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BEA's MONTHLY JOURNAL
Survey of C urrent B usiness
In This Issue . . .
U.S. International Investment Position, 2008
Direct Investment Positions, 2008
Annual Revision of the U.S. International Accounts
U.S. International Transactions, First Quarter of 2009
Regional Quarterly Report
State Personal Income, First Quarter of 2009
A Look at the Comprehensive Revisions of Regional Statistics
SSBEA
B U R E A U O F E C O N O M I C A N A L Y S IS
U .S . D E P A R T M E N T O F C O M M E R C E
ECONOMICS AND STATISTICS ADMINISTRATION
U.S. Department of Commerce
Gary Locke, Secretary
Economics and Statistics Administration
Rebecca M. Blank, Under Secretary for Economic Affairs
Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosemary D. Marcuss, Deputy Director
Ana M. Aizcorbe, C hief Economist
Brian M. Callahan, C hief Information Officer
Dennis J. Fixler, C hief Statistician
Brent R. Moulton, Associate Director for National Economic Accounts
Brian C. Moyer, Associate Director fo r Industry Accounts
Joel D. Platt, Associate Director fo r Regional Economics
Obie G. Whichard, Associate Director for International Economics
BEA Advisory Committee
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national,
regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from
innovative and advancing technologies, and it provides recommendations from the perspective of business economists, academicians,
researchers, and experts in government and international affairs.
Dale W. Jorgenson, Chair, Harvard University
Alan J. Auerbach, University of California, Berkeley
Richard B. Berner, Morgan Stanley
Barry R Bosworth, The Brookings Institution
Susan M. Collins, University o f Michigan
Janice C. Eberly, Northwestern University
Jeffrey A. Frankel, Harvard University
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University o f Maryland
William D. Nordhaus, Yale University
Joel L. Prakken, Chairman, Macroeconomic Advisers, LLC
Andrew D. Reamer, The Brookings Institution
James Kim, Editor-in-Chief
M. Gretchen Gibson, Managing Editor
Kristina L. Maze, Production Manager
Wm. Ronnie Foster, Graphic Designer
Colby Johnson, Graphic Designer
Danielle M. Wittenberg, Editor
Mollie Jo Holman, Intern
The S u rvey o f C u r r e n t business (ISSN 0039-6222) is published
monthly by the Bureau of Economic Analysis of the U.S. Depart
ment of Commerce. Send editorial correspondence to customerservice@bea.gov.
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this periodical is necessary in the transaction of the public business
required by law of the Department.
Survey of C urrent B usiness
July 2009
1
Volume 89 • Number 7
GDP and the Economy: Final Estimates for the First Quarter of 2009
Real GDP fell 5.5 percent after falling 6.3 percent in the fourth quarter. Consumer spending turned
up sharply, and business investment fell more than in the fourth quarter. Corporate profits rose
$48.1 billion.
6
Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade
for the First Quarter of 2009
These statistics, including those for inventories for manufacturing by stage of fabrication, have been
updated.
10
The International Investment Position of the United States at Yearend 2008
The net international investment position was -$3,469.2 billion; in 2007, it was -$2,139.9 billion.
U.S.-owned assets abroad rose $1,609.3 billion to $19,888.2 billion, and foreign-owned assets in the
United States rose $2,938.6 to $23,357.4 billion.
20
Direct Investment Positions for 2008: Country and Industry Detail
The U.S. direct investment abroad position grew 8 percent after growing 18 percent in 2007.
Foreign direct investment in the United States position also grew 8 percent after growing 15 percent
in 2007.
35
Annual Revision of the U.S. International Accounts
Each year, statistics on U.S. international transactions are revised to incorporate updated data and
various statistical improvements. The main improvement this year was a new treatment of disasterrelated insurance losses.
42 The Statistical Discrepancy in Periods of Economic Turbulence
45 Implementing New International Standards
49
Financial Derivatives
Statistics on transactions in financial derivatives by type of contract and by area or country for
2006-2008 and statistics on fair values of financial derivatives for 2007-2008.
Ju ly 2 0 0 9
53
How BEA Aligns and Augments Source Data From the U.S. Treasury Department
for Inclusion in the International Transactions Accounts
Each year, the estimates of financial-account flows in these accounts, which are based on Treasury
Department data, are adjusted to align the estimates with balance-of-payments concepts and to
close the gaps in coverage.
56
U.S. International Transactions: First Quarter of 2009
The U.S. current-account deficit decreased $53.4 billion to $101.5 billion, the smallest deficit since
the fourth quarter of 2001. In the financial account, net financial inflows decreased $41.2 billion to
$47.1 billion.
107
Regional Quarterly Report: State Personal Income and More . . .
Personal income declined in 37 states in the first quarter of 2009. In all states, private sector
earnings declined. Finance, durable-goods manufacturing, and construction were particularly
weak.
D-1
BEA Current and Historical Data
/'//
Director’s Message
iv
Taking Account
BEA’s Web Site and Contacts (inside back cover)
Schedule of Upcoming News Releases (back cover)
Looking Ahead
2009 Comprehensive Revision of the National Income and Product Accounts. Ini
tial results of the revision scheduled to be released on July 31, 2009.
Operations of U.S. Multinational Companies. A look at the value added, employ
ment, and capital expenditures of nonbank U.S. multinational companies in 2007.
///
Ju ly 2 0 0 9
Director’s Message
........ .................................................................... .....— .........
.................................. ................................................................................
Every July, the S u rvey o f C u r r e n t B u sin ess traditionally publishes
an article describing the annual revision of U.S. international
transactions statistics. This year’s article describes the improve
ments incorporated by the Bureau of Economic Analysis as part
of the 2009 annual revision, notably a new treatment of certain
disaster-related losses recovered from international insurers. As
usual, a wide range of newly available source data was also incor
porated.
July tends to be a busy month for articles about our interna
tional statistics. Other articles in this issue discuss U.S. interna
tional transactions for the first quarter of 2009, direct investment
positions for 2008, and the international investment position of
the United States at the end of 2008.
In addition, our Regional Quarterly Report takes a look at state
personal income for the first quarter of 2009. The report also in
cludes a one-page overview of the upcoming comprehensive revi
sions of regional gross domestic product (GDP) and personal
income statistics, which are scheduled to be released in stages be
tween September 2009 and February 2011.
As always, we present recent GDP statistics, in this case the fi
nal estimates for the first quarter of 2009, in an easy-to-read for
mat.
iv
Ju ly 2 0 0 9
Taking Account...
Travel spending turns
down in the first quarter
Real spending on travel and
tourism continued to decline in
the first quarter of 2009, accord
ing to the Bureau of Economic
Analysis (BEA). Real spending
fell at an annual rate of 5.9 per
cent after falling 6.9 percent in
the fourth quarter of 2008. By
comparison, real gross domestic
product fell 5.5 percent in the
first quarter after falling 6.3 per
cent in the fourth quarter.
Spending fell despite a 10.9
percent drop in travel and tour
ism prices in the first quarter,
which compares with a 16.5 per
cent drop in the fourth quarter.
The overall decline in prices
reflected in part a decline in
transportation prices, which fell
23.0 percent in the first quarter
after falling 36.1 percent in the
fourth quarter. Prices for pas
senger air transportation fell
28.7 percent after falling 2.3 per
cent. Fuel costs continued to de
crease, allowing airlines to
reduce fares to stimulate de
mand. Prices for accommoda
tions decreased 15.1 percent
after falling 7.0 percent. Business
travel continued to decline;
those traveling used lower cost
lodging.
Other highlights:
• Passenger air transportation
continued to contract, falling
5.8 percent in the first quarter
after falling 8.7 percent in the
fourth quarter. Spending on
domestic flights declined for
the sixth consecutive quarter;
however, real spending on
international flights rose 10.5
percent after an increase of
10.1 percent.
• Spending on travel accom
modations fell 18.6 percent in
the first quarter after a 10.4
percent decrease in the fourth
quarter. The hotel industry
continued
to
experience
declining demand despite
reduced room rates.
• Retail shopping by travelers
showed a smaller decrease,
falling 1.3 percent in the first
quarter after falling 11.6 per
cent in the fourth quarter.
• Employment directly sup
ported by travel and tourism
fell 6.6 percent in the first
quarter after falling 3.9 per
cent in the fourth quarter. All
travel and tourism industries
reduced employment in the
first quarter. Overall U.S.
employment fell 5.9 percent
after falling 3.7 percent.
With the release of these sta
tistics, BEA has improved the
employment statistics by remov
ing a one-quarter lag in the
availability of the statistics.
For more information, visit
www.bea.gov/industry/
index.htm#satellite.
New NBER volume on
services, intangibles
Quantitative measures of inter
national trade have long focused
on goods. However, in recent
years, intangible assets and ser
vices— such as research and de
velopment and, more broadly,
innovation— have become in
creasingly important to the in
ternational economy. A new
collection of articles published
by the National Bureau of Eco
nomic Research (NBER), Inter
national Trade in Services and
Intangibles in the Era o f Global
ization, looks at the challenges
involved in measuring trade in
services and intangibles; the
comparative advantages enjoyed
by U.S. service industries;
heightened international com
petition for jobs in service sector
industries, capital investment,
and economic growth; and taxrelated distortions in patterns of
trade in services and patterns of
asset-holding by foreign affili
ates of multinational corpora
tions.
Contributors from BEA in
clude Maria Borga, whose article
discussed improved measures of
U.S. trade in insurance, whole
sale and retail trade, and finan
cial services; Carol A. Robbins,
whose article discussed pay
ments for use of intellectual
property; Robert E. Yuskavage,
Erich H. Strassner, and Gabriel
W. Medeiros, whose article dis
cussed offshore outsourcing of
services; and Raymond J. Mataloni, who commented on an arti
cle about multinationals and
U.S. productivity growth. The
volume was edited by Marshall
B. Reinsdorf of BEA and Mat
thew Slaughter, a professor of
international economics at the
Tuck School of Business, Dart
mouth College, and a research
associate of the NBER.
For more information, visit
www.nber.org/books/rein09-1.
1
Ju ly 2 0 0 9
GDP and the Economy
Final Estimates for the First Quarter of 2009
R EAL GROSS domestic product (GDP) decreased at
„an annual rate of 5.5 percent in the first quarter of
2009, according to the “final” estimates of the national
income and product accounts (NIPAs) (chart 1 and ta
ble l ) .1 According to the “preliminary” estimate, real
GDP decreased 5.7 percent (see page 3). In the fourth
quarter, real GDP decreased 6.3 percent.
The smaller decrease in real GDP in the first quarter
than in the fourth quarter primarily reflected a larger
decrease in imports, an upturn in consumer spending
for durable goods, and a smaller decrease in consumer
spending for nondurable goods. In contrast, inventory
investment and investment in nonresidential struc
tures decreased more than in the fourth quarter.2
• Prices of goods and services purchased by U.S. resi
dents fell 1.0 percent after falling 3.9 percent. Energy
prices decreased less than in the fourth quarter, and
food prices decelerated. Excluding food and energy,
gross domestic purchases prices picked up slightly,
increasing 1.4 percent after increasing 1.2 percent.
The federal pay raise for civilian and military person
nel added 0.3 percentage point to the change in the
first-quarter gross domestic purchases price index.
• Real disposable personal income (DPI) increased 6.0
percent after increasing 2.9 percent. The acceleration
mainly reflected an upturn in current-dollar DPI,
which primarily reflected a sharp downturn in per
sonal current taxes. Real DPI was revised down 0.5
percentage point from the “preliminary” estimate.
• The personal saving rate was 4.3 percent in the first
quarter; it was 3.2 percent in the fourth quarter.
• Corporate profits increased $48.1 billion, or 3.8 per
cent at a quarterly rate, in the first quarter after
decreasing $250.3 billion in the fourth quarter (see
page 4).
Chart 1. GDP, Prices, Disposable Personal Income (DPI)
Real GDP: Percent change from the preceding quarter
S easonally adjusted annual rates
4
2
__ ) . l i . l i ___I ■ ) . ! )
0
-2
-4
-6
-8
2005
2006
2007
|l
2008
2009
Contributions to the percent change in real GDP in 2009:1
C onsum er spending
Nonresidential fixed investm ent
Residential fixed investment
Inventory investment
Exports
Im ports
■
Government spending
-6
-4
-2
0
2
4
Percentage points at an annual rate
Prices: Percent change from the preceding quarter
2005
2006
2007
2008
2009
Real DPI: Percent change from the preceding quarter
1. “Real” estimates are in chained (2000) dollars, and price indexes are
chain-type measures. Each GDP estimate for a quarter (advance, prelimi
nary, and final) incorporates increasingly comprehensive and improved
source data. More information can be found at www.bea.gov/about/
infoqual.htm and www.bea.gov/faq/national/gdp_accuracy.htm. Quarterly
estimates are expressed at seasonally adjusted annual rates, which assumes
that a rate of activity for a quarter is maintained for a year.
2. In this article, “consumer spending” refers to “personal consumption
expenditures,” “inventory investment” refers to “change in private invento
ries,” and “government spending” refers to “government consumption
expenditures and gross investment.”
12
10
8
6
4
2
0
-2
-4
..II 1
I. i l
-6
-8
-1 0
Christopher Swann prepared this article.
..II
J___ I___ L—J___ 1___ L
2005
2006
U.S. Bureau of Economic Analysis
2007
2008
2009
2
G D P a n d th e E c o n o m y
Ju ly 2 0 0 9
Real GDP Overview
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Share of
currentdollar
GDP
(percent)
Change from
preceding period
(percent)
2009
I
2008
II
Gross domestic product1...
100.0
Personal consumption
expenditures...........................
70.5
2009
III
IV
I
2.8
-0.5
-6.3
-5.5
1.2
-3 .8
-4.3
Durable goods..........................
Nondurable goods....................
Services...................................
Gross private domestic
investment..............................
Fixed investment......................
6.8
19.9
43.8
Nonresidential......................
9.5
2.5
Structures.........................
Equipment and software
3.5
6.0
18.5
-5.0
Residential...........................
Contribution to percent
change in real GDP
(percentage points)
-2.8 -14.8 -22.1
3.9 -7.1 -9.4
0.7 -0.1
1.5
11.4 -11.5
12.2 -1.7
1.4
2008
II
2009
III
IV
I
-0.5
-6.3
-5.5
0.87 -2.75 -2.99
0.95
2.8
9.5 -0.21 -1.16 -1.67 0.61
-0.4 0.80 -1.57 -1.97 -0.07
0.9 0.28 -0.03 0.66 0.41
0.4 -23.0 -48.9 -1.74 0.06 -3.47 -8.20
-5.3 -22.0 -37.6 -0.25 -0.79 -3.36 -5.99
-1.7 -21.7 -37.3
0.27 -0.19 -2.56 -4.59
9.7 -9.4 -42.9 0.64 0.36 -0.38 -2.05
-7.5 -28.1 -33.7 -0.37 -0.55 -2.18 -2.54
-38 8 -0.5? -0 60 -o ao -1.40
2.7 -13.3 -16.0
Change in private inventories....
-0.8
Net exports of goods and
services...................................
-2.3
2.93
1.05 -0.15
Exports.....................................
10.8
12.3
3.0 -23.6 -30.6
1.54
0.40 -3.44 -4.16
Goods...................................
Services...............................
7.0
3.8
16.3
3.8
3.7 -32.0 -38.8
1.4 -1.5 -11.5
1.39
0.15
0.34 -3.38 -3.69
0.06 -0.06 -0.47
Imports.....................................
13.2
-7.3
-3.5 -17.5 -36.4
1.39
0.65
3.29
6.55 ^
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment..............................
Federal.....................................
National defense..................
Nondefense..........................
State and local.........................
Addenda:
Final sales of domestic product
Gross domestic purchases.......
Gross domestic purchases price
index.....................................
GDP price index.......................
10.5
2.7
-7.1
-8.0
-4.7 -19.6 -41.4
3.3 -€.7 -10.2
1.14 0.74
0.25 -0.09
3.09
0.20
6.25
0.29
20.5
3.9
7.8
6.6
5.3
2.5
12.7
7.3
5.0
2.5
5.8
13.8
18.0
5.1
1.3
3.4
15.3
-2.0
-3.1
-4.5
-6.8
0.6
-2.2
0.78
0.4/
0.36
0.11
0.31
4.4
-0.1
-1.3
-1.5
-6.2
-5.9
-3.3
-7.5
4.32 -1.35 -6.23 -3.29
4.2
1.1
4.5
3.9
-3.9
0.5
-1.0
2.8
-1.50
1.3
/.0
0.84 -0.11 -2.20
1.14
2.39
0.26 -0.63
0.9/ 0.62 -0.3b
0.85 0.18 -0 .3 7 '
0.12 0.34 0.02
0.17 -0.25 -0.28
1. The estimates of GDP under the contribution columns are also percent changes.
N o t e . Percent changes are from NIPA table 1.1.1, contributions are from NIPA table 1.1.2, and shares
are from NIPA table 1.1.10.
Consumer spending turned up in the first quarter, in
creasing 1.4 percent after decreasing 4.3 percent; it
contributed 0.95 percentage point to the first-quarter
percent change in real GDP. Spending for durable
goods turned up, and spending for nondurable goods
decreased less than in the fourth quarter. In contrast,
spending for services slowed.
Nonresidential fixed investment decreased much more
than in the fourth quarter and reduced the percent
change in real GDP by 4.59 percentage points, reflect
ing larger decreases in both structures and equipment
and software.
Residential investment also decreased more than in
the fourth quarter and reduced the percent change in
real GDP by 1.40 percentage points. Residential in
vestment has decreased in each quarter since the first
quarter of 2006; the first-quarter 2009 decrease was
the largest quarterly decrease since the second quarter
of 1980.
A record decrease in inventory investment reduced the
percent change in real GDP by 2.20 percentage points.
Exports decreased more than in the fourth quarter
and reduced the percent change in real GDP by 4.16
percentage points. Both goods and services decreased.
Imports declined much more than in the fourth quar
ter. The first-quarter decrease was the sixth consecu
tive quarterly decline and added 6.55 percentage
points to the percent change in real GDP; imports are
subtracted in the calculation of GDP.
Federal government spending turned down, primarily
reflecting a downturn in national defense spending.
GDP and Gross Domestic Purchases
In addition to gross domestic product (GDP), another
related measure of economic growth—gross domestic pur
chases— is included in the national income and product
accounts (NIPAs).
GDP measures the market value of final goods and ser
vices produced by labor and property in the United States,
including the goods that are added to, or subtracted from,
inventories. GDP is defined as the sum of consumer spend
ing, business and residential investment, inventory invest
ment, government spending, and exports less imports.
Gross domestic purchases is defined as GDP less exports
plus imports. It measures domestic demand for goods and
services regardless of their origin. Exports represent foreign
demand for U.S. goods and services. Subtracting exports
from GDP yields a measure of expenditures that focuses on
domestic buyers. Imports can be viewed as the value of
goods and services that exceed the domestic supply and
that expand the consumption and investment alternatives
for domestic purchasers.
Differences between GDP and gross domestic purchases
reflect patterns in imports less exports: As imports exceed
exports, gross domestic purchases exceeds GDP.
For annual and quarterly estimates of these measures, see
NIPA tables 1.4.1 and 1.4.3-1.4.6.
See also “A Guide to the National Income and Product
Accounts of the United States” at www.bea.gov under
“Methodology Papers.” For a related discussion about GDP
prices and gross domestic purchases prices, see FAQ 499.
Su r v e y
Ju ly 2 0 0 9
of
C u r r e n t B u sin ess
3
Revisions to GDP
Table 2. Preliminary and Final Estimates for the First Quarter of 2009
[Seasonally adjusted at annual rates]
Contribution to percent
change in real GDP
(percentage points)
Change from
preceding quarter
(percent)
Prelim
inary
Final
Final
Prelim
minus
inary
prelim
inary
Final
Final
minus
prelim
inary
Gross domestic product (GDP)1................
-5.7
-5.5
0.2
-5.7
-5.5
0.2
Personal consumption expenditures................
1.5
1.4
-0.1
1.08
0.95
-0.13
Durable goods................................................
Nondurable goods..........................................
Services.........................................................
9.6
-0.6
1.3
9.5
-0.4
0.62
-0.11
0.9
-0.1
0.2
-0.4
0.58
0.61
-0.07
0.41
-0.01
0.04
-0.17
Gross private domestic investment..................
-49.3
-48.9
0.4
-8.27
-8.20
0.07
Fixed investment............................................
Nonresidential............................................
Structures...............................................
-37.3
-36.9
-37.6
-37.3
-0.3
-0.4
-5.93
-4.54
-5.99
-4.59
-0.06
-0.05
-42.3
-33.5
-38.7
-42.9
-33.7
-38.8
-0.6
-0.2
-0.1
-2.02
-2.52
-1.39
-2.05
-2.54
-1.40
-0.03
-0.02
-0.01
-2.34
-2.20
2.18
2.39
Equipment and software..........................
Residential..................................................
Change in private inventories..........................
Net exports of goods and services...................
Exports...........................................................
Goods.........................................................
Services......................................................
Imports...........................................................
Goods.........................................................
Services......................................................
-28.7
-37.8
-7.2
-34.1
-39.6
-4.3
-30.6
-38.8
-11.5
-36.4
-41.4
-10.2
-1.9
-1.0
-4.3
-2.3
-1.8
-5.9
Government consumption expenditures and
gross investment...............................................
-3.5
-3.1
0.4
Federal...........................................................
National defense.........................................
Nondefense................................................
State and local...............................................
-4.3
-6.8
1.0
-2.9
-4.5
-6.8
0.6
-2.2
-0.2
0.0
-0.4
0.7
-3.86 -4.16
-3.57 -3.69
-0.29 -0.47
6.05
6.55
5.92
6.25
0.12
0.29
-0.71
0.140.21
-0.30 s
-0.12
-0.18
0.50,
0.33
0.17
-0.63
0.08
-0.34 -0.35
-0.37 -0.37
0.03
0.02
-0.37 -0.28
-0.01
0.00
-0.01
0.09
Addenda:
Final sales of domestic product.......................
-3.4
-3.3
0.1
Gross domestic purchases price index............
-1.0
-1.0
0.0
GDP price index.............................................
2.8
2.8
0.0
-3.38
-3.29
1. The estimates for GDP under the contribution columns are also percent changes.
0.09
Real GDP decreased 5.5 percent in the first-quarter fi
nal estimate, 0.2 percentage point less of a decrease
than the preliminary estimate. The average revision
(without regard to sign) between the preliminary esti
mate and the final estimate is 0.3 percentage point.
The revision to the percent change in real GDP prima
rily reflected a downward revision to imports and an
upward revision to inventory investment that were
partly offset by downward revisions to exports and to
consumer spending for services.
The largest contributor to the downward revision to
consumer spending for services was electricity and gas
services.
The upward revision to inventory investment was
more than accounted for by mining, utilities, and con
struction inventories.
The downward revision to exports was to both goods
and services. In goods, the largest contributor to the
revision was foods, feeds, and beverages. In services,
the largest contributors to the revision were “other”
transportation and royalties and license fees.
The downward revision to imports was also to both
goods and services. In goods, the largest contributors
to the revision were petroleum and products and au
tomotive vehicles, engines, and parts. In services, the
downward revision was widespread; the largest con
tributors were “other” private services and direct de
fense expenditures.
Source Data for the Final Estimates
The final estimates of gross domestic product for the first
quarter of 2009 incorporated the following source data.
Personal consumption expenditures: Retail sales for
March (revised) and quarterly services survey for the first
quarter (new), motor vehicle registrations for March
(revised), and Energy Information Administration (ELA)
natural gas usage data for March (new).
Nonresidential fixed investment Construction spending
(value put in place) for February and March (revised) and
quarterly services survey for the first quarter (new).
Residential fixed investment: Construction spending
(value put in place) for February and March (revised).
Change in private inventories: Manufacturers’ and trade
inventories for March (revised), Quarterly Financial
Report data for mining, and EIA data for utilities.
Exports and imports o f goods and services: International
transactions accounts data for October 2008-March 2009
(revised).
Government consumption expenditures and gross invest
ment: State and local government construction spending
(value put in place) for February and March (revised).
GDP prices: Export and import prices for January, Feb
ruary, and March (revised), unit value index for petro
leum imports for March (revised), and prices of single
family houses under construction for the first quarter
(revised).
4
G D P a n d th e E c o n o m y
Ju ly 2 0 0 9
Corporate Profits
Table 3. Corporate Profits
[Seasonally adjusted]
Corporate profits from current production increased
$48.1 billion, or 3.8 percent at a quarterly rate, in the
first quarter after decreasing $250.3 billion in the
fourth quarter.
Domestic profits of financial corporations increased
$113.7 billion, or 92.9 percent, after decreasing $178.7
billion.
Domestic profits of nonfinancial corporations de
creased $49.0 billion, or 6.6 percent, after decreasing
$89.1 billion.
Profits from the rest of the world decreased $16.6 bil
lion, or 4.2 percent, after increasing $17.5 billion. In
the first quarter, receipts decreased $77.0 billion, and
payments decreased $60.4 billion.
After-tax profits increased $13.8 billion, or 1.4 per
cent, after decreasing $120.1 billion.
Net dividends decreased $42.0 billion, or 5.2 percent,
after decreasing $32.8 billion.
Note. Levels of these and other profits series are shown in NIPA tables 1.12,1.14,1.15, and 6.16D.
Undistributed corporate profits (a measure of net sav
ing that equals after-tax profits less dividends) in
creased $55.8 billion, or 28.9 percent, after decreasing
$87.4 billion.
Net cash flow from current production, a profits-related measure of internally generated funds available
for investment, increased $60.4 billion, or 4.9 percent,
after decreasing $97.0 billion.
Measuring Corporate Profits
Corporate profits is a widely followed economic indicator sus Bureau quarterly financial reports, Federal Deposit
used to gauge corporate health, assess investment condi Insurance Corporation call reports, other regulatory
tions, and analyze the effect on corporations of economic reports, and tabulations from corporate financial reports.
policies and conditions. In addition, corporate profits is an The estimates are benchmarked to Internal Revenue Ser
important component in key measures of income.
vice data when the data are available for two reasons: the
BEA’s measure of corporate profits aims to capture the data are based on well-specified accounting definitions,
income earned by corporations from current production and they are comprehensive, covering all incorporated
in a manner that is fully consistent with the national businesses—publicly traded and privately held—in all
income and product accounts (NIPAs). The measure is industries.
defined as receipts arising from current production less
Second, to remove the effects of price changes on inven
associated expenses. Receipts exclude income in the form tories valued at historical cost and of tax accounting for
of dividends and capital gains, and expenses exclude bad inventory withdrawals, BEA adds an inventory valuation
debts, natural resource depletion, and capital losses.
adjustment that values inventories at current cost.
Because direct estimates of NIPA-consistent corporate
Third, to remove the effects of tax accounting on depre
profits are unavailable, BEA derives these estimates in three ciation, BEA adds a capital consumption adjustment
steps.
(CCAdj). CCAdj is defined as the difference between capi
First, BEA measures profits before taxes to reflect corpo tal consumption allowances (tax return depreciation) and
rate income regardless of any redistributions of income consumption of fixed capital (the decline in the value of
through taxes. Estimates for the current quarter are based the stock of assets due to wear and tear, obsolescence, acci
on corporate earnings reports from sources including Cen dental damage, and aging).
Sur v ey
Ju ly 2 0 0 9
of
C u r r e n t B usin ess
5
Corporate Profits by Industry
Table 4. Corporate Profits by Industry
Profits with inventory valuation adjustment increased
$103.7 billion, or 7.7 percent at a quarterly rate, in the
first quarter after decreasing $250.2 billion in the
fourth quarter. The difference between this increase
and the increase in profits from current production
reflects the capital consumption adjustment, which
decreased $55.6 billion.
[Seasonally adjusted]
Billions of dollars (annual rate)
Percent change from
preceding quarter
(quarterly rate)
Change from
preceding quarter
Level
2009
2008
I
II
1.456.3
-45.5
III
2008
2009
IV
I
II
III
2009
IV
I
Industry profits:
Profits with IVA..................
6.8 -250.2
103.7
-2.8
0.4 -15.6
7.7
1,077.0
-20.6
1.9 -267.7
120.3
-1.7
0.2
-21.9
12.6-
Financial....................
249.7
-29.6
-74.4 -177.9
118.8
-7.2
-19.4
-57.6
90.7
Nonfinancial...............
827.4
9.1
76.3
-89.8
1.6
1.1
9.1
-9.8
0.2
Utilities...................
Manufacturing.........
Wholesale trade......
Retail trade.............
Transportation and
warehousing........
Information.............
Other nonfinancial...
Rest of the world...........
69.0
215.0
60.8
89.1
10.5
-25.6
10.2
-19.3
2.4
57.7
32.7
-6.5
-2.8
-41.4
13.1
-10.4
12.7
22.8
-16.2 -10.6
-44.4
20.7
13.3 -17.3
4.1
26.8
55.1
-7.0
17.2
108.4
267.8
379.3
0.4
9.0
23.8
-25.0
0.4
-11.2
0.8
4.9
-0.8
-21.2
-26.2
17.5
-7.2
25.8
17.4
-16.6
1.9
8.5
9.4
-6.3
-3.4 -29.3
1.7
-9.7 -20.4
31.2
0.3
-9.5
7.0
1.3
4.6 -4.2
-0.9
-56.3 -499.2
157.2
-0.1
-3.2
-29.5
13.2
-4.8
-44.6
-14.7
-43.1 -368.9
63.1 249.0
-25.3
-0.1
123.0
-53.5
-55.6
-0.4
-3.2
-28.4
13.2
Domestic industries
-4.7 22.6
-15.2 -7.0
14.2 -42.2
-12.1
17.6
Addenda:
Profits before tax (without
IVA and CCAdj)............. 1,351.7
Profits after tax (without IVA
and CCAdj).................... 1,054.2
IVA....................................
104.6
CCAdj................................ -143.7
Profits of domestic industries increased $120.3 billion,
or 12.6 percent, after decreasing $267.7 billion.
Profits of domestic financial industries increased
$118.8 billion, or 90.7 percent, after decreasing $177.9
billion.
Profits of domestic nonfinancial industries increased
$1.6 billion, or 0.2 percent, after decreasing $89.8 bil
lion. The upturn reflected upturns in information in
dustries and in “other” nonfinancial industries, a
smaller decrease in manufacturing industries, and up
turns in retail industries and in utilities. In contrast,
profits in wholesale trade industries turned down and
profits in transportation and warehousing decreased
more than in the fourth quarter.
Note. Levels of these and other profits series are shown in NIPA tables 1.12,1.14,1.15, and 6.16D.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Chart 2. Corporate Profits With Inventory Valuation Adjustment: Change From the Preceding Quarter, 2009:1
Billions of dollars
125
Total
D omestic
financial
,
Utilities
M anufacturing
W holesale
Retail
Transportation1 Information
O th e r2
Rest of world
I--------------------------------------------------------------------------------------------------------------------------------------------------------------- 1
Dom estic nonfinancial
1. Includes warehousing.
2. “Other” nonfinancial corporations include the agriculture, mining, construction, and services industries.
N o t e . Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
Corporate Profits by Industry
Industry profits are corporate profits by industry with
inventory valuation adjustment (IVA). The IVA removes
the effect of prices on inventories. The IVA is the difference
between the cost of inventory withdrawals at acquisition
cost and replacement cost. Ideally, BEA would also add the
capital consumption adjustment (CCAdj) for each indus
try. However, estimates of the CCAdj are only available for
two broad categories: Total financial industries and total
nonfinancial industries. For more information about BEA’s
methodology, see “Corporate Profits: Profits Before Tax,
Profits Tax Liability, and Dividends” at www.bea.gov/
methodologies/index.htm.
6
Ju ly 2 0 0 9
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade for the First Quarter of 2009
This report presents quarterly estimates for the fourth
quarter of 2008 and the first quarter of 2009 and
monthly estimates for November 2008 to April 2009.
Tables IB, 2B, 3B, and 4B present chain-weighted
estimates. Table IB presents inventories. Table 2B pre
sents sales. Table 3B presents inventory-sales ratios that
can be used to assess the likelihood that businesses will
add to, or reduce, inventories in response to changes in
demand; these ratios supplement the quarterly cur
rent-dollar and real estimates of ratios of inventories to
final sales of domestic business, nonfarm business, and
goods and structures presented in NIPA tables 5.7.5B
and 5.7.6B. Table 4B presents estimates of manufactur
ing inventories by stage of fabrication.
The estimates for 1967 forward are available in
interactive
tables
on
BEA’s Web
site
at
www.bea.gov. Click on “Gross Domestic Product,” and
under “Supplemental Estimates,” click on “Underlying
detail tables” and then on “List of Underlying Detail
Tables.”
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period
[Billions of chained (2000) dollars]
2008
2009
IV
I
2008
November
2009
December
January r
Februaryr
March'
April p
Manufacturing and trade industries.............................................................
1,264.5
1,242.4
1,269.9
1,264.5
1,259.9
1,251.0
1,242.4
1,232.8
Manufacturing...........................................................................................................
453.9
451.0
455.9
453.9
454.3
452.5
451.0
449.6
Durable goods........................................................................................................
292.0
289.5
287.5
292.0
292.3
291.7
289.5
289.1
Wood products...........................................................................................
Nonmetallic mineral products........................................................................
Primary metals......
Fabricated metal products
Machinery............
Computer and electronic products................................................................
Electrical equipment, appliances, and componems.........................................
Transportation equipment.............................................................................
Furniture and related products......................................................................
Miscellaneous manufacturing........................................................................
9.8
9.3
18.9
31.5
36.9
66.0
12.5
83.5
6.8
18.7
10.3
9.2
18.5
31.5
36.7
64.8
12.2
82.4
6.6
19.2
9.8
9.4
18.9
30.9
36.3
65.3
12.4
81.0
6.8
18.5
9.8
9.3
18.9
31.5
36.9
66.0
12.5
83.5
6.8
18.7
10.0
9.4
19.0
31.7
37.5
65.4
12.3
83.0
6.8
19.0
10.0
9.3
18.9
31.7
37.2
65.5
12.2
83.0
6.6
19.1
10.3
9.2
18.5
31.5
36.7
64.8
12.2
82.4
6.6
19.2
10.4
9.1
18.2
31.3
36.5
64.8
12.1
83.0
6.5
19.2
Nondurable goods.................................................................................................
164.3
163.9
170.1
164.3
164.4
163.3
163.9
162.9
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........................................................................
31.1
12.3
4.8
3.3
7.0
1.4
15.5
6.2
12.7
52.7
18.4
31.6
12.4
4.6
3.1
6.8
1.4
15.2
5.7
12.4
53.7
17.8
30.8
12.2
4.8
3.3
7.0
1.3
16.1
6.1
16.0
53.1
19.2
31.1
12.3
4.8
3.3
7.0
1.4
15.5
6.2
12.7
52.7
18.4
31.3
12.2
4.7
3.2
6.9
1.4
15.4
5.8
12.9
53.1
18.4
31.2
12.3
4.6
3.1
6.8
1.4
15.4
5.8
12.2
53.1
18.2
31.6
12.4
4.6
3.1
6.8
1.4
15.2
5.7
12.4
53.7
17.8
31.6
12.4
4.6
3.0
6.7
1.4
15.1
5.7
12.0
53.4
17.7
Merchant wholesale trade
Durable goods.
Nondurable goods
Retail trade........
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...........................................................................................
357.8
349.7
357.4
357.8
358.2
354.4
349.7
345.4
225.2
133.8
214.5
135.4
226.5
132.4
225.2
133.8
224.2
135.0
219.4
135.6
214.5
135.4
210.1
135.3
451.6
440.0
455.6
451.6
445.8
442.3
440.0
435.9
145.7
33.1
45.7
33.8
36.7
71.2
84.4
136.0
32.2
46.7
34.3
35.6
70.2
82.7
147.8
33.6
46.2
33.9
37.1
71.8
84.3
145.7
33.1
45.7
33.8
36.7
71.2
84.4
141.0
32.8
45.7
34.1
36.3
70.3
84.0
138.2
32.4
46.0
34.2
36.2
70.0
83.5
136.0
32.2
46.7
34.3
35.6
70.2
82.7
133.0
32.2
46.3
34.3
34.9
69.9
82.9
p Preliminary
r Revised
N o t e . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in
inventories for 2000 equals the current-dollar change in inventories for 2000 and that the average of the
1999 and 2000 end-of-year chain-weighted and fixed-weighted inventories are equal. Because the formula
for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar
estimates are usually not additive.
S urvey
Ju ly 2 0 0 9
7
C u r r e n t B usin ess
of
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate
[Billions of chained (2000) dollars]
2008
2009
IV
2008
I
November
2009
December
January'
February'
March r
April p
Manufacturing and trade industries.............................................................
903.7
878.7
898.9
892.3
881.1
881.3
873.9
870.5
Manufacturing...........................................................................................................
301.5
288.7
298.2
295.8
289.3
288.9
287.8
287.3
Durable goods.......................................................................................................
168.7
156.4
167.4
165.2
157.8
157.1
154.4
154.6
Wood products...........................................................................................
Nonmetallic mineral products
Primary metals.........
Fabricated metal products
Machinery...............
Computer and electronic products................................................................
Electrical equipment, appliances, and components.........................................
Transportation equipment............................................................................
Furniture and related products......................................................................
Miscellaneous manufacturing........................................................................
7.1
6.1
10.2
19.2
22.1
41.1
7.5
42.0
4.6
10.5
7.1
5.5
9.2
18.0
19.1
38.1
6.8
40.1
4.2
10.3
7.1
6.0
10.2
19.3
22.1
40.3
7.3
41.4
4.6
10.6
6.9
5.8
10.0
18.7
21.5
40.6
7.4
41.4
4.4
10.3
7.1
5.6
9.3
18.1
19.6
38.8
6.9
39.8
4.2
10.3
7.2
5.5
9.4
18.1
19.3
37.9
6.8
39.9
4.3
10.4
7.0
5.3
8.8
17.8
18.3
37.7
6.7
40.5
4.1
10.2
7.3
5.2
8.7
17.6
17.7
38.7
6.7
40.7
4.1
10.3
Nondurable goods................................................................................................
132.9
131.3
131.1
130.7
130.8
131.0
132.3
131.6
34.0
9.3
2.2
1.8
2.7
0.5
10.9
7.2
17.7
33.6
13.3
34.9
9.0
2.0
1.6
2.5
0.4
10.4
7.1
18.0
32.9
12.4
33.8
9.2
2.2
1.8
2.7
0.5
11.0
7.1
17.2
33.0
13.1
34.1
9.4
2.1
1.7
2.7
0.5
10.6
7.0
17.6
32.3
13.0
34.5
9.2
2.0
1.7
2.6
0.5
10.4
7.1
17.9
32.7
12.1
34.8
9.1
2.0
1.6
2.5
0.4
10.5
7.0
17.0
33.3
12.7
35.3
8.6
1.9
1.6
2.4
0.4
10.4
7.0
19.2
32.7
12.4
35.0
9.1
2.0
1.6
2.4
0.4
10.4
7.0
18.1
33.1
12.3
273.7
263.1
270.7
271.9
263.4
264.9
261.1
259.0
142.7
130.6
131.2
130.1
141.6
128.8
139.6
131.5
130.9
130.6
133.6
129.8
129.2
130.0
127.4
,129.5
331.8
330.7
333.4
328.1
332.2
331.5
328.3
327.4
65.5
33.6
29.7
41.3
19.9
57.8
87.5
64.5
33.9
29.1
41.2
20.3
58.7
86.9
65.7
33.9
29.6
41.7
20.0
58.2
87.8
64.5
33.0
29.1
40.7
19.3
57.8
87.2
66.1
34.3
29.2
41.3
20.3
58.5
86.6
64.3
34.6
29.1
41.1
20.6
59.0
87.0
63.0
32.8
29.1
41.2
20.1
58.5
87.0
62.5
32.5
28.9
41.1
20.0
58.3
87.2
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.
Merchant wholesale trade..........
Durable goods................................................................................................
Nondurable goods........
Retail trade.......................
Motor vehicle and parts dealers
Furniture and home furnishings and electronics and appliance stores...................
Building material and garden equipment ana supplies stores...............................
Food and beverage stores................................................................................
Clothing and clothing accessories stores...........................................................
General merchandise stores............................................................................
Other retail stores...........................................................................................
p Preliminary
r Revised
N o t e . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar sales are calculated as the product of the chain-type quantity index and the 2000
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quan
tity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not
additive.
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on chained (2000) dollars]
2008
2009
IV
1
2008
November
2009
December
January r
February'
March r
April p
1.40
1.41
1.41
1.42
1.43
1.42
1.42
1.42
Manufacturing.....
1.51
1.56
1.53
1.54
1.57
1.57
1.57
1.57
Durable goods..
1.73
1.85
1.72
1.77
1.85
1.86
1.88
1.87
1.38
1.54
1.85
1.64
1.67
1.60
1.67
1.99
1.49
1.78
1.46
1.69
2.01
1.75
1.92
1.70
1.79
2.06
1.56
1.86
1.38
1.57
1.86
1.61
1.64
1.62
1.71
1.96
1.50
1.74
1.42
1.62
1.90
1.69
1.71
1.62
1.69
2.02
1.54
1.82
1.41
1.68
2.04
1.75
1.91
1.69
1.80
2.09
1.61
1.84
1.39
1.69
2.00
1.75
1.93
1.73
1.78
2.08
1.56
1.84
1.47
1.74
2.10
1.77
2.00
1.72
1.83
2.04
1.59
1.88
1.41
1.74
2.09
1.78
2.06
1.67
1.79
2.04
1.59
1.86
Manufacturing and trade industries.............................................................
Wood products
Nonmetallic mineral products........................................................................
Primary metals...........................................................................................
Fabricated metal products.
Machinery.........................
Computer and electronic products
Electrical equipment, appliances, and components.........................................
Transportation equipment...
Furniture and related products
Miscellaneous manufacturing
Nondurable goods.................................................................................................
1.24
1.25
1.30
1.26
1.26
1.25
1.24
1.24
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
0.91
1.32
2.16
1.89
2.57
2.89
1.42
0.87
0.72
1.57
1.39
0.91
1.38
2.34
1.89
2.72
3.13
1.46
0.81
0.69
1.63
1.43
0.91
1.33
2.18
1.91
2.59
2.92
1.47
0.85
0.93
1.61
1.47
0.91
1.31
2.29
1.95
2.60
2.95
1.47
0.89
0.72
1.63
1.42
0.91
1.32
2.35
1.88
2.70
3.04
1.48
0.82
0.72
1.63
1.52
0.90
1.35
2.37
1.89
2.69
3.08
1.47
0.83
0.71
1.59
1.44
0.89
1.44
2.37
1.95
2.85
3.15
1.47
0.82
0.65
1.64
1.44
0.90
1.36
2.38
1.89
2.80
3.11
1.45
0.81
0.66
1.62
1.45
Merchant wholesale trade.........................................................................................
1.31
1.33
1.32
1.32
1.36
1.34
1.34
1.33
Durable goods................................................................................................
Nondurable goods........
1.58
1.02
1.63
1.04
1.60
1.03
1.61
1.02
1.71
1.03
1.64
1.05
1.66
1.04
1.65
1.05
1.36
1.33
1.37
1.38
1.34
1.33
1.34
1.33
2.23
0.99
1.54
0.82
1.85
1.23
0.97
2.11
0.95
1.61
0.83
1.75
1.20
0.95
2.25
0.99
1.56
0.81
1.86
1.23
0.96
2.26
1.00
1.57
0.83
1.90
1.23
0.97
2.13
0.96
1.57
0.83
1.79
1.20
0.97
2.15
0.94
1.58
0.83
1.76
1.19
0.96
2.16
0.98
1.61
0.83
1.77
1.20
0.95
2.13
0.99
1.60
0.83
1.75
1.20
0.95
Retail trade.......................
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...........................................................................................
p Preliminary
r Revised
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
8
R e a l In v e n to rie s a n d S a l e s
Ju ly 2 0 0 9
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period
[Billions of chained (2000) dollars]
2008
2009
IV
I
2008
November
2009
December
January r
February r
March '
April p
Materials and supplies
Manufacturing............................................................................................................
154.8
155.1
155.6
154.8
155.8
155.9
155.1
154.0
Durable goods.......................................................................................................
97.8
99.1
96.6
97.8
99.1
99.7
99.1
98.5
Wood products............
Nonmetallic mineral products........................................................................
Primary metals............
Fabricated metal products
Machinery..................................................................................................
Computer and electronic products................................................................
Electrical equipment, appliances, and components.........................................
Transportation equipment.............................................................................
Furniture and related products......................................................................
Miscellaneous manufacturing........................................................................
4.4
3.5
8.2
11.5
13.2
21.8
5.0
20.0
3.4
5.8
4.7
3.6
8.4
11.6
13.9
21.8
4.9
19.6
3.2
6.1
4.3
3.6
7.7
11.3
13.3
21.8
5.0
19.6
3.4
5.7
4.4
3.5
8.2
11.5
13.2
21.8
5.0
20.0
3.4
5.8
4.5
3.6
8.4
11.7
13.9
21.9
5.0
19.5
3.4
6.0
4.5
3.6
8.5
11.7
14.0
22.1
4.9
19.8
3.3
6.0
4.7
3.6
8.4
11.6
13.9
21.8
4.9
19.6
3.2
6.1
4.8
3.6
8.4
11.4
13.7
21.8
4.8
19.5
3.2
6.1
Nondurable goods..................................................................................................
57.6
56.7
59.4
57.6
57.4
56.9
56.7
56.2
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........................................................................
9.7
5.5
1.6
1.1
1.8
0.4
7.4
2.4
4.1
16.3
7.5
9.9
5.5
1.6
1.0
1.8
0.5
7.3
2.1
4.1
16.0
7.3
9.5
5.6
1.7
1.1
1.8
0.4
7.7
2.3
5.4
16.1
7.7
9.7
5.5
1.6
1.1
1.8
0.4
7.4
2.4
4.1
16.3
7.5
9.8
5.4
1.6
1.0
1.8
0.4
7.5
2.2
4.1
16.2
7.6
9.7
5.5
1.6
1.0
1.8
0.5
7.5
2.2
3.9
16.1
7.5
9.9
5.5
1.6
1.0
1.8
0.5
7.3
2.1
4.1
16.0
7.3
10.0
5.6
1.6
1.0
1.8
0.4
7.4
2.1
3.7
16.0
7.2
Work-in-process
Manufacturing............................................................................................................
140.7
140.2
139.1
140.7
141.4
140.6
140.2
140.8
Durable goods........................................................................................................
114.0
112.4
111.1
114.0
114.0
113.4
112.4
112.9
Wood products............
Nonmetallic mineral products
Primary metals............
Fabricated metal products
Machinery...................
Computer and electronic products
Electrical equipment, appliances, and components.........................................
Transportation equipment.............................................................................
Furniture and related products......................................................................
Miscellaneous manufacturing........................................................................
1.8
1.1
5.1
9.8
11.5
26.9
4.2
50.8
1.1
3.7
1.8
1.1
4.7
9.8
11.0
26.7
4.1
50.4
1.2
3.8
1.8
1.1
5.3
9.6
11.0
26.5
4.2
48.4
1.1
3.7
1.8
1.1
5.1
9.8
11.5
26.9
4.2
50.8
1.1
3.7
1.8
1.1
5.0
9.9
11.5
26.8
4.2
50.8
1.2
3.8
1.8
1.1
4.9
9.8
11.3
26.7
4.1
50.7
1.2
3.8
1.8
1.1
4.7
9.8
11.0
26.7
4.1
50.4
1.2
3.8
1.8
1.1
4.5
9.9
11.0
26.7
4.1
51.2
1.1
3.7
Nondurable goods............... ................................................................................
27.9
28.8
29.0
27.9
28.5
28.3
28.8
28.9
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.........................................................................
4.0
1.8
0.9
0.5
1.1
0.2
1.6
1.0
2.5
12.2
2.0
4.1
1.9
0.8
0.5
1.1
0.2
1.6
0.9
2.7
12.8
1.9
4.0
1.8
0.9
0.5
1.1
0.2
1.7
0.9
3.7
11.6
2.1
4.0
1.8
0.9
0.5
1.1
0.2
1.6
1.0
2.5
12.2
2.0
4.0
1.8
0.9
0.5
1.1
0.2
1.6
0.9
3.0
12.4
2.0
4.0
1.9
0.8
0.5
1.1
0.2
1.6
0.9
2.6
12.6
2.0
4.1
1.9
0.8
0.5
1.1
0.2
1.6
0.9
2.7
12.8
1.9
4.0
1.9
0.8
0.5
1.0
0.2
1.6
0.9
2.9
12.9
2.0
156.4
78.2
161.6
159.0
80.4
157.7
156.7
156.4
155.3
80.0
79.4
78.8
78.2
77.8
3.7
4.7
5.5
10.0
12.0
16.8
3.2
12.9
2.2
9.3
3.7
4.6
5.4
10.2
11.8
16.7
3.2
12.7
2.2
9.3
3.8
4.6
5.3
10.1
11.7
16.4
3.1
12.7
2.1
9.4
3.8
4.5
5.1
10.0
11.8
16.3
3.2
12.6
2.1
9.4
Finished goods
Manufacturing
Durable goods
159.0
80.4
Wood products
Nonmetallic mineral products........................................................................
Primary metals...........................................................................................
Fabricated metal products............................................................................
Machinery
Computer and electronic products................................................................
Electrical equipment, appliances, and components.........................................
Transportation equipment.............................................................................
Furniture and related products......................................................................
Miscellaneous manufacturing........................................................................
3.7
4.8
5.5
10.1
12.1
17.4
3.3
13.0
2.3
9.2
3.8
4.6
5.3
10.1
11.7
16.4
3.1
12.7
2.1
9.4
3.6
4.7
5.8
10.0
12.0
17.0
3.3
13.1
2.3
9.1
3.7
4.8
5.5
10.1
12.1
17.4
3.3
13.0
2.3
9.2
Nondurable goods..................................................................................................
78.9
78.4
81.7
78.9
78.5
78.1
78.4
77.7
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.........................................................................
17.4
4.9
2.2
1.7
4.1
0.7
6.4
2.8
6.1
24.3
8.9
17.6
4.9
2.2
1.6
4.0
0.7
6.3
2.7
5.6
24.9
8.6
17.2
4.8
2.2
1.7
4.1
0.7
6.7
2.9
6.9
25.4
9.4
17.4
4.9
2.2
1.7
4.1
0.7
6.4
2.8
6.1
24.3
8.9
17.5
4.8
2.2
1.7
4.0
0.7
6.3
2.8
5.8
24.6
8.8
17.6
4.8
2.2
1.6
4.0
0.7
6.3
2.8
5.6
24.5
8.7
17.6
4.9
2.2
1.6
4.0
0.7
6.3
2.7
5.6
24.9
8.6
17.6
4.9
2.2
1.6
3.9
0.7
6.2
2.7
5.4
24.7
8.5
p Preliminary
r Revised
N o t e . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in
inventories for 2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999
and 2000 end-of-year chain-weighted and fixed-weighted inventories are equal. Because the formula for the
chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates
are usually not additive.
10
Ju ly 2 0 0 9
The International Investment Position of the United States
at Yearend 2008
By Elena L Nguyen
Table A. U.S. Net International Investment Position at Yearend
HE NET international investment position of the
United States was -$3,469.2 billion (preliminary)
at yearend 2008, compared with -$2,139.9 billion (re
vised) at yearend 2007 (table 1, chart 1). At yearend
2008, the value of foreign-owned assets in the United
States continued to exceed the value of U.S.-owned as
sets abroad.
