
n.a.
9
1S—
1,459
56
57
58
59
60
61
62
Reserve position in the International Monetary Fund.....................................
63
Other foreign assets in the United States............................................................
64
Direct investment.............................................................................................
U.S. Treasury securities..................................................................................
65
U.S. securities other than U.S. Treasury securities.........................................
66
67
U.S. currency...................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Financial derivatives, net.........................................................................................
71 Statistical discrepancy (sum of above items with sign reversed)14.................
V 7)
(,7)
2,397
n
<17)
78,947
26,781
C7)
38,468
n.a.
581
(")
n
37,606
5,889
(,7)
-8,155
n.a.
1,359
(" )
(” )
-13,981
8,007
(,7)
-5,054
n.a.
n
n
n
(18)
305
n
n
n
1,658
n
n
-21
(18)
471
n.a.
107
1S2,111
n.a.
-1,753
39,547
33,177
-5,150
8,750
n.a.
222
185,213
3,547
187,390
-1,441
58,306
n.a.
28,148
-2,505
-10,436
-1,648
85
-97,352
-409,765 -109,559
7,615
9,070
32,075
-88,282
-377,690 -101,944
-38,897 -10,963
-10,985
-15,147
-3,680
-4,758
-431,734 -116,587 -104,026
9,004
4,663
13,667
6,145
-234
19,578
2,345
1,374
3,719
1,989
-35
5,673
(17)
n
(17)
(18)
-834
-206
(18)
(18)
4,277
12,420
n.a.
n.a.
618
-2,043
182,993 18199,380
n
(18)
0
(18)
(18)
n
(1S)
(18)
(18)
(18)
4
(18)
(18)
(*)
n
-5
(18)
(18)
(18)
(18)
0
(18>
(18)
43,974
35,399
n.a.
-11,164
-25,335
-4,962
n.a.
2,758
2,365 -233,087
995
3,639
3,360 -229,448
1,880 -26,695
-51
-2,065
5,189 -258,207
-66,384
956
-65,428
-7,898
-478
-73,804
-56,919
1,419
-55,500
-8,819
-602
-64,921
9,589
-1,155
8,434
2,239
-32
10,641
2,776
-295
2,481
590
-17
3,054
3,090
-305
2,785
426
-31
3,180
n
n
Memoranda:
72
73
74
75
76
77
Balance on goods (lines 3 and 20)..........................................................................
Balance on services (lines 4 and 21)......................................................................
Balance on goods and services (lines 2 and 19)....................................................
Balance on income (lines 12 and 29)......................................................................
Unilateral current transfers, net (line 35).................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
Seethefootnotesonpages108-109.
July 2007
Survey
105
C u r r e n t B u s in e s s
of
Transactions, by Area—Continues
of dollars]
India
Japan
2007
2006
Korea, Republic of
2007
2006
2006
2006
2006
IV
Singapore
2007
2006
2006
Ip
IV
Ip
Taiwan
2007
2006
2006
IV
Ip
Other Asia and Pacific
2007
2006
IV
Ip
2006
2007
IV
Ip
Line
2006
IV
Ip
19,112
5,015
5,753
128,356
32,721
33,527
50,658
12,869
12,855
45,523
12,961
12,620
34,036
9,136
8,359
63,935
17,033
16,580
1
16,711
4,252
4,859
99,632
25,282
26,034
43,790
10,846
10,897
31,229
9,332
8,685
30,759
8,275
7,500
50,055
13,428
12,649
2
9,990
2,709
2,882
57,593
14,763
15,113
31,418
7,926
7,820
24,255
7,425
6,689
22,645
6,225
5,447
38,693
10,512
9,668
3
6,721
14
1,543
3
1,977
9
42,039
691
10,519
263
10,921
124
12,372
891
2,920
309
3,077
150
6,974
284
1,907
32
1,996
20
8,114
956
2,050
221
2,053
153
11,362
682
2,916
148
2,981
149
4
5
1,865
694
425
381
167
110
365
156
110
11,245
3,347
4,209
2,633
822
977
3,110
905
953
2,753
45
2,775
564
12
683
686
1
573
461
3
755
126
(*)
198
103
1
289
880
3
2,583
153
1
645
226
1
638
2,152
208
1,998
481
60
552
427
47
480
6
7
8
301
3,375
48
98
771
12
78
1,247
12
9,104
13,348
96
2,524
3,269
31
2,469
3,329
31
502
840
10
504
1,153
10
2,971
2,464
36
892
650
9
922
652
9
1,429
2,242
21
464
560
6
312
717
6
871
5,362
89
246
1,409
20
245
1,613
20
9
10
11
2,401
2,385
1,589
774
22
16
763
759
548
206
5
4
894
890
635
247
8
4
28,724
28,646
10,235
18,366
45
78
7,439
7,419
2,355
5,049
15
20
7,493
7,473
2,245
5,211
17
20
2,105
3,776
28
6,867
6,843
3,349
3,484
10
24
2,023
2,017
1,058
953
6
6
1,958
1,952
969
982
1
6
14,294
14,264
12,853
1,411
0
30
3,629
3,621
3,269
352
0
8
3,935
3,927
3,589
338
0
8
3,277
3,257
1,833
1,424
0
20
861
856
510
346
0
5
859
854
492
362
0
5
13,880
13,796
10,977
2,508
311
84
3,605
3,584
2,848
624
112
21
3,931
3,909
3,205
673
31
22
-29,988
-7,826
-8,241
-238,476
-62,781
-59,351
-60,958
-15,724
-15,607
-27,622
-7,163
-7,403
-52,691
-13,402
-12,615
-122,813
-31,198
-29,879
12
13
14
15
16
17
18
-28,504
-7,402
-7,781
-174,090
-45,896
-42,725
-53,990
-13,588
-13,798
-22,099
-5,659
-5,851
-45,719
-11,601
-10,795
-118,118
-29,983
-28,601
19
-21,845
-5,596
-5,830
-148,559
-39,317
-36,234
-45,811
-11,514
-12,015
-17,712
-4,509
-4,657
-38,414
-9,768
-8,989
-107,524
-27,152
-25,782
20
-6,659
-27
-1,806
-4
-1,951
-1
-25,531
-1,501
-6,579
-389
-6,491
-385
-8,179
-1,726
-2,074
-461
-1,783
-430
-4,387
-478
-1,150
-127
-1,194
-100
-7,305
-319
-1,833
-66
-1,806
-90
-10,594
-1,364
-2,831
-316
-2,819
-360
21
22
-2,178
-190
-376
-577
-57
-87
-768
-46
-97
-2,970
-1,283
-6,772
-692
-300
-1,658
-682
-349
-1,601
-1,011
-1,425
-3,246
-216
-358
-814
-197
-335
-601
-453
-347
-1,322
-109
-92
-335
-68
-86
-471
-918
-1,444
-4,014
-204
-416
-986
-225
-391
-940
-3,151
-1,710
-2,066
-875
-501
-503
-853
-485
-489
23
24
25
-31
-3,837
-20
-1,484
-1,286
-325
-439
-522
-198
-12
-1,065
-A
-8
-1,027
-4
-7,248
-5,611
-146
-2,054
-1,453
-34
-2,030
-1,410
-34
-45
-704
-23
-11
-205
-9
-7
-204
-9
-24
-1,745
-18
-7
-475
-5
-5
-459
-5
-43
-560
-7
-11
-148
-2
-12
-145
-3
-46
-1,947
-309
-17
-543
-76
-17
-539
-76
26
27
28
-424
-358
-79
-131
-148
-66
-460
-394
-59
-136
-199
-66
-64,387
-64,273
-17,065
-11,704
-35,504
-114
-16,885
-16,849
-4,515
-3,042
-9,292
-36
-16,626
-16,589
-4,139
-3,146
-9,304
-37
-6,968
-6,831
-548
-1,350
-4,933
-137
-2,136
-2,092
-415
-395
-1,282
-44
-1,809
-1,765
-7
-466
-1,292
-44
-5,523
-5,515
-174
-3,612
-1,729
-8
-1,504
-1,501
-55
-1,016
-430
-3
-1,551
-1,548
-40
-1,102
-406
-3
-6,973
-6,922
-255
-1,509
-5,158
-51
-1,801
-1,783
-71
-388
-1,324
-18
-1,820
-1,802
-65
-407
-1,330
-18
-4,696
-4,577
-29
-1,693
-2,855
-119
-1,215
-1,177
21
-442
-756
-38
-1,278
-1,236
34
-460
-810
-42
-2,076
-453
-626
1,606
515
287
-551
-86
-219
-27
-10
-19
-327
-43
-106
-11,442
-3,073
-3,391
-166
-20
-1,890
-29
-5
-419
-34
-5
-587
0
-208
1,814
0
-61
576
0
-43
330
0
-53
-498
0
-14
-72
0
-13
-206
0
-4
-23
0
-1
-9
0
-1
-18
0
-4
-323
0
-1
-42
0
-1
-105
-5,253
-406
-5,783
-1,553
-103
-1,417
-1,787
-99
-1,505
29
30
31
32
33
34
35
36
37
38
-160
-42
-45
-69
-75
2
-28
-8
-8
0
0
0
-33
-8
—
8
-498
-130
-130
39
-3,751
-1,332
-4,402
-54,324
-26,078
12,792
-8,819
4,757
1,128
-3,386
3,236
-1,727
2,198
1,475
896
-3,676
-729
-6,489
40
0
0
0
0
0
0
-45
0
-15
0
-17
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-45
-15
-17
41
42
43
44
45
114
-4
111
7
31
-4
31
4
27
0
25
2
5
0
0
5
25
0
23
2
201
-2
203
(*)
61
-68
126
3
4,732
-1,376
1,760
224
4,123
3,238
-1,252
1,240
-160
3,410
2
0
0
2
2,197
-1,251
-1,773
-50
5,270
649
-139
786
2
-8,864
-2,402
1,630
110
-8,202
0
0
0
0
-1,727
-1,232
-1,086
290
301
0
0
0
0
-26,068
-2,374
-4,416
-378
-18,900
-2
0
0
-2
-3,384
-5,363
-796
134
2,641
0
0
0
0
-4,429
-1,537
-2,771
16
-137
4
0
4
0
1,124
-651
1,337
-30
468
-2
0
0
-2
-1,363
-419
-619
-221
-104
0
0
0
0
12,809
-1,931
-5,535
-715
20,990
45
0
43
2
-3,865
-2,074
-1,301
-248
-242
5
0
0
5
-54,284
-12,241
2,143
-634
-43,552
1,475
-519
-330
-53
2,377
896
-498
1,515
116
-237
-4,325
-5,777
-3,574
925
4,101
-931
-1,962
-437
-42
1,510
-6,550
-3,154
-3,781
-778
1,163
46
47
48
49
50
51
52
53
54
5,035
4,463
6,284
47,550
23,436
-5,624
16,124
5,205
-116
10,351
7,332
2,365
4,143
-392
-4,126
7,850
2,409
8,375
55
(18)
(18)
(16)
(18)
H
H
H
(18)
(18)
(18)
(18)
(18)
H
H
(18)
H
H
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(IB)
(18)
(18)
(IS)
47
(18)
(18)
13
(18)
(18)
3
(18)
(18)
37
(18)
(18)
-53
(18)
(18)
(18)
(18)
(18)
('8)
47
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
H
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-100
(18)
16
(18)
(18)
(18)
(18)
6
(18)
(18)
46
31
(!8)
(18)
12
(1S)
(18)
2,155
823
(ie)
(18)
H
(18)
1,191
(18)
(18)
56
57
58
59
60
61
62
H
(18)
(18)
(,e)
-125
(18)
(18)
(18)
(18)
(18)
505
(18)
151
(18)
253
(18)
21,282
(18)
(18)
4,704
(18)
8,024
-106
n.a.
320
184,269
-18
n.a.
59
184,258
-91
n.a.
-20
186,139
6,060
n.a.
-217
1820,388
-2,518
n.a.
-43
1821,346
-7,715
n.a.
41
18-6,021
11,828
P)
175
n.a.
1,277
-346
115,703
-933
33,194
n.a.
18,366
3,574
-11,855
62
-11,793
917
-2,076
-12,951
-2,887
-263
-3,150
339
-453
-3,264
-2,948
26
-2,922
435
-626
-3,113
-90,966
16,509
-74,457
-35,663
1,606
-108,514
-24,554
3,940
-20,615
-9,445
515
-29,545
-21,121
4,430
-16,691
-9,132
287
-25,536
-14,393
4,193
-10,200
-100
-551
-10,851
n
H
(18)
H
n
(18)
-70
(18)
(18)
H
(18)
(ID)
(18)
(18)
(’8)
(18)
(18)
2,759
(18)
858
(18)
215
(18)
266
(18)
133
(18)
242
(18)
24
(18)
1,486
n.a.
-360
1812,364
-302
n.a.
-231
184,980
45
n.a.
82
18-474
1,274
n.a.
(18)
-1,094
n.a.
(18)
211
n.a.
(18)
188,881
188,302
181,906
6,282
n.a.
134
18-2,343
H
n
-7,013
n.a.
1,966
-3,588
845
-2,743
-113
-86
-2,941
-4,195
1,294
-2,901
150
-219
-2,970
n
(1
8)
(18)
(18)
(18)
-6
(18)
70
(18)
130
-45
(18)
290
1,189
n.a.
-90
1S—1,516
844
n.a.
63
18—5,115
1,119
n.a.
(18)
215
n.a.
749
n.a.
(18)
184,446
181,416
186,145
6,398
60,246
1,140
14,550
n.a.
14,935
63
64
65
66
67
68
69
70
71
-68,831
769
-68,062
9,185
-11,442
-70,320
-16,640
85
-16,555
2,390
-3,073
-17,239
-16,114
162
-15,952
2,653
-3,391
-16,690
72
73
74
75
76
77
-24,839
n
-16,357
n.a.
-5,836
12,675
3,234
n.a.
7,600
6,543
2,587
9,130
8,771
-27
17,874
2,916
757
3,673
2,126
-10
5,789
2,032
802
2,834
2,384
-19
5,199
-15,769
809
-14,960
-3,696
-327
-18,983
-3,543
217
-3,326
-940
-43
-4,309
-3,542
247
-3,295
-961
-106
-4,362
n
n
(18)
H
n
n
H
106
U.S. International Transactions
July 2007
Table 11. U.S. International
[Millions
Africa
Middle East
(Credits +; debits - ) 1
Line
2006
2007
IV
I»
2006
2007
IV
Ip
2006
2006
Current account
1 Exports of goods and services and income receipts..........................................
62,959
16,222
16,050
34,856
9,409
9,412
2
Exports of goods and services............................................................................
53,943
13,951
13,697
27,687
7,773
7,808
3
Goods, balance of payments basis 2...............................................................
35,795
9,588
8,789
18,228
5,433
5,341
4
5
Services 3.......................................................................................................
Transfers under U.S. military agency sales contracts 4................................
18,148
6,784
4,363
1,321
4,908
1,964
9,459
1,294
2,340
308
2,467
301
6
7
8
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
2,077
308
1,962
439
85
548
435
53
519
1,244
87
775
283
37
231
233
7
239
9
10
11
Royalties and license fees 5........................................................................
Other private services 5...............................................................................
U.S. Government miscellaneous services...................................................
427
6,488
102
116
1,834
20
122
1,797
18
539
5,438
82
140
1,321
20
12
Income receipts...................................................................................................
13
Income receipts on U.S.-owned assets abroad...............................................
14
Direct investment receipts...........................................................................
Other private receipts..................................................................................
15
16
U.S. Government receipts...........................................................................
17
Compensation of employees...........................................................................
18 Imports of goods and services and income payments.......................................
9,015
8,920
6,274
2,555
91
95
2,271
2,247
1,547
683
17
24
2,353
2,328
1,595
708
25
25
7,168
7,096
5,493
1,266
337
72
1,635
1,617
1,241
330
46
18
147
1,519
20
1,604
1,585
1,176
340
69
19
-21,558
-101,766
-24,380
-23,337
-87,198
-20,012
19
Imports of goods and services............................................................................
-90,219
-20,923
-20,114
-85,273
-19,479
-21,098
20
Goods, balance of payments basis 2...............................................................
-71,907
-16,539
-15,393
-80,420
-18,319
-19,815
21
22
Services 3.......................................................................................................
Direct defense expenditures........................................................................
-18,312
-12,912
-4,384
-3,168
-4,721
-3,301
-4,853
-278
-1,160
-75
-1,283
-80
23
24
25
Travel..........................................................................................................
Passenger fares..........................................................................................
Other transportation....................................................................................
-1,255
-570
-1,207
-252
-£9
-302
-353
-193
-286
-1,732
-370
-402
-360
-68
-109
-440
-120
-97
26
27
28
Royalties and license fees 5........................................................................
Other private services5...............................................................................
U.S. Government miscellaneous services...................................................
-183
-1,909
-276
-39
-476
-58
-46
-484
-58
-27
-1,794
-250
-11
-473
-64
-9
-A n
-64
29
Income payments...............................................................................................
Income payments on foreign-owned assets in the United States.....................
30
Direct investment payments........................................................................
31
32
Other private payments...............................................................................
U.S. Government payments........................................................................
33
34
Compensation of employees...........................................................................
35 Unilateral current transfers, net.............................................................................
U.S. Government grants4...................................................................................
36
37
U.S. Government pensions and other transfers..................................................
38
Private remittances and other transfers 6............................................................
-11,547
-11,501
-1,376
-5,008
-5,117
-46
-3,457
-3,442
-562
-1,439
-1,441
-15
-3,223
-3,208
-197
-1,513
-1,498
-15
-1,925
-1,841
-248
-951
-642
-84
-533
-504
-101
-236
-167
-29
-460
-431
-45
-229
-157
-29
-12,727
-3,529
-5,944
-5,840
-1,531
-1,374
-10,178
-119
-2,430
-2,725
-28
-776
-5,247
-31
-666
-2,983
-29
-2,828
-802
-7
-722
-592
-7
-775
39 Capital account transactions, net..........................................................................
-329
-84
-84
-1,634
-10
-10
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (- ))............................................................................................................
Capital account
-9,117
-3,436
-2,977
-1,832
1,622
-500
41
42
43
44
45
U.S. official reserve assets..................................................................................
G old7.............................................................................................................
0
0
0
0
0
0
0
0
0
0
0
0
46
47
48
49
U.S. Government assets, other than official reserve assets.................................
U.S. credits and other long-term assets..........................................................
Repayments on U.S. credits and other long-term assets 8..............................
U.S. foreign currency holdings and U.S. short-term assets..............................
189
-51
238
2
41
-11
48
4
40
-5
42
3
582
-29
609
2
23
-104
127
0
50
U.S. private assets..............................................................................................
Direct investment.............................................................................................
51
52
Foreign securities............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
53
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, excluding financial derivatives
-9,306
-4,956
-5,567
-31
1,248
-3,477
-3,826
-743
1,204
-112
-3,017
-1,476
-289
39
-1,291
3,180
-388
3,583
-15
-5,011
-2,176
-2,303
881
-1,413
1,040
1,005
-176
852
-641
-523
-1,217
446
-73
321
(increase/financial inflow (+))..............................................................................
63,305
2,651
12,928
-2,189
-4,156
1,747
Foreign official assets in the United States.........................................................
U.S. Government securities.............................................................................
U.S. Treasury securities 9............................................................................
O ther10......................................................................................................
Other U.S. Government liabilities 11................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12.........................................................................
42,079
(")
n
( ,?)
612
n
n
21,226
10,271
( ,7)
5,432
n.a.
(")
125
-507
(")
n
n
297
C7)
(17)
3,158
123
n
795
n.a.
(,7)
1,545
9,597
(")
(,7)
(,7)
-385
n
n
3,331
92
(,7)
2,233
n.a.
n
-1,330
-1,851
(")
(")
(")
220
(,7)
(,7)
-338
287
n
39
n.a.
(17)
-675
-3,321
(’7)
(,7)
(17)
358
C7)
( ’7)
-835
36
(")
-610
n.a.
C7)
520
1,890
(")
(")
(")
-289
(")
C7)
-143
147
(")
-48
n.a.
n
5
n
610
63,227
243
14,435
n.a.
12,283
-62,192
4,606
-57,586
5,243
-5,840
-58,183
-12,886
1,180
-11,706
1,103
-1,531
-12,134
-14,474
1,184
-13,290
1,144
-1,374
-13,520
56
57
58
59
60
61
62
Other foreign assets in the United States............................................................
63
64
Direct investment.............................................................................................
65
U.S. Treasury securities..................................................................................
U.S. securities other than U.S. Treasury securities.........................................
66
67
U.S. currency...................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
68
U.S. liabilities reported by U.S. banks, not included elsewhere........................
69
70 Financial derivatives, net.........................................................................................
71 Statistical discrepancy (sum of above items with sign reversed)14.................
-2,325
12,557
n.a.
3,364
-36,112
-164
-36,276
-2,531
-12,727
-51,534
-6,951
-21
-6,972
-1,187
-3,529
-11,687
-6,604
187
-6,417
-870
-5,944
-13,231
n
Memoranda:
72
73
74
75
76
77
Balance on goods (lines 3 and 20)..........................................................................
Balance on services (lines 4 and 21)......................................................................
Balance on goods and services (lines 2 and 19)....................................................
Balance on income (lines 12 and 29)......................................................................
Unilateral current transfers, net (line 35).................................................................
Balance on current account (lines 1,18, and 35 or lines 74,75, and 7 6 )13............
Seethefootnotesonpages108-109.
July £007
Survey
of
107
C u r r e n t B u s in e s s
Transactions, by Area—Table Ends
of dollars]
South Africa
Other Africa
2006
2007
IV
Ip
2006
International organizations and unallocated 20
2006
2007
IV
If
2006
2006
2007
IV
Ip
Line
2006
7,442
1,983
1,920
27,414
7,426
7,492
44,325
11,255
11,674
1
6,083
1,694
1,539
21,605
6,079
6,269
3,949
952
1,039
2
4,449
1,277
1,125
13,779
4,156
4,216
0
0
0
3
1,634
3
414
(*)
64
(*)
45
7,826
1,291
1,923
308
2,053
301
3,949
131
952
32
1,039
45
4
5
326
2
172
417
(*)
89
2
47
918
85
603
194
35
184
169
7
194
0
0
1,383
0
0
347
0
0
366
6
7
8
354
772
4
85
193
1
99
204
1
185
4,666
78
55
1,128
19
48
1,315
19
0
2,434
1
289
287
86
196
5
2
381
379
171
208
0
2
5,809
5,745
4,921
497
327
64
1,347
1,331
1,156
134
41
16
1,223
1,206
1,005
132
69
17
40,376
38,813
18,744
19,845
224
1,563
0
628
(*)
10,635
10,245
4,671
5,531
43
390
9
10
11
1,359
1,351
572
769
10
8
0
573
(*)
10,303
9,916
4,629
5,235
52
387
-8,875
-2,293
-2,389
-78,323
-17,719
-19,168
-17,425
-4,130
-4,309
-8,615
-7,501
-2,202
-2,327
-76,658
-17,277
-18,771
-5,282
-1,149
-1,115
19
-1,929
-2,047
-72,919
-16,390
-17,768
0
0
20
-1,114
-6
-338
-167
-83
-273
-3
-74
-38
-22
-3,739
-272
-887
-72
-1,003
-77
-1,149
0
-1,115
0
21
22
-1,394
-203
-319
-286
-30
-87
-366
-68
-76
0
0
-4,616
0
0
-1,125
0
0
-1,091
23
24
25
-19
-442
-59
-9
-110
-16
-280
-3
-74
-52
-21
-7
-107
-16
0
-5,282
0
-8
-1,352
-191
-2
-363
-48
-2
-366
-48
-621
-39
-6
-14
-9
-1
-14
-9
-1
26
27
28
-260
-250
-15
-172
-63
-10
-91
-88
(D)
-34
(D)
-3
-62
-59
-7
-34
-18
-3
-1,665
-1,591
-233
-779
-579
-74
-442
-416
(D)
-202
(D)
-26
-398
-372
-38
-195
-139
-26
-12,143
-12,143
-5,186
-6,203
-754
0
-2,981
-2,981
-1,182
-1,614
-185
0
-3,194
-3,194
-1,283
-1,726
-185
0
-484
-137
-132
-5,356
-1,394
-1,242
-19,849
-5,151
-5,378
-106
-8
-370
-26
-2
-109
-27
-2
-103
-2,877
-21
-2,458
-776
-5
-613
-565
-5
-672
-4,358
-2,491
-13,000
-673
-1,002
-3,476
-1,293
-491
-3,594
29
30
31
32
33
34
35
36
37
38
-4
-1
-1
-1,630
-9
-9
1
(*)
(*)
39
-1,687
625
-295
-145
997
-205
-19,556
-4,845
-494
0
0
0
0
0
0
0
0
0
0
0
0
3,108
0
-223
3,331
1,627
0
-51
1,678
169
0
-43
212
40
41
42
43
44
45
-1
0
0
-1
1
0
0
1
3,181
-388
3,583
-14
582
-29
609
2
22
-104
127
-1
-296
-259
-213
-24
200
-3,326
-1,889
-286
15
-1,166
415
805
-8
110
-492
-227
-958
659
-49
121
-1,645
-1,645
0
0
-21,019
-18,744
-93
-4
-2,178
-201
-201
0
0
-6,271
-4,629
32
0
-1,674
-244
-199
0
-45
-419
-4,671
2,936
-5
1,321
46
47
48
49
-1,686
-288
-2,017
866
-247
(*)
0
0
(*)
626
201
-168
742
-149
-1,892
-320
55
-297
-3,836
1,692
16,181
9,167
1,015
55
n
n
n
n
-2
(,«)
(18)
n
(18)
(18)
n
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
,18)
(18)
(18)
(18)
(18)
(18)
0
(18)
(18)
222
(18)
(18)
358
(18)
(18)
-289
(18)
(18)
120
0
0
0
120
0
0
0
0
0
0
0
0
0
-1
0
0
0
-1
0
0
56
57
58
59
60
61
62
9,167
1,182
(18)
1,016
1,283
(18)
-231
8,382
-3
18-163
147
-1,631
2
181,215
n
(*)
(18)
12
13
14
15
16
17
18
50
51
52
53
54
(18)
n
(18)
(18)
(18)
141
(18)
(18)
11
-25
(18)
146
(18)
n
25
(18)
15
n.a.
-923
'*-1,123
38
n.a.
-706
18337
-24
n.a.
1
18103
24
n.a.
(18)
-648
n.a.
(18)
n
172
H
-24
n.a.
(18)
18-689
l8—3,571
181,833
16,061
5,186
n
98
12,571
0
18—1,794
610
57,727
243
14,292
n.a.
11,440
5,396
-9,073
1,203
-7,500
n.a.
-2,509
63
64
65
66
67
68
69
70
71
-59,140
4,087
-55,053
4,144
-5,356
-56,266
-12,234
1,036
-11,198
905
-1,394
-11,687
-13,552
1,051
-12,502
825
-1,242
-12,918
0
-1,333
-1,333
28,233
-19,849
7,051
0
-197
-197
7,322
-5,151
1,974
0
-76
-76
7,441
-5,378
1,987
72
73
74
75
76
77
5,500
143
n.a.
843
-3,052
520
-2,533
1,099
-484
-1,917
-652
145
-507
198
-137
-447
-922
134
-789
319
-132
-602
n
n
108
U.S. International Transactions
July 2007
F o o t n o t e s t o U .S . I n t e r n a t io n a l T r a n s a c t io n s T a b le s 1 - 1 1
General notes for all tables: p Preliminary. r Revised. 0 Transactions are
possible, but are zero for a given period. (* ) Transactions are less than
$ 5 00 ,0 00(± ). D Suppressed to avoid disclosure o f data o f individual com pa
nies. n.a. Transactions are possible, but data are not available. Q uarterly
estimates are not annualized and are expressed at quarterly rates; N ot applica
ble, or for data periods 19 60 -199 7, transactions that are 0, “not available,” or
“not applicable.” Q uarterly estimates are not annualized and are expressed at
quarterly rates.