The -$1,329.3 billion change in the U.S. net invest
ment position from yearend 2007 to yearend 2008 re
sulted from (1) declines in the prices of U.S.-held
foreign stocks that surpassed declines in the prices of
foreign-held U.S. stocks, (2) the depreciation of most
major currencies against the U.S. dollar that lowered
the dollar value of U.S.-owned assets abroad, and (3)
net foreign acquisitions of financial assets in the United
States that exceeded net U.S. acquisitions of financial
assets abroad. The impact of these differences was
partly offset by “other” changes (such as changes in re
porting panels and capital gains and losses) that raised
the value of U.S.-owned assets abroad and lowered the
value of foreign-owned assets in the United States.
In 2008, U.S.-owned assets abroad increased
T
[Billions of dollars]
2006
Net position....................................................................................
Financial derivatives, net........................................................
Net position, excluding financial derivatives...............................
U.S.-owned assets abroad........................................................
Financial derivatives (gross positive fair value).......................
U.S.-owned assets abroad, excluding financial derivatives.....
Foreign-owned assets in the United States.............................
Financial derivatives (gross negative fair value).....................
Foreign-owned assets in the United States, excluding financial
derivatives.....................................................................
2007
2008
-2,184.3 -2,139.9 -3,469.2
59.8
71.5
159.6
-2,244.1 -2,211.4 -3,628.8
14.428.1 18,278.8 19,888.2
1,239.0 2,559.3 6,624.5
13.189.1 15,719.5 13,263.6
16,612.4 20.418.8 23.357.4
1,179.2 2,487.9 6,465.0
15,433.3 17.930.9 16.892.4
$1,609.3 billion to $19,888.2 billion, and foreignowned assets in the United States increased $2,938.6
billion to $23,357.4 billion (table A). Both of these in
creases resulted from increases in U.S. holdings of fi
nancial derivatives as assets and as liabilities that more
than offset sizable declines in U.S.-owned assets and
foreign-owned assets excluding financial derivatives.
U.S. holdings of financial derivatives as assets (with
positive gross value) increased $4,065.2 billion and as
liabilities (with negative gross value) increased
$3,977.1 billion. These large changes were mainly due
Chart 1. Net International Investment Position of the United States at Yearend, 1983-2008
Billion $
5 00 —
1983
84
85
86
U.S. Bureau of Economic Analysis
87
88
89
1990
91
92
93
94
95
96
97
98
99
2000
01
02
03
04
05
06
07
08
Ju ly 2 0 0 9
Su r v e y
of
C
urrent
to increases in U.S. claims and liabilities from interestrate swap contracts caused by sharp declines in yields
on interest-rate swaps in the first and fourth quarters
of 2008. Because changes to U.S. assets and liabilities in
financial derivatives are largely offsetting, they have lit
tle impact on the U.S. net investment position.
U.S.-owned assets abroad excluding financial deriv
atives decreased $2,455.9 billion to $13,263.6 billion in
2008.
• Financial flows excluding financial derivatives raised
the value of U.S.-owned assets abroad by $0.1 bil
lion in 2008 (table B). In 2008, U.S. banks and n o n
banks reduced their claims against foreign residents,
and U.S. residents sold more foreign securities than
they purchased. However, U.S. direct investment
abroad remained robust, and U.S. government
holdings of foreign currencies increased substan
tially as a result of unprecedented net drawings on
temporary reciprocal currency arrangements (swap
lines) between the U.S. Federal Reserve System and
foreign central banks.
Table B. Changes in U.S.-Owned Assets Abroad
Excluding Financial Derivatives
[Billions of dollars]
2007
B
11
u s in e s s
tion of most major foreign currencies against the
U.S. dollar from yearend 2007 to yearend 2008
sharply lowered the value of U.S.-owned assets
abroad, especially of U.S.-owned foreign stocks.
Foreign-owned assets in the United States excluding
financial derivatives decreased $1,038.5 billion to
$16,892.4 billion in 2008.
• Financial flows excluding financial derivatives raised
the value of foreign-owned assets in the United
States by $534.1 billion in 2008 (table C). In 2008,
net foreign purchases of Treasury securities and for
eign direct investment in the United States were
especially strong. In contrast, foreign residents sold
more U.S. securities other than Treasury securities
than they purchased, and U.S. banks and nonbanks
reduced their liabilities to foreign residents.
Table C. Changes in Foreign-Owned Assets in the United States
Excluding Financial Derivatives
[Billions of dollars]
2007
2008
-1 ,0 3 8 .5
Total c h a n g e ...................................
2,497.6
Financial flo w s ..........................
2,129.5
534.1
Valuation adjustm ents............
Price changes....................
Exchange-rate changes..,
Other valuation changes..
368.1
244.1
85.5
38.6
-1 ,5 7 2 .5
-1 ,2 3 4 .2
-9 8 .0
-2 4 0 .3
2008
Total c h a n g e .............................
2,530.4
Financial flo w s ....................
1,472.1
0.1
Valuation ad ju s tm en ts......
Price changes...................
Exchange-rate changes..
Other valuation changes.
1,058.3
476.5
529.2
52.6
-2 ,4 5 6 .0
-1 ,9 5 4 .3
-681.1
179.4
-2 ,4 5 5 .9
•Valuation adjustments excluding those on financial
derivatives lowered the value of U.S.-owned assets
abroad by $2,456.0 billion (table B). Declining
prices of foreign stocks and exchange-rate deprecia
•Valuation adjustments excluding those on financial
derivatives lowered the value of foreign-owned
assets in the United States by $1,572.5 billion, largely
as a result of declines in the prices of U.S. stocks.
This article presents the major changes in U.S.ow ne d assets abroad and in foreign-owned assets in
the United States in 2008. Tables 1 and 2 at the end of
this article present estimates of the yearend positions
by type of asset.
Improvements to the Statistics
Statistics of the U.S. international investment position
presented in this article include newly available source
data and methodological changes that are related to the
improvements incorporated in the annual revision of the
U.S. international transactions accounts.
This year, the revised position statistics reflect the incor
poration of results from the U.S. Treasury Department’s
annual survey of securities claims for December 2007 and
annual survey of securities liabilities for lune 2008.
In addition to the inclusion of survey and improved
source data, the position statistics were revised to incor
porate newly available or revised quarterly source data.
Revisions attributable to these updated source data were
for 2006-2007. Revisions to the U.S. net international
investment position from all sources were $41.5 billion
for 2006 and $301.9 billion for 2007. The U.S. net inter
national investment position at yearend 2007 was revised
to -$2,139.9 billion from -$2,441.8 billion.
For additional information, see “Annual Revision of
the U.S. International Accounts” in this issue.
12
International Investment Position
C h a n g e s
F in a n c ia l
in
U .S .- O
w
n e d
A s s e t s
drew large amounts of dollars under these swap lines in
the later part of 2008 w h e n the international dollar
funding markets experienced a severe liquidity shortage.
A b r o a d
d e r iv a tiv e s
U.S. holdings of financial derivatives with gross posi
tive fair value increased $4,065.2 billion to $6,624.5
billion in 2008 (table D).1Most of the increase was at
tributable to increases in over-the-counter (OTC)
single-currency interest-rate contracts, especially
swaps, and in “other” O T C contracts, especially
credit-default swaps. By area, most of U.S. positions
were with counterparties in Europe, predominantly
the United Kingdom.
U .S .
o ffic ia l
g o v e r n m
r e s e r v e
a s s e ts
a n d
o th e r
July 2009
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 decreased $410.8 billion to $3,410.8
billion in 2008. Most of the decrease reflected cutbacks
in lending by U.S. securities brokers and m u c h lower
international syndicated lending activity. In 2008, U.S.
financial institutions sharply reduced financial lever
age on their balance sheets as they shored up cash re
serves to cushion against writeoffs on impaired assets.
U.S. banks’ and securities brokers’ o w n claims de
nominated in dollars decreased $358.8 billion to
$2,443.3 billion (table E). Most of the decrease re
flected repayments of funds from affiliated offices
overseas, mainly in Western Europe.
U .S .
e n t a s s e ts
U.S. official reserve assets increased $16.5 billion to
$293.7 billion in 2008, mostly as a result of an increase
in the market value of the official U.S. gold stock. U.S.
official holdings of foreign currencies and U.S. reserve
position at the International Monetary Fund (IMF)
also increased. In contrast, special drawing rights de
creased, mainly as a result of exchange-rate changes.
U.S. government assets other than official reserve as
sets increased $529.6 billion to $624.1 billion. The in
crease resulted from net drawings on temporary
reciprocal currency arrangements (swap lines) between
the Federal Reserve System and foreign central banks
that do not meet the strict definition of U.S. reserve as
sets. Several central banks mostly in Europe and Asia
Table E. U.S. Claims Reported by U.S. Banks
and Securities Brokers and U.S. Nonbanks at Yearend
[Billions of dollars]
1. A derivatives contract with a positive fair value represents the amount
that a foreign resident would have to pay to a U.S. counterparty if the con
tract was terminated or settled. A contract with a negative fair value repre
sents the am ount that a U.S. resident would have to pay to a foreign
counterparty if the contract was terminated or settled. The gross positive
(or negative) fair value is the sum of all contracts with positive (or negative)
fair values. Fair values are different from notional values, which are the
underlying amounts used to calculate payments on contracts.
2006
2007
2008
U.S. claim s reported by U.S. banks and securities
brokers................................................................................................
3,160.4
3,821.5
3,410.8
Claims for own accounts, denominated in dollars....................
U.S.-owned banks’ claims.....................................................
Foreign-owned banks’ claim s..............................................
Brokers’ and dealers’ claim s.................................................
Claims for customers’ accounts, denominated in dollars.......
Claims, denominated in foreign currencies................................
2,298.9
556.4
1,108.7
633.8
665.4
196.1
2,802.1
705.0
1,365.5
731.6
778.2
241.2
2,443.3
865.0
1,155.8
422.5
748.5
219.0
U.S. claim s reported by U.S. nonbanking co n c ern s..............
1,184.1
1,239.7
991.9
U.S. banks’ domestic customers’ claims denomi
nated in dollars decreased $29.7 billion to $748.5 bil
lion, reflecting a decrease in offshore deposits and
brokerage balances. U.S. banks’ claims payable in for
eign currencies also decreased, mostly as a result of ex
change-rate changes.
Table D. Gross Positive Fair Value of Financial Derivatives
[Billions of dollars]
Changes
2007
2008
2008
2 007 -2008
I
Financial deriv atives.................................................................................................................................
By type:
Over-the-counter contracts...............................................................................................................
Single-currency interest-rate contracts....................................................................................
Foreign exchange contracts........................................................................................................
O th er..................................................................................................................................................
Exchange-traded contracts..............................................................................................................
By area:
Europe....................................................................................................................................................
O f w hich: United Kingdom...........................................................................................................
C anada...................................................................................................................................................
Caribbean financial centers..............................................................................................................
O f which: Cayman Islan ds.........................................................................................................
Latin America, excluding Caribbean financial centers..............................................................
A s ia .........................................................................................................................................................
O f which: Japan
Africa..................
O th er..................
2,559.3
II
III
IV
6,624.5
1,626.9
-5 4 7 .9
-398 .1
3,384.2
4,065.2
2,526.1
1,463.1
290.9
772.0
33.3
6,562.9
4,551.0
497.2
1,514.6
61.7
1,616.9
900.0
145.6
571.4
-5 6 7 .4
-5 3 7 .8
-8 7 .5
57.9
19.6
-385.1
-1 7 0 .2
7.0
-2 2 1 .9
-1 3 .0
3,372.4
2,896.0
141.2
335.2
11.9
4,036.8
3,087.9
206.3
742.6
28.4
2,229.4
1,558.5
51.6
133.3
6,059.2
4,657.8
92.2
186.0
153.1
15.7
233.4
141.6
6.4
31.7
1,472.0
1,080.9
19.9
51.1
42.2
5.8
68.7
32.2
0.7
-4 8 3 .8
-3 6 6 .8
3.3
-25.1
-23.1
- 1 .7
-4 1 .8
-3 3 .4
-3 3 1 .7
-1 7 7 .6
-1 9 .2
-1 9 .2
-1 6 .6
3,829.8
3,099.3
40.6
52.7
41.1
-0 .3
130.1
75.0
8.8
- 0.1
3,173.3
2,562.7
36.5
46.0
38.5
0.3
117.4
79.8
1.7
9.1
112.0
16.0
103.3
66.6
4.3
21.4
10.0
1.2
- 4 .8
-1 4 .2
- 3 .6
-1 .4
-7 .6
2.1
10.3
July 2009
Su r v e y
of
C
urrent
U.S. claims on foreigners reported by U.S. nonbank
ing concerns decreased $247.8 billion to $991.9 billion
(table E). Financial flows lowered nonbanks’ claims by
$372.2 billion. In contrast, “other” changes raised n o n
banks’ claims by $140.5 billion, mainly as a result of
changes in the reporting panels of data sources (some
existing respondents started to report U.S. claims that
were not previously reported).
F o r e ig n
s e c u r itie s
U.S. holdings of foreign securities decreased $2,590.8
billion to $4,244.3 billion in 2008, mostly as a result of
declines in the prices of foreign stocks and bonds. Exchange-rate changes and net U.S. sales also resulted in
lower U.S. holdings of foreign securities, which stood
at the lowest level in 4 years. In 2008, the global finan
cial turmoil caused the prices of m a n y financial assets
to fall sharply, particularly stocks, and to a lesser ex
tent, corporate bonds. The strengthening of the U.S.
dollar against most major foreign currencies during
the year further exacerbated the financial losses for
U.S. investors holding foreign-currency-denominated
assets. F r o m yearend 2007 to yearend 2008, the Federal
Reserve Board’s broad index of the U.S. dollar against
major foreign currencies appreciated 9 percent. In
2008, U.S. d e m a n d for foreign securities was the weak
est in more than four decades, as U.S. transactions in
foreign securities shifted to net sales of $.60.8 billion
from net purchases of $366.5 billion in 2007.
U.S. holdings of foreign stocks decreased $2,396.6
billion to $2,851.4 billion in 2008, mostly as a result of
price declines in major foreign stock markets. Accord
ing to Morgan Stanley Capital International, the world
(excluding the United States) stock index declined 43
percent in local currency. In 2008, net U.S. purchases
of foreign stocks were only $1.3 billion, the lowest an
nual level since 1988.
At yearend 2008, the largest U.S. holdings were in E u
ropean stocks, which stood at $1,336.0 billion, or 47
percent of total U.S. holdings of foreign stocks (table F).
U.S. holdings of Asian stocks, mostly Japanese stocks,
were $661.3 billion, or 23 percent, and U.S. holdings at
Caribbean financial centers were $373.4 billion, or 13
percent of total U.S. holdings of foreign stocks.
U.S. holdings of foreign bonds decreased $194.2 bil
lion to $1,392.9 billion in 2008, mostly as a result of
price declines in several major foreign bond markets, es
pecially the emerging markets, which depreciated 23
percent in value for the year. According to Merrill Lynch
Global Index System, the global broad market corporate
price index in local currency fell 10 percent for the year.
In 2008, U.S. transactions in foreign bonds shifted to net
sales of $62.1 billion, following 2 years of exceptionally
strong net purchases.
B
13
u s in e s s
Table F. U.S. Holdings of Foreign Stocks
by Major Area and Country at Yearend
[Billions of dollars]
Total holdin gs............................................................................................
Europe......................................................................................................
2006
2007
2008
4,329.0
2,191.1
5,248.0
2,569.4
2,851.4
1,336.0
689.1
306.9
262.9
220.4
161.5
85.6
92.7
55.9
44.4
298.1
418.1
734.7
347.8
281.0
329.2
154.0
106.6
96.9
90.2
71.7
379.0
588.6
376.8
196.5
195.9
177.0
80.1
60.8
49.0
40.8
33.6
212.5
373.4
160.6
191.9
. 207.0
231.9
256.1
293.8
165.9
145.1
150.3
92.0
84.6
1,050.2
172.6
85.4
1,193.7
82.8
46.8
661.3
543.5
114.2
85.8
73.9
74.2
49.4
39.6
115.1
529.2
129.2
119.5
95.7
81.0
65.6
49.1
157.9
138.1
355.6
55.9
48.6
48.1
42.1
39.5
30.7
78.5
69.0
O f which:
United Kingdom..............................................................
F rance..............................................................................
Switzerland......................................................................
Germ any..........................................................................
Netherlands.....................................................................
S p ain ................................................................................
Italy....................................................................................
Finland..............................................................................
Belgium and Luxembourg............................................
C an a d a.....................................................................................................
Caribbean financial centers................................................................
O f which:
Cayman Islands..............................................................
Bermuda...........................................................................
Latin America, excluding Caribbean financial centers.................
O f which:
B razil................................................................................
M exico..............................................................................
Asia............................................................................................................
O f which:
Japan................................................................................
Korea, Republic o f.........................................................
Hong Kong.......................................................................
• China...
Taiw an.
A frica..........................
O f which: South Africa...................................................................
Other countries......................................................................................
O f which: Australia...........................................................................
102.0
At yearend 2008, the largest U.S. holdings were in
European bonds, which stood at $691.1 billion, or 50
percent of total U.S. holdings of foreign bonds (table
G). U.S. holdings of foreign bonds at Caribbean finan
cial centers, mostly the C a y m a n Islands, were $280.7
billion, or 20 percent, and U.S. holdings of Canadian
bonds were $165.2 billion, or 12 percent of total U.S.
holdings of foreign bonds.
Table G. U.S. Holdings of Foreign Bonds
by Major Area and Country at Yearend
[Billions of dollars]
Total holdin gs.................................................................................................
Europe...........................................................................................................
2006
2007
2008
1,275.5
646.9
1,587.1
798.7
1,392.9
691.1
256.1
42.8
58.2
67.9
58.9
38.3
23.8
162.1
199.0
296.7
48.9
84.6
76.4
78.3
50.2
29.1
185.2
296.3
257.8
118.3
66.7
66.5
46.5
43.0
177.9
13.6
82.1
23.8
93.4
35.5
6.7
85.4
61.6
271.3
16.7
79.1
23.9
118.9
49.1
9.0
99.8
73.3
243.0
29.7
47.8
15.5
93.0
48.6
4.6
110.5
77.0
O f which:
United Kingdom..................................................................
Belgium and Luxembourg.................................................
Germany...............................................................................
Netherlands.........................................................................
France...................................................................................
Ireland...................................................................................
S w e d en .................................................................................
C an a d a.........................................................................................................
Caribbean financial centers.....................................................................
21.0
165.2
280.7
O f which:
Cayman Islands..................................................................
Berm uda...............................................................................
Latin America, excluding Caribbean financial centers.....................
O f which: M exico..................................................................................
Asia.................................................................................................................
O f which: Japan....................................................................................
A frica ............
Other countries
O f which: Australia...............................................................................
International Investment Position
14
U.S. direct investment abroad
The stock of U.S. direct investment abroad increased
$247.3 billion to $3,698.8 billion in 2008, as a result of
strong financial flows (table H). Financial flows in
creased U.S. direct investment abroad by $332.0 bil
lion, mostly as a result of reinvested earnings. Partly
offsetting were exchange-rate changes that reduced
U.S. direct investment abroad by $110.8 billion, as for
eign currencies depreciated against the U.S. dollar.
Table H. U.S. Direct Investment Abroad
[Billions of dollars]
2007
2008
Total position at y e a re n d ..
3,451.5
3,698.8
Total c h a n g e .........................
Financial outflows.............
Equity capital.................
Intercompany d e b t......
Reinvested earnings...
Price chan ges...................
Exchange-rate changes..
Other valuation chan ges.
503.3
398.6
174.9
-1 5 .3
239.0
29.6
77.2
- 2.2
247.3
332.0
90.2
- 9 .7
251.5
31.0
C h a n g e s
in
in
F o r e ig n - O
t h e
U n it e d
w
n e d
- 110.8
- 4 .9
A s s e t s
S t a t e s
Financial derivatives
U.S. holdings of financial derivatives with gross nega
tive fair value increased $3,977.1 billion to $6,465.0 bil
lion (table I). As with U.S. holdings of financial
J u ly 2 0 0 9
derivatives with gross positive fair value, most of the in
crease was attributable to increases in over-the-counter
(OTC) single-currency interest-rate contracts, espe
cially swaps, and in “other” O T C contracts, especially
credit-default swaps. By area, most of U.S. positions
were with counterparties in Europe, predominantly the
United Kingdom.
Foreign official assets
Foreign official assets in the United States increased
$467.4 billion to $3,871.4 billion in 2008. Financial
flows increased foreign official assets by $487.0 billion,
reflecting strong net purchases of U.S. securities, espe
cially Treasury securities.
Bank and nonbank liabilities
U.S. liabilities to private foreign residents and interna
tional financial institutions reported by U.S. banks and
securities brokers decreased $363.2 billion to $3,611.4
billion in 2008. Financial flows lowered U.S. banks’
and securities brokers’ liabilities by $326.6 billion, re
flecting significant cutbacks in borrowings from U.S.
securities brokers that more than offset increases in
borrowings from U.S. banks. Liabilities to foreign resi
dents for banks’ and securities brokers’ o w n accounts
denominated in dollars decreased $228.8 billion to
$2,823.4 billion (table J).
Valuing Direct Investment Positions and Other
Components 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 deter
mine, 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,” S u r v e y o f
C u r r e n t B u s i n e s s 71 (May 1991): 4 0 -4 9 .)
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 2008: Country and Industry Detail” in this
issue.
July 2009
15
S u r v e y o f C u r r e n t B u s in e s s
Table I. Gross Negative Fair Value of Financial Derivatives
[Billions of dollars]
Changes
2007
2008
2008
2 0 07 -2008
I
Financial d eriv atives.................................................................................................................................
By type:
Over-the-counter contracts..............................................................................................................
Single-currency interest rate contracts.....................................................................................
Foreign exchange contracts........................................................................................................
O ther..................................................................................................................................................
Exchange-traded contracts..............................................................................................................
By area:
E u ro p e...................................................................................................................................................
O f which: United Kingdom.
C a n a d a.........................................
Caribbean financial centers....
O f which: Cayman Islands.
Latin America, excluding Caribbean financial centers..............................................................
A sia.........................................................................................................................................................
O f which: Jap a n ............................................................................................................................
Africa......................................................................................................................................................
O th er......................................................................................................................................................
6,465.0
1,567.7
-5 2 7 .5
-3 8 9 .7
3,326.6
3,977.1
2,456.1
1,434.1
240.1
781.9
31.8
6,398.1
4,470.6
481.8
1,445.7
66.9
1,559.0
127.4
545.0
8.7
-546.1
-5 3 9 .6
-7 2 .8
66.4
18.6
-3 7 7 .0
-1 7 8 .9
30.7
-2 2 8 .8
-1 2 .7
3,306.0
2,868.4
156.4
281.3
20.5
3,942.0
3,036.5
241.7
663.8
35.1
2,174.4
1,535.5
43.8
132.8
5,933.7
4,593.8
90.7
167.0
133.6
13.0
219.8
142.6
5.5
35.2
1,428.1
1,059.4
15.1
42.4
34.6
5.0
67.3
34.1
0.9
8.7
-4 5 9 .2
-3 4 3 .4
-0 .4
-2 0 .9
-2 2 .5
- 1 .7
-4 3 .9
-3 5 .0
1.9
- 3 .3
-3 3 4 .5
-1 9 5 .2
-7 .7
-2 4 .5
-1 6 .9
-4 .1
-1 4 .9
-3 .9
- 1 .4
-2 .5
3,124.9
2,537.5
39.9
37.2
28.2
3,759.3
3,058.3
46.9
34.2
23.5
- 0.8
119.1
75.0
2.5
15.7
110.1
13.8
100.7
67.6
3.0
19.5
Table J. U.S. Liabilities Reported by U.S. Banks and Securities
Brokers and U.S. Nonbanks at Yearend
2007
2008
3,431.3
3,974.6
3,611.4
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................................
2,702.0
783.2
1,052.8
570.4
158.9
3,052.2
1 ,022.1
858.0
1,172.1
642.6
279.8
2,823.4
1,296.3
926.6
600.5
546.4
241.6
U.S. liabilities reported by U.S. nonbanking c o n c e rn s .............
799.5
1,000.4
873.2
U .S . T r e a s u r y
866.0
s e c u r itie s
Total foreign official and private holdings of U.S. Trea
sury securities increased $834.2 billion to $3,210.6 bil
lion in 2008 (table K). The increase reflected especially
strong net purchases from foreign residents and to a
certain extent, increases in the prices of Treasury secu
rities during the year w h e n global financial markets ex
perienced heightened uncertainty.
At yearend 2008, China surpassed Japan to become
the largest holder of U.S. Treasury securities with total
holdings valued at $807.5 billion, an increase of $320.7
billion from yearend 2007 (table K.) In 2008, China ac
quired U.S. Treasury securities at a record pace. Japan,
886.6
0.0
110.6
79.8
1.1
12.8
the second-largest holder of U.S. Treasury securities, saw
its holdings increase $52.1 billion to $668.9 billion. In
2008, Japan stepped up acquisitions of Treasury securi
ties, reversing a decreasing de ma n d dating back to 2004.
Together, Japan and China accounted for 46 percent of
total foreign holdings of U.S. Treasury securities.
Table K. Foreign Official and Private Holdings of U.S. Treasury
Securities by Selected Countries at Yearend
[Billions of dollars]
Total holdings............................................................................................
2006
2007
2008
2,126.2
2,376.4
3,210.6
445.2
636.4
101.5
53.0
18.3
33.8
72.8
53.2
54.3
37.4
486.8
616.8
116.1
135.5
41.1
50.4
94.6
54.5
52.6
42.0
807.5
668.9
173.4
136.7
134.7
124.9
119.9
81.6
75.8
65.1
O f which:
China................................................................................
Japan................................................................................
O PE C A s ia ......................................................................
B razil................................................................................
R ussia..............................................................................
Cayman Islands.............................................................
Belgium and Luxembourg............................................
Hong Kong.......................................................................
Taiw an..............................................................................
Switzerland......................................................................
[Billions of dollars]
2006
IV
III
2,487.9
U.S. banks’ liabilities for customers’ accounts de
nominated in dollars decreased $96.2 billion to $546.4
billion, reflecting a decrease in holdings of foreign ne
gotiable certificates of deposits and other short-term
securities. U.S. banks’liabilities payable in foreign cur
rencies decreased $38.2 billion to $241.6 billion.
U.S. liabilities to foreign residents reported by U.S.
nonbanking concerns decreased $127.2 billion to
$873.2 billion (table J). Financial flows lowered n o n
banks’liabilities by $45.2 billion.
U.S. liabilities reported by U.S. banks and securities
brokers....................................................................................................
II
O th e r
U .S . s e c u r itie s
Foreign private holdings of U.S. securities other than
U.S. Treasury securities decreased $1,486.5 billion to
$4,703.5 billion in 2008. The decrease resulted from
declines in the prices of U.S. stocks and corporate
bonds and from especially strong net foreign sales of
U.S. agency bonds. Exchange-rate changes of foreigncurrency-denominated U.S. corporate bonds also low
ered the value of foreign holdings somewhat as most
foreign currencies depreciated against the U.S. dollar
for the year.
Foreign holdings of U.S. bonds decreased $423.2
billion to $2,865.9 billion as a result of net foreign
sales, declining prices, and exchange-rate changes re
sulting from a decline of foreign currencies relative to
the U.S. dollar.
July 2009
International Investment Position
16
At yearend 2008, investors in Europe accounted
for $1,792.4 billion, or 63 percent of total foreign
holdings of U.S. corporate and agency bonds, most
of which were from Belgium and L u xembourg and
the United K i n g d o m (table L). Outside of Europe,
investment funds in Caribbean financial centers ac
counted for $505.6 billion, or 18 percent of total
foreign holdings. Investors in Asia, mostly lapan, ac
counted for $399.5 billion, or 14 percent of total
foreign holdings.
Table L. Foreign Private Holdings of U.S. Corporate and Agency
Bonds by Major Area and Country at Yearend
[Billions of dollars]
Table M. Foreign Private Holdings of U.S. Corporate Stocks by Major
Area and Country at Yearend
[Billions of dollars]
Total h o ldin gs.................................................................................................
Europe...........................................................................................................
2006
2007
2008
2,547.5
1,396.7
2,901.0
1,560.7
1,837.6
981.0
377.8
243.5
167.6
162.2
116.1
75.3
84.3
50.6
318.4
391.7
443.7
246.3
193.1
173.2
144.1
82.1
99.2
50.2
353.0
500.8
295.0
144.5
126.7
113.9
88.4
53.3
48.2
31.7
225.0
303.3
220.8
324.4
76.0
49.5
332.4
212.3
39.6
37.1
227.8
217.0
44.7
9.2
95.4
153.9
21.4
4.6
58.8
55.0
O f w hich:
United Kingdom...................................................................
Belgium and Luxembourg.................................................
Netherlands..........................................................................
Switzerland...........................................................................
France....
Ireland....
Germany
Sweden..
C an a d a .........................
Caribbean financial centers.....................................................................
O f which:
Cayman Islands..................................................................
Bermuda................................................................................
Latin America, excluding Caribbean financial centers.....................
Asia.................................................................................................................
72.0
40.2
309.8
O f which:
Total h o ld in g s ................................................................................................
Europe...........................................................................................................
2006
2007
2008
2,824.9
1,762.4
3,289.1
2,068.3
2,865.9
1,792.4
648.3
593.4
753.0
709.3
168.7
113.4
97.7
104.2
58.4
78.0
590.4
671.9
595.9
142.6
104.3
95.4
89.9
47.3
72.0
505.6
407.2
430.7
119.8
50.0
24.8
454.2
365.9
106.3
51.8
27.4
399.5
253.3
65.6
30.1
7.3
26.2
3.1
32.7
22.7
286.7
56.1
30.7
16.0
35.1
3.5
44.7
32.2
268.2
33.8
33.8
22.7
Japan.....................................................................................
Singapore.............................................................................
Africa..............................................................................................................
Other countries
O f which: Australia................................................................................
213.3
45.5
5.4
85.3
74.8
88.0
O f w hich:
Belgium and Luxembourg................................................
United Kingdom.................................................................
Ireland............
G erm any.......
Switzerland...
Netherlands.........................................................................
France...................................................................................
Caribbean financial centers.....................................................................
120.8
90.4
88.6
103.3
54.6
77.3
503.9
O f which:
Cayman Islands.................................................................
B erm uda..............................................................................
Latin America, excluding Caribbean financial centers.....................
O f which: Mexico..................................................................................
A s ia ................................................................................................................
353.7
110.8
38.3
11.6
U .S . c u r r e n c y
U.S. currency held by foreigners increased $29.2 billion
to $301.1 billion in 2008. Net U.S. currency shipments
to foreigners in 2008 were highest on record, dating
back to 1974. Most of the increase in shipments oc
curred in the second half of the year w h e n d e m a n d for
U.S. currency showed exceptional strength amid a
deepening global financial crisis.
O f w hich:
Japan ....................................................................................
China.
Taiwan
OPEC Asia...........................................................................
Hong Kong...........................................................................
Other countries............................................................................................
O f which: Australia..............................................................................
20.0
2.1
42.5
30.2
Foreign holdings of U.S. stocks decreased
$1,063.4 billion to $1,837.6 billion, mostly as a re
sult of sharp declines in the prices of U.S. stocks (ta
ble M). In 2008, net foreign purchases of U.S. stocks
were only $57.1 billion, a sharp decrease from
$230.5 billion in 2007.
At yearend 2008, investors in Europe accounted for
$981.0 billion, or 53 percent of total foreign holdings
of U.S. stocks. Outside of Europe, investment funds in
Caribbean financial centers accounted for $303.3 bil
lion, or 17 percent of total foreign holdings, Canadian
investors accounted for $225.0 billion, or 12 percent of
total holdings, and lapanese investors accounted for
$153.9 billion, or 8 percent of total holdings.
F o r e ig n
d ir e c t
in v e s tm
e n t
in
th e
U n ite d
S ta te s
The stock of foreign direct investment in the United
States increased $196.7 billion to $2,646.8 billion in
2008 as a result of strong financial flows (table N). Fi
nancial flows raised foreign direct investment in the
United States by $319.7 billion, mostly as a result of net
equity capital investment. In contrast, “other” valua
tion changes reduced foreign direct investment by
$141.6 billion, mainly as a result of capital losses in
curred by foreign-affiliated finance companies and
banks in the United States.
Table N. Foreign Direct Investment in the United States
[Billions of dollars]
2007
2008
Total position at yearen d ..........................................................................................
2,450.1
2,646.8
Total c h a n g e ..................................................................................................................
Financial inflows........
Equity capital..........
Intercompany debt.
Reinvested earnings
Price changes.............
Exchange-rate changes..........................................................................................
Other valuation changes.........................................................................................
296.1
275.8
155.4
71.0
49.4
23.6
4.9
- 8.1
196.7
319.7
250.2
15.0
54.6
25.0
-6 .4
-1 4 1 .6
Tables 1 and 2 follow.
July 2009
Survey
of
C
urrent
B
17
u s in e s s
Table 1. International Investment Position of the United States at Yearend, 2007 and 2008
[Millions of dollars]
Changes in position in 2008
Attributable to
Type of investment
Line
Position, 2 0 0 7 '
Position, 2 0 0 8 p
Valuation adjustments
Financial flows
(a)
Price changes
(b)
Exchange-rate
changes 1
(c)
Other changes 2
(d)
Total
(a+b+c+d)
Net international investm ent 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 ).
-2,13 9,916
71,472
-2,21 1,388
-5 0 5 ,0 6 0
28,905
-5 3 3 ,9 6 5
-72 0 ,1 3 7
(4)
-7 2 0 ,1 3 7
-583 ,040
(4)
-583 ,040
478,907
459,205
419,702
-1,32 9,330
-1,41 7,440
-3,4 6 9 ,2 4 6
159,582
-3,6 2 8 ,8 2 8
U.S.-owned assets abroad (lines 5 + 6 )..........................................................................................
Financial derivatives (gross positive fair valu e)........................................................................
U.S.-owned assets abroad, excluding financial derivatives (lines 7+1 2 + 1 7 )....................
18,278,842
2,559,332
15,719,510
(3)
(3)
106
(3)
(3)
-681 ,066
(3)
(3)
179,390
1,609,316
4,065,217
-2,455,901
19,888,158
6,624,549
13,263,609
U.S. official reserve assets.............................................................................................................
Gold..................................................................................................................................................
Special drawing rights......................................................................................................
Reserve position in the International Monetary F u n d .....
Foreign currencies....................................................................
277,211
218,025
9,476
4,244
45,466
4,848
(3)
(3)
-1,954,331
9,414
59,414
2,259
106
3,473
1,269
-2 4 2
-3 4
2,535
0
60
0
0
0
16,521
9,414
-1 3 6
3,439
3,804
293,732
227,439
9,340
7,683
49,270
U.S. government assets, other than official reserve assets
U.S. credits and other long-term assets 7 ..........................
Repayable in dollars....................................................................................................
O th e r 8 ............................................................................................................................
U.S. foreign currency holdings and U.S. short-term assets 9................................
94,471
70,015
69,742
273
24,456
529,615
-1 5 2
-1 5 2
C)
C)
14
14
14
529,629
-1 3 8
-1 3 8
U.S. private asse ts................................................................................................................
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 ,0...........................
15,347,828
3,451,482
6,835,079
1,587,089
5.247.990
1,239,718
3,821,549
-5 3 4 ,3 5 7
332,012
-60,761
-6 2 ,0 9 5
1,334
-37 2 ,2 2 9
-4 3 3 ,3 7 9
Foreign-ow ned assets in the United States (lines 2 5 + 2 6 ).........................................................
Financial derivatives (gross negative fair value).............................................................................
Foreign-owned assets in the Unites States, excluding financial derivatives (lines 27+34)..
20,418,758
2,487,860
17,930,898
(3)
534,071
Foreign official assets in the United States.....................................................................................
U.S. government securities..........
U.S. Treasury securities...........
O th er.............................................
Other U.S. government liabilities 11 ..............................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere 10........................................
Other foreign official assets.............................................................................................................
3,403,995
2,540,062
1,736,687
803,375
24,024
406,031
433,878
487,021
543,498
477,652
65,846
8,626
-15 3 ,4 4 3
88,340
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 10........................................
14,526,903
2,450,132
639,715
6,190,067
3,289,077
2.900.990
271,952
1,000,430
3,974,607
47,050
319,737
196,619
-1 2 6 ,7 3 7
-18 3 ,8 2 2
57,085
29,187
-4 5 ,1 6 7
-3 2 6 ,5 8 9
-1,221,279
24,986
54,349
-1,300,614
-1 8 0 ,1 6 5
-1,120,449
Mem oranda:
Direct investment abroad at market valu e................................................................................................
Direct investment in the United States at market value........................................................................
5,227,962
3,593,291
332,012
319,737
-2 ,2 4 0 ,5 4 7
-1,21 0,708
p Preliminary
r Revised
* Less than $500,000 (+/-)
.... Not applicable
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 due to year-to-year changes in the composition of reporting panels, primarily for bank
and nonbank estimates, and to the incorporation of survey results. Also includes capital gains and losses of direct invest
ment affiliates and changes in positions that cannot be allocated to financial flows, price changes, or exchange-rate
changes.
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 deriva
tives. Consequently, columns (a) through (d) on lines 4, 5, and 2 4,2 5 are not available.
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).
5. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
0
88,110
0
0
529,766
529,766
624,100
69,877
69,604
273
554,222
12,345,777
3,698,784
4,244,311
1.392.903
2,851,408
991,920
3,410,762
-6 8 3 ,3 2 5
-1 1 0 ,8 0 4
-5 3 5 ,2 4 6
-3 7 ,0 8 6
-4 9 8 ,1 6 0
-1 6 ,0 5 9
-2 1 ,2 1 6
179,376
-4 ,9 2 2
140,490
43,808
-3,002,051
247,302
-2,59 0,768
-19 4 ,1 8 6
-2,39 6,582
-2 4 7 ,7 9 8
-4 1 0 ,7 8 7
(3)
<3)
-9 8 ,0 2 6
(3)
(3)
-24 0 ,3 1 2
2,938,646
3,977,107
-1,038,461
23,357,404
6,464,967
16,892,437
-1 2 ,9 1 5
148,201
112,084
36,117
-6 ,7 3 9
-3 ,3 2 3
-751
-2 ,5 7 2
-1 6 1 ,1 1 6
-3 ,4 1 6
467,367
688,376
588,985
99,391
8,626
-1 5 3 ,4 4 3
-7 6 ,1 9 2
3,871,362
3,228,438
2,325,672
902,766
32,650
252,588
357,686
13,021,075
2,646,847
884,965
4,703,529
2.865.903
1,837,626
301,139
873,227
3,611,368
3,071,189
2,556,882
-1,9 6 3 ,7 4 5
31,016
-1,994,761
-9 5 ,0 0 5
-1 ,8 9 9 ,7 5 6
(3)
(3)
-1,234,194
0
0
0
0
0
-14,921
-9 ,6 7 5
-6 7 ,1 1 5
-2 6 ,9 7 5
-1,50 5,828
196,715
245,250
-1 ,4 8 6 ,5 3 8
-4 2 3 ,1 7 4
-1 ,0 6 3 ,3 6 4
29,187
-1 2 7 ,2 0 3
-3 6 3 ,2 3 9
-2 0 5 ,5 0 4
-4 2 ,7 3 4
-145 ,438
-2 ,15 6,773
-1 ,03 6,409
-9 8 ,0 2 6
-6 ,3 9 3
-6 7 ,0 3 7
-6 7 ,0 3 7
-2 3 3 ,5 7 3
-1 4 1 ,6 1 5
-5 ,7 1 8
7.850
7.850
0
0
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/monetizations are not included in
international transactions financial flows.
7. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscella
neous 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 sen/iced.
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. Includes foreign-currency-denominated assets obtained through temporary reciprocal currency arrangements
between the Federal Reserve System and foreign central banks. These assets are included in the investment position at
the dollar value established at the time they were received, reflecting the valuation of these assets in the Federal Reserve
System’s balance sheet. The movement of exchange rates does not affect this valuation.
10. Also includes claims/liabilities reported by U.S. securities brokers.
11. 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 2009
Table 2. International Investment Position
[Millions
Line
Type of Investment
1 N et international investm ent position of the United States (lines 2 + 3 ).
?
3
Financial derivatives, net (line 5 less line 2 5 ) 1...............................................
Net international investment position, excluding financial derivatives (line
6 less line 2 6 ).......................................................................................................
1982
1984
1978
1979
1980
1986
1987
1988
1989
1990
208,052
319,836
365,502
346,088
336,778
307,534
171,550
67,121
-2 1 ,7 6 6
-6 3 ,9 6 8
-160 ,865
-2 3 9 ,7 9 3
-2 2 3 ,4 0 5
208,052
346,088
336,778
307,534
171,550
67,121
-2 1 ,7 6 6
-6 3 ,9 6 8
-160 ,865
-2 3 9 ,7 9 3
-2 2 3 ,4 0 5
1981
1983
1985
319,836
365,502
U.S.-owned assets abroad (lines 5 + 6 )...........................................................
Financial derivatives (gross positive fair value ) 1........................................
U.S.-owned assets abroad, excluding financial derivatives (lines
7 + 1 2 + 1 7 ).........................................................................................................
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 2,070,868 2,178,978
621,227
786,701
U.S. official reserve asse ts..............................................................................
Gold 2.................................................................................................................
Special drawing rights...................................................................................
Reserve position in the International Monetary Fund..........................
Foreign currencies.........................................................................................
69,450
62,471
1,558
1,047
4,374
143,260
135,476
2,724
1,253
3,807
U.S. government assets, other than official reserve assets....................
U.S. credits and other long-term assets 3...............................................
Repayable in dollars................................................................................
O th e r 4..........................................................................................................
U.S. foreign currency holdings and U.S. short-term assets 5.............
53,187
52,252
49,817
2,435
935
58,851
57,909
54,616
3,293
942
U.S. private assets..............................................................................................
Direct investment at current c o s t 6............................................................
Foreign securities 7 ........................................................................................
Bonds 7........................................................................................................
Corporate stocks 7 ....................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns 8....................................................................................................
U.S. claims reported by U.S. banks, not included elsew here 9.........
498,590
285,005
53,384
42,148
11,236
584,590
336,301
56,769
41,966
14,803
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 2,070,868 2,178,978
171,412
143,445
139,875
168,714
124,568
123,110
105,040
117,930
162,370
144,179
174,664
155,816
105,644
120,635
100,484
81,202
85,834
102,428
127,648
107,434
105,164
102,406
2,610
4,096
5,250
5,641
5,025
7,293
8,395
9,637
10,283
9,951
10,989
2,852
5,054
7,348
11,541
11,312
11,947
11,730
11,349
9,745
9,048
9,076
10,134
10,212
9,774
6,289
6,656
17,322
12,856
13,090
17,363
44,551
52,193
65,573
70,893
76,903
81,664
86,945
89,792
87,892
91,850
90,681
86,643
84,344
63,731
69,320
75,105
79,852
84,857
87,854
90,923
89,900
87,163
86,057
83,716
60,731
72,635
89,271
66,591
77,618
82,819
85,978
88,344
85,768
84,734
82,602
2,470
3,000
2,729
2,234
2,038
1,876
1,652
1,556
1,395
1,323
1,114
1,842
1,798
1,812
927
1,573
2,088
1,938
781
729
586
628
692,821
888,088 1,006,200 1,012,915 1,079,674 1,237,671 1,393,476 1,597,594 1,815,511 1,919,970
806,206
388,072
407,804
374,059
355,643
348,342
404,818
371,036
478,062
513,761
553,093
616,655
62,454
62,142
74,046
88,804
84,723
158,123
232,849
119,403
188,589
314,294
342,313
43,524
56,604
85,724
45,675
58,569
62,810
75,020
104,187
93,889
116,949
144,717
18,930
16,467
17,442
26,154
25,994
44,383
72,399
94,700
128,662
197,345
197,596
29,385
130,816
34,491
157,029
38,429
203,866
42,752
293,508
35,405
404,578
131,329
434,505
413,175
466,865
564,304
655,579
771,658
903,440 1,033,350 1,220,275 1,491,162 1,710,495 1,990,530 2,310,661 2,402,383
26
Foreign-ow ned assets in th e U nited States (lines 25 + 2 6 ).....................
Financial derivatives (gross negative fair value) ’ ......................................
Foreign-owned assets in the Unites States, excluding financial
derivatives (lines 27 + 3 4 )..............................................................................
413,175
466,865
564,304
655,579
771,658
27
28
29
30
31
32
33
Foreign official assets in the United States..................................................
U.S. government securities..........................................................................
U.S. Treasury securities 10......................................................................
O th e r 10........................................................................................................
Other U.S. government liabilities 11...........................................................
U.S. liabilities reported by U.S. banks, not included elsewhere 12....
Other foreign official asse ts 10.....................................................................
173,057
128,511
123,991
4,520
12,749
23,327
8,470
159,852
106,640
101,748
4,892
12,749
30,540
9,923
176,062
118,189
111,336
6,853
13,367
30,381
14,125
180,425
125,130
117,004
8,126
13,029
26,737
15,529
189,109
132,587
124,929
7,658
13,639
24,989
17,894
903,440 1,033,350 1,220,275 1,491,162 1,710,495 1,990,530 2,310,661 2,402,383
194,468
199,678
202,482
241,226
283,058
322,036
341,746
373,293
136,987
144,665
178,916
260,934
145,063
220,548
263,612
291,228
129,716
138,168
138,438
173,310
252,962
213,713
257,201
285,911
7,271
6,497
5,606
7,972
6,625
6,835
6,411
5,317
14,231
14,959
15,803
17,993
15,667
15,200
15,374
17,243
25,534
26,090
26,734
27,920
31,520
31,838
36,495
39,880
13,964
16,397
17,716
14,882
14,382
15,005
26,265
24,942
34
35
36
37
38
39
40
Other foreign assets...........................................................................................
Direct investment at current c o s t 13...........................................................
U.S. Treasury securities 10...........................................................................
U.S. securities other than U.S. Treasury securities 10..........................
Corporate and other bonds 10................................................................
Corporate stock s'°...................................................................................
U.S. currency..................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns 14..................................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere 15....
240,118
68,976
8,910
53,554
11,457
42,097
14,940
307,013
88,579
14,210
58,587
10,269
48,318
16,642
388,242
127,105
16,113
74,114
9,545
64,569
19,415
475,154
164,623
18,505
75,085
10,694
64,391
20,974
582,549
184,842
25,758
92,988
16,709
76,279
23,441
708,972
193,708
33,846
113,811
17,454
96,357
27,546
833,672 1,017,793 1,249,936 1,427,437 1,668,494 1,968,915 2,029,090
223,538
284,701
247,223
334,552
401,766
467,886
505,346
62,121
87,954
96,078
82,588
100,877
166,541
152,452
128,477
207,868
309,803
341,732
392,292
482,864
460,644
32,421
140,863
191,314
82,290
166,089
231,673
238,903
96,056
125,578
168,940
175,643
200,978
251,191
221,741
29,942
33,258
35,679
39,545
43,656
47,405
63,991
16,019
77,719
18,669
110,326
30,426
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
167,093
637,126
213,406
633,251
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
832 460
534,734
731 762
539,601
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
41
42
Mem oranda:
43 Direct investment abroad at market value 6..........................................................
44 Direct investment in the United States at market value 13..................................
p Preliminary
r Revised
... Not applicable
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. Beginning in 2007, includes foreign-currency-denominated assets obtained through temporary reciprocal currency
arrangements between the Federal Resen/e System and foreign central banks.
6. 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
130,138
445,631
141,872
447,363
167,392
507,338
177,368
549,457
197,757
653,227
234,307
713,817
265,315
695,687
that are primarily engaged in financial intermediation. Estimates for 1976 forward are linked to the 1977,1982,1989,1994,
1999, and 2004 benchmark surveys of U.S. direct investment abroad.
7. Estimates include results of the 1994, 1997, 2001, and 2006 Benchmark Surveys of U.S. Portfolio Holdings of
Foreign Securities, and the results of the 2003,2004, 2005, and 2007 Annual Surveys of U.S. Holdings of Foreign Securi
ties, conducted by the U.S. Department of the Treasury.
8. 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 bankreported assets, and a reduction in counterparty balances to eliminate double counting. A break in series in 2005 reflects
the addition of previously unreported claims of U.S. financial intermediaries on their foreign parents associated with the
issuance of asset-backed commercial paper in the United States.
July 2009
Su r v e y
of
C
urrent
B
19
u s in e s s
of the United States at Yearend, 1978-2008
of dollars]
1991
-2 8 4 ,7 4 6
1992
-4 0 4 ,2 8 4
1993
-2 7 7 ,7 3 0
1994
-2 9 1 ,3 0 5
1995
-422,911
1996
-4 5 6 ,2 9 3
1997
-7 7 9 ,5 6 3
1998
-8 5 1 ,4 6 4
1999
2000
2001
2002
2003
2004
2005
2006'
2007r
2008 p
-7 2 4 ,3 4 3 -1 ,3 3 0 ,6 3 0 -1,86 8,875 -2 ,0 3 7 ,9 7 0 -2,08 6,513 -2 ,2 4 5 ,4 1 7 -1,9 2 5 ,1 4 6 -2 ,1 8 4 ,2 8 2 -2 ,1 3 9 ,9 1 6 -3 ,4 6 9 ,2 4 6
71,472
159,582
57,915
59,836
Line
1
?
-2 ,2 4 4 ,1 1 8 -2,2 1 1 ,3 8 8 -3 ,62 8,828
3
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
6,649,079
7,638,086
9,340,634 11,961,552 14,428,137 18,278,842 19,888,158
1,190,029
1,238,995 2,559,332 6,624,549
4
5
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
136,418
163,394
176,061
160,739
134,836
146,006
159,223
147,435
164,945
75,950
100,110
101,279
96,698
75,929
75,291
92,561
87,168
102,556
10,027
10,336
10,039
11,037
10,312
10,603
11,240
8,503
9,039
18,071
24,111
17,950
11,818
12,030
14,649
15,435
9,488
11,759
32,182
45,934
41,532
41,215
49,096
38,294
30,809
36,001
40,005
6,238,785
6,308,681
6,649,079
7,638,086
9,340,634 10,771,523 13,189,142 15,719,510 13,263,609
6
128,400
71,799
10,539
14,824
31,238
129,961
72,328
10,783
17,869
28,981
158,602
90,806
12,166
21,979
33,651
183,577
108,866
12,638
22,535
39,538
189,591
113,947
13,628
19,544
42,472
188,043
134,175
83,062
80,308
80,035
273
2,754
-2 8 4 ,7 4 6
-4 0 4 ,2 8 4
-2 7 7 ,7 3 0
-29 1 ,3 0 5
-422,911
-4 5 6 ,2 9 3
-7 7 9 ,5 6 3
-8 5 1 ,4 6 4
-72 4 ,3 4 3 -1 ,3 3 0 ,6 3 0 -1 ,8 6 8 ,8 7 5 -2,03 7,970 -2,08 6,513 -2,24 5,417 -1,983,061
8,036
37,622
219,853
165,267
8,870
5,040
40,676
277,211
218,025
9,476
4,244
45,466
293,732
227,439
9,340
7,683
49,270
77,523
76,960
76,687
273
563
72,189
71,635
71,362
273
554
94,471
70,015
69,742
273
24,456
624,100
69,877
69,604
273
554,222
8,210
86,123
83,999
83,606
393
2,124
86,198
84,130
83,780
350
2,068
86,768
84,850
84,528
322
1,918
84,227
81,657
81,367
290
2,570
85,168
82,574
82,293
281
2,594
85,654
83,132
82,854
278
2,522
85,309
82,682
82,406
276
2,627
84,772
81,980
81,706
274
2,792
2,045,811 2,101,239 2,505,321 2,739,816 3,225,147 3,785,445
643,364
663,830
723,526
786,565
885,506
989,810
455,750
515,083
853,528
937,153 1,203,925 1,487,546
481,411
176,774
200,817
309,666
310,391
413,310
543,862
626,762
790,615 1,006,135
278,976
314,266
4,346,872
1,068,063
1,751,183
543,396
1,207,787
4,862,772
1,196,021
2,069,383
594,400
1,474,983
5,753,749
1,414,355
2,551,949
548,233
2,003,716
6,025,217
1,531,607
2,425,534
572,692
1,852,842
6,093,066
1,693,131
2,169,735
557,062
1,612,673
6,405,168
1,867,043
2,076,722
702,742
1,373,980
7,369,737
2,054,464
2,948,370
868,948
2,079,422
9,067,981 10,505,957 12,897,100 15,347,828 12,345,777
2,498,494 2,651,721
2,948,172 3,451,482 3,698,784
3,545,396 4,329,259 5,604,475 6,835,079 4,244,311
984,978 1,011,554 1,275,515 1,587,089 1,392,903
2,560,418 3,317,705 4,328,960 5,247,990 2,851,408
545,524
588,322
704,517
982,102 1,009,046 1,082,928
836,559
1,231,517
839,303
1,390,897
901,946
1,559,457
594,004
1,772,899
793,556
2,230,535
2,571,202 2,735,980 3,031,378 3,278,423 3,909,183 4,488,600 5,347,469 5,947,010 6,698,737
7,569,415
8,177,556
8,687,049
2,571,202 2,735,980 3,031,378 3,278,423 3,909,183 4,488,600 5,347,469 5,947,010 6,698,737
896,174
509,422
535,227
682,873
820,823
873,716
951,088
398,538
437,263
381,687
407,152
507,460
631,088
648,188
669,768
693,781
329,317
311,199
606,427
622,921
617,680
396,887
489,952
615,076
305,994
322,600
373,050
33,112
46,847
8,637
10,265
17,508
24,661
76,101
5,205
6,717
21,712
21,141
23,678
23,573
22,592
18,386
18,610
20,801
22,113
135,384
138,847
54,967
69,721
73,386
107,394
113,098
125,883
38,396
82,137
54,045
68,432
97,319
32,178
35,901
31,011
44,446
30,333
7,569,415
8,177,556
1,030,708
756,155
639,796
116,359
19,316
153,403
101,834
1,109,072
847,005
720,149
126,856
17,007
134,655
110,405
2,172,664 2,298,717 2,521,956 2,743,196 3,226,310 3,667,777 4,473,753 5,050,836 5,747,649
920,044 1,101,709
617,982
680,066
745,619
824,136
533,404
540,270
593,313
538,137
440,685
221,501
235,684
326,995
433,903
543,323
170,295
197,739
969,849 1,165,113 1,512,725 1,903,443 2,351,291
599,447
696,449
739,695
546,008
368,077
618,837
724,619
825,175
299,287
355,822
459,080
539,308
274,136
340,627
271,872
300,160
371,618
510,769
625,805
893,888 1,178,824 1,526,116
148,084
170,509
184,356
208,763
76,804
87,890
104,508
125,093
133,933
6,538,707
1,421,017
381,630
2,623,014
1,068,566
1,554,448
205,406
81,422
79,776
78,814
962
1,646
256,295
690,402
83,022
81,352
80,498
854
1,670
254,303
668,023
83,382
81,435
80,660
775
1,947
242,022
686,245
83,908
81,884
81,389
495
2,024
322,980
693,118
85,064
82,802
82,358
444
2,262
367,567
768,149
450,578
857,511
1,018,462
2,506,515
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
991,920
3,410,762
23
9,724,599 11,586,051
13,886,698 16,612,419 20,418,758 23,357,404
1,132,114 1,179,159 2,487,860 6,464,967
24
?R
8,687,049
9,724,599 11,586,051
12,754,584 15,433,260 17,930,898 16,892,437
26
1,250,977
970,359
811,995
158,364
17,144
155,876
107,598
1,562,564
1,186,500
986,301
200,199
16,421
201,054
158,589
2,011,899
1,509,986
1,251,943
258,043
16,287
270,387
215,239
3,871,362
3,228,438
2,325,672
902,766
32,650
252,588
357,686
27
28
29
30
31
32
33
7,068,484
1,518,473
375,059
2,821,372
1,343,071
1,478,301
229,200
7,436,072
1,499,952
473,503
2,779,067
1,530,982
1,248,085
248,061
8,162,035
1,580,994
527,223
3,422,856
1,710,787
1,712,069
258,652
9,574,152 10,448,292 12,607,632 14,526,903 13,021,075
1,742,716 1,905,979 2,154,062 2,450,132 2,646,847
639,715
884,965
561,610
643,793
567,861
3,995,506 4,352,998 5,372,339 6,190,067 4,703,529
3,289,077 2,865,903
2,035,149 2,243,135 2,824,871
1,960,357 2,109,863 2,547,468 2,900,990
1,837,626
282,627
271,952
301,139
271,953
280,400
34
35
36
37
38
39
40
2,306,292
1,725,193
1,340,598
384,595
15,866
296,647
268,586
1,184,073
3,160,380
2,825,628
2,167,112
1,558,317
608,795
18,682
297,012
342,822
1,239,718
3,821,549
7
3,403,995
2,540,062
1,736,687
803,375
24,024
406,031
433,878
208,908
637,245
220,666
459,407
485,675
578,046
968,839 1,013,995 1,067,155
738,904
1,168,736
798,314
1,326,066
897,335
1,538,154
450,884
1,921,426
600,161
2,402,206
658,177
2,606,945
799,471
3,431,272
1,000,430
3,974,607
873,227
3,611,368
41
42
827,537
669,137
798,630 1,061,299 1,114,582 1,363,792 1,608,340 1,879,285 2,279,601 2,839,639
696,177
768,398
757,853 1,005,726 1,229,118 1,637,408 2,179,035 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
3,362,796
2,717,383
3,637,996
2,817,970
4,470,343
3,293,053
5,227,962
3,593,291
3,071,189
2,556,882
43
44
652,705
229,038
677,147
239,817
784,925
300,424
815,043
346,810
828,248
9. Also includes claims reported by U.S. securities brokers. 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 bank-reported assets.
10. Estimates include results of the 1978,1984,1989,1994, 2000, and 2004 Benchmark Surveys of Foreign F’ortfolio
Investment in the United States, and the results of the 2002,2003,2005,2006,2007, and 2008 Annual Surveys of Foreign
Holdings of U.S. Securities, conducted by the U.S. Department of the Treasury.
11. Primarily U.S. government liabilities associated with military sales contracts and other transactions arranged with or
through foreign official agencies.
12. Also includes liabilities reported by U.S. securities brokers.
13. 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 1980, 1987,1992,
1997, and 2002 benchmark surveys of foreign direct investment in the United States.
14. 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.
15. Also includes liabilities reported by U.S. securities brokers. 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.
20
Ju ly 2 0 0 9
Direct Investment Positions for 2008
Country and Industry Detail
B
y
M
a r ily n
Ib a r r a
a n d
J e n n i f e r
K o n c z
I N 2008, both the U.S. direct investment abroad and
foreign direct investment in the United States posi
tions, valued at historical-cost, grew 8 percent. This
marked a slowdown in growth for both positions c o m
pared with 2007, w h e n the U.S. direct investment
abroad— or “outward”— position rose 18 percent and
the foreign direct investment in the United States— or
“inward”— position rose 15 percent.1
The m u c h slower growth in the outward direct in
vestment position reflected a drop in n e w investment
activity abroad by U.S. parent companies.2 The slow
d o w n in growth in the inward direct investment posi
tion reflected the write-downs of financial assets,
especially in banking and nonbank finance and insur
ance, as a result of unsettled conditions in financial
markets.
Highlights of U.S. direct investment abroad include
the following:
• The increase in the outward direct investment posi
tion in 2008 (8 percent) significantly lagged the
increase in 2007 (18 percent) and was the smallest
since 2005 (4 percent). In 1996-2006, annual
growth averaged 12 percent. The slowdown in
growth in 2008 reflected lower equity capital flows
and a shift in valuation adjustments from positive
to negative.
• Reinvested earnings were the largest contributor to
the increase in the outward position, as they have
been in most years. Reinvested earnings rose 6 per
cent in 2008 as a result of slightly higher earnings
and an increase in the share of earnings reinvested
in several industries. Earnings grew 2 percent in
2008; earnings gains in the first half of the year were
not fully offset by sharp declines later in the year.
1. In this article, “outward direct investment” and “outward” are short
hand for “U.S. direct investment abroad.” Likewise, “inward direct invest
ment” or “inward” are shorthand for “foreign direct investment in the
United States.”
2. The measure of direct investment capital flows used in this article dif
fers from the measure of direct investment capital flows used in the interna
tional transaction accounts because the reinvested earnings component of
capital flows included here excludes a current-cost adjustment. See the box
“Key Terms” for more information. In this article, “(direct investment) cap
ital flows” is shorthand for “(direct investment) capital flows without current-cost adjustment” and “reinvested earnings” is shorthand for
“reinvested earnings without current-cost adjustment.”
• Net equity investments also contributed to the
increase in the outward position although these
investments were substantially lower in 2008 than in
2007. The decline in equity investment, m u c h of
which was for acquisitions of foreign businesses by
U.S. companies, coincided with a decline in global
merger and acquisition activity; a lack of available
credit, plunging stock markets, and a worldwide
financial crisis late in the year undermined c o m p a
nies’ ability and incentives to m ak e acquisitions.
Intercompany debt inflows and negative valuation
adjustments decreased the position.
Highlights of foreign direct investment in the
United States include the following:
• The inward direct investment position growth (8
percent) in 2008 significantly lagged the increase
(15 percent) in 2007. In 1996-2006, annual growth
averaged 12 percent. The slowdown in growth in
2008 reflected the turbulent financial-market condi
tions, which are reflected in large valuation adjust
ments, that began in the second half of 2007 and
persisted throughout 2008.
Data Availability
This article summarizes the preliminary statistics on
direct investment positions for 2008. It also presents
revised statistics on both outward and inward direct
investment for 2006-2007. More detailed statistics on
the positions and capital transactions and related
income flows for both outward and inward invest
ment will be published in the September 2009 S u r v e y
of
C u r r en t B usin ess .
Detailed statistics on the outward direct investment
position and related capital and income flows for
1982-2008 and statistics on the inward direct invest
ment position and related capital and income flows
for 1980-2008 are available on BEA’s Web site. To
access these files, which can be downloaded at no
charge, go to BEA’s Web site at www.bea.gov.
For more information on these products and
how to access them, see the guide to BEA infor
mation on direct investment at www.bea.gov/scb/
account_articles/international/iidguide.htm.
Survey of Current Business
Ju ly 2 0 0 9
• Net equity capital investment was the largest c o m
ponent of the increase in the inward position in
2008, as it has been in most years. Boosted by a few
large transactions, net equity capital investment
grew 61 percent in 2008, the third consecutive year
of growth, despite the financial market conditions
and a slowdown in economic growth in the United
States and in several countries that are important
sources of foreign direct investment.
• Reinvested earnings were a substantial component
of the increase in the inward position in 2008, as
they have been since 2004. Reinvested earnings grew
in 2008 despite a decline in earnings because the
portion of earnings reinvested increased sharply.
Intercompany debt transactions also increased the
position, though to a lesser extent. In contrast, valu
ation adjustments decreased the position.
This article presents details on the direct investment
positions valued at historical-cost by type of capital
flow. It also presents details for outward investment by
country of foreign affiliate and for inward investment
by country of foreign parent.3 Revisions to previously
released statistics are also discussed.
U .S .
21
D ir e c t
in v e s t m
e n t
A b r o a d
The U.S. direct investment position abroad valued at
historical cost— the book value of U.S. direct investors’
equity in, and net outstanding loans to, their foreign
affiliates— was $3,162.0 billion at the end of 2008 (ta
ble A and chart 1). As in previous years, three host
countries— the Netherlands, the United Kingdom, and
Canada— accounted for over a third of the total posi
tion (table 1.2 and chart 2). Positions in the Nether
lands and the United K ingdom were more than twice
as large as the positions of all other countries except
Canada. In 2008, the Netherlands surpassed the United
Chart 1. Direct investment Positions on a
Historical-Cost Basis, 1983-2008
Billions of dollars
3 ,2 0 0
3. The outward direct investment position and related capital flow statis
tics are classified by country of the foreign affiliate with which the U.S. par
ent has direct transactions and positions. The inward direct investment
position and related capital flow statistics are classified by country of the
foreign parent or of other members of the foreign parent group that have
direct transactions and positions with the U.S. affiliate.
Inward direct investment position
Table A. Direct Investment Positions on a Historical-Cost Basis,
1982-2008
I
Billions of dollars
Yearend
1982.......................
1983.......................
1984.......................
1985.......................
1986.......................
1987.......................
1988.......................
1989.......................
1990.......................
1991.......................
1992.......................
1993.......................
1994.......................
1995.......................
1996.......................
1997.......................
1998.......................
1999.......................
2000.......................
2001 .......................
2002.......................
2003.......................
2004.......................
2005.......................
2006.......................
2007.......................
2008.......................
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
2,160.8
2,241.7
2,477.3'
2,916.9'
3,162.01-
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
1,520.3
1,634.1
1,840.5r
2,109.9'
2,278.9”
Outward
position1
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
22.1
3.7
10.5
17.7
8.4
Inward
position2
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
7.5
12.6
14.6
8.0
I
1983 85
l
I
l
87
I
89
I
91
I
I
93
I
I
95
N ote . There is a discontinuity between 1993 and
I
97
I
I
I
I
I
I
9 9 2001 0 3
I
i
05
I
I
07 08
1994. See footnote 3 in table A.
U.S. Bureau of Economic Analysis
Chart 2. Outward Direct Investment Position by
Country of Foreign Affiliate at Yearend 2008
Japan (2.5%
Australia (2.8'
Mexico (3.0% )
O ther (27.0 % )
Singapore (3 .4 % );
G erm any (3.5% )
Switzerland (3.9% )
Netherlands (1 4 .0 % )
United Kingdom Islands,
C aribbean (4.4% )
Ireland (4.6% )
Luxembourg (5.2% )
United Kingdom
Berm uda (5.2% )
C an a d a (7.2% )
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.
I
U.S. Bureau of Economic Analysis
(1 3 .3 % )
Direct Investment Positions for 2008
22
Kin gd om as the largest host country, with a U.S. posi
tion of $442.9 billion, or 14 percent of the total. In the
Netherlands, most of the position increase and nearly
70 percent of the position was accounted for by hold
ing companies, which m a y have invested the funds in
other countries or industries. (See the box “Holding
Companies in the Data on US. Direct Investment
Abroad”) The position in the United K i n g do m was
$420.9 billion (13 percent), and the position in Canada
was $227.3 billion (7 percent).
In 2008, the outward direct investment position
grew 8 percent, or $245.1 billion, d o w n significantly
from the 18 percent growth in 2007. The slowdown in
growth reflected lower equity capital flows and a shift
in valuation adjustments from positive to negative.
Changes by component
The $245.1 billion increase in the outward direct in
vestment position was the net result of capital outflows
of $311.8 billion and valuation adjustments o f -$66.7
billion (table B and chart 3).
Table B. Change in the Outward Direct Investment Position
on a Historical-Cost Basis by Component
[Billions of dollars]
2007
2008
439.7
378.4
174.9
248.9
74.0
-15.3
218.8
61.3
54.8
6.5
Total....................................................................................
Capital flows without current-cost adjustment.......................
Reinvested earnings without current-cost adjustment.........
Other........................................................ .'..................
245.1
311.8
90.2
132.7
42.4
-9.7
231.3
-66.7
-70.1
3.4
Chart 3. Change in the Outward Direct Investment
Position by Component, 1999-2008
Billions of dollars
500
Valuation adjustments
■Intercompany debt investment
450
Reinvested earnings without current-cost
400
adjustment
i Equity capital investment
350
300
250
20 0
150
10 0
50
0
-5 0
-10 0
1999 2000
01
02
U.S. Bureau of Economic Analysis
03
04
05
06
07
08
July 2 0 0 9
Capital flows
Capital outflows for U.S. direct investment abroad
were $311.8 billion in 2008, d o w n from $378.4 billion
in 2007. Capital flows in 2008 resulted from reinvested
earnings of $231.3 billion and net equity capital invest
ment of $90.2 billion, which were partly offset by a
$9.7 billion reduction in U.S. parents’ net intercom
pany debt claims on their foreign affiliates.
Equity capital investment. U.S. parents’ net equity
investment in their foreign affiliates was $90.2 billion
in 2008, d o w n sharply from $174.9 billion in 2007.
However, the 2008 net equity capital flows were still
the fourth highest in the past 10 years. Net equity in
vestment resulted from equity capital increases of
$132.7 billion, which were partly offset by equity capi
tal decreases of $42.4 billion. Equity capital increases
were d o w n 47 percent from 2007, largely reflecting a
slowdown in acquisitions and establishments of n e w
foreign affiliates.4 Equity capital increases for the ac
quisition or establishment of n e w foreign affiliates
were $49.2 billion, d o w n from $125.3 billion. Equity
capital increases also reflected capital contributions to
existing foreign affiliates, which were $83.5 billion,
d o w n from $123.6 billion. Equity capital decreases,
which reduce the outward position, were d o w n 43 per
cent from 2007, reflecting a drop in liquidations or
selloffs of foreign affiliates and in returns of capital
from continuing affiliates.
Equity capital increases for the acquisition or estab
lishment of n e w affiliates were largest in Europe, par
ticularly in the Netherlands and the United Kingdom.
In the Netherlands, the largest increase was in holding
companies, whose holdings include retail trade affili
ates in Europe and wholesale trade and professional,
scientific, and technical services affiliates in Europe
and “Latin America and Other Western Hemisphere.”
In the United Kingdom, the increases were mainly in
manufacturing (primarily machinery), “other indus
tries” (particularly electronics retail trade), and “fi
nance (except banks) and insurance.”5
A m o n g industries, acquisitions of foreign busi
nesses or establishment of n e w affiliates by US. direct
investors were largest in “finance (except banks) and
insurance,” banking, and manufacturing (particularly
in machinery and in electrical equipment, appliances,
and components manufacturing).
The largest capital contributions were to affiliates
in Europe, primarily in the United K in g d o m and
the Netherlands, and in “Latin America and Other
4. The falloff in equity capital increases coincided with a drop of nearly a
third in the volume of global mergers and acquisitions in 2008, according to
data from Thompson Reuters.
5. In this article, “banks” refers to “depository institutions,” which is the
industry title that appears in the tables.
J u ly 2 0 0 9
Survey of Current Business
Western Hemisphere,” primarily in the “United King
d o m Islands, Caribbean” and Bermuda. By industry,
the largest capital contributions were to affiliates in “fi
nance (except banks) and insurance,” followed by
holding companies, and mining.
In 2008, equity capital decreases due to returns
of capital from continuing affiliates were slightly
higher than equity capital decreases due to liquida
tions or selloffs of affiliates. By industry, equity cap
ital decreases were largest in “finance (except banks)
and insurance.” By region, equity capital decreases
were largest in Europe and in Asia and Pacific.
Reinvested earnings. The difference between U.S.
parent companies’ shares in their foreign affiliates’ to
tal earnings and the distributions to the parents from
the affiliates’ current and cumulative retained earn
ings— that is, reinvested earnings— increased 6 percent
in 2008, to $231.3 billion. Reinvested earnings ac
counted for more than 90 percent of the increase in the
outward position and nearly three-fourths of the capi
tal outflows.
In 2008, reinvested earnings were by far largest for
affiliates in holding companies and then in manufac
turing (particularly other manufacturing and chemi
cals), which together accounted for 61 percent of the
total. By region, reinvested earnings were largest in E u
rope, accounting for 56 percent of the worldwide total.
Reinvested earnings were particularly large in five E u
ropean countries: the Netherlands, Ireland, Switzer
land, the United Kingdom, and Luxembourg.
23
The growth in reinvested earnings resulted from a
reduction in distributions and slightly higher foreign
affiliate earnings. The reinvestment ratio— reinvested
earnings relative to current-year earnings— rose from
65 percent in 2007 to 68 percent in 2008. Earnings in
creased 2 percent in 2008 as an increase in the first half
of the year was only partly offset by a decline in the
second half.
By industry, the largest increase in earnings was in
mining. In addition, a large decrease in losses in banks
contributed to the overall increase in earnings of for
eign affiliates. In contrast, earnings decreased in sev
eral industries, including “finance (except banks) and
insurance,” holding companies, and information. By
region, the largest increases in earnings were in “Latin
American and Other Western Hemisphere” (primarily
the “United Kin gd o m Islands, Caribbean”) and in
Canada.
Intercompany debt investment. U.S. parents’ in
debtedness to their foreign affiliates increased more
than the foreign affiliates’ indebtedness to their U.S.
parents in 2008. Net intercompany debt inflows from
foreign affiliates of $9.7 billion were more than ac
counted for by inflows from Canada and Asia and Pa
cific. In Canada, the inflows were largest from mining
and manufacturing affiliates. In Asia and Pacific, in
flows from “finance (except banks) and insurance” af
filiates in H o n g Kong and Japan mostly accounted for
the regional inflows. By industry, manufacturing more
than accounted for the global inflows.
Alternative Measures of the Direct Investment Positions
The detailed statistics on the positions of U.S. direct
investment abroad and of foreign direct investment in
the United States by country and industry are only pre
pared on a historical-cost basis, so they largely reflect the
price levels of earlier periods. The statistics are also pre
pared on current-cost and market-value bases, but only
at an aggregate level. The current-cost statistics value the
U.S. and foreign parents’ shares of their affiliates’ invest
ment 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. The market-value statistics value the equity portion
of direct investment using indexes of stock market prices.
The historical-cost statistics are not usually 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 tangible assets
and the stock market valuations of firms tend to increase.
As a result, the historical-cost statistics on the positions
tend to be less than the current-cost and market-value
statistics on the positions. However, due to the large
declines in equity prices, the market value is less for the
position of U.S. direct investment abroad in 2008. The
current-cost statistics on the position are discussed in
“The International Investment Position of the United
States at Yearend 2008” in this issue.
Alternative Direct Investment Positions, 2007 and 2008
[Millions of dollars]
Valuation method
2007'
U.S. direct investm ent abroad:
Historical cost...............................
Current co st..................................
Market valu e.................................
Foreign d irect investm ent in the
U nited States:
Historical co st...............................
Current cost..................................
Market valu e.................................
p Preliminary
r Revised
Changes in 2008
Position at
yearend
Total
245,091
247,302
3,451,482
5,227,962 -2,156,773
2,916,930
2.109,876
169,016
2,450,132
196,715
3,593,291 -1,036,409
Capital
flows
Valuation
adjustments
Position at
yearend
2008p
311,796
-6 6 ,7 0 5 3,162,021
332,012
-8 4 ,7 1 0 3,698,784
332.012 -2,488,785 3,071,189
316,112
319.737
-147,097 2,278,892
-123,022 2,646.847
319,737
-1,35 6,146 2,556.882
24
Direct Investment Positions for 2008
Valuation adjustments
Valuation adjustments of -$66.7 billion reduced the
outward direct investment position in 2008. In con
trast, positive valuation adjustments of $61.3 billion
increased the position in 2007.
The negative adjustments in 2008 resulted mostly
from negative currency-translation adjustments as the
U.S. dollar appreciated against m a n y major currencies,
including the British pound, the Canadian dollar, and
the euro, from yearend 2007 to yearend 2008. These
currency-translation adjustments were partly offset by
$3.4 billion in “other” valuation adjustments.
C h a n g e s
b y
a r e a
a n d
b y
c o u n tr y
In 2008, the outward direct investment position in
creased in each of the major areas except Canada (table
C). U.S. parents with foreign affiliates in Europe had
the largest dollar increase, accounting for 61 percent of
the overall increase in the position. Outside of Europe,
the largest increases were in “Latin America and Other
Western Hemisphere” and Asia and Pacific.
Europe. The position for this region increased
$150.4 billion, with reinvested earnings accounting for
85 percent of the increase. Reinvested earnings were
particularly large in holding companies and manufac
turing (especially chemicals). The positions in three
countries— the Netherlands, Ireland, and Switzer
land— together accounted for nearly three-fourths of
the increase in the position in Europe.
Table C. Change in the Outward Direct Investment Position
on a Historical-Cost Basis by Country of Foreign Affiliate
C h an g e(200 7-2008)
Billions of dollars
Percent
All countries.................................................................................................
245.1
Canada.....................................................................................................
-6 .7
Europe......................................................................................................
150.4
9
53.5
31.3
25.4
14
27
26
8
-3
O f.w hich:-
Netherlands...................................................................................
Ireland............................................................................................
Switzerland....................................................................................
G erm any........................................................................................
Luxembourg..................................................................................
Sw eden..........................................................................................
Spain...............................................................................................
France............................................................................................
United Kingdom............................................................................
Russia.............................................................................................
9.5
8.3
3.0
4.9
-3 .7
-5 .2
Latin America and Other Western Hem isphere...........................
10.0
10
6
24
5
7
-1
-3 6
55.1
11
United Kingdom Islands, Caribbean.......................................
Netherlands Antilles....................................................................
Mexico................................ ............................................................
B erm uda........................................................................................
30.7
5.0
4.4
3.6
28
77
5
Africa.........................................................................................................
4.1
13
Middle E a s t............................................................................................
4.2
15
Asia and Pacific......................................................................................
37.9
8
17.1
11.7
5.2
-2 .7
60
O f which:
2
O f which:
China...............................................................................................
Singapore......................................................................................
Australia.........................................................................................
Japan ..............................................................................................
12
6
-3
July 2009
In the Netherlands, holding companies accounted
for four-fifths of the increase, most of it due to rein
vested earnings. In Ireland, the increase was wide
spread by industry. The largest increases were in
professional, scientific, and technical services, largely
attributable to valuation adjustments, and in holding
companies, largely attributable to reinvested earnings.
In Switzerland, a large share of the increase was in
holding companies; both intercompany debt invest
ment and reinvested earnings were large contributors
to the increase.
The position decreased in Russia and the United
Kingdom. In Russia, the position decreased by more
than a third and was more than accounted for by a de
crease in mining, mainly due to valuation adjustments.
In the United Kingdom, the decrease was spread over
several industries, including manufacturing (particu
larly petroleum refining and extraction and beverages)
and “other industries” (particularly rental and leasing
services).
Latin America and Other Western Hemisphere.
The position increased $55.1 billion, with reinvested
earnings accounting for most of the increase. The
“United K ingdom Islands, Caribbean” had by far the
largest increase, $30.7 billion; this increase was mainly
in holding companies and in “finance (except banks)
and insurance.”
Asia and Pacific. The position increased $37.9 bil
lion in 2008. The largest increases were in China, Sin
gapore, and Australia; China alone accounted for 45
percent of the total increase. In China, the largest in
crease was in banking, due mostly to acquisitions and
establishments of n e w affiliates. In Singapore, the larg
est increase was in holding companies. In Australia, the
increase was more than accounted for by mining.
Within this region, the largest decrease in the posi
tion was in Japan, which was more than accounted for
by a decrease in “finance (except banks) and insur
ance.”
Middle East and Africa. The $4.2 billion increase in
the Middle East position was the largest percentage in
crease (15 percent) of any region. Increases in the posi
tion were widespread by industry and by country; the
largest increases were in Qatar, Israel, and Kuwait. In
Africa, the $4.1 billion increase was the second largest
percentage increase (13 percent) of all regions. Within
this region, the largest increases were in Nigeria and
Egypt.
Canada. In 2008, the position fell $6.7 billion. The
decrease was more than accounted for by negative cur
rency-translation adjustments. The largest decreases
were in manufacturing (particularly transportation
equipment and chemicals) and in mining.
July 2 0 0 9
Survey of Current Business
25
Holding Companies in the Data on U.S. Direct Investment Abroad
For the past two decades, U.S. parent companies have
fimneled an increasing share of their direct investments
abroad through holding company affiliates.1 Foreign
affiliates classified as holding companies accounted for 36
percent of the U.S. direct investment position abroad in
2008.2 In 1982, foreign affiliates 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 owner
ship arrangements is that U.S. direct investment abroad
statistics on the position and related flows show industry
and country patterns that are increasingly different from
the industries and countries in which the production and
sale of goods and services by foreign affiliates occurs.3
Data from BEA’s surveys of the operations of U.S. par
ent 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 statistics on the operations of these
foreign affiliates are classified 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 indus
try that reflects the affiliate’s primary activity. Thus, these
statistics reflect more closely the countries and industries
in which the production of goods and services by foreign
affiliates actually occurs than do the statistics classified 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 posi
tion statistics and the operations statistics. However,
1. A holding company is a company whose primary activity is holding
the securities or financial assets of other companies.
2. In 2008, the share reached a new record high, slightly surpassing the
previous record of 35 percent in 2004. The lower shares in 2 0 0 5 -2 0 0 7
were primarily the result of large earnings distributions (and the result
ing negative reinvested earnings) in 2005 associated with the American
Jobs Creation Act of 2004. The largest distributions were from holding
companies, especially those with parents in chemicals manufacturing.
3. Statistics on the outward position and related flows are allocated to
the industries and countries of the affiliates with which the U.S. parent
companies have direct transactions and positions rather than to the
industries and countries of the affiliates whose operations the parents
ultimately own or control. This convention follows international guide
lines in the International M onetary Fund’s Balance o f Payments Manual,
6th edition.
4. Besides chain-of-ownership information, data collected on the
operations survey include items such as assets, sales, employment, and
net property, plant, and equipment.
other factors also contribute, including indirect owner
ship through other types of affiliates, the fact that the
operations statistics, unlike the position statistics, are not
adjusted for percentage of U.S. ownership, and duplica
tion 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 statistics
on the outward direct investment position with the sta- *
tistics on the assets and the net property, plant, and
equipment (PP8cE) of foreign affiliates for 2006 (the lat
est year for which detailed operations statistics are avail
able) illustrates the differences in distribution between
the position statistics and the statistics on the operations.
In that year, manufacturing’s share of the outward posi
tion, 18 percent, was similar to its 15 percent share of the
assets, but much lower than its 40 percent share of the
PP8cE, of foreign affiliates. By country, the Netherlands’
share of the direct investment position was 11 percent,
compared with its 9 percent share of assets and 3 percent
share of PP8cE.5
For further discussion of the effect of holding compa
nies on the direct investment abroad series, see the
“Technical Note” in Maria Borga and Raymond J. Mataloni, Jr., “Direct Investment Positions for 2000: Country
and Industry Detail,” S u rv e y o f C u r r e n t B u sin ess 8 1 (July
2001): 23-25.
5. The statistics used to derive the shares o f the assets and the PP&E
cover only those foreign affiliates that are majority-owned by U.S. direct,
investors.
Chart A. Holding Companies’ Share of the Outward
Direct Investment Position, 1982-2008
Direct Investment Positions for 2008
26
F o r e ig n
in
D ir e c t
t h e
In v e s t m
U n it e d
e n t
S t a t e s
The foreign direct investment position in the United
States valued at historical cost— the book value of for
eign direct investors’ equity in and outstanding loans
to, their US. affiliates— was $2,278.9 billion at the end
of 2008 (table A and chart 1). The United King do m ac
counted for the largest position, $454.1 billion, or 20
percent of the total, followed by Japan and the Neth
erlands, which each accounted for 11 percent of the
total with positions of $259.6 billion and $259.4 bil
lion, respectively (table 2.2 and chart 4). The next larg
est positions were for Canada (10 percent) and
Ge rm an y (9 percent).
Chart 4. Inward Direct Investment Position by
Country of Each Member of the Foreign Parent
Group at Yearend 2008
Ju ly 2 0 0 9
$271.2 billion in 2007. Capital flows in 2008 consisted
of $250.2 billion in net equity capital investment, $51.0
billion in reinvested earnings, and $15.0 billion in net
intercompany debt investment.
Equity capital investment. Net equity capital in
vestment by foreign parents in their U.S. affiliates was
$250.2 billion in 2008, up from $155.4 billion in 2007
and nearly as high as in 2000, w h e n net equity invest
ments peaked at $259.6 billion. In 2008, net equity
capital investment resulted from $288.2 billion in eq
uity capital increases and partly offsetting equity capi
tal decreases of $38.0 billion. Boosted by a few large
transactions, equity capital increases were up 20
percent in 2008, as foreign investors’ expenditures to
acquire US. businesses increased despite tightening
credit conditions, slower growth in the United States
and countries that are important sources of direct in
vestment, and a slowdown in worldwide merger ac
tivity. Acquisitions in 2008 were broadly based by
O ther (1 8 .9 % )
United Kingdom
(1 9 .9 % )
Table D. Change in the Inward Direct Investment Position
on a Historical-Cost Basis by Component
[Billions of dollars]
Luxembourg (5.0% )
2007
Japan (1 1 .4 % )
France (7.2% )
Switzerland (7.3% )
Netherlands (1 1 .4 % )
G erm any (9.3% )
Capital flows without current-cost adjustment........................
Equity capital.................................................................
Increases..................................................................
Decreases.................................................................
Intercompany debt.........................................................
Reinvested earnings without current-cost adjustment.........
Valuation adjustments........................................................
C an a d a (9.7% )
2008
269.4
271.2
155.4
240.6
85.3
71.0
44.8
-1.8
49
-6.6
169.0
316.1
250.2
288.2
38.0
15.0
51.0
-147.1
-6 4
-140.7
U.S. Bureau of Economic Analysis
In 2008, the inward direct investment position in
creased 8 percent, or $169.0 billion, d o w n markedly
from the 15 percent increase in 2007. The slower
growth in 2008 was the result of larger negative valua
tion adjustments and a decrease in net intercompany
debt investment. These changes more than offset a siz
able increase in equity capital and a m u c h smaller in
crease in reinvested earnings.
Chart 5. Change in the Inward Direct Investment
Position by Component, 1999-2008
Billions of dollars
Changes by component
The $169.0 billion increase in the inward direct invest
ment position resulted from capital inflows of $316.1
billion, which were partly offset by negative valuation
adjustments of $147.1 billion (table D and chart 5).
Capital flows
Capital inflows for foreign direct investment in the
United States were $316.1 billion in 2008, up from
1999 2000 01 02
U.S. Bureau of Economic Analysis
03 04 05
06 07 08
July 2009
Survey of Current Business
industry.6 Equity capital increases in 2008 also re
flected capital contributions m a d e by foreign parents
to their existing U.S. affiliates, especially those in “fi
nance (except banks) and insurance” and in banking.
M a n y of these affiliates suffered capital losses in 2008.
Equity capital decreases, which decrease the inward
position, were d o w n 55 percent from 2007, as there
were fewer large selloffs of U.S. affiliates and returns of
capital in 2008.
Equity capital increases in 2008 were widespread by
industry and by country of foreign parent. The largest
increases were in manufacturing and in “finance (ex
cept banks) and insurance,” which together accounted
for 58 percent of equity capital increases in 2008.
Within manufacturing, equity capital increases were
largest in “other” manufacturing, especially beverages
and tobacco products, and in chemicals; increases in
both were mostly attributable to acquisitions of U.S.
businesses. European investors accounted for more
than three-quarters of the equity increase in manufac
turing. In “finance (except banks) and insurance,” eq
uity capital increases were broadly based by country of
foreign parent and reflected both acquisitions, espe
cially in insurance, and capital contributions to exist
ing affiliates, especially in nonbank finance. Overall, by
country, the largest equity increases were from the
Netherlands, the United Kingdom, Japan, and Canada.
Equity capital decreases were widely dispersed by in
dustry and by country.
Reinvested earnings. The foreign parent’s share of
U.S. affiliates’ current-period earnings less distribu
tions to the parents from affiliates’ current and cu
mulative retained earnings— that is, reinvested
earnings— added $51.0 billion to the inward direct in
vestment position in 2008. Reinvested earnings were
up 14 percent from 2007 despite a small decline in
6. According to data from BEA’s survey of new foreign direct investment,
total outlays to acquire or establish U.S. businesses, which include those
financed by capital inflows from foreign parents, were $260.4 billion in
2008, up slightly from 2007. See Thomas Anderson, “Foreign Direct Invest
ment in the United States: New Investment in 2008,” s u r v e y o f c u r r e n t b u s i
n e s s 89 (June 2009): 54—
61. The new investment data include only those
transactions in which U.S. businesses are newly acquired or established by
foreign direct investors, regardless of the source of funding. Changes in the
inward direct investment position differ from new investment outlays by
excluding investment financed by sources other than the foreign parent
group and by including transactions that fund ongoing operations of U.S.
affiliates, subtractions from investment as well as additions, and valuation
adjustments.
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
mine the changes in the inward direct investment position. It is of note that
although foreign parent-funded outlays to acquire or establish U.S. busi
nesses typically appear in the direct investment capital transactions as
equity investments, these transactions are sometimes funded in part, or in
whole, by debt investment from the foreign parent. According to data from
the new investment survey, foreign parent groups financed nearly 90 per
cent of total outlays to acquire or establish U.S. businesses in 2008.
27
earnings for 2008 as distributions to foreign parents
fell more sharply than earnings. In recent years, rein
vested earnings have contributed substantially to
growth in the inward investment position.
Reinvested earnings were largest for affiliates in “fi
nance (except banks) and insurance,” in wholesale
trade, and in “other industries,” which together more
than accounted for the overall total. Within “other in
dustries,” reinvested earnings were largest in mining.
By country, reinvested earnings were largest for affili
ates with parents in Switzerland, the United Kingdom,
and France.
Earnings reinvested in U.S. affiliates increased 14
percent in 2008 despite a $3.7 billion, or 4 percent, de
crease in earnings, to $93.2 billion. This marked the
second consecutive year of decline in affiliates’ earn
ings, which peaked at $126.3 billion in 2006. The de
cline in 2008 was in line with a 15 percent contraction
in U.S. corporate profits.7 U.S. affiliates’ earnings were
d o w n in several industries but banks— which suffered
a sharp increase in losses as a result of turmoil in finan
cial markets— more than accounted for the overall de
cline. The reinvestment ratio— the ratio of reinvested
earnings to total earnings— was 55 percent in 2008, up
from 46 percent in 2007, as distributions to foreign
parents fell more sharply than earnings. The largest in
crease in reinvested earnings was in “finance (except
banks) and insurance,” reflecting both improved earn
ings and reduced distributions to foreign parents.8
Intercompany debt investment. Borrowing and
lending transactions between U.S. affiliates and foreign
parent groups increased the inward direct investment
position $15.0 billion in 2008, compared with $71.0
billion in 2007. Net debt investment in 2008 resulted
from a $17.3 billion increase in U.S. affiliates’ debt
obligations to their foreign parents or other members
of the foreign parent group, which was partly offset
by a $2.3 billion increase in affiliates’ debt claims on
foreign parent group members. Net debt investment
was held d o w n by several sizable transactions in which
U.S. affiliates paid d o w n their debts. The largest
increase in position due to net debt investment in
2008 was for affiliates in “finance (except banks) and
insurance,” followed by those in “other industries,” es
pecially utilities. By country, the “United K i ng do m Is
lands, Caribbean” contributed most to the increase in
the net intercompany debt position, followed by the
7. The measure of U.S. corporate profits referenced here excludes inven
tory valuation and capital consumption adjustments as does the measure of
affiliates’ earnings discussed in this article (see table 1.12 of the national
income and product accounts).
8. The measure of affiliate earnings discussed here reflects income earned
as a result of current production and excludes capital gains and losses; capi
tal gains and losses of U.S. affiliates are included in “other” valuation
adjustments made to the position.
28
Direct Investment Positions for 2008
J u ly 2 0 0 9
Key Terms
For a more detailed discussion of the terms in this box, 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 2004 Benchmark Survey. These methodologies are also
available on BEA’s Web site at www.bea.gov.
Direct investment
This is investment in which a resident (in the broad legal sense,
including a company) of one country obtains a lasting interest in,
and a degree of influence over the management of, a business enter
prise in another country. In the United States (and in the interna
tional statistical guidelines), the criterion used to define direct
investment is ownership of at least 10 percent of the voting securi
ties of an incorporated business enterprise or the equivalent interest
in an unincorporated business enterprise.
U.S. direct investment abroad (outward direct investment) rep
resents the ownership or control, directly or indirectly, by one U.S.
resident (U.S. parent) of at least 10 percent of a foreign business
enterprise, which is called a foreign affiliate.
Foreign direct investment in the United States (inward direct
investment) represents the ownership or control, directly or indi
rectly, by one foreign resident (foreign parent) of at least 10 percent
of a U.S. business enterprise, which is called a U.S. affiliate. Foreign
direct investment includes equity and net debt investments by the
foreign parent as well as net debt investments by any other mem
bers of the foreign parent group. The foreign parent group consists
of (1) the foreign parent, (2) any foreign person (including a com
pany), proceeding up the foreign parent’s ownership chain, that
owns more than 50 percent of the person below it, up to and
including the ultimate beneficial owner (UBO), and (3) any for
eign person, proceeding down the ownership chain(s) of each of
these members, that is owned more than 50 percent by the person
above it.
The UBO of a U.S. affiliate is the first person that is not more
than 50 percent owned by another person in the affiliate’s owner
ship chain beginning with the foreign parent. The UBO ultimately
owns or controls the affiliate and derives the benefits and assumes
the risks associated with ownership or control. Unlike the foreign
parent, the UBO of a U.S. affiliate may be located in the United
States.
Direct investment position
This is the value of direct investors’ equity in, and net outstanding
loans to, their affiliates. The direct investment position may be
viewed as the direct investor’s net financial claims on their affiliates.
BEA prepares statistics of the positions for outward direct invest
ment and for inward direct investment at historical cost, current
cost, and market value. This article features the historical-cost
measure. This valuation is principally derived from the books of
affiliates and generally reflects the acquisition cost of the invest
ments, cumulative reinvested earnings, and cumulative deprecia
tion of fixed assets. Historical-cost statistics are consistent with U.S.
generally accepted accounting principles (GAAP) in most areas.
GAAP, however, values the holdings of most financial instruments
at current-period prices rather than at historical cost. See the box
“Alternative Measures of the Direct Investment Positions.”
Direct investment capital flows arise from transactions that
change financial claims (assets) and liabilities between U.S. parents
and their foreign affiliates or between U.S. affiliates and their for
eign parents. Capital outflows arise from transactions that increase
U.S. assets or decrease U.S. liabilities. Capital inflows arise from
transactions that decrease U.S. assets or increase U.S. liabilities.
Direct investment capital flows consist of equity capital investment,
intercompany debt investment, and reinvested earnings.
Equity capital investment is the difference between equity capi
tal increases and decreases. Equity capital increases arise from (1)
parents’ establishments of new affiliates, (2) payments by parents to
unaffiliated parties for the purchase of capital stock or other equity
interests when they acquire an existing business, (3) payments to
acquire additional ownership interests in their affiliates, and (4)
capital contributions to their affiliates. Equity capital decreases are
the funds parents receive when they reduce their equity interest in
their affiliates.
Intercompany debt investment results from changes in net out
standing loans between parents (or, for inward investment, other
foreign parent group members) and their affiliates, including loans
by parents to affiliates and loans by affiliates to parents.
Reinvested earnings (without current-cost adjustment) are the
parents’ share of the current-period operating earnings of their
affiliates less distributions of earnings that affiliates make to their
parents. A related measure of reinvested earnings is featured in the
international transactions accounts; this measure includes a current-cost adjustment that reflects current-period prices. This
adjustment converts depreciation charges to a current-cost, or
replacement-cost, basis; it adds 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 it reallocates expenses for mineral
exploration and development across periods, so that they are writ
ten off over their economic lives rather than all at once.
Various valuation adjustments to the historical-cost position are
made to account for the differences between changes in the histori
cal-cost positions, which are measured at book value, and direct
investment capital flows, which are measured at transaction value.
(Unlike the positions on current-cost and market-value bases, 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 adjustments and “other” adjustments. Currency-translation adjustments account for changes in the exchange
rates that are used to translate affiliates’ foreign-currency-denominated assets and liabilities into U.S. dollars. “Other” valuation
adjustments account for (1) differences between the proceeds from
the sale or liquidation of affiliates and their book values, (2) differ
ences between the purchase prices of affiliates and their book val
ues, (3) writeoffs resulting from uncompensated expropriations of
affiliates, (4) the reclassification of investment positions between
direct investment and other investment, and (5) capital gains and
losses (excluding currency-translation adjustments) on transac
tions, such as the sale of assets (excluding inventories) or capital
gains and losses that represent the revaluation of the assets of ongo
ing affiliates for reasons other than exchange-rate changes, such as
the write-down of assets. In addition, for individual industries, off
setting adjustments may be made to effect changes in the industry
classification of an affiliate. For individual countries, offsetting
adjustments are made when the political boundaries of countries
change. In addition, for inward direct investment, offsetting adjust
ments are made when transactions between foreign residents result
in a change in the country of the foreign parent.
July 2009
Survey of Current Business
United K i n gd om and the Netherlands.
Valuation adjustments
Valuation adjustments decreased the inward position
$147.1 billion in 2008 after decreasing it $1.8 billion
in 2007. Valuation adjustments consisted of -$6.4 bil
lion in currency-translation adjustments and -$140.7
billion in “other” valuation adjustments, which were
largely attributable to capital losses. Negative valuation
adjustments were largest, by far, in “finance (except
banks) and insurance” and in banking. These indus
tries were hit particularly hard by widespread write
downs of financial assets as a result of the unsettled fi
nancial market conditions that began in the second
half of 2007.
C h a n g e s
b y
a r e a
a n d
b y
c o u n tr y
In 2008, Europe accounted for 68 percent of the overall
increase in the inward direct investment position (ta
ble E). The increase in the position for Asia and Pacific
was also substantial, accounting for 27 percent of the
overall increase.9
Europe. The position increased $115.3 billion.
M u c h of the increase was attributable to increases in
the position for the Netherlands and the United King
dom, which together accounted for more than twothirds of the region’s increase. There were also large in
creases for Hungary, Switzerland, and Spain.
The position for the Netherlands increased $51.2
billion. The largest increase was in manufacturing, fol
lowed by wholesale trade and information. Within
manufacturing, acquisitions in “other” manufactur
ing, especially beverages and tobacco products, con
tributed most to the increase. Acquisitions also
boosted the position in wholesale trade.
For the United Kingdom, the $27.6 billion increase
was broadly based by industry. The largest increases
were in wholesale trade and in manufacturing, espe
cially “other” manufacturing and transportation
equipment. In “other” manufacturing, m u c h of the in
crease was in medical equipment and in petroleum.
The position for Hungary increased $17.5 billion, to
$62.5 billion. The increase reflected m a n y cases in
which U.S. affiliates were o wn ed by foreign parents in
9. In this article, the statistics on the inward direct investment position are
classified by country of foreign parent or of other members of the foreign
parent group that have direct transactions and positions with the U.S. affil
iate, which is consistent with international standards. Statistics classified on
this basis may be higher or lower than those classified by country of ulti
mate beneficial owner (UBO) for certain countries, particularly when
investments have been channeled through affiliates in financial centers in
other countries. For tabulations on both bases through 2007 (preliminary),
see table 17 in “Direct Investment, 2 0 0 4 -2 0 0 7 : Detailed Historical-Cost
Positions and Related Capital and Income Flows” S u r v e y 88 (September
2008): 120. Revised statistics for 2006 and 2007 as well as preliminary statis
tics for 2008 on both bases will be published in the September 2009 S u r v e y .
29
other countries, but the intercompany debt increases
involved Hungarian members of the affiliates’ foreign
parent groups. The position for Switzerland increased
$12.4 billion, mainly in manufacturing; the largest in
crease within manufacturing was in “other” manufac
turing, especially medical equipment. In percentage
terms, the position for Finland more than doubled,
mainly because of acquisitions.
In contrast to these increases, the position for some
countries within Europe decreased. The largest de
creases were for Luxembourg and Sweden, which de
creased $7.3 billion and $7.1 billion, respectively, and
were mainly due to changes in the accounts of existing
affiliates; outflows on intercompany debt payables con
tributed most to the changes.
Asia and Pacific. The position increased $46.1 bil
lion in 2008. The position for lapan increased $29.1
billion, accounting for 63 percent of the region’s in
crease. For lapan, increases were widespread by indus
try. The largest increases were in manufacturing, in
wholesale trade, and in “finance (except banks) and in
surance.” Within manufacturing, chemicals had the
largest increase, which was mainly due to acquisitions.
Acquisitions were also the main cause of increases in
wholesale trade and in “finance (except banks) and in
surance.”
The increase in position for Australia was also siz
able. M u c h of the $14.1 billion increase was attribut
able to “other industries,” including transportation
and mining.
Table E. Change in the Inward Direct Investment Position
on a Historical-Cost Basis by Country of Each Member
of the Foreign Parent Group
Change (2007-2008)
Billions of dollars
Percent
All countries.........................................................................
169.0
8
Canada............................................................................
13.9
7
Europe.............................................................................
115.3
8
Netherlands...............................................................
United Kingdom.........................................................
Hungary....................................................................
Switzerland................................................................
Spain....
Finland....
Italy..........................................................................
France...
Germany.
Belgium...
Sweden...
Luxembourg...............................................................
51.2
27.6
17.5
12.4
11.2
7.1
4.3
3.3
-3.0
-5.1
-7.1
-7.3
25
6
39
8
41
131
32
2
-1
-21
-17
-6
Latin America and Other Western Hemisphere......................
-6.6
-12
6.1
-12.8
129
-37
O f which:
O f which:
Bermuda...................................................................
United Kingdom Islands, Caribbean..............................
Africa...............................................................................
0.6
43
Middle East.......................................................................
-0.4
-3
Asia and Pacific................................................................
46.1
14
29.1
14.1
13
28
O f which:
Japan........................................................................
Australia....................................................................
Direct Investment Positions for 2008
30
Canada. The position increased $13.9 billion and
was largely attributable to increases in banking and in
information. In both industries, acquisitions were the
main contributor to the increase.
Middle East and Africa. The position for Africa in
creased $0.6 billion, with manufacturing contributing
most to the change. In contrast, the position for the
Middle East decreased $0.4 billion, reflecting decreases
in real estate and rental and leasing and in banking.
Latin America and Other Western Hemisphere.
The position decreased $6.6 billion. The “United King
d o m Islands, Caribbean” more than accounted for the
change, with a $12.8 billion decrease.
Acknowledgments
The statistics on the U.S. direct investment position
abroad are largely 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. C o m
puter programming for data estimation and tabula
tion was provided by Marie Colosimo.
The statistics on the foreign direct investment posi
tion in the United States are based largely 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 supervi
sion of Gregory G. Fouch, who was assisted by Peter J.
Fox, Barbara C. Huang, Susan M. LaPorte, Robert L.
Rosholt, and Helen P. Yiu. Computer programming
for data estimation and tabulation was provided by
Karen E. Poffel and Paula D. Brown.