Table 1:
1. Credits, +: Exports o f goods and services and incom e receipts; unilateral
current transfers to the U nited States; capital account transactions receipts;
financial inflows— increase in foreign-owned assets (U.S. liabilities) or
decrease in U.S.-owned assets (U.S. claims).
Debits,
Im ports of goods and services and incom e payments; unilateral
current transfers to foreigners; capital account transactions payments; finan
cial outflows— decrease in foreign-owned assets (U.S. liabilities) or increase in
U.S.-owned assets (U.S. claims).
2. Excludes exports o f goods under U.S. m ilitary agency sales contracts
identified in Census export docum ents, excludes im ports o f goods under
direct defense expenditures identified in Census im port docum ents, and
reflects various other adjustm ents (for valuation, coverage, and tim ing) of
Census statistics to balance o f paym ents basis; see table 2.
3. Includes some goods: M ainly m ilitary equipm ent in line 5; m ajor equip
m ent, other m aterials, supplies, and petroleum products purchased abroad by
U.S. m ilitary agencies in line 22; and fuels purchased by airline and steamship
operators in lines 8 and 25.
4. Includes transfers o f goods and services under U.S. m ilitary grant p ro
grams.
5. Beginning in 1982, these lines are presented on a gross basis. The defini
tion of exports is revised to exclude U.S. parents’ paym ents to foreign affiliates
and to include U.S. affiliates’ receipts from foreign parents. The definition of
im ports is revised to include U.S. parents’ payments to foreign affiliates and to
exclude U.S. affiliates’ receipts from foreign parents.
6. Beginning in 1982, the “other transfers” com ponent includes taxes paid
by U.S. private residents to foreign governments and taxes paid by private
nonresidents to the U.S. Governm ent.
7. At the present tim e, all U.S. Treasury-owned gold is held in the United
States.
8. Includes sales o f foreign obligations to foreigners.
9. Consists o f bills, certificates, marketable bonds and notes, and nonm arketable convertible and nonconvertible bonds and notes.
10. Consists o f U.S. Treasury and E xport-lm port Bank obligations, not
included elsewhere, and o f debt securities o f U.S. G overnm ent corporations
and agencies.
11. Includes, primarily, U.S. G overnm ent liabilities associated with m ili
tary agency sales contracts and other transactions arranged with o r through
foreign official agencies; see table 5.
12. Consists of investm ents in U.S. corporate stocks and in debt securities
o f private corporations and state and local governments.
13. Conceptually, the sum of line 77 and line 39 is equal to “net lending or
net borrow ing” in the national incom e and product accounts (NIPAs). How
ever, the foreign transactions account in the NIPAs (a ) includes adjustm ents
to the international transactions accounts for the treatm ent of gold, (b )
includes adjustm ents for the different geographical treatm ent of transactions
with U.S. territories and Puerto Rico, and (c ) includes services furnished w ith
out paym ent by financial pension plans except life insurance carriers and p ri
vate noninsured pension plans. A reconciliation o f the balance on goods and
services from the international accounts and the NIPA net exports appears in
reconciliation table 2 in appendix A in this issue of the S u r v e y o f C u r r e n t B u s i
n e s s . A reconciliation o f the other foreign transactions in the two sets of
accounts appears in table 4.3B o f the full set o f NIPA tables.
Additional footnotes for historical data in July issues o f the S u r v e y :
14. For 1974, includes extraordinary U.S. Governm ent transactions with
India. See “Special U.S. G overnm ent Transactions,” June 1974 S u r v e y , p. 27.
15. For 19 78 -83, includes foreign currency-denom inated notes sold to p ri
vate residents abroad.
16. Break in series. See Technical Notes in the June 19 89 -90, 19 92 -95, and
July 19 9 6 -2 0 0 7 issues o f the S u r v e y .
Table 2:
1.
Exports, Census basis, represent transactions values, f.a.s. U . S . p ort
exportation, for all years; im ports, Census basis, represent Customs values
(see Technical Notes in the June 1982 S u r v e y ) , except for 19 74 -81, when they
represent transactions values, f.a.s. foreign p ort of exportation (see July issues
o f the S u r v e y for historical data). From 1983 forward, both unadjusted and
seasonally adjusted data have been prepared by BEA from “actual” and
“revised statistical” m onthly data supplied by the Census Bureau (see Techni
cal Notes in the Decem ber 1985 S u r v e y ) . Seasonally adjusted data reflect the
application o f seasonal factors developed jointly by Census and BEA. The sea
sonally adjusted data are the sum of seasonally adjusted five-digit end-use
categories (see technical Notes in the June 1980 S u r v e y , in the June 1988 S u r
v ey , and in the June 1991 S u r v e y ) . Prior to 1983, annual data are as published
by the Census Bureau, except that for 1 9 7 5 -8 0 published Census data are
adjusted to include trade between the U.S. Virgin Islands and foreign coun
tries.
2. Adjustm ents in lines A5 and A13, B20, B75, and B130 reflect the Census
Bureau’s reconciliation of discrepancies between the goods statistics published
by the United States and the counterpart statistics published in Canada. These
adjustm ents are distributed to the affected end-use categories in section C.
Beginning in 1986, estimates for undocum ented exports to Canada, the largest
item in the U.S.-Canadian reconciliation, are included in Census basis data
shown in line A l.
3. Exports o f m ilitary equipm ent under U.S. m ilitary agency sales con
tracts with foreign governm ents (line A 6), and direct im ports by the D epart
m ent o f Defense and the Coast Guard (line A 14), to the extent such trade is
identifiable from Custom s declarations. The exports are included in tables 1
and 11, line 5 (transfers under U.S. m ilitary agency sales contracts); the
im ports are included in tables 1 and 11, line 22 (direct defense expenditures).
4. Addition of electric energy; deduction o f exposed m otion picture film
for rental rather than sale; net change in stock o f U.S.-owned grains in storage
in Canada; coverage adjustm ents for special situations in which shipm ents
were om itted from Census data; deduction o f the value o f repairs and alter
ations to foreign-owned equipm ent shipped to the U nited States for repair;
and the inclusion o f fish exported outside of U.S. customs area. Also includes
deduction of exports to the Panam a Canal Zone before O ctober 1, 1979, and
for 19 75 -82, net tim ing adjustm ents for goods recorded in Census data in one
period but found to have been shipped in another (see July issues o f the S u r v e y
for historical data).
5. Coverage adjustm ents for special situations in which shipm ents were
om itted from Census data; the deduction o f the value o f repairs and alter
ations to U.S.-owned equipm ent shipped abroad for repair; and the adjust
m ent o f software im ports to m arket value. Also includes addition of
understatem ent o f inland freight in f.a.s. values o f U.S. im ports o f goods from
Canada in 1974-81; deduction o f im ports from the Panam a Canal Zone
before O ctober 1, 1979; and for 19 75 -82, net tim ing adjustm ents for goods
recorded in Census data in one period but found to have been shipped in
another (see July issues o f the S u r v e y for historical data).
6. For 19 88 -89, correction for the understatem ent o f crude petroleum
im ports from Canada.
7. Annual and unadjusted quarterly data shown in this table correspond to
country and area data in table 11, lines 3 and 20. Trade w ith international
organizations includes purchases o f nonm onetary gold from the International
M onetary Fund, transfers of tin to the International Tin Council (IT C ), and
sales o f satellites to Intelsat. The m em oranda are defined as follows: Members
of OPEC: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi
Arabia, U nited Arab Emirates, Venezuela, and beginning w ith the first quarter
of 2007, Angola.
Table 3:
1. Includes royalties, license fees, and other fees associated w ith the use of
intangible assets, including patents, trade secrets, and other proprietary rights,
that are used in connection w ith the production o f goods.
2. Includes royalties, license fees, and other fees associated with the use of
copyrights, tradem arks, franchises, rights to broadcast live events, software
licensing fees, and other intangible property rights.
3. O ther unaffiliated services receipts (exports) include m ainly film and
television tape rentals and expenditures o f foreign residents tem porarily
working in the United States. Payments (im p o rts) include mainly expendi
tures o f U.S. residents tem porarily working abroad and film and television
tape rentals.
4. These reflect the am ount o f prem ium s explicitly charged by, or paid to,
insurers and reinsurers.
Table 4:
1. Complete instrum ent detail is only available beginning w ith 2003.
2. Prior to 2003, includes only dem and deposits and nonnegotiable tim e
and savings deposits.
Table 5:
of
1.
Expenditures to release foreign governm ents from their contractual lia
bilities to pay for m ilitary goods and services purchased through m ilitary sales
contracts— first authorized (for Israel) under Public Law 9 3 -1 9 9 , section
4, and subsequently authorized (for m any recipients) under similar legisla
tion— are included in line A4. Deliveries against these m ilitary sales contracts
July 2007
Survey
of
C u r r e n t B u s in e s s
are included in line CIO; see footnote 2. O f the line A4 items, part of these m il
itary expenditures is applied in lines A43 and A46 to reduce short-term assets
previously recorded in lines A41 and C8; this application o f funds is excluded
from lines C3 and C4. A second p art of line A4 expenditures finances future
deliveries under m ilitary sales contracts for the recipient countries and is
applied directly to lines A42 and C9. A third p art of line A4, disbursed directly
to finance purchases by recipient countries from commercial suppliers in the
United States, is included in line A37. A fourth p art of line A4, representing
dollars paid to the recipient countries to finance purchases from countries
other than the United States, is included in line A48.
2. Transactions under m ilitary sales contracts are those in which the
D epartm ent o f Defense sells and transfers m ilitary goods and services to a for
eign purchaser, on a cash or credit basis. Purchases by foreigners directly from
commercial suppliers are not included as transactions under m ilitary sales
contracts. The entries for the several categories o f transactions related to m ili
tary sales contracts in this and other tables are partly estim ated from incom
plete data.
3. The identification o f transactions involving direct dollar outflows from
the U nited States is m ade in reports by each operating agency.
4. Line A38 includes foreign currency collected as interest and line A43
includes foreign currency collected as principal, as recorded in lines A16 and
A17, respectively.
5. Includes (a ) advance paym ents to the D epartm ent o f Defense (o n m ili
tary sales contracts) financed by loans extended to foreigners by U.S. Govern
m ent agencies and (b ) the contra-entry for the p art of line CIO that was
delivered w ithout prepaym ent by the foreign purchaser. Also includes
expenditures o f appropriations available to release foreign purchasers from
liability to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and pay
m ents by the U.S. Governm ent under commercial export credit and invest
m ent guarantee program s.
7. Excludes liabilities associated w ith m ilitary sales contracts financed by
U.S. Governm ent grants and credits and included in line C2.
8. Excludes transactions o f the U.S. E nrichm ent C orporation since it
became a non-governm ent entity in July 1998.
Table 6:
1. For bank affiliates, includes only interest on perm anent debt investm ent
by their parent companies. Excludes interest between financial parent com pa
nies and nonbank financial affiliates.
2. For bank affiliates, includes only perm anent debt investm ent by their
parent companies. Excludes intercom pany debt between financial parent
companies and nonbank financial affiliates.
Table 7:
1. Beginning with 2005, source data for new issue estimates are no longer
separately available. New issues continue to be included in net purchases.
2. Bahamas, Bermuda, British West Indies (Caym an Islands), and N ether
lands Antilles.
Table 8:
1. Prior to 2003, securities brokers’ claims on and liabilities to their foreign
affiliates are included in the estimates. They are excluded beginning in 2003.
2. Com plete instrum ent detail is only available beginning with 2003.
3.Financial interm ediaries’ accounts are shown under “other claims (liabil
ities)” because the m ajority of these claims (liabilities) are in the form of inter
company balances. Financial interm ediaries’ accounts represent transactions
between firms in a direct investm ent relationship (th a t is, between U.S. par
ents and their foreign affiliates or between U.S. affiliates and their foreign
parent groups), where both the U.S. and foreign firms are classified in a
finance industry, but the firms are neither banks n or securities brokers.
4. Bahamas, Bermuda, British West Indies (Caym an Islands), and N ether
lands Antilles.
Table 9:
1. Beginning with 2003, includes securities brokers’ claims on their foreign
affiliates.
2. Complete instrum ent detail is only available beginning with 2003.
3. Includes foreign official agencies and international and regional organi
zations. Prior to 2003, also includes governm ent-ow ned corporations and
state, provincial, and local governments and their agencies.
4. U.S.-owned banks include U.S.-chartered banks, Edge Act subsidiaries,
and U.S. bank holding companies. Foreign-owned banks include U.S.
branches and agencies o f foreign banks and m ajority-ow ned bank subsidiaries
in the United States. Brokers and dealers m ay be U.S.-owned or foreignowned.
109
5. Commercial paper issued in the U.S. m arket by foreign incorporated
entities and held in U.S. custom ers’ accounts. Excludes comm ercial paper
issued through foreign direct investm ent affiliates in the U nited States.
6. Prior to 2003, includes negotiable certificates of deposit and other nego
tiable and transferable instrum ents.
7. Prior to 2003, includes only deposits.
8. Bahamas, Bermuda, British West Indies (C aym an Islands), and N ether
lands Antilles.
Table 10:
1. Beginning w ith 2003, includes securities brokers’ liabilities to their for
eign affiliates.
2. Complete instrum ent detail is only available beginning w ith 2003.
3. U.S.-owned banks include U.S.-chartered banks, Edge Act subsidiaries,
and U.S. bank holding companies. Foreign-owned banks include U.S.
branches and agencies o f foreign banks and m ajority-ow ned bank subsidiaries
in the U nited States. Brokers and dealers may be U.S.-owned or foreignowned.
4. Bahamas, Bermuda, British West Indies (Caym an Islands), and N ether
lands Antilles.
Table 11:
For footnotes 1-13, see table 1.
14. At the global level, the statistical discrepancy represents net errors and
omissions in recorded transactions. For individual countries and regions, it
may also reflect discrepancies that arise w hen transactions w ith one country
or region are settled through transactions w ith another country or region.
15. The “European Union” includes Belgium, Denm ark, France, Germ any
(includes the form er G erm an Dem ocratic Republic (East Germ any) begin
ning in the fourth quarter of 1990), Greece, Ireland, Italy, Luxembourg, N eth
erlands, Portugal, Spain, and the United Kingdom; beginning w ith the first
quarter o f 1995, also includes Austria, Finland, and Sweden; beginning with
the second quarter o f 2004, also includes Cyprus, Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia; and begin
ning with the first quarter o f 2007, also includes Bulgaria and Romania. The
“European U nion” also includes the European Atomic Energy Com m unity,
the European Coal and Steel C om m unity (through the third quarter of 2 0 02 ),
and the European Investment Bank.
16. The “Euro area” includes Austria, Belgium, Finland, France, Germany,
Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain; beginning w ith
the first quarter o f 2001, also includes Greece; and beginning w ith the first
quarter o f 2007, also includes Slovenia.
17. Details not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
19. Estimates o f financial derivatives for several countries are not available
separately. Estimates for Luxembourg are included in O ther Euro area. Esti
mates for Argentina, Brazil, Mexico, and Venezuela are included in O ther
South and Central America. Estimates for China, Hong Kong, India, Korea,
Singapore, and Taiwan are included in O ther Asia and Pacific. Estimates for
South Africa are included in O ther Africa. In addition, estimates for the M id
dle East are com bined with estimates for Asia and Pacific and included in
O ther Asia and Pacific.
20. Includes, as part o f international and unallocated, taxes withheld; c u r
rent-cost adjustm ents associated w ith U.S. and foreign direct investment; and
net U.S. currency flows. Before 1999, also includes the estim ated direct invest
m ent in foreign affiliates engaged in international shipping, in operating oil
and gas drilling equipm ent internationally, and in petroleum trading. Before
1996, also includes small transactions in business services that are not
reported by country. N ote. C ountry data are based on inform ation available
from U.S. reporting sources. In some instances the statistics may not necessar
ily reflect the ultim ate foreign transactor. For instance: U.S. goods export
statistics reflect country of reported destination; in m any cases the goods may
be transshipped to third countries (especially true for the N etherlands and
G erm any). The geographic breakdown of securities transactions reflects the
country w ith which transactions occurred b u t may not necessarily reflect the
ultim ate sources of foreign funds or ultim ate destination of U.S. funds.
N ote. C ountry data are based on inform ation available from U.S. rep o rt
ing sources. In some instances, the statistics may n o t necessarily reflect the
ultim ate foreign transactor. For instance: U.S. goods export statistics reflect
country o f reported destination; in m any cases the goods m aybe transshipped
to third countries (especially true for the N etherlands and G erm any). The
geographic breakdown o f securities transactions reflects the country with
which transactions occurred but may not necessarily reflect the ultim ate
sources o f foreign funds or ultim ate destination o f U.S. funds.
sssBEA
No w available at www.bea.gov
Interactive State and County Maps
of Personal Income and Its Components
BUREAU OF ECONOMIC ANALYSIS
U.S. DEPARTMENT OF COMMERCE
• D is p la y a m a p f o r a n y lin e f r o m a n y t a b le o f t h e s t a t e a n d
lo c a l a r e a p e r s o n a l in c o m e a c c o u n t s
- F o r c o u n t ie s , m e t r o p o lit a n a r e a s , m ic r o p o lit a n a r e a s , s t a t e s ,
a n d B E A r e g io n s
• C r e a te m a p s t o d i s p la y d o l l a r a m o u n t s , g r o w t h r a t e s , o r s h a r e s
o f t h e N a t io n f o r t h e s e le c t e d in c o m e o r e m p lo y m e n t ite m
• Z o o m i n t o a n a r e a t o s e e m o r e c le a r ly a s e le c t e d p a r t o f t h e N a tio n
• D o w n lo a d t h e e s t im a t e s u s e d in t h e m a p s
• P r in t t h e m a p s a n d t a b le s w it h u s e r - f r ie n d ly p r i n t i n g c a p a b ilit ie s
P e r s o n a l I n c o m e : A v e r a g e G r o w t h R a te s f o r 1 9 6 9 - 2 0 0 5
8.3% to 17.1% (617)
|
| 7.4% to 8.3% (618)
I
I 6.7% to 7.4% (618)
|
J 5.9% to 6.7% (618)
|___| 0.0% to 5.9% (618)
111
July 2007
G r o s s D o m e s tic P r o d u c t b y S ta te
A d v a n c e E s t im a t e s f o r 2 0 0 6 a n d R e v is e d E s t im a t e s f o r 2 0 0 3 - 2 0 0 5
By Clifford H. Woodruff III, Sharon D. Panek, and Timothy P. M clnerney
CO N O M IC growth in the United States was
widespread in 2006, as inflation-adjusted gross
domestic product (GDP) grew in 49 states and the D is
trict o f Columbia, according to the latest estimates re
leased by the Bureau o f Economic Analysis (BEA).
Growth accelerated in m ost states, as U.S. real GDPby-state growth accelerated to 3.4 percent in 2006 from
3.0 percent in 2005.
GDP by state is the m ost comprehensive measure o f
overall economic activity in individual states— the
state counterpart to the N ations GDP. In June 2007,
BEA released advance estimates o f GDP by state for
2006 based on North American Industry Classification
System (NAICS) sectors. For the first time, the esti
mates were released just 6 months after the calendar
year, an acceleration o f 4 months, compared with the
E
previous release schedule.1 This newly released statisti
cal information also provides a first look at detailed in
dustry estimates o f GDP by state for 2005 and revised
estimates for 2003-2004.2 The estimates include ad
vance current-dollar and inflation-adjusted estimates
o f GDP by state at the NAICS-sector level for 2006,
new NAICS-based industry detail for 2005, and revised
NAICS-based industry detail for 2003-2004.
The revisions to GDP by state reflect the incorpora1. The 2006 estimates are based on an abbreviated methodology to speed
up the release of BEA’s GDP-by-state estimates—one of BEA’s major goals
in its strategic plan. Estimates for 2005 and earlier years are based on BEA’s
standard GDP-by-state methodology. See the box “Advance Estimates of
Gross Domestic Product (GDP) by State for 2006.”
2. BEA released advance estimates of 2005 GDP by state at the NAICSbased sector-level in October 2006; thus, the 2005 total and sector-level
GDP-by-state estimates presented here are revised.
Advance Estim ates of Gross Dom estic Product (GDP) by State for 2006
This annual revision of BEA’s regional accounts presents
advance estimates of current-dollar and real chained
(2000) dollar GDP by state for 2006 for NAICS sectors.
The June 2007 release provided NAICS-sector estimates
only 6 months after the calendar year for the first time—
a 4-month acceleration from previous release schedules.
It completes BEA’s plans, which were announced in 2004,
to accelerate the GDP-by-state estimates.
The advance sector estimates are based on limited state
source data and an abbreviated estimation methodology
that differs from the standard methodology used to pre
pare the state estimates for 1997-2005. Detailed state
source data on value added by industry, company finan
cial data, and state and local taxes by industry are not
available for 2006. The advance 2006 GDP-by-state esti
mates draw heavily on the preliminary 2006 estimates of
state earnings by industry, released March 27, 2007, and
on the advance 2006 estimates of GDP by industry,
released April 24, 2007. As a result, the advance 2006
GDP-by-state estimates are consistent with the national
annual industry accounts and the state personal income
accounts.
The advance 2006 GDP-by-state current-dollar esti
mates were extrapolated from industry value added for
2005 by the change in state earnings by industry from the
state personal income accounts. In addition, for the agri
culture, forestry, fishing, and hunting and mining sec
tors, research performed over the past year showed that
by incorporating alternative source data, the accuracy of
the advance estimates for these two industries was signif
icantly improved. Hence, the advance estimates for the
agriculture, forestry, fishing, and hunting sector incorpo
rate preliminary farm sector cash receipts data from the
U.S. Department of Agriculture; and the advance esti
mates for the mining sector incorporate preliminary
value of production and price data from the U.S. Depart
ment of the Interior and the U.S. Department of Energy.
The extrapolated sector estimates of GDP by state for
2006 were scaled to the advance 2006 GDP-by-industry
estimates by allocating the difference between the two
measures among the states. The sector estimates were
then summed to total GDP for the states. The advance
estimates of real GDP by state are derived by applying
chained (2000) dollar national implicit price deflators to
the industry estimates of current-dollar GDP by state.
The chain-type index formula that is used in the national
accounts is then used to calculate the real estimates for
NAICS sectors and total real GDP for the states.
Clifford H. WoodruffIII
112
Gross Domestic Product by State
tion o f new state data from the Annual Survey o f M an
ufactures (ASM) for 2005, the State and Local
Government Finances data for 2004— both from the
Census Bureau— and other newly available source data
(see the section “ Revisions to the Estimates” ).
July 2007
The remainder o f this article examines state eco
nomic growth in 2006, industry contributions to real
growth by state in 2006, per capita real GDP by state
for 2006, and the revisions to the GDP-by-state esti
mates.
Gross Dom estic Product (G DP) by State Estim ates
An industry’s GDP by state, or its value added, is calcu
lated as the sum of incomes earned by labor and capital
and the costs incurred in the production of goods and
services; that is, it includes the wages and salaries that
workers earn, the income earned by individual or joint
entrepreneurs as well as by corporations, and business
taxes—such as sales, property, and Federal excise taxes—
that count as business expenses.
GDP is calculated as the sum of spending by consum
ers, businesses, and government on final goods and ser
vices, plus investment and net foreign trade. In theory,
incomes earned should equal spending, but because of
different data sources, income earned, usually referred to
as “gross domestic income (GDI),” does not always equal
what is spent (GDP). The difference is referred to as the
“statistical discrepancy.”
Starting with the 2004 comprehensive revision, BEA’s
annual industry accounts and its GDP-by-state accounts
allocate the statistical discrepancy across all private-sector industries. Therefore, GDP-by-state estimates are
now conceptually more similar to GDP estimates in the
national accounts than they had been in the past.
Except for small differences resulting from the GDPby-state accounts’ excluding overseas Federal military
and civilian activity (because it cannot be attributed to a
particular state), U.S. growth rates of real GDP by state
are nearly identical to GDP-by-industry growth rates
when these were originally released in December 2006.
The GDP-by-industry growth rates are identical to those
from the annual revision of the national income and
product accounts (NIPAs) released in luly 2006. Because
of revisions since July 2006, the national rates of GDP
growth in the NIPAs may differ from the U.S. growth
rates of real GDP by state.
The GDP-by-state estimates are prepared for 81
NAICS-based industries for 1997 forward and for 75
SIC-based industries for 1963-97. For each industry for
1963-97 and 2001-2005, the three components of GDP
by state are presented: Compensation of employees, taxes
on production and imports less subsidies, and gross
operating surplus.1 Compensation of employees is the
sum of wage and salary accruals, employer contributions
for employee pension and insurance funds, and employer
contributions for government social insurance. Taxes on
production and imports is the sum of Federal excise taxes
and customs duties, state and local government sales
taxes, property taxes (including residential real estate
taxes), motor vehicle licenses, severance taxes, other
taxes, and special assessments. Gross operating surplus is
the sum of corporate profits, proprietors’ income, rental
income of persons, net interest, capital consumption
allowances, business transfer payments, nontax pay
ments, and the current surplus of government enter
prises.
Current-dollar estimates of GDP by state and its com
ponents are made to equal national totals of current-dol
lar GDP by industry and its components for all industries
except Federal military and civilian government. If the
national total for an industry differs from the initial sum
of the state estimates for the industry, the difference
between the national total and the sum-of-state total is
allocated to the states according to the state distribution
of the initial estimates.
The estimates of real GDP by state are prepared in
chained (2000) dollars. Real GDP by state is an inflationadjusted measure of each state’s gross product that is
based on national prices for the goods and services pro
duced within that state. The estimates of real GDP by
state and of quantity indexes with a base year of 2000
were derived by applying national implicit price deflators
to the current-dollar GDP-by-state estimates for the 64
detailed NAICS-based industries for 1997 forward and
for the 63 detailed SIC-based industries for 1977-97.
Then, the chain-type index formula that is used in the
national accounts is used to calculate the estimates of
total real GDP by state and of real GDP by state at more
aggregated industry levels.2 Real GDP by state may reflect
a substantial volume of output that is sold to other states
and countries. To the extent that a state’s output is pro
duced and sold in national markets at relatively uniform
prices (or sold locally at national prices), real GDP by
state captures the differences across states that reflect the
relative differences in the mix of goods and services that
the states produce. However, real GDP by state does not
capture geographic differences in the prices of goods and
services that are produced and sold locally.
2. For additional information, see J. Steven Landefeld and Robert P.
Parker, “BEA’s Chain Indexes, Time Series, and Measures of Long-Term
Economic Growth,” S u r v e y 77 (May 1997): 58-68, and Gerard P. Aman,
George K. Downey, and Sharon D. Panek, “Comprehensive Revision of
1. For an explanation of why the components of GDP by state for Gross State Product: Accelerated Estimates for 2003 and Revised Esti
1997-2000 are not available, see the data availability box.
mates for 1977-2002,” S u r v e y 85 (January 2005): 80-106.
Clifford H. WoodruffIII
July 2007
Survey
of
113
C u r r e n t B u s in e s s
Economic growth in 2006
In 2006, growth in U.S. real GDP by state (3.4 percent)
outpaced the 1997-2005 average annual rate (3.0 per
cent). This trend held in six o f the eight BEA regions—
growth slowed only in the New England and Great
Lakes regions. The largest increases were in the Rocky
M ountain region (1.7 percentage points) and the
Southwest region (1.3 percentage points) (chart 1).