Ju ly 2 0 0 9
R e v is io n s
The statistics on direct investment positions presented
in this article for 2008 are preliminary. The revised sta
tistics for both outward and inward direct investment
positions and related capital flows for 2006-2007 in
corporate n e w survey data collected in B E A ’s quarterly
surveys of transactions between parents and their affil
iates and in annual surveys of multinational c o m p a
nies’financial and operating data.10
The historical-cost outward direct investment posi
tion for 2006 was revised up $22.6 billion, to $2,477.3
billion. The upward revision was attributable to a
$20.0 billion revision to valuation adjustments from
negative to positive and a $2.6 billion upward revision
to capital flows. The outward position for 2007 was re
vised up $125.7 billion, to $2,916.9 billion. The revi
sion was the result of the $22.6 billion upward revision
to the 2006 position, a $64.6 billion upward revision to
2007 capital flows, and a $38.5 billion upward revision
to 2007 valuation adjustments.
The historical-cost inward direct investment posi
tion for 2006 was revised d o w n $3.4 billion, to
$1,840.5 billion. The small d ownward revision resulted
from a $3.9 billion downward revision to valuation ad
justments and a partly offsetting upward revision of
$0.4 billion to capital inflows. The inward position for
2007 was revised up $16.8 billion, to $2,109.9 billion.
The revision was the net result of a $38.3 billion u p
ward revision to capital inflows, which was partly off
set by an $18.1 billion downward revision to valuation
adjustments and the $3.4 billion downward revision to
the 2006 position.
10. For the previously published statistics, see Marilyn Ibarra and Jennifer
Koncz, “Direct Investment Positions for 2007: Country and Industry
Detail,” S u r v e y 88 (July 2008): 2 0 -3 5 .
Tables 1.1-2.2 follow.
July 2009
31
Survey of Current Business
Table 1.1. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2007
[Millions of dollars]
Manufacturing
All
industries
All c o u n trie s .....................
Mining
493,064
39,100
102,678
22,389
32,397
69,159
18,909
58,768
149,664
154,780
114,578
127,047
617,312
68,978
998,618
78,059
3,729
13,432
4,633
4,476
4,352
2,333
12,618
32,487
17,346
4,118
3,649
30,011
9,114
29,867
34,013
241,498
1
4,009
14
18,963
0
1,850
6
3,576
0
950
96
28,502
25,924
54,300
236
8,901
92
13
124
3,529
12,410
(D)
568
67
47
34
3,938
18,328
289
237
168
253
(D)
1,825
24,459
(D)
665
67
921
158
1,960
11,660
(D)
864
26,656
1,294
930
967
67,762
96
6,489
349
2,156
140
8,704
86,986
2,548
6,066
51
1,093
819
4,525
77,387
86,348
43,385
341
2,009
27
159
87
660,673
6,991
2,810
(D)
2,051
2,022
11,990
110,268
(D)
(D)
(D)
(D)
165
11,148
726
61
145
5,301
(D)
2,247
3,164
1
212
4,851
2,374
(D)
3,959
15
223
525
(*)
985
69
344
1,006
(D)
1,277
4,301
14
53
4,133
1,058
(D)
1,976
3,988
(D)
280
5,961
3,529
3,417
5,322
10,008
736
257
-6 3 4
2,541
2,317
13,529
4,439
0
122
30,394
240
(D)
20,337
1,325
116,577
263,592
6,766
9
777
22,442
4,744
1,095
(D)
300
357
1,241
29
(D)
(*)
178
245
1,636
3
5,870
92
(D)
146
73
51
169
834
1,397
19
4,566
(D)
559
355
716
493
3,186
966
17,399
1,551
16,902
1,004
(D)
(D)
1,036
(D)
2,444
(D)
5,695
136
40,333
(D)
3,198
2,292
144
1,920
2,121
66
11
57
0
3
233,971
27,794
E u ro p e 1 .............................................
Austria............................................
Belgium ..........................................
Czech Republic...........................
Denmark
Finland..
France...
1,659,499
16,527
62,959
4,180
8,273
2,196
70,113
42,832
100,806
2,116
4,302
114,876
26,731
153,639
389,430
12,044
15,239
3,123
14,404
66,621
35,120
97,917
5,974
424,612
28,299
732
-4
(D)
(D)
30
163
3,534
139
-3
8,706
(D)
29,446
540
826
15,693
11,169
3,335
26,009
1,564
4,098
692
2,213
10,968
4,192
8,521
1,426
61,076
1,880
508,711
26,053
103,697
14,061
47,750
11,568
4,496
977
7,551
15,748
1,547
15,530
2,843
2,899
1,177
1,409
522
4,882
1,335
463
Central America...........................
Costa Rica................................
Honduras..................................
Mexico.......................................
Panam a.....................................
O th er.........................................
103,122
2,265
640
91,259
6,509
2,449
4,194
O
25,463
1,373
443
22,807
131
709
Other Western Hemisphere
Barbados..................................
Berm uda....................................
Dominican Republic..............
United Kingdom Islands,
Caribbean............................
O th er..........................................
301,891
674
162,286
766
6,329
108,559
29,606
A fric a ..................................................
Egypt.......................................
Nigeria............................................
South Africa...................................
O th e r..............................................
Latin Am erica and O ther
W estern H em isphere................
South America..............................
Argentina..................................
B razil.........................................
C h ile...........................................
Colom bia..................................
Ecuador.....................................
Peru............................................
Venezuela.................................
O th e r.........................................
8,031
0
1
10,171
68
0
1
309
20
130
0
6,058
813
0
(D)
1,151
705
(D)
147
48
6,302
244
173
841
124
134
4,094
346
2,981
559
15,352
(D)
2,364
156
61,187
4,982
14,572
2,450
31,655
2,933
20,028
2,351
1,340
147
509
4,143
204
1,934
207
8,966
1,546
5,213
695
409
800
20
(*)
(D)
18
(D)
873
53
4
822
4
(D)
836
10
1,121
34
112
12
(D)
191
40
158
2
11
709
3
6
4,798
171
-1
10
2,609
35
106
4,449
70
97
136
31
809
0
(D)
30
777
9
(*)
(D)
(D)
(*)
(D)
0
4,070
287
965
458
2,270
3,773
612
1,747
11
43
(D)
-3 7
(D)
32,496
7,147
1,433
5,198
18,718
14,591
(D)
67
(D)
(D)
3,419
340
94
2,343
642
128
4
19
220
8
95
361
-6 4
25
367
33
M iddle E a s t......................................
Israel...............................................
Saudi Arabia.................................
United Arab Em irates.................
O th er..............................................
28,256
9,464
5,013
2,969
10,810
5,613
10,528
6,256
(D)
506
(D)
131
1,213
122
0
11
-2
200
0
406
(D)
(D)
(D)
115
(D)
(D)
(D)
Asia and P acific..............................
Australia..........................................
China.....'.........................................
Hong Kong.....................................
India.................................................
Indonesia.......................................
Japan..............................................
Korea, Republic o f......................
M alaysia........................................
New Zealan d ................................
Philippines.....................................
Singapore......................................
Taiw an............................................
Thailand.........................................
O th e r..............................................
453,997
83,346
28,579
50,199
14,540
17,679
81,923
26,854
13,037
5,395
7,066
94,810
15,711
8,850
98,373
13,777
18,261
3,668
3,106
349
16,888
9,203
4,831
1,249
3,920
14,295
3,616
4,716
492
4,207
1,497
690
7
54
-5
209
924
37
(D)
196
6,010
26,547
14,135
1,772
(*)
236
5,971
5
-1
(D)
332
21
(D)
(*)
187
(D)
1,504,444
59,776
15,092
15,175
227,205
8,833
24,471
373
0
4,165
50
-2 1
8
277
0
64
30
10
1
50
73
(D)
191
820
73
53
(D)
181
1,927
2
(D)
2,307
7,791
0
0
-4
-5 0
305
(*)
(D)
146
19
1,558
(D)
-1 8 7
-8
0
4
15
4
443
148
489
1
650
361
149
1,289
470
271
305
2,048
8,000
20
197
-4 8
1,234
(D)
(D)
3,899
(D)
1,442
490
16,574
(D)
1,486
54
-1 2 1
81
2,023
58
(*)
9
0
0
2,514
2,759
44
64
10,651
2,198
2,208
8,879
2,574
-1 1 9
(D)
(D)
351
943
(D)
13,688
659
75
23,295
3,306
27,025
49,636
110
507
(D)
(D)
100
0
29
412
196
2,244
69
45,034
106
1,057
1,144
(D)
7,664
2,643
22,717
2,071
336
1,416
413
63
7,455
8,631
5,318
142
121,229
(D)
15,528
43
269
(D)
126
(D)
38,821
17,813
50,216
(*)
93,087
4,067
0
11
71
10,489
1,068
-2 4
3,374
172
141
39
93
2,123
440
721
11
17,989
8,224
8,032
187,482
1,902
174,210
23,632
3,662
1,178
1,791
129
58
1,111
1,068
24
1,692
60
18,555
4,650
4,987
918
147
(D)
(D)
7,281
4,493
597
579
212
6,796
351
3,932
1,214
(D)
(D)
(D)
(D)
179
17,584
1,128
0
4,311
324
1,649
896
503
107
386
279
166
(D)
(D)
388
(D)
3,006
16
(*)
2,985
1,556
21,811
(D)
26
(D)
(D)
(D)
-2 0 ,5 7 5
15,942
(D)
13
14,645
765
(D)
153,956
702
91,644
4,640
0
0
(D)
(*)
(D)
1,311
43
4,602
0
(D)
237
(D)
-1 3
1
0
281
(D)
(D)
154
(D)
2
210
43
251
11,221
2,526
376
40
130
2,046
117
58
665
137
31
2
70
117
32
-5
(D)
3,600
8
109
2,780
433
269
0
0
0
0
(*)
(*)
(D)
10,078
0
2,112
-1
0
0
0
96
(D)
-941
130
585
20
(D)
(D)
1
24
(*)
0
0
0
0
570
(D)
8,127
652
472
481
-1 8 ,9 2 7
-1 ,8 3 5
50,187
11,422
140
5
0
135
1,062
(D)
1,132
248
(D)
399
(D)
1,045
97
35
804
109
134
1,750
(D)
(D)
615
575
2,237
23
(D)
127
(D)
405
(D)
(D)
(D)
96
5
0
91
(*)
5,217
5,133
(D)
(D)
1,880
837
(D)
(D)
1,045
960
13
83
553
(D)
332
0
0
2
0
3,425
631
73
(D)
(D)
8
-1 1
88
(D)
28
(D)
18,799
3,725
4,051
648
1,373
244
2,672
1,051
902
158
689
1,589
588
990
2,610
1,125
575
47
(D)
-5
193
181
16
31
11
56
95
33,194
750
6,931
1,406
(D)
(D)
3,232
2,816
3,387
107
2,232
8,887
2,127
(D)
1
22
1
26,715
2,459
857
2,921
2,552
(D)
756
10,007
1,160
(D)
510
2,404
799
1,471
345
87,127
11,007
1,315
15,815
1,987
(D)
35,655
4,055
425
1,366
(D)
(D)
8,305
1,128
(D)
13,694
3,939
651
2,318
1,926
120
29,534
3,627
2,216
5,739
636
124
8,166
1,430
192
276
332
4,248
1,878
410
259
23,671
12,217
516
945
3,117
-5 0
4,444
304
116
242
37
1,489
270
121
5,709
757
1,313
398
662
15
490
273
109
34
46
1,198
203
209
50,427
2,077
11,889
87
15,408
403
66,236
1,484
74,920
108
72,677
(D)
296,516
2,810
11
-1 1
7
181
24
67
(D)
0
(*)
(D)
0
1
0
0
0
2
11,262
752
6,635
(D)
(D)
(D)
1,432
121
0
(D)
1,466
(D)
23,791
(D)
(D)
-3
1
-7 1 6
208
614
147
1,633
8,868
108
102
-1 1 0
310,123
(D)
28,778
591
322
25
7,683
199,123
4,228
314
2,348
(D)
(D)
(D)
1
-1
2
4
0
0
0
1,005
(D)
21
48
(D)
23
0
23
(D)
0
0
0
3,244
209
578
228
179
(D)
923
333
3
(D)
9,543
1,682
1,872
33
(D)
-4 7
2,820
1,161
45
5
2
2
1,010
621
73
50
98
0
1,019
93
577
(D)
21,067
4,032
2,251
901
(D)
(D)
6,348
2,465
330
(D)
742
924
387
1,687
(D)
23,102
91
11,173
135
25,886
1,043
64,849
4,625
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. In 2007, the “Euro area” includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
the Netherlands, Portugal, Slovenia and Spain. For 2007, the U.S. direct investment position in the “Euro area” was
$1,009,292 million.
2. The European Union (27) comprises Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia,
120
1,840
1
28
(D)
337
(D)
2,912
164
Addenda:
European Union (2 7 )2...............
O PE C 3...........................................
Infor
mation
Finance
Pro
(except fessional,
Deposi
Holding
tory
depository scientific,
Other
companies
industries
institu institutions)
and
(nonbank)
and
tions
technical
insurance services
Chem
icals
2,916,930 143,430
Norw ay.
Poland..
Portugal
Russia..
Spain....
Sweden
Switzerland
Turkey...
United Kingdom...........................
O th e r..............................................
Whole
sale
trade
Food
Total
C a n a d a ..............................................
Germany
Greece..
Hungary
Ireland..
Italy.......
Luxembourg
Netherlands
Primary
Electrical
Trans
Compu
equipment,
Other
and
portation
Machin ters and
fabri
appliances,
manu
equip
ery
electronic
facturing
cated
and
ment
products
components
metals
0
-6
11
2
1
98
34
(D)
86
638
125
(*)
532
-2 5
1
18,050
900
2,220
(D)
18
500
(D)
134
14,497
2,650
4
10,419
-2 1 6
48
(D)
(D)
264
1
137,605
(D)
64,271
(*)
8,720
(D)
(D)
(D)
92
-7 6
64,412
(D)
1,315
(D)
320
7,889
1,111
-2
-5 7
811
(D)
(D)
285
818
6
152
(*)
136
1
-1
242
77
563
380
139
52
-1
66
7,083
715
3,735
(D)
(D)
659
(D)
62
1
118,896
15,709
1,280
17,165
401
9,439
5,507
(D)
2,946
(D)
(D)
(D)
143
125
118
29,440
6,475
1,711
1,627
578
(D)
8,427
(D)
(D)
1,046
463
(D)
470
562
4,348
42,379
347
606,892
27,946
102,528
(D)
-8
22
2,075
339
240
405
270
1,052
229
230
86
(D)
Finland, Ranee, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
3. OPEC is the Organization of Petroleum Exporting Countries. In 2007, its members were Algeria, Angola, Indonesia,
Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2007 are revised.
32
Direct Investment Positions for 2008
July 2009
Table 1.2. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 2008
[Millions of dollars]
Manufacturing
All
industries
All co untries.......................
Mining
Total
227,298
E u ro p e 1 .............................................
1,809,876
Austria............................................
Belgium ..........................................
Czech Republic...........................
Denmark
Finland............................................
France
17,518
65,054
4,654
10,393
2,298
75,040
Chem
icals
Infor
mation
Finance
Pro
(except fessional,
Deposi
Holding
tory
depository scientific,
Other
companies
and
industries
institu institutions)
(nonbank)
technical
and
tions
insurance services
41,802
108,049
24,038
36,807
76,453
24,095
51,774
121,864
141,557
634,046
4,394
10,384
5,427
4,211
4,611
2,515
7,813
33,168
18,332
4,113
3,676
32,728
8,164
30,511
33,472
38,508 259,844
27,489
62,253
12,777
21,561
28,344
16,156
23,802
67,463
99,980
80,971
80,823
328,307
53,845
750,883
116,716
1
232
8,816
90
47
109
3,985
(D)
481
94
52
28
3,641
301
259
(D)
173
(D)
1,562
(D)
796
103
893
(D)
2,042
(D)
1,025
(D)
67
(D)
161
1,477
1,017
795
2,523
3,577
7,160
6,834
(D)
230
(D)
3,500
(D)
4,521
10,501
717
287
1,249
3,153
2,684
17,120
2,495
24
40
15,723
1,967
1,734
8,099
(D)
(D)
(D)
(D)
(D)
2,059
2,321
-1 1 9
(D)
10,227
412
1,033
(D)
2,094
31,434
724
299
26
9,201
14,441
553
63
24,235
3,071
30,383
49,629
7,360
2,857
37
1,973
9,650
-7 5 8
208
1,040
156
2,250
401
1,811
31
176
(D)
1,978
2,554
6,234
141
1,338
797
4,850
-12 1
2
118
7,295
313
(D)
715
454
782
461
3,337
736
21,423
1,749
17,689
1,009
810
586
115
64
254
749
2,649
-4 2
42,867
64
(D)
(D)
0
282
1,343
443
335
334
7,004
(D)
(D)
1,388
(D)
(D)
4,015
(D)
2,064
464
10,209
728
1,217
986
(D)
7,240
2,703
19,727
2,237
7,506
15,618
4,844
65
122,854
9,218
23,778
1
15
(D)
28
0
99
4,637
20,058
1,808
3,871
949
29,207
Germ any........................................
G reece............................................
Hungary..........................................
Ireland............................................
Italy..................................................
Luxembourg...................................
Netherlands..................................
110,784
2,125
5,103
146,194
28,653
163,167
442,926
413
-5
74
(D)
60
163
4,372
33,993
729
815
19,051
11,684
6,305
33,026
N orw ay...........................................
Poland............................................
Portugal..........................................
R ussia............................................
Sp ain ..............................................
Sweden...........................................
Switzerland....................................
Turkey.............................................
United Kingdom...........................
O th e r..............................................
10,889
15,597
3,397
9,157
69,649
43,391
123,358
6,089
420,873
33,568
6,037
9,015
(D)
1,862
4,420
728
2,768
11,379
3,286
8,996
1,507
56,685
2,078
Latin A m erica and O ther
W estern H em isp h ere................
563,809
30,691
South Am erica..............................
Argentina...................................
Brazil
...................................
Chile
Colom bia.
Ecuador...
Peru........
Venezuela
O th e r.......
108,231
15,195
45,500
12,613
6,263
1,276
8,458
17,332
1,594
18,402
3,040
2,224
1,058
3,234
679
6,276
1,381
509
Central America...........................
Costa Rica...............................
Honduras..................................
Mexico.......................................
Panam a.....................................
O th e r..........................................
110,424
2,525
700
95,618
7,243
4,339
4,908
(*)
Other Western Hemisphere......
Barbados...................................
Berm uda....................................
Dominican Republic................
United Kingdom Islands,
Caribbean.............................
O th e r..........................................
345,153
873
165,857
960
7,382
8
-201
0
23,990
989
(D)
21,821
40
(D)
4,486
366
1,303
599
139,290
38,174
(D)
(D)
695
1,523
A fric a ..................................................
E gypt..............................................
N igeria............................................
South Africa...................................
O th e r..............................................
36,640
8,771
3,393
4,915
19,560
18,375
(D)
1,977
(D)
(D)
2,856
Middle E ast.......................................
Israel................................................
Saudi A rabia.................................
United Arab Em irates.................
Other
32,488
10,153
5,382
3,423
13,531
6,518
A sia and P a c ific ..............................
Australia..........................................
China
Hong Kong.....................................
India.
Indonesia.......................................
Japan..............................................
Korea, Republic o f.......................
M alaysia.........................................
New Z e a la n d ................................
Philippines.....................................
Singapore......................................
Taiw an............................................
Thailand..........................................
O th e r...............................................
Addenda:
European Union (2 7 )2...............
O P E C 3...........................................
0
1
4,165
78
0
190
-2
0
4,865
63
-2 1
369
39
(D)
-1
6,188
837
(D)
158
261
740
5,039
1,485
0
1
10
19
199
587
(*)
1,094
34
4,379
1,423
163
2,524
0
-1 1
(D)
214
74
154
5
2,371
152
80
385
1,336
(D)
1,846
1,190
23
(D)
43
216
321
1,822
3
7,649
94
14,228
2,790
9,273
1,887
4,607
748
433
30
256
1,235
76
902
13
772
4,447
80
(D)
76
4
(D)
4
1,665
849
(D)
149
27
6,332
324
6,538
139
116
7,252
2,176
(D)
(D)
167
968
138
60
4,677
152
2,751
655
15,929
(D)
60,709
5,050
32,233
3,363
20,357
2,238
1,333
166
580
3,951
246
2,098
0
(D)
(D)
879
12
112
1,277
33
99
41
(D)
419
(D)
2,811
169
9
2,482
36
115
12
4,306
-2 3
73
141
33
508
0
(D)
465
12
6
6
(*)
(D)
(D)
(D)
-11
(D)
305
(*)
(D)
-6
0
190
31
1,614
169
-1 3 8
5
557
295
-9 5
742
149,275 178,213
66
48
144
149
52
261
1,033
1,476
19
5,160
(D)
2,032
67
3,680
1,426
1,433
9,876
22,226
24,265
8,609
12,699
195,083
2,597
183
2,157
72
69
2,074
87
1,970
85
-1 3 4
51
(D)
(D)
4,859
494
2,783
(D)
(D)
(D)
10,345
722
6,740
(D)
(D)
(D)
224
821
(D)
3,803
426
980
968
466
124
324
263
252
4,068
1,285
6,272
450
3,096
1,394
(D)
(D)
432
(D)
18,036
1,133
9,286
3,978
355
46
109
3,057
72
(D)
(D)
(D)
9,209
3,040
37
58
2,361
338
246
2,784
16
(*)
2,758
-5
15
1,757
17
632
(D)
11
-5
15
5
406
184
245
1
88
4
114
-3
1
-1
2
(D)
(D)
(D)
(D)
1,347
126
5,017
0
0
1,221
0
-9
5,030
(*)
-5
(D)
0
0
0
0
(*)
(*)
(D)
0
0
132
463
17,421
1,974
3,790
137
0
575
(D)
10,699
821
436
(D)
809
(D)
(D)
356
(D)
1,157
105
144
784
124
128
-9
0
(*)
(D)
(D)
(*)
(D)
0
1
(D)
311
0
0
0
0
1,156
26
0
0
22
(D)
56
(D)
(*)
(D)
0
-20
-3 9
(D)
2
0
102
45
44
(D)
(*)
0
0
62
17
19
-9
35
367
-7 6
28
384
32
308
(D)
(D)
313
(D)
95
5
95
5
1
0
0
221
183
(D)
90
11,763
6,411
(D)
556
(D)
145
139
1,615
299
(D)
85
(D)
90
(*)
4,959
4,956
47
38
33
0
0
33
0
0
4,464
865
50
(D)
(D)
491,910
88,549
45,695
51,505
16,104
17,909
79,235
27,673
13,291
5,266
5,914
106,529
16,604
9,128
8,510
33,989 104,598
20,342 12,743
3,014 21,428
3,742
(*)
385
3,149
299
5,895
1 17,380
-1
9,165
2,328
5,825
322
1,339
24
3,714
589 16,544
3,816
(*)
215
4,945
874
510
4,662
1,936
730
1,630,785
69,299
16,045 244,149
18,726
9,879
0
770
415
5,333
111
72
2,069
604
51
11
2
(D)
(D)
2
8
19,202
3,598
4,614
137
1,579
(D)
294
2,723
866
1,022
49
449
131
4
48
97
(D)
962
136
683
1,690
713
1,043
91
25,518
528
58,605
2,797
211
72
85
(D)
0
(*)
807
22
0
755
31
(D)
(D)
416
114
(D)
(D)
3
9
0
2
0
0
2,652
955
609
64
(D)
(*)
160
(D)
19
36
(D)
6,626
730
1,534
640
658
19
690
246
151
39
36
1,440
176
265
37,018
738
8,142
1,738
169
3,342
2,333
4,186
98
2,446
10,430
2,396
883
3,850
273
701
229
185
(D)
1,176
301
4
(D)
7
744
84
51
1
110
0
9,443
1,479
2,146
36
80
(D)
2,567
923
79
5
(D)
1,369
50
630
(D)
18,464
443
26,747
13
15,912
191
23,183
1,168
0
66
78
176
(D)
12,168
177
127
41
(*)
3
(D)
9
(*)
50
11
2,210
1
8
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. In 2008, the “Euro area” includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxem
bourg, Malta, the Netherlands, Portugal, Slovenia and Spain. For 2008, the U.S. direct investment position in the “Euro
area” was $1,128,529 million.
2. The European Union (27) comprises Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia,
W hole
sale
trade
72,523
3,162,021 151,859 512,293
Canada...............................................
Food
Primary
Electrical
Trans
Compu
equipment,
and
Other
portation
Machin ters and
fabri
appliances,
manu
ery
electronic
equip
and
facturing
cated
ment
products
components
metals
0
2
2
63
81
258
100
25,189
(D)
(D)
(D)
(D)
(D)
-1 8 ,7 6 2
0
-20
19,135
(D)
108
15,736
788
(D)
157,912
861
81,179
81,242 1,128,538
212,409
102
-20
2,602
12,398
(D)
(D)
-51
(D)
(D)
12,375
5,401
32,769
(D)
291
27,596
1,925
120,320
306,257
8,450
(D)
(D)
26,588
5,221
467
(D)
19
(D)
149
(D)
40,850
19,862
70,100
-4
101,062
5,138
(D)
(D)
1,091
(D)
3,138
(D)
7,284
93
37,060
(D)
204,950
24,724
20,051
4,691
6,287
617
149
(D)
(D)
7,610
4,193
731
444
2,104
(D)
17
(D)
(D)
123
12
87
(D)
1,160
80
(D)
232
164
88
123
2,123
546
632
20
13,913
104
2,078
1,174
77
616
129
37
2
76
206
31
572
126
(*)
460
-20
6
333
12
1
20,468
(D)
-2
16,865
(D)
-1 1
10,338
-2 3 8
(D)
(D)
(D)
261
164,432
(D)
72,566
(*)
10,193
(D)
(D)
1
272
1
-1 6 ,9 6 3
-1 ,9 9 7
(D)
(D)
98
-51
(D)
(D)
1,716
818
1,814
32
(D)
135
(D)
372
26
1,899
(D)
(D)
(D)
632
8,664
-1 7
817
409
7,455
1,375
28
53
305
988
2,145
930
(D)
(D)
1,447
1,343
720
(D)
6
112
0
933
354
293
-1 3
(D)
65
7,594
724
3,539
(D)
(D)
799
(D)
144
12
569
103
(D)
(D)
354
21,146
3,033
2,951
895
(D)
(D)
6,429
(D)
376
(D)
(D)
800
271
1,801
(D)
32,334
3,856
3,219
6,858
793
154
9,036
1,812
270
26,596
13,100
223
833
3,603
-7 6
5,609
448
74
303
28
2,130
310
9
75,544
11,275
1,895
11,535
1,731
758
28,032
3,625
466
1,307
125
6,782
7,141
946
-7 3
15,850
3,762
773
2,931
2,563
14
2,806
332
207
346
217
1,329
295
276
(*)
125,935
13,875
1,556
19,552
238
9,552
5,911
(D)
(D)
(D)
(D)
71,250
1
41,740
2,285
(D)
3,694
(D)
(D)
1,144
(D)
(D)
(D)
(D)
(D)
(D)
1,511
372
122
35,324
7,310
(D)
2,360
(D)
(D)
9,316
(D)
403
942
443
(D)
(D)
749
6,432
63,552
4,561
74,933
1,909
77,498
146
67,339
(D)
314,098
4,206
52,773
828
676,444
29,774
107,506
(D)
211
228
3,322
2,018
286
273
1
110
(D)
(D)
1
(*)
289
82
200
87
102
192
10
102
(D)
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom
3.
OPEC is the Organization of Petroleum Exporting Countries. In 2008, its members were Algeria, Angola, Ecuador,
Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2008 are preliminary.
33
Survey of Current Business
July 2009
Table 2.1. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2007
[Millions of dollars]
Manufacturing
All
industries
Total
Primary
Electrical
Compu
Trans
equipment,
Other
and
portation
Machin ters and
fabri
appliances,
manu
ery
electronic
equip
facturing
cated
and
ment
products
metals
components
Chem
icals
Food
134,332
260,735
48,526
58,770
7,760
18,401
64,183
3,991
2,588
58,112
155,441 136,508
781
(D)
-9 0 2
5,856
877
0
(D)
4
1,152
(D)
2,548
17,319
9,680
22,382
(D)
(D)
5
P
918
134,889
97,229
(D)
(D)
19,621
73
230
(D)
17,540
1
28,283
(D)
432
46,595
(D)
229
<U)
<U)
4,154
330,207
0
178,937
(D)
1,240
(D)
48,402
(D)
32
8,567
15,904
392
15,385
(D)
621
22
6,680
(D)
198
79
3,084
52
781
-3 3
(D)
P
8,134
972
42,723
7,357
(D)
46,561
27,495
1,891
(D)
585
12,235
19,216
10,878
19,250
-2 5 4
(D)
50,496
379
966
264
27,235
18,501
1,162
148
(D)
(D)
4,976
(D)
(D)
486
27,063
(D)
(D)
(D)
7,506
138,157
21,759
68,314
-3 1 6
6,069
18,384 192,629
6
(D)
56
(D)
2,216
(D)
600
(D)
2,071
14,051-
35,105
440
(D)
(D)
(D)
1,284
41,015
4
(*)
(D)
32
17,322
0
4,735
(D)
131
5,962
(D)
673
17,960
(D)
19
(D)
(D)
(D)
578
30,652
74
4
21,283
4,709
340
15,318
37,287
676
3,366
24,102
98,382
96,680
28,896
(D)
(*)
(D)
2,342
185
276
(D)
31,340
45,109
1,985
(D)
4,085
2,245
4,989
1,296
50,039
277
278
882
1,454
(U)
2,093
4
362
21,192
(D)
(D)
-4
(D)
3,899
3,825
(D)
55,816
19,726
2,193
2,658
14,021
1,750
6,287
980
4,196
808
4,192
698
3,413
138
96
-1 5 4
2,084
(D)
(D)
(D)
1,135
93
1,197
(D)
41,795
598
4,697
5,574
15,534
(D)
11,660
-2 1 4
110
247
-8 4
232
(D)
-3 1
(D)
2,411
(D)
(D)
(D)
34,423
-3 ,4 9 7
5,163
(D)
(D)
(D)
(D)
A fric a ..................................................
South Africa..................................
O th e r..............................................
1,396
243
1,153
-2 1 7
(D)
(D)
-1
-1
0
-7
M iddle E a s t......................................
Israel...............................................
Kuwait.............................................
Lebanon ........................................
Saudi Arabia.................................
United Arab Em irates.................
O th e r..............................................
15,058
6,556
846
(D)
(D)
1,527
544
1,916
1,863
Asia and P acific..............................
Australia..........................................
China..
Hong Kong
India....
Japan..
Korea, Republic o f......................
M alaysia........................................
New Zealan d ................................
Singapore
Taiwan
O th er..............................................
322,087
50,233
916
3,742
2,822
230,453
15,146
490
975
11,707
4,746
857
96,563
3,358
-231
1,377
145
78,384
(D)
32
(D)
(D)
1,549
89
Addenda:
European Union (2 7 )2...............
O P E C 3...........................................
1,332,999
12,741
438,315
63
E u ro p e 1 .............................................
Austria............................................
Belgium .........................................
Denm ark........................................
Finland............................................
France ............................................
1,507,594
2,373
23,663
4,709
5,413
160,116
541,226
1,683
9,390
3,052
3,289
69,891
Germ any........................................
Ireland............................................
Italy..................................................
Luxembourg..................................
Netherlands..................................
N orw ay..........................................
214,506
32,679
13,291
120,524
208,177
5,564
51,288
16,600
S pain..............................................
S w e d en .........................................
Switzerland....................................
United Kingdom...........................
O th e r..............................................
27,511
42,129
153,277
426,545
67,116
Latin A m erica and O ther
W estern H em isphere...............
South and Central Am erica......
Brazil.........................................
M exico.......................................
P anam a.....................................
Venezuela.................................
O th er.........................................
Other Western Hemisphere......
Baham as..................................
Berm uda....................................
Netherlands Antilles..............
United Kingdom Islands,
Caribbean............................
O th e r.........................................
1,100
57,988
76,101
-5 8 3
2
(*)
11
-2 9
69
24,225 213,483
1,559
(D)
1,852
-3 9
729
808
0
(*)
(D)
(D)
(D)
5,729
-2
138
519
3,921
408
1,195
(D)
0
13,267
(D)
75
(D)
2,643
5
(D)
(D)
485
14,141
(D)
3
(D)
(D)
515
(D)
-1 ,8 6 4
1,308
-7 6
-2 8 6
(D)
-8 9
(D)
-2 2
-5 8
34
-2 4
-7
(D)
(D)
(D)
-1 ,7 8 7
68
(D)
0
' 739
-1
-1
(D)
1,593
(*)
(D)
20,201
9,931
149
1,539
1,031
18,643
2,814
125
7,023
8,146
68,636
475
(D)
15
-4
29
(*)
(D)
(D)
-1 1 0
11,313
7,648
1,378
1,096
4,253
-4 ,4 6 4
8,992
1,534
15,653
-1 4 4
47
(D)
(D)
-3
-1 3
1,217
-4 8
727
(D)
(D)
315
5,225
(D)
1,497
-5
(U)
331
26
(D)
(D)
3
(*)
-1 6
3,480
490
(D)
(D)
55
(D)
(D)
55
(D)
(D)
-5 0
-3 2
-1
20
9
17
-6
-1 0
397
59
175
256
-3
-9 0
(D)
33
10,096
(D)
0
0
8
2,423
7
296
239
1,352
0
1,585
5
1,206
(D)
15,256
(D)
(D)
4,593
ID)
6,847
253
(D)
(D)
7,981
272
585
(D)
(O)
(D)
n
(U)
(D)
(D)
(D)
(D)
(D)
(D)
(*)
145
(*)
145
-2
-2
649
(D)
(*)
527
6,258
472
(D)
(*)
(D)
-7
(D)
(D)
(D)
(D)
(D)
2
0
6
10
1,299
(D)
(D)
(D)
(D)
(D)
0
0
2
0
(U)
2,136
(D)
(D)
(D)
(D)
(D)
47
23
75
0
0
0
2,303
665
(D)
(D)
-3 7
(D)
(D)
13,408 119,131
1,949
2,036
-12 2
818
-1 6
1,742
4,354
(D)
(D)
306
(*)
(D)
49
1,859
(D)
0
100
1,634
246
(D)
(*)
(D)
(D)
(D)
(D)
-6
-1
-1
(D)
(*)
(*)
(*)
-20
-1 1
-1 0
195
(0 )
(D)
8
8
0
0
0
0
0
1,039
1,044
(D)
-9
(*)
(D)
414
(*)
8
454
383
0
0
2,081
23
(*)
6,071
(D)
126
(D)
(D)
(*)
-5
(D)
3,861
-1
11,434
(D)
-2 7 7
(D)
42
9,818
38
-1 5
(D)
-6 3
32
5
-10
1
9
8,916 159,005
-41
(*)
31,467
-7
44,792
-3 8
-1
51
1,555
7
-1
(D)
(D)
-4
0
(D)
(0 )
-1
(D)
2,355
(D)
(U)
8
5
3
-7
-2
(D)
5
(D)
-2
0
(*)
(*)
(D)
19,443
-3 9
(D)
12
162
-3
653
(D)
18,363
(D)
61
-9
131
64
35
40,114
-1
9
0
0
0
-1
0
0
(*)
(D)
(D)
(D)
-2
31,715
-2 5
-1 3 3
(D)
55
31,782
(D)
(*)
(*)
16
(D)
-1 3
-3
26
-7 0
39
9,582 101,125
80 10,624
64
2
495
(D)
197
-1 9
1,716
(D)
24
388
17,899
-7
28,946
5
107,176 125,242
151
8,696
-1
-2
1,068
6
-1 1 ,4 7 6
-1
2,095
2
0
2
0
0
0
0
0
-1 2
37
0
0
-2
-2 2
3
9,676
(D)
-4
6
0
0
772
(D)
-6
(D)
0
(D)
(D)
0
0
-2
(D)
(D)
699
156
(D)
-2
(D)
0
-1
1,112
1,121
1,230
(D)
1
-1
-1 8
(D)
(D)
100
(D)
401
(D)
907
(D)
-1 ,3 0 6
(D)
6
21
0
(D)
5
35,436
3,146
(D)
3,716
57,709
8
71
4,324
(D)
5,423
203
(U)
(*)
8
16,157
20
3,376
(D)
338
13,062
3,881
(D)
1,917
(D)
(D)
(*)
(D)
P
(D)
2,821
(D)
(D)
2
-1
8
1
0
450,049
(D)
8,478
-1 8
(D)
19,482
(D)
908
1,124
(D)
20,335
19,711
0
111
8,138
-2 4 5
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. In 2007, the “Euro area" includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
the Netherlands, Portugal, Slovenia, and Spain. For 2007, the “Euro area” direct investment position in the United States
was $808,666 million.
2. The European Union (27) comprises Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia,
201,012 274,587
147,043
21,507
4,443
43,932
Pro
fessional,
Other
scientific,
industries
and
technical
services
4,498
66,599
346
703,146
207,925
Infor
mation
Real
estate
and
rental
and
leasing
32,688
59,110
5,899
2,109,876
Retail
trade
Finance
Deposi
(except
tory
depository
institu institutions)
tions
and
insurance
4,458
48,897
All c o u n trie s .....................
C a n a d a ..............................................
W hole
sale
trade
11
11
0
0
(D)
(*)
1
(D)
(*)
4,359
(D)
(D)
136
(D)
0
(D)
(D)
(D)
(D)
1,762
(D)
413
266
8,505
355
(D)
5
0
21,824
4,138
(D)
(D)
(*)
14,737
162
(’)
13,640
7,314
(*)
147
-1
-2
351
1,108
193
(D)
70
29
5,700
71
(D)
(D)
193
58
18
118,175
7
103,863
1,377
151,442
-5
17,159
(D)
0
0
2
0
(D)
(D)
(*)
13
(D)
18,252
(*)
0
1
0
(*)
(*)
-5 2
(*)
8,031
(D)
71
(D)
2,147
5,356
122
43,124
30,929
117
43
202
-1 1
10,430
17
343
13
674
203
153
42,785
-5 9
317,766
(D)
-1
10
-1
-3
-4 5
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
3. OPEC is the Organization of Petroleum Exporting Countries. In 2007, its members were Algeria, Angola, Indonesia,
Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2007 are revised.
34
Direct Investment Positions for 2008
July 2009
Table 2.2. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 2008
[Millions of dollars]
Manufacturing
All
industries
Total
Food
Chemi
cals
Electrical
Primary
Trans
Compu
equipment,
Other
and
Machin ters and
portation
fabri
manu
appliances,
ery
electronic
equip
facturing
cated
and
products
ment
metals
components
All co untries.......................
2,278,892
795,336
25,641
217,777
48,719
75,184
63,251
23,815
64,514
C anada...............................................
221,870
42,851
1,992
7,273
5,393
1,359
-2 3 5
-2 6
6,631
19,833 189,776
5
(D)
-9
3,920
2,383
(D)
506
(D)
2,197
18,542
36,744
544
(D)
50,549
369
40,945
3
201
2
19,310
O
36
0
1,087
1,517
(D)
2,214
(D)
464
ID)
(D)
(D)
(D)
(D)
14,448
(D)
(D)
2,644
435
(D)
298
(*)
224
1,263
(D)
(D)
25,846
15
(D)
(*)
(*)
3,691
1
60
(D)
439
13,916
(D)
(D)
172
-2 2
11
-88
E u ro p e 1 .............................................
Austria............................................
Belgium ..........................................
Denm ark........................................
Finland............................................
France.............................................
1,622,911 617,579
1,323
2,406
2,245
18,580
3,346
4,992
12,499
3,495
163,430
75,973
Germ any........................................
Ireland............................................
Italy..................................................
Luxembourg..................................
Netherlands..................................
N orw ay...........................................
211,521
34,094
17,575
113,248
259,385
6,755
55,598
16,514
5,923
48,364
131,423
851
S p a in ...............................................
Sweden...........................................
Switzerland....................................
United Kingdom...........................
O th e r..............................................
38,662
35,020
165,697
454,123
84,922
Latin A m erica and O ther
W estern H em isp h ere................
South and Central A m erica......
B razil..........................................
Mexico.......................................
Panam a.....................................
Venezuela.................................
O th e r..........................................
2,914
24,660
107,154
102,800
34,996
5,897
39,632
(D)
315
(D)
26,575
44,927
(D)
(D)
4,598
2,928
5,562
3,700
49,233
25,421
2,236
2,278
2,143
15,609
778
7,948
881
4,563
1,439
5,130
85
5,126
54
-1 6 8
32
2,059
(D)
1,946
1,596
(D)
1,718
(D)
33,623
81
10,750
6,266
20,291
82
16,156
(O)
481
-7 9
546
(D)
-4 0
(D)
1,797
(D)
1,354
<U)
Other Western Hemisphere......
Baham as..................................
Berm uda....................................
Netherlands Antilles..............
United Kingdom Islands,
Caribbean.............................
O th e r..........................................
547
(D)
(U)
(D)
(D)
(*)
21,604
-5 ,0 7 7
3,858
(D)
ID)
(D)
(D)
(D)
(D)
A fric a ..................................................
South Africa...................................
O th e r..............................................
2,002
427
-8 9
516
-2
-2
(D)
(*)
—8
-6
-1
Middle E ast.......................................
Israel...............................................
Kuwait.............................................
Lebanon ........................................
Saudi Arabia.................................
United Arab Em irates.................
O th e r..............................................
14,676
6,143
359
(D)
(D)
2,744
272
2,747
2,708
(D)
(O)
(D)
(D)
(D)
(U)
Asia and P a c ific ..............................
Australia
China
Hong Kong.....................................
India..
Japan
Korea, Republic o f.......................
M alaysia.........................................
New Z e a la n d ................................
Singapore......................................
Taiw an............................................
O th e r..............................................
368,200
64,316
1,235
3,973
4,527
259,569
15,632
395
1,062
12,718
3,900
874
106,312
5,224
-3 8 4
1,494
151
86,952
(D)
7
(D)
(D)
1,425
23
1,562
4
5
13
-1 5
Addenda:
European Union ( 2 7 ) 2................
O PEC 3...........................................
1,434,060
13,345
503,714
-1 7 7
9,620
-5
159,803
-7 0
643
1,359
2
(*)
14
(D)
(D)
0
-5
(D)
177
(D)
<D)
2
-1
0
0
0
0
0
(D)
34
-3
-1
-1
1
(D)
-3 9
-2
28,345
4,349
(D)
1,800
44
1,492
97
852
(D)
O
9
(*)
10,176
3,016
(D)
1,111
0
0
-1
(D)
0
(D)
1,000
-2 7 2
(D)
81
15,264
39
-1 7
(*)
1
2,047
(D)
(D)
6,719
(D)
(D)
-2
-4 9
-1
(D)
0
0
(*)
(*)
0
4,275
1,400
125
-7
(D)
2,628
95
<l»
3,851
4,428
3,844
(D)
263
(*)
-2 4
-4 5
(D)
0
529
234,576 167,610
263
(D)
31
6,147
-1 ,3 7 7
891
1,388
(D)
10,710
19,009
(*)
(D)
24
484
(D)
(D)
1,306
(D)
23,425
(D)
152
8,070
7,184
78,758
(D)
1,547
(D)
-4 8 6
5,904
8,069
-1 6 8
(D)
-7
(D)
(*)
(D)
(D)
-3 7
1,272
14
28
(D)
6,495
(D)
1,760
-2
-5 6 4
28
(D)
(D)
(D)
-7
(D)
78
0
0
0
-8
(D)
-4
(D)
1,715
(*)
(D)
(D)
49,379
(D)
343
(D)
(D)
5,562
348,958
97
4,687
(D)
317
18,977
850
(D)
(D)
(D)
6,980
1,193
121
4,390
(D)
1,641
(D)
4,874
(*)
(D)
95
4,050
2,809
3,055
2,100
10
(D)
(D)
-1 1 9
1
87
612
(D)
21,033
8,907
-7 6 0
(D)
19,971
(D)
(D)
47,882
321
6,302
91
(D)
(D)
3,287
115
(D)
248
31,522
26,420
(D)
(D)
2,351
5,153
470
239
(D)
687
28,805
(D)
36,384
7,136
6,351
49,101
30,097
(D)
11,399
1,228
9,324
140,462
32,267
664
4,115
-1 9 ,8 2 9
10,261
1,766
16,664
-1 1 9
3,315
514
1,115
(D)
(D)
298
14
77
198
475
48
(D)
(D)
89
-1 3 3
1
11
0
36,254
6,644
(D)
2,586
39,865
(D)
(D)
1
16,576
-8 0 5
4,677
5,139
(D)
(D)
2,074
(D)
931
(D)
161
(D)
(D)
(D)
8,235
246
429
5
7,347
219
493
(D)
(D)
-1
8
(D)
(D)
(D)
(D)
(D)
(D)
(*)
(D)
(*)
0
-1
(D)
-3
(D)
878
(D)
(D)
5,868
(D)
(D)
(*)
(D)
(D)
(D)
(D)
(D)
952
995
2
0
6
(D)
(D)
(D)
0
(*)
(D)
(D)
0
2
1
0
(D)
147
(D)
(D)
30
170
(D)
(D)
76
0
0
0
(D)
250
(D)
4,354
1,257
(D)
(D)
(D)
2,613
338
14,694 125,785
2,591
1,469
-1 3 6
1,092
6
1,772
74
1
10,326 108,278
79
(D)
(D)
2,499
(D)
(D)
(D)
56
1,814
(D)
3
(D)
(D)
3,055
(D)
456
357
10,344
8
382
884
1,340
99
1
-1
2
0
0
0
0
(D)
(D)
441
(D)
0
0
-1
-6
0
0
(D)
5
118
-4
-4
1,369
32,513
-31
-1 7 4
-86
444
(*)
17
(D)
(D)
8
0
0
1
(*)
38
32,609
84
5
11
68
-5
(D)
(*)
6,108
(D)
(D)
0
-2
51
(D)
-2 7
16
-7 5
43
(D)
-5 6
(D)
-7
461
251
(D)
581
-4
35
(*)
19,260
(D)
24,296
(D)
173,805
79
156,455
9,026
23,680
(*)
-1
(D)
7,559
4,677
(D)
(D)
1
1,005
(*)
(*)
27,114
1,849
5
1,411
(*)
(D)
(D)
(*)
1
50,652
1,630
87
9,481
20,133
358
0
27
-2
0
0
0
-2
40,061
-3
19,956
83
(D)
5
(D)
385
9,785
(D)
(D)
884
358
45,172
-2 8
177,827
7
(D)
4
(D)
31,697
-3 7
71,284
(D)
(D)
-2 0 ,1 2 6
-3
-1 1 ,9 6 5
(*)
n
(*)
-2
58,750
28,276 142,042
-6
(D)
4
(D)
4
(*)
(D)
(D)
353
16,798
486,813
800
(D)
(D)
1
2,248
688
3
3
(*)
-12
62,118
4,128
783
(D)
(D)
(D)
0
20,457
51,995
62,132
2,090
(*)
0
(D)
238
-3 4
248,888
27,780
1,575
(D)
248
(D)
81
0
119,124
11,808
(D)
O
(D)
-2 4 5
7
(*)
157,973
7,415
2
(D)
(*)
(*)
44,062
(*)
204
(D)
0
0
Pro
Finance
Real
Deposi
fessional,
(except
estate
tory
Other
scientific,
depository
and rental
institu institutions)
industries
and
and
tions
and
technical
leasing
services
insurance
(D)
733
-4
(D)
Infor
mation
-1 1
0
0
Retail
trade
-8 3
-3 4
-3 1
4
-5
-1 6
-2
0
4,758
16,415
187
1,677
1,204
23,486
3,715
* A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
1. In 2008, the “Euro area” includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxem
bourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For 2008, the “Euro area" direct investment position in the
United States was $872,104 million.
2. The European Union (27) comprises Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia,
20,463
9,153
9,067
93
(D)
78,424
(D)
-7
(D)
(D)
19,012
(D)
27
-9
370
71
27
5
276,435 312,583
12,969
(*)
(D)
318
(D)
(D)
79
(D)
(D)
7,627
169
(D)
4,183
(D)
(D)
3
(D)
ID)
(*)
8
8
0
2
W hole
sale
trade
0
20
-6
-8
-6
59
(*)
126,081
11
0
(D)
(D)
(D)
212
(D)
0
28,501
4,922
16
4
-2
(D)
17,084
(D)
1
201
(D)
(D)
(D)
79,536
1,258
146,033
(D)
(*)
(D)
(*)
-3 6
10
36
-3 7
(D)
-1 0
17,409
255
45,148
(D)
336,004
2,960
-2
143
6,918
78
(P)
(D)
(D)
8,660
593
(D)
(D)
2,902
4,957
-4
-6
57,208
41,094
99
108
1,066
12,509
(D)
258
18
1,153
269
(D)
-1
21,690
152
(*)
0
-1
1
261
2
-2
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland,
Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom.
3. OPEC is the Organization of Petroleum Exporting Countries. In 2008, its members were Algeria, Angola, Ecuador,
Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
N ote . Estimates for 2008 are preliminary.
July 2 0 0 9
35
A n n u a l
B
y
A
n n e
R e v is io n
F la t n e s s ,
E r in
M
o f th e
.
W
U .S . In t e r n a t io n a l A c c o u n t s
h it a k e r ; a n d
R
o b e r t
I N JUNE, the Bureau of Economic Analysis (BEA)
released annual revisions of the U.S international
transactions accounts (ITAs) and the U.S. interna
tional investment position. Through annual revisions,
B E A introduces n e w and improved definitions and
classifications, newly available and more complete
source data, improved estimation procedures, and n e w
and updated presentations that improve the reliability
and consistency of the statistics and address important
n e w developments in the U.S. and international econ
omies.
For this annual revision, the most important change
is a n e w treatment of certain disaster-related losses re
covered from international insurers. Under this n e w
treatment, B E A will record certain disaster-related in
surance losses recovered in the capital account rather
than as a component of unilateral transfers in the cur
rent account. This treatment is consistent with n e w in
ternational standards and with the n e w treatment of
disaster-related losses that will be introduced in the
forthcoming comprehensive revision of the national
income and product accounts. The n e w treatment af
fects statistics for 1992, 2001, 2004, 2005, and 2008.
Other significant changes introduced in this annual
revision include the following:
• Exports and imports of goods on a balance-of-payments basis were revised for 2001-2008. Revisions
to exports reflect revised Census Bureau sotelrce data
for civilian aircraft and improved procedures for
excluding goods that are included in transfers under
U.S. military agency sales contracts. Revisions to
imports incorporate n e w source data that improve
the coverage of locomotives and railcars.
• Services receipts and payments were revised for
2006-2008 to incorporate updated and revised data
from B E A ’s quarterly and benchmark surveys of
international services transactions. In addition,
transfers under U.S. military agency sales contracts
were revised to more completely account for train
ing services and equipment provided to local secu
rity forces in Iraq and Afghanistan.
E .
Y u s k a v a g e
• Direct investment financial flows and related
income receipts and payments were revised for
2006-2008 to incorporate n e w quarterly and annual
data from B E A ’s surveys of U.S. direct investment
abroad and foreign direct investment in the United
States.
• Foreign securities financial flows as well as interest
receipts for foreign bonds and dividend receipts for
foreign stocks were revised for 2006-2008 to incor
porate the results of the U.S. Treasury Department’s
annual survey of U.S. Ownership of Foreign Securi
ties for December 2007 and revised source data.
• U.S. securities financial flows as well as interest pay
ments for U.S. bonds and dividend payments for
U.S. stocks were revised for 2006-2008 to incorpo
rate the results of the U.S. Treasury Department’s
annual survey of Foreign-Residents’ Holdings of
U.S. Securities for June 2008 and revised source
data.
Acknowledgments
The revised statistics for the U.S. international
accounts were prepared under the general direction of
Paul W. Farello and Christopher A. Gohrband.
Mai-Chi Hoang, Marc A. Bouchard, Benjamin
Kavanaugh, and R. Christian Thieme prepared revised
balance-of-payments adjustments for merchandise
trade under the direction of John Rutter. Mai-Chi
Hoang prepared the updated presentation of Table 2
for U.S. Trade in Goods.
Patricia Mosley prepared revised statistics for trans
fers under U.S. military agency sales contracts and for
U.S. government grants, and Anne Flatness prepared
statistics for the new treatment of disaster-related
insurance transactions, both under the direction of
Paul W. Farello.
Elena L. Nguyen, Erin M. Whitaker, and Cavan
Wilk prepared revised financial account statistics
related to holdings of U.S. and foreign securities under
the direction of Christopher A. Gohrband.
U.S. International Accounts
36
• The presentation of the adjustment of “Censusbasis” merchandise trade data to a balance-of-payments basis was revised. These adjustments are
shown in table 2 in the quarterly ITA article in this
issue (see page 72).
Statistics for U.S. international transactions were re
vised for 1992 and for 2001-2008. The revisions for
1992 were entirely due to the n e w treatment of certain
disaster-related insurance settlements. Revised statis
tics for the detailed components of the U.S. interna
tional transactions accounts for 1992 and 2001-2008
are shown in table 1 in the quarterly ITA article (see
page 66). S u m m a r y information on revisions for
2001-2008 is shown in table E in this article.
Despite several relatively large changes, this annual
revision has not significantly altered the overall picture
of U.S. international transactions or the U.S. interna
tional investment position for the past several years.
The revised statistics for the current account show
nearly the same widening of the current-account defi
cit through 2006, a larger decline in the deficit for
2007, and a smaller decline for 2008 (chart 1). The re
vised statistics for the financial account continue to
show large reductions in net financial inflows during
the financial crisis even with significant downward re
visions for 2007 and 2008 (chart 2). The upward revi
sion to the statistical discrepancy for 2008— resulting
from opposing revisions to the current account and fi
nancial account— highlights the importance of B E A ’s
continuing efforts to improve its coverage of interna
tional transactions. For more information, see the box
Chart 1. Current-Account Deficit, 2001-2008
Billion $
900
July 2 0 0 9
“The Statistical Discrepancy in Periods of Economic
Turbulence.” The U.S. net international investment
position was revised slightly for both 2006 and 2007,
but the revisions did not significantly affect the net as
set position of the United States relative to the rest of
the world.
This article is divided into two major sections. The
first section summarizes the impact of the revisions on
the statistics from the current, capital, and financial ac
counts, including the statistical discrepancy, and the
international investment position. The second section
discusses the major changes in definitions, methodolo
gies, source data, and presentation introduced in this
annual revision.
R e v is io n s
The revisions to the statistics resulted from updated
source data and the incorporation of n e w source data,
a n e w definition, and improved methodologies. The
majority of the revisions resulted from updated source
data. These changes affect all categories of the interna
tional transactions accounts. Revisions to the financial
account were larger than those to the current and capi
tal accounts. The annual revision is also the first time
that complete statistics on financial derivatives for the
preceding year are available, providing the first c o m
plete picture of 2008 transactions.
A n n u a l
h ig h lig h ts ,
c u r r e n t
a c c o u n t
Current-account and capital-account statistics were re
vised for 1992 and 2001-2008. The current-account
Chart 2. Net Financial Inflows, 2001-2008
Billion $
I Previously published
Revised
900
I Previously published
R evised
800
700
600
500
400
300
20 0
10 0
2001 2002 2003 2004 2005 2006 2007 2008
U.S. Bureau of Economic Analysis
2001 2002 2003 2004 2005 2006 2007 2008
U.S. Bureau of Economic Analysis
July 2009
37
Survey of Current Business
deficit was revised up for 1992, 2001, 2004-2006, and
2008, and it was revised d o w n for 2002, 2003, and
2007. The revised statistics show the same trend in the
current-account deficit as the previously published sta
tistics. The deficit declined slightly in 2001, rose con
tinuously through 2006, and then declined again in
2007 and 2008 (table A). In the revised statistics, h o w
ever, the increase in the deficit for 2005 and the de
crease for 2007 are steeper, and the deficit for 2007 is
lower than the deficit for 2005. The steeper increase in
2005 is primarily due to an increase in net outflows of
net unilateral current transfers resulting from the n e w
treatment of disaster-related losses recovered. The
steeper decrease in 2007 is primarily due to a larger in
crease in the surplus on income.
The decrease in the current-account deficit for 2008
is n o w noticeably smaller, primarily due to a smaller
increase in the surplus on income. The surplus on in
c o me increased $27.4 billion in the revised statistics,
compared with $45.8 billion in the previously p u b
lished statistics. A larger increase in the deficit on
goods and a smaller increase in the surplus on services
also contributed.
Goods and services. The deficit on goods and ser
vices was revised up for 2001 and 2004-2008 and re
vised d o w n for 2002 and 2003. The largest revision was
for 2008. For that year, the combined deficit on goods
and services was revised up $14.8 billion. This reflects
the combined effects of an upward revision to the defi
cit on goods of $19.4 billion and an upward revision to
the surplus on services of $4.6 billion. Exports of goods
and services were revised d o w n $9.2 billion; a d o w n
ward revision of $14.4 billion to goods was partly off
set by an upward revision of $5.2 billion to services.
Imports of goods and services were revised up $5.6 bil
lion; $5.0 billion was due to goods, and $0.6 billion was
due to services.
Goods were revised for 2001-2008; the largest revi
sions were for 2006-2008 (table B). The deficit on
goods was revised up for 2001 and for 2004-2008, with
amounts ranging from $0.4 billion in 2001 to $19.4
billion in 2008. These revisions largely resulted from
significant downward revisions to goods exports re
lated to revised source data for civilian aircraft. The
deficit on goods was revised d o w n slightly for both
2002 and 2003, largely the result of upward revisions to
goods exports for those years related to the n e w meth
odology for identifying and excluding goods that are
recorded as transfers under U.S. military sales con
tracts (a component of trade in services). Small u p
ward revisions to goods imports for 2001-2007 were
mostly related to the n e w source data for locomotives
and railcars. The revisions for 2001-2007 did not sig
nificantly change the trends of exports, imports, and
the deficit on goods. For 2008, the increase in the defi
cit on goods is n o w more pronounced, rising $9.3 bil
lion, compared with $1.5 billion in the previously
published statistics. It contributed to the smaller de
cline in the current-account deficit noted above.
Services were revised for 2006-2008. The services
Table A. Revisions to Current-Account Balances and to Net Financial Flows, 2001-2008
[Billions of dollars]
(Credits +; debits - ) 1
2001
2002
-3 9 8 .3
-1 3 .6
-3 8 4 .7
-4 6 1 .3
Balance on goods (line 72):
Revised..........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
-4 2 9 .9
-0 .4
-4 2 9 .5
B alance on services (line 73):
Revised..........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
B alance on goods and services (line 74):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
Balance on incom e (line 75):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
Unilateral current transfers, net (line 76):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
Net financial flow s (lines 4 0 ,5 5 , and 70):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
-4 5 9 .2
2005
2006
2007
2008
-5 2 1 .5
1.9
-5 2 3 .4
-631.1
- 6.1
-6 2 5 .0
-7 4 8 .7
-1 9 .7
-7 2 9
-8 0 3 .5
-1 5 .4
-788.1
-7 2 6 .6
4.6
-7 3 1 .2
-706.1
-3 2 .8
-6 7 3 .3
-4 8 5 .0
-5 4 9 .0
1.9
-5 5 0 .9
-6 7 1 .8
-2 .3
-6 6 9 .6
-7 9 0 .9
-3 .7
-787.1
-8 4 7 .3
-9 .0
-8 3 8 .3
-8 3 1 .0
- 11.6
-8 1 9 .4
-8 4 0 .3
-1 9 .4
-8 2 0 .8
64.4
61.2
54.0
61.8
75.6
64.4
61.2
54.0
61.8
75.6
86.9
1.9
85.0
129.6
10.5
119.1
144.3
46
139.7
-3 6 5 .5
-0 .4
-365.1
-4 2 1 .6
-4 2 3 .7
-4 9 5 .0
1.9
-4 9 6 .9
-6 1 0 .0
-2 .3
-6 0 7 .7
-7 1 5 .3
-3 .7
-7 1 1 .6
-7 6 0 .4
-7.1
-7 5 3 .3
-7 0 1 .4
- 1.2
-7 0 0 .3
-6 9 5 .9
-1 4 .8
-681.1
31.7
27.4
45.3
67.2
72.4
31.7
27.4
45.3
67.2
72.4
48.1
-9.1
57.2
90.8
9.1
81.7
118.2
-9 .3
127.6
-6 4 .5
-1 3 .2
-5 1 .3
-6 4 .9
-7 1 .8
-1 0 5 .8
-1 6 .0
-8 9 .8
-9 1 .3
-9 2 .0
-1 1 6 .0
-3 .3
-1 1 2 .7
-1 2 8 .4
-8 .7
-1 1 9 .7
809.2
-2 9 .9
839.1
663.6
- 110.8
774.3
505.1
-4 1 .5
546.6
2.1
-4 8 2 .8
2.1
2.1
-6 4 .9
-7 1 .8
-8 8 .4
-3 .9
-8 4 .5
400.3
500.5
532.9
532.3
700.7
400.3
500.5
532.9
532.3
700.7
1. Credits +; An increase in U.S. receipts and U.S. liabilities, ora 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.
N ote . Line numbers refer to table 1 in “ U.S. International Transactions: First Quarter of 2009” in the July 2009 Survey
o f C u r r e n t Business.
2004
2003
B alance on current account (line 77):
Revised..........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
0.8
38
U.S. International Accounts
surplus was revised up $1.9 billion for 2006, $10.5
billion for 2007, and $4.6 billion for 2008, largely re
sulting from upward revisions to exports. Within ex
ports, transfers under U.S. military agency sales
contracts were revised up significantly in all years to
more completely account for training and equipment
provided to local security forces in Iraq and Afghani
stan.1Exports recorded under royalties and license fees
were also revised up for 2007 and 2008. A downward
revision to “other private services”— largely resulting
from downward revisions to business, professional,
and technical services— was partly offsetting. The revi
sions to royalties and license fees and “other private
services” resulted from updated source data from B E A
surveys. Revisions to imports of services were generally
small. The exception is 2007, for which there were sig
nificant downward revisions to “other private ser
vices,” particularly business, professional, and
technical services.
Income. The surplus on income was revised d o w n
$9.1 billion for 2006, was revised up $9.1 billion for
1. This revision is separate from the revision to goods covered under U.S.
military sales contracts described in the previous paragraph.
July 2009
2007, and was revised d o w n $9.3 billion for 2008. Sig
nificant revisions to direct investment payments, re
sulting from updated source data from B E A surveys,
were the largest source of revision. Up wa rd revisions to
other private income receipts for 2007 and 2008 mostly
resulted from higher estimates of income earned on
foreign securities.
Transfers. Net outflows of unilateral current trans
fers were revised up for 1992, 2001, 2004-2005, and
2007-2008. Net outflows of transfers for 2006 were re
vised d o w n slightly. The largest revisions were for years
affected by the n e w treatment of disaster-related insur
ance settlements (1992, 2001, 2004, 2005, and 2008).
These revisions affected private remittances and other
transfers. D o w n w a r d revisions to U.S. government
grants also contributed.
A n n u a l
h ig h lig h ts ,
c a p ita l
a c c o u n t
U pw ar d revisions to the capital account for 1992, 2001,
2004, and 2005 were entirely due to the n e w treatment
of disaster-related insurance settlements. These revi
sions offset the revisions to private remittances and
other transfers. The large upward revision for 2008 was
also partly due to this n e w treatment. Downward,
Table B. Revisions to Selected Current-Account and Capital-Account Transactions, 2001-2008
[Billions of dollars]
(Credits +; debits - ) 1
Exports o f goods and services and incom e receipts (line 1):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
G oods, balance of paym ents basis (line 3):
Revised......................................................................................................................................
Amount of revision
Previously published..............................................................................................................
Services (line 4):
Revised......................................................................................................................................
2001
2002
1.295.7
2003
2004
2005
2006
2007
1,258.4
2.7
1,255.7
1,340.6
2.4
1,338.2
1,573.0
-1 .4
1,574.3
1,816.7
- 2 .3
1,819.0
2,133.9
-8 .3
2,142.2
2,462.1
-1 .4
2,463.5
2.591.3
718.7
685.2
2.7
682.4
715.8
2.4
713.4
806.2
- 1 .4
807.5
892.3
-2 .3
894.6
1,015.8
-7 .3
1,023.1
1.138.4
- 10.1
1.148.5
1,277.0
-1 4 .4
1,291.4
286.2
292.3
304.3
353.1
389.1
435.9
504.8
75
497.2
549.6
52
544.4
1.295.7
718.7
20
Previously published..............................................................................................................
In com e receipts (line 12):
Revised......................................................................................................................................
Amount of revision
Previously published
2008
2.591.2
286.2
292.3
304.3
353.1
389.1
433.9
290.8
280.9
320.5
413.7
535.3
280.9
320.5
413.7
535.3
682.2
-2 9
685.2
818.9
290.8
817.8
764.6
92
755.5
Im ports of goods and services and incom e paym ents (line 18):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
-1 ,6 2 9 .5
- 0 .4
-1,629.1
-1 ,6 5 2 .6
- 0.6
-1 ,6 5 2 .0
-1 ,7 9 0 .4
- 0.6
-1 ,7 8 9 .8
-2 ,1 1 5 .7
- 0 .9
-2 ,1 1 4 .8
-2 ,4 5 9 .6
- 1 .4
-2 ,4 5 8 .2
-2 ,8 4 6 .2
-7 .9
-2 ,8 3 8 .3
-3 ,0 7 2 .7
Q1
-3 ,0 8 2 .0
-3 ,1 6 8 .9
-24.1
-3 ,1 4 4 .8
Goods, balance o f paym ents basis (line 20):
Revised......................................................................................................................................
Amount of revision.............................................................................................................
Previously published..............................................................................................................
-1 ,1 4 8 .6
- 0 .4
-1 ,1 4 8 .2
-1 ,1 6 8 .0
- 0.6
-1 ,1 6 7 .4
-1 ,2 6 4 .9
- 0.6
-1 ,2 6 4 .3
-1 ,4 7 8 .0
-0 .9
-1,477.1
-1 ,6 8 3 .2
- 1 .4
-1 ,6 8 1 .8
-1,863.1
-1 .7
-1 ,8 6 1 .4
-1 ,9 6 9 .4
- 1 .5
-1 ,9 6 7 .9
-2 ,1 1 7 .2
-5 .0
- 2 ,112.2
- 221.8
-231.1
-2 5 0 .4
-2 9 1 .2
-3 1 3 .5
- 221.8
-231.1
-2 5 0 .4
-2 9 1 .2
-3 1 3 .5
-3 4 9 .0
- 0.1
-3 4 8 .9
-3 7 5 .2
29
-378 .1
-4 0 5 .3
-0 6
-4 0 4 .7
-259 .1
-2 5 3 .5
-275 .1
-3 4 6 .5
-4 6 2 .9
-259.1
-2 5 3 .5
-275.1
-3 4 6 .5
-4 6 2 .9
-634 .1
-6 2
-6 2 8 .0
-728 .1
79
-7 3 6 .0
-6 4 6 .4
-1 8 5
-6 2 7 .9
Unilateral current transfers, net (line 35):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
-6 4 .5
-1 3 .2
-5 1 .3
-6 4 .9
-7 1 .8
-6 4 .9
-7 1 .8
-8 8 .4
-3 .9
-8 4 .5
-1 0 5 .8
-1 6 .0
-8 9 .8
-9 1 .3
08
-9 2 .0
-1 1 6 .0
-3 3
-1 1 2 .7
-1 2 8 .4
-8 7
-1 1 9 .7
Capital account transactions, net (line 39):
Revised...........................................................................................................................................
Amount of revision..................................................................................................................
Previously published...................................................................................................................
11.9
13.2
- 1 .3
-1 .5
-3 .5
-3 .5
1.3
37
-2 .4
11.3
154
- 4 .0
- 3 .9
-1 .5
-1 .9
- 0.1
- 1.8
3.6
- 2.6
Services (line 21):
Revised......................................................................................................................................
Amount of revision.............................................................................................................
Previously published..............................................................................................................
Incom e paym ents (line 29):
Revised......................................................................................................................................
Amount of revision.............................................................................................................
Previously published..............................................................................................................
* Less than 500,000 (+/-)
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.
N ote . Line numbers refer to table
S urvey of C urrent B usiness .
- 3 .9
12
1.0
1 in “U.S. International Transactions: First Quarter of 2009” in the July 2009
revisions to the capital account for 2006 and 2007 were
primarily due to updated source data on the n umber
and wealth of migrants, which are used in the estima
tion of migrants’transfers.
A n n u a l
h ig h lig h ts , fin a n c ia l
a c c o u n t
Revisions to the financial account were m a d e for 20062008. Despite significant downward revisions to net fi
nancial inflows for each year, the revisions did not alter
the picture of large declines in net financial inflows for
2007 and 2008 after a peak in 2006 (table A). Net fi
nancial inflows, including financial derivatives, were
revised d o w n $29.9 billion for 2006, $110.8 billion for
2007, and $41.5 billion for 2008. For 2006 and 2007,
excluding financial derivatives, both U.S.-owned assets
abroad and foreign-owned assets in the United States
were revised up in absolute value. For 2008, both m a
jor categories of transactions were revised down. Net
financial derivatives were unrevised for 2006 and were
revised d o w n only slightly for 2007.2 For the most part,
these revisions reflect the incorporation of n e w source
data from the Treasury International Capital reporting
system.
U.S.-owned assets abroad. U.S.-owned assets
abroad excluding financial derivatives represent the net
acquisition of foreign assets by U.S. residents. These
transactions, in which net acquisitions are recorded as
outflows with a minus sign, were revised up (became
more negative) $34.0 billion for 2006 and $182.3 bil
lion for 2007 (table C). As a result, U.S. net acquisi
tions increased modestly in 2007 to a historically high
level. In the previously published statistics, U.S. net ac
quisitions showed a slight increase. U.S.-owned assets
abroad were revised d o w n $52.4 billion for 2008. The
combination of these revisions resulted in an even
more precipitous decline for 2008 than had been
shown in the previously published statistics; U.S. net
acquisitions for 2008 were revised to less than $1 bil
lion, a historically low level.
Components affected by the revisions include the
following:
• U.S. direct investment abroad. Strong upward revi
sions for 2007 reflected updated annual and quar
terly data from B E A ’s direct investment surveys.
• Foreign securities. For 2007, upward revisions to
foreign securities of $77.8 billion were the largest
contributor to the overall revision to U.S.-owned
assets abroad. Revisions for 2007 largely reflected
the incorporation of the U.S. Treasury Depart
m ent’s annual survey of U.S. Ownership of Foreign
2. Net financial derivatives were -$ 2 8 .9 billion in 2008. Previously, pub
lished statistics are not available, because data were not available for the
fourth quarter of 2008.
39
Survey of Current Business
July 2009
Securities for December 2007. For 2008, net sales of
foreign securities were revised d o w n $30.2 billion.
•Nonbank claims. For 2006, upward revisions
reflected updated annual and quarterly data from
B E A ’s direct investment surveys. For 2007 and 2008,
updated reporting related to the settlement of dis
tressed debt strongly contributed to the overall revi
sion for nonbank claims. For 2007, overall upward
revisions to claims by nonbanks were $39.8 billion,
and for 2008, overall downward revisions to claims
by nonbanks were $88.5 billion.
Table C. Revisions to Selected FinancialAccount Transactions, 2006-2008
[Billions of dollars]
(Credits +; debits - ) 1
2006
2007
U.S. owned assets abroad, excluding financial derivatives
(line 40):
Revised.....................................................................................................
Amount of revision............................................................................
Previously published.............................................................................
-1 ,2 8 5 .7
-3 4 .0
-1 ,2 5 1 .7
-1,472.1
-1 8 2 .3
-1 ,2 8 9 .9
- 0.1
52.4
-5 2 .5
-2 4 4 .9
- 3 .7
-2 4 1 .2
-3 9 8 .6
-6 5 .3
-3 3 3 .3
-3 3 2 .0
-1 4 .2
-3 1 7 .8
-365 .1
60.8
-3 0 .2
91.0
2008
U.S. private assets abroad
D irect investm ent (line 51):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
Foreign securities (line 52):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
-3 6 5 .2
-3 6 6 .5
-7 7 .8
-2 8 8 .7
U.S. claim s on unaffiliated foreigners reported
by U.S. nonbanking concerns (line 53):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
-1 8 1 .3
-1 6 .7
-1 6 4 .6
-4 0 .5
-3 9 .8
-0 .7
372.2
88.5
283.8
U.S. claim s reported by U.S. banks (line 54):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
-502.1
-1 3 .7
-4 8 8 .4
-644 .1
0.7
-6 4 4 .8
433.4
8.4
425.0
Foreign-ow ned assets in the U nited States, excluding
financial derivatives (line 55):
Revised.....................................................................................................
Amount of revision............................................................................
Previously published.............................................................................
2,065.2
4.1
2,061.1
2,129.5
71.8
2,057.7
534.1
-6 5 .0
599.0
U.S. Treasury securities (line 58):
Revised................................................................................................
208.6
Previously published........................................................................
208.6
98.4
39.6
58.9
477.7
35.4
442.2
96.7
30.0
66.7
88.3
30.0
58.3
242.0
275.8
38.2
237.5
319.7
-5 .5
325.3
U.S. Treasury securities (line 65):
Revised................................................................................................
Amount of revision
Previously published
-5 8 .2
*
-5 8 .2
66.8
-9 0 .0
156.8
196.6
- 111.0
307.6
U.S. securities other than U.S. Treasury securities (line 66):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
683.2
- 0.1
683.4
605.7
31.8
573.9
-1 2 6 .7
-3 .2
-1 2 3 .6
244.8
0.1
Foreign official assets in the U nited States
Other foreign official assets (line 62):
Revised................................................................................................
34.4
Previously published........................................................................
34.4
O ther foreign assets in the United States
Direct investm ent (line 64):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
243.2
1.2
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns (line € 8):
Amount of revision.......................................................................
Previously published........................................................................
242.7
201.7
45.4
156.3
-4 5 .2
-1 5 .8
-2 9 .3
U.S. liabilities reported by U.S. banks, not included
elsew here (line 69):
Revised................................................................................................
Amount of revision.......................................................................
Previously published........................................................................
462.0
0.9
461.1
509.3
-2 3 .5
532.8
-3 2 6 .6
2.1
10.8
-3 3 7 .3
* Less than 500,000 (+/-)
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.
N ote. Line numbers refer to table 1 in “U.S. International Transactions: First Quarter of 2009” in the July 2009
S urvey of C urrent B usiness.
40
U.S. International Accounts
• B a n k claims. For 2006, upward revisions reflected
updated annual and quarterly data from B E A ’s
direct investment surveys.3
Foreign-owned assets in the United States. For
eign-owned assets in the United States excluding fi
nancial derivatives represent the net acquisition of U.S.
assets by foreign residents. These transactions, in
which net acquisitions are recorded as inflows with a
positive sign, were revised up $4.1 billion for 2006 and
$71.8 billion for 2007. As a result, foreign net acquisi
tions of U.S. assets increased modestly from 2006 to a
historically high level in 2007. In contrast, the previ
ously published statistics showed a slight decline. For
2008, foreign-owned assets in the United States were
revised d o w n $65.0 billion, accelerating an already
steep decline from 2007 levels.
M a n y of the larger revisions to the detailed c o m p o
nents for each year were offsetting. Components af
fected by the revisions include the following:
• Official and private holdings of U.S. Treasury
securities. Official holdings of U.S. Treasury securi
ties were revised up significantly for 2007 and 2008,
while private holdings were revised d o w n even
m ore significantly. The revisions were largely due to
updated data from the U.S. Treasury Department’s
annual survey of Foreign-Residents’ Holdings of
U.S. Securities for June 2008.
• Foreign direct investment in the United States.
Strong upward revisions of $38.2 billion for 2007
were largely due to updated annual and quarterly
data from B E A ’s direct investment surveys.
• Other foreign official assets and private holdings
of U.S. securities other than Treasury securities.
Other foreign official assets were revised up $30.0
billion for 2007 and 2008. For 2007, holdings of U.S.
securities other than Treasury securities were
revised up $31.8 billion. The upward revisions were
largely due to updated data from the U.S. Treasury
Department’s annual survey of Foreign-Residents’
Holdings of U.S. Securities for June 2008.
• U.S. liabilities to unaffiliated foreigners reported
b y U.S. nonbanking concerns. U pw a r d revisions
were related to updated data from B E A ’s annual and
quarterly direct investment surveys and to revised
supplemental transactions from foreign counter
parties. Overall, nonbank liabilities were revised up
$45.4 billion for 2007.
Q u a r te r ly
July 2 0 0 9
h ig h lig h ts ,
c u r r e n t
a c c o u n t
In general, the revisions to the quarterly statistics for
exports, imports, income and transfers did not signifi
cantly affect the previously published patterns of quar
ter-to-quarter changes in the current-account deficit
(chart 3). However, some quarterly patterns were re
vised because of the n e w treatment of certain disasterrelated insurance losses recovered. The effects of this
n e w treatment are concentrated in the specific quarters
w h e n the disasters occurred. As a result, the balance on
the current account, net unilateral current transfers,
private remittances and other transfers, and the capital
account were all significantly revised for the third
quarters of 1992, 2001, 2004, 2005, and 2008. For 2001,
2004, and 2005, the seasonally adjusted current-account deficit in the third quarter is n o w larger than the
deficit in the second quarter.
In addition to the sources of revisions outlined for
the annual statistics, the quarterly statistics incorpo
rate revised seasonal factors for exports and imports of
goods and services and income flows. For most quar
ters, the s u m of revisions from all sources did not sig
nificantly affect the direction or magnitude of change
of the quarterly seasonally adjusted statistics for major
current-account aggregates. The revisions in change
were significant for just two quarters, the second quar
ter of 2007 and the fourth quarter of 2008. The decline
in the current-account deficit for the second quarter of
2007 is n o w m u c h larger primarily because of revisions
in the surplus on income for the first and second quar
ters of 2007. These revisions resulted from the incor
poration of n e w survey data on direct investment
Chart 3. Quarterly Current-Account Deficit,
2006-2008
Billion $
220
■ Previously published
R evised
20 0
18 0
16 0
14 0
12 0
10 0
3. Survey data on direct investment affects U.S. claims reported by banks
because owner’s equity and permanent debt are included in direct invest
ment statistics; bank claims are adjusted to avoid double-counting. Survey
data on direct investment affects U.S. claims reported by nonbanks because
nonbank claims include financial intermediaries’ intercompany debt
accounts for which data are collected in the direct investment surveys.
80
2 0 0 6
2 0 0 7
Seasonally adjusted
U.S. Bureau of Economic Analysis
2 0 0 8
July 2 0 0 9
Su r v e y
of
C
urrent
income flows. In addition, the decline in the currentaccount deficit is n o w significantly smaller for the
fourth quarter of 2008 primarily because of a large
downward revision to the surplus on income and an
upward revision to the deficit on goods.
Q u a r te r ly
h ig h lig h ts , fin a n c ia l
a c c o u n t
Revisions to the quarterly statistics for net financial in
flows, U.S.-owned assets abroad, and foreign-owned
assets in the United States largely reflected the revi
sions to the annual statistics and for the most part did
not significantly affect the published patterns of quar
ter-to-quarter changes (chart 4). Net financial inflows
for all quarters in 2006-2008 remained well below the
peak of $292.2 billion in the fourth quarter of 2005.
The revised statistics for the fourth quarter of 2008 still
show a sharp decline, despite a significant upward revi
sion, to the lowest level of net financial inflows since
the second quarter of 2005. Net financial inflows were
revised d o w n for all quarters except for the second
quarter of 2006 and the fourth quarter of 2008. Both
U.S.-owned assets abroad and foreign-owned assets in
the United States were revised up for most quarters of
2006 and 2007 and d o w n for all quarters of 2008.
With one exception, directions of change were not
affected by the revisions. The exception is the first
quarter of 2008, which declined in the previously p u b
lished statistics but increased in the revised statistics.
The shift resulted from a large downward revision for
the fourth quarter of 2007. The downward revision
was more than accounted for by a $94.8 billion upward
revision to U.S.-owned assets abroad. The latter partly
reflects a revision to nonbank claims. Although this re-
B
41
u s in e s s
vision did not affect the direction of change from the
third quarter to the fourth quarter of 2007, it signifi
cantly reduced the size of the increase.
The increase in net financial inflows for the second
quarter of 2006 was revised up sharply from $4.6 bil
lion to $38.2 billion, reflecting the combination of a
downward revision for the first quarter of 2006 and an
upward revision for the second quarter of 2006. The
downward revision for the first quarter was primarily
due to a higher level of U.S. bank and nonbank claims.
The upward revision for the second quarter was pri
marily due to a lower level of U.S. direct investment
abroad.
S ta tis tic a l
d is c r e p a n c y
In principle, net financial inflows should equal the
combined balances on the current account and capital
account. In practice, they usually differ, sometimes by
large amounts, because of incomplete source data,
gaps in coverage, or other omissions. For certain peri
ods, revisions to net financial inflows plus financial de
rivatives differed significantly from the revisions to the
combined deficits of the current account and capital
account. As a result, revisions to the statistical discrep
ancy were relatively large for some periods. For 2006,
the revisions m o v e d the statistical discrepancy close to
zero. For 2007 and 2008, however, opposing revisions
resulted in larger statistical discrepancies. B E A contin
ues to conduct research and work closely with its
source data partners to address concerns about the size
of the statistical discrepancy. See the box “The Statisti
cal Discrepancy During Periods of Economic Turbu
lence.”
In te r n a tio n a l
Phart 4. Quarterly Net Financial Inflows, 2006-2008
Billion $
280
240
20 0
160
120
80
40
in v e s tm e n t
p o s itio n
The international investment position for 2006-2007
was revised. The position with direct investment at
current cost for 2006 was revised $41.5 billion, to
-$2,184.3 billion from -$2,225.8 billion. U.S.-owned
assets abroad were revised to $14,428.1 billion from
$14,381.3 billion, and foreign-owned assets in the
United States were revised to $16,612.4 billion from
$16,607.1 billion. The position for 2007 was revised
$301.9 billion, to -$2,139.9 billion from -$2,441.8 bil
lion. U.S.-owned assets abroad were revised to
$18,278.8 billion from $17,640.0 billion, and foreignown ed assets in the United States were revised to
$20,418.8 billion from $20,081.8 billion.4
0
2006
2007
Seasonally adjusted
U.S. Bureau of Economic Analysis
2008
4. For additional information about the international investment position
see Elena L. Nguyen, “The International Investment Position of the United
States at Yearend 2 0 0 8 ” 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 .
U.S. International Accounts
42
Ju l y 2 0 0 9
The Statistical Discrepancy in Periods of Economic Turbulence
The U.S. international transaction accounts (ITAs) pro
vide an integrated set of accounts that portray, for a given
period, the flows of goods, services, income, and transfers
between the United States and other countries. The ITAs
consist of the current account, the capital account, and
the financial account. The current account depicts flows
associated with exports and imports of goods and ser
vices, cross-border income receipts and payments, and
net unilateral current transfers. The capital account mea
sures capital transfers and the acquisition or disposal of
nonproduced, nonfinancial assets. The financial account
records the net acquisition of U.S. assets abroad, foreign
net acquisition of assets in the United States, and finan
cial flows under derivatives contracts.
In principle, the deficit (or surplus) on the combined
current and capital accounts equals net foreign inflows
(or outflows) in the financial account. This relationship
follows from the accounting identity that domestic
investment equals domestic saving plus net foreign
investment. In practice, however, because of data gaps,
omissions, and other measurement issues, the accounting
identity doesn’t hold exactly; that is, the statistical dis
crepancy never exactly equals zero.
W h e n net financial inflows are less than the combined
current- and capital-account deficits, the statistical dis
crepancy is positive. W h e n net financial inflows are
greater than the combined current- and capital-account
deficits, the statistical discrepancy is negative. Viewed in
this way, the statistical discrepancy can be interpreted as a
component of the net financing of the combined currentand capital-account deficits, and its size can then be eval
uated relative to the size of the combined deficits.
For the past several quarters, the value of the statistical
discrepancy has been relatively large and positive, indi
cating a shortfall of measured net financial inflows rela
tive to the combined current- and capital-account
deficits. Large positive or negative values for the statisti
cal discrepancy are a cause for concern because these val
ues can signal measurement problems in one or more of
the components of the current, capital, or financial
accounts. Persistence in the sign of the statistical discrep
ancy (positive or negative) for several quarters is may also
signify systematic overstatement or understatement in
one or more sets of accounts. In contrast, quarterly
changes in the sign of the statistical discrepancy may sim
ply indicate differences in the timing of recording trans
actions in various components of the accounts. Large
statistical discrepancies with persistent signs hamper the
interpretation of overall trends and patterns in the
accounts.
History suggests that the size of the statistical discrep
ancy may tend to be greatest during periods of unsettled
financial market conditions. For 2008, a year marked by
financial market turbulence, the statistical discrepancy
was $200.5 billion, the largest since 1998 when it was
$148.9 billion. Like 2008, 1998 was affected by several
unusual financial market developments, including the
East Asian financial crisis that started in 1997 and contin
ued into 1998, the Russian financial crisis, and the col
lapse of Long-Term Capital Management, a large hedge
fund. In 1998, the statistical discrepancy represented 69
percent of the combined current- and capital-account
deficits, whereas in 2008, despite its large absolute size, it
represented 28 percent. The statistical discrepancy was
also large in relative terms in 1997 and each year in
1988-92, a period that included the recession of 1990-91.
In addition to its relatively large size in recent years, the
statistical discrepancy has been positive for seven consec
utive quarters starting with the third quarter of 2007
through the first quarter of 2009. A similar pattern was
observed for 1998-99, when the discrepancy was positive
for seven consecutive quarters from the first quarter of
1998 through the third quarter of 1999.
B E A has taken several steps over the last decade to
reduce or eliminate gaps and omissions in the ITAs that
may have contributed to the statistical discrepancy. In
general, BEA believes that the gaps and omissions in the
source data for the current account are not as great as
those for the financial account, especially for claims and
liabilities reported by nonbanking concerns.
Starting with data for 2006, B E A has included mea
sures of net flows under financial derivative contracts.
Last year, the financial account was improved by includ
ing measures of missing flows related to the issuance of
asset-backed commercial paper by offshore special pur
pose vehicles. For the current account, measures of ser
vices exports and imports were improved last year,
starting with 2006, by combining the collection of trans
actions between both affiliated and unaffiliated parties in
a single survey instrument and expanding the detail for
affiliated transactions. B E A will continue to research and
work closely with its source data partners— including the
Census Bureau, the Treasury Department, and the Fed
eral Reserve Board— to reduce the size and persistence of
the statistical discrepancy.
Chart A. Statistical Discrepancy as a Percent of the
Combined Current-Account and Capital-Account Deficit,
1997-2008
July 2009
C h a n g e s
M
Survey of Current Business
in
e t h o d o lo g ie s ,
D e f in it io n s ,
a n d
P r e s e n t a t io n
This section identifies the changes in definitions and
methodologies introduced in this annual revision, de
scribes the accounts, components, and periods af
fected, briefly discusses the rationale for the change,
and describes changes in presentation. Changes in def
initions and classifications are discussed first, followed
by changes in methodologies and source data. Changes
in definitions and classifications represent n e w or i m
proved views of the economic accounting concepts and
principles that should be measured in the accounts.
Changes in methodologies and source data provide
better statistical measures of specific concepts or prin
ciples.
Changes in definitions and classifications
For this annual revision, the only change in definitions
or classifications is a n e w treatment of certain disasterrelated losses recovered from international insurance
companies. This change affects private remittances and
other transfers, a component of net unilateral current
transfers in the current account, and the capital ac
count. Periods with revised statistics are those with
major disasters. A similar change in treatment will be
introduced in the upcoming comprehensive revision of
the national income and product accounts (NIPAs).5
B E A defines and measures insurance services as pre
m i u m s minus “normal” losses, where normal losses
are inferred from the relationship of actual losses to
premiums averaged over several years plus pre mi um
supplements (income deemed to be the property of
policyholders) and auxiliary insurance services.6 Dif
ferences between actual and normal losses must be ac
counted for with offsetting entries. Under the prior
treatment, the entire a mount of the offsets were en
tered (on a net basis) as part of unilateral current
transfers, as was recommended by international guide
lines.
This treatment led to conceptual problems in quar
ters w h e n major natural or m a n - m a d e disasters re
sulted in large inflows of losses recovered from
international insurers. In these quarters, actual losses
recovered exceeded normal losses, resulting in sharp
increases (inflows) in current unilateral transfers.
However, insurance companies pay disaster-related
losses out of reserves that are set up for this purpose
and investment income, not from their current ac
5. See Eugene P. Seskin and Shelly Smith, “Preview of the 2009 Com pre
hensive Revision of the NIPAs: Changes in Definitions and Presentations”
Survey 89 (March 2009): 1 0 -2 8 .
6. For m ore information on the insurance methodology see Christopher
L. Bach, “Annual Revision of the U.S. International Accounts, 1992-2002,”
Survey 83 (July 2003): 3 5 -3 7 , and Christopher L. Bach, “Annual Revision of
the U.S. International Accounts, 1995-2005,” Survey 86 (July 2006): 42.
43
count. Because the actual losses recovered were not
paid out of income arising from current production,
the inclusion of transfers associated with these losses in
the current account introduced volatility that was not
related to income from production in the current
quarter. Economic accounting principles suggest that
activities that are primarily related to the income state
ment should appear in the current account, whereas
activities that are primarily related to the balance sheet
should appear in the capital account. In addition, a
large percentage of disaster-related losses recovered are
for damage to buildings and other capital assets. Be
cause they arise from the loss of capital and are in
tended to fund the replacement of capital, it is
inappropriate to include these losses in the current ac
count.
Beginning with this year’s annual revision, B E A will
record certain disaster-related losses recovered in the
capital account. This n e w treatment acknowledges the
capital nature of disaster-related losses, and removes
the volatility not related to current production. In ad
dition, this treatment corresponds with recently re
vised international guidelines in the International
Monetary Fund’s Balance of Payments and Interna
tional Investment Position Manual (6th edition) and the
2008 System of National Accounts. The n e w treatment
does not affect the estimation of insurance services, or
the treatment of catastrophic losses in that estimation.
This n e w treatment affects statistics for the third
quarters of 1992, 2001, 2004, 2005, and 2008 (table D).
These revisions remove a large amount of the volatility
from current transfers and introduce additional vola
tility into the capital account.
The revisions presented here are consistent with
those that will be m a d e to “the rest of the world” (in
ternational) transactions in the upcoming N I P A revi
sion.7 Disaster-related losses recovered from insurance
companies, including those from “the rest of the
7. Because many disasters do not have a significant international com po
nent, the NIPA revisions to domestic transactions include more quarters.
Table D. Impact of New Treatment of Disaster-Related Insurance
Losses Recovered, Selected Quarters
[Millions of dollars, N ot seasonally adjusted]
(Credits +; debits - ) 1
Private rem ittances and other transfers (line 38):
Revised............................................................................
Amount of revision...................................................
Previously published....................................................
Capital account transactions, net (line 39):
Revised............................................................................
Amount of revision...................................................
Previously published....................................................
1992:111 2001:111
2004.UI
2005:lll 2008-.III2
-5 ,3 5 0 -1 2 ,0 6 5 -1 4 ,9 0 2 -1 5 ,4 7 7 -2 1 ,9 4 6
-1 ,5 3 5 -1 3 ,1 9 2 -3,691 -1 5 ,3 8 0 -1 ,9 2 6
1,127 - 11,211
- 9 7 - 20,020
-3 ,8 1 5
1,404
1,535
-131
12,859
13,192
-3 3 3
2,739
3,691
-9 5 2
14,913
15,380
-4 6 7
2,967
3,702
-7 3 5
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. Amount of revision includes the effect of updated source data.
N ote . Line numbers refer to table 1 in “U.S. International Transactions: First Quarter of 2009” in the July 2009
S urvey of C urrent B usiness .
44
U.S. International Accounts
world” insurers, will be m o v e d from the current ac
count to the capital account.
C h a n g e s
in
m
e th o d o lo g ie s
a n d
s o u r c e
d a ta
Current account
Several changes in methodologies and source data were
introduced that improve the statistics on merchandise
exports and imports. In addition, source data were u p
dated for services, income, and transfers.
A n e w methodology was introduced for calculating
the adjustment to “Census-basis” merchandise trade
data for exports transferred under U.S. military agency
sales contracts (see table 2, part A, line 5, page 72).8
Goods exported under these contracts are included as
exports of services in the international transaction ac
counts (see table 1, line 5, page 66) because both goods
and services are provided through these contracts and
are commingled in the source data. To avoid double
counting, an adjustment is m a d e to remove these
goods from the “Census-basis” data. Under the previ
ous methodology, Harmonized Tariff System codes
were used to identify and remove all military-type
transactions. The n e w methodology, introduced start
ing with statistics for 2002, identifies specific goods ex
ported through U.S. military agency sales contracts
and removes these goods from the “Census-basis”
data. The n e w methodology yielded smaller adjust
ments for 2002-2007 and a larger adjustment for 2008.
A n e w adjustment to “Census-basis” merchandise
trade data (see table 2, part A, line 12, page 72) was in
troduced to account for imports of locomotives and
railcars from Mexico and Canada. In the late 1990s, a
change in U.S. trade law eliminated the requirement
for U.S. importers of locomotives and railcars to file
certain U.S. Customs documents, creating a gap in the
reported data. To close this reporting gap, beginning
with statistics for 2001, B E A introduced a n e w adjust
ment, based on actual trade data reported by U.S. trade
partners.
Other changes include the following:
• The introduction of revised source data for exports
of civilian aircraft. Exports of civilian aircraft were
revised d o w n for 2004-2008.
• In services, n e w transactions were included in trans
fers under U.S. military agency sales contracts to
more completely account for training services and
equipment provided to local security forces in Iraq
and Afghanistan. Transfers under U.S. military
8. The “Census-basis” merchandise trade data are compiled by the Census
Bureau from the documents collected by the U.S. Customs and Border Pro
tection. BEA adjusts the “Census-basis” data for coverage and valuation to
bring them into conformity with balance-of-payments concepts.
July 2009
agency sales contracts were revised up for 20062008.
• The incorporation of updated and revised quarterly
data, collected on B E A surveys, on receipts and pay
ments of private services for 2006-2008. In last
year’s annual revision, B E A published total trade
(affiliated and unaffiliated) for all types of private
services for the first time.
• The incorporation of annual survey data on direct
investment financial flows and investment income
for 2006-2007 and quarterly survey data for 20062008.
Financial account
The annual revision introduced n e w and improved
source data from the U.S. Treasury Department’s an
nual survey of U.S. Ownership of Foreign Securities for
December 2007 and its annual survey of Foreign-Resi
dents’ Holdings of U.S. Securities for June 2008. The
incorporation of data from these surveys led to revised
position statistics for m a n y types of holdings for 2007
and had a significant impact on n e w position statistics
for 2008. There were related revisions to income re
ceipts and payments. Most categories of financial
transactions were also revised to account for n e w sur
vey results; however, there were no revisions to net
transactions related to foreign official holdings of
agency bonds or to net transactions related to foreign
official holdings of corporate bonds. Revisions to net
transactions related to private holdings of corporate
bonds were entirely related to revisions to other u p
dated source data. Below is a s u m m a r y of survey-re
lated revisions to positions for 2007.
Foreign stocks and bonds. Positions were revised
for 2007 to incorporate the results from the U.S. Trea
sury Department’s annual survey of U.S. Ownership of
Foreign Securities for December 2007. Positions for
foreign stocks were revised up $77.6 billion; there were
very small downward revisions related to other u p
dated source data. Positions for foreign bonds were re
vised up $103.0 billion; there were additional upward
revisions related to other updated source data.
Treasury bonds. Positions for private and foreign
official holdings were revised for 2007 to incorporate
the results from the U.S. Treasury Department’s annual
survey of Foreign-Residents’ Holdings of U.S. Securi
ties for June 2008 (June 2008 survey). Foreign official
holdings were revised up $37.3 billion. Private hold
ings were revised d o w n $97.7 billion; there were small
upward revisions related to other updated source data.
U.S. agency bonds. Positions for foreign official and
private holdings were also revised to incorporate
J u ly 2 0 0 9
Su r v e y
of
results from the June 2008 survey. Foreign official
holdings were revised d o w n $2.1 billion. Private hold
ings were revised d o w n $17.6 billion; there were small
upward revisions related to other updated source data.
Corporate bonds and stocks. Positions for foreign
official and private foreign holdings were revised to in
corporate results from the June 2008 survey. Private
holdings of U.S. corporate bonds were revised d o w n
$6.9 billion; upward revisions related to other updated
source data were more than offsetting. Official hold
ings were revised d o w n $26.6 billion. Private holdings
of U.S. stocks were revised up $68.0 billion; there were
very small downward revisions related to other u p
dated source data. Official holdings were revised up
C
urrent
B
u s in e s s
$56.0 billion.
Changes in presentation
Several modifications have been m a d e to part A of ta
ble 2 (see page 72). Part A presents the adjustments
m a d e to convert exports and imports of goods from a
“Census basis” to the balance-of-payments basis used
for the international transactions accounts. Lines for
adjustments that are no longer needed for the reconcil
iation were eliminated, and n e w lines were added to
separately identify large adjustments that had been in
cluded under “other adjustments, net.” Small adjust
ments were m o v e d to the “other adjustments, net” line.
For exports, the adjustment “repair of equipment,”
Implementing New International Standards
Late last year, the International Monetary Fund released
the sixth edition of the Balance o f Payments and Interna
tional Investment Position Manual. This update, the first
since 1993, was coordinated with the update of the Sys
tem o f National Accounts in order to increase consistency
between the two sets of international guidelines. At about
the same time, the Organisation for Economic Co-operation and Development updated its Benchmark Definition
o f Foreign Direct Investment. The release of these updated
standards provides an opportunity for B E A to consider
introducing new treatments that bring its international
economic accounts into closer alignment with the
accounts of other nations. It also provides an opportu
nity to consider changes in definitions, classifications,
methodology, and presentation that are not related to the
new standards but that further enhance the overall qual
ity and usefulness of the accounts.
BEA’s international economic accounts directorate has
formed a steering committee to develop a strategy and
establish processes for identifying, evaluating, and ulti
mately implementing new international standards and
other important changes. The committee will consider
not only the economic and statistical significance of pro
posed changes but also practical matters such as resource
requirements, source data availability, data processing
needs, estimation issues, and implications for publication
tables and data dissemination. This comprehensive
review will provide an opportunity to rethink both prod
ucts and processes and BEA’s relationships with its cus
tomers and suppliers.
B EA will ultimately focus its efforts on those changes
that will improve the comparability of the international
economic accounts with the accounts of other nations,
especially major trading and investment partners, and
will further integrate BEA’s international, national,
industry, and regional economic accounts. Some of the
recommendations in the new international standards are
relatively straightforward and, in principle, should not be
difficult to implement, although practical problems
45
could arise. For example, this article describes the imple
mentation of a new treatment of disaster-related insur
ance losses recovered that was first proposed in the
System o f National Accounts update and ultimately
appeared in the Balance o f Payments and International
Investment Position Manual. Implementing this change
did not require new source data and could be handled
within the framework of the existing data processing sys
tem. Some of the other recommended changes are pri
marily changes in presentation of existing data that
would result in changes to table formats but that would
not require new source data. Other changes are more
complex and would require new source data, new meth
odologies and presentations, and possibly new data pro
cessing applications. For example, the updated manual
recommends that goods that cross borders simply for
further processing and do not change ownership (goods
for processing) should not be included in merchandise
exports and imports. Instead, the value of the processing
service (the processing fee) should be treated as trade in
services. If implemented in its entirety, this recommen
dation would require not only the collection of new data
on processing services but also an adjustment of mer
chandise trade data to exclude particular types of goods
from both exports and imports.
As part of its review of the new standards and evalua
tion of the feasibility of implementing changes, B E A will
consult with both its source data suppliers and its major
external and internal customers to determine ifnew data
can be obtained and to understand the challenges that
customers will face in their use of B E A statistics. B E A
views the implementation of new standards and other
major changes as a multiyear process that will occur in
phases. However, B E A plans to begin introducing
changes in the annual revision scheduled to be released in
June 2010. BE A looks forward to working with its cus
tomers and suppliers as it further develops plans for
implementing new international standards and other
improvements to the international accounts.
46
U.S. International Accounts
which was previously included in “other adjustments,
net,” is n o w shown separately. Repair of equipment
covers the value of repairs or alterations of equipment
imported into the United States; these data are de
ducted from goods exports and added to exports of
private services. Lines for the adjustments “inland U.S.
freight to Canada” and “U.S.-Canadian reconciliation
adjustments, n.e.c., net” were eliminated because the
July 2009
source data n o w include these adjustments.
For imports, the adjustment “software revaluation”
was m o v e d from “other adjustments, net,” and it is
n o w shown separately. This adjustment is necessary to
bring imports of certain computer software reported at
media value to market value as required for both the
international and national accounts. The adjustment
“locomotives and railcars” is n o w shown separately.
Table E. Revisions to U.S. International Transactions—Continues
[Millions of dollars; quarters seasonally adjusted]
Exports of goods and services and income receipts
Previously
published
1 9 9 2 ......................................
Revised
750,648
750,648
2 0 0 3 ......................................
2 0 0 4 ......................................
2 0 0 5 ......................................
2 0 0 6 ......................................
2 0 0 7 ......................................
2 0 0 8 ......................................
1,295,693
1,255,663
1,338,213
1,574,326
1,819,016
2,142,164
2,463,505
2,591,254
1,295,692
1,258,411
1,340,647
1,572,971
1,816,723
2,133,905
2,462,099
2,591,233
1992: I ................................
I I ...............................
I ll..............................
IV ..............................