The 10 fastest growing states in 2006 were all in
three western regions— Rocky Mountain, Southwest,
or Far West— but growth was widespread across the
country (chart 2 and table 1). Real GDP grew in all
states except Michigan, and growth accelerated in 35
states and the District o f Columbia. The largest accel
eration, 4.7 percentage points, was in Oklahoma. Eco
nomic growth slowed in 15 states; the largest decel-
Chart 1. Growth Rates in Real Gross Domestic Product by State, 1997-2006
Percent
| Average annual growth rate, 1 9 9 7 -2 00 5
Percent change, 2006
U n ite d S ta te s
N e w E n g la n d
M id e a s t
G re a t L a k e s
P la ins
S o u th e a s t
S o u th w e s t
R o c k y M o u n ta in
Far W e st
U.S. Bureau of Economic Analysis
Chart 2. Percent Change in Real Gross Domestic Product by State, 2006
N ew E n g la n d
R o c k y M o u n ta in
P la ins
G re a t L a k e s
M ideast
F ar W e s t
S o u th w e s t
U.S. = 3.4
| Highest quintile
S o u th e a s t
| Fourth quintile
Third quintile
Second quintile
H Lowest quintile
U.S. Bureau of Economic Analysis
114
eration was 3.5 percentage points in North Dakota.
The private services-producing sector continued to
account for m ost o f the growth both nationally and re
gionally in 2006.3 The fastest growing states tended to
be those with strong growth in the private goods-producing sector as well.4 The goods-producing sector ac
counted for at least 25 percent o f growth for each o f
the five fastest growing states. The three slowest grow
ing states each had declines in the goods-producing
sector.
Industry contributions to growth
The release o f real GDP-by-state estimates offered the
first look at growth rates and NAICS-based sector-level
contributions to growth for 2006 (tables 2 and 3). For
the United States, the private services-producing sector
was strong, accounting for more than 80 percent o f the
3.4-percent growth in real GDP by state. The private
goods-producing sector continued to strengthen, ac3. Private services-producing industries consist of utilities; wholesale
trade; retail trade; transportation and warehousing, excluding Postal Ser
vice; information; finance and insurance; real estate, rental and leasing;
professional and technical services; management of companies; administra
tive and waste services; educational services; health care and social assis
tance; arts, entertainment and recreation; accommodation and food
services; and other services, except government.
4. Private goods-producing industries consist of agriculture, forestry,
fishing, and hunting; mining; construction; and manufacturing.
Data Availability
Summary estimates of gross domestic product (GDP)
by state in current dollars and in chained (2000) dol
lars for 2003-2006 are presented in this article. More
detailed GDP-by-state estimates for states, BEA
regions, and the United States can be accessed interac
tively on BEA’s Web site.
The following annual estimates are available at
< www.bea.gov/regional/gsp>:
• Advance estimates for NAICS sectors and total GDP
by state in current and chained (2000) dollars for
2006.
• GDP by state in current dollars, real GDP by state in
chained (2000) dollars, and quantity indexes for
1997-2005 for 81 NAICS-based industries.
• Compensation of employees, taxes on production
and imports, subsidies, and gross operating surplus
in current dollars for 2001-2005 for 81 NAICSbased industries.
The estimates of the components of GDP by state
for 1997-2000 are not yet available, because the
NAICS-based estimates for these years are based on
unpublished data on wages and salaries from the
Bureau of Labor Statistics. For further information, email < gdpbystate@bea.gov> or call 202-606-5340.
July 2007
Gross Domestic Product by State
counting for 15 percent o f the growth in 2006. The two
largest contributors to growth nationally— real estate,
rental, and leasing and durable-goods manufactur
ing— were also the largest contributors to growth in 33
states.
Real estate, rental, an d leasing. Nationally, this sec
tor grew 6.0 percent and accounted for 23 percent o f
real GDP-by-state growth. This sector was the largest
contributor to real GDP growth in 23 states— the m ost
o f any sector. Notably, it was the largest contributor to
growth in Utah (14 percent), Arizona (16 percent),
and Washington (18 percent), each o f which was in the
top growth quintile.
D urable-goods m anufacturing. Nationally, durable-goods manufacturing grew 6.7 percent and ac
counted for 14 percent o f real GDP-by-state growth.
This sector was the largest contributor to real GDP
growth in 10 states, including several o f the fastest
growing states. Idaho had the fastest growth o f all
states in 2006 (7.4 percent). The durable-goods m anu
facturing sector accounted for 31 percent o f the
growth. This sector also was a m ajor contributor to
growth in New Mexico (28 percent), Oregon (40 per
cent), and Texas (22 percent).
Per capita real GDP by state
Delaware had the highest per capita real GDP o f any
state, at $59,288, which was 57 percent above the na
tional average (tables A and 4 and chart 3).5 Delaware’s
ranking can be tied to its large concentration in the fi
nance and insurance sector, a highly-capitalized sector
in this state. The second-highest ranked state was C on
necticut, where per capita real GDP was 33 percent
above the national average. M assachusetts, New York,
and New lersey round out the five highest ranked
5. Per capita real GDP by state and per capita personal income are com
puted using Census Bureau midyear population estimates.
Acknowledgm ents
The estimates of gross domestic product (GDP) by
state were prepared by staff in the Regional Economic
Analysis Division under the direction of lohn R. Kort,
Chief, and Clifford H. Woodruff III, Chief of the
Regional Product Branch. loel D. Platt, Associate
Director for Regional Economics, provided general
guidance. Contributing staff members were Sharon D.
Panek, Chief of the GDP by State Services Section,
Frank T. Baumgardner, lohn E. Broda, Caitlin E.
Coakley, Eric C. Erickson, Matthew J. McCormick,
Timothy P. Mclnerney, Daniel A. Reed, Sarah S. Siddiqui, Shane T. Taylor, and Russell R. Vane IV.
July 2007
S urvey
of
115
C u r r e n t B u s in e s s
states. All five states with the highest per capita real
GDP were in two eastern regions— New England or
the Mideast.
M ississippi, West Virginia, Arkansas, M ontana, and
Oklahoma were the five states with the lowest per cap
ita real GDP. M ississippi’s per capita real GDP o f
$24,062 was the lowest in the Nation— 36 percent be
low the national average. Six o f the bottom ten states
are in the Southeast region.
C om parison with per capita person al incom e. Per
capita real GDP by state and per capita personal in
come are two measures o f the economic well-being o f a
state, and a com parison o f these two measures yields
some interesting results (table 4). Per capita real GDP
differs from per capita personal income because by
definition, GDP includes corporate income but per-
Table A. Per Capita Real GDP by State and Per Capita Personal Income, 2006
[Ranked by per capita real GDP by state]
States with the lowest per capita real GDP
States with the highest per capita real GDP
Per capita real
GDP by state
Chained
(2000)
dollars
United States.....................................
37,714
Delaware.....................................................
Connecticut.................................................
Massachusetts...........................................
New York.....................................................
New Jersey.................................................
Alaska.........................................................
Colorado.....................................................
Virginia........................................................
California.....................................................
Minnesota...................................................
59,288
50,332
46,721
46,617
44,885
43,748
41,798
41,702
41,663
41,295
Per capita
personal income
Rank in
the United
States
Dollars
Rank in
the United
States
36,276
1
2
3
4
5
6
7
8
9
10
39,022
49,852
45,877
42,392
46,344
37,271
39,186
39,173
38,956
38,712
Per capita \personal
income
Per capita real
GDP by state
10
1
3
5
2
16
8
9
11
12
Chained
(2000)
dollars
United States.....................................
37,714
Idaho...........................................................
Maine..........................................................
Kentucky.....................................................
Alabama......................................................
South Carolina...........................................
Oklahoma....................................................
Montana......................................................
Arkansas.....................................................
West Virginia...............................................
Mississippi...................................................
30,896
30,305
29,842
29,697
29,642
Rank in
the United
States
Dollars
Rank in
the United
States
36,276
41
42
43
44
45
46
47
48
49
50
29,545
27,942
27,875
24,748
24,062
29,952
32,348
29,352
31,295
29,515
32,210
30,688
27,935
27,897
26,535
Chart 3. Per Capita Real Gross Domestic Product by State, 2006
N e w E n g la n d
R o c k y M o u n ta in
P la in s
G re a t L ake s
M id e a s t
OK
$29,545
$34,321
Far W e s t
S o u th w e s t
U.S. = $37,714
Highest quintile
S o u th e a s t
Fourth quintile
Third quintile
U.S. Bureau of Economic Analysis
|
| Second quintile
I
| Lowest quintile
43
34
46
40
45
37
42
48
49
50
Gross Domestic Product by State
116
sonal income does not. In addition, personal income
includes entitlements, such as social security and
Medicare payments, while GDP by state does not. Per
capita real GDP by state tends to be higher than per
capita personal income. For more details on the differ
ences between GDP by state and state personal income,
see table B.
Table B. The Relation of GDP by State to State Personal Income, 2005
[Billions of dollars]
Component
Total......................................................................................
Compensation of employees:
Wages and salaries 1..................................................
Supplements to wages and salaries............................
Proprietors’ income 2..........................................................
Taxes on production and imports less subsidies.................
Corporate income..............................................................
Receipts on assets (dividends, interest)..............................
Rental income of persons...................................................
Transfer receipts (such as social security benefits, Medicare,
and Medicaid)................................................................
Less: Contributions for government social insurance3
Plus: Adjustment for residence...........................................
GDP by state
State personal
income
12,372.9
10,220.9
5.657.0
1,357.3
1,149.6
865.1
3.271.1
5.659.3
1.357.3
967.0
72.8
1,518.3
72.8
1,526.6
879.2
-1.3
1. Wages and salaries received by U.S. residents employed by international organizations and
foreign embassies and consulates in the United States are included in state personal income but not
GDP by state. Wages and salaries are on an accrual basis for GDP by state but on a disbursement
basis for state personal income. For 2005, the difference between the accrual and disbursement basis
is zero.
2. The difference in proprietors' income reflects different measures for depreciation. GDP by state
includes depreciation based on the amount reported on Federal income tax returns while state
personal income includes depreciation based on the difference between the amount reported on
Federal income tax returns and economic depreciation.
3. Contributions for government social insurance are included in compensation by type and industry,
but they are excluded from personal income.
Note. This table is shown for 2005 because all components are not available for 2006. Different revi
sion schedules may cause differences between the two measures.
States with the highest or lowest per capita real GDP
by state tended to also have the highest or lowest per
capita personal incomes.6 Seven states ranked in the
top 10 in both per capita real GDP and per capita per
sonal income (table A). Delaware had the highest per
capita real GDP and was ranked tenth in per capita
personal income. Others in the top 10 in both per cap
ita GDP and per capita personal income were Con
necticut, Massachusetts, New York, New Jersey,
Colorado, and Virginia.
In general, state rankings o f per capita real GDP by
state and per capita personal income were similar, with
two notable exceptions. North Carolina and Florida
each had large differences in their rankings. North
Carolina’s per capita real GDP o f $36,489 ranks 20th in
the Nation, but the state ranks 36th for per capita per
sonal income. The higher ranking in per capita real
GDP for North Carolina reflects its large concentration
in the finance and insurance sector, which is highly
July 2007
capitalized in the state. Florida’s per capita real GDP o f
$33,718 ranks 34th in the Nation, but its per capita per
sonal income ranks 20th. The higher ranking in per
capita personal income for Florida reflects its large
population o f retirees. Personal income includes social
security, Medicare, and interest income but GDP does
not.
The District o f Columbia had the highest per capita
real GDP and per capita personal income o f any area.
Its per capita real GDP is more than three times the na
tional average. The very high per capita real GDP was
mainly due to the number o f people commuting into
the District o f Columbia for work, which significantly
increases GDP (numerator), but not the District’s pop
ulation (denominator).
Revisions to the estimates
The revisions to the GDP-by-state estimates primarily
reflect the incorporation o f new state data from the
Census Bureau, specifically the Annual Survey o f M an
ufactures (ASM) for 2005 and State and Local Govern
ment Finances data for 2004. The incorporation o f the
2005 ASM data resulted in several large revisions to the
previously published advance estimates for 2005.
The GDP-by-state estimates also incorporated the
results o f the annual revisions to the annual industry
accounts, national income and product accounts, and
state personal income accounts.7 This release marks
the first revision to the advance 2005 estimates o f GDP
by state for NAICS sectors, which were released in Oc
tober 2006 (see the box “Advance Estimates o f Gross
Domestic Product (GDP) by State for 2006” ).
The advance estimates continue to provide reliable
information on the direction o f change in real growth
for states and an indication o f whether states’ real
growth was well-above or well-below U.S. GDP
growth. The advance industry-sector estimates re
leased in October 2006 correctly identified the direc
tion o f change in 48 o f 50 states and correctly
identified whether a state’s real growth was well-above
or well-below national growth for nearly 80 percent o f
the states.
Current-dollar estim ates. The revisions to the cur
rent-dollar estimates, measured as a percentage o f the
previously published estimates, were significant for
7. See Thomas F. Howells III, Kevin B. Barefoot, and Brian M. Lindberg,
“Annual Industry Accounts: Revised Estimates for 2003-2005,” S ur vey 86
(December 2006): 45-55; and Eugene P. Seskin and Shelly Smith, “Annual
6. Although real GDP by state is inflation adjusted and per capita per Revision of the National Income and Product Accounts: Annual Estimates
sonal income is not, the rankings of the two measures can be compared
for 2003-2005 and Quarterly Estimates for 2003:1-2006:1,” S ur vey 86
because deflating per capita personal income by a national series, such as
(August 2006): 7-31; and David G. Lenze, “State Personal Income: Second
Quarter of 2006 and Revised Estimates for 2003-2005 and the First Quarter
the price index for personal consumption expenditures, does not change
the order of state rankings.
of 2006,” S urvey 86 (October 2006): 110-118.
July 2007
S urvey
of
C u r r e n t B u s in e s s
only a few states. For 2005, the revisions ranged from
-2.8 percent for Idaho to 7.2 percent for Louisiana (ta
ble 5). The upward revision for Louisiana was mainly
accounted for by an upward revision to nondurablegoods m anufacturing that resulted from the incorpo
ration o f the 2005 ASM data. The revisions for all
states averaged 1.1 percent in absolute terms.
M ost o f the revisions to the 2004 estimates were
smaller than the revisions to the 2005 estimates. The
2004 revisions ranged from -3.5 percent for Alaska to
1.5 percent for Louisiana. The downward revision for
Alaska was mainly accounted for by a downward revi
sion to mining, specifically oil and gas extraction. The
upward revision for Louisiana was mainly due to an
upward revision to manufacturing, specifically petro
leum and coal products manufacturing.
Real grow th rates. For 2005, many o f the revisions
were small; the mean absolute revision was 1.1 per
centage points. The states with the largest absolute re
visions were Arizona (-2.5 percentage points), Alaska
(2.4 percentage points), Oregon (-2.3 percentage
points), Wyoming (-2.1 percentage points), and Ne
braska (2.1 percentage points) (table 6). The revisions
mainly reflected revisions to the current-dollar esti
117
mates resulting from the incorporation o f ASM data or
other new state source data. In Arizona and Oregon,
revisions reflected downward revisions to durablegoods manufacturing. Revisions to natural resources
and mining led to an upward revision to GDP for
Alaska and a downward revision to GDP for Wyoming.
In Nebraska, revisions reflected downward revisions to
finance and insurance.
For 2004, m ost o f the revisions were small; the mean
absolute revision was 0.7 percentage point. The states
with the largest absolute revisions to the growth rates
o f real GDP were Alaska (-3.0 percentage points), N e
vada (1.5 percentage points), and Arkansas (-1.5 per
centage points). The revisions to the real growth rates
mainly reflected revisions to the current-dollar esti
mates. In Alaska, the downward revision was mainly
due to a downward revision to oil and gas extraction in
2004. In Nevada, the revision primarily reflected a
downward revision to securities, com m odity contracts,
and investments in 2003, which caused the 2004
growth rate to be revised upward. In Arkansas, the
downward revision was prim arily due to a downward
revision to real estate in 2004.
Appendix A and tables 1-9 follow.
118
Gross Domestic Product by State
July 2007
Appendix A. Industries for Which Gross Domestic Product (GDP) by State Is Available
1997 NAICS code
1997 NAICS code
Private industries....................................................................................
Information................................................................................................
51
511
512
513
514
Agriculture, forestry, fishing, and hunting..............................................
11
Crop and animal production..................................................................
Forestry, fishing, and related activities..................................................
111,112
113-115
Publishing including software.............................................................
Motion picture and sound recording industries....................................
Broadcasting and telecommunications................................................
Information and data processing services...........................................
Mining..........................................................................................................
21
Finance and insurance.........................................................................
52
Oil and gas extraction............................................................................
Mining, except oil and gas.....................................................................
Support activities for mining..................................................................
211
212
213
Federal Reserve banks, credit intermediation and related services....
Securities, commodity contracts, investments.....................................
Insurance carriers and related activities..............................................
Funds, trusts, and other financial vehicles..........................................
521,522
523
524
525
Utilities........................................................................................................
22
Construction...............................................................................................
23
Manufacturing.............................................................................................
31-33
Durable goods............................................................................................
33,321,327
Wood product manufacturing................................................................
Nonmetallic mineral product manufacturing..........................................
Primary metal manufacturing................................................................
Fabricated metal product manufacturing...............................................
Machinery manufacturing......................................................................
Computer and electronic product manufacturing...................................
Electrical equipment and appliance manufacturing................................
Motor vehicle, body, trailer, and parts manufacturing.............................
Other transportation equipment manufacturing.....................................
Furniture and related product manufacturing.........................................
Miscellaneous manufacturing................................................................
335
3361-3363
3364-3366,3369
337
339
Nondurable goods...................................................................................
31,32 (excludes 321,327)
Food product manufacturing..................................................................
Textile and textile product mills..............................................................
Apparel manufacturing..........................................................................
Paper manufacturing.............................................................................
Printing and related support activities...................................................
Petroleum and coal products manufacturing.........................................
Chemical manufacturing........................................................................
Plastics and rubber products manufacturing.........................................
311,312
313,314
315, 316
322
323
324
325
326
Accommodation and food services.......................................................
72
Wholesale trade.......................................................................................
42
Accommodation..................................................................................
Food services and drinking places......................................................
721
722
Retail trade...............................................................................................
44,45
Other services, except government.....................................................
81
Transportation and warehousing, excluding Postal Service................
48,49
Government...........................................................................................
92
Air transportation...................................................................................
Rail transportation.................................................................................
Water transportation..............................................................................
Truck transportation...............................................................................
Transit and ground passenger transportation........................................
Pipeline transportation..........................................................................
Other transportation and support activities...........................................
Warehousing and storage.....................................................................
481
482
483
484
485
486
487, 488, 492
493
NAICS North American Industry Classification System
Real estate, rental, and leasing..............................................................
53
Real estate.........................................................................................
Rental and leasing services and lessors of intangible assets.............
531
532,533
Professional and technical services.....................................................
54
321
327
331
332
Legal services....................................................................................
Computer systems design and related services..................................
Other professional, scientific and technical services...........................
5411
5415
5412-5414, 5416-5419
Management of companies and enterprises.......................................
55
333
334
Administrative and waste services.......................................................
56
Administrative and support services....................................................
Waste management and remediation services...................................
561
562
Educational services...............................................................................
61
Health care and social assistance.......................................................
62
Ambulatory health care services........................................................
Hospitals and nursing and residential care facilities............................
Social assistance................................................................................
621
622, 623
624
Arts, entertainment, and recreation....................................................
71
Performing arts, museums, and related activities................................
Amusements, gambling, and recreation..............................................
711,712
713
State and local....................................................................................
July 2007
Survey
of
119
C u r r e n t B u s in e s s
Table 1. Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006
Percent change
2004
2003
2006*
2005
United States...............................................................
2.4
3.7
3.0
3.4
New England.......................................................................
1.9
3.9
1.5
2.5
Connecticut...........................................................................
Maine...................................................................................
Massachusetts......................................................................
New Hampshire....................................................................
Rhode Island.........................................................................
Vermont................................................................................
0.5
1.7
2.1
2.9
4.5
3.7
5.2
4.1
3.0
4.5
4.0
4.1
2.5
1.2
1.0
2.0
0.3
2.5
2.6
1.9
2.9
1.3
1.8
2.8
Mideast...............................................................................
2.3
3.4
2.6
2.9
Delaware...............................................................................
District of Columbia...............................................................
Maryland...............................................................................
New Jersey...........................................................................
New York...............................................................................
Pennsylvania.........................................................................
4.5
2.9
2.3
2.4
2.1
2.1
4.4
4.4
4.2
2.3
4.1
2.2
4.6
2.9
3.6
1.4
3.4
1.2
3.3
4.1
2.9
2.9
3.4
1.7
Great Lakes.........................................................................
2.1
1.9
0.8
1.6
Illinois...................................................................................
Indiana.................................................................................
Michigan...............................................................................
Ohio.....................................................................................
Wisconsin.............................................................................
2.8
3.4
1.3
1.4
2.1
1.8
3.6
-0.8
2.6
3.4
0.9
0.0
0.4
1.1
1.5
3.0
2.0
-0.5
1.1
1.8
Plains..................................................................................
2.6
3.1
2.4
2.7
Iowa.....................................................................................
Kansas.................................................................................
Minnesota.............................................................................
Missouri................................................................................
Nebraska..............................................................................
North Dakota........................................................................
South Dakota........................................................................
2.6
1.7
2.9
1.8
5.1
5.5
1.5
5.7
2.5
4.1
1.8
1.3
0.4
3.3
3.0
2.9
1.3
2.1
4.0
6.6
1.9
2.6
3.4
2.9
2.1
2.2
3.1
3.7
Southeast...........................................................................
2.9
4.1
4.0
3.4
Alabama................................................................................
Arkansas...............................................................................
Florida..................................................................................
Georgia.................................................................................
Kentucky...............................................................................
Louisiana..............................................................................
Mississippi............................................................................
North Carolina......................................................................
South Carolina......................................................................
Tennessee ............................................................................
Virginia.................................................................................
West Virginia.........................................................................
2.9
2.7
4.6
1.9
1.5
1.6
3.1
1.4
3.4
2.9
3.8
0.4
5.3
4.5
5.3
3.5
2.4
5.1
2.1
3.4
0.5
4.4
4.8
3.2
3.5
3.4
6.7
3.3
2.2
0.1
0.5
4.7
2.9
2.2
4.7
1.7
3.1
2.5
4.2
3.4
2.2
1.7
2.5
4.2
3.5
3.0
3.2
0.6
Southwest..........................................................................
2.0
4.6
3.4
5.0
Arizona.................................................................................
New Mexico..........................................................................
Oklahoma.............................................................................
Texas....................................................................................
4.4
4.0
1.5
1.4
4.0
6.6
2.9
4.8
6.6
2.8
2.0
2.9
6.8
6.2
6.7
4.3
Rocky Mountain..................................................................
1.4
3.9
4.5
5.5
Colorado...............................................................................
Idaho....................................................................................
Montana................................................................................
Utah.....................................................................................
Wyoming...............................................................................
0.6
2.2
4.8
1.5
2.5
2.9
8.8
4.2
4.2
2.9
4.3
6.4
3.8
5.2
1.7
4.9
7.4
4.6
7.2
2.2
Far West.............................................................................
2.9
5.0
4.0
4.4
Alaska...................................................................................
California...............................................................................
Hawaii..................................................................................
Nevada.................................................................................
Oregon.................................................................................
Washington...........................................................................
-2.2
3.0
3.6
5.8
2.5
1.7
4.2
4.9
5.6
9.3
8.6
1.9
1.9
3.8
4.3
7.0
3.6
4.7
0.7
4.2
4.3
4.1
5.0
5.6
*Advanceestimates
120
Gross Domestic Product by State
July 2007
Table 2. Contributions to Percent Change in Real
Percentage points
Percent
change in real
GDP by state
Agriculture,
forestry,
fishing, and
hunting
Mining
Utilities
Construction
Durable goods
manufacturing
Nondurable
goods
manufacturing
Wholesale
trade
Retail trade
Transportation
and
warehousing
United States..............................................................
3.4
0.05
-0.01
0.02
0.06
0.46
-0.05
0.10
0.27
0.05
New England.......................................................................
2.5
0.02
-0.01
-0.05
-0.18
0.41
0.02
0.22
0.10
Connecticut....................................................................
Maine.............................................................................
Massachusetts...............................................................
New Hampshire..............................................................
Rhode Island..................................................................
Vermont..........................................................................
2.6
1.9
2.9
1.3
1.8
2.8
0.01
0.19
0.00
0.01
0.02
-0,07
-0.01
0.00
-0.01
-0.02
-0.01
-0.11
-0.23
-0.05
0.02
0.03
0.07
-0.06
-0.24
-0.09
-0.15
-0.33
-0.02
-0.17
0.34
0.17
0.53
0.37
-0.02
0.59
-0.02
0.05
0.04
0.03
0.01
-0.03
0.18
0.00
0.37
-0.07
-0.08
0.14
0.18
0.25
-0.01
0.20
0.11
0.32
0.00
0.01
0.00
-0.01
-0.01
0.05
-0.04
2.9
0.00
-0.04
0.00
0.00
0.01
0.00
0.02
-0.04
-0.04
-0.03
0.11
-0.05
-0.03
0.19
0.04
(D)
(D)
0.00
-0.02
-0.01
-0.13
0.07
0.04
0.02
0.02
0.01
-0.26
(D)
(D)
-0.04
0.01
-0.07
0.00
0.29
-0.02
0.03
0.15
0.14
0.07
-0.28
-0.03
0.01
0.11
-0.12
-0.05
0.36
-0.02
-0.01
-0.12
-0.03
0.01
0.13
0.07
0.21
0.15
0.22
0.15
-0.02
-0.02
0.05
0.03
0.04
0.07
0.02
-0.19
0.32
-0.02
0.01
0.13
0.09
0.00
0.06
0.03
0.04
-0.02
0.02
-0.20
-0.48
-0.20
-0.21
0.30
0.46
0.17
0.36
0.44
-0.02
0.34
-0.12
-0.16
0.02
0.10
0.07
-0.12
-0.05
0.05
0.19
0.22
0.05
0.06
0.15
0.20
0.09
-0.09
0.16
-0.01
Mideast
......................................................................
Delaware....
District of Columbia
Maryland....
New Jersey.
New York....
Pennsylvania
3.3
4.1
2.9
2.9
3.4
1.7
Great Lakes.........................................................................
1.6
0.02
Illinois.............................................................................
Indiana
Michigan.........................................................................
Ohio.
Wisconsin
3.0
2.0
-0.5
1.1
1.8
-0.01
0.05
0.03
0.03
0.02
0.00
-0.01
0.02
0.04
-0.02
-0.02
2.7
0.18
-0.06
0.03
-0.08
0.38
0.10
0.03
0.19
-0.07
2.6
3.4
2.9
2.1
2.2
3.1
3.7
0.25
0.24
0.13
-0.01
0.46
0.66
0.38
-0.03
-0.22
0.06
-0.11
-0.03
-0.13
-0.13
-0.05
0.09
0.00
0.08
0.06
-0.07
0.04
0.12
0.02
-0.27
-0.08
-0.10
0.13
0.07
0.37
0.58
0.34
0.27
0.47
0.35
0.57
0.10
0.14
-0.08
0.27
0.11
0.04
0.25
-0.01
-0.03
0.14
-0.01
-0.05
0.06
0.00
0.20
0.29
0.09
0.24
0.17
0.37
0.23
0.07
-0.03
-0.28
0.03
-0.14
0.04
0.14
Plains.
Iowa.
Kansas...........................................................................
Minnesota.......................................................................
Missouri..........................................................................
Nebraska........................................................................
North Dakota..................................................................
South Dakota.................................................................
Southeast
3.4
0.02
-0.01
0.01
0.20
0.37
-0.12
0.13
0.39
0.02
Alabama
Arkansas
Florida
Georgia..........................................................................
Kentucky
Louisiana
Mississippi
North Carolina................................................................
South Carolina...............................................................
Tennessee
Virginia
West Virginia..................................................................