186,444
186,873
188,127
189,201
Imports of goods and services and income payments
Previously
published
Revision
Revised
-7 6 5 ,6 2 6
-7 6 5 ,6 2 6
-1,6 2 9 ,0 9 7
-1,6 5 1 ,9 9 0
-1,7 8 9 ,8 1 9
-2 ,1 1 4 ,8 3 7
-2 ,4 5 8 ,2 2 5
-2 ,8 3 8 ,2 5 4
-3,0 8 2 ,0 1 4
-3,1 4 4 ,8 0 7
-1 ,6 2 9 ,4 7 5
-1 ,6 5 2 ,6 1 5
-1 ,7 9 0 ,3 7 2
-2 ,1 1 5 ,7 3 9
-2 ,4 5 9 ,6 3 3
-2 ,8 4 6 ,1 7 9
-3 ,0 7 2 ,6 7 5
-3 ,1 6 8 ,9 3 8
186,444
186,873
188,127
189,201
-1 8 5 ,4 6 8
-1 9 0 ,4 1 4
-1 9 3 ,3 1 3
-1 9 6 ,4 2 7
-1 8 5 ,4 6 8
-1 9 0 ,4 1 4
-1 9 3 ,3 1 3
-1 9 6 ,4 2 7
350,489
334,968
312,094
298,144
350,489
334,968
312,093
298,144
-4 4 2 ,8 2 6
-4 1 6 ,7 0 6
-4 0 0 ,6 5 7
-3 6 8 ,9 1 2
-4 4 2 ,8 8 4
-4 1 6 ,8 2 8
-4 0 0 ,7 1 6
-3 6 9 ,0 5 0
I I ...............................
Ill..............................
IV ..............................
302,429
314,174
321,743
317,321
303,113
314,893
322,397
318,013
684
719
654
692
-388,601
-4 1 5 ,2 6 7
-4 2 3 ,3 0 7
-4 2 4 ,8 1 0
I ................................
I I ...............................
I ll..............................
IV ..............................
321,626
324,745
335,183
356,654
322,280
325,332
335,764
357,265
654
587
581
611
2004: I ................................
I I ...............................
I l l ..............................
IV ..............................
375,712
387,382
396,956
414,275
375,738
387,174
396,473
413,584
2005:
I ................................
I I ...............................
Ill ..............................
IV ..............................
434,701
447,848
457,508
478,958
434,626
447,206
456,955
477,936
I ................................
I I ...............................
I l l ..............................
IV ..............................
504,862
529,782
543,893
563,627
2007: I ................................
I I ...............................
Ill..............................
IV ..............................
2008: I ................................
I I ...............................
Ill..............................
IV ..............................
Unilateral current transfers, net (inflows +, outflows - )
Previously
published
Revision
Revised
Revision
-3 5 ,1 0 0
-3 6 ,6 3 6
-1 ,5 3 6
-5 1 ,2 9 5
-6 4 ,9 4 8
-7 1 ,7 9 4
-8 4 ,4 8 2
-8 9 ,7 8 4
-9 2 ,0 2 7
-1 1 2 ,7 0 5
-1 1 9 ,7 1 3
-6 4 ,4 8 7
-6 4 ,9 4 8
-7 1 ,7 9 4
-8 8 ,3 6 2
-1 0 5 ,7 7 2
-9 1 ,2 7 3
-1 1 5 ,9 9 6
-1 2 8 ,3 6 3
-1 3 ,1 9 2
-7 ,2 1 0
-8 ,3 4 9
-7 ,9 8 2
-11,561
-7 ,2 1 0
-8 ,3 4 9
-9 ,5 1 7
-11,5 61
-5 9
-1 3 8
-15,1 71
-1 5 ,8 0 2
-2,94 1
-1 7 ,3 7 4
-15,171
-1 5 ,8 0 2
-1 6 ,1 3 4
-1 7 ,3 7 4
-3 8 8 ,7 3 6
-4 1 5 ,4 4 5
-4 2 3 ,4 8 0
-4 2 4 ,9 4 9
-1 3 5
-1 7 8
-1 7 3
-1 3 9
-1 8 ,5 4 2
-1 5 ,0 0 7
-1 5 ,0 0 5
-1 6 ,3 9 4
-1 8 ,5 4 2
-1 5 ,0 0 7
-1 5 ,0 0 5
-1 6 ,3 9 4
-4 3 9 ,0 9 5
-4 3 7 ,8 8 9
-4 4 8 ,0 2 4
-4 6 4 ,8 1 0
-4 3 9 ,1 9 0
-4 3 8 ,0 4 4
-4 4 8 ,1 7 5
-4 6 4 ,9 6 2
-9 5
-1 5 5
-1 5 1
-1 5 2
-1 8 ,2 1 9
-1 7 ,6 0 0
-1 7 ,7 0 7
-1 8 ,2 6 9
-1 8 ,2 1 9
-1 7 ,6 0 0
-1 7 ,7 0 7
-1 8 ,2 6 9
26
-2 0 8
-4 8 3
-691
-4 8 9 ,1 7 7
-5 2 1 ,6 7 3
-5 3 4 ,1 3 3
-5 6 9 ,8 5 4
-4 8 9 ,3 3 2
-5 2 1 ,8 4 5
-5 3 4 ,3 9 7
-5 7 0 ,1 6 6
-1 5 5
-1 7 2
-2 6 4
-3 1 2
-2 2 ,9 8 7
-2 1 ,3 8 5
-1 7 ,2 8 9
-2 2 ,8 2 2
-2 2 ,9 8 7
-2 1 ,3 8 5
-21,141
-2 2 ,8 5 0
-7 5
-6 4 2
-5 5 3
- 1,022
-5 8 0 ,1 1 4
-6 0 0 ,7 0 4
-617,311
-6 6 0 ,0 9 7
-5 8 0 ,3 7 4
-6 0 1 ,0 6 9
-6 1 7 ,6 3 5
-6 6 0 ,5 5 7
-2 6 0
-3 6 5
-3 2 4
-4 6 0
-2 8 ,6 4 4
-2 4 ,9 6 4
-9 ,0 9 0
-2 7 ,0 8 5
-2 8 ,7 2 3
-2 5 ,1 9 6
-2 4 ,6 5 8
-2 7 ,1 9 4
-7 9
-2 3 2
-1 5 ,5 6 8
-1 0 9
503,350
528,763
540,184
561,608
-1 ,5 1 2
-1 ,0 1 9
-3 ,7 0 9
-2 ,0 1 9
-6 7 9 ,2 9 7
-7 0 5 ,5 7 2
-7 3 0 ,0 8 3
-7 2 3 ,3 0 3
-6 8 1 ,0 0 5
-7 0 7 ,1 3 2
-7 3 0 ,0 9 7
-7 2 7 ,9 4 6
-1 ,7 0 8
-1 ,5 6 0
-1 4
-4 ,6 4 3
-2 1 ,5 1 6
-2 4 ,1 1 6
-2 4 ,7 1 6
-2 1 ,6 7 9
-2 0 ,9 9 5
-2 3 ,7 0 8
-2 4 ,8 7 6
-2 1 ,6 9 3
521
408
-1 6 0
-1 4
572,182
602,122
638,393
650,808
574,689
600,300
631,854
655,255
2,507
-1 ,8 2 2
-6 ,5 3 9
4,447
-7 3 8 ,9 3 8
-77 1 ,2 6 2
-7 8 3 ,5 4 8
-7 8 8 ,2 6 4
-7 4 2 ,9 8 0
-7 6 5 ,0 7 9
-7 7 4 ,9 1 2
-7 8 9 ,7 0 3
-4 ,0 4 2
6,183
8,636
-1 ,4 3 9
-3 0 ,1 7 4
-2 4 ,9 5 3
-2 7 ,7 9 6
-2 9 ,7 8 4
-3 0 ,8 0 7
-2 5 ,7 5 2
-2 8 ,5 5 7
-3 0 ,8 8 3
-6 3 3
-7 9 9
-761
-1 ,0 9 9
651,416
671,888
678,258
589,692
654,217
671,886
673,383
591,747
2,801
-4 ,8 7 5
2,055
-7 9 6 ,5 9 3
-825,091
-8 2 9 ,5 5 8
-6 9 3 ,5 6 4
-8 0 0 ,1 8 5
-8 2 8 ,4 5 8
-8 2 5 ,2 0 0
-7 1 5 ,0 9 6
-3 ,5 9 2
-3 ,3 6 7
4,358
-2 1 ,5 3 2
-31,731
-2 9 ,0 3 4
-2 9 ,9 9 8
-2 8 ,9 4 9
-3 3 ,3 3 0
-3 1 ,1 4 7
-32,3 61
-3 1 ,5 2 7
-1 ,5 9 9
-2 ,1 1 3
-2 ,3 6 3
-2 ,5 7 8
1 9 9 3 -2000 not revised
2001 ......................................
2002 ......................................
-1
2,748
2,434
-1 ,3 5 5
-2 ,2 9 3
-8 ,2 5 9
-1 ,4 0 6
-2 1
-3 7 8
-6 2 5
-5 5 3
-9 0 2
-1 ,4 0 8
-7 ,9 2 5
9,339
-24,131
-3 ,8 8 0
-1 5 ,9 8 8
754
-3,29 1
-8 ,6 5 0
-1 ,5 3 5
1 9 9 3 -2000 not revised
2001: I ................................
I I ...............................
Ill..............................
IV ..............................
2002: I ................................
2003:
2006:
See the footnotes at the end of the table.
-1
-2
-5 8
-1 2 2
-1 3 ,1 9 2
-3 ,8 5 2
July 2009
Survey of Current Business
The line for “U.S.-Canadian reconciliation adjust
ments, n.e.c., net” has been eliminated because the
source data n o w include this adjustment. The adjust
ment “electric energy” is n o w included with other ad
justments with relatively smaller values in “other
adjustments, net ”
A minor modification was also m a d e to table 2, part
47
C “trade in goods, by principal end-use category” O n
the import side, in “capital goods, except automotive”
(line 116, page 80), the line for “transportation equip
ment, except automotive” was eliminated, and a line
for “other transportation equipment” was added. The
n e w layout is consistent with the comparable layout on
the export side.
Table E. Revisions to U.S. International Transactions—Table Ends
[Millions of dollars; quarters seasonally adjusted]
Balance on current account
Previously
published
1 9 9 2 .................................
Revised
Capital account transactions, net (inflows +, outflows - )
Previously
published
Revision
Revised
Net financial flows (inflows +, outflows Previously
published
Revision
Revised
Revision
-5 0 ,0 7 8
-5 1 ,6 1 3
-1,53 5
-5 5 7
978
1,535
93,939
93,939
-38 4 ,6 9 9
-46 1 ,2 7 5
-52 3 ,4 0 0
-6 2 4 ,9 9 3
-7 2 8 ,9 9 3
-7 8 8 ,1 1 6
-7 3 1 ,2 1 4
-6 7 3 ,2 6 5
-3 9 8 ,2 7 0
-459,151
-5 2 1 ,5 1 9
-6 3 1 ,1 3 0
-7 4 8 ,6 8 3
-8 0 3 ,5 4 7
-7 2 6 ,5 7 3
-7 0 6 ,0 6 8
-13,571
2,124
1,881
-6 ,1 3 7
-1 9 ,6 9 0
-15,431
4,641
-3 2 ,8 0 3
-1 ,2 7 0
-1 ,4 7 0
-3 ,4 8 0
-2 ,3 6 9
-4 ,0 3 6
-3 ,8 8 0
-1 ,8 4 3
-2 ,6 0 0
11,922
-1 ,4 7 0
-3 ,4 8 0
1,323
11,344
-3 ,9 0 6
-1 ,8 9 5
953
13,192
400,254
500,515
532,879
532,331
700,716
839,074
774,345
' 546,590
400,254
500,515
532,879
532,331
700,716
809,150
663,556
505,060
-6 ,2 3 4
-1 1 ,8 9 0
-1 3 ,1 6 8
-1 8 ,7 8 7
-6 ,2 3 4
-1 1 ,8 9 0
-1 4 ,7 0 3
-1 8 ,7 8 7
-1 3 7
-1 7 5
-131
-1 1 4
-1 3 7
-1 7 5
1,404
-1 1 4
18,784
33,497
21,361
20,295
18,784
33,497
21,361
20,295
-10 7 ,5 0 8
-9 7 ,5 4 0
-9 1 ,5 0 4
-8 8 ,1 4 2
-1 0 7 ,5 6 7
-9 7 ,6 6 2
-1 0 4 ,7 5 7
-8 8 ,2 8 0
-1 3 ,2 5 3
-1 3 8
-301
-3 1 3
-3 3 3
-3 2 3
-301
-3 1 3
12,859
-3 2 3
114,573
120,165
57,084
108,433
114,573
120,165
57,084
108,433
-10 4 ,7 1 4
-11 6 ,1 0 0
-1 1 6 ,5 6 9
-12 3 ,8 8 3
-1 0 4 ,1 6 6
-1 1 5 ,5 5 9
-1 1 6 ,0 8 8
-1 2 3 ,3 2 9
548
541
481
554
-321
-3 3 3
-3 9 9
-4 1 7
-321
-3 3 3
-3 9 9
-4 1 7
88,384
91,613
161,227
159,288
88,384
91,613
161,227
159,288
2003: I ...........................
I I
II I
I V
-13 5 ,6 8 8
-13 0 ,7 4 4
-13 0 ,5 4 8
-1 2 6 ,4 2 5
-1 3 5 ,1 2 9
-1 3 0 ,3 1 2
-1 3 0 ,1 1 8
-1 2 5 ,9 6 6
559
432
430
459
-4 8 9
-1 ,6 6 3
-9 0 9
-4 1 9
-1 ,6 6 3
-9 0 9
-4 1 9
158,593
60,305
128,422
185,563
158,593
60,305
128,422
185,563
2004: I ...........................
I I
II I
I V
-13 6 ,4 5 3
-15 5 ,6 7 6
-15 4 ,4 6 6
-178,401
-136,581
-15 6 ,0 5 5
-1 5 9 ,0 6 6
-1 7 9 ,4 3 2
-1 2 8
-3 7 9
-4 ,6 0 0
-1,03 1
-4 8 7
-4 2 7
-9 5 2
-5 0 3
-4 8 7
-4 2 7
2,739
-5 0 3
105,507
161,128
104,685
161,012
105,507
161,128
104,685
161,012
2005: I ...........................
I I
II I
I V
-17 4 ,0 5 7
-177,821
-16 8 ,8 9 2
-2 0 8 ,2 2 3
-174,471
-1 7 9 ,0 5 9
-1 8 5 ,3 3 9
-20 9 ,8 1 5
-4 1 4
-1 ,2 3 8
-1 6 ,4 4 7
-1 ,5 9 2
-2 ,5 9 4
-5 1 0
-4 6 7
-4 6 5
-2 ,5 9 4
-5 1 0
14,913
-4 6 5
105,007
82,483
221,043
292,183
105,007
82,483
221,043
292,183
2006: I ...........................
I I
II I
I V
-19 5 ,9 5 2
-19 9 ,9 0 6
-2 1 0 ,9 0 6
-1 8 1 ,3 5 5
-198,651
-2 0 2 ,0 7 8
-2 1 4 ,7 8 9
-188,031
-2 ,6 9 9
-2 ,1 7 2
-3 ,8 8 3
-6 ,6 7 6
-1 ,7 1 6
-1 ,0 0 5
-5 3 3
-6 2 6
-1,72 1
-1 ,0 1 7
-5 3 9
-6 2 9
179,674
184,270
253,223
221,908
159,592
197,789
245,186
206,583
-2 0 ,0 8 2
13,519
-8 ,0 3 7
-1 5 ,3 2 5
2007: I ...........................
I I
II I
I V
-1 9 6 ,9 3 0
-19 4 ,0 9 3
-17 2 ,9 5 2
-167,241
-1 9 9 ,0 9 8
-190,531
-1 7 1 ,6 1 4
-1 6 5 ,3 3 0
-2 ,1 6 8
3,562
1,338
1,911
-5 4 3
-6 1 7
-571
-5 4 9
-1 2 4
-6 2 5
-5 9 7
-6
-1 2
-8
-2 6
265,443
193,549
101,942
213,411
229,889
191,292
91,836
150,539
-3 5 ,5 5 4
-2 ,2 5 7
-1 0 ,1 0 6
-6 2 ,8 7 2
2008: I ...........................
I I
II I
I V
-1 7 6 ,9 0 9
-1 8 2 ,2 3 7
-18 1 ,2 9 9
-1 3 2 ,8 2 2
-1 7 9 ,2 9 8
-1 8 7 ,7 1 9
-1 8 4 ,1 7 8
-1 5 4 ,8 7 5
-2 ,3 8 9
-5 ,4 8 2
-2 ,8 7 9
-2 2 ,0 5 3
-6 0 0
-631
-7 3 5
-6 3 3
-6 3 7
-6 8 2
2,967
-6 9 5
-3 7
-5 1
3,702
-6 2
187,238
120,599
147,327
' 76,830
166,591
106,991
143,144
88,333
-2 0 ,6 4 7
-1 3 ,6 0 8
-4 ,1 8 3
11,503
19 93 -2000 not revised
2001 .................................
2002 .................................
200 3
200 4
200 5
200 6
200 7
200 8
1992: I ...........................
I I
II I
I V
-1,53 5
3,692
15,380
-2 6
-5 2
3,553
1,535
-2 9 ,9 2 4
-1 1 0 ,7 8 9
-4 1 ,5 3 0
1 9 93 -2000 not revised
2001: I ...........................
I I
II I
I V
2002: I ...........................
I I
II I
I V
-5 9
-1 2 2
-1 1 2
1.
The previously published statistics for net financial flows for the fourth quarter of 2008 and for 2008
excluded transactions in financial derivatives because source data were not available for the fourth quarter of
2008.
13,192
3,691
15,380
-5
-1 2
-6
-3
Note. Details may not add to totals because of rounding.
Source: U.S. Bureau of Economic Analysis
See the following report on financial derivatives.
Visit BEA’s improved Web site
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July 2009
49
Financial Derivatives
Statistics on transactions in financial derivatives were
introduced in the June 15, 2007, release of the annual
revision of the U.S. international transactions accounts.
For more information, see the section “Financial deriv
atives” in “Annual Revision of the U.S. International
Accounts” in the luly 2007 S u r v e y o f C u r r e n t B u s i n e s s .
Tables 1,2, and 3 present detailed information about
financial derivatives that are included in the interna
tional accounts and in the international investment
position. These tables present annual statistics for
2006, revised statistics for 2007, and updated statistics
for 2008.
Table 1. Transactions in Financial Derivatives
(Millions of dollars)
2007
Line
(Credits+; debits - )
2006
2007
I
1 F in a n c ia l d e riv a tiv e s , n e t ...................................................................................................
2008
2008
II
III
IV
I
II
III
IV
29,710
6,222
-2 8 ,9 0 5
14,795
-1 ,0 0 7
5,942
-1 3 ,5 0 8
-7 ,9 6 6
-2 ,3 5 5
-4 ,0 7 5
-1 4 ,5 0 9
Over-the-counter co n tra c ts .........................................................................................
Single-currency interest rate contracts...............................................................
Foreign exchange co ntra cts...................................................................................
O th er contracts............................................................................................................
15,516
12,092
-231
3,655
6,851
11,030
-3 ,8 1 4
-2 0 ,1 4 7
-3 ,6 8 4
- 10,001
-6 ,4 6 2
10,206
507
2,053
7,646
862
6,557
-2 ,8 1 4
-2,88 1
5,001
4,365
-2 ,2 2 9
2,865
-9 ,2 1 8
-3 9 9
-8 2 4
-7 ,9 9 5
-4,221
-6 ,1 2 7
-3 ,5 5 9
5,465
-4 ,6 1 7
-4
768
-5,381
-6 ,4 4 3
421
-5 ,5 6 4
-1 ,3 0 0
-4 ,8 6 6
2,026
-1 ,6 4 6
-5 ,2 4 6
E xchange-traded co ntracts.........................................................................................
U.S. residents’ contracts on foreign e x c h a n g e s .............................................
O w n contracts..........................................................................................................
Custo m ers’ contracts............................................................................................
Foreign residents’ contracts on U .S. e x c h a n g e s ...........................................
14,194
-6 2 9
10,350
6,613
3,737
3,844
6,200
3,566
2,634
-6 ,8 2 9
-8 ,7 5 8
-6 ,0 3 8
2,877
4,589
2,497
1,079
-4 ,2 9 0
-5 5 2
-1 ,0 9 5
543
-3 ,7 3 8
-3 ,7 4 5
1,061
1,709
-6 4 8
-4 ,8 0 6
2,368
-3 ,6 3 7
971
1,418
2,092
941
1,726
2,353
-6 2 7
-7 8 5
2,262
8,412
7,227
-8 ,9 1 5
-2 ,7 2 0
-1 ,8 6 9
2,529
1,229
1,300
-4 ,3 9 8
1,185
-6 ,1 5 0
-4 ,6 0 8
6,005
-9 ,6 4 3
-1 1 ,8 7 4
-7 ,0 3 0
-4 ,8 4 4
2,231
19,724
16,128
-3 6 ,0 7 9
11,731
3,841
10,123
-9 ,5 6 7
-8 ,0 2 7
-8 ,4 2 5
-1 1 ,1 8 0
-8 ,4 4 7
n.a.
9,750
-3 2 ,4 0 0
7,958
2,187
8,190
-8 ,5 8 5
-2 ,9 0 6
-8 ,1 5 3
-9,46 1
-1 1 ,8 8 0
9,200
-2 ,9 6 2
-3 1 ,3 2 5
-3 ,3 8 0
3,462
-1 ,0 1 8
-2 ,0 2 6
-2 ,3 6 7
-1 3 ,6 1 3
1,148
-1 6 ,4 9 3
-3 1 7
-2 ,3 7 9
-3 ,6 8 5
84
-3 1 9
730
517
12,570
6,498
-2 0 8
-1 9 ,1 8 5
-6 ,5 6 4
-4 ,1 5 2
-2 ,4 2 3
-2 ,2 0 3
- 1,022
-7 ,3 0 3
-5 0 3
-7 2 8
1,974
-3 ,1 1 4
-2 6 9
-5 6
11,476
3,458
139
-1 ,6 7 9
-4 2 4
1,103
55
928
-1 ,1 8 5
1,847
381
-1 ,1 7 5
-1 ,8 0 4
605
641
-4 4 4
8,408
2,080
-2 ,3 9 6
-1 0 3
338
1,087
303
89
-6 ,1 2 9
-8 8 7
23
-1 5 6
-5 6 3
-1,06 1
-2 4 9
-5 9 4
- 1,866
-5 ,0 8 5
101
775
-6 8 7
4,435
215
1,912
6,378
4,848
-2 ,6 7 3
-2 ,7 4 6
-3 1 8
41
-3 ,2 0 6
5,581
-9 9 6
188
-3 ,9 8 3
1,310
-7 8 9
-1 ,0 0 4
124
-1 0 ,3 1 8
-2 ,9 0 7
-5 2 0
-1 2 ,3 7 3
-4 ,5 6 5
-1 ,9 8 4
- 1,211
1,473
5,581
1,685
3,237
16,140
10,943
2,630
1,995
1,073
-3 ,8 6 5
-1,27 1
-1 ,2 3 8
-6 2 5
-3 ,7 5 4
-3 ,7 3 2
-1 ,1 4 5
1,621
2,738
3,139
2,146
3,149
399
4,181
3,109
-2 ,3 7 5
10,475
5,462
2,074
-6 6 2
-7 7 7
By type of contract:
2
3
4
b
6
7
8
9
10
-3 6 5
By a re a or country:
11
E u ro p e .................................................................................................................................
O f w hich :
12
European U nion......................................................................................................
O f w h ich :
13
Euro a r e a .........................................................................................................
O f w hich:
14
20
21
B e lg iu m ..................................................................................................
France......................................................................................................
G erm an y.................................................................................................
Ire la n d .....................................................................................................
Ita ly ...........................................................................................................
N eth e rlan d s...........................................................................................
United K in g d o m ............................................................................................
S w itzerlan d ...............................................................................................................
22
C a n a d a ................................................................................................................................
23
24
C arib bean financial c e n te rs ........................................................................................
O f w h ich : Caym an Islands.......................................................................................
-3 ,4 2 5
5,331
4,846
-3 ,0 0 5
-1 ,4 0 9
-1 ,1 5 9
25
Latin Am erica, excluding Carib bean financial c e n te rs .....................................
-1 ,4 6 4
-1 ,3 2 9
729
-8 0 5
485
1,346
-2 ,3 5 5
-3 3 0
260
-1 4 3
942
26
27
A s ia .......................................................................................................................................
O f w h ic h : J ap a n ...........................................................................................................
5,853
-3 5 5
-2 ,7 1 5
-2 ,7 0 3
-1 4 ,1 9 7
-9 ,8 4 3
181
-1 4
1,105
-9 3 6
-1 ,3 7 4
511
-2 ,6 2 7
-2 ,2 6 4
-6 ,3 7 7
-4 ,7 3 0
1,356
2,998
-2 ,5 8 8
-2 ,7 8 4
-6 ,5 8 8
-5 ,3 2 7
1b
16
1/
18
19
28
A frica.....................................................................................................................................
610
-2 6 4
-1 4 8
-2 6 3
-2 1 2
329
-1 1 8
-1 4 6
36
137
-1 7 5
29
O th e r.....................................................................................................................................
3,081
-1 ,1 8 4
1,413
-6 7 4
-1 ,0 9 0
-1 0 3
683
1,629
-1 6 2
1,599
-1 ,6 5 3
A ustralia......................................................................................................................
International and regional o rg an izatio n s......................................................
-2 ,4 9 4
5,396
-1 ,6 0 2
651
1,432
-6 4 9
112
- 2,012
959
-3 6
-1 2 1
-2
1,095
-4 1 8
1,352
255
35
-2 4 7
1,758
-9 8
-1 ,7 1 3
-3 1
A ddendum :
32 Contracts with foreign official institutions.........................................................................
2,120
872
1,831
-4 4 3
1,315
-3 0 9
309
1,431
-1 ,1 9 8
768
830
O f w hich :
30
31
n.a. Not available
50
Financial Derivatives
July 2009
Table 2. Fair Value of Financial Derivatives by Type of Contract at Quarterend
(Millions of dollars)
2007
2008
Line
II
III
Single-currency interest rate contracts....................................................................
Forwards
Swaps
Options
56,972
55,451
38,048
453
19,650
17,945
56,814
53,959
35,179
270
22,463
12,446
70,949
66,099
35,170
163
20,522
14,485
71,472
69,982
29,003
-1 7 6
13,377
15,802
130,757
127,893
42,390
-1 0 9
21,413
21,086
Foreign exchange contracts.......................................................................................
Forwards....................................................................................................................
Swaps
Options
29,028
-3 ,1 7 6
29,298
2,906
29,863
-4 ,0 6 9
29,336
4,596
37,109
-5 ,8 8 3
37,789
5,203
50,805
1,444
44,240
5,121
1 Financial derivatives, net (line 17 less line 3 3 ).........................................................
2
Over-the-counter contracts..............................................................................................
3
4
5
6
7
8
9
10
11
12
IV
I
II
III
IV
110,362
106,546
44,202
340
25,343
18,519
101,932
98,446
52,863
-2 ,9 2 7
37,974
17,816
159,582
164,766
80,482
980
38,489
41,013
68,946
3,908
57,886
7,152
54,305
-4 ,6 5 9
53,927
5,037
30,560
4,987
18,370
7,203
15,401
10,431
-5,02 1
9,991
-1 1 ,6 2 5
-1 1 ,0 8 3
-6 ,1 8 0
-9 ,8 2 6
16,557
8,039
15,023
68,883
Exchange-traded contracts.............................................................................................
U.S. residents’ contracts on foreign exchanges...................................................
Own contracts...........................................................................................................
Customers’ contracts..............................................................................................
Foreign residents’ contracts on U.S. exchanges..................................................
1,521
536
672
-1 3 6
985
2,855
665
1,490
-5 3 7
2,190
4,850
1,036
1,264
-2 2 8
3,814
457
-2 3 6
1,269
2,864
547
-3 0 3
850
2,317
3,816
1,460
-1 7 2
1,632
2,356
3,486
-4 5 8
-1 ,4 5 0
992
3,944
-5 ,1 8 4
-3 ,2 1 6
-3 ,7 3 5
519
-1 ,9 6 8
17 Financial derivatives, gross positive fa ir v a lu e ........................................................
18
Over-the-counter contracts..............................................................................................
Single-currency interest rate contracts....................................................................
19
20
Forwards....................................................................................................................
21
S w a p s .........................
Options.......................
22
1,255,575
1,232,097
798,480
1,003
703,564
93,913
1,546,712
1,516,672
1,004,345
2,312
902,124
99,909
1,720,605
1,687,484
936,941
1,646
815,722
119,573
2,559,332
2,526,075
1,463,086
1,234
1,288,685
173,167
4,186,275
4,142,982
2,363,064
3,445
2,146,969
212,650
3,638,417
3,575,564
1,825,236
4,926
1,619,634
200,676
3,240,318
3,190,484
1,655,033
5,119
1,463,033
186,881
6,624,549
6,562,853
4,551,035
10,831
4,216,924
323,280
Foreign exchange contracts
Forwards....................
S w a p s.........................................................................................................................
Options........................................................................................................................
169,301
38,584
101,064
29,653
196,449
47,015
114,228
35,206
279,826
79,290
153,116
47,420
290,943
73,894
160,129
56,920
436,499
123,941
230,375
82,183
349,048
82,668
205,104
61,276
356,026
118,693
179,177
58,156
497,234
180,414
229,552
87,268
27
Other contracts..............................................................................................................
264,316
315,878
470,717
772,046
1,343,419
1,401,280
1,179,425
1,514,584
28
29
30
31
32
Exchange-traded contracts.............................................................................................
U.S. residents’ contracts on foreign exchanges...................................................
Own contracts...........................................................................................................
Customers’ contracts..............................................................................................
Foreign residents’ contracts on U.S. exchanges..................................................
23,478
7,433
4,724
2,709
16,045
30,040
8,197
6,005
2,192
21,843
33,121
8,172
5,063
3,109
24,949
33,257
7,980
4,558
3,422
25,277
43,293
10,599
5,730
4,869
32,694
62,853
13,407
5,665
7,742
49,446
49,834
10,261
3,708
6,553
39,573
61,696
33 Financial derivatives, gross negative fair v a lu e .......................................................
34
Over-the-counter contracts..............................................................................................
Single-currency interest rate contracts....................................................................
35
Forwards....................................................................................................................
36
37
S w a p s .........................................................................................................................
38
Options.......................
1,198,603
1,176,646
760,432
550
683,914
75,968
1,489,898
1,462,713
969,166
2,042
879,661
87,463
1,649,656
1,621,385
901,771
1,483
795,200
105,088
2,487,860
2,456,093
1,434,083
1,410
1,275,308
157,365
4,055,518
4,015,089
2,320,674
3,554
2,125,556
191,564
3,528,055
3,469,018
1,781,034
4,586
1,594,291
182,157
3,138,386
3,092,038
1,602,170
8,046
1,425,059
169,065
6,464,967
6,398,087
4,470,553
9,851
4,178,435
282,267
Foreign exchange contracts
Forwards....................
S w a p s .........................
Options........................................................................................................................
140,273
41,760
71,766
26,747
166,586
51,084
84,892
30,610
242,717
85,173
115,327
42,217
240,138
72,450
115,889
51,799
367,553
120,033
172,489
75,031
294,743
87,327
151,177
56,239
325,466
113,706
160,807
50,953
481,833
169,983
234,573
77,277
43
Other contracts..............................................................................................................
275,941
326,961
476,897
781,872
1,326,862
1,393,241
1,164,402
1,445,701
44
45
46
47
48
Exchange-traded contracts.............................................................................................
U.S. residents’ contracts on foreign exchanges...................................................
Own contracts...........................................................................................................
Customers’ contracts..............................................................................................
Foreign residents' contracts on U.S. exchanges..................................................
21,957
6,897
4,052
2,845
15,060
27,185
7,532
4,803
2,729
19,653
28,271
7,136
3,799
3,337
21,135
31,767
7,759
4,101
3,658
24,008
40,429
10,052
6,033
4,019
30,377
59,037
11,947
5,837
47,090
46,348
10,719
5,158
5,561
35,629
66,880
14,084
6,400
7,684
52,796
49
50
51
Addenda:
Net fair value of contracts:
With own foreign offices...................................................................................................
With foreign official institutions.......................................................................................
Between U.S. depository institutions and foreigners...............................................
1,507
967
13,336
6,395
249
16,106
4,242
-2 ,8 9 9
14,972
7,464
-1 ,4 5 5
21,309
25,991
1,849
25,219
17,451
-291
32,908
14,802
-2 ,4 3 7
25,793
12,198
-5 ,8 4 2
34,859
52
53
54
Gross positive fair value of contracts:
With own foreign offices...................................................................................................
With foreign official institutions.......................................................................................
Between U.S. depository institutions and foreigners................................................
337,374
9,846
408,855
427,383
10,821
501,678
479,632
11,017
526,490
623,349
13,040
811,889
1,044,166
17,015
1,435,062
955,322
12,861
1,029,986
975,010
9,657
1,205,971
1,489,344
20,794
2,837,891
55
56
57
Gross negative fair value of contracts:
With own foreign offices...................................................................................................
With foreign official institutions.......................................................................................
Between U.S. depository institutions and foreigners................................................
335,867
8,879
395,519
420,988
10,572
485,572
475,390
13,916
511,518
615,885
14,495
790,580
1,018,175
15,166
1,409,843
937,871
13,152
997,078
960,208
12,094
1,180,178
1,477,146
26,636
2,803,032
13
14
15
16
23
24
25
26
39
40
41
42
Other contracts
I
1,202
221
6,110
10,868
2,665
8,203
50,828
July 2009
Survey of Current Business
51
Table 3. Fair Value of Financial Derivatives by Area or Country at Quarterend
(Millions of dollars)
2007
2008
Line
I
II
III
56,972
51,120
56,814
53,675
70,949
62,059
71,472
54,976
49,588
51,890
58,356
25,367
24,991
21,864
10
11
12
B elg iu m ..................................................................................................
F ra n c e .....................................................................................................
G e rm a n y ................................................................................................
Ire la n d .....................................................................................................
Ita ly ..........................................................................................................
N etherlands...........................................................................................
United K ingd om ............................................................................................
S w itz e rla n d ..............................................................................................................
216
5,303
12,008
5,771
6,845
2,875
23,112
2,175
-5 6 7
6,030
15,764
4,928
6,637
2,512
23,365
2,581
13
C a n a d a ................................................................................................................................
3,569
14
15
Carib bean financial ce n te rs ........................................................................................
O f w h ich : C aym an Is la n d s ......................................................................................
1 F in a n c ia l d e riv a tiv e s , n e t (lin e 2 3 le s s lin e 4 5 ) ..................................................
E u ro p e .................................................................................................................................
2
IV
I
II
III
IV
101,932
77,149
159,582
125,529
130,757
98,907
110,362
74,318
48,758
92,528
68,180
67,720
113,473
22,992
46,327
43,796
28,309
56,117
-3 8 5
6,440
10,599
5,215
7,469
3,446
34,068
5,236
526
8,587
9,646
906
9,256
4,385
22,960
7,671
2,403
10,949
13,424
10,368
12,009
2,122
44,499
6,999
21,121
1,838
8,864
11,081
8,109
5,452
1,511
38,730
8,785
6,569
25,969
8,587
13,246
3,682
2,713
63,995
9,621
4,969
5,833
7,889
12,671
16,388
4,972
1,546
-3 ,9 5 6
-5 ,6 4 8
-1 0 ,7 3 0
-1 0 ,7 5 0
-6 ,5 6 3
-5 ,3 4 6
532
1,933
9,197
9,594
4,940
8,992
10,158
9,257
18,959
19,517
O f w h ich :
3
European U n io n .....................................................................................................
O f w h ic h :
4
Euro a re a .........................................................................................................
O f w h ich :
5
6
7
8
9
6,100
9,759
16,057
9,299
11,809
4,484
6,702
16
Latin Am erica, excluding Carib bean financial ce n te rs .....................................
1,290
2,237
2,147
2,273
2,936
3,028
2,325
2,603
17
18
A s ia .......................................................................................................................................
O f w h ic h : J a p a n ..........................................................................................................
2,418
2,078
2,265
3,021
153
2,628
-9 3 4
4,013
-2 ,8 1 9
6,169
-1 ,2 9 5
6,837
-9 9 2
13,593
- 1,002
19
A fric a ...................................................................................................................................
1,198
824
785
1,235
1,057
310
320
889
20
O th e r.....................................................................................................................................
1,333
3,761
3,667
1,939
1,976
5,209
171
-3 ,5 3 7
A u stra lia....................................................................................................................
International and regional organ izations......................................................
2,738
-1 ,5 8 5
4,515
-8 8 0
5,482
-1 ,8 8 2
4,117
-2 ,2 8 5
5,018
-3 ,2 9 5
7,018
-1 ,9 7 2
2,074
-2 ,2 0 8
1,361
-5 ,4 6 7
23 F in a n c ia l d e riv a tiv e s , g ro s s p o s itiv e fa ir v a lu e .................................................
24
E u ro p e .................................................................................................................................
1,255,575
1,069,011
1,546,712
1,331,710
1,720,605
1,469,891
2,559,332
2,229,373
4,186,275
3,701,396
3,638,417
3,217,646
3,240,318
2,885,943
6,624,549
6,059,233
1,036,441
1,293,805
1,418,452
2,144,029
3,581,027
3,090,441
2,780,637
5,922,042
120
O f w h ich :
21
22
O f w hich:
25
European U n io n .....................................................................................................
O f w hich:
26
Euro a re a ........................................................................................................
342,463
396,621
409,853
572,162
925,817
801,150
673,406
1,247,252
27
28
29
30
31
32
33
34
B elg iu m ..................................................................................................
F ra n c e .....................................................................................................
G e rm a n y ................................................................................................
Ire la n d .....................................................................................................
Ita ly ............
Netherlands
United Kingdom
S w itz e rla n d ...............
8,912
73,207
98,356
112,496
11,957
24,160
686,388
29,596
8,842
83,389
117,155
133,020
12,016
26,664
886,400
34,479
9,314
93,953
121,413
126,251
12,539
30,090
997,074
47,315
13,329
139,382
185,036
163,883
15,668
36,044
1,558,496
69,586
18,708
226,062
290,360
275,417
20,850
66,908
2,639,440
111,750
19,872
204,125
271,668
193,358
20,761
63,412
2,272,620
103,906
14,308
173,382
188,081
30,559
328,209
365,763
424,358
15,130
45,155
4,657,754
123,836
35
C a n a d a ................................................................................................................................
29,244
37,100
45,346
51,648
71,569
74,917
55,752
92,249
36
37
C arib bean financial ce n te rs ........................................................................................
O f w h ic h : C aym an Is la n d s ......................................................................................
67,774
51,721
75,392
58,765
93,773
76,659
133,312
112,007
184,389
154,244
159,256
131,186
140,021
114,599
185,980
153,091
O f w hich:
222,010
12,104
41,475
2,095,015
86,565
38
Latin Am erica, excluding C aribbean financial ce n te rs .....................................
13,204
16,905
16,055
16,037
21,763
20,120
15,338
15,652
39
40
A s ia .......................................................................................................................................
O f w h ic h : J a p a n ..........................................................................................................
55,179
35,427
63,369
40,831
67,445
41,031
103,290
66,643
171,999
98,841
130,242
65,405
116,020
61,821
233,376
141,643
41
A fric a ...................................................................................................................................
3,127
3,075
3,579
4,260
4,987
6,155
4,722
6,396
42
O th e r.....................................................................................................................................
18,036
19,161
24,516
21,412
30,172
30,081
22,522
31,663
A u s tra lia ....................................................................................................................
International and regional o rg an izations......................................................
14,605
2,665
15,424
2,770
20,397
3,253
17,356
3,104
25,327
3,802
25,666
3,705
18,402
3,164
25,943
3,888
45 F in a n c ia l d e riv a tiv e s , g ro s s n e g a tiv e fa ir v a lu e ...............................................
46
E u ro p e .................................................................................................................................
1,198,603
1,017,891
1,489,898
1,278,035
1,649,656
1,407,832
2,487,860
2,174,397
4,055,518
3,602,489
3,528,055
3,143,328
3,138,386
2,808,794
6,464,967
5,933,704
986,853
1,241,915
1,360,096
2,095,271
3,488,499
3,022,261
2,712,917
5,808,569
317,096
371,630
387,989
549,170
879,490
757,354
645,097
1,191,135
9,409
77,359
101,391
128,092
5,379
24,152
863,035
31,898
9,699
87,513
110,814
121,036
5,070
26,644
963,006
42,079
12,803
130,795
175,390
162,977
6,412
31,659
1,535,536
61,915
16,305
215,113
276,936
265,049
8,841
60,808
2,594,941
104,751
17,750
194,366
255,611
184,059
8,952
58,928
2,251,499
97,204
12,470
164,518
177,000
213,901
6,652
39,964
2,056,285
77,780
23,990
302,240
357,176
411,112
11,448
42,442
4,593,759
114,215
O f w h ich :
43
44
O f w hich:
47
European U n io n .....................................................................................................
O f w h ich :
48
Euro a re a .........................................................................................................
O f w h ich :
49
50
51
52
53
54
55
56
B elg iu m ..................................................................................................
F ra n c e .....................................................................................................
G erm any
Ireland
Italy
N etherlands
United K ingd om ............................................................................................
S w itz e rla n d ..............................................................................................................
8,696
67,904
86,348
106,725
5,112
21,285
663,276
27,421
57
C a n a d a ................................................................................................................................
25,675
32,131
39,513
43,759
58,898
58,529
50,780
90,703
58
59
C aribbean financial c e n te rs ........................................................................................
O f w h ich : C aym an Is la n d s ......................................................................................
71,730
57,369
86,122
100,336
82,005
132,780
110,074
175,192
144,650
154,316
122,194
129,863
105,342
167,021
133,574
60
Latin Am erica, excluding C arib bean financial c e n te rs.....................................
11,914
14,668
13,908
13,764
18,827
17,092
13,013
13,049
61
62
A s ia ............................................................................................................... .......................
O f w h ich : J a p a n ..........................................................................................................
52,761
35,307
61,291
38,566
64,424
40,878
100,662
67,577
167,986
101,660
124,073
66,700
109,183
62,813
219,783
142,645
69,515
63
A fric a ....................................................................................................................................
1,929
2,251
2,794
3,025
3,930
5,845
4,402
5,507
64
O th er.....................................................................................................................................
16,703
15,400
20,849
19,473
28,196
24,872
22,351
35,200
11,867
4,250
10,909
3,650
14,915
5,135
13,239
5,389
20,309
7,097
18,648
5,677
16,328
5,372
24,582
9,355
O f w h ich :
65
66
A u s tra lia ....................................................................................................................
International and regional o rg an izations......................................................
www.bea.gov
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July 2009
H o w
B E A
53
A lig n s
a n d
A u g m
In c lu s io n
in
e n t s
t h e
S o u r c e
D a t a
In t e r n a t io n a l
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 trans
actions accounts (ITAs) are based largely on source data
collected by other federal government agencies— in this
case, by the Treasury International Capital (TIC) report
ing system of the U.S. Department of the Treasury. The
presentation of the adjustments undertaken by B E A to
align and to augment these data for inclusion in the
financial account can help data users reconcile B EA’s
financial-account estimates with the TIC data that are
available to the public on the Treasury Department’s W e b
site and in the Treasury Bulletin.
The relationships between the estimates in the ITAs
that are prepared by B E A and the data from the TIC
reporting system are shown in tables 1-3. Table 1 pre
sents statistics on transactions in foreign long-term secu
rities; U.S. long-term securities, excluding U.S. Treasury
securities; and U.S. Treasury securities. Table 2 presents
the estimates of claims on, and liabilities to, foreigners
reported by U.S. nonbanking concerns. 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 B E A
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
F r o m
t h e
U .S .
T r a n s a c t io n s
T r e a s u r y
D e p a r t m
e n t
f o r
A c c o u n t s
bonds (table 1, line Al) include the commissions that are
paid by the U.S. purchasers to foreign brokers. In the
ITAs, payments of commissions to foreigners are treated
as payments for financial services, not as purchases of
securities, and these payments are included in the current
account, not in the financial account. Therefore, B E A
adjusts the TIC data for gross U.S. purchases by subtract
ing an estimate of payments of brokerage commissions
(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, B E A
adds an estimate of 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 w h o finance their purchases through
exchanges of stock. These stock swap transactions may
bypass the U.S. brokers and dealers w h o are the primary
respondents to the TIC survey on securities transactions.
W h e n stock is exchanged, the U.S. persons w h o previously
held securities in the acquired U.S. company receive shares
in the acquiring foreign corporation, and the receipt of
these shares should be recorded in the ITAs as the acquisi
tion, or purchase, of foreign long-term securities.
In order to account for this gap in coverage in the TIC
data, B E A adds an estimate of security swap transactions
and other coverage adjustments (line A2) to the TIC data.
How BEA Aligns and Augments Source Data
54
July 2009
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
2006r
2007r
2008p
Foreign Long-Term Securities
A1 Gross U.S. purchases of foreign stocks and bonds, T IC ..................................................................................................................................................................................
5,784,488
8,416,790
7,599,557
2 P lus: Security swap transactions and other coverage adjustments..............................................................................................................................................................
112,740
135,520
39,700
3 M inus: Brokerage commissions..............................................................................................................................................................................................................................
1,213
1,562
1,556
4 P lus: Underwriting and private placement fees..................................................................................................................................................................................................
3,932
4,871
4,507
5 E q u a ls : Gross U.S. purchases of foreign stocks and bonds, ITA s........................................................................................................................................................
5,899,947
8,555,619
7,642,208
6 Gross U.S. sales o f foreign stocks and bonds, T IC ...........................................................................................................................................................................................
5,533,652
8,187,567
7 P lu s: Brokerage commissions.................................................................................................................................................................................................................................
1,168
1,529
7,701,398
1,572
8 E q u a ls : Gross U.S. sales of foreign stocks and bonds, ITA s..................................................................................................................................................................
5,534,820
8,189,096
7,702,970
9 Net U.S. purchases ( - ) or sales (+) of foreign stocks and bonds, TIC (A6 - A1) ......................................................................................................................................
-2 5 0 ,8 3 6
-22 9 ,2 2 3
101,841
10 P lu s: Coverage adjustments ((A7) - (A2 - A3 + A 4))........................................................................................................................................................................................
-114,291
-13 7 ,3 0 0
-4 1 ,0 7 9
11 Net U.S. purchases ( - ) or sales (+ ) of foreign lo n g -te rm securities, ITAs (A 8 - A 5) (table 1, line 5 2 ).....................................................................................
-3 6 5 ,1 2 9
-36 6 ,5 2 4
60,761
B1 Gross foreign purchases of other U.S. long-term securities, T IC ..................................................................................................................................................................
10,127,445
14,603,073
16,045,886
2 P lu s: Security swap transactions and other coverage adjustments..............................................................................................................................................................
2,009
10,655
0
3 M inus: Brokerage commissions..............................................................................................................................................................................................................................
4,580
5,564
5,388
4 Plus: Underwriting and private placement fees..................................................................................................................................................................................................
325
10,125,199
553
737
5 E q u a ls : Gross foreign purchases of other U.S. long-term securities, ITA s.......................................................................................................................................
14,608,717
16,041,235
15,949,422
U.S. Long-Term S ecurities Excluding U.S. Treasury Securities
6 Gross foreign sales of other U.S. long-term securities, T IC ............................................................................................................................................................................
9,179,747
13,795,218
7 P lu s: Brokerage commissions.................................................................................................................................................................................................................................
4,199
5,160
5,169
8 Plus: Coverage adjustment for gross sales.........................................................................................................................................................................................................
3,814
-6 5 ,4 6 9
59,195
9 E q u a ls : Gross foreign sales o f other U.S. long-term securities, ITA s..................................................................................................................................................
9,187,760
13,734,909
16,013,786
10 Net foreign purchases (+) or sales (- ) of other U.S. long-term securities, TIC (B1 — B 6) .....................................................................................................................
11 P lus: Coverage adjustments ((B2 - B3 + B4) - (B7 + B 8) ) .............................................................................................................................................................................
947,698
807,855
96,464
-1 0 ,2 5 9
65,953
-6 9 ,0 1 5
12 N et foreign purchases (+) or sales ( - ) of other U.S. lo n g -te rm securities, ITAs (B5 - B9) (table 1, line 59 + 62 + 66) ......................................................
937,439
873,808
27,449
13
Other U.S. government securities, foreign official assets (table 1, line 5 9 ) ............................................................................................................................................
219,837
171,465
65,846
14
Other foreign official assets (table 1, line 6 2 ) .................................................................................................................................................................................................
34,357
96,691
88,340
15
Other U.S. securities, other foreign assets (table 1, line 66) ......................................................................................................................................................................
683,245
605,652
-1 2 6 ,7 3 7
C1 Gross foreign purchases of U.S. Treasury marketable bonds and notes, T IC ............................................................................................................................................
10,958,018
15,127,526
14,627,522
2 M inus: Brokerage commissions and other fees..................................................................................................................................................................................................
939
1,089
924
3 E q u a ls : Gross foreign purchases of U.S. Treasury m arketable bonds and notes, ITAs...............................................................................................................
10,957,079
15,126,437
14,626,598
4 Gross foreign sales of U.S. Treasury marketable bonds and notes, T IC .....................................................................................................................................................
10,762,487
14,929,559
14,311,510
5 P lu s: Brokerage commissions and other fees.....................................................................................................................................................................................................
939
1,090
925
6 P lu s: Coverage adjustment for gross sales.........................................................................................................................................................................................................
32,000
96,000
7 E q u a ls : Gross foreign sales o f U.S. Treasury m arketable bonds and notes, IT A s .........................................................................................................................
10,795,426
80,000
15,010,649
8 Net foreign purchases (+) or sales ( -) of U.S. Treasury marketable bonds and notes, TIC (C1 - C 4)................................................................................................
9 P lu s: Coverage adjustments H C 2 ) - (C5 + C 6) ) .............................................................................................................................................................................................
195,531
-3 3 ,8 7 8
197,967
316,012
-8 2 ,1 7 9
-9 7 ,8 4 9
10 Net foreign purchases (+) or sales ( - ) o f U.S. Treasury m arketable bonds and notes, ITAs (C3 - C 7 )...................................................................................
161,653
115,788
218,163
11 P lu s : N on-m arketable bonds and n o te s .........................................................................................................................................................................................................
12 P lu s : Short-term U.S. Treasury ob lig a tio n s...................................................................................................................................................................................................
79
84
92
-1 1 ,3 9 7
49,367
456,016
U.S. Treasury Securities
14,408,435
13 N et foreign purchases (+) or sales ( - ) o f U.S. Treasury securities, ITAs (C10 + C 11+ C12) (table 1, line 58 + line 6 5 )......................................................
150,335
165,239
674,271
14
U.S. Treasury securities, foreign official assets (table 1, line 5 8 ) .............................................................................................................................................................
208,564
98,432
477,652
15
U.S. Treasury securities, other foreign assets (table 1, line 6 5 ) ................................................................................................................................................................
-5 8 ,2 2 9
66,807
196,619
p Preliminary
r Revised
Survey of Current Business
July 2009
55
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
2006'
2007'
2008
p
C laim s
(Credits +; decrease in U.S. assets. Debits
increase in U.S. assets.)
Total claims outstanding, beginning of year, TIC..
Total claims outstanding, end of year, T IC ............
144,950
126,032
126,032
136,416
136,416
140,708
18,918
-1 0 ,3 8 4
-4 ,2 9 2
-1 3 ,0 8 6
-1 2 8 ,1 6 6
-8 3 ,8 9 9
-1 ,2 3 8
-15,491
107,329
-1 5 3 ,8 2 4
871
16,059
40,184
352,396
-1 8 1 ,2 9 9
-4 0 ,5 1 7
372,229
Total liabilities outstanding, beginning of year, T IC .
Total liabilities outstanding, end of year, T IC ............