3.1
2.5
4.2
3.4
2.2
1.7
2.5
4.2
3.5
3.0
3.2
0.6
-0.01
0.00
0.04
-0.01
0.09
0.05
-0.02
-0.02
0.03
0.04
0.01
0.03
-0.28
-0.06
-0.03
-0.08
0.11
0.98
-0.02
-0.04
-0.02
-0.04
0.03
-1.83
0.10
-0.05
-0.08
0.01
0.07
-0.08
-0.17
-0.02
0.14
0.02
0.12
0.43
0.01
-0.07
0.49
-0.05
-0.26
0.64
0.49
0.17
0.30
0.08
0.01
0.29
1.02
0.06
0.31
0.33
0.32
0.49
0.23
0.44
0.33
0.53
0.20
-0.14
-0.08
-0.02
0.01
0.19
0.08
-1.54
-0.34
-0.12
-0.19
-0.05
-0.02
-0.21
0.12
0.15
0.19
0.09
-0.04
0.11
0.32
0.12
0.34
0.07
0.08
0.14
0.33
0.33
0.44
0.36
0.21
0.63
0.78
0.30
0.40
0.40
0.27
0.31
0.04
0.01
0.07
-0.08
-0.12
0.12
0.05
0.02
0.04
0.09
0.00
-0.09
Southwest...........................................................................
5.0
0.03
-0.11
0.08
0.39
0.94
-0.04
0.21
0.40
0.11
Arizona
....................................................................
New Mexico
Oklahoma...
Texas,,,
6.8
6.2
6.7
4.3
0.03
0.09
0.01
0.03
0.19
0.98
2.10
-0.52
0.14
0.13
0.17
0.05
0.66
0.27
0.13
0.37
0.87
1.72
0.77
0.93
0.06
0.03
-0.03
-0.07
0.17
0.13
0.23
0.22
0.72
0.25
0.34
0.35
0.14
0.05
0.05
0.11
5.5
0.09
0.31
0.26
0.35
0.56
0.04
0.17
0.41
0.11
4.9
7.4
4.6
7.2
2.2
0.04
0.32
0.20
0.05
0.05
0.57
0.15
0.49
0.46
-2.19
0.39
0.07
0.26
0.09
0.07
0.00
0.70
0.24
0.89
0.91
0.26
2.31
0.15
0.66
0.12
-0.01
0.21
-0.02
0.11
0.00
0.16
0.13
0.08
0.18
0.31
0.21
0.81
0.40
0.69
0.41
0.13
0.10
0.00
0.05
0.27
4.4
0.11
0.06
0.75
-0.09
0.19
0.32
0.08
0.00
0.11
0.02
0.01
0.14
0.20
0.00
-0.67
0.02
-0.01
-0.01
-0.03
0.00
0.06
0.7
4.2
4.3
4.1
5.0
5.6
-0.01
0.06
0.08
-0.01
0.08
0.05
-0.45
-0.02
0.09
0.54
0.30
0.28
0.02
0.67
0.03
0.26
1.99
1.01
-0.01
-0.13
0.01
0.10
0.10
-0.02
0.02
0.23
0.01
0.19
0.04
0.09
0.21
0.29
0.45
0.46
0.37
0.47
-0.28
0.09
0.14
0.21
0.10
0.05
Rocky Mountain
Coloiado
Idaho
Montana
Utah.
Wyoming........................................................................
Far West
......................................................................
Alaska
California....
Hawaii
Nevada,
Oregon
Washington
* Advance estimates
D Data are suppressed to avoid disclosure of confidential information.
July 2007
S urvey
of
121
C u r r e n t B u s in e s s
Gross Domestic Product (GDP) by State, 2005-2006*
Percentage points
Information
Finance and
insurance
Real estate,
rental, and
leasing
Professional and
Management of
technical
companies
services
Administrative
and waste
services
Educational
services
Health care
and social
assistance
Arts,
entertainment,
and recreation
Accommodation
and food
services
Other services
Government
0.32
0.34
0.77
0.36
0.01
0.14
0.02
0.24
0.03
0.07
0.02
0.09
0.22
0.17
0.65
0.42
0.02
0.11
0.01
0.30
0.00
0.03
0.18
0.12
0.32
0.10
-0.03
0.19
0.24
0.07
0.18
0.08
-0.01
0.13
0.86
0.39
0.67
-0.03
0.81
0.29
0.25
0.16
0.48
0.57
0.70
0.67
0.17
0.01
-0.04
-0.26
0.27
-0.01
0.13
0.11
0.11
0.16
0.04
0.03
0.04
0.00
-0.01
0.02
0.01
0.06
0.18
0.31
0.36
0.34
0.13
0.62
0.02
0.02
-0.02
0.01
0.02
0.04
0.04
0.08
0.04
0.01
-0.01
0.00
0.00
0.02
-0.04
0.01
0.01
-0.03
-0.01
0.25
0.11
0.05
0.04
-0.26
0.20
0.42
0.80
0.87
0.35
0.07
0.03
0.02
0.19
0.03
0.05
0.02
-0.08
0.13
-0.03
0.22
0.44
0.59
0.25
0.60
0.22
-0.03
0.46
1.46
0.32
0.53
1.51
1.12
1.16
0.81
0.53
-0.15
1.12
0.50
0.44
0.27
0.27
0.52
0.15
0.01
-0.05
0.05
0.17
0.11
0.10
0.10
-0.02
0.04
0.02
0.08
0.05
-0.01
0.01
0.02
0.02
0.15
0.03
0.25
0.22
0.13
0.30
0.01
0.03
0.02
0.05
0.03
0.02
0.04
0.04
0.02
0.06
0.06
0.02
0.08
0.13
0.04
0.03
0.02
-0.03
0.52
0.77
0.36
-0.23
-0.21
-0.10
0.13
0.22
0.52
0.16
-0.03
0.06
0.02
0.19
0.02
0.03
-0.01
-0.15
0.19
0.11
0.13
0.07
0.17
0.40
0.08
0.05
0.22
0.22
0.89
0.43
0.19
0.32
0.63
0.30
0.10
-0.06
0.21
0.16
0.03
-0.04
-0.18
-0.02
0.05
0.13
0.09
-0.07
0.07
0.09
0.03
0.03
0.00
0.02
0.02
0.18
0.18
0.18
0.22
0.19
0.01
0.01
0.01
0.02
0.06
0.08
0.04
0.01
0.00
0.03
0.01
0.02
-0.05
-0.03
-0.01
-0.02
-0.18
-0.20
-0.22
-0.24
0.23
0.31
0.62
0.24
-0.05
0.11
0.03
0.26
0.05
0.04
0.50
0.20
0.34
0.16
0.17
0.24
1.11
0.31
0.40
1.18
0.46
0.40
0.44
0.19
0.13
0.24
0.27
0.24
0.31
0.37
0.15
0.01
0.18
-0.06
-0.22
0.04
0.12
-0.04
0.10
0.36
0.07
0.05
0.12
0.10
0.08
0.00
0.01
0.03
0.05
0.03
0.02
0.02
0.11
0.18
0.53
0.15
0.19
-0.06
0.28
0.05
0.02
0.07
0.05
0.02
0.00
0.01
0.03
0.05
0.06
0.01
0.00
0.04
0.05
0.00
0.02
-0.02
0.03
0.00
-0.04
-0.04
0.02
0.13
0.26
0.47
0.05
0.38
-0.02
0.18
0.31
0.08
0.27
0.16
0.12
0.05
0.21
-0.01
0.26
0.29
0.73
0.33
-0.01
0.21
0.02
0.21
0.01
0.07
0.02
0.19
0.13
0.42
0.28
0.49
0.27
0.08
0.09
0.24
0.35
0.29
0.13
0.17
0.23
0.16
0.23
0.23
0.31
-0.05
0.09
1.16
0.44
0.21
-0.12
0.15
0.38
0.56
0.89
1.08
0.43
0.86
0.54
0.69
0.77
0.52
0.54
0.81
0.35
0.18
0.35
0.34
0.13
0.11
0.17
0.31
0.18
0.17
0.75
0.13
0.04
-0.01
0.03
-0.31
0.03
-0.10
0.09
0.10
0.02
0.07
0.07
0.05
0.04
0.06
0.47
0.07
0.14
0.42
0.27
0.15
-0.01
0.15
0.10
0.06
0.01
0.02
0.03
0.07
-0.02
-0.05
0.01
0.05
0.00
0.02
0.02
0.01
0.23
0.20
0.31
0.15
0.14
-0.20
0.32
0.22
0.23
0.25
0.22
0.33
0.01
0.01
0.03
0.00
0.00
-0.19
-0.14
0.08
-0.01
0.09
0.03
0.00
0.05
0.07
0.09
0.10
0.04
-0.01
-0.30
0.07
0.13
0.08
0.09
0.04
-0.03
0.04
0.03
0.00
0.04
0.02
0.04
0.01
-0.03
0.02
0.05
-0.02
0.39
0.48
0.06
0.37
0.28
-0.62
-0.02
0.27
0.10
0.04
0.62
-0.08
0.31
0.32
0.74
0.47
0.10
0.26
0.01
0.28
0.06
0.12
0.05
0.26
0.16
0.39
0.17
0.36
0.42
0.05
0.20
0.33
1.08
0.70
0.88
0.65
0.47
1.18
0.15
0.46
0.04
0.01
0.29
0.09
0.32
0.12
0.21
0.27
0.03
0.03
0.01
0.01
0.58
0.34
0.24
0.22
0.09
0.00
0.14
0.05
0.18
0.11
0.08
0.12
0.09
0.04
0.03
0.05
0.32
-0.39
0.55
0.25
0.58
0.29
0.71
0.52
0.09
0.17
0.02
0.36
0.06
0.14
0.08
0.14
0.92
0.15
0.26
0.22
0.13
0.21
0.41
0.29
0.48
0.08
0.62
0.93
0.48
1.01
0.43
0.57
0.40
0.21
0.66
0.25
0.06
0.25
0.03
0.11
0.08
0.13
0.28
0.26
0.23
0.11
0.02
-0.03
0.04
0.05
0.01
0.25
0.36
0.54
0.62
0.16
0.04
0.11
0.14
0.07
0.02
0.08
0.16
0.12
0.18
0.43
0.04
0.10
-0.11
0.18
0.25
0.17
-0.53
0.58
0.21
0.33
0.44
0.11
1.02
0.51
-0.03
0.18
0.01
0.28
0.04
0.10
0.02
0.22
0.13
0.42
0.25
-0.13
0.35
0.92
0.14
0.10
0.06
-0.35
0.28
0.23
0.37
1.04
1.03
1.38
0.61
1.03
0.10
0.61
0.20
0.52
0.17
0.21
0.04
-0.03
-0.13
-0.31
-0.08
0.15
0.02
0.18
0.23
0.23
0.14
0.20
0.00
0.01
0.02
0.02
0.02
0.01
0.32
0.29
0.29
0.21
0.26
0.25
0.00
0.05
0.00
0.12
0.02
0.04
0.02
0.08
0.24
0.19
0.09
0.18
0.01
0.02
0.06
0.11
0.03
0.02
0.70
0.18
1.24
0.41
0.00
0.22
0.10
122
Gross Domestic Product by State
July 2007
Table 3. Contributions to Percent Change in Real Gross Domestic Product (GDP) by State by Broad Industry Group, 2003-2006
Percentage points
2004
2003
Private
goodsproducing
industries1
Private
servicesproducing
industries2
Govern
ment
Private
goodsproducing
industries1
2005
Private
servicesproducing
industries2
Govern
ment
Private
goodsproducing
industries1
2006*
Private
servicesproducing
industries2
Govern
ment
Private
goodsproducing
industries1
Private
servicesproducing
industries2
Govern
ment
United States........................
0.11
2.21
0.12
0.94
2.77
0.03
0.41
2.51
0.05
0.50
2.77
0.09
New England..................................
-0.11
2.19
-0.16
0.55
3.35
0.01
0.21
1.30
0.01
0.25
2.20
Connecticut................................
Maine.........................................
Massachusetts...........................
New Hampshire..........................
Rhode Island..............................
Vermont......................................
0.10
-1.27
0.13
0.51
0.25
-0.42
0.15
2.07
1.54
1.92
2.48
4.54
3.11
-0.28
0.02
-0.29
0.22
0.37
0.41
1.51
1.19
-0.24
0.64
1.19
1.22
3.65
2.78
3.30
3.81
2.68
2.83
0.06
0.11
-0.07
0.02
0.18
0.10
0.20
0.36
0.16
0.28
-0.08
1.00
2.24
0.86
0.84
1.67
0.52
1.41
0.03
-0.06
0.02
0.08
-0.18
0.11
0.08
0.31
0.41
0.06
-0.01
0.21
2.27
1.45
2.45
1.17
2.05
2.35
0.25
0.11
0.05
0.04
-0.26
0.20
Mideast...........................................
-0.24
2.49
0.04
0.11
3.12
0.15
-0.03
2.61
4.69
3.49
2.93
2.31
2.38
2.25
-0.13
-0.57
-0.22
0.07
0.06
0.22
2.60
-0.07
0.66
-0.18
0.31
-0.52
1.73
3.88
3.64
2.29
3.61
2.68
0.05
0.60
-0.10
0.19
0.21
0.07
0.41
-0.10
0.23
-0.61
0.12
0.02
4.16
2.71
3.19
2.02
3.26
1.37
0.00
0.11
-0.11
0.00
0.27
-0.07
-0.08
-0.08
-0.03
0.00
-0.38
0.06
-0.33
-0.33
0.00
0.02
0.30
0.19
0.03
-0.02
-0.14
3.00
Delaware....................................
District of Columbia....................
Maryland....................................
New Jersey.................................
New York....................................
Pennsylvania..............................
2.64
3.44
2.51
2.88
3.72
1.88
0.52
0.77
0.36
-0.23
-0.21
-0.10
Great Lakes....................................
0.21
1.54
0.38
0.66
1.66
-0.46
-0.42
1.24
-0.04
0.13
1.57
-0.15
Illinois.........................................
Indiana.......................................
Michigan.....................................
Ohio............................................
Wisconsin...................................
0.14
1.38
0.39
-0.47
0.21
1.44
1.64
1.04
1.97
1.73
1.24
0.35
-0.17
-0.09
0.17
0.97
1.92
-1.34
1.13
1.11
2.17
1.67
0.74
1.53
2.32
-1.32
0.05
-0.23
-0.05
-0.05
-0.43
-0.98
-0.67
-0.09
0.07
1.40
0.97
1.00
1.25
1.44
-0.08
0.01
0.03
-0.06
-0.05
0.28
0.66
-0.35
0.02
0.25
2.73
1.49
0.07
1.31
1.79
-0.02
-0.18
-0.20
-0.22
-0.24
Plains..............................................
0.55
2.03
0.06
1.38
1.58
0.12
0.26
2.08
0.06
0.52
2.02
0.13
Iowa............................................
Kansas.......................................
Minnesota...................................
Missouri......................................
Nebraska....................................
North Dakota..............................
South Dakota..............................
0.03
-0.52
0.84
0.35
2.35
2.69
-0.31
2.62
1.61
2.20
1.56
2.88
2.15
1.38
-0.03
0.63
-0.11
-0.07
-0.10
0.65
0.41
4.29
-0.17
1.69
0.91
0.21
-1.76
2.10
1.25
1.81
2.41
0.91
1.26
2.28
0.85
0.13
0.89
-0.01
0.01
-0.21
-0.14
0.30
-0.58
0.97
0.28
-0.13
0.63
3.56
0.26
3.43
1.88
0.91
2.23
3.49
2.71
1.65
0.12
0.06
0.11
0.00
-0.13
0.36
-0.02
0.80
0.75
0.19
0.34
0.91
1.06
1.14
1.72
2.41
2.52
1.66
1.28
1.80
2.58
0.08
0.27
0.16
0.12
0.05
0.21
-0.01
Southeast.......................................
0.31
2.46
0.13
0.94
2.97
0.20
0.75
3.14
0.11
0.46
2.70
0.19
Alabama.....................................
Arkansas....................................
Florida........................................
Georgia......................................
Kentucky.....................................
Louisiana....................................
Mississippi..................................
North Carolina............................
South Carolina...........................
Tennessee..................................
Virginia.......................................
West Virginia..............................
1.19
0.71
0.34
-0.18
0.54
0.35
1.77
-0.11
1.75
0.88
-0.48
-1.12
1.58
1.68
4.01
1.94
1.01
1.00
1.13
1.35
1.57
2.31
4.25
1.28
0.09
0.32
0.29
0.13
-0.04
0.28
0.18
0.18
0.07
-0.26
0.02
0.28
3.22
2.12
0.94
0.81
0.38
3.25
0.56
0.12
-1.82
2.07
0.16
1.17
2.01
1.93
4.10
2.67
1.93
1.70
1.44
3.04
2.09
2.40
4.19
1.82
0.04
0.40
0.29
-0.02
0.12
0.17
0.14
0.23
0.28
-0.10
0.47
0.20
0.93
0.37
1.23
0.26
0.13
0.67
-0.39
1.46
0.33
0.40
0.70
0.10
2.48
2.56
5.44
2.88
1.68
-0.08
1.09
2.93
2.38
1.93
3.88
1.43
0.12
0.45
0.08
0.20
0.41
-0.44
-0.16
0.35
0.16
-0.10
0.10
0.16
0.67
-0.09
0.82
0.39
0.35
0.63
0.34
0.43
0.44
0.55
0.22
-1.86
2.04
2.13
3.36
2.60
1.61
1.68
2.15
3.49
2.98
2.45
2.36
2.53
0.39
0.48
0.06
0.37
0.28
-0.62
-0.02
0.27
0.10
0.04
0.62
-0.08
Southwest......................................
0.03
1.90
0.04
2.17
2.34
0.10
0.46
2.76
0.18
1.22
3.54
0.26
Arizona.......................................
New Mexico................................
Oklahoma...................................
Texas.........................................
1.06
2.60
0.75
-0.46
3.09
1.28
1.00
1.80
0.25
0.11
-0.25
0.02
-0.48
4.07
0.97
2.76
4.12
2.10
1.85
2.03
0.33
0.45
0.12
0.02
1.25
1.67
0.39
0.22
5.04
1.00
1.44
2.56
0.34
0.15
0.23
0.15
1.81
3.09
2.98
0.74
4.63
3.52
3.20
3.35
0.32
-0.39
0.55
0.25
Rocky Mountain.............................
-0.23
1.58
0.03
1.62
2.21
0.08
1.44
2.97
0.14
1.35
3.98
0.14
Colorado.....................................
Idaho..........................................
Montana.....................................
Utah............................................
Wyoming....................................
-0.59
-0.28
0.67
0.30
0.21
1.23
2.52
3.41
1.23
2.06
-0.05
-0.06
0.72
0.01
0.20
1.07
5.22
1.54
1.51
0.58
1.80
3.22
2.50
2.64
2.11
-0.01
0.33
0.16
0.10
0.18
1.46
3.23
0.87
1.43
-1.03
2.72
3.19
2.94
3.62
2.43
0.17
-0.06
0.02
0.17
0.27
0.86
3.69
1.07
2.18
-1.12
3.84
4.22
2.98
4.83
3.02
0.17
-0.53
0.58
0.21
0.33
Far West.........................................
0.16
2.58
0.13
1.17
3.73
0.06
1.04
3.01
3.34
0.22
-3.62
0.24
0.08
1.03
0.61
-0.28
1.44
2.65
3.22
4.33
1.68
2.04
-0.03
0.12
0.32
0.48
0.24
-0.01
2.08
0.95
-0.23
2.33
6.70
-0.62
2.01
3.92
5.20
6.38
1.84
2.53
0.13
0.03
0.63
0.55
0.05
-0.02
-0.56
0.83
0.68
1.71
0.94
2.38
2.35
3.01
3.41
5.08
2.66
2.35
0.00
0.15
-0.02
0.25
0.26
0.02
-0.04
0.83
Alaska
California
Hawaii
Nevada
Oregon
Washington................................
-1.11
0.64
0.15
0.90
2.50
1.47
1.11
3.42
2.95
2.81
2.49
3.89
0.70
0.18
1.24
0.41
0.00
0.22
* Advance estimates
1. Private goods-producing industries consist of agriculture, forestry, fishing, and hunting; mining;
construction; and manufacturing.
2. Private services-producing industries consist of utilities; wholesale trade; retail trade; transporta
tion and warehousing, excluding Postal Service; information; finance and insurance; real estate, rental,
and leasing; professional and technical services; management of companies and enterprises; adminis
trative and waste services; educational services; health care and social assistance; arts, entertain
ment, and recreation; accommodation and food services; and other services, except government.
July 2007
Survey
of
123
C u r r e n t B u s in e s s
Table 4. Per Capita Real Gross Domestic Product (GDP) by State and Per Capita Personal Income, 2006
Per capita personal income 2
Per capita real GDP by state 1
Chained (2000)
dollars
Percent of the
United States
Rank in the
United States
37,714
100
36,276
43,940
117
43,852
133
80
124
100
96
91
49,852
32,348
45,877
39,311
37,388
34,264
Connecticut...................................................................................................
Maine............................................................................................................
Massachusetts
New Hampshire
Rhode Island
Vermont....
50,332
30,305
46,721
37,666
36,292
34,472
Delaware.......................................................................................................
59,288
124,363
39,161
44,885
46,617
34,828
2
42
3
17
22
29
115
41,924
14
5
4
27
157
330
104
119
124
92
39,022
55,755
44,077
46,344
42,392
36,680
95
34,854
13
33
35
28
25
105
90
89
92
94
38,215
32,526
33,847
33,338
34,701
96
34,817
24
32
10
37
21
30
23
95
91
109
88
97
91
95
33,236
34,743
38,712
32,705
34,397
32,552
33,929
43,509
Maryland..
New Jersey
New York..
Pennsylvania
1
35,746
39,514
34,058
33,468
34,609
35,390
Illinois......
Indiana....
Michigan...
Ohio..............................................................................................................
Wisconsin......................................................................................................
36,272
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
35,662
34,242
41,295
33,297
36,441
34,446
35,842
89
32,827
44
48
34
26
43
38
50
20
45
31
8
49
79
74
89
94
79
87
64
97
79
91
111
66
31,295
27,935
35,798
31,891
29,352
30,952
26,535
32,234
29,515
32,304
39,173
27,897
94
33,304
36
40
46
19
89
85
78
98
31,458
29,673
32,210
34,257
97
34,640
7
41
47
39
15
111
82
74
86
104
39,186
29,952
30,688
29,108
40,676
33,546
Alabama........................................................................................................
Arkansas.......................................................................................................
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia....
West Virginia
29,697
27,875
33,718
35,362
29,842
32,923
24,062
36,489
29,642
34,321
41,702
24,748
Arizona..........................................................................................................
New Mexico
Oklahoma.
Texas.......
33,441
31,986
29,545
36,920
35,267
36,439
41,798
30,896
27,942
32,357
39,130
Colorado.......................................................................................................
Idaho.............................................................................................................
Montana........................................................................................................
Utah..............................................................................................................
Wyoming.......................................................................................................
40,952
Alaska
California
Hawaii
Nevada
Oregon
Washington
43,748
41,663
38,083
39,813
37,633
39,616
6
9
16
11
18
12
1. Advance estimates
2. Preliminary estimates
Note. Per capita real GDP by state and per capita personal income were computed using Census Bureau midyear population estimates.
Dollars
109
38,200
116
110
101
106
100
105
37,271
38,956
36,299
37,089
33,666
37,423
Rank in the
United States
Percent of the
United States
100
121
1
34
3
7
15
24
137
89
126
108
103
94
116
4
2
5
18
108
154
122
128
117
101
13
33
27
29
22
105
90
93
92
96
10
96
96
30
21
12
31
23
32
26
92
96
107
90
95
90
94
40
48
20
38
46
41
50
36
45
35
9
49
86
77
99
88
81
85
73
89
81
89
108
77
90
92
39
44
37
25
87
82
89
94
8
43
42
47
6
108
83
85
80
112
95
105
16
11
19
17
28
14
103
107
100
102
93
103
124
Gross Domestic Product by State
July 2007
Table 5. Revisions to Current-Dollar Gross Domestic Product (GDP) by State, 2003-2005
2003
2004
Millions of dollars
2005
Millions of dollars
Millions of dollars
Percent revision 1
Revised
Revision
Percent revision 1
Revised
Revision
Percent revision 1
Revised
Revision
United States...............................
10,886,172
-10,184
-0.1
11,633,572
-21,763
-0.2
12,372,850
-36,705
New England........................................
612,006
-2,584
-0.4
652,357
-1,989
-0.3
679,249
-7,298
-1.1
Connecticut.....................................
Maine..............................................
Massachusetts................................
New Hampshire...............................
Rhode Island...................................
Vermont...........................................
169,885
40,152
293,840
48,198
39,357
20,575
-350
-45
-2,098
-182
97
-5
-0.2
-0.1
-0.7
-0.4
0.2
0.0
183,873
43,131
309,483
51,656
42,213
22,002
1,405
-127
-3,217
-428
369
10
0.8
-0.3
-1.0
-0.8
0.9
0.0
193,496
44,906
320,050
54,119
43,623
23,056
-249
-65
-5,867
-942
-164
-9
-0.1
-0.1
-1.8
-1.7
-0.4
0.0
Mideast.................................................
2,013,636
4,751
0.2
2,141,324
-24
0.0
2,258,984
-3,540
-0.2
Delaware.........................................
District of Columbia..........................
Maryland.........................................
New Jersey......................................
New York.........................................
Pennsylvania...................................
48,587
71,719
213,306
389,077
850,243
440,704
478
439
-1,182
432
3,120
1,463
1.0
0.6
-0.6
0.1
0.4
0.3
52,454
77,782
229,158
409,156
908,308
464,467
156
272
-1,540
-1,150
1,525
715
0.3
0.4
-0.7
-0.3
0.2
0.2
56,731
82,628
244,447
427,654
961,385
486,139
248
798
-1,787
-3,425
3,512
-2,886
0.4
1.0
-0.7
-0.8
0.4
-0.6
Great Lakes..........................................
1,683,064
-4,474
-0.3
1,760,193
-2,504
-0.1
1,823,333
-8,756
-0.5
Illinois..............................................
Indiana............................................
Michigan..........................................
Ohio.................................................
Wisconsin........................................
510,296
215,434
359,030
402,399
195,904
1,135
-1,216
-3,775
-208
-412
0.2
-0.6
-1.0
-0.1
-0.2
534,364
229,618
363,380
424,562
208,269
629
169
-3,221
-611
530
0.1
0.1
-0.9
-0.1
0.3
555,599
236,357
372,148
442,243
216,985
-4,433
-2,211
-4,095
1,320
663
-0.8
-0.9
-1.1
0.3
0.3
Plains....................................................
713,213
-1,062
-0.1
758,323
-1,661
-0.2
797,093
1,358
0.2
Iowa.................................................
Kansas............................................
Minnesota........................................
Missouri...........................................
Nebraska.........................................
North Dakota...................................
South Dakota....................................
102,210
93,560
208,179
195,547
64,628
21,672
27,418
-148
484
-1,156
-68
-161
-31
19
-0.1
0.5
-0.6
0.0
-0.2
-0.1
0.1
111,626
99,125
222,628
204,733
67,976
22,715
29,519
1,416
198
-1,992
-1,114
-13
23
-180
1.3
0.2
-0.9
-0.5
0.0
0.1
-0.6
117,635
105,228
231,437
215,073
72,242
24,935
30,541
4,083
-346
-3,115
-992
1,566
538
-378
3.6
-0.3
-1.3
-0.5
2.2
2.2
-1.2
Southeast.............................................
2,409,888
-274
0.0
2,586,036
-6,596
-0.3
2,781,655
-4,641
-0.2
Alabama..........................................
Arkansas..........................................
Florida.............................................
Georgia...........................................
Kentucky..........................................
Louisiana...
Mississippi.
North Carolina..................................
South Carolina
Tennessee.
Virginia.....
West Virginia
130,210
75,685
559,021
317,922
124,892
146,726
72,259
306,018
127,885
200,279
302,540
46,452
-316
121
2,273
432
-940
621
-273
-1,853
426
-1,243
673
-193
-0.2
0.2
0.4
0.1
-0.7
0.4
-0.4
-0.6
0.3
-0.6
0.2
-0.4
141,702
81,752
607,201
337,622
131,839
162,646
76,534
324,622
132,348
214,400
325,467
49,903
336
-960
-2,171
-2,108
-1,164
2,460
-573
660
856
-2,369
-1,565
0
0.2
-1.2
-0.4
-0.6
-0.9
1.5
-0.7
0.2
0.7
-1.1
-0.5
0.0
151,342
87,004
666,639
358,365
138,616
180,336
79,786
350,700
140,088
224,995
350,692
53,091
-268
252
-6,635
-5,474
-1,885
12,132
-1,504
4,060
69
-4,220
-1,211
41
-0.2
0.3
-1.0
-1.5
-1.3
7.2
-1.9
1.2
0.0
-1.8
-0.3
0.1
Southwest............................................
1,171,729
-418
0.0
1,273,807
870
0.1
1,392,895
-3,436
-0.2
Arizona............................................
New Mexico.....................................
Oklahoma..
Texas........
182,011
57,469
103,452
828,797
-403
16
-372
341
-0.2
0.0
-0.4
0.0
194,134
63,861
111,400
904,412
-112
216
-438
1,204
-0.1
0.3
-0.4
0.1
212,312
69,692
121,558
989,333
H216
822
68
-110
-1.9
1.2
0.1
0.0
Rocky Mountain
348,184
-2,621
-0.7
373,829
-5,292
-1.4
405,753
-5,905
-1.4
Colorado....
Idaho........
Montana....
Utah..........
Wyoming...
187,397
38,148
25,526
75,428
21,685
-1,476
-320
49
-752
-121
-0.8
-0.8
0.2
-1.0
-0.6
198,407
42,697
27,790
81,059
23,876
-2,985
-812
207
-1,487
-216
-1.5
-1.9
0.8
-1.8
-0.9
214,337
45,891
29,915
88,364
27,246
-2,200
-1,298
30
-2,414
-23
-1.0
-2.8
0.1
-2.7
-0.1
Far West...............................................
1,934,451
-3,502
-0.2
2,087,703
-4,567
-0.2
2,233,889
-4,488
-0.2
Alaska.............................................
California..........................................
Hawaii..............................................
Nevada.............................................
Oregon.............................................
Washington.....................................
31,219
1,406,511
46,441
87,828
121,638
240,813
-269
-4,028
55
-1,207
1,158
788
-0.9
-0.3
0.1
-1.4
1.0
0.3
34,729
1,515,453
50,781
99,342
135,014
252,384
-1,259
-3,749
543
199
399
-701
-3.5
-0.2
1.1
0.2
0.3
-0.3
39,394
1,616,351
54,773
110,158
141,831
271,381
80
-5,765
754
-1,184
-2,447
4,073
0.2
-0.4
1.4
-1.1
-1.7
1.5
1. Revision is a percentage of the previously published estimate.
-0.3
July 2007
Survey
of
125
C u r r e n t B u s in e s s
Table 6. Revisions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2005
2004
2003
Previously
published
Difference
(percentage
points)
Revised
Previously
published
2005
Difference
(percentage
points)
Revised
Previously
published
Difference
(percentage
points)
Revised
United States...............................................................
2.6
2.4
-0.2
4.2
3.7
-0.5
3.6
3.0
-0.6
New England........................................................................
2.3
1.9
-0.4
4.1
3.9
-0.2
2.3
1.5
-0.8
Connecticut......................................................................
Maine..................
Massachusetts,
New Hampshire..
Rhode Island
Vermont...........................................................................
0.7
1.9
2.7
3.3
4.4
3.7
0.5
1.7
2.1
2.9
4.5
3.7
-0.2
-0.2
-0.6
-0.4
0.1
0.0
4.4
4.7
3.6
5.4
3.7
4.5
5.2
4.1
3.0
4.5
4.0
4.1
0.8
-0.6
-0.6
-0.9
0.3
-0.4
3.2
1.3
1.7
3.2
2.0
2.7
2.5
1.2
1.0
2.0
0.3
2.5
-0.7
-0.1
-0.7
-1.2
-1.7
-0.2
1.9
2.3
0.4
3.9
3.4
-0.5
2.9
2.6
-0.3
Delaware............
District of Columbia
Maryland............
New Jersey........
New York............
Pennsylvania...................................................................
4.0
2.3
2.9
2.3
1.4
1.8
4.5
2.9
2.3
2.4
2.1
2.1
0.5
0.6
-0.6
0.1
0.7
0.3
5.2
4.7
4.7
3.1
4.5
2.7
4.4
4.4
4.2
2.3
4.1
2.2
-0.8
-0.3
-0.5
-0.8
-0.4
-0.5
5.4
3.6
4.2
2.1
2.9
2.4
4.6
2.9
3.6
1.4
3.4
1.2
-0.8
-0.7
-0.6
-0.7
0.5
-1.2
Great Lakes..........................................................................
2.5
2.1
-0.4
2.0
1.9
-0.1
1.3
0.8
-0.5
2.6
4.1
2.4
1.6
2.5
2.8
3.4
1.3
1.4
2.1
0.2
-0.7
-1.1
-0.2
-0.4
2.2
3.4
-0.7
3.0
3.1
1.8
3.6
-0.8
2.6
3.4
-0.4
0.2
-0.1
-0.4
0.3
2.1
1.3
0.2
0.9
1.5
0.9
0.0
0.4
1.1
1.5
-1.2
-1.3
0.2
0.2
0.0
Plains.....................................................................................
2.9
2.6
-0.3
3.4
3.1
-0.3
2.3
2.4
0.1
Iowa.................................................................................
Kansas ............................................................................
Minnesota........................................................................
Missouri...
Nebraska.
North Dakota...................................................................
South Dakota...................................................................
3.0
1.3
3.6
2.0
5.5
5.8
1.6
2.6
1.7
2.9
1.8
5.1
5.5
1.5
-0.4
0.4
-0.7
-0.2
-0.4
-0.3
-0.1
4.4
3.2
4.6
2.6
1.1
0.3
3.9
5.7
2.5
4.1
1.8
1.3
0.4
3.3
1.3
-0.7
-0.5
-0.8
0.2
0.1
-0.6
1.0
3.9
1.9
2.3
1.9
5.3
2.9
3.0
2.9
1.3
2.1
4.0
6.6
1.9
2.0
-1.0
-0.6
-0.2
2.1
1.3
-1.0
Southeast.............................................................................
3.0
2.9
-0.1
4.7
4.1
-0.6
4.6
4.0
-0.6
Alabama..........................................................................
Arkansas.
Florida....
Georgia....
Kentucky.
Louisiana
Mississippi.......................................................................
North Carolina.................................................................
South Carolina.................................................................
Tennessee .......................................................................
Virginia...
West Virginia...................................................................
3.2
2.7
4.3
1.8
2.4
1.5
3.6
2.2
3.1
3.6
3.7
1.0
2.9
2.7
4.6
1.9
1.5
1.6
3.1
1.4
3.4
2.9
3.8
0.4
-0.3
0.0
0.3
0.1
-0.9
0.1
-0.5
-0.8
0.3
-0.7
0.1
-0.6
5.1
6.0
6.5
4.6
3.0
4.5
2.9
2.8
0.6
5.3
5.8
3.3
5.3
4.5
5.3
3.5
2.4
5.1
2.1
3.4
0.5
4.4
4.8
3.2
0.2
-1.5
-1.2
-1.1
-0.6
0.6
-0.8
0.6
-0.1
-0.9
-1.0
-0.1
4.5
2.4
7.7
4.6
3.0
-1.5
2.5
4.7
3.9
3.1
5.4
2.1
3.5
3.4
6.7
3.3
2.2
0.1
0.5
4.7
2.9
2.2
4.7
1.7
-1.0
1.0
-1.0
-1.3
-0.8
1.6
-2.0
0.0
-1.0
-0.9
-0.7
-0.4
Mideast..................
Illinois ...
Indiana ...
Michigan..
Ohio
Wisconsin
Southwest............................................................................
2.1
2.0
-0.1
4.9
4.6
-0.3
5.2
3.4
-1.8
Arizona ...
New Mexico.....................................................................
Oklahoma
Texas
4.7
4.0
2.0
1.4
4.4
4.0
1.5
1.4
-0.3
0.0
-0.5
0.0
4.2
6.6
3.3
5.1
4.0
6.6
2.9
4.8
-0.2
0.0
-0.4
-0.3
9.1
3.7
3.3
4.7
6.6
2.8
2.0
2.9
-2.5
-0.9
-1.3
-1.8
2.2
1.4
-0.8
4.9
3.9
-1.0
5.2
4.5
-0.7
1.4
3.1
4.7
2.7
3.2
0.6
2.2
4.8
1.5
2.5
-0.8
-0.9
0.1
-1.2
-0.7
3.9
10.1
3.8
5.5
3.7
2.9
8.8
4.2
4.2
2.9
-1.0
-1.3
0.4
-1.3
-0.8
4.3
7.4
5.2
6.8
3.8
4.3
6.4
3.8
5.2
1.7
0.0
-1.0
-1.4
-1.6
-2.1
Rocky Mountain
Colorado.
Idaho ...........................................................................
Montana.
Utah
Wyoming.
Far West ..
Alaska ...........................................................................
California
Hawaii ..
Nevada...
Oregon...
Washington......................................................................
3.0
2.9
-0.1
5.3
5.0
-0.3
4.4
4.0
-0.4
-1.1
3.2
3.6
7.4
1.6
1.5
-2.2
3.0
3.6
5.8
2.5
1.7
-1.1
-0.2
0.0
-1.6
0.9
0.2
7.2
5.2
5.0
7.8
9.6
2.8
4.2
4.9
5.6
9.3
8.6
1.9
-3.0
-0.3
0.6
1.5
-1.0
-0.9
-0.5
4.3
5.3
9.0
5.9
3.2
1.9
3.8
4.3
7.0
3.6
4.7
2.4
-0.5
-1.0
-2.0
-2.3
1.5
126
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2004
2003
2005
1997-2006*
[average
annual]
2006*
2004
2003
2005
2006*
United States
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
3.0
2.4
3.7
3.0
3.4
3.0
2.4
3.7
3.0
3.4
Natural resources and mining.............................................................
Construction.
Durable goods
Nondurable goods...............................................................................
Trade...........
Transportation and utilities...................................................................
Information..........................................................................................
Financial activities...............
Professional and business services....................................................
Education and health services
Leisure and hospitality.........
Other services, except government
Government........................
0.3
1.1
5.1
0.0
3.9
2.5
7.5
3.8
3.6
3.0
2.4
0.1
1.1
2.8
-2.0
2.6
-0.8
3.1
4.0
3.0
2.4
4.4
4.4
3.1
2.0
1.0
3.2
1.5
7.7
4.9
1.9
4.1
11.4
4.3
5.2
3.3
3.0
-4 5
0.3
-1.5
3.9
4.9
-1.3
3.3
2.8
9.0
3.0
5.6
3.5
1.4
-0.7
0.4
1.2
1.3
6.7
-0.9
3.0
1.6
7.2
5.4
4.4
3.2
2.8
0.9
0.8
0.00
0.05
0.42
0.00
0.51
0.13
0.32
0.76
0.41
0.22
0.09
0.00
0.13
0.06
-0.10
0.19
-0.04
0.39
0.19
0.14
0.49
0.50
0.34
0.11
0.05
0.12
0.08
0.07
0.53
0.26
0.24
0.20
0.50
0.88
0.59
0.26
0.11
-0.01
0.03
-0.04
0.19
0.34
-0.07
0.42
0.14
0.39
0.61
0.64
0.27
0.05
-0.02
0.05
0.03
0.06
0.46
-0.05
0.38
0.08
0.32
1.10
0.52
0.26
0.10
0.02
0.09
New England
Contributions to annual percent change
Annual percent change
Total GDP by state............................................................................
2.8
1.9
3.9
1.5
2.5
2.8
1.9
3.9
1.5
2.5
Natural resources and mining
Construction............
Durable goods.........
Nondurable goods....
Trade.......................
Transportation and utilities
Information..............
Financial activities....
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
5.7
0.2
5.0
-0.4
3.4
1.7
7.2
3.3
3.1
2.2
2.4
-0.2
0.8
4.5
-4.9
3.4
-4.7
3.9
6.2
3.8
1.7
3.0
3.8
3.4
1.5
-1.6
4.1
2.0
4.2
3.7
0.7
5.8
11.6
6.1
6.0
2.2
2.1
-1.6
0.1
4.2
0.3
1.8
1.3
0.1
0.6
10.8
-0.3
5.0
2.9
-0.5
-1.2
0.1
1.3
-4.0
5.7
0.5
2.6
-1.6
5.2
3.2
4.2
2.9
1.0
0.2
1.0
0.02
0.01
0.45
-0.02
0.42
0.06
0.29
0.81
0.41
0.23
0.08
0.00
0.07
0.02
-0.21
0.27
-0.18
0.46
0.21
0.16
0.43
0.39
0.39
0.12
0.03
-0.16
0.02
0.09
0.32
0.13
0.09
0.20
0.47
1.55
0.77
0.23
0.07
-0.04
0.01
0.02
0.01
0.13
0.05
0.01
0.02
0.44
-0.08
0.65
0.30
-0.02
-0.03
0.01
0.01
-0.18
0.41
0.02
0.31
-0.06
0.22
0.81
0.56
0.31
0.03
0.00
0.10
Connecticut
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
2.2
0.5
5.2
2.5
2.6
2.2
0.5
5.2
2.5
2.6
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade.......................
Transportation and utilities...................................................................
Information..............
Financial activities....
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
5.1
-0.6
0.6
1.8
2.6
1.6
6.8
3.4
2.0
1.5
2.1
-2.2
0.9
-3.5
-6.5
-4.8
-15.2
1.8
9.3
5.2
1.2
4.6
3.1
4.1
1.2
-3.0
-1.9
6.9
5.4
24.6
0.3
11.4
11.8
7.8
2.5
1.7
1.6
-1.8
0.7
8.8
1.6
2.2
-0.8
1.8
-0.3
9.5
3.2
3.9
2.7
0.3
-1.1
0.4
1.0
-6.6
4.7
-0.6
3.2
-6.3
4.7
3.7
4.1
2.4
2.2
0.9
2.8
0.01
-0.02
0.06
0.08
0.31
0.05
0.26
0.98
0.27
0.13
0.06
-0.05
0.08
-0.01
-0.22
-0.39
-0.66
0.21
0.29
0.20
0.35
0.61
0.27
0.11
0.03
-0.28
0.00
0.23
0.40
0.88
0.03
0.39
0.45
2.27
0.34
0.15
0.05
-0.04
0.06
0.02
0.06
0.16
-0.03
0.21
-0.01
0.36
0.94
0.51
0.24
0.01
-0.02
0.03
0.00
-0.24
0.34
-0.02
0.36
-0.22
0.18
1.10
0.55
0.22
0.06
0.02
0.25
Maine
Contributions to annual percent change
Annual percent change
Total GDP by state
Natural resources and mining.............................................................
Construction............
Durable goods.........
Nondurable goods....
Trade.......................
Transportation and utilities...................................................................
Information..............
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
2.1
1.7
4.1
1.2
1.9
2.1
1.7
4.1
1.2
1.9
5.0
2.5
4.0
-1.9
4.2
1.5
6.2
0.7
2.4
3.8
2.8
-1.0
1.1
8.5
3.1
-1.1
-1.3
5.3
3.1
5.9
-1.1
1.2
4.1
2.7
3.0
0.1
6.3
-0.3
16.2
4.6
3.0
6.0
7.2
4.3
5.1
4.6
2.5
-0.4
0.7
-3.4
-1.0
2.0
6.5
-0.5
2.2
7.3
1.3
1.1
2.6
-0.1
-0.8
-0.4
14.2
-1.7
2.9
0.9
1.7
-1.0
4.4
2.3
3.7
2.6
2.7
-1.6
0.8
0.07
0.11
0.24
-0.13
0.58
0.07
0.17
0.15
0.19
0.38
0.10
-0.02
0.15
0.11
0.16
-0.06
-0.08
0.76
0.13
0.16
-0.24
0.09
0.46
0.11
0.07
0.02
0.09
-0.02
0.87
0.25
0.44
0.26
0.20
0.88
0.39
0.53
0.10
-0.01
0.11
-0.05
-0.05
0.12
0.35
-0.07
0.10
0.19
0.27
0.09
0.30
0.00
-0.02
-0.06
0.18
-0.09
0.17
0.05
0.25
-0.04
0.12
0.47
0.29
0.31
0.11
-0.04
0.11
Massachusetts
Annual percent change
Total GDP by state
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.........
Nondurable goods....
Trade.......................
Transportation and utilities...................................................................
Information..............
Financial activities....
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government.........................................................................................
*Advanceestimates
Contributions to annual percent change
3.2
2.1
3.0
1.0
2.9
3.2
2.1
3.0
1.0
2.9
6.6
0.0
8.1
-0.8
3.3
1.3
7.3
3.4
3.6
2.1
2.5
1.1
0.2
4.4
-7.6
10.9
0.1
4.2
3.6
1.9
2.0
1.5
4.0
3.1
0.5
-3.2
5.3
0.6
-0.3
-7.8
0.5
2.2
10.7
5.3
7.6
2.0
2.2
-1.5
-0.7
2.8
-0.6
1.7
2.0
-1.4
0.9
11.7
-2.7
5.7
2.8
-0.6
-1.3
0.2
-0.8
-3.4
7.8
1.4
3.1
0.4
6.5
3.5
3.5
3.1
0.4
0.3
0.6
0.02
0.00
0.71
-0.03
0.38
0.04
0.34
0.82
0.54
0.23
0.08
0.02
0.02
0.01
-0.35
0.84
0.00
0.48
0.11
0.09
0.49
0.23
0.42
0.10
0.01
-0.29
0.02
0.03
-0.02
-0.26
0.06
0.07
0.49
1.33
1.11
0.22
0.07
-0.03
-0.07
0.01
-0.03
0.12
0.06
-0.16
0.03
0.54
-0.69
0.87
0.31
-0.02
-0.03
0.02
0.00
-0.15
0.53
0.04
0.35
0.01
0.32
0.85
0.55
0.35
0.01
0.01
0.05
July
2007
S urvey
of
C u r r e n t B u s in e s s
127
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2003
2004
2005
1997-2006*
[average
annual]
2006*
2004
2003
2005
2006*
New Hampshire
Annual percent change
Contributions to annual percent change
Total GOP by state...........................................................................
3.4
2.9
4.5
2.0
Natural resources and mining.............................................................
Construction........
Durable goods.....
Nondurable goods
Trade...................
Transportation and utilities
Information..........
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government........................................................................................
4.3
0.8
3.7
-3.0
5.0
4.1
11.5
3.6
3.6
4.0
2.5
0.2
1.7
13.4
-2.9
3.3
0.4
4.2
8.8
4.8
1.0
2.2
5.5
4.1
4.6
2.4
8.3
2.0
6.4
-2.5
1.2
10.5
17.7
5.4
10.0
2.9
3.3
-2.4
0.2
1.5
1.1
2.0
1.1
1.9
0.5
13.2
0.4
5.5
3.8
-2.1
-1.3
0.9
Total GDP by state...........................................................................
2.7
4.5
4.0
0.3
1.8
2.7
4.5
4.0
0.3
1.8
Natural resources and mining.............................................................
Construction........
Durable goods.....
Nondurable goods
Trade...................
Transportation and utilities
Information..........
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
8.4
0.0
2.9
-2.5
4.5
1.3
6.1
3.8
3.7
1.9
3.0
0.7
1.0
-0.5
5.9
-10.9
4.5
5.3
9.4
10.9
5.5
12.8
3.4
4.6
4.1
2.9
0.5
-3.2
23.0
-4.1
0.8
-0.6
16.3
5.2
3.9
2.4
0.3
-1.1
1.4
-2.1
1.7
0.0
-5.4
1.4
0.7
9.8
-3.3
5.4
2.9
0.7
0.1
-1.4
5.4
-0.4
-0.2
0.5
0.2
3.7
-0.8
3.1
10.3
1.3
0.2
-1.5
-2.0
0.02
0.00
0.23
-0.09
0.51
0.05
0.24
0.94
0.36
0.21
0.10
0.01
0.13
0.00
0.28
-0.85
0.15
0.61
0.31
0.39
1.48
1.10
0.38
0.17
0.09
0.37
0.00
-0.16
1.47
-0.13
0.09
-0.02
0.60
1.40
0.36
0.27
0.01
-0.03
0.18
-0.01
0.08
0.00
-0.15
0.16
0.02
0.37
-0.89
0.50
0.33
0.02
0.00
-0.18
0.01
-0.02
-0.02
0.01
0.03
0.12
-0.03
0.80
1.00
0.15
0.01
-0.03
-0.26
1.3
-1.9
-6.4
4.3
1.1
0.9
0.2
3.0
0.2
4.5
3.6
0.6
0.6
0.4
Rhode Island
3.4
2.9
4.5
2.0
1.3
0.02
0.04
0.48
-0.12
0.72
0.21
0.32
0.77
0.36
0.36
0.09
0.00
0.15
0.06
-0.14
0.32
0.01
0.64
0.42
0.15
0.24
0.22
0.54
0.16
0.12
0.22
0.04
0.10
0.58
-0.08
0.19
0.52
0.55
1.24
0.95
0.29
0.13
-0.06
0.02
0.01
0.05
0.18
0.03
0.29
0.02
0.44
0.10
0.55
0.38
-0.08
-0.03
0.08
-0.01
-0.33
0.37
0.03
0.13
0.01
0.10
0.05
0.47
0.36
0.02
0.01
0.04
Annual percent change
Contributions to annual percent change
Vermont
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
3.7
3.7
4.1
2.5
2.8
3.7
3.7
4.1
2.5
2.8
Natural resources and mining.............................................................
Construction........
Durable goods.....
Nondurable goods
Trade...................
Transportation and utilities
Information..........
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government........................................................................................
5.7
2.3
9.3
-0.8
4.7
0.7
6.9
2.6
3.7
4.3
1.6
0.0
2.3
4.3
-0.9
1.2
-0.3
8.3
8.5
7.7
0.6
7.3
4.5
2.1
3.7
3.0
2.9
8.0
6.0
6.1
1.1
3.1
10.3
6.3
8.0
3.1
2.2
-0.8
0.7
16.8
1.4
2.4
11.9
1.2
1.0
7.3
1.4
4.5
4.1
-1.1
-2.7
0.8
-8.3
-3.0
6.7
-1.0
3.4
-2.2
5.1
2.3
9.1
5.8
0.8
-0.3
1.5
0.11
0.11
1.00
-0.03
0.63
0.04
0.26
0.47
0.29
0.45
0.08
0.00
0.30
0.08
-0.04
0.13
-0.01
1.11
0.38
0.30
0.10
0.51
0.49
0.11
0.09
0.41
0.06
0.40
0.58
0.19
0.15
0.14
0.40
1.12
0.57
0.35
0.12
-0.02
0.10
0.34
0.08
0.22
0.36
0.16
0.05
0.28
0.25
0.34
0.46
-0.06
-0.07
0.11
-0.18
-0.17
0.59
-0.03
0.45
-0.10
0.19
0.41
0.69
0.67
0.04
-0.01
0.20
Mideast
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
2.9
2.3
3.4
2.6
2.9
2.9
2.3
3.4
2.6
2.9
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...................................................................................................
Transportation and utilities
Information......................
Financial activities...........
Professional and business services....................................................
Education and health services
Leisure and hospitality....
Other services, except government.....................................................
Government........................................................................................
3.5
0.6
2.8
-0.6
3.5
1.8
7.1
4.1
3.6
2.3
2.0
0.5
0.5
4.2
-2.5
-1.5
-1.8
4.2
3.6
4.1
2.3
3.8
4.1
3.1
2.9
0.3
3.4
-0.3
6.1
-2.4
1.4
2.9
9.5
5.0
5.4
2.9
2.8
0.6
1.3
6.3
1.2
3.1
-4.7
1.4
2.1
8.8
3.2
5.7
2.9
0.7
0.3
0.0
-5.8
-0.7
3.0
-1.0
1.4
0.0
7.9
6.6
3.2
2.3
2.4
0.8
-0.6
0.02
0.02
0.13
-0.03
0.41
0.08
0.38
1.03
0.48
0.21
0.07
0.01
0.06
0.02
-0.10
-0.06
-0.10
0.48
0.16
0.22
0.59
0.50
0.37
0.10
0.07
0.04
0.02
-0.01
0.23
-0.13
0.17
0.13
0.50
1.25
0.71
0.26
0.09
0.01
0.15
0.03
0.05
0.12
-0.23
0.17
0.09
0.46
0.82
0.77
0.27
0.02
0.01
0.00
-0.03
-0.03
0.11
-0.05
0.16
0.00
0.42
1.67
0.45
0.21
0.08
0.02
-0.08
Delaware
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
3.2
4.5
4.4
4.6
3.3
3.2
4.5
4.4
4.6
3.3
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods
Nondurable goods
Trade...................................................................................................
Transportation and utilities..................................................................
Information
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
(D)
(D)
6.1
0.2
5.3
3.5
8.4
2.7
4.3
3.7
3.0
1.8
2.2
16.4
-1.5
0.1
-1.7
9.1
-1.6
-0.1
7.8
0.1
5.9
4.0
6.9
-1.4
-5.4
5.3
21.9
49.6
3.7
7.7
8.1
-0.7
8.2
4.8
3.4
1.5
0.5
36.8
7.5
3.0
-3.2
0.5
1.0
10.8
7.6
2.3
4.6
0.1
0.9
0.3
(D)
(D)
15.1
-4.9
6.3
1.9
7.2
2.5
3.9
4.0
2.2
4.7
6.2
(D)
(D)
0.15
0.01
0.43
0.10
0.15
1.21
0.50
0.20
0.06
0.03
0.19
0.10
-0.06
0.00
-0.08
0.71
-0.05
0.00
3.48
0.02
0.33
0.09
0.12
-0.13
-0.04
0.19
0.41
2.05
0.30
0.23
0.15
-0.32
1.00
0.27
0.08
0.03
0.05
0.26
0.28
0.06
-0.19
0.04
0.03
0.19
3.33
0.29
0.26
0.00
0.02
0.02
(D)
(D)
0.29
-0.28
0.49
0.06
0.13
1.13
0.48
0.23
0.05
0.08
0.52
*Advanceestimates
DDataaresuppressedtoavoiddisclosureofconfidentialinformation.
128
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2004
2003
2005
1997-2006*
[average
annual]
2006*
2004
2003
2006*
2005
District of Columbia
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
3.2
2.9
4.4
2.9
4.1
3.2
2.9
4.4
2.9
4.1
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods............
Nondurable goods...............................................................................
Trade..........................
Transportation and utilities...................................................................
Information.................
Financial activities......
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.
Other services, except government.....................................................
Government.........................................................................................
(D)
(D)
8.1
-7.9
2.9
2.4
6.2
6.3
5.4
1.9
3.5
2.3
0.5
-39.7
1.6
2.3
-5.1
7.8
5.2
5.9
8.8
5.0
4.8
4.4
1.3
-1.6
-47.0
-7.0
19.6
9.7
2.8
-0.1
12.8
7.6
6.4
2.0
2.9
4.4
1.7
-33.2
-2.8
-20.5
-12.6
3.0
-3.2
9.4
4.7
4.8
-0.8
6.8
2.8
0.9
(D)
(D)
-20.6
-16.7
2.3
1.9
-0.4
11.9
5.8
1.1
2.0
2.1
2.3
(D)
(D)
0.01
-0.02
0.07
0.04
0.40
0.87
1.18
0.13
0.12
0.14
0.18
-0.01
0.02
0.00
-0.01
0.17
0.08
0.37
1.18
1.12
0.35
0.15
0.08
-0.57
-0.01
-0.10
0.03
0.02
0.06
0.00
0.79
1.06
1.44
0.15
0.10
0.27
0.60
-0.01
-0.04
-0.03
-0.02
0.07
-0.05
0.59
0.66
1.10
-0.06
0.23
0.17
0.30
(D)
(D)
-0.02
-0.03
0.05
0.03
-0.03
1.73
1.37
0.08
0.07
0.13
0.77
Maryland
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
3.4
2.3
4.2
3.6
2.9
3.4
2.3
4.2
3.6
2.9
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods............