76,710
89,217
89,217
103,835
103,835
79,827
C hange in liabilities, TIC (B2 - B 1 ).........................
12,507
14,618
-2 4 ,0 0 8
9,576
57,499
146,363
38,000
10,431
42,909
154,149
436
-14,9 21
-1 1 ,2 0 5
-6 9 ,8 7 5
45,000
244,793
201,681
-4 5 ,1 6 7
C hange in claim s, TIC (A1 - A 2 )..........................
M in u s : Valuation adjustm ents including unrealized exchange-rate gain or loss and other adjustm ents 1.
P lu s : Financial interm ediaries’ a c c o u n ts 2............................................................................................................................
P lu s : Supplem ental source d a ta 3...........................................................................................................................................
P lu s : O ther coverage a d ju s tm e n ts 4.......................................................................................................................................
0
E q u a ls : C laim s on unaffiliated foreigners reported by U.S. nonbanking concerns, except securities brokers, ITAs (A3 - A4 + A 5 + A 6 + A 7)
(table 1, line 5 3 ).................................................................................................................................................................................................................................................
Liabilities
(Credits +; increase in U.S. liabilities. Debits
decrease in U.S. liabilities.)
M in u s : Valuation adjustm ents including unrealized exchange-rate gain or loss and other adjustm ents 1.
P lu s : Financial interm ediaries’ a c c o u n ts 2...........................................................................................................................
P lu s : Supplem ental source d a t a 3...........................................................................................................................................
P lu s : O ther coverage a d ju s tm e n ts 5 .......................................................................................................................................
E q u a ls : Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns, except secu rities brokers, ITAs (B3 - B4 + B5 + B 6 + B7)
(table 1 , line 68) .....................................................................................................................................................................................................................................................
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.
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
2006 r
2007'
2008 p
Claim s
(Credits +; decrease in U.S. assets. Debits
increase in U.S. assets.)
A1 Total claims outstanding, beginning of year, T IC ......................................................................................................................................................................................................................
2 Total claims outstanding, end of year, T IC .................................................................................................................................................................................................................................
2,500,399
3,140,590
3,140,590
3,792,775
3 C hang e in claim s, TIC (A1 - A 2 )...............................................................................................................................................................................................................................................
-640,191
-6 5 2 ,1 8 5
398,433
4 M in u s : V aluation adjustm ents including unrealized exchange-rate gain or loss and other a d ju s tm e n ts 1 ................................................................................................
5 M in u s : Direct in v e s tm e n t............................................................................................................................................................................................................................................................
6 P lu s : Coverage adjustm ents including com m ercial paper and other a d ju s tm e n ts 2..........................................................................................................................................
-1 5 1 ,7 6 7
15,904
2,229
-1 6 ,9 7 7
3,458
-5 ,4 2 7
-2 6 ,0 3 3
-1 1 ,7 7 3
-2 ,8 6 0
7 E q u a ls : C laim s on foreigners reported by U.S. banks, not included elsew here, ITAs (A3 - A4 - A5 + A 6) (table 1, line 5 4 ) ...............................................................
-5 0 2 ,0 9 9
-6 4 4 ,0 9 3
433,379
R 1 Total liabilities outstanding, beginning of year, T IC .................................................................................................................................................................................................................
2 Total liabilities outstanding, end of year, T IC .............................................................................................................................................................................................................................
3,186,745
4,010,427
4,010,427
4,706,310
4,706,310
4,615,010
3 C hang e in liabilities, TIC (B2 - B 1 )..........................................................................................................................................................................................................................................
823,682
695,883
-9 1 ,3 0 0
4 M in u s : Valuation adjustm ents including unrealized exchange-rate gain or loss and other adjustm ents...................................................................................................
■i M in u s : Direct in v e s tm e n t............................................................................................................................................................................................................................................................
fi P lu s : C overage adjustm ents including short-term U.S. Treasury obligations and other a d ju s tm e n ts 3......................................................................................................
347,781
2,890
11,397
34,332
-6 ,1 2 3
-4 9 ,3 6 7
-3 6 ,6 5 0
-3 0 ,6 3 4
-4 5 6 ,0 1 6
7 E q u a ls : Liabilities to foreigners reported by U.S. banks, not included elsew here, ITAs (B3 - B4 - B5 + B 6) (table 1, lines 61 + 6 9 )...............................................
R
Liabilities to foreign official agencies (table 1, line 6 1 ) ..................................................................................................................................................................................................
q
Liabilities to other foreigners (table 1, line 6 9 ) ................................................................................................................................................................................................................
484,408
22,365
462,043
618,307
109,019
509,288
-4 8 0 ,0 3 2
-1 5 3 ,4 4 3
-3 2 6 ,5 8 9
3,792,775
3,394,342
Liabilities
(Credits +; increase in U.S. liabilities. Debits
decrease in U.S. liabilities.)
p Preliminary
3. Includes adjustments for transactions that are included in other international transactions accounts,
r Revised
including transactions in short-term U.S. Treasury obligations and in other liabilities held in custody by U.S.
1. Includes adjustments for claims on foreigners written off by U.S. reporters.
reporters.
2. Includes adjustments for supplemental transactions in foreign commercial paper and other instruments.
56
July 2009
U.S. International Transactions
First Quarter of 2009
B
y
D
o u g la s
B .
W
e in b e r g
a n d
G
r e g o r y
A .
T e n e n t e s
H E U.S. current-account deficit— the combined
balances on trade in goods and services, income,
and net unilateral current transfers— decreased to
$101.5 billion (preliminary) in the first quarter of
2009, the smallest deficit since the fourth quarter of
2001, from $154.9 billion (revised) in the fourth quar
ter of 2008 (table A, chart l).1 The decrease resulted
from decreases in the deficit on goods and, to a m u c h
lesser extent, in net unilateral current transfers to for
eigners. These decreases were partly offset by decreases
in the surpluses on income and on services. The cur
rent-account deficit has decreased $82.7 billion, or 45
percent, over the past two quarters.
In the financial account, net financial inflows to the
United States were $47.1 billion in the first quarter,
d o w n from $88.3 billion in the fourth quarter.2 U.S.
T
1. Quarterly estimates of U.S. current-account and financial-account
components are seasonally adjusted when series demonstrate statistically
significant seasonal patterns. When available, seasonally adjusted estimates
are cited in this article. The accompanying tables present both adjusted and
unadjusted estimates.
2. First-quarter net financial inflows exclude transactions in financial
derivatives because data are not yet available. Fourth-quarter net financial
inflows excluding transactions in financial derivatives were $102.8 billion.
residents reduced their assets abroad more than for
eign residents reduced their assets in the United States
in both quarters. The reduction in U.S.-owned assets
exceeded the reduction in foreign-owned assets by a
smaller amount in the first quarter than in the fourth
quarter, resulting in the decline in net financial in
flows.
The statistical discrepancy— errors and omissions in
recorded transactions— was $55.1 billion in the first
quarter, compared with $67.2 billion in the fourth
quarter.
Current-account highlights include the following:
• Exports of goods decreased 14 percent in the first
quarter after a decline of 14 percent in the fourth
quarter, and imports of goods decreased 20 percent
after a decline of 16 percent.
• Both exports and imports of services decreased 6
percent after declines of 5 percent.
• Income receipts decreased 20 percent after a 14 per
cent drop, and income payments decreased 21 per
cent after a 9 percent drop.
Financial-account highlights include the following:
• U.S. government assets other than official reserve
Table A. Selected U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Line
Corresponding lines in tables 1 and 12 are indicated in ( )
(Credits +; debits - )
2007
2007
2008
2009
2008
I
II
III
IV
I
II
III
IV
Ip
Change:
2008:IV
2009:1
Current account
1 E xports o f goods and services and incom e receipts (1 )........................
2
Goods, balance of payments basis ( 3 )..........................................................
3
4
Services (4 )...........................................................................................................
Income receipts (12)...........................................................................................
5 Im ports of goods and services and incom e paym ents (1 8 )..................
6 Goods, balance of payments basis (2 0 )........................................................
7
Services (2 1 )........................................................................................................
8 Income payments (2 9 )........................................................................................
9 Unilateral current transfers, net (3 5 )...............................................................
2,591,233
1,276,994
549,602
764,637
574,689
269,538
118,170
186,981
600,300
277,655
120,333
202,312
631,854
289,160
129,189
213,505
655,255
302,031
137,092
216,132
654,217
315,637
135,653
202,927
671,886
332,876
140,214
198,796
673,383
337,912
140,152
195,319
591,747
290,569
133,583
167,596
509,571
249,374
125,930
134,267
-8 2 ,1 7 6
-4 1 ,1 9 5
-7 ,6 5 3
-3 3 ,3 2 9
-3,07 2,675 -3 ,1 6 8 ,9 3 8
-1,9 6 9 ,3 7 5 -2 ,1 1 7 ,2 4 5
-3 7 5 ,2 1 5
-4 0 5 ,2 8 7
-7 2 8 ,0 8 5
-64 6 ,4 0 6
-7 4 2 ,9 8 0
-475,571
-9 0 ,1 7 5
-1 7 7 ,2 3 4
-7 6 5 ,0 7 9
-4 8 3 ,2 9 4
-9 2 ,2 5 3
-189,531
-77 4 ,9 1 2
-49 4 ,0 7 5
-9 5 ,7 3 9
-1 8 5 ,0 9 8
-7 8 9 ,7 0 3
-51 6 ,4 3 5
-9 7 ,0 4 8
-1 7 6 ,2 2 0
-8 0 0 ,1 8 5
-53 4 ,4 8 2
-99,461
-166,241
-8 2 8 ,4 5 8
-5 5 4 ,3 7 2
-1 0 1 ,5 6 5
-172 ,521
-8 2 5 ,2 0 0
-5 5 9 ,0 0 2
-1 0 5 ,0 0 4
-1 6 1 ,1 9 4
-71 5 ,0 9 6
-46 9 ,3 8 9
-9 9 ,2 5 7
-1 4 6 ,4 5 0
-5 8 1 ,4 8 9
-373,411
-9 3 ,0 8 3
-1 1 4 ,9 9 6
133,607
95,978
6,174
31,454
2,462,099
1,138,384
504,784
818,931
-1 1 5 ,9 9 6
-1 2 8 ,3 6 3
-3 0 ,8 0 7
-2 5 ,7 5 2
-2 8 ,5 5 7
-3 0 ,8 8 3
-3 3 ,3 3 0
-3 1 ,1 4 7
-32,3 61
-3 1 ,5 2 7
-2 9 ,5 7 6
1,951
-1 ,4 7 2 ,1 2 6
-1 0 6
-4 8 5 ,8 6 7
-5 4 5 ,1 5 8
-1 9 2 ,5 3 0
-248,571
-251,501
107,343
29,322
114,730
125,241
10,511
-66,2 61
Financial account
10 U.S.-owned assets abroad, excluding financial derivatives (increase/
financial outflow (-) ) (4 0 )...............................................................................
11 Foreign-ow ned assets in th e U nited States, excluding financial
derivatives (increase/financial inflow (+)) (5 5 ).......................................
2,129,460
534,071
700,961
737,457
278,424
412,618
426,058
2,003
117,897
- 11,888
-7 8 ,1 4 9
12 Financial derivatives, net (7 0 )...........................................................................
6,222
-2 8 ,9 0 5
14,795
-1 ,0 0 7
5,942
-1 3 ,5 0 8
-7 ,9 6 6
-2 ,3 5 5
-4 ,0 7 5
-1 4 ,5 0 9
n.a.
n.a.
13 Statistical discrepancy (7 1 )...............................................................................
64,912
200,055
-3 0 ,2 4 2
-6 3 7
80,403
15,388
13,344
81,410
38,067
67,236
55,093
-1 2 ,1 4 3
Mem oranda:
Balance on goods (7 2 )...........................................................................................
Balance on services (7 3 )........................................................................................
Balance on income (7 5 ).........................................................................................
Balance on current account (7 7 )..........................................................................
Net financial flows (4 0 ,5 5 , and 7 0 ).....................................................................
-83 0 ,9 9 2
129,569
90,845
-7 2 6 ,5 7 3
663,556
-84 0 ,2 5 2
144,316
118,231
-7 0 6 ,0 6 8
505,060
-2 0 6 ,0 3 3
27,995
9,747
-19 9 ,0 9 8
229,889
-2 0 5 ,6 3 9
28,079
12,781
-190,531
191,292
-20 4 ,9 1 5
33,450
28,407
-1 7 1 ,6 1 4
91,836
-2 1 4 ,4 0 4
40,044
39,912
-1 6 5 ,3 3 0
150,539
-2 1 8 ,8 4 6
36,192
36,686
-1 7 9 ,2 9 8
166,591
-2 2 1 ,4 9 6
38,649
26,274
-1 8 7 ,7 1 9
106,991
-2 2 1 ,0 9 0
35,148
34,125
-1 8 4 ,1 7 8
143,144
-1 7 8 ,8 2 0
34,326
21,146
-15 4 ,8 7 5
88,333
-1 2 4 ,0 3 6
32,847
19,271
-1 0 1 ,4 9 4
47,092
54,784
-1 ,4 7 9
-1 ,8 7 5
53,381
-41,241
14
15
16
17
18
p Preliminary
n.a. Not available
Ju ly 2 0 0 9
Survey of Current Business
assets decreased strongly as a result of the reversal of
some previous central bank currency swaps.
• U.S. claims on foreigners reported by U.S. banks
and securities brokers increased for the first time in
four quarters. U.S. liabilities to foreigners reported
by U.S. banks and securities brokers decreased
m u c h m ore in the first quarter than in the fourth
quarter.
• U.S. residents were net purchasers of foreign securi
ties. In the previous two quarters, they were net sell
ers.
• Net foreign purchases of U.S. Treasury securities
decreased, and net foreign sales of U.S. securities
other than U.S. Treasury securities increased.
• Both net financial inflows for foreign direct invest
ment in the United States and net financial outflows
for U.S. direct investment abroad slowed substan
tially.
Chart 1. U.S. Current-Account Balance and
57
C u r r e n t
G o o d s
a n d
A c c o u n t
s e r v ic e s
The deficit on goods and services decreased to $91.2
billion in the first quarter of 2009 from $144.5 billion
in the fourth quarter of 2008 (chart 1). A $54.8 billion
decrease in the goods deficit was partly offset by a $1.5
billion decrease in the services surplus.
Goods
The goods deficit decreased to $124.0 billion in the
first quarter, the smallest deficit since the third quarter
of 2002, from $178.8 billion in the fourth quarter. The
goods deficit has decreased $97.1 billion, or 44 percent,
over the last two quarters, as goods imports have de
creased more than goods exports both in dollar terms
and in percentage terms (chart 2).
Chart 2. Exports and Imports of Goods and
Services: Percent Change From Preceding Quarter
U.S. International Transactions
58
July 2 0 0 9
Current-dollar imports of petroleum and products
fell sharply, leading to a second consecutive large drop
in the deficit on petroleum and products (chart 3). The
deficit on nonpetroleum products also fell substan
tially.
Exports. Exports of goods decreased $41.2 billion,
or 14.2 percent, to $249.4 billion (table B). Real ex
ports decreased 11.5 percent, and export prices fell 3.0
The decreases in exports and imports have largely
resulted from the global economic slowdown, which
has caused global trade volume to contract sharply.
Real, or price-adjusted, U.S. exports of goods fell 11
percent in the first quarter after a decline of 7 percent
in the fourth quarter, and real U.S. imports of goods
fell 12 percent after a decline of 4 percent. Export and
import prices have also decreased, but prices fell less in
the first quarter than in the fourth quarter.
Chart 3. Deficits on Petroleum and Nonpetroleum
Products
R e v is io n s
The statistics presented in this article incorporate
changes in definitions and methodologies as well
as newly available source data. The following sta
tistics have been revised: goods for 2001-2008;
services for 2006-2008; income for 2006-2008;
unilateral current transfers for 1992 and for
2001-2008; capital-account transactions for 1992
and for 2001-2008; and financial flows for
2006-2008. For more information, see “Annual
Revision of the U.S. International Accounts” in
this issue.
For the fourth-quarter of 2008, the currentaccount deficit was revised to $154.9 billion from
$132.8 billion. The goods deficit was revised to
$178.8 billion from $174.1 billion; the services
surplus was revised to $34.3 billion from $33.7
billion; the income surplus was revised to $21.1
billion from $36.5 billion; and unilateral current
transfers were revised to net outflows of $31.5
billion from $28.9 billion. Net financial inflows
were revised to $88.3 billion from $76.8 billion.
Billion $
40
20
0
-2 0
-4 0
-6 0
-8 0
-1 0 0
-12 0
-1 4 0
-1 6 0
2007
2008
2009
Seasonally adjusted
U.S. Bureau of Economic Analysis
Table B. U.S. Trade in Goods in Current and Chained (2000) Dollars and Percent Changes From Previous Period
[Balance of paym ents basis, millions of dollars, quarters seasonally adjusted]
Current dollars
Chained (2000) dollars '
2008
2007
2008
2009
2007
2008
I
II
III
IV
Ip
E xp o rts............................................................................ 1,138,384 1,276,994
92,115
117,968
Agricultural products................................................
Nonagricultural products........................................ 1,046,269 1,159,026
315,637
29,305
286,332
332,876
31,560
301,316
337,912
31,364
306,549
290,569
25,739
264,829
249,374
23,600
225,775
Im p o rts ............................................................................ 1,969,375 2,117,245
Petroleum and products..........................................
330,978 453,280
Nonpetroleum products........................................... 1,638,397 1,663,965
534,482
112,563
421,919
554,372
124,421
429,951
559,002
130,848
428,155
469,389
85,448
383,941
373,411
52,225
321,186
1
II
III
IV
1p
1,054,086
64,339
992,946
263,215
16,237
247,651
269,631
16,270
254,322
270,034
15,877
255,392
250,314
15,947
234,827
221,573
15,171
206,361
1,664,364 1,611,199
129,805
135,413
1,548,448 1,499,014
419,442
35,168
386,635
406,470
31,290
383,655
400,411
30,429
379,345
384,087
34,305
349,177
337,620
34,337
300,132
989,366
62,194
929,051
Percent change from previous period (current dollars)
2008
2007
Percent change from previous period (chained (2000) dollars)
2007
II
III
IV
Ip
Exp o rts............................................................................
Agricultural products................................................
Nonagricultural products........................................
12.1
12.2
26.4
28.1
11.0
10.8
4.5
11.7
3.8
5.5
7.7
5.2
1.5
- 0.6
1.7
-1 4 .0
-1 7 .9
-1 3 .6
-1 4 .2
-8 .3
-1 4 .7
Im p o rts ............................................................................
Petroleum and products..........................................
Nonpetroleum products...........................................
5.7
9.4
5.0
7.5
37.0
3.5
1.4
3.7
10.5
1.9
0.8
12.1
1.6
5.2
-0 .4
-1 6 .0
-3 4 .7
-1 0 .3
-2 0 .4
-3 8 .9
-1 6 .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.
2008
2009
2008
I
2009
2008
I
8.2
7.1
8.3
2.0
- 2.0
2.8
2009
2008
6.5
3.4
6.9
-3 .2
-4.1
-3 .2
II
2.0
III
IV
Ip
2.4
0.1
0.3
0.2
2.2
2.7
-2 .4
0.4
-7 .3
0.4
- 8.1
-1 1 .5
-4 .9
- 12.1
0.2
-3.1
- 11.0
- 0.8
- 1 .5
- 2.8
- 1.1
-4 .1
12.7
- 8.0
-1 4 .0
3.0
- 0 .5
- 12.1
0.1
Survey of Current Business
Ju l y 2 0 0 9
percent.3 The percentage drop in current-dollar ex
ports slightly surpassed the fourth quarter’s decline as
the largest percentage decrease on record. All major
commodity categories of exports fell sharply for the
second consecutive quarter.
Nonagricultural industrial supplies and materials
decreased $14.7 billion, or 19 percent. These c o m m o d
ities were the largest contributor to the drop in total
exports for the second consecutive quarter as a result
of substantial declines in both export volume and
prices. As in the fourth quarter, the largest declines
were in chemicals, in metals and nonmetallic products,
and in petroleum and products, although these c o m
modities decreased less in the first quarter than in the
fourth quarter.
Capital goods decreased $10.6 billion, or 10 percent.
Civilian aircraft, engines, and parts rebounded
strongly after a large fourth-quarter decline. In con
trast, capital goods except civilian aircraft decreased
m u c h more in the first quarter than in the fourth quar
ter. Nearly all commodity categories decreased, but de
clines were particularly large in “other” industrial,
agricultural, and service industry machinery, in oil
drilling, mining, and construction machinery, and in
semiconductors.
Automotive vehicles, parts, and engines decreased
$9.7 billion, or 36 percent. The decrease, which fol
lowed a 14 percent decline in the previous quarter, was
mostly accounted for by a 47 percent drop in passenger
car exports. Shipments of passenger cars to Canada,
Europe, Latin America, and the Middle East all de
creased. Exports of engines and parts also fell sharply.
Consumer goods decreased $2.5 billion, or 6 per
cent. Durable goods decreased substantially for the
second consecutive quarter. Nearly all major categories
of durable goods declined, but the largest decreases
were in “other” durable goods and in household and
kitchen appliances and other household goods.
3. Quantity (real) estimates are calculated using a chain-type Fisher for
mula with annual weights for all years and quarterly weights for all quar
ters. Real estimates are expressed as chained (2000) dollars. Price indexes
are also calculated using a chain-type Fisher formula.
59
Agricultural products decreased $2.1 billion, or 8
percent. The decrease was considerably smaller than
the decrease in the fourth quarter, as the prices of
m a n y agricultural products stabilized in the first quar
ter after falling substantially in the fourth quarter. The
largest decreases in exports in the first quarter were in
grains and preparations, such as wheat and corn, and
in raw cotton.
Imports. Imports of goods decreased $96.0 billion,
or 20.4 percent, to $373.4 billion (table B). Real i m
ports decreased 12.1 percent, and import prices fell 9.5
percent. The percentage drop in current-dollar i m
ports surpassed the fourth quarter’s 16 percent decline
as the largest percentage decrease in imports on record.
All major commodity categories of imports fell sharply
for the second consecutive quarter, but the largest de
crease was in petroleum and products.
Petroleum and products decreased $33.2 billion, or
39 percent in the first quarter after a 35 percent decline
in the fourth quarter (chart 4). The average price per
barrel of petroleum fell 39 percent to $41.60, mostly as
a result of a large price drop in January. In contrast, the
average n umber of barrels imported daily increased 1
percent to 13.76 million. More than half of the de
crease in current-dollar petroleum imports was ac
counted for by a drop in imports from members of
O P E C , mainly Saudi Arabia, Nigeria, and Venezuela.
Nonpetroleum industrial supplies and materials de
creased $18.5 billion, or 25 percent. These c o m m o d i
ties were the largest contributors to the decline in
nonpetroleum imports for the second consecutive
Chart 4. Imports of Petroleum and Products:
Indexes of Value, Price per Barrel, and Barrels
Imported per Day
2007:1=100
220
200
180
160
Data Availability
The estimates that are presented in tables 1-12 of
the U.S. international transactions accounts are
available interactively on B E A ’s W e b site at
www.bea.gov. Users m a y view and download the
estimates for an entire table, or they m a y select
the period, frequency, and lines that they wish to
view. The estimates are available in an H T M L
table, in a spreadsheet file (.xls format), or as
comma-separated values.
140
120
100
80
60
2007
U.S. Bureau of Economic Analysis
2008
2009
July 2009
U.S. International Transactions
60
quarter as a result of substantial declines in both i m
port volume and prices. Nearly all commodity catego
ries decreased substantially, but the largest declines
were in chemicals, in steel-related products, in nonfer
rous metals, and in natural gas.
Automotive vehicles, parts, and engines decreased
$17.5 billion, or 35 percent. The decrease followed a 14
percent decline in the previous quarter and smaller de
creases in the preceding four quarters. The large de
clines in the past two quarters were concentrated in
imports of passenger cars, as the U.S. automotive sec
tor experienced substantial difficulties.
Capital goods decreased $15.1 billion, or 14 percent
in the first quarter after a 7 percent drop in the fourth
quarter. All commodity categories decreased substan
tially, reflecting a large decline in U.S. gross private do
mestic investment in equipment and software for the
second consecutive quarter. The largest decreases in
imports were in “other” industrial, agricultural, and
service industry machinery, in electric generating m a
chinery and electric apparatus, in oil drilling, mining,
and construction machinery, in computers, peripher
als, and parts, and in telecommunications equipment.
Consumer goods decreased $8.4 billion, or 7 per
cent. As in the fourth quarter, three-fourths of the de
crease in the first quarter was accounted for by durable
goods. Nearly all categories of durable goods fell sub
stantially. Nondurable goods also decreased, largely as
a result of a drop in apparel, footwear, and household
goods.
Balances by area. The goods deficit decreased $54.8
billion to $124.0 billion in the first quarter. The deficit
with Asia and Pacific decreased $24.3 billion, mostly as
a result of declines in the deficits with China and, to a
lesser extent, with Japan. The deficit with Europe de
creased $10.8 billion, as the deficits with Ge rmany and
France decreased and the balances with the United
K ing do m and Switzerland shifted from deficits to sur
pluses. The deficit with Africa decreased $7.0 billion,
and the deficit with the Middle East decreased $4.9 bil
lion. The decreases mostly reflected drops in petro
leum imports from O P E C mem b er s in those areas.
Services
The surplus on services decreased to $32.8 billion in
the first quarter from $34.3 billion in the fourth quar
ter. Services receipts decreased $7.7 billion, or 6 per
cent, to $125.9 billion. Services payments decreased
$6.2 billion, or 6 percent, to $93.1 billion (chart 2).
Travel receipts, which include purchases of goods
and services by foreign visitors to the United States, fell
$2.3 billion to $23.8 billion. Travel receipts have de
creased substantially in the past two quarters, as the re
cent appreciation of the dollar against m a n y foreign
currencies and the slowdown in global economic activ
ity have reduced the n umber of foreign visitors to the
United States (table C, chart 5). Travel payments,
which include purchases of goods and services by U.S.
travelers abroad, decreased $0.9 billion to $18.6 billion,
as the n u m b e r of U.S. visitors abroad fell at a stronger
rate than in the fourth quarter.
Passenger fare receipts decreased $0.9 billion to $7.0
billion, and passenger fare payments decreased $1.1
billion to $7.2 billion. The decreases, which were the
Table C. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999 =1 00]
2008
2009
2008
2009
Oct.
Nov.
Dec.
Jan.
Feb.
87.7
79.9
98.0
93.5
85.1
104.6
95.9
87.6
106.8
94.9
85.4
107.3
95.4
85.7
108.1
88.0
110.6
92.2
89.6
95.1
97.2
94.7
100.0
97.5
95.9
99.4
95.9
92.8
99.2
100.0
99.2
96.4
102.3
100.6
93.5
66.7
69.3
69.6
78.0
80.1
81.2
80.6
82.0
83.2
74.5
83.9
74.8
94.4
73.6
83.0
74.2
94.3
91.0
107.6
85.8
88.2
100.8
107.0
105.2
80.8
91.8
80.1
94.1
105.3
119.3
87.4
97.8
82.5
102.0
77.5
87.5
78.2
96.5
99.9
106.7
85.6
129.5
150.2
87.5
114.1
81.3
79.5
137.1
152.6
90.6
114.4
84.0
82.0
144.2
153.6
116.4
83.4
86.4
144.6
153.2
I
II
III
N om in al :1
Broad 2........................................................................
Major currencies 3 ................................................
Other important trading partners 4 ..................
85.1
76.2
96.8
83.8
75.0
95.3
85.6
77.8
95.9
106.2
97.2
87.5
109.9
83.7
74.4
96.0
83.5
74.6
95.2
83.8
74.9
95.5
84.0
75.6
95.1
83.4
75.1
94.4
85.6
78.4
95.2
R eal : 1
Broad 2........................................................................
Major currencies 3...............................................
Other important trading p artners 4..................
88.5
84.4
92.9
88.4
84.2
93.1
90.6
87.5
93.9
96.9
94.5
99.5
98.8
96.1
101.9
87.5
82.8
92.5
87.6
83.5
92.2
88.4
84.0
93.3
89.2
85.2
93.7
88.8
90.7
84.8
93.1
66.1
66.5
68.5
79.8
81.9
66.0
66.7
65.8
66.9
77.3
83.4
77.0
92.9
106.7
114.8
74.2
83.7
74.5
92.4
103.0
109.4
77.3
87.4
77.5
95.0
88.1
89.0
115.0
82.9
82.6
142.0
153.1
74.7
82.4
73.1
88.9
106.0
113.0
73.6
83.3
73.2
90.6
103.8
111.5
74.5
84.0
75.4
92.1
103.1
109.7
Selected currencies: (nom inal )5
C anada.........................................................................
European currencies:
Euro a re a 6.............................................................
United Kingdom....................................................
Switzerland.............................................................
Japan............................................................................
Mexico..........................................................................
B razil............................................................................
102.0
110.4
IV
94.8
86.0
105.5
83.6
84.8
129.0
150.9
I
March
Data: Federal Reserve Board. Monthly and quarterly average rates.
1. For more information on the nominal and real indexes of the foreign exchange value of the U.S. dollar, see
Federal Reserve Bulletin, 84 (October 1998): 811-818.
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 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. 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
April
May
June
July
Aug.
88.2
Sept.
125.0
144.2
86.0
111.1
82.3
80.6
132.5
158.4
96.7
93.8
97.8
March
98.3
88.7
110.9
98.0
103.4
88.8
index. 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. Index rebased by BEA.
5. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Malta, Netherlands, Portugal, Slovenia, and Spain; beginning with the first quarter of 2009, also
includes Slovakia
Ju l y 2 0 0 9
Survey of Current Business
largest since the fourth quarter of 2001, reflected the
considerable drop in the numb e r of people traveling
between the United States and countries overseas in
the first quarter.
“Other” transportation receipts decreased $2.6 bil
lion to $10.6 billion. Receipts for port services and for
freight fell substantially for the second consecutive
quarter. The decrease in port services resulted from
foreign carriers’ reduced expenditures in U.S. ports,
arising from declines in the volume of U.S. goods ex
ports and imports and in fuel prices. Freight receipts
tumbled as a result of the drop in export volume.
“Other” transportation payments decreased $2.8 bil
lion to $13.9 billion. As with receipts, payments for
freight and for port services fell substantially for the
second straight quarter. The drop in freight payments
largely resulted from the drop in the volume of U.S.
goods imports. Port services payments fell as a result of
U.S. carriers’ reduced expenditures in foreign ports,
arising from the decreases in import and export vol
u m e and in fuel prices.
Chart 5. Nominal Indexes of Foreign Currency Price
61
“Other” private services receipts decreased $1.0 bil
lion to $57.0 billion, and “other” private services pay
ments decreased $0.5 billion to $38.0 billion. The
decreases mostly resulted from decreases in receipts
and payments for business, professional, and technical
services.
In c o m
e
The surplus on income decreased to $19.3 billion in
the first quarter from $21.1 billion in the fourth quar
ter. Income receipts decreased $33.3 billion, or 20 per
cent, to $134.3 billion. Income payments decreased
$31.5 billion, or 21 percent, to $115.0 billion (chart 6).
Receipts of income on U.S. direct investment abroad
decreased $13.7 billion to $62.1 billion. Foreign affili
ates’ earnings fell sharply for the second consecutive
quarter amid the slowdown in global economic activ
ity, the recent appreciation of the U.S. dollar against
most major foreign currencies, and the unsettled con
ditions in financial markets. In the first quarter, earn
ings in all major industry categories and in most major
geographic regions decreased.
Payments of income on foreign direct investment in
the United States decreased $14.4 billion to $10.0 bil
lion, the lowest level since the fourth quarter of 2002.
U.S. affiliates’ earnings fell sharply, reflecting lower
earnings in all major industry categories. Earnings of
finance and insurance affiliates were negative in the
first quarter after having been positive in the fourth
Chart 6. Receipts and Payments of Income:
Percent Change From Preceding Quarter
62
quarter, mainly as a result of a shift from profits to
losses by nondepository institutions. A m o n g manufac
turing affiliates, earnings of affiliates in transportation
equipment and in computers and electronic products
were negative after having been positive, and earnings
of chemical affiliates decreased.
“Other” private income receipts decreased $20.0 bil
lion to $69.0 billion, and “other” private income pay
ments decreased $14.0 billion to $65.9 billion. The
decreases mostly resulted from declines in interest re
ceipts on banks’ and nonbanks’ claims and in interest
payments on banks’ and nonbanks’ liabilities. These
claims and liabilities are mostly dollar-denominated,
short-term instruments, and the average interest rates
on them were lower in the first quarter than in the
fourth quarter, reflecting the considerable easing of
U.S. monetary policy near the end of the fourth quar
ter. Income receipts and payments on securities de
creased as a result of decreases in receipts and
payments of dividends.
U.S. government income receipts increased $0.3 bil
lion to $2.5 billion. U.S. government income payments
decreased $3.0 billion to $36.5 billion, mainly as a re
sult of a decline in payments on agency bonds.
Receipts for compensation of U.S. workers abroad
were virtually unchanged at $0.7 billion, and payments
for compensation of foreign workers in the United
States were virtually unchanged at $2.6 billion.
U n ila te r a l
July 2009
U.S. International Transactions
c u r r e n t tr a n s fe r s
Net unilateral current transfers to foreigners were
$29.6 billion in the first quarter, d o w n from $31.5 bil
lion in the fourth quarter. The decrease mostly resulted
from a decrease in U.S. government grants.
C a p it a l
A c c o u n t
Net capital account payments (outflows) were virtually
unchanged at $0.7 billion in the first quarter.4
F in a n c ia l
A c c o u n t
Financial-account transactions continued to be af
fected by the unsettled conditions in global financial
markets. In the quarters immediately preceding the
third quarter of 2007, foreign residents strongly in
creased their assets in the United States. After the start
of market difficulties in the third quarter of 2007, for
eigners increased their total U.S. assets less strongly. In
the fourth quarter of 2008, they reduced their total
U.S. assets for the first time in nearly 19 years, as con
4. Capital-account transactions consist largely of changes in the financial
assets of migrants as they enter or leave the United States and U.S. govern
ment debt forgiveness. These transactions now also include certain disasterrelated insurance settlements. For more information, see “Annual Revision
of the U.S. International Accounts” in this issue.
ditions in global financial markets deteriorated. In the
first quarter of 2009, foreigners again reduced their
U.S. assets, as m a n y financial markets remained under
considerable pressure, although conditions improved
somewhat. Similarly, in the quarters immediately pre
ceding the third quarter of 2007, U.S. residents in
creased their assets abroad strongly. In contrast, U.S.
residents reduced their total assets abroad in the past
four quarters.
U .S .-o w n e d
a s s e ts
a b r o a d
Net U.S.-owned assets abroad decreased $125.2 billion
in the first quarter after a decrease of $114.7 billion in
the fourth quarter. The larger decrease resulted from a
shift from a substantial increase to a substantial de
crease in U.S. government assets other than official re
serve assets and, to a m u c h lesser extent, from a
slowdown in U.S. direct investment abroad. These
changes were mostly offset by a shift from a decrease to
an increase in claims reported by U.S. banks and secu
rities brokers, a shift from net U.S. sales to net U.S.
purchases of foreign securities, and a smaller decrease
in claims reported by U.S. nonbanking concerns.
U.S. official reserve assets. U.S. official reserve as
sets increased $1.0 billion in the first quarter after an
increase of $3.1 billion in the fourth quarter. The firstquarter increase largely resulted from an increase in
the U.S. reserve position in the International Monetary
Fund (IMF), as the I M F extended loans to a few coun
tries that were experiencing financial difficulties.
U.S. government assets other than official reserve
assets. U.S. government assets other than official re
serve assets decreased $244.1 billion in the first quar
ter after an increase of $265.3 billion in the fourth
quarter. The shift resulted from the reversal of some of
the swaps initiated under temporary reciprocal cur
rency arrangements (swap lines) between the U.S. Fed
eral Reserve System and foreign central banks. The
swap lines— which allow foreign central banks to o b
tain U.S. dollars for a limited period of use directly
from the Federal Reserve in exchange for foreign cur
rencies— were established to address elevated pressures
in short-term U.S. dollar funding markets worldwide.
These pressures eased somewhat in the first quarter, al
lowing central banks to reverse some of the swaps that
they had initiated in previous quarters.
Claims reported by banks and by nonbanks. U.S.
claims on foreigners reported by U.S. banks and secu
rities brokers increased $90.9 billion in the first quarter
after a decrease of $293.9 billion in the fourth quarter
(chart 7). (Examples of these claims are deposits of
U.S. residents placed at foreign banks, U.S. bank loans
to foreigners, and resale agreements, which are collat
eralized short-term loans by U.S. banks and brokers to
Survey of Current Business
Ju ly 2 0 0 9
63
Foreign securities. Transactions in foreign securi
foreigners.) The increase in claims followed substantial
decreases in each of the three preceding quarters, w h e n ties shifted to net U.S. purchases of $35.3 billion in the
U.S. banks and brokers significantly cut back their in first quarter from net U.S. sales of $70.0 billion in the
fourth quarter. Transactions in both foreign stocks and
ternational lending.
Banks’ and brokers’ o w n claims denominated in foreign bonds shifted to net U.S. purchases, following
dollars increased $108.4 billion after a decrease of net U.S. sales in the previous two quarters (chart 8).
Net U.S. purchases of foreign bonds were $33.8 bil
$354.0 billion. The increase mostly resulted from an
increase in brokers’ claims, particularly claims of for lion, a shift from net U.S. sales of $34.9 billion. After
eign-owned brokers located in the United States on considerable stress in global financial markets in the
banks abroad. A m o n g banks, claims of U.S.-owned fourth quarter, conditions in credit markets improved
banks increased for the fifth time in the past six quar somewhat in the first quarter, as some governments
ters, mostly as a result of lending to their o w n offices implemented programs to guarantee bonds issued by
abroad. Claims of foreign-owned banks in the United certain institutions. However, credit spreads remained
States also increased after decreasing substantially in very high, partly reflecting investors’uncertainty about
the previous two quarters.
future global economic activity. Net U.S. purchases of
Banks’ and brokers’ domestic customers’ claims de foreign bonds from Europe were $24.9 billion, a shift
nominated in dollars decreased $7.4 billion after an in from net U.S. sales of $22.7 billion (table 8 following
crease of $46.5 billion. The decrease mostly resulted the text). Transactions with “other” areas, with Latin
from a large decline in customers’ dollar deposits and America, and with Caribbean financial centers also
brokerage balances at banks abroad. The decline in de shifted to net U.S. purchases from net sales.
posits was mostly offset by an increase in customers’
Net U.S. purchases of foreign stocks were $1.5 bil
negotiable certificates of deposits.
lion, a shift from net U.S. sales of $35.1 billion. After
Claims reported by U.S. nonbanking concerns de falling sharply in the fourth quarter, foreign stock
creased $32.2 billion in the first quarter after a decrease prices, as measured by a broad foreign stock price in
of $103.7 billion in the fourth quarter. (Examples of dex, declined an additional 20 percent in local cur
these claims are deposits of nonbanking concerns rency terms from the beginning of the first quarter
placed at foreign banks and intercompany debt claims until early March. However, prices then rebounded,
of U.S. nonbank financial intermediaries on foreign af and the index ended the quarter only 10 percent lower
filiated financial companies.) These claims have de than it was at the beginning. The shift to net U.S. pur
creased every quarter since the third quarter of 2007.
chases of foreign stocks largely resulted from decreases
C h a r t 7 . U .S . C la im s
B a n k s
a n d
a n d
S e c u r itie s
L ia b ilitie s
R e p o rte d
b y
U .S .
B ro k e rs , 2 0 0 7 :1 1 -2 0 0 9 :1 1
Billion $
C h a r t 8 . T r a n s a c tio n s
in
F o r e ig n
S e c u r itie s ,
2 0 0 7 : 1 1 - 2 0 0 9 : 1 1____________________________________________________________________
Billion $
1. Under balance-of-payments concepts, increases in U.S. claims are shown with a negative sign
in tables 1-12, and decreases in U.S. claims are shown with a positive sign.
1. Under balance-of-payments concepts, net U.S. purchases of foreign securities are shown
with a negative sign in tables 1-12, and net U.S. sales are shown with a positive sign.
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
U.S. International Transactions
64
in net U.S. sales to Asia and to Europe and an increase
in net U.S. purchases from Caribbean financial centers.
Direct investment. Net financial outflows for U.S.
direct investment abroad were $24.0 billion in the first
quarter, d o w n from $84.5 billion in the fourth quarter.
Both net equity capital investment abroad and rein
vested earnings were the lowest in m a n y quarters, and
net intercompany debt investment abroad decreased
more in the first quarter than in the fourth quarter.
Net equity capital investment slowed as a result of a
substantial decline in equity capital outflows for acqui
sitions or establishment of n e w foreign affiliates and
contributions to existing foreign affiliates. The de
crease in reinvested earnings was mostly attributable to
a drop in foreign affiliates’earnings.
F o r e ig n -o w n e d
a s s e ts
in
th e
U n ite d
S ta te s
Net foreign-owned assets in the United States de
creased $78.1 billion in the first quarter after a decrease
of $11.9 billion in the fourth quarter. The larger de
crease mostly resulted from a larger decrease in U.S. li
abilities reported by U.S. banks and securities brokers
in the first quarter than in the fourth quarter and a
slowdown in net financial inflows for foreign direct in
vestment in the United States. In addition, net foreign
sales of U.S. securities other than U.S. Treasury securi
ties picked up, and both net foreign purchases of U.S.
Treasury securities and net U.S. currency shipments to
foreigners slowed. These changes were partly offset by
a smaller decrease in U.S. liabilities reported by U.S.
nonbanking concerns and by a shift from a decrease to
an increase in foreign official assets in the United
States.
Foreign official assets. Foreign official assets in the
United States increased $71.2 billion in the first quarter
after a decrease of $16.0 billion in the fourth quarter.
The shift largely reflected a drop in sales of foreign ex
change reserves by foreign governments. By area, the
assets of European countries decreased m u c h less in
the first quarter than in the fourth quarter, and the as
sets of Asian countries increased more in the first quar
ter than in the fourth quarter. By instrument,
transactions in “other” U.S. government securities,
mainly federally sponsored agency securities, shifted to
small net purchases from large net sales, and U.S. lia
bilities reported by U.S. banks decreased less in the first
quarter than in the fourth quarter. These changes were
partly offset by a slowdown in net purchases by foreign
official institutions of U.S. Treasury securities.
Liabilities reported by banks and by nonbanks.
U.S. liabilities reported by U.S. banks and securities
brokers, excluding U.S. Treasury securities, decreased
$163.7 billion in the first quarter after a decrease of
$35.2 billion in the fourth quarter (chart 7). (Examples
J u ly 2 0 0 9
of these liabilities are deposits of foreign residents
placed at banks in the United States, loans m a d e by
banks abroad to banks in the United States, and repur
chase agreements, which are collateralized short-term
loans m a d e by foreign residents to banks and brokers
in the United States.) Liabilities decreased for the
fourth consecutive quarter.
Banks’ and brokers’ o w n liabilities denominated in
dollars decreased $151.8 billion after a decline of $7.6
billion. The first-quarter decrease mostly resulted from
a decline in U.S.-owned banks’liabilities, partly reflect
ing repayments of the large amount of funds borrowed
from abroad by U.S.-owned banks in the fourth quar
ter. Foreign-owned banks’ liabilities also decreased af
ter a large increase in the fourth quarter. In contrast,
securities brokers’ liabilities increased after an excep
tionally large decrease in the fourth quarter.
Banks’ and brokers’ customers’ liabilities denomi
nated in dollars increased $14.8 billion after a decrease
of $29.9 billion. The increase was more than accounted
for by an increase in “other” liabilities.
U.S. liabilities reported by U.S. nonbanking con
cerns decreased $34.7 billion in the first quarter after a
decrease of $139.8 billion in the fourth quarter. The
first-quarter decrease largely resulted from a decline in
“other” liabilities— such as loans, advances, and other
borrowings by nonbanking concerns— to the United
Kingdom.
U.S. Treasury securities. Net foreign purchases of
U.S. Treasury securities were $56.9 billion in the first
quarter, d o w n from $81.5 billion in the fourth quarter
(chart 9). The decrease resulted from a decline in net
Chart 9. Transactions in U.S. Debt Securities,
2007:11-2009:1__________________________
Billion $
Note. Excludes transactions in foreign official assets.
U.S. Bureau of Economic Analysis
July 2009
Survey of Current Business
foreign purchases of short-term U.S. Treasury securi
ties after exceptionally strong net foreign purchases of
those securities in the previous two quarters. Net for
eign purchases of short-term U.S. Treasury securities
were $17.4 billion in the first quarter, d o w n from $60.6
billion in the fourth quarter. Net foreign purchases of
long-term U.S. Treasury securities were $39.5 billion,
up from $20.9 billion.
Other U.S. securities. Net foreign sales of U.S. secu
rities other than U.S. Treasury securities were $54.9
billion in the first quarter, up from $29.0 billion in the
fourth quarter. Foreign investors had net sales of these
securities in five out of the past seven quarters after
having strong net purchases for several quarters i m m e
diately preceding the third quarter of 2007.
Net foreign sales of U.S. federally sponsored agency
bonds were $45.3 billion, up from $21.4 billion (chart
9). It was the seventh consecutive quarter of net for
eign sales of agency bonds, partly reflecting net sales of
housing-related agencies’bonds.
Net foreign sales of U.S. corporate bonds were $15.5
billion, up from $3.8 billion. U.S. corporate bond m a r
kets remained under considerable stress in the first
quarter, and credit spreads remained at very high levels
Net foreign purchases of U.S. stocks were $6.0 bil
lion, a shift from net foreign sales of $3.9 billion. After
falling sharply in the fourth quarter, U.S. stock prices,
65
as measured by the Standard and Poor’s 500 index, fell
an additional 25 percent from the beginning of the first
quarter until early March before rebounding. At the
end of the quarter, the index was 12 percent lower than
at the beginning of the quarter.
U.S. currency. Net U.S. currency shipments to for
eigners were $11.8 billion in the first quarter, d o w n
from $29.9 billion in the fourth quarter. Although
lower, net U.S. currency shipments remained substan
tial, likely reflecting continued heightened foreign de
m a n d for U.S. currency during the recent financial
turmoil.
Direct investment. Net financial inflows for foreign
direct investment in the United States were $35.3 bil
lion in the first quarter, d o w n from $96.8 billion in the
fourth quarter. The slowdown was more than ac
counted for by a slowdown in net equity capital invest
ment in the United States and, to a m u c h lesser extent,
a shift from positive to negative reinvested earnings. In
contrast, net intercompany debt investment in the
United States increased in the first quarter after de
creasing in the fourth quarter. The slowdown in net
equity capital investment largely resulted from a sub
stantial decline in equity capital inflows arising from
foreign acquisitions of U.S. companies. The shift from
positive to negative reinvested earnings resulted from a
decline in U.S. affiliates’earnings.
Tables 1 through 12 follow.
66
U.S. International Transactions
July 2009
Table 1. U.S. International
[Millions
(Credits +; debits - ) 1
Line
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
C urrent account
1 E xports o f goods and services and incom e re c e ip ts .................................................
2
Exports of goods and services...........................................................................................
3
Goods, balance of payments basis 2............................................................................
4
Services 3.............................................................................................................................
5
Transfers under U.S. military agency sales contracts 4......................................
6
Travel................................................................................................................................
344,440
380,928
366,983
356,106
399,913
387,612
407,098
457,053
567,862
648,290
706,975
271,834
294,398
275,236
266,106
291,094
289,070
310,033
348,869
431,149
487,003
535,233
578,343
224,250
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
359,916
387,401
414,083
47,584
9,029
57,354
10,720
64,079
12,572
64,307
12,524
98,661
11,106
12,393
3,174
12,317
10,947
3,610
12,590
20,385
5,582
1615,438
23,563
7,003
17,027
147,832
9,932
43,007
15,298
22,042
164,260
11,134
12,913
3,111
12,560
110,919
9,284
29,434
8,976
19,311
127,087
8,564
10,588
2,591
11,618
73,155
8,718
17,762
4,411
14,674
86,689
8,549
Passenger fares............................................................................................................
Other transportation.....................................................................................................
71,168
9,969
1617,177
164,067
13,809
Royalties and license fees 5......................................................................................
Other private services 5...............................................................................................
U.S. government miscellaneous services..............................................................
7,085
6,276
398
7,284
1610,250
517
5,603
17,444
576
5,778
18,192
6,177
19,255
714
6,678
20,035
878
8,113
10,174
29,263
526
12,139
31,111
664
13,818
36,729
587
16,634
40,251
666
668
17,819
47,749
690
Income receipts.......................................................................................................................
Income receipts on U.S.-owned assets abroad.........................................................
Direct investment receipts..........................................................................................
Other private receipts..................................................................................................
U.S. government receipts...........................................................................................
72,606
72,606
37,146
32,898
2,562
86,529
86,529
32,549
50,300
3,680
91,747
91,747
1629,469
58,160
4,118
90,000
90,000
31,750
53,418
4,832
108,819
108,819
35,325
68,267
5,227
98,542
98,542
35,410
57,633
5,499
18 Im ports of goods and services and incom e p a y m e n ts .............................................
-3 3 3 ,7 7 4
-3 6 4 ,1 9 6
-35 5 ,9 7 5
-3 7 7 ,4 8 8
-47 3 ,9 2 3
-4 8 3 ,7 6 9
97,064
96,156
36,938
52,806
6,413
908
-5 3 0 ,1 4 2
-5 9 4 ,4 4 3
136,713
161,287
171,742
135,718
160,270
170,570
58,445
61,981
65,973
70,571
92,638
94,072
6,703
5,651
10,525
995
1,017
1,172
-663,741 -7 2 1 ,6 0 7 -7 5 9 ,2 9 0
149,214
147,924
58,718
81,186
8,019
1,290
-7 3 4 ,5 6 4
19
Imports of goods and services............................................................................................
-291,241
-3 1 0 ,5 7 0
-299,391
-3 2 3 ,8 7 4
-40 0 ,1 6 6
-4 1 0 ,9 5 0
-4 4 8 ,5 7 2
-5 0 0 ,5 5 2
-54 5 ,7 1 5
-5 8 0 ,1 4 4
-6 1 6 ,0 9 7
-6 0 9 ,4 7 9
20
21
22
Goods, balance of payments basis 2............................................................................
-2 4 9 ,7 5 0
-2 6 5 ,0 6 7
-2 4 7 ,6 4 2
-268,901
-3 3 2 ,4 1 8
-3 3 8 ,0 8 8
-3 6 8 ,4 2 5
-4 0 9 ,7 6 5
-4 4 7 ,1 8 9
-47 7 ,6 6 5
-4 9 8 ,4 3 8
-4 9 1 ,0 2 0
Services 3.............................................................................................................................
Direct defense expenditures.......................................................................................
-41,491
-10,8 51
-4 5 ,5 0 3
-1 1 ,5 6 4
-5 1 ,7 4 9
-1 2 ,4 6 0
-5 4 ,9 7 3
-1 3 ,0 8 7
-6 7 ,7 4 8
-1 2 ,5 1 6
-7 2 ,8 6 2
-1 3 ,1 0 8
-8 0 ,1 4 7
-1 3 ,7 3 0
-9 0 ,7 8 7
-1 4 ,9 5 0
-9 8 ,5 2 6
-1 5 ,6 0 4
-1 0 2 ,4 7 9
-1 5 ,3 1 3
-1 1 7 ,6 5 9
-17,531
-11 8 ,4 5 9
-1 6 ,4 0 9
23
24
25
Travel...................