Nondurable goods......
Trade..........................
Transportation and utilities
Information.................
Financial activities...............................................................................
Professional and business services
Education and health services
Leisure and hospitality...........
Other services, except government.....................................................
Government.........................................................................................
4.9
1.8
4.5
-0.6
3.6
2.1
7.3
4.9
5.6
3.2
2.0
0.8
1.2
15.7
0.3
-6.1
-7.8
2.6
7.4
2.5
3.3
6.7
4.5
4.0
3.0
-1.2
5.3
2.9
13.7
3.4
1.4
0.5
10.5
8.0
7.2
3.3
2.0
0.3
-0.6
1.7
3.6
2.6
-2.1
2.9
2.5
10.1
4.4
7.4
3.5
3.0
-0.6
1.1
-0.8
-0.6
1.3
0.4
1.8
1.4
6.3
4.7
4.4
2.8
1.4
1.4
2.2
0.02
0.10
0.15
-0.02
0.44
0.11
0.27
1.05
0.72
0.27
0.07
0.02
0.20
0.06
0.02
-0.18
-0.27
0.31
0.35
0.09
0.72
0.86
0.38
0.14
0.08
-0.22
0.02
0.17
0.36
0.10
0.16
0.02
0.38
1.76
0.95
0.29
0.07
0.01
-0.10
0.01
0.22
0.07
-0.06
0.33
0.12
0.36
1.00
0.99
0.30
0.11
-0.02
0.19
0.00
-0.04
0.03
0.01
0.21
0.07
0.22
1.09
0.60
0.24
0.05
0.04
0.36
New Jersey
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
2.4
2.4
2.3
1.4
2.9
2.4
2.4
2.3
1.4
2.9
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade..............
Transportation and utilities...................................................................
Information.....
Financial activities
Professional and business services....................................................
Education and health services
Leisure and hospitality...........
Other services, except government
Government...........................
1.8
0.2
4.0
-1.8
3.1
1.6
5.4
4.1
2.3
2.7
1.7
0.8
0.2
-1.6
-4.6
7.3
0.0
3.8
5.1
1.7
2.1
3.5
4.1
3.0
2.1
0.7
-1.5
1.1
-3.7
-1.3
-0.9
3.2
8.6
4.9
3.9
1.6
1.0
0.9
1.9
6.7
0.2
-0.1
-9.4
0.2
2.9
6.2
2.2
5.5
3.4
-0.3
0.7
0.3
-4.6
0.3
5.1
1.9
0.2
1.0
9.6
6.6
2.6
2.9
3.4
1.5
-2.2
0.00
0.01
0.14
-0.13
0.46
0.09
0.27
0.96
0.31
0.20
0.06
0.02
0.02
0.00
-0.19
0.25
0.00
0.57
0.25
0.08
0.49
0.46
0.31
0.10
0.04
0.07
0.00
0.04
-0.13
-0.09
-0.14
0.16
0.41
1.17
0.52
0.13
0.03
0.02
0.19
0.01
0.01
0.00
-0.62
0.03
0.14
0.29
0.55
0.73
0.27
-0.01
0.01
0.03
-0.01
0.01
0.15
0.11
0.03
0.05
0.44
1.61
0.36
0.23
0.11
0.03
-0.23
New York
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
3.3
2.1
4.1
3.4
3.4
3.3
2.1
4.1
3.4
3.4
Natural resources and mining
Construction........................................................................................
Durable goods............
Nondurable goods......
Trade...................................................................................................
Transportation and utilities...................................................................
Information................
Financial activities......
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government.........................................................................................
6.3
0.5
3.0
0.8
3.6
1.6
8.0
4.6
3.5
2.1
2.3
0.4
0.5
6.6
-3.9
-5.0
-1.1
4.1
1.8
3.9
2.3
2.5
4.2
3.3
4.8
0.6
3.8
-1.9
6.3
4.6
2.5
1.7
10.1
5.1
4.8
3.1
4.4
0.0
1.9
12.6
-0.7
3.1
0.3
1.5
1.9
10.0
4.4
5.7
2.8
0.1
0.2
-0.2
-3.0
-2.1
4.6
-3.5
1.8
1.4
8.4
7.7
2.6
1.6
2.7
1.1
-2.0
0.02
0.01
0.11
0.03
0.38
0.06
0.54
1.38
0.46
0.19
0.07
0.01
0.06
0.02
-0.13
-0.17
-0.04
0.43
0.07
0.28
0.68
0.33
0.38
0.11
0.10
0.06
0.01
-0.06
0.19
0.16
0.27
0.06
0.70
1.50
0.65
0.28
0.15
0.00
0.21
0.04
-0.02
0.09
0.01
0.16
0.07
0.70
1.28
0.78
0.26
0.00
0.00
-0.02
-0.01
-0.07
0.14
-0.12
0.19
0.05
0.59
2.27
0.36
0.15
0.09
0.02
-0.21
Pennsylvania
Contributions to annual percent change
Annual percent change
Total GDP by state............................................................................
2.0
2.1
2.2
1.2
1.7
2.0
2.1
2.2
1.2
1.7
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.
Nondurable goods...............................................................................
Trade..............
Transportation and utilities...................................................................
Information.....
Financial activities...............................................................................
Professional and business services....................................................
Education and health services
Leisure and hospitality...........
Other services, except government.....................................................
Government...........................
2.0
0.3
1.8
-0.8
3.6
1.9
6.3
2.1
3.8
2.2
1.6
-0.3
0.0
1.8
-0.7
-1.1
-2.5
5.0
3.4
8.4
0.1
5.9
3.7
2.2
0.8
2.2
4.4
-1.4
8.3
-12.4
2.0
4.7
7.4
4.3
6.4
3.1
1.3
-0.1
0.7
2.5
2.9
4.4
-6.2
2.0
2.0
6.3
-1.1
5.8
2.9
0.6
-0.3
-1.4
-8.0
0.0
1.0
-0.6
1.3
-3.3
7.5
4.6
3.9
2.9
1.7
-1.3
-1.0
0.03
0.01
0.16
-0.06
0.45
0.11
0.22
0.39
0.42
0.23
0.05
-0.01
0.00
0.02
-0.03
-0.08
-0.23
0.61
0.20
0.30
0.03
0.64
0.40
0.06
0.02
0.22
0.05
-0.06
0.58
-1.09
0.25
0.27
0.26
0.81
0.71
0.34
0.04
0.00
0.07
0.03
0.13
0.32
-0.47
0.25
0.11
0.22
-0.20
0.66
0.32
0.02
-0.01
-0.14
-0.11
0.00
0.07
-0.05
0.17
-0.19
0.25
0.85
0.47
0.32
0.05
-0.03
-0.10
*Advanceestimates
DDataaresuppressedtoavoiddisclosureofconfidentialinformation.
J u ly
2007
S urvey
of
129
C u r r e n t B u s in e s s
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2004
2003
2005
1997-2006*
[average
annual]
2006*
2003
2005
2004
2006*
Great Lakes
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...................................................................................................
Transportation and utilities..................................................................
Information
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality................
Other services, except government.....................................................
Government...............................
1.6
-0.4
-1.7
1.9
0.2
2.8
2.1
5.3
1.9
1.9
2.4
1.6
-0.8
0.2
2.1
6.3
-3.9
3.3
-1.4
2.4
2.1
2.9
1.4
3.5
3.8
2.4
1.0
3.6
1.9
9.4
-1.7
2.3
5.4
0.2
4.7
11.5
2.2
4.1
2.3
1.5
-1.2
-4.2
0.8
-16.6
-0.7
0.6
-4.0
1.9
3.5
8.5
0.0
3.4
2.9
0.0
-1.9
-0.4
1.6
2.3
-4.2
2.7
-0.3
1.1
2.2
4.6
3.9
1.6
2.6
1.7
-0.5
-1.4
1.6
0.00
-0.07
0.26
0.02
0.36
0.11
0.16
0.36
0.22
0.17
0.05
-0.02
0.02
2.1
0.06
-0.17
0.43
-0.10
0.30
0.11
0.08
0.26
0.39
0.29
0.07
0.03
0.38
1.9
0.10
-0.08
0.29
0.34
0.03
0.24
0.33
0.42
0.46
0.18
0.05
-0.03
-0.46
0.8
-0.19
-0.03
0.07
-0.26
0.24
0.18
0.25
0.00
0.39
0.23
0.00
-0.05
-0.04
1.6
0.02
-0.19
0.32
-0.02
0.14
0.12
0.13
0.74
0.19
0.21
0.05
-0.01
-0.15
Illinois
Annual percent change
Total GDP by state...........................................................................
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods
Trade...................
Transportation and utilities..................................................................
Information..........
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
2.0
-3.7
-0.2
2.2
-0.2
3.2
2.5
4.8
2.3
2.6
2.4
1.5
-0.4
0.6
2.8
8.6
-2.5
2.5
0.1
1.5
1.0
0.5
1.9
2.9
3.7
2.2
1.2
12.3
1.8
17.6
-4.0
11.2
3.8
0.9
5.6
11.1
2.2
5.2
1.9
2.5
-1.5
-11.6
Contributions to annual percent change
0.9
3.0
-37.5
0.2
2.4
-3.4
2.3
2.6
8.3
-0.7
4.3
3.0
1.8
-1.5
-0.8
-2.4
0.4
4.0
-0.3
2.2
3.5
5.1
5.9
3.3
2.8
2.7
0.6
-0.2
2.0
-0.03
-0.01
0.19
-0.01
0.41
0.15
0.18
0.50
0.34
0.16
0.05
-0.01
0.06
2.8
0.07
-0.12
0.18
0.01
0.19
0.06
0.02
0.43
0.38
0.27
0.07
0.03
1.24
1.8
0.9
3.0
0.17
-0.19
0.78
0.22
0.12
0.31
0.39
0.49
0.68
0.14
0.08
-0.04
-1.32
-0.42
0.01
0.18
-0.20
0.29
0.15
0.30
-0.15
0.57
0.22
0.06
-0.04
-0.08
-0.02
0.02
0.30
-0.02
0.29
0.20
0.19
1.29
0.45
0.21
0.09
0.01
-0.02
Indiana
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
2.2
3.4
3.6
0.0
2.0
2.2
3.4
3.6
0.0
2.0
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....
Nondurable goods
Trade...................
Transportation and utilities..................................................................
Information..........
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
-0.5
-2.6
3.6
2.9
3.4
2.1
5.4
1.6
2.2
2.6
2.5
-0.4
0.6
19.4
-1.8
7.4
-1.2
4.9
2.9
5.9
0.6
3.9
3.4
3.4
1.3
3.5
19.0
-0.5
0.9
16.1
0.0
5.9
16.2
2.0
6.2
2.5
2.2
-1.0
0.5
-29.1
-0.2
0.8
-6.7
2.9
4.1
7.0
-1.0
3.2
3.4
-0.4
-0.9
0.2
6.7
-4.4
2.6
3.3
2.4
2.7
5.1
3.4
1.9
2.7
1.3
1.0
-1.8
0.00
-0.12
0.65
0.28
0.41
0.12
0.12
0.25
0.16
0.19
0.08
-0.01
0.06
0.21
-0.08
1.37
-0.12
0.58
0.16
0.12
0.09
0.27
0.26
0.12
0.03
0.35
0.26
-0.02
0.17
1.51
0.00
0.32
0.33
0.32
0.44
0.20
0.08
-0.02
0.05
-0.43
-0.01
0.13
-0.67
0.32
0.22
0.14
-0.14
0.22
0.25
-0.01
-0.02
0.01
0.07
-0.20
0.46
0.34
0.28
0.16
0.11
0.52
0.14
0.21
0.04
0.02
-0.18
Michigan
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
0.7
1.3
-0.8
0.4
-0.5
0.7
1.3
-0.8
0.4
-0.5
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.................
Nondurable goods...........
Trade..............................
Transportation and utilities..................................................................
Information.....................
Financial activities...........
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality....
Other services, except government.....................................................
Government........................................................................................
2.9
-3.1
1.0
-1.7
2.0
1.8
5.8
0.4
0.4
1.9
1.8
-1.7
-0.5
-0.8
-7.8
3.8
2.4
2.2
6.0
4.3
-0.8
1.4
3.9
1.7
0.3
-1.6
8.9
-0.7
-7.7
-1.8
-1.4
2.6
10.4
0.2
2.8
1.7
0.8
-0.8
-2.2
6.2
-2.0
-1.9
-8.5
0.8
2.3
9.6
0.7
1.6
3.7
-1.5
-2.3
0.3
8.1
-10.4
1.2
-3.0
-0.6
-1.2
4.8
1.3
-2.3
2.2
0.5
-2.0
-1.8
0.02
-0.14
0.16
-0.07
0.26
0.08
0.16
0.07
0.05
0.15
0.05
-0.04
-0.05
-0.01
-0.35
0.64
0.10
0.28
0.26
0.11
-0.14
0.18
0.28
0.05
0.01
-0.17
0.07
-0.03
-1.30
-0.08
-0.17
0.12
0.27
0.03
0.36
0.13
0.03
-0.02
-0.23
0.05
-0.09
-0.27
-0.36
0.10
0.11
0.26
0.13
0.21
0.29
-0.05
-0.05
0.03
0.07
-0.48
0.17
-0.12
-0.08
-0.06
0.13
0.24
-0.32
0.18
0.02
-0.05
-0.20
Ohio
Annual percent change
Total GDP by state...........................................................................
1.4
1.4
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.................
Nondurable goods...............................................................................
Trade...................
............................................
Transportation and utilities..................................................................
Information..........
Financial activities
Professional and business services....................................................
Education and health services...............
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
-2.1
-2.5
1.3
-0.7
2.4
1.9
4.6
2.4
2.4
2.1
0.9
-0.9
0.0
4.5
-4.3
-0.6
-3.6
2.8
0.1
3.8
2.7
5.9
3.5
2.2
1.4
-0.8
*Advanceestimates
2.6
1.0
-0.8
7.2
3.7
0.4
4.5
9.4
2.3
3.5
2.6
0.3
-1.4
-0.4
Contributions to annual percent change
1.1
1.1
1.4
1.4
-7.8
-1.6
2.2
-3.5
1.7
5.2
7.3
0.2
3.9
2.2
-0.6
-2.8
-0.6
1.3
-4.7
2.8
-2.4
0.1
4.1
2.5
2.9
2.4
2.7
0.7
-1.4
-2.0
-0.02
-0.10
0.19
-0.05
0.32
0.10
0.13
0.41
0.25
0.17
0.02
-0.02
0.00
0.04
-0.18
-0.08
-0.25
0.36
0.01
0.10
0.49
0.62
0.29
0.07
0.03
-0.09
2.6
0.01
-0.03
0.91
0.24
0.05
0.22
0.25
0.44
0.37
0.22
0.01
-0.03
-0.05
1.1
1.1
-0.08
-0.07
0.29
-0.23
0.23
0.26
0.20
0.04
0.42
0.19
-0.02
-0.07
-0.06
0.01
-0.20
0.36
-0.16
0.01
0.21
0.07
0.54
0.27
0.23
0.02
-0.03
-0.22
130
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2003
2004
2005
1997-2006*
[average
annual]
2006*
2003
2004
2005
2006*
Wisconsin
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
2.3
2.1
3.4
1.5
1.8
2.3
2.1
3.4
1.5
1.8
Natural resources and mining.............................................................
Construction
Durable goods....
Nondurable goods
Trade.................
Transportation and utilities...................................................................
Information
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
3.0
-0.6
2.5
1.1
3.8
2.1
7.4
2.8
2.1
3.1
2.0
-1.0
0.7
1.2
-1.9
5.4
^ .1
1.5
2.9
4.6
1.5
6.0
4.7
3.2
0.8
1.5
-0.4
-0.3
6.2
4.3
1.0
4.7
15.3
5.4
2.9
3.2
1.5
-0.8
-0.4
-0.1
0.0
-0.8
2.0
2.4
3.3
10.6
1.1
3.8
2.3
-0.2
-1.2
-0.4
-0.2
-4.4
3.6
0.3
1.7
-0.5
5.8
4.4
3.5
2.3
3.2
-0.3
-2.1
0.05
-0.02
0.34
0.10
0.46
0.10
0.21
0.53
0.18
0.26
0.06
-0.02
0.07
0.02
-0.09
0.67
-0.39
0.18
0.14
0.13
0.28
0.49
0.40
0.09
0.02
0.17
-0.01
-0.01
0.77
0.36
0.12
0.23
0.41
1.01
0.24
0.28
0.04
-0.02
-0.05
0.00
0.00
-0.10
0.17
0.29
0.16
0.30
0.21
0.32
0.20
-0.01
-0.03
-0.05
0.00
-0.21
0.44
0.02
0.20
-0.02
0.17
0.85
0.30
0.21
0.09
-0.01
-0.24
Plains
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
2.4
2.6
3.1
2.4
2.7
2.4
2.6
3.1
2.4
2.7
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade.................
Transportation and utilities...................................................................
Information,,
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
1.8
-0.5
4.1
-0.3
3.2
1.9
6.9
3.6
2.1
3.0
1.6
-0.5
1.0
16.7
-2.0
1.2
1.7
2.9
2.7
4.5
2.6
3.8
4.2
2.3
1.7
0.5
11.4
0.1
10.5
2.2
1.2
2.0
12.0
1.2
3.9
2.6
1.3
-1.1
1.0
-4.4
0.3
4.5
0.3
2.6
0.8
8.0
4.4
3.7
2.9
-0.2
-1.6
0.5
3.9
-1.7
4.4
1.7
1.7
-0.8
5.8
4.9
3.1
3.4
2.6
0.2
1.1
0.07
-0.02
0.38
-0.02
0.42
0.10
0.27
0.64
0.20
0.23
0.05
-0.01
0.12
0.43
-0.09
0.11
0.11
0.39
0.16
0.18
0.49
0.36
0.34
0.07
0.04
0.06
0.38
0.00
0.86
0.13
0.16
0.11
0.48
0.23
0.37
0.22
0.04
-0.03
0.12
-0.16
0.02
0.39
0.02
0.34
0.04
0.33
0.81
0.36
0.24
0.00
-0.04
0.06
0.12
-0.08
0.38
0.10
0.22
-0.04
0.23
0.93
0.31
0.29
0.08
0.00
0.13
Iowa
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
2.4
2.6
5.7
3.0
2.6
2.4
2.6
5.7
3.0
2.6
Natural resources and mining.............................................................
Construction
Durable goods....
Nondurable goods...............................................................................
Trade.................
Transportation and utilities...................................................................
Information
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government............'....'......................................................................
-0.8
-0.5
4.5
0.6
2.7
2.8
6.5
4.5
1.8
2.2
1.6
-0.5
0.9
-14.4
-1.0
-0.2
7.0
1.7
5.2
6.1
6.3
8.4
2.9
0.7
1.2
-0.3
48.5
2.9
22.4
-0.5
1.3
6.2
13.4
-0.4
3.6
2.3
2.1
-0.3
1.0
-22.5
3.7
4.2
-0.6
2.7
-0.4
8.4
12.6
6.2
2.5
0.4
-2.0
1.0
6.3
2.9
3.0
1.1
1.5
0.3
9.0
3.8
4.3
1.4
3.0
0.8
0.7
-0.03
-0.02
0.55
0.06
0.33
0.15
0.19
0.82
0.10
0.15
0.05
-0.01
0.11
-0.58
-0.04
-0.03
0.68
0.21
0.29
0.18
1.21
0.45
0.23
0.02
0.03
-0.03
1.85
0.11
2.38
-0.05
0.16
0.36
0.38
-0.09
0.20
0.18
0.06
-0.01
0.13
-1.18
0.15
0.50
-0.05
0.32
-0.02
0.24
2.40
0.34
0.19
0.01
-0.04
0.12
0.22
0.12
0.37
0.10
0.18
0.02
0.26
0.81
0.24
0.10
0.09
0.02
0.08
Kansas
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
2.5
1.7
2.5
2.9
3.4
2.5
1.7
2.5
2.9
3.4
Natural resources and mining.............................................................
Construction
Durable goods....
Nondurable goods
Trade.................
Transportation and utilities...................................................................
Information
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
0.7
-1.7
0.5
1.9
2.9
1.7
10.2
2.4
4.0
2.8
1.1
-0.8
2.0
25.2
-3.5
-13.8
2.9
2.5
4.1
7.0
0.5
0.8
3.2
3.4
3.8
4.5
-1.8
-2.0
3.0
-4.4
0.5
1.4
9.8
0.9
7.7
3.2
3.4
-3.3
6.0
10.7
2.4
-2.8
11.1
2.2
0.2
3.7
3.5
7.0
3.3
-0.7
-0.9
0.4
0.3
0.6
7.6
2.4
1.9
1.1
7.8
3.9
8.9
2.5
2.4
-0.7
1.8
0.05
-0.07
0.05
0.12
0.41
0.10
0.57
0.38
0.35
0.20
0.03
-0.02
0.30
0.82
-0.14
-1.36
0.17
0.34
0.24
0.45
0.08
0.06
0.24
0.10
0.10
0.63
-0.08
-0.08
0.24
-0.25
0.06
0.09
0.63
0.14
0.62
0.25
0.10
-0.09
0.89
0.52
0.10
-0.23
0.58
0.30
0.01
0.24
0.53
0.60
0.25
-0.02
-0.02
0.06
0.02
0.02
0.58
0.14
0.25
0.07
0.47
0.61
0.78
0.19
0.07
-0.02
0.27
Minnesota
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
3.0
2.9
4.1
1.3
2.9
3.0
2.9
4.1
1.3
2.9
Natural resources and mining.............................................................
Construction
Durable goods....
Nondurable goods
Trade.................
Transportation and utilities...................................................................
Information
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
4.3
-0.1
6.1
0.3
3.9
1.4
6.7
4.1
1.6
4.3
2.6
-0.2
1.0
2.3
-2.1
10.8
0.4
3.3
3.3
1.4
3.4
2.3
5.8
3.2
-1.1
-1.0
7.6
0.0
13.1
8.8
1.8
3.6
13.5
2.9
5.8
2.7
0.6
-0.8
-0.1
9.3
-3.3
4.4
-2.3
2.5
2.5
9.8
0.3
-0.8
2.8
-1.4
-1.6
1.1
9.9
-5.4
3.9
-1.4
1.7
-6.4
1.4
7.1
2.5
6.3
4.6
1.1
1.5
0.09
0.00
0.59
0.02
0.51
0.06
0.23
0.83
0.18
0.35
0.08
-0.01
0.10
0.04
-0.11
0.89
0.02
0.44
0.15
0.05
0.74
0.26
0.49
0.10
-0.03
-0.11
0.14
0.00
1.10
0.45
0.25
0.16
0.46
0.63
0.67
0.24
0.02
-0.02
-0.01
0.18
-0.16
0.39
-0.12
0.33
0.11
0.34
0.06
-0.09
0.24
-0.04
-0.04
0.11
0.19
-0.27
0.34
-0.08
0.22
-0.28
0.05
1.52
0.28
0.56
0.14
0.03
0.16
*Advanceestimates
July
2007
Survey
of
C u r r e n t B u s in e s s
131
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2003
2004
2005
2006*
1997-2006*
[average
annual]
2003
2004
2005
2006*
Missouri
Contributions to annual percent change
Annual percent change
Total GDP by slate.........................................................................
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods........
Nondurable goods...
Trade.....................
Transportation and utilities..................................................................
Information............
Financial activities..
Professional and business services....................................................
Education and health services
Leisure and hospitality
Other services, except government.....................................................
Government........................................................................................
1.6
1.2
-0.6
2.2
-2.3
3.0
1.0
6.0
2.5
2.2
1.9
1.1
-0.8
0.8
1.8
14.1
-3.2
5.7
-1.6
2.4
-3.6
3.1
1.9
5.7
2.9
1.1
2.1
-0.6
1.8
35.7
-1.2
3.0
3.1
0.6
-1.9
12.4
0.6
1.0
1.8
0.6
-1.0
0.1
2.1
-18.9
1.9
5.3
-4.2
2.7
1.2
9.1
2.8
6.0
2.9
0.5
-1.3
0.0
2.1
-8.4
-1.6
3.3
4.0
1.7
2.1
8.1
3.8
0.5
2.3
1.5
0.0
1.0
1.6
0.02
-0.03
0.19
-0.19
0.40
0.05
0.28
0.39
0.25
0.15
0.04
-0.02
0.09
1.8
0.16
-0.15
0.47
-0.12
0.32
-0.21
0.14
0.32
0.65
0.25
0.04
0.05
-0.07
1.8
0.50
-0.06
0.24
0.22
0.08
-0.10
0.56
0.10
0.12
0.15
0.02
-0.03
0.01
2.1
-0.36
0.09
0.43
-0.30
0.36
0.06
0.42
0.45
0.71
0.25
0.02
-0.03
0.00
2.1
-0.12
-0.08
0.27
0.27
0.23
0.11
0.38
0.62
0.06
0.20
0.06
0.00
0.12
Nebraska
Contributions to annual percent change
Annual percent change
Total GDP by state.........................................................................
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods..
Trade.....................
Transportation and utilities
Information............
Financial activities..
Professional and business services....................................................
Education and health services
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
2.2
2.8
-0.5
5.8
0.3
2.4
3.6
3.1
3.4
1.8
3.6
1.7
-0.1
0.1
5.1
50.5
1.0
3.2
1.8
3.7
9.7
8.8
0.9
3.9
5.2
5.7
6.7
-0.6
1.3
-1.9
0.7
11.3
-6.3
1.0
2.2
8.1
0.7
3.3
3.0
1.7
-0.1
-1.5
4.0
-9.1
-0.7
8.4
14.9
2.6
-2.3
7.1
14.3
6.0
2.8
0.3
-1.6
-0.9
2.2
9.3
-2.3
7.6
2.1
1.0
-0.9
-0.6
3.0
5.7
2.7
0.9
-1.6
0.3
2.2
0.16
-0.02
0.36
0.02
0.30
0.30
0.11
0.58
0.15
0.25
0.04
0.00
0.01
5.1
2.01
0.04
0.19
0.10
0.47
0.91
0.30
0.17
0.32
0.41
0.15
0.16
-0.10
1.3
-0.12
0.03
0.63
-0.33
0.12
0.21
0.27
0.12
0.26
0.23
0.04
0.00
-0.21
4.0
-0.55
-0.03
0.50
0.71
0.32
-0.23
0.24
2.47
0.49
0.23
0.01
-0.04
-0.13
2.2
0.43
-0.10
0.47
0.11
0.12
-0.08
-0.02
0.58
0.48
0.22
0.02
-0.04
0.05
North Dakota
Contributions to annual percent change
Annual percent change
Total GDP by state.........................................................................
Natural resources and mining.............................................................
Construction..........
Durable goods.......
Nondurable goods..
Trade.....................
Transportation and utilities..................................................................
Information............
Financial activities..
Professional and business services....................................................
Education and health services
Leisure and hospitality
Other services, except government.....................................................
Government........................................................................................
2.8
4.6
-0.1
5.5
0.4
3.8
1.5
9.4
4.3
3.0
1.7
0.1
-1.3
1.0
5.5
23.1
2.0
7.4
8.7
7.7
5.9
10.6
-1.5
-1.1
3.6
2.8
5.4
4.0
0.4
-20.7
7.1
-0.1
6.1
2.7
2.9
17.6
3.4
6.1
3.6
0.8
-3.4
-0.9
6.6
22.6
1.2
30.8
-7.4
3.7
5.3
9.9
3.4
9.3
3.4
1.9
0.0
2.2
3.1
5.4
2.9
5.2
1.4
2.8
-0.4
5.1
4.5
10.1
-0.4
1.5
-1.9
1.3
2.8
0.44
-0.01
0.38
0.01
0.58
0.10
0.29
0.59
0.18
0.15
0.00
-0.03
0.15
5.5
1.91
0.09
0.45
0.24
1.15
0.40
0.35
-0.25
-0.07
0.34
0.09
0.13
0.65
0.4
-2.22
0.30
-0.01
0.17
0.41
0.19
0.57
0.52
0.33
0.33
0.02
-0.08
-0.14
6.6
2.00
0.06
1.72
-0.22
0.57
0.36
0.35
0.53
0.53
0.33
0.06
0.00
0.36
3.1
0.54
0.13
0.35
0.04
0.42
-0.03
0.18
0.68
0.59
-0.04
0.04
-0.04
0.21
South Dakota
Annual percent change
Total GDP by state.........................................................................
Natural resources and mining.............................................................
Construction..........
Durable goods.......
Nondurable goods..
Trade.....................
Transportation and utilities
Information............
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
3.7
2.7
0.8
9.3
2.8
3.3
1.9
9.0
6.1
-0.3
3.6
1.6
0.3
0.7
Total GDP by state.........................................................................
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade.....................
Transportation and utilities
Information............
Financial activities..
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government........................................................................................
3.1
-1.2
1.8
4.0
-0.1
4.4
2.3
8.2
4.3
4.8
3.2
2.4
0.2
1.3
1.5
71.4
0.3
-31.2
-0.2
3.9
2.0
8.9
-0.6
2.9
5.5
1.4
0.9
3.1
3.3
8.5
0.4
17.8
9.8
2.3
3.1
11.6
-1.0
-0.5
3.6
2.6
-0.3
2.3
Contributions to annual percent change
1.9
-7.3
3.4
6.4
11.2
3.8
4.2
12.9
1.4
3.4
2.6
0.7
-5.4
-0.1
3.7
3.7
0.22
3.8
1.7
0.03
7.5
0.81
9.7
0.08
0.46
1.8
4.2
0.09
0.24
11.7
5.1
1.33
-0.01
3.8
3.1
0.31
0.06
1.8
0.8
0.01
-0.1
0.10
Southeast
4.0
-4.7
6.2
5.5
2.6
4.4
3.0
11.9
4.4
7.4
3.8
2.3
-0.8
0.8
3.4
0.5
3.6
5.7
-1.6
3.9
0.6
6.8
5.7
4.9
3.1
2.0
0.9
1.4
*Advanceestimates
4.1
2.7
3.3
8.3
2.4
3.1
5.0
12.1
4.5
5.7
3.8
3.6
-0.4
1.4
3.3
0.68
0.01
1.20
0.21
0.29
0.13
0.29
-0.26
-0.03
0.34
0.09
-0.01
0.30
1.9
-0.60
0.14
0.47
0.25
0.48
0.18
0.33
0.36
0.16
0.24
0.02
-0.13
-0.02
3.7
0.25
0.07
0.57
0.25
0.23
0.19
0.31
1.30
0.18
0.29
0.06
0.02
-0.01
Contributions to annual percent change
Annual percent change
2.9
5.3
-0.5
3.1
0.3
3.7
4.2
3.3
2.2
6.0
4.9
4.0
3.2
0.9
1.5
3.05
0.01
-3.37
0.00
0.50
0.09
0.22
-0.15
0.15
0.50
0.05
0.02
0.41
3.1
-0.03
0.09
0.29
-0.01
0.60
0.12
0.32
0.74
0.49
0.23
0.09
0.00
0.17
2.9
0.11
-0.02
0.20
0.02
0.50
0.22
0.13
0.40
0.62
0.36
0.15
0.08
0.13
4.1
0.07
0.17
0.53
0.17
0.41
0.26
0.47
0.82
0.60
0.29
0.14
-0.01
0.20
4.0
-0.13
0.33
0.36
0.19
0.59
0.16
0.46
0.79
0.79
0.29
0.09
-0.02
0.11
3.4
0.01
0.20
0.37
-0.12
0.52
0.03
0.26
1.02
0.53
0.23
0.08
0.02
0.19
132
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2003
2004
2005
1997-2006*
[average
annual]
2006*
2004
2003
2005
2006*
Alabama
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
2.7
2.9
5.3
3.5
3.1
2.7
2.9
5.3
3.5
3.1
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods..
Nondurable goods...............................................................................
Trade...............
Transportation and utilities...................................................................
Information......
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
1.7
0.2
6.9
0.1
3.6
2.1
6.0
3.0
4.4
2.4
2.0
-0.3
0.7
14.9
-3.1
4.5
7.3
3.4
5.5
-2.8
-1.2
10.1
1.7
3.4
1.1
0.6
0.4
1.6
23.9
13.6
2.8
1.8
11.4
2.6
5.2
4.2
2.0
-1.5
0.2
-1.2
4.7
9.8
-3.3
4.2
2.6
9.8
3.0
6.1
5.4
3.4
1.0
0.8
-8.2
0.2
9.5
-1.0
3.3
2.6
4.3
4.2
5.0
3.1
2.4
-1.2
2.5
0.05
0.01
0.73
0.01
0.50
0.12
0.18
0.42
0.35
0.17
0.05
-0.01
0.11
0.42
-0.16
0.40
0.53
0.48
0.31
-0.09
-0.20
0.83
0.13
0.09
0.03
0.09
0.01
0.08
2.13
1.00
0.39
0.10
0.35
0.40
0.44
0.31
0.05
-0.04
0.04
-0.05
0.23
1.01
-0.26
0.58
0.14
0.29
0.43
0.52
0.40
0.09
0.03
0.12
-0.29
0.01
1.02
-0.08
0.45
0.14
0.13
0.62
0.43
0.23
0.06
-0.03
0.39
Arkansas
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
2.5
2.7
4.5
3.4
2.5
2.5
2.7
4.5
3.4
2.5
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods.......
Trade...........................
Transportation and utilities...................................................................
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
0.3
-1.0
2.5
1.5
5.0
2.0
9.0
2.2
2.6
2.9
2.4
-0.4
2.2
26.7
-7.8
0.1
1.8
3.4
2.9
3.8
-0.3
6.7
3.9
1.9
2.5
2.4
15.2
-1.0
9.4
5.7
4.9
2.3
16.8
-2.8
6.4
3.4
4.7
-0.6
3.0
-16.2
6.7
3.3
6.3
6.1
4.9
14.0
0.9
4.8
3.8
4.5
-1.2
3.4
-1.5
-1.4
0.6
-0.3
3.3
-0.6
11.4
5.9
2.9
2.8
2.9
1.9
3.5
0.02
-0.04
0.28
0.14
0.68
0.14
0.32
0.27
0.20
0.21
0.06
-0.01
0.28
0.90
-0.36
0.01
0.17
0.47
0.21
0.13
-0.04
0.49
0.31
0.05
0.06
0.32
0.70
-0.04
0.95
0.52
0.68
0.17
0.58
-0.37
0.49
0.27
0.13
-0.01
0.40
-0.84
0.29
0.35
0.57
0.84
0.34
0.50
0.11
0.37
0.30
0.12
-0.03
0.45
-0.06
-0.07
0.06
-0.02
0.47
-0.04
0.42
0.72
0.23
0.22
0.08
0.04
0.48
Florida
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
4.4
4.6
5.3
6.7
4.2
4.4
4.6
5.3
6.7
4.2
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods..
Nondurable goods
Trade...................................................................................................
Transportation and utilities...................................................................
Information......
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
2.7
5.9
6.6
-1.3
5.4
2.0
8.7
5.3
5.9
3.2
2.7
0.8
1.3
-4.8
6.1
0.7
-0.3
5.0
8.1
4.9
5.8
3.9
6.0
5.3
4.1
2.4
-2.6
6.9
14.6
3.1
3.9
5.6
14.6
6.7
4.3
3.5
5.6
0.4
2.4
13.7
11.9
11.1
-6.1
6.4
4.3
11.0
8.5
10.6
3.9
4.6
0.8
0.7
1.4
6.5
9.2
0.8
4.4
-0.2
6.9
4.7
6.7
4.3
2.3
1.3
0.5
0.03
0.37
0.26
-0.03
0.81
0.10
0.36
1.19
0.69
0.26
0.15
0.02
0.16
-0.06
0.38
0.02
-0.01
0.74
0.36
0.21
1.33
0.49
0.49
0.28
0.11
0.29
-0.03
0.45
0.46
0.06
0.57
0.25
0.60
1.55
0.52
0.29
0.30
0.01
0.29
0.15
0.83
0.36
-0.11
0.94
0.19
0.46
1.98
1.28
0.32
0.25
0.02
0.08
0.01
0.49
0.31
0.01
0.64
-0.01
0.28
1.12
0.84
0.34
0.12
0.03
0.06
Georgia
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
3.1
1.9
3.5
3.3
3.4
3.1
1.9
3.5
3.3
3.4
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.............
Nondurable goods.......
Trade...........................
Transportation and utilities...................................................................
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality.........................................................................
Other services, except government......................................................
Government.........................................................................................
0.8
0.6
2.2
0.5
4.0
3.1
8.4
3.9
3.7
3.9
2.5
-0.2
1.9
15.5
-2.5
-6.4
1.5
0.9
3.2
1.0
3.6
4.8
4.8
2.0
2.1
1.0
-4.2
2.4
8.5
4.0
2.1
8.5
9.8
2.5
4.6
3.8
2.4
-0.6
-0.1
1.2
3.6
-1.6
1.8
3.9
0.9
11.1
1.4
8.4
4.6
2.8
-0.4
1.5
-6.4
-1.0
6.7
2.5
3.0
-1.1
8.1
7.6
0.9
3.2
3.0
-0.1
2.8
0.01
0.03
0.13
0.05
0.60
0.18
0.51
0.66
0.42
0.24
0.08
0.00
0.24
0.18
-0.13
-0.36
0.12
0.13
0.18
0.07
0.61
0.54
0.31
0.06
0.05
0.13
-0.06
0.12
0.44
0.32
0.30
0.49
0.60
0.44
0.52
0.25
0.08
-0.01
-0.02
0.02
0.19
-0.08
0.14
0.56
0.05
0.67
0.25
0.96
0.30
0.09
-0.01
0.20
-0.08
-0.05
0.33
0.19
0.45
-0.06
0.49
1.31
0.10
0.22
0.10
0.00
0.37
Kentucky
Annual percent change
Contributions to annual percent change
Total GDP by state............................................................................
1.3
1.5
2.4
2.2
2.2
1.3
1.5
2.4
2.2
2.2
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...................................................................................................
Transportation and utilities...................................................................
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality..
Other services, except governmeni.....................................................
Government.........................................................................................
1.9
-2.2
-0.5
-3.3
3.7
2.9
8.3
3.0
2.9
2.7
1.6
-0.2
0.5
0.2
-3.2
6.5
-1.0
2.8
3.6
2.8
-2.5
1.7
4.7
2.7
4.8
-0.3
6.7
-1.4
2.4
-1.0
2.3
6.2
12.2
2.3
5.2
2.7
2.0
-2.3
0.9
3.4
0.5
2.2
-3.6
2.2
3.1
10.2
1.5
6.4
3.4
0.0
-2.2
2.8
5.0
-5.7
2.9
1.1
1.3
-0.8
10.5
5.3
3.9
1.4
1.1
1.7
1.9
0.08
-0.09
-0.07
-0.30
0.46
0.17
0.19
0.37
0.19
0.20
0.05
0.00
0.07
0.01
-0.14
0.76
-0.08
0.37
0.22
0.07
-0.35
0.12
0.39
0.09
0.11
-0.04
0.25
-0.06
0.29
-0.08
0.30
0.39
0.30
0.32
0.37
0.23
0.07
-0.05
0.12
0.13
0.02
0.25
-0.28
0.30
0.20
0.26
0.21
0.47
0.30
0.00
-0.05
0.41
0.20
-0.26
0.32
0.08
0.17
-0.05
0.27
0.73
0.30
0.12
0.04
0.04
0.28
*Advanceestimates
July 2007
Survey of Current Business
133
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2004
2003
2005
1997-2006*
[average
annual]
2006*
2004
2003
2005
2006*
Louisiana
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
1.0
1.6
5.1
0.1
1.7
1.0
1.6
5.1
0.1
1.7
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade..........
Transportation and utilities..................................................................
Information..
Financial activities...............................................................................
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government......................
-5.0
-0.4
5.3
4.1
3.6
2.0
8.1
1.4
1.6
0.1
1.6
-0.8
0.1
-2.2
-2.5
3.1
5.9
2.6
-0.4
-0.3
-0.3
3.8
3.7
2.9
1.2
2.2
-0.7
-3.3
9.4
28.8
1.7
4.1
14.6
1.7
4.9
2.8
1.7
0.0
1.3
-12.2
-0.6
9.8
14.4
2.6
2.6
9.9
-2.6
-1.2
-2.1
-2.2
-5.5
-3.6
7.4
15.6
12.9
-8.4
6.8
0.6
3.6
7.6
6.0
-4.0
-4.9
1.2
-5.5
-0.60
-0.02
0.19
0.48
0.38
0.11
0.16
0.15
0.11
0.01
0.06
-0.02
0.01
-0.23
-0.12
0.12
0.58
0.33
-0.03
-0.01
-0.04
0.31
0.28
0.14
0.03
0.28
-0.09
-0.15
0.35
3.13
0.21
0.26
0.34
0.21
0.39
0.21
0.08
0.00
0.17
-1.73
-0.03
0.36
2.06
0.29
0.16
0.22
-0.30
-0.09
-0.14
-0.09
-0.12
-0.44
1.03
0.64
0.49
-1.54
0.74
0.04
0.08
0.82
0.43
-0.26
-0.20
0.02
-0.62
Mississippi
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
1.4
3.1
2.1
0.5
2.5
1.4
3.1
2.1
0.5
2.5
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...................................................................................................
Transportation and utilities..................................................................
Information..........................................................................................
Financial activities........................
Professional and business services
Education and health services......
Leisure and hospitality.................
Other services, except government
Government........................................................................................
0.6
0.0
0.8
-2.5
4.0
1.8
5.8
1.9
2.4
2.1
-0.3
-0.8
1.1
21.0
-8.2
8.7
9.1
3.3
4.0
-1.9
-1.2
5.2
4.1
-0.1
1.0
1.0
7.8
-4.6
7.6
-5.0
2.2
6.8
8.8
-0.1
4.3
3.4
0.4
-0.8
0.8
-10.8
9.1
-0.5
-1.7
3.2
3.3
12.3
-0.1
2.3
1.9
-1.7
-1.9
-0.9
-0.8
10.5
2.4
-5.3
8.0
-1.9
3.7
4.9
8.3
4.3
-8.7
1.6
-0.1
0.03
0.00
0.08
-0.18
0.55
0.11
0.15
0.24
0.15
0.15
-0.01
-0.02
0.18
0.77
-0.38
0.79
0.59
0.45
0.24
-0.05
-0.16
0.32
0.31
0.00
0.03
0.18
0.38
-0.20
0.71
-0.34
0.30
0.42
0.21
-0.02
0.26
0.26
0.02
-0.02
0.14
-0.61
0.38
-0.05
-0.11
0.44
0.21
0.30
-0.01
0.14
0.14
-0.09
-0.05
-0.16
-0.04
0.49
0.23
-0.34
1.10
-0.13
0.09
0.63
0.53
0.33
-0.44
0.04
-0.02
North Carolina
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
3.4
1.4
3.4
4.7
4.2
3.4
1.4
3.4
4.7
4.2
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods
Nondurable goods..
Trade.....................
Transportation and utilities..................................................................
Information............
Financial activities..
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government...........'....r......................................................................
-0.3
0.4
4.2
0.4
4.3
1.6
8.8
6.0
4.6
4.4
3.1
0.1
1.6
9.8
-5.0
1.2
-0.4
4.6
3.5
5.3
-2.6
4.5
6.4
4.1
3.4
1.4
16.5
2.7
12.8
-7.5
2.5
4.4
11.8
7.2
4.9
4.1
3.2
-0.7
1.8
3.4
4.3
9.0
4.4
4.1
1.4
20.4
4.8
5.7
4.0
1.2
-3.0
2.7
-5.1
3.5
6.0
-0.9
3.4
-0.1
7.2
9.3
5.9
4.0
4.9
0.7
2.1
0.00
0.02
0.38
0.06
0.53
0.07
0.28
1.07
0.40
0.27
0.09
0.00
0.21
0.10
-0.24
0.09
-0.06
0.54
0.15
0.16
-0.53
0.40
0.42
0.12
0.07
0.18
0.20
0.13
0.87
-1.08
0.30
0.19
0.36
1.37
0.45
0.29
0.10
-0.02
0.23
0.05
0.21
0.65
0.56
0.50
0.06
0.64
0.96
0.53
0.28
0.04
-0.06
0.35
-0.06
0.17
0.44
-0.12
0.41
-0.01
0.24
1.85
0.55
0.28
0.14
0.01
0.27
South Carolina
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
2.4
3.4
0.5
2.9
3.5
2.4
3.4
0.5
2.9
3.5
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade.....................
Transportation and utilities..................................................................
Information............
Financial activities..
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality........................................................................
Other services, except government.....................................................
Government...............” .......................................................................
2.3
-0.1
4.5
-3.0
4.4
1.9
8.4
3.3
4.2
3.8
1.9
0.0
1.6
34.7
-1.0
8.1
6.3
3.0
5.8
5.1
-1.4
7.1
3.5
4.0
1.3
0.4
-0.8
0.8
-13.6
-2.8
4.7
0.7
12.6
3.5
3.4
2.9
3.4
0.0
1.7
-9.2
2.1
3.5
-0.4
5.5
2.2
12.5
2.5
5.0
4.6
1.8
0.5
1.0
0.7
5.1
3.3
-2.4
5.3
3.5
13.6
7.7
2.2
3.6
2.9
-1.3
0.6
0.03
-0.01
0.44
-0.32
0.61
0.10
0.22
0.50
0.33
0.21
0.08
0.00
0.24
0.30
-0.06
0.94
0.56
0.39
0.29
0.13
-0.22
0.58
0.21
0.16
0.03
0.07
-0.01
0.05
-1.61
-0.25
0.62
0.04
0.31
0.53
0.29
0.18
0.14
0.00
0.28
-0.11
0.12
0.35
-0.03
0.74
0.11
0.32
0.40
0.44
0.29
0.08
0.01
0.16
0.01
0.30
0.33
-0.19
0.74
0.18
0.35
1.21
0.19
0.23
0.12
-0.03
0.10
Tennessee
Contributions to annual percent change
Annual percent change
Total GDP by state...........................................................................
2.7
2.9
4.4
2.2
3.0
2.7
2.9
4.4
2.2
3.0
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...................................................................................................
Transportation and utilities..................................................................
Information..........................................................................................
Financial activities...............................................................................
Professional and business services
Education and health services
Leisure and hospitality.................
Other services, except government.....................................................
Government.................................
1.1
-0.6
4.9
-0.1
3.7
2.8
8.8
2.7
4.0
3.4
2.1
-0.4
0.2
14.0
-1.0
11.3
-4.9
4.6
2.1
3.7
1.3
4.9
4.6
4.6
3.7
-2.3
-6.0
0.8
10.8
13.7
3.2
4.0
9.7
1.6
5.6
6.1
2.6
-2.5
-0.8
3.4
3.4
4.1
-3.2
3.1
4.2
9.7
-0.4
4.7
5.4
1.6
-1.6
-0.9
-0.4
1.7
4.8
-0.7
3.1
1.9
9.5
4.7
3.8
2.8
4.2
0.8
0.3
0.01
-0.02
0.56
-0.01
0.57
0.15
0.25
0.42
0.38
0.30
0.09
-0.01
0.02
0.11
-0.04
1.18
-0.37
0.68
0.11
0.12
0.21
0.48
0.42
0.19
0.10
-0.26
-0.06
0.03
1.17
0.92
0.48
0.21
0.30
0.25
0.55
0.57
0.11
-0.07
-0.10
0.03
0.14
0.46
-0.23
0.47
0.22
0.30
-0.06
0.47
0.51
0.06
-0.04
-0.10
0.00
0.08
0.53
-0.05
0.47
0.11
0.29
0.74
0.39
0.27
0.17
0.02
0.04
*Advanceestimates
134
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006—Continues
1997-2006*
[average
annual]
2003
2004
2005
1997-2006*
[average
annual]
2006*
2003
2004
2006*
2005
Virginia
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
3.9
3.8
4.8
4.7
3.2
3.9
3.8
4.8
4.7
3.2
Natural resources and mining.............................................................
Construction....
Durable goods..
Nondurable goods
Trade...............
Transportation and utilities
Information......
Financial activities
Professional and business services....................................................
Education and health services............................................................
Leisure and hospitality
Other services, except government.....................................................
Government.........................................................................................
3.0
2.2
5.8
-0.9
4.5
2.9
7.5
4.9
6.6
4.1
3.0
1.5
1.5
8.2
-1.1
0.7
-7.7
5.1
3.1
4.8
5.2
11.9
5.4
5.3
5.1
0.1
6.8
6.2
6.1
-7.8
3.2
5.6
12.4
5.6
9.9
3.9
3.6
0.6
2.6
-7.0
4.8
7.0
4.5
3.1
4.5
10.9
5.7
8.5
4.8
1.9
-0.8
0.5
4.0
0.2
4.7
-0.3
3.4
3.0
2.5
2.1
5.6
3.9
4.2
2.1
3.6
0.03
0.11
0.27
-0.06
0.49
0.13
0.39
0.89
1.01
0.24
0.09
0.04
0.26
0.06
-0.05
0.03
-0.53
0.54
0.13
0.26
1.00
1.71
0.32
0.15
0.13
0.02
0.06
0.30
0.26
-0.46
0.34
0.23
0.65
1.09
1.52
0.24
0.10
0.02
0.47
-0.07
0.25
0.29
0.23
0.33
0.19
0.57
1.12
1.35
0.29
0.06
-0.02
0.10
0.03
0.01
0.20
-0.02
0.35
0.12
0.13
0.42
0.93
0.24
0.12
0.05
0.62
West Virginia
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
1.1
0.4
3.2
1.7
0.6
1.1
0.4
3.2
1.7
0.6
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods.......
Trade...........................
Transportation and utilities
Information..................
Financial activities.......
Professional and business services
Education and health services
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
-2.3
-2.2
0.7
-4.7
3.5
1.0
6.2
2.5
3.1
1.6
2.8
-1.0
1.6
-3.4
-5.2
-7.5
-3.4
1.8
6.0
8.9
-3.0
5.1
2.6
3.3
1.5
1.6
8.9
4.3
6.9
-0.8
3.3
2.4
3.5
1.4
7.4
2.7
2.7
2.2
1.1
-3.7
5.1
6.1
-3.0
3.8
2.7
5.8
1.7
2.8
1.9
0.3
-0.8
0.9
-20.3
6.7
-2.2
-4.0
3.5
4.1
6.7
7.7
3.8
3.5
1.2
-0.8
-0.5
-0.19
-0.10
0.05
-0.33
0.47
0.09
0.16
0.32
0.19
0.16
0.10
-0.02
0.26
-0.25
-0.21
-0.48
-0.19
0.24
0.48
0.24
-0.41
0.31
0.26
0.12
0.04
0.28
0.65
0.17
0.40
-0.04
0.43
0.20
0.10
0.19
0.47
0.27
0.10
0.05
0.20
-0.32
0.21
0.37
-0.16
0.49
0.22
0.15
0.21
0.18
0.19
0.01
-0.02
0.16
-1.80
0.29
-0.14
-0.21
0.45
0.34
0.17
0.96
0.25
0.34
0.04
-0.02
-0.08
Southwest
Annual percent change
Contributions to annual percent change
Total GDP by state...........................................................................
3.9
2.0
4.6
3.4
5.0
3.9
2.0
4.6
3.4
5.0
Natural resources and mining
Construction........................................................................................
Durable goods.............
Nondurable goods.......
Trade...........................
Transportation and utilities
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services
Leisure and hospitality..
Other services, except government.....................................................
Government.........................................................................................
-0.8
3.2
9.2
0.8
47
46
7.2
3.8
5.5
4.1
3.0
0.1
1.7
-0.8
-1.3
3.5
-1.8
1.8
6.8
0.2
1.4
5.4
4.7
2.3
1.4
0.3
0.0
-1.3
15.3
28.4
2.0
4.7
10.8
2.8
5.3
4.7
2.3
-1.8
0.8
-0.3
6.9
9.9
-8.9
4.6
4.3
8.6
2.8
7.3
4.5
2.7
0.1
1.5
-0.7
7.1
14.6
-0.8
4.7
3.2
8.5
6.7
8.0
4.4
5.8
2.6
2.2
-0.13
0.16
0.83
0.04
0.65
0.29
0.29
0.62
0.55
0.26
0.10
0.00
0.21
-0.05
-0.07
0.24
-0.08
0.25
0.42
0.01
0.24
0.56
0.32
0.08
0.03
0.04
0.00
-0.07
0.97
1.26
0.26
0.29
0.42
0.46
0.55
0.32
0.08
-0.04
0.10
-0.03
0.36
0.64
-0.50
0.60
0.26
0.32
0.44
0.75
0.30
0.09
0.00
0.18
-0.07
0.39
0.94
-0.04
0.61
0.19
0.31
1.06
0.84
0.30
0.18
0.05
0.26
Arizona
Annual percent change
Total GDP by state...........................................................................
Contributions to annual percent change
4.4
4.0
6.6
-14.2
-2.4
16.5
-3.1
4.7
7.7
2.0
3.4
5.6
8.4
1.6
0.2
2.0
12.0
6.9
-11.5
-1.8
5.1
4.4
9.1
6.4
7.7
6.7
4.7
0.1
2.6
18.3
13.4
-2.3
11.3
8.2
5.9
9.1
7.3
7.8
7.4
4.4
1.8
2.7
5.5
4.4
4.0
6.6
6.8
10.2
0.12
8.7
0.34
0.93
13.1
4.4
-0.01
6.1
0.93
6.4
0.24
5.5
0.25
6.6
1.18
7.4
0.59
0.44
8.0
0.16
6.1
4.7
0.02
0.29
2.6
New Mexico
-0.29
-0.16
1.55
-0.05
0.66
0.34
0.06
0.75
0.60
0.59
0.07
0.00
0.25
0.22
0.43
-1.11
-0.02
0.72
0.20
0.28
1.41
0.83
0.49
0.20
0.00
0.33
0.37
0.92
-0.17
0.14
1.18
0.26
0.28
1.66
0.87
0.56
0.19
0.04
0.34
0.23
0.66
0.87
0.06
0.89
0.28
0.16
1.51
0.83
0.61
0.26
0.09
0.32
6.8
Natural resources and mining
Construction................
Durable goods.............
Nondurable goods.......
Trade...........................
Transportation and utilities
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services
Leisure and hospitality.........................................................................
Other services, except government.....................................................
Government.........................................................................................
5.5
5.1
5.1
8.7
-0.5
6.4
5.1
8.4
5.4
5.4
6.2
3.6
1.2
2.3
Total GDP by state............................................................................
3.5
4.0
6.6
2.8
6.2
3.5
4.0
6.6
2.8
6.2
Natural resources and mining.............................................................
Construction........................................................................................
Durable goods.....................................................................................
Nondurable goods...............................................................................
Trade...........................
Transportation and utilities
Information..................
Financial activities.......
Professional and business services....................................................
Education and health services
Leisure and hospitality..
Other services, except governmem.....................................................
Government.........................................................................................
4.0
1.5
12.4
-1.9
3.0
2.3
8.0
2.3
4.5
4.5
1.3
-0.1
1.4
1.7
0.4
52.6
-8.6
2.1
8.0
2.6
-4.4
6.9
6.7
2.2
1.6
0.5
0.9
3.0
64.4
-5.8
4.5
6.3
8.8
1.4
4.3
5.1
3.1
0.0
2.3
3.8
7.8
13.8
-19.4
0.5
1.3
9.2
0.5
3.7
4.0
0.0
-0.7
0.8
6.3
5.7
22.4
2.3
3.8
3.8
16.2
6.0
14.0
5.3
3.3
2.1
-2.1
0.37
0.05
1.62
-0.03
0.24
0.09
0.16
0.24
0.34
0.22
0.04
0.00
0.19
0.19
0.02
2.56
-0.17
0.23
0.38
0.07
-0.69
0.69
0.47
0.09
0.04
0.11
0.12
0.13
3.92
-0.11
0.48
0.30
0.23
0.19
0.43
0.36
0.12
0.00
0.45
0.56
0.35
1.10
-0.33
0.05
0.06
0.22
0.06
0.35
0.27
0.00
-0.01
0.15
1.07
0.27
1.72
0.03
0.38
0.18
0.39
0.75
1.31
0.36
0.11
0.04
-0.39
Annual percent change
*Advanceestimates
Contributions to annual percent change
July 2007
S u rvey
of
135
C u rr e n t B u sin e ss
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006— Continues
1997-2006*
[average
annual]
2004
2003
2005
2006*
1997-2006*
[average
annual]
2003
2004
2005
2006*
Oklahoma
Contributions to annual percent change
Annual percent change
Total GDP by state.................................................................................
Natural resources and mining
Construction..............
Durable goods...........
Nondurable goods....
Trade..........................
Transportation and utilities
Information................
Financial activities....
Professional and business services..........................................................
Education and health services
Leisure and hospitality
Other services, except government...........................................................
Government..................................................................................................
2.7
4.2
0.9
2.7
-1.1
3.5
3.3
6.7
3.2
3.6
2.8
2.4
-1.0
1.3
Total GDP by state.................................................................................
Natural resources and mining
Construction..............
Durable goods...........
Nondurable goods....
Trade..........................
Transportation and utilities
Information................
Financial activities........................................................................................
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality................................................................................
Other services, except government...........................................................
Government..................................................................................................
3.7
-2.4
3.0
9.9
1.1
4.6
4.8
7.1
3.5
5.7
3.7
3.1
0.1
1.6
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods..............................................................................................
Nondurable goods........................................................................................
Trade.........................
Transportation and utilities
Information...............
Financial activities....
Professional and business services
Education and health services...................................................................
Leisure and hospitality
Other services, except governmem...........................................................
Government.................................................................................................
4.0
5.2
1.7
8.9
-0.7
4.4
3.0
9.5
3.8
4.9
4.1
2.6
1.1
1.2
Total GDP by state.................................................................................
Natural resources and mining
Construction.............
Durable goods..........
Nondurable goods....
Trade.........................
Transportation and utilities
Information...............
Financial activities.......................................................................................
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality................................................................................
Other services, except government...........................................................
Government..................................................................................................
4.1
9.7
2.2
6.5
-0.9
4.1
4.2
9.7
3.6
5.0
4.0
2.2
1.1
1.1
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods
.............................................
Nondurable goods
.............................................
Trade............
......................................................................
Transportation and utilities...........................
Information...
Financial activities
Professional and business services
Education and health services
Leisure and hospitality.........
Other services, except government
Government..................................................................................................
5.2
4.9
0.1
23.6
-1.1
5.4
2.3
11.0
4.4
5.0
4.3
2.8
-0.2
1.0
1.5
2.3
-1.4
2.2
10.6
0.7
5.1
-3.0
-1.3
7.4
3.9
1.8
-1.6
-1.4
2.9
6.1
-3.0
8.9
-4.3
1.7
5.2
11.4
2.8
3.9
2.8
1.2
-0.9
0.7
2.0
-0.9
4.0
6.7
-1.8
2.4
3.3
9.0
1.3
2.4
3.4
2.7
-2.0
1.4
6.7
13.5
3.3
11.8
-0.7
4.9
4.1
5.2
7.9
7.8
3.5
8.2
1.4
3.5
Texas
2.7
0.41
0.04
0.24
-0.05
0.46
0.20
0.24
0.45
0.31
0.19
0.07
-0.02
0.21
4.8
-1.7
-3.5
22.5
34.1
1.1
4.6
11.1
1.7
5.0
4.5
1.6
-2.4
0.2
2.9
-1.5
5.3
13.2
-10.0
4.3
4.3
8.4
1.6
7.9
3.9
2.4
0.0
1.3
3.7
4.3
-4.4
-0.30
7.0
0.15
0.82
14.6
-1.1
0.07
4.4
0.64
0.32
2.6
0.32
9.0
6.7
0.54
7.7
0.59
3.6
0.23
5.6
0.10
2.4
0.00
2.3
0.19
Rocky Mountain
3.9
8.9
3.6
18.9
0.3
2.6
3.3
8.1
0.1
7.5
4.2
2.0
0.1
0.6
4.5
4.9
6.7
12.4
2.9
4.0
2.8
8.3
3.3
7.8
4.6
1.6
-0.6
1.0
5.5
5.3
5.6
10.5
1.5
4.8
7.8
10.0
5.5
6.8
5.7
5.2
3.3
1.1
Colorado
4.0
0.30
0.10
0.57
-0.02
0.55
0.16
0.53
0.67
0.55
0.26
0.10
0.03
0.16
4.3
12.6
4.4
7.0
11.7
3.2
1.9
6.1
2.2
8.0
3.9
1.0
-1.3
1.4
4.9
10.4
-0.1
6.3
-0.4
3.2
14.5
11.1
4.3
5.6
4.2
3.1
1.7
1.4
Idaho
4.1
0.38
0.12
0.36
-0.03
0.50
0.18
0.79
0.69
0.65
0.24
0.09
0.03
0.14
6.4
-0.4
10.1
25.6
6.2
7.4
2.3
17.0
4.0
5.6
4.6
1.9
0.5
-0.4
7.4
9.1
10.9
22.3
6.4
6.7
3.5
6.3
8.5
8.2
4.5
8.0
5.2
-3.8
5.2
0.25
0.01
2.43
-0.04
0.68
0.10
0.20
0.60
0.48
0.26
0.09
0.00
0.12
Annual percent change
0.6
15.4
-10.4
-6.8
-2.2
-0.2
0.4
0.8
1.6
4.4
3.1
0.0
3.9
-0.4
2.9
7.1
3.1
14.8
1.4
0.8
3.7
6.2
-1.3
7.9
3.6
1.0
0.2
-0.1
* Advance estimates
8.8
21.5
4.6
54.6
-8.7
4.2
5.3
22.4
3.2
8.0
4.5
3.6
-1.1
2.2
6.7
2.11
0.13
0.77
-0.03
0.58
0.23
0.17
1.07
0.65
0.25
0.22
0.03
0.55
1.4
-0.05
-0.06
-0.19
-0.15
0.18
0.45
0.01
0.25
0.53
0.25
0.08
0.05
0.02
4.8
-0.15
-0.18
1.27
1.82
0.16
0.31
0.47
0.28
0.53
0.29
0.05
-0.06
0.02
2.9
-0.15
0.27
0.81
-0.70
0.56
0.28
0.34
0.24
0.82
0.25
0.07
0.00
0.15
4.3
-0.48
0.37
0.93
-0.07
0.57
0.17
0.36
0.98
0.83
0.23
0.17
0.05
0.25
1.4
0.23
-0.47
0.08
-0.06
0.20
0.18
0.11
0.29
0.51
0.23
-0.02
0.08
0.03
3.9
0.50
0.21
0.91
0.01
0.32
0.16
0.50
0.02
0.84
0.28
0.08
0.00
0.08
4.5
0.33
0.40
0.64
0.08
0.49
0.14
0.50
0.61
0.89
0.31
0.06
-0.02
0.14
5.5
0.40
0.35
0.56
0.04
0.58
0.37
0.58
1.00
0.79
0.38
0.20
0.08
0.14
Contributions to annual percent change
0.6
0.44
-0.67
-0.31
-0.06
-0.03
0.02
0.08
0.33
0.55
0.19
0.00
0.09
-0.05
2.9
0.28
0.18
0.57
0.03
0.09
0.14
0.56
-0.27
1.01
0.23
0.04
0.00
-0.01
4.3
0.61
0.28
0.29
0.28
0.38
0.07
0.53
0.42
1.05
0.25
0.04
-0.03
0.17
4.9
0.62
0.00
0.26
-0.01
0.38
0.53
0.92
0.82
0.76
0.27
0.13
0.04
0.17
Contributions to annual percent change
Annual percent change
2.2
-15.7
-3.5
14.2
-4.7
5.2
7.0
9.2
1.8
5.1
4.7
0.7
1.7
-0.4
2.0
-0.13
0.15
0.43
-0.07
0.29
0.18
0.30
0.18
0.21
0.25
0.07
-0.05
0.23
Contributions to annual percent change
Annual percent change
1.4
4.9
-7.7
1.6
-2.2
1.6
3.5
1.7
1.5
4.6
3.5
-0.5
3.2
0.2
2.9
0.70
-0.12
0.57
-0.18
0.21
0.30
0.38
0.40
0.34
0.20
0.03
-0.02
0.12
Contributions to annual percent change
Annual percent change
1.4
-0.8
-1.2
-3.0
-2.8
1.3
6.8
0.1
1.6
5.1
3.8
2.6
2.1
0.2
1.5
0.22
-0.05
0.15
0.44
0.09
0.29
-0.11
-0.19
0.62
0.28
0.05
-0.04
-0.25
2.2
-0.93
-0.20
1.05
-0.20
0.73
0.33
0.19
0.30
0.57
0.35
0.03
0.04
-0.06
8.8
1.17
0.27
4.10
-0.33
0.60
0.26
0.47
0.54
0.91
0.34
0.13
-0.02
0.33
6.4
-0.03
0.59
2.47
0.20
1.02
0.11
0.38
0.63
0.64
0.34
0.06
0.01
-0.06
7.4
0.47
0.70
2.31
0.21
0.94
0.17
0.15
1.34
0.93
0.33
0.27
0.10
-0.53
136
Gross Domestic Product by State
July 2007
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006— Continues
1997-2006*
[average
annual]
2003
2004
2005
2006*
1997-2006*
[average
annual]
2003
2004
2005
2006*
Montana
Annual percent change
Total GDP by state .................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods..............................................................................................
Nondurable goods........................................................................................
Trade..........................
Transportation and utilities
Information................
Financial activities....
Professional and business services..........................................................
Education and health services
Leisure and hospitality
Other services, except government...........................................................
Government...................................................................................................
3.1
4.4
2.4
1.0
-2.7
3.7
1.6
9.1
4.2
4.9
3.6
2.2
-0.4
1.5
4.8
2.7
5.8
7.3
-3.6
3.6
9.8
6.3
5.1
7.2
3.3
4.4
3.3
4.2
Total GDP by state.................................................................................
Natural resources and mining
Construction..............
Durable goods...........
Nondurable goods....
Trade..........................
Transportation and utilities
Information................
Financial activities....
Professional and business services..........................................................
Education and health services
Leisure and hospitality
Other services, except government...........................................................
Government...................................................................................................
3.6
4.1
0.9
5.6
1.2
4.5
2.1
8.1
3.8
4.8
4.2
3.6
1.9
1.4
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods
Nondurable goods
Trade..............
Transportation and utilities...........................................................................
Information....
Financial activities
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality.................................................................................
Other services, except government...........................................................
Government...................................................................................................
2.6
1.2
3.1
2.0
-3.7
5.4
2.7
7.7
3.9
5.1
5.1
4.0
1.8
1.9
Total GDP by state .................................................................................
Natural resources and m ining....................................................................
Construction...
Durable goods
Nondurable goods
Trade..............
Transportation and utilities...........................................................................
Information....
Financial activities
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality
Other services, except government...........................................................
Government...................................................................................................
4.1
0.8
2.0
10.1
1.2
4.6
2.8
8.2
4.5
3.1
4.0
3.1
0.5
1.7
2.9
-1.7
-0.6
3.5
0.1
2.8
3.7
2.6
4.1
4.1
5.0
3.6
0.6
1.0
Total GDP by state .................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods..............................................................................................
Nondurable goods........................................................................................
Trade..............................................................................................................
Transportation and utilities..........................................................................
Information..............................
Financial activities..................
Professional and business services
Education and health services
Leisure and hospitality...........
Other services, except government
Government.............................
0.5
-5.7
-0.1
2.0
-1.7
2.8
4.6
6.2
2.1
2.7
5.8
2.6
-0.6
0.4
-2.2
-16.7
2.5
7.0
-7.7
3.6
0.0
6.4
3.0
1.1
9.7
2.3
-3.1
-0.1
4.2
15.3
3.6
3.4
2.8
4.5
3.0
10.9
2.9
5.0
4.5
2.4
-0.3
1.0
Contributions to annual percent change
3.8
7.9
9.0
2.3
-20.6
2.4
1.7
9.3
7.0
8.4
4.3
2.0
1.8
0.1
4.6
7.4
3.6
5.3
-1.1
3.7
3.2
9.4
4.6
7.3
6.2
5.6
-4.6
3.6
Utah
3.1
0.40
0.14
0.03
-0.06
0.50
0.14
0.25
0.67
0.33
0.32
0.10
-0.01
0.25
Annual percent change
1.5
6.1
-7.4
7.6
1.1
2.9
0.3
3.4
0.8
4.1
3.7
-5.1
2.6
0.1
4.2
14.9
6.4
8.2
5.9
4.9
2.2
14.2
0.8
6.9
4.9
3.2
1.0
0.7
2.9
3.1
-2.5
15.5
-12.3
4.0
2.5
17.9
4.7
5.7
5.9
5.4
-3.0
1.2
7.2
15.0
15.0
8.4
3.4
7.0
3.0
5.6
7.6
9.0
9.9
7.4
5.8
1.5
Wyoming
3.6
0.11
0.05
0.50
0.04
0.59
0.11
0.30
0.72
0.51
0.27
0.12
0.06
0.19
1.7
-3.6
7.5
3.4
-11.8
6.4
2.4
6.6
7.2
7.1
5.0
4.2
2.2
1.9
2.2
-6.2
17.1
9.5
-0.1
8.1
3.3
9.0
4.8
10.5
4.2
12.4
16.5
2.5
Far West
2.6
0.33
0.16
0.03
-0.10
0.51
0.29
0.12
0.41
0.21
0.20
0.15
0.03
0.26
4.0
2.4
6.4
9.4
2.8
5.1
2.8
7.1
4.2
4.6
4.1
1.9
-0.5
0.0
4.4
4.3
1.2
12.4
-2.3
4.0
3.4
7.8
5.0
5.5
4.2
3.2
1.1
1.8
Alaska
4.1
0.00
0.09
0.79
0.05
0.60
0.12
0.44
0.97
0.38
0.26
0.14
0.01
0.21
* Advance estimates
4.6
0.69
0.24
0.15
-0.02
0.47
0.26
0.26
0.77
0.50
0.58
0.25
-0.11
0.58
1.5
0.13
-0.41
0.55
0.04
0.37
0.02
0.13
0.16
0.43
0.24
-0.19
0.09
0.01
4.2
0.37
0.33
0.61
0.20
0.63
0.11
0.51
0.17
0.74
0.33
0.11
0.04
0.10
5.2
0.14
0.54
0.94
-0.18
0.49
0.29
0.67
0.82
0.89
0.42
0.08
-0.03
0.17
7.2
0.51
0.89
0.66
0.11
0.87
0.15
0.22
1.48
1.00
0.67
0.25
0.18
0.21
2.5
0.83
-0.34
-0.02
-0.25
0.33
1.21
0.11
-0.19
0.23
0.23
0.10
0.03
0.20
2.9
0.89
-0.14
0.18
-0.35
0.38
0.27
0.27
0.52
0.25
0.27
0.21
-0.05
0.18
1.7
-1.17
0.39
0.04
-0.29
0.59
0.25
0.10
0.78
0.30
0.22
0.16
0.04
0.27
2.2
-2.14
0.91
0.12
0.00
0.72
0.34
0.13
0.51
0.44
0.18
0.45
0.25
0.33
Contributions to annual percent change
Annual percent change
4.2
8.2
1.1
11.7
6.7
3.1
4.0
11.0
1.7
6.1
6.4
4.7
-2.4
0.6
3.8
0.69
0.56
0.07
-0.44
0.31
0.13
0.26
1.14
0.56
0.40
0.09
0.05
0.02
Contributions to annual percent change
Annual percent change
5.0
1.4
5.2
10.9
6.8
2.7
3.4
13.2
6.4
5.0
3.9
4.8
0.1
0.5
4.2
1.16
0.22
0.10
0.06
0.59
0.24
0.32
0.49
0.34
0.42
0.11
-0.01
0.16
Contributions to annual percent change
5.2
4.6
9.8
12.5
-5.2
3.8
5.9
18.1
4.1
8.2
6.2
2.4
-0.9
1.2
Annual percent change
2.5
3.3
-5.7
-1.6
-7.9
3.3
11.4
6.8
-1.6
5.2
5.0
2.6
1.7
1.3
4.8
0.19
0.34
0.21
-0.07
0.48
0.78
0.19
0.86
0.49
0.32
0.21
0.09
0.72
2.9
-0.04
-0.03
0.23
0.00
0.36
0.16
0.15
0.90
0.49
0.34
0.16
0.01
0.13
5.0
0.03
0.24
0.66
0.23
0.34
0.14
0.74
1.41
0.60
0.27
0.22
0.00
0.06
4.0
0.06
0.31
0.57
0.10
0.65
0.12
0.41
0.93
0.55
0.28
0.09
-0.01
0.00
4.4
0.11
0.06
0.75
-0.09
0.51
0.14
0.44
1.13
0.66
0.29
0.15
0.02
0.22
Contributions to annual percent change
1.9
-1.8
4.5
7.1
-13.4
1.6
13.0
9.6
1.9
7.6
2.5
0.4
-2.5
0.8
0.7
-2.0
-8.2
4.0
-0.2
3.3
-2.7
5.4
4.4
2.9
5.3
0.7
0.5
3.6
0.5
31.79
0.08
-0.16
0.65
-3.88
-9.90
-2.92
-4.21
-2.81
-5.37
-1.50
0.19
-1.48
-2.2
-3.60
0.12
0.02
-0.17
0.27
0.00
0.16
0.37
0.06
0.55
0.08
-0.06
-0.03
4.2
1.84
0.06
0.04
0.14
0.23
0.47
0.27
0.21
0.34
0.39
0.16
-0.04
0.13
1.9
-0.52
0.22
0.03
-0.29
0.11
1.29
0.22
0.21
0.40
0.15
0.01
-0.04
0.15
0.7
-0.67
-0.45
0.02
-0.01
0.23
-0.29
0.13
0.51
0.17
0.32
0.02
0.01
0.70
July 2 0 0 7
S urvey
of
C u rr e n t B u sin ess
137
Table 7. Percent Change and Contributions to Percent Change in Real Gross Domestic Product (GDP) by State, 2003-2006
1997-2006*
[average
annual]
2003
2004
2005
2006*
1997-2006*
[average
annual]
2003
2004
2005
2006*
California
Annual percent change
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods..............................................................................................
Nondurable goods........................................................................................
Trade............
Transportation and utilities.........................................................................
Information....................................................................................................
Financial activities...............
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality........
Other services, except government...........................................................
Government.........................
4.3
1.4
3.0
9.5
1.4
4.7
2.9
8.6
4.8
2.9
3.9
3.3
0.5
1.9
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction.................................................................................................
Durable goods..............................................................................................
Nondurable goods...
Trade.........................
Transportation and utilities.........................................................................
Information..............
Financial activities...
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality................................................................................
Other services, except government...........................................................
Government.................................................................................................
2.2
1.9
1.8
2.6
-3.7
3.8
2.3
4.5
2.7
3.2
2.2
1.5
-0.6
1.0
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods.........
Nondurable goods...
Trade........................
Transportation and utilities.........................................................................
Information..............
Financial activities...
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality................................................................................
Other services, except government...........................................................
Government.................................................................................................
4.9
0.4
1.1
12.8
4.9
6.9
3.8
7.4
6.9
6.0
6.0
2.9
2.0
3.6
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction.................................................................................................
Durable goods..............................................................................................
Nondurable goods...
Trade........................
Transportation and utilities.........................................................................
Information..............
Financial activities...
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality................................................................................
Other services, except government...........................................................
Government.................................................................................................
4.3
3.7
-2.8
15.9
1.3
3.1
2.0
7.9
3.2
1.7
4.0
2.3
0.2
2.1
Total GDP by state.................................................................................
Natural resources and m ining....................................................................
Construction..................................................................................................
Durable goods..............................................................................................
Nondurable goods........................................................................................
Trade...........
Transportation and utilities..........................................................................
Information....................................................................................................
Financial activities...............
Professional and business services..........................................................
Education and health services...................................................................
Leisure and hospitality........
Other services, except government...........................................................
Government.........................
3.3
3.6
0.8
6.5
0.1
4.3
1.8
7.0
3.0
4.3
4.1
3.2
0.4
0.7
3.0
-0.6
-0.6
2.2
3.6
2.5
4.0
2.4
4.6
3.8
4.9
4.0
-0.1
1.0
4.9
0.5
5.3
6.5
8.4
2.0
3.2
15.2
6.9
4.8
3.8
5.0
0.1
0.3
Contributions to annual percent change
3.8
4.7
5.4
7.8
0.9
5.2
1.9
7.2
4.2
4.5
4.1
1.0
-0.8
-0.2
4.2
6.0
-0.4
12.0
-3.2
4.0
3.7
7.0
4.9
5.9
4.4
3.3
0.8
1.6
Hawaii
4.3
0.02
0.13
0.75
0.06
0.63
0.12
0.48
1.08
0.39
0.25
0.13
0.01
0.21
4.3
5.5
12.9
16.9
-11.2
4.2
9.8
8.0
6.0
4.3
4.5
1.9
1.6
1.1
4.3
2.8
1.5
5.2
0.7
4.3
4.1
10.3
4.9
3.3
4.1
2.5
2.5
5.6
Nevada
2.2
0.02
0.10
0.02
-0.05
0.42
0.14
0.13
0.59
0.28
0.16
0.14
-0.02
0.23
5.6
-16.0
1.0
-2.8
-7.9
4.7
8.9
16.6
11.1
6.5
3.5
6.7
0.0
2.7
7.0
0.0
13.4
14.9
-0.3
9.4
4.3
22.8
7.2
5.3
6.9
4.6
4.9
2.6
4.1
0.0
5.5
7.1
8.7
5.5
4.6
-6.3
4.8
4.4
4.4
1.8
6.2
4.2
Oregon
4.9
0.01
0.11
0.40
0.06
0.83
0.19
0.16
1.39
0.57
0.29
0.52
0.04
0.36
9.3
0.8
10.9
54.6
3.7
6.4
-0.5
5.7
15.0
11.8
6.2
4.4
5.2
5.2
3.6
3.3
6.9
2.0
7.7
3.8
1.2
7.3
4.6
7.0
4.4
2.5
-0.7
0.2
4.3
5.0
4.2
0.10
6.4
-0.14
14.6
2.36
0.04
3.0
3.2
0.36
4.2
0.08
0.21
11.5
4.7
0.53
0.14
2.5
3.4
0.27
3.5
0.06
1.4
0.00
0.0
0.25
Washington
8.6
3.1
2.9
53.5
10.8
3.5
1.8
13.3
0.9
3.5
3.9
2.5
-0.6
0.3
* Advance estimates
1.9
-2.4
3.3
-7.9
-5.4
4.4
6.2
5.8
2.1
4.3
3.5
4.4
-1.3
-0.2
3.6
-0.06
0.25
-0.05
-0.06
0.76
0.02
0.00
0.59
0.90
0.44
0.40
0.11
0.32
5.6
-0.16
0.05
-0.01
-0.11
0.52
0.45
0.40
2.33
0.59
0.27
0.64
0.00
0.63
4.3
0.04
0.69
0.08
-0.14
0.45
0.49
0.20
1.31
0.39
0.35
0.19
0.04
0.25
4.3
0.02
0.09
0.03
0.01
0.46
0.21
0.25
1.10
0.31
0.32
0.24
0.06
1.24
5.8
0.07
0.51
0.38
0.07
0.62
0.62
-0.01
1.09
1.14
0.36
0.46
0.05
0.48
9.3
0.01
0.92
1.34
0.05
0.78
-0.03
0.13
3.12
1.17
0.33
0.79
0.09
0.55
7.0
0.00
1.21
0.51
0.00
1.10
0.19
0.45
1.56
0.53
0.36
0.80
0.09
0.26
4.1
0.00
0.54
0.26
0.10
0.65
0.20
-0.13
1.03
0.43
0.22
0.31
0.11
0.41
2.5
0.06
-0.33
1.29
-0.41
0.31
0.09
0.16
0.31
0.22
0.43
0.06
0.10
0.24
8.6
0.10
0.12
6.16
0.33
0.45
0.08
0.41
0.18
0.32
0.33
0.08
-0.01
0.05
3.6
0.09
0.30
0.31
0.24
0.47
0.05
0.22
0.86
0.63
0.36
0.08
-0.02
0.02
5.0
0.11
0.30
1.99
0.10
0.41
0.18
0.35
0.90
0.23
0.28
0.11
0.03
0.00
Contributions to annual percent change
Annual percent change
1.7
7.9
-3.1
3.2
-15.6
3.4
1.7
3.2
2.2
3.6
4.0
3.8
1.5
-0.1
4.2
0.13
-0.02
0.67
-0.13
0.51
0.14
0.42
1.15
0.75
0.30
0.13
0.02
0.18
Contributions to annual percent change
Annual percent change
2.5
2.2
-7.2
11.2
-11.5
2.4
2.0
5.2
1.6
2.4
5.4
1.8
4.1
1.6
3.8
0.10
0.25
0.44
0.04
0.66
0.08
0.43
0.97
0.58
0.28
0.04
-0.02
-0.02
Contributions to annual percent change
Annual percent change
5.8
3.9
6.2
16.2
5.1
5.1
12.7
-0.4
5.2
12.0
6.9
2.5
2.8
4.6
4.9
0.01
0.24
0.39
0.32
0.26
0.13
0.88
1.58
0.61
0.26
0.20
0.00
0.03
Contributions to annual percent change
Annual percent change
3.6
-5.9
4.9
-8.0
-4.2
7.0
0.4
0.1
2.8
10.4
5.7
4.1
4.2
1.4
3.0
-0.01
-0,03
0.14
0.14
0.33
0.16
0.15
1.04
0.49
0.33
0.16
0.00
0.12
4.7
-3.2
5.4
26.0
20.7
4.5
2.9
5.0
2.4
3.9
3.3
2.7
-0.3
-0.3
5.6
10.4
5.6
13.5
-0.6
4.0
2.6
12.0
6.4
5.3
3.5
6.4
0.9
1.6
3.3
0.08
0.04
0.50
0.01
0.59
0.07
0.55
0.59
0.42
0.27
0.11
0.01
0.11
1.7
0.16
-0.14
0.22
-0.53
0.44
0.07
0.27
0.44
0.37
0.28
0.12
0.04
-0.01
1.9
-0.06
0.15
-0.55
-0.15
0.58
0.23
0.47
0.43
0.45
0.25
0.15
-0.03
-0.02
4.7
-0.07
0.26
1.64
0.56
0.62
0.11
0.40
0.47
0.42
0.24
0.09
-0.01
-0.04
5.6
0.20
0.28
1.01
-0.02
0.55
0.10
0.92
1.27
0.56
0.25
0.22
0.02
0.22
138
Gross Domestic Product by State
July 2007
Table 8. Gross Domestic Product (GDP) by State in Current Dollars, 2003-2006
Millions of dollars
Percent of United States total
2003
2004
2005
2006*
United S ta te s.......
@FedFRASER