Passenger fares
Other transportation.....................................................................................................
-1 0 ,3 9 7
-3 ,6 0 7
-1 1 ,7 9 0
-1 1 ,4 7 9
-4 ,4 8 7
-1 2 ,4 7 4
-1 2 ,3 9 4
-4 ,7 7 2
-1 1 ,7 1 0
-1 3 ,1 4 9 16—22,913
-6 ,0 0 3 16—5,735
- 12,222
-1 4 ,8 4 3
-2 4 ,5 5 8
-2 5 ,9 1 3
-6 ,4 4 4
-6 ,5 0 5
-1 5 ,6 4 3 16- 1 7,766
-2 9 ,3 1 0
-7 ,2 8 3
-1 9 ,0 1 0
-3 2 ,1 1 4
-7 ,7 2 9
-20,891
-3 3 ,4 1 6
-8 ,2 4 9
-2 2 ,1 7 2
-3 7 ,3 4 9
-10,531
-2 4 ,9 6 6
-3 5 ,3 2 2
-1 0 ,0 1 3
-2 4 ,9 7 5
26
27
28
Royalties and license fees 5.......................................................................................
Other private services 5...............................................................................................
U.S. government miscellaneous services..............................................................
-7 2 4
-2 ,9 0 9
-1 ,2 1 4
-6 5 0
16—3,562
-1 ,2 8 7
-7 9 5
-8 ,1 5 9
-1 ,4 6 0
-9 4 3
- 8,001
-1 ,5 6 8
-1 ,1 6 8
-9 ,0 4 0
-1 ,5 3 4
-1 ,1 7 0
-1,40 1
-1 0 ,2 0 3 16—13,146
-1 ,7 3 5
- 1,686
-1 ,8 5 7
-1 6 ,4 8 5
-1 ,8 9 3
-2,601
-1 7 ,6 6 7
-1,92 1
-2 ,5 2 8
-1 8 ,9 3 0
-1,871
-3 ,1 3 5
-2 2 ,2 2 9
-1 ,9 1 9
-4 ,0 3 5
-25,591
-2 ,1 1 6
29
30
31
32
33
34
Income paym ents...................................................................................................................
Income payments on foreign-owned assets in the United States.........................
Direct investment paym ents.......................................................................................
Other private paym ents...............................................................................................
U.S. government paym ents........................................................................................
-4 2 ,5 3 2
-4 2 ,5 3 2
-8 ,6 3 5
-2 1 ,2 1 4
-1 2 ,6 8 4
-5 3 ,6 2 6
-5 3 ,6 2 6
-6 ,8 9 8
-2 9 ,4 1 5
-1 7 ,3 1 3
-5 6 ,5 8 3
-5 6 ,5 8 3
16—2,114
-3 5 ,1 8 7
-1 9 ,2 8 2
-5 3 ,6 1 4
-5 3 ,6 1 4
-4 ,1 2 0
-30,5 01
-1 8 ,9 9 3
-7 3 ,7 5 6
-7 3 ,7 5 6
-8 ,4 4 3
-4 4 ,1 5 8
-2 1 ,1 5 5
-7 2 ,8 1 9
-7 2 ,8 1 9
-6 ,9 4 5
-4 2 ,7 4 5
-2 3 ,1 2 9
35 U nilateral current transfers, n e t..........................................................................................
36
U.S. government grants 4.....................................................................................................
37
U.S. government pensions and other transfers..............................................................
38
Private remittances and other transfers 6........................................................................
-8 ,3 4 9
-5 ,4 8 6
-1 ,8 1 8
-1 ,0 4 4
-1 1 ,7 0 2
-5 ,1 4 5
-2,041
16—4,516
-1 6 ,5 4 4
-6 ,0 8 7
-2,25 1
1S—8,207
-1 7 ,3 1 0
-6 ,4 6 9
-2 ,2 0 7
-8 ,6 3 5
-2 0 ,3 3 5
-8 ,6 9 6
-2 ,1 5 9
-9 ,4 7 9
199
209
7
8
9
10
11
12
13
14
15
16
17
1628,027
595
108,184
107,190
46,288
55,592
5,311
994
36,205
10,657
20,526
727,557
48,385
15,854
22,631
-93,891
-9 1 ,5 5 3
-7 ,6 7 6
-5 7 ,6 5 9
-2 6 ,2 1 8
-2 ,3 3 8
-1 1 8 ,0 2 6
-1 1 6 ,1 7 9
-1 2 ,1 5 0
-7 2 ,3 1 4
-3 1 ,7 1 5
-1 ,8 4 7
-1 4 1 ,4 6 3
-1 3 9 ,1 7 7
-7 ,0 4 5
-9 3 ,7 6 8
-3 8 ,3 6 4
-2 ,2 8 6
-1 4 3 ,1 9 2
-1 3 9 ,7 2 8
-3 ,4 5 0
-9 5 ,5 0 8
-4 0 ,7 7 0
-3 ,4 6 4
-1 2 5 ,0 8 5
-1 2 1 ,0 5 9
2,265
-8 2 ,4 5 2
-4 0 ,8 7 2
-4 ,0 2 6
-2 1 ,9 9 8
-1 1 ,2 6 8
-2 ,1 3 8
-8 ,5 9 3
-81,571
-7 8 ,8 9 3
-6 ,8 5 6
-4 7 ,4 1 2
-2 4 ,6 2 5
-2 ,6 7 8
-2 4 ,1 3 2
-1 1 ,8 8 3
-2 ,3 7 2
-9 ,8 7 7
-2 3 ,2 6 5
-1 0 ,3 0 9
-2 ,4 0 9
-1 0 ,5 4 8
-2 5 ,2 7 4
-1 0 ,5 3 7
-2 ,7 0 9
-1 2 ,0 2 8
-2 6 ,1 6 9
-1 0 ,8 6 0
-2 ,7 7 5
-1 2 ,5 3 4
-2 6 ,6 5 4
-1 0 ,3 5 9
-3 ,2 2 4
-1 3 ,0 7 0
9,904
29,193
-3 ,7 7 5
-1 5 ,5 1 4
235
315
301
365
493
336
-6 ,5 7 9
-4 ,4 7 9
Capital account
39 Capital account transactions, n e t.......................................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow ( - ) ) ..............................................................................................................................
-8 5 ,8 1 5
-1 1 3 ,0 5 4
-1 2 7 ,8 8 2
-6 6 ,3 7 3
-4 0 ,3 7 6
-4 4 ,7 5 2
-1 1 1 ,7 2 3
-7 9 ,2 9 6
-10 6 ,5 7 3
-175 ,383
-8 1 ,2 3 4
-6 4 ,3 8 9
U.S. official reserve assets...................................................................................................
Gold 7....................................................................................................................................
Special drawing rights......................................................................................................
Reserve position in the International Monetary F u n d .............................................
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....................................
-7 ,0 0 3
-4 ,9 6 5
-1 ,1 9 6
-3,131
-3 ,8 5 8
312
9,149
-3 ,9 1 2
-2 5 ,2 9 3
-2 ,1 5 8
5,763
1,136
-1 ,6 6 7
-6 ,4 7 2
-5 ,1 6 2
-9 ,8 6 0
4,456
242
-4 ,0 8 2
(*)
-7 3 0
-2,49 1
-861
-5 ,0 9 7
-9 ,6 7 4
4,413
164
-1,37 1
-2 ,5 5 2
-1,04 1
-6,131
-1 0 ,0 6 3
4,292
-3 6 0
-66
127
1,025
-5 ,0 6 4
2,967
-7 ,6 8 0
10,370
277
-5 3 5
471
-2 5 ,2 2 9
1,233
-5 ,6 0 8
6,725
115
-1 9 2
731
-2 ,6 9 7
2,317
-8 ,4 1 0
10,856
-1 3 0
-1 7 6
-3 6 6
6,307
2,923
-1 2 ,8 8 0
16,777
-9 7 4
-73,651
-1 9 ,2 2 2
-3 ,5 6 8
-4 ,0 2 3
-4 6 ,8 3 8
-1 0 3 ,8 7 5
-9 ,6 2 4
-5 ,6 9 9
-4 ,3 7 7
-8 4 ,1 7 5
-1 1 6 ,7 8 6
16-4 ,5 5 6
-7 ,9 8 3
6,823
-1 1 1 ,0 7 0
-8 9 7
-2 4 6
908
1,501
-3 ,8 6 9
-9 4 2
-2,82 1
- 2,022
-7 ,6 5 7
-9 ,0 8 4
4,719
6,089
117
973
-3 8 ,0 7 4 -1 1 0 ,0 1 4
-1 8 ,9 2 7
-2 3 ,9 9 5
-7,481
-4,27 1
-1 0 ,3 4 2
-2 1 ,7 7 3
-1 ,3 2 3
-5 9 ,9 7 5
-5 0 9
2,070
7,588
1,006
-6 ,5 0 6
7,625
-1 1 3
U.S. private asse ts.................................................................................................................
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................................
55 Foreign-ow ned assets in the United States, excluding financial derivatives
(increase/financial inflow (+ ))..........................................................................................
-4 ,4 3 4
3,304
-5 ,0 0 6
-9 ,9 6 7
5,012
-51
-6 0 ,1 7 2
-1 2 ,5 2 8
-6 ,7 6 2
-1 0 ,9 5 4
-2 9 ,9 2 8
-9 7 9
-9 9 5
-1 ,1 5 6
-5 ,4 8 9
-9 ,5 9 9
4,490
-3 7 9
-3 1 ,7 5 7
-1 6 ,4 0 7
-4 ,7 5 6
533
-1 1 ,1 2 7
-8 9 ,4 5 0
-3 5 ,0 3 4
-5,25 1
-7 ,0 4 6
-4 2 ,1 1 9
-1 0 5 ,6 2 8 -15 1 ,3 2 3
-2 2 ,5 2 8
-4 3 ,4 4 7
-7 ,9 8 0
-2 2 ,0 7 0
-2 1 ,1 9 3
-2 7 ,6 4 6
-5 3 ,9 2 7
-5 8 ,1 6 0
-8 1 ,3 9 3
-3 7 ,1 8 3
-2 8 ,7 6 5
-2 7 ,8 2 4
12,379
-7 3 ,0 7 5
-3 7 ,8 8 9
-4 5 ,6 7 3
11,097
-6 1 0
60,885
84,591
95,056
87,399
116,048
144,231
228,330
247,100
244,833
222,777
139,357
108,221
15,497
11,895
9,708
2,187
615
-1 5 9
3,145
4,960
6,322
5,019
1,303
-3 3 8
-3 ,6 7 0
2,646
3,593
5,085
5,779
-6 9 4
605
-1 ,7 4 7
-3 5 0
5,845
6,496
6,972
-4 7 6
602
545
-1 ,7 9 8
3,140
4,703
4,690
13
739
555
-2 ,8 5 7
-1 ,1 1 9
-1 ,1 3 9
-8 3 8
-3 0 1
844
645
-1 ,4 6 9
35,648
33,150
34,364
-1 ,2 1 4
2,195
1,187
-8 8 4
45,387
44,802
43,238
1,564
-2 ,3 2 6
3,918
-1 ,0 0 7
39,758
43,050
41,741
1,309
-4 6 7
-3 1 9
-2 ,5 0 6
8,503
1,532
149
1,383
160
4,976
1,835
33,910
30,243
29,576
667
3,385
-1 ,5 8 6
17,388
16,147
14,846
1,301
1,367
-1 ,4 8 4
1,359
91,464
,612,635
157,027
6,085
2,467
-2 ,3 8 3
65,633
81,554
10,372
112,908
24,468
23,001
12,568
2,396
16,626
33,849
145,349
19,742
20,433
50,962
3,316
9,851
41,045
192,681
35,420
3,809
70,969
2,421
3,325
76,737
201,713
58,470
-7 ,6 4 3
42,120
3,866
18,363
86,537
205,075
57,735
20,239
26,353
4,111
32,893
63,744
214,274
68,274
29,618
38,767
3,749
22,086
51,780
105,447
48,494
-2 ,5 3 4
1,592
16,586
45,133
-3 ,8 2 4
90,833
23,171
18,826
35,144
12,813
-3 ,1 1 5
3,994
41
42
43
44
45
46
47
48
49
50
51
52
53
54
56
57
58
59
60
61
62
Foreign official assets in the United S tate s.....................................................................
U.S. government securities...........
U.S. Treasury securities 9..........
O th e r 10..........................................
Other U.S. government liabilities 11 ..............................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
Other foreign official assets 12........................................................................................
63
64
65
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.............................
66
67
68
69
45,388
16,918
79,631
25,195
152,645
152,927
5,457
2,773
6,852
10,743
6,905
1,559
917
42,128
158,689
8,164
4,105
-1 1 8
50,342
1,868
70 Financial derivatives, n e t.......................................................................................................
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 S tatistical discrepancy (sum of above item s w ith sign reve rsed ).........................
71a
22,613
23,433
38,163
17,457
18,437
18,362
30,269
-7 ,5 1 4
-1 7 ,6 0 0
51,756
27,425
-4 2 ,2 5 2
-2 5 ,5 0 0
6,093
-1 9 ,4 0 7
30,073
-8 ,3 4 9
2,317
-2 8 ,0 2 3
11,852
-1 6 ,1 7 2
32,903
-1 1 ,7 0 2
5,030
-3 6 ,4 8 5
12,329
-2 4 ,1 5 6
35,164
-1 6 ,5 4 4
-5 ,5 3 6
-6 7 ,1 0 2
9,335
-5 7 ,7 6 7
36,386
-1 7 ,3 1 0
-38,691
-1 1 2 ,4 9 2
3,419
-1 0 9 ,0 7 3
35,063
-2 0 ,3 3 5
-9 4 ,3 4 4
-1 5 9 ,5 5 7 -12 6 ,9 5 9 -1 1 7 ,7 4 9
7,874
24,607
12,393
-1 5 1 ,6 8 4 -11 4 ,5 6 6
-9 3 ,1 4 2
14,293
18,687
19,824
-2 5 ,2 7 4
-2 3 ,2 6 5
-2 6 ,1 6 9
-1 6 0 ,6 5 5 -1 2 1 ,1 5 3
-9 9 ,4 8 6
-1 1 1 ,0 3 7
30,173
-8 0 ,8 6 4
28,550
-2 6 ,6 5 4
-7 8 ,9 6 8
-7 6 ,9 3 7
45,802
-3 1 ,1 3 6
24,131
9,904
2,897
72
73
74
75
76
77
Mem oranda:
Balance on goods (lines 3 and 2 0 ).........................................................................................
Balance on services (lines 4 and 2 1 ) ....................................................................................
Balance on goods and services (lines 2 and 1 9 ) ...............................................................
Balance on income (lines 12 and 2 9 ) ....................................................................................
Unilateral current transfers, net (line 3 5 ) ..............................................................................
Balance on current account (lines 1 ,1 8 , and 35 or lines 7 4 ,7 5 , and 7 6 ) 13..............
See the footnotes on pages 104-105.
-1 2 2 ,1 7 3 -145,081
294
6,543
-1 2 1 ,8 8 0 -1 3 8 ,5 3 8
25,723
15,494
-2 4 ,1 3 2
-2 1 ,9 9 8
-11 8 ,1 5 5 -1 4 7 ,1 7 7
July 2009
67
Survey of Current Business
Transactions—Continues
of dollars]
1995
1996
1997
1998
1999
2000
869,775
1,004,631
1,077,731
1,191,257
1,194,993
1,259,809
1,421,515
703,254
794,387
851,602
934,453
933,174
965,884
1,070,597
502,859
575,204
219,183
14,643
612,113
239,489
16,446
678,366
200,395
12,787
670,416
262,758
17,405
58,417
16,997
23,754
63,395
18,909
26,081
69,809
20,422
26,074
27,006
71,325
20,098
25,604
683,965
281,919
15,928
74,801
19,785
26,916
841
21,694
53,510
883
26,712
60,841
887
30,289
65,048
818
32,470
73,340
928
33,228
83,929
955
35,626
91,774
926
133,766
131,970
57,538
67,316
7,115
1,796
136,057
134,237
67,245
61,865
5,126
1,820
166,521
164,578
77,344
83,106
4,128
1,943
210,244
208,065
95,260
108,092
4,713
2,179
226,129
223,948
102,505
116,852
4,591
2,181
256,804
254,534
115,323
135,652
3,559
2,270
261,819
259,382
103,963
151,818
3,601
2,437
-7 6 5 ,6 2 6
-8 2 3 ,9 1 4
-6 5 6 ,0 9 4
-7 1 3 ,1 7 4
-5 3 6 ,5 2 8
-5 8 9 ,3 9 4
-9 5 1 ,1 2 2 -1,08 0,124 -1,15 9,478 -1,286,921 -1,3 5 6 ,8 6 8 -1,51 1,011 -1 ,7 8 0 ,2 9 6 -1,6 2 9 ,4 7 5 -1 ,6 5 2 ,6 1 5 -1 ,7 9 0 ,3 7 2 -2,1 1 5 ,7 3 9 -2 ,4 5 9 ,6 3 3 -2 ,8 4 6 ,1 7 9 -3 ,0 7 2 ,6 7 5 -3 ,1 6 8 ,9 3 8
-890,771
-8 0 1 ,7 4 7
-9 5 5 ,6 6 7 -1,04 2,726 -1 ,0 9 9 ,3 1 4 -1 ,2 3 0 ,9 7 4 -1,45 0,432 -1,37 0,400 -1,399,071 -1,51 5,225 -1,76 9,220 -1,99 6,728 -2,21 2,043 -2 ,3 4 4 ,5 9 0 -2 ,52 2,532
-7 4 9 ,3 7 4
-8 7 6 ,7 9 4
-9 1 8 ,6 3 7 -1 ,0 3 1 ,7 8 4 -1,22 6,684 -1,14 8,609 -1 ,16 8,002 -1 ,2 6 4 ,8 6 0 -1,47 7,996 -1,68 3,188 -1,86 3,072 -1,96 9,375 -2 ,11 7,245
-6 6 8 ,6 9 0
-8 0 3 ,1 1 3
-1 1 9 ,5 6 6
-1 3 ,8 3 5
-1 2 3 ,7 8 0
-1 2 ,0 8 7
-1 3 3 ,0 5 7
-1 0 ,2 1 7
-14 1 ,3 9 7
-1 0 ,0 4 3
-3 8 ,5 5 2
-1 0 ,6 0 3
-2 3 ,7 6 7
-4 0 ,7 1 3
-1 1 ,4 1 0
-2 4 ,5 2 4
-4 3 ,7 8 2
-1 3 ,0 6 2
-2 6 ,0 1 9
-4 4 ,9 1 6
-1 4 ,6 6 3
-2 7 ,0 3 4
-4 8 ,0 7 8
-1 5 ,8 0 9
-2 7 ,4 0 3
-52,051
-1 8 ,1 3 8
-2 8 ,9 5 9
-5 6 ,4 8 3
-19,971
-3 0 ,3 6 3
-5 8 ,9 6 3
-2 1 ,3 1 5
-3 4 ,1 3 9
-6 4 ,7 0 5
-2 4 ,2 7 4
-4 1 ,4 2 5
-5,16 1
16-2 5 ,3 8 6
-2 ,2 6 3
-5 ,0 3 2
-2 7 ,7 6 0
-2 ,2 5 5
-5 ,8 5 2
-3 1 ,5 6 5
-2 ,5 6 0
-6 ,9 1 9
-3 5 ,1 9 9
-2 ,6 2 3
-7 ,8 3 7
-3 9 ,6 7 9
-2 ,6 8 7
-9,161
-4 3 ,1 5 4
-2 ,7 6 2
-1 1 ,2 3 5
-47,591
-2 ,8 4 9
-1 3 ,1 0 7
-5 5 ,5 1 0
-2,82 1
-109,531
-1 0 4 ,7 7 9
-2 ,1 8 9
-6 3 ,5 0 9
-39,081
-4 ,7 5 2
-110,741
-1 0 5 ,6 0 9
-7 ,9 4 3
-5 8 ,2 9 0
-3 9 ,3 7 6
-5 ,1 3 2
-1 4 9 ,3 7 5
-1 4 3 ,4 2 3
-2 2 ,1 5 0
-77,0 81
-4 4 ,1 9 2
-5 ,9 5 2
-1 8 9 ,3 5 3
-1 8 3 ,0 9 0
-3 0 ,3 1 8
-9 7 ,1 4 9
-5 5 ,6 2 3
-6 ,2 6 3
-203,811
-197,511
-3 3 ,0 9 3
-9 7 ,8 0 0
-6 6 ,6 1 8
-6 ,3 0 0
-2 4 4 ,1 9 5
-2 3 7 ,5 2 9
-4 2 ,9 5 0
-1 1 2 ,8 7 8
-81,701
- 6,666
-2 5 7 ,5 5 4
-2 5 0 ,5 6 0
-3 8 ,4 1 8
-1 2 7 ,9 8 8
-8 4 ,1 5 4
-6 ,9 9 4
-3 6 ,6 3 6
-1 6 ,3 2 0
-4 ,0 4 3
-1 6 ,2 7 3
-39,8 11
-1 7 ,0 3 5
-4 ,1 0 4
-1 8 ,6 7 2
-4 0 ,2 6 5
-1 4 ,9 7 8
-4 ,5 5 6
-20,731
-3 8 ,0 7 4
-1 1 ,1 9 0
-3,451
-2 3 ,4 3 3
-4 3 ,0 1 7
-15,401
-4 ,4 6 6
-2 3 ,1 5 0
-4 5 ,0 6 2
-1 2 ,4 7 2
-4,191
-2 8 ,3 9 9
978
-1 ,2 9 9
-1 ,7 2 3
-9 2 7
-7 3 5
-7 4 ,4 1 0
-200 ,551
-1 7 8 ,9 3 7
-35 2 ,2 6 4
3,901
-1 ,3 7 9
5,346
-9 ,7 4 2
2,316
-2 ,6 9 2
4,277
-5 3 7
-4 3
-7 9 8
-441
494
5,293
-1 ,6 6 7
-7 ,4 0 8
5,807
-66
-351
-6,31 1
6,270
-3 1 0
-7 6 ,6 4 4
-4 8 ,2 6 6
-4 9 ,1 6 6
-3 8 7
21,175
168,349
40,477
22,403
18,454
3,949
2,191
16,571
1992
1993
1994
750,648
778,921
616,883
642,863
439,631
177,252
12,387
456,943
185,920
13,470
54,742
16,618
21,531
57,875
16,528
21,958
20,841
1650,292
-1 5 2 ,5 5 4
-11,061
256,087
16,675
73,426
20,868
-1 6 5 ,9 3 2
-1 1 ,7 0 7
-18 0 ,6 7 7
-1 2 ,1 8 5
2002
2003
2004
2005
1,295,692
1,258,411
1,340,647
1,572,971
1,816,723
1,004,895
977,469
1,020,191
1,159,233
1,281,460
892,337
2001
2008
2,133,905
2,462,099
2,591,233
1,451,684
1,826,596
1
2
1,015,812
1,643,168
1,138,384
435,873
23,913
504,784
25,436
1,276,994
549,602
22,571
3
4
5
85,789
22,036
46,225
97,050
25,636
51,550
110,090
31,623
58,945
6
Line
771,994
718,711
298,603
13,790
286,184
12,539
685,170
292,299
11,943
715,848
304,342
13,315
806,161
353,072
15,781
82,400
20,687
29,803
71,893
17,926
28,442
66,605
17,046
29,195
64,359
15,891
31,416
74,546
18,851
36,957
389,122
19,539
81,799
20,970
41,281
39,670
103,934
885
43,233
107,904
786
40,696
113,857
831
44.508
122,207
795
46,988
131,563
810
56,715
149,262
959
64,395
160,051
1,087
70,727
186,028
1,155
83,824
220,077
1,212
91,599
233,529
1,245
293,925
291,177
131,626
156,354
3,197
2,748
350,918
348,083
151,839
192,398
3,846
2,835
290,797
287,918
128,665
155,692
3,561
2,879
280,942
278,131
145,590
129,238
3,303
2,811
320,456
317,643
186,417
126,529
4,697
2,813
413,739
410,917
250,606
157,313
2,998
2,822
535,263
532,373
294,538
235,120
2,715
2,890
682,221
679,338
324,816
352,122
2,400
2,883
818,931
815,960
363,247
450,480
2,233
2,971
764,637
761,593
370,747
385,940
4,906
3,044
-1 9 9 ,1 9 0
-1 3 ,3 3 5
8
9
10
11
12
13
14
15
16
17
18
19
-3 4 8 ,9 7 2
-3 1 ,0 3 2
-3 7 5 ,2 1 5
-3 2 ,8 2 0
-4 0 5 ,2 8 7
-3 6 ,4 5 2
-6 8 ,9 7 0
-2 6 ,1 4 9
-6 1 ,9 3 7
-7 2 ,1 0 4
-27,5 01
-6 5 ,3 1 8
-7 6 ,3 5 4
-2 8 ,4 3 7
-6 7 ,1 0 0
-7 9 ,7 4 3
-3 2 ,5 9 7
-7 2 ,1 4 3
23
24
25
-2 3 ,2 6 6
-9 0 ,2 5 2
-3 ,7 7 8
-2 4 ,6 1 2
-9 7 ,8 1 8
-3 ,9 7 9
-2 3 ,5 1 8
-1 2 5 ,4 7 8
-4,02 1
-2 4 ,6 5 6
-1 4 1 ,6 6 4
-4 ,1 8 4
-2 6 ,6 1 6
-1 5 3 ,2 6 7
-4 ,4 6 9
26
27
28
-2 7 5 ,1 4 7
-2 6 6 ,6 3 5
-7 3 ,7 5 0
-119,051
-7 3 ,8 3 4
-8 ,5 1 2
-34 6 ,5 1 9
-3 3 7 ,5 5 6
-9 9 ,7 5 4
-1 5 5 ,2 6 6
-8 2 ,5 3 6
-8 ,9 6 3
-4 6 2 ,9 0 5
-4 5 3 ,6 1 5
-1 2 1 ,3 3 3
-2 2 8 ,4 0 8
-1 0 3 ,8 7 4
-9 ,2 9 0
-€ 3 4 ,1 3 6
-6 2 4 ,6 4 6
-1 5 0 ,7 7 0
-3 3 8 ,8 9 7
-13 4 ,9 7 9
-9 ,4 9 0
-7 2 8 ,0 8 5
-7 1 8 ,0 1 9
-1 2 6 ,5 3 2
-4 2 7 ,1 5 9
-1 6 4 ,3 2 8
-1 0 ,0 6 6
-6 4 6 ,4 0 6
-6 3 6 ,0 4 3
-1 2 0 ,8 6 2
-349,871
-1 6 5 ,3 1 0
-1 0 ,3 6 4
29
30
31
32
33
34
-6 4 ,9 4 8
-1 7 ,0 9 7
-5 ,1 2 5
-4 2 ,7 2 6
-7 1 ,7 9 4
-2 2 ,1 7 3
-5,341
-4 4 ,2 8 0
-8 8 ,3 6 2
-2 3 ,8 2 3
-6 ,2 6 4
-5 8 ,2 7 5
-1 0 5 ,7 7 2
-3 3 ,6 4 7
-6 ,3 0 3
-6 5 ,8 2 2
-9 1 ,2 7 3
-2 7 ,7 3 3
-6 ,5 0 8
-5 7 ,0 3 2
-1 1 5 ,9 9 6
-3 4 ,4 3 7
-7 ,3 2 3
-7 4 ,2 3 6
-1 2 8 ,3 6 3
-3 6 ,0 0 3
-8 ,3 9 0
-8 3 ,9 7 0
35
36
37
38
11,922
-1 ,4 7 0
-3 ,4 8 0
1,323
11,344
-3 ,9 0 6
-1 ,8 9 5
953
39
-56 0 ,5 2 3
-3 8 2 ,6 1 6
-2 9 4 ,6 4 6
-3 2 5 ,4 2 4 -1 ,00 0,870
-546,631
-1 ,2 8 5 ,7 2 9 -1 ,4 7 2 ,1 2 6
-1 0 6
-2 9 0
-4,911
-3,681
-1 2 2
0
-4 ,8 4 8
-1 5 4
40
41
42
43
44
45
-25 0 ,3 6 5
-2 5 ,2 9 6
-6 0 ,2 0 0
-2 2 ,6 3 3
-3 8 ,6 8 2
-5 8 ,7 1 5
-1 9 ,9 6 9
-3 8 ,4 0 7
-5 7 ,4 4 7
-2 0 ,9 8 9
-4 4 ,7 0 5
-6 5 ,7 5 0
-2 4 ,7 1 8
-54,161
-1 6 ,4 6 8
-6 0 ,5 2 0
-2 ,8 8 3
-1 6 ,5 3 8
- 66,021
-2 ,8 8 2
-1 9 ,3 5 3
-7 2 ,6 0 4
-2 ,9 2 0
-1 9 ,0 3 3
-7 9 ,7 6 4
-3,131
-2 8 0 ,0 3 7
-2 7 2 ,0 8 2
-5 3 ,4 3 7
-1 3 8 ,1 2 0
-8 0 ,5 2 5
-7 ,9 5 5
-32 9 ,8 6 4
-3 2 2 ,3 4 5
-5 6 ,9 1 0
-1 8 0 ,9 1 8
-8 4 ,5 1 7
-7 ,5 1 9
-25 9 ,0 7 5
-25 0 ,9 8 9
-1 2 ,7 8 3
-15 9 ,8 2 5
-78,381
-8 ,0 8 6
-2 5 3 ,5 4 4
-2 4 5 ,1 6 4
-4 3 ,2 4 4
-1 2 7 ,0 1 2
-7 4 ,9 0 8
-8 ,3 8 0
-5 3 ,1 8 7
-1 3 ,2 7 0
-4 ,3 0 5
-3 5 ,6 1 2
-5 0 ,4 2 8
-1 3 ,7 7 4
-4 ,4 0 6
-3 2 ,2 4 8
-5 8 ,6 4 5
-1 6 ,7 1 4
-4 ,7 0 5
-3 7 ,2 2 6
-6 4 ,4 8 7
-1 1 ,5 1 7
-5 ,7 9 8
-4 7 ,1 7 2
-1 ,0 2 7
-7 6 6
-4 ,9 3 9
- 1,010
-4 1 3 ,4 0 9
-48 5 ,4 7 5
-3 5 3 ,8 2 9
-50 4 ,0 6 2
6,668
- 1,010
-6 ,7 8 3
8,747
0
0
0
0
0
0
370
-1 ,2 8 0
7,578
-3 5 0
-3 ,5 7 5
2,915
-1 4 7
-5 ,1 1 9
-1 ,5 1 7
5,484
3,253
-7 2 2
2,308
-1 ,8 7 6
-6 3 0
-3 ,6 0 0
-681
-4 7 5
-2 ,6 3 2
-5 7 4
601
1,494
-5 7 2
-3 9 8
3,826
-6 2 3
10,200
-3 9 0
-5 ,3 8 3
5,088
-9 5
-8 0 8
-2 ,4 6 6
-6 ,4 6 8
-9 8 4
-4 ,8 5 9
4,125
-2 5 0
-9 8 9
-5 ,0 2 5
3,930
106
68
-5 ,4 1 7
5,438
47
-4 2 2
-4 ,6 7 8
4,111
145
2,750
-6 ,1 7 5
9,559
-6 3 4
-941
-5 ,1 8 2
4,265
-2 4
-4 8 6
-4,43 1
3,873
72
345
-5,251
5,701
-1 0 5
537
-7 ,2 7 9
7,981
-1 6 5
1,710
-3 ,0 4 4
4,716
38
-1 9 8 ,8 2 3
-83,9 51
-1 4 6 ,2 5 3
766
30,615
-1 8 3 ,8 9 3
-8 0 ,1 6 7
-6 3 ,1 9 0
-3 6 ,3 3 6
-4 ,2 0 0
-34 1 ,5 3 8
-9 8 ,7 5 0
-1 2 2 ,3 9 4
-4 5 ,2 8 6
-7 5 ,1 0 8
-4 1 9 ,0 8 8
-9 1 ,8 8 5
-14 9 ,3 1 5
-8 6 ,3 3 3
-9 1 ,5 5 5
-4 8 4 ,5 3 3
-1 0 4 ,8 0 3
-11 6 ,8 5 2
-12 1 ,7 6 0
-14 1 ,1 1 8
-3 4 6 ,6 2 4
-1 4 2 ,6 4 4
-1 3 0 ,2 0 4
-3 8 ,2 0 4
-3 5 ,5 7 2
-5 1 5 ,5 5 9
-2 2 4 ,9 3 4
-1 2 2 ,2 3 6
-9 7 ,7 0 4
-7 0 ,6 8 5
-55 9 ,2 9 2
-15 9 ,2 1 2
-1 2 7 ,9 0 8
-1 3 8 ,7 9 0
-1 3 3 ,3 8 2
-3 7 7 ,2 1 9
-1 4 2 ,3 4 9
-9 0 ,6 4 4
-8 ,5 2 0
-1 3 5 ,7 0 6
-2 9 1 ,3 1 0
-1 5 4 ,4 6 0
-4 8 ,5 6 8
-5 0 ,0 2 2
-3 8 ,2 6 0
279,758
303,174
435,102
420,794
742,210
1,038,224
782,870
109,880
72,712
68,977
3,735
-1 0 5
34,008
3,265
19,036
-2,161
-6 ,6 9 0
4,529
-881
22,286
-2 0 8
-1 9 ,9 0 3
-3 ,5 8 9
-9,921
6,332
-3 ,3 2 6
-9,501
-3 ,4 8 7
43,543
32,527
12,177
20,350
-2 ,8 6 3
12,964
915
42,758
35,710
-5 ,1 9 9
40,909
-1 ,8 2 5
5,746
3,127
28,059
54,620
33,700
20,920
-2 ,3 0 9
-2 9 ,9 7 8
5,726
795,161
115,945
90,971
60,466
30,505
137
-688
39,583
36,827
30,750
6,077
1,564
3,665
-2 ,4 7 3
547,885
126,724
120,679
115,671
5,008
-9 8 2
5,704
1,323
704,452
71,753
53,014
48,952
4,062
1,313
14,841
2,585
127,872
19,823
37,131
30,043
11,086
13,573
16,216
208,005
51,363
24,381
80,092
16,618
10,489
25,063
263,591
46,121
34,274
56,971
20,585
1,302
104,338
325,222
57,776
91,544
77,249
8,840
59,637
30,176
421,161
86,502
147,022
103,272
14,151
53,736
16,478
685,416
105,603
130,435
161,409
22,425
116,518
149,026
440,697
179,045
28,581
156,315
13,847
23,140
39,769
698,667
289,444
-4 4 ,4 9 7
298,834
24,407
76,247
54,232
995,466
321,274
-6 9 ,9 8 3
459,889
-3 ,3 5 7
170,672
116,971
754,811
167,021
-1 4 ,3 7 8
393,885
23,794
0
10
7
20
21
22
-2 3 1 ,0 6 9
-19,101
0
2007
2006
-22 3 ,7 4 8
-1 3 ,4 7 3
-221,791
-1 4 ,8 3 5
66,110
118,379
1,523
-29 1 ,2 2 4
-2 9 ,2 9 9
2,805
-3 2 7 ,4 8 4 -1 ,00 5,385
-1 4 9 ,5 6 4
-3 1 6 ,2 2 3
-14 6 ,7 2 2
-1 7 0 ,5 4 9
-1 8 ,1 8 4
-1 5 2 ,5 6 6
-1 3 ,0 1 4
-3 6 6 ,0 4 7
14,096
4,511
2,374
0
0
1,021
-6 1 5
-2 2 3
3,331
-7 3 4
-9 8 9
-1 0 6
-3 ,4 7 3
-1 ,2 6 9
5,539
-2 ,2 5 5
5,603
2,191
5,346
-2 ,9 9 2
8,329
9
-2 2 ,2 7 3
-2 ,4 7 5
4,104
-2 3 ,9 0 2
-52 9 ,6 1 5
- 2,202
2,354
-52 9 ,7 6 6
46
47
48
49
-5 6 6 ,2 6 6 -1,29 3,449 -1,449,731
-3 9 8 ,5 9 7
-3 6 ,2 3 5
-24 4 ,9 2 2
-3 6 6 ,5 2 4
-2 5 1 ,1 9 9
-36 5 ,1 2 9
-7 1 ,2 0 7
-4 0 ,5 1 7
-18 1 ,2 9 9
-2 0 7 ,6 2 5
-50 2 ,0 9 9
-6 4 4 ,0 9 3
534,357
-3 3 2 ,0 1 2
60,761
372,229
433,379
50
51
52
53
54
2,129,460
480,949
269,897
98,432
171,465
5,342
109,019
96,691
55
259,268
213,334
112,841
100,493
-421
26,260
20,095
2,065,169
487,939
428,401
208,564
219,837
2,816
22,365
34,357
534,071
3,616
1,533,201
397,755
314,941
273,279
41,662
-1 3 4
69,245
13,703
1,247,347
278,069
224,874
184,931
39,943
-7 2 3
48,643
5,275
487,021
543,498
477,652
65,846
8,626
-1 5 3 ,4 4 3
88,340
56
57
58
59
60
61
62
679,216
84,372
100,403
283,299
18,861
95,871
96,410
580,234
63,750
91,455
220,705
10,591
96,526
97,207
1,135,446
145,966
93,608
381,493
13,301
165,872
335,206
988,079
112,638
132,300
450,386
8,447
69,572
214,736
1,577,230
243,151
-5 8 ,2 2 9
683,245
2,227
244,793
462,043
1,648,511
275,758
66,807
605,652
-1 0 ,6 7 5
201,681
509,288
47,050
319,737
196,619
-1 2 6 ,7 3 7
29,187
-4 5 ,1 6 7
-32 6 ,5 8 9
63
64
65
21,221
858,303
-31 3 ,5 4 0
-3 0 ,0 7 5
66
67
68
69
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.
29,710
6,222
-2 8 ,9 0 5
70
-4 3 ,3 0 4
6,898
-9 0 2
31,656
-8 ,9 7 7
-7 7 ,2 2 4
148,863
68,421
-5 9 ,2 6 5
-1 3 ,9 0 6
-3 9 ,8 9 4
-7 ,8 8 0
97,476
36,623
-1 ,6 9 8
64,912
200,055
71
71a
-9 6 ,8 9 7
57,685
-3 9 ,2 1 2
24,234
-3 6 ,6 3 6
-5 1 ,6 1 3
-132,451
62,141
-70,311
25,316
-39,811
-8 4 ,8 0 5
-165,831
67,338
-9 8 ,4 9 3
17,146
-4 0 ,2 6 5
-1 2 1 ,6 1 2
-1 7 4 ,1 7 0
77,786
-9 6 ,3 8 4
20,891
-3 8 ,0 7 4
-1 1 3 ,5 6 7
-1 9 1 ,0 0 0
86,935
-1 0 4 ,0 6 5
22,318
-4 3 ,0 1 7
-1 2 4 ,7 6 4
-1 9 8 ,4 2 8
90,155
-1 0 8 ,2 7 3
12,609
-4 5 ,0 6 2
-1 4 0 ,7 2 6
-248,221
82,081
-16 6 ,1 4 0
4,265
-5 3 ,1 8 7
-2 1 5 ,0 6 2
-34 7 ,8 1 9
82,729
-2 6 5 ,0 9 0
13,888
-5 0 ,4 2 8
-3 0 1 ,6 3 0
-45 4 ,6 9 0
74,855
-37 9 ,8 3 5
21,054
-5 8 ,6 4 5
-41 7 ,4 2 6
-4 2 9 ,8 9 8
64,393
-36 5 ,5 0 5
31,722
-6 4 ,4 8 7
-3 9 8 ,2 7 0
-482,831
61,230
-421,601
27,398
-6 4 ,9 4 8
-459,151
-5 4 9 ,0 1 2
53,977
-4 9 5 ,0 3 4
45,309
-7 1 ,7 9 4
-5 2 1 ,5 1 9
-6 7 1 ,8 3 5
61,848
-6 0 9 ,9 8 7
67,219
-8 8 ,3 6 2
-6 3 1 ,1 3 0
-790,851
75,582
-7 1 5 ,2 6 8
72,358
-1 0 5 ,7 7 2
-7 4 8 ,6 8 3
-8 4 7 ,2 6 0
86,901
-7 6 0 ,3 5 9
48,085
-9 1 ,2 7 3
-8 0 3 ,5 4 7
-8 3 0 ,9 9 2
129,569
-7 0 1 ,4 2 2
90,845
-1 1 5 ,9 9 6
-7 2 6 ,5 7 3
-8 4 0 ,2 5 2
144,316
-6 9 5 ,9 3 6
118,231
-1 2 8 ,3 6 3
-7 0 6 ,0 6 8
72
73
74
75
76
77
68
U.S. International Transactions
July 2009
Table 1. U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits - ) 1
Line
2002
1
II
2003
IV
III
I
II
2004
III
IV
I
II
III
IV
C urrent account
1 Exports o f goods and services and incom e re c e ip ts .................................................
2
Exports of goods and services...........................................................................................
3
Goods, balance of payments basis 2
4
Services 3...............................
5
Transfers under U.S. military agency sales contracts 4......................................
6
Travel..................................
Passenger fa re s ..............
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
301,084
234,373
164,731
69,642
2,785
14,451
3,872
6,723
10,114
31,502
195
66,711
65,985
34,200
30,886
899
726
317,338
246,713
175,888
70,825
2,751
16,742
4,281
7,139
11,135
28,578
199
70,625
69,934
36,904
32,423
607
691
320,266
246,492
169,754
76,738
3,418
18,857
4,831
7,686
11,260
30,486
18 Im ports of goods and services and incom e p a y m e n ts .............................................
19
Imports of goods and services............................................................................................
20
Goods, balance of payments basis 2............................................................................
21
Services 3.............................................................................................................................
22
Direct defense expenditures.......................................................................................
23
Travel....................
24
Passenger fares.
25
Other transportation
26
Royalties and license fees 5
27
Other private services 5...............................................................................................
28
U.S. government miscellaneous services..............................................................
29
Income paym ents...................................................................................................................
30
Income payments on foreign-owned assets in the United States.........................
31
Direct investment paym ents.......................................................................................
32
Other private paym ents..
33
U.S. government paym ents........................................................................................
34
Compensation of employees..........................................................................................
-3 7 2 ,9 2 6
-3 1 4 ,0 3 7
-261,371
-5 2 ,6 6 6
-4 ,3 5 9
-1 2 ,6 2 0
-4 ,4 2 2
-8 ,3 9 6
-4 ,7 4 9
-1 7 ,3 7 9
-741
-5 8 ,8 8 9
-56,901
-7 ,8 8 0
-30,421
-1 8 ,6 0 0
-1 ,9 8 8
-4 1 8 ,9 5 0
-3 5 1 ,1 2 3
-2 9 2 ,7 0 7
-5 8 ,4 1 6
-4 ,6 3 3
-1 5 ,9 6 8
-5 ,4 7 5
-9 ,5 5 2
-4 ,5 6 5
-1 7 ,4 9 8
-7 2 5
-6 7 ,8 2 7
-6 5 ,7 9 7
-1 4 ,2 4 8
-3 3 ,0 1 6
-1 8 ,5 3 3
-2 ,0 3 0
-43 3 ,4 2 5
-3 6 5 ,4 6 4
-3 0 3 ,9 1 9
-6 1 ,5 4 5
-4 ,9 5 5
-17,081
-5 ,4 3 0
-1 0 ,0 9 7
-4 ,9 5 4
-1 8 ,3 0 3
-7 2 5
-67,961
-6 5 ,8 8 4
-1 4 ,5 9 8
-3 2 ,6 4 4
-1 8 ,6 4 2
-2 ,0 7 7
35 U nilateral current transfers, net
36
U.S. government grants 4.......
37
U.S. government pensions and other transfers..............................................................
38
Private remittances and other transfers 6........................................................................
-1 9 ,1 5 7
-6 ,3 9 7
-1 ,3 3 0
-1 1 ,4 3 0
-1 4 ,3 7 6
-3 ,2 8 7
-1 ,0 0 5
-1 0 ,0 8 4
-1 4 ,7 4 8
-3 ,0 7 5
-9 2 3
-1 0 ,7 5 0
-1 6 ,6 6 7
-4 ,3 3 8
-1 ,8 6 7
-1 0 ,4 6 2
-321
-3 3 3
-3 9 9
-8 8 ,4 3 2
390
-1 4 3 ,2 0 4
-1 ,8 4 3
0
0
-1 0 9
652
-1 5 3
133
-8 5 3
994
7
8
9
10
11
12
13
14
15
16
17
319,723
249,891
174,797
75,094
2,989
16,555
4,062
7,647
11,999
31,641
318,689
244,011
172,382
71,629
2,897
13,569
3,475
7,239
10,932
33,315
327,522
249,005
178,272
70,732
2,983
14,476
3,527
7,681
11,439
30,424
201
202
202
69,832
74,678
73,991
69,136
36,079
41,685
32,165
31,363
892
943
696
687
-4 2 7 ,3 1 4 -42 2 ,6 0 5
-3 6 8 ,4 4 7 -35 5 ,0 7 9
-31 0 ,0 0 5 -2 9 8 ,0 4 7
-5 8 ,4 4 2
-5 7 ,0 3 2
-5 ,1 5 4
-5 ,7 1 8
-1 3 ,0 4 6
-1 2 ,4 6 9
-4 ,6 4 2
-4 ,5 0 0
-1 0 ,3 6 2
-1 0 ,2 4 4
-5 ,0 8 5
-4 ,3 3 2
-1 9 ,4 2 4
-1 9 ,0 1 0
-7 5 9
-7 2 9
-5 8 ,8 6 7
-6 7 ,5 2 6
-6 5 ,4 4 9
-5 6 ,5 8 2
-6 ,5 1 8
-1 7 ,6 2 2
-30,931
-2 9 ,0 6 3
-1 9 ,1 3 3
-1 8 ,7 6 4
-2 ,2 8 5
-2 ,0 7 7
78,517
77,842
45,356
31,337
1,149
675
334,023
253,904
173,390
80,514
3,890
19,174
4,638
8,152
11,502
32,955
203
80,119
79,404
46,303
31,779
1,322
715
360,413
273,271
191,804
81,467
3,545
17,140
4,251
8,344
13,115
34,869
203
87,142
86,406
53,073
32,050
1,283
736
-4 4 1 ,4 7 8
-3 7 3 ,6 1 8
-3 1 1 ,9 2 5
-6 1 ,6 9 3
-6 ,1 6 2
-1 4 ,4 8 6
-5 ,3 5 8
-1 1 ,2 2 3
-4 ,4 1 6
-1 9 ,2 7 4
-7 7 4
-6 7 ,8 6 0
-6 5 ,8 5 6
-1 8 ,1 6 8
-2 9 ,3 8 2
-1 8 ,3 0 6
-2 ,0 0 4
-4 5 7 ,6 2 2
-387,291
-32 0 ,3 4 5
-6 6 ,9 4 6
-6 ,3 8 9
-1 7 ,0 5 4
-6 ,1 7 8
-1 1 ,6 4 9
-4,88 1
-2 0 ,0 0 5
-7 9 0
-70,331
-6 8 ,1 8 8
-1 9 ,7 4 7
-2 9 ,9 9 3
-1 8 ,4 4 8
-2 ,1 4 3
-4 6 8 ,6 6 7
-3 9 9 ,2 3 7
-3 3 4 ,5 4 3
-6 4 ,6 9 4
-7 ,0 2 7
-1 3 ,4 3 8
-4 ,9 5 3
-1 1 ,5 8 9
-5 ,4 0 4
-2 1 ,4 7 5
-8 0 8
-6 9 ,4 3 0
-6 7 ,1 4 2
-1 8 ,2 1 3
-3 0 ,6 1 3
-1 8 ,3 1 6
-2 ,2 8 8
-1 8 ,4 7 5
-5 ,8 8 9
-1 ,0 3 7
-1 1 ,5 4 9
-1 7 ,1 2 4
-5,911
-1 ,2 0 8
-1 0 ,0 0 5
-17,821
-5 ,5 9 8
-1 ,1 5 5
-1 1 ,0 6 8
-1 8 ,3 7 4
-4 ,7 7 5
-1,94 1
-1 1 ,6 5 8
-4 1 7
-4 8 9
-1 ,6 6 3
-9 0 9
-4 1 9
-4 8 7
-4 2 7
2,739
-5 0 3
-2 ,6 9 8
-1 ,4 1 6
-6 0 ,3 1 2
-8 1 2
-8 7 ,3 3 0
83
-160,441
-1 7 0
-3 ,2 3 4
-6 1 1
-7 4 ,4 1 9
-35 9 ,7 0 2
557
-172,921
-1 7 5 ,4 5 9
429
-2 9 2 ,7 8 8
697
0
0
0
0
0
0
-1 3 2
-1 ,1 3 6
-1 4 8
-2 7
-1 ,3 7 5
1,452
-1 0 4
-1 ,2 5 5
-3 6 ,7 5 5
4,884
-7 ,4 4 3
38,059
-1 2 7
-541
-1 4 4
197
-2 ,4 5 8
2,689
-3 4
-5 9 ,6 9 7
-2 6 ,3 0 4
-2 3 ,7 0 5
- 1,101
-8 ,5 8 7
0
-10 2
86
897
-6 4 4
-1 7 0
-1 5 4
53
310
-2 ,4 2 8
-1,59 1
2,445
1,975
-7 4
36
-8 7 ,4 6 6 -160,581
-27,671
-4 9 ,5 2 6
-3 1 ,9 4 7
-3 2 ,7 3 4
1,757
-1 5 ,0 8 9
-6 3 ,2 3 2
-2 9 ,6 0 5
-3 ,1 0 6
-4 3 ,0 7 6
-2 7 ,6 7 7
21,261
46,386
-9 7
-9 0
-9 8
-1 1 0
815
1,345
2,435
676
990
-1 1 7
-1 5 8
-1 3 3
-1 4 9
-1 8 3
727
-3 0 9
-2
484
501
-561
-1 ,7 2 8
-668
-1 ,2 7 0
-5 4 5
1,374
544
1,526
1,794
1,004
-1 0 7
-86
122
^M)
42
-76,331 -3 6 0 ,9 8 6 -174,041 -1 7 6 ,3 7 2 -2 9 3 ,9 8 6
-29,291
-8 3 ,0 0 9
-7 7 ,7 9 6
-5 7 ,9 9 5
-9 7 ,4 2 3
-5 4 ,3 6 4
-3 6 ,0 4 5
-4 4 ,7 0 2
-3 5 ,8 1 4
-5 3 ,9 8 8
-1 1 ,7 5 4
-2 6 ,1 1 3
-6 7 ,0 8 8
-9 ,2 3 5
-6 4 ,4 8 9
33,437 -1 7 4 ,8 4 4
-3 9 ,7 8 9
-5 5 ,1 5 4
-9 6 ,2 6 0
161,799
18,328
20,609
9,124
11,485
464
-3 ,5 9 0
845
143,471
15,393
54,060
43,282
1,106
7,515
22,115
226,499
31,504
34,083
27,548
6,535
-9 5
-3 ,6 2 3
1,139
194,995
34,987
17,186
66,578
6,906
12,763
56,575
241,467
50,531
41,461
30,277
11,184
-4 9 8
8,315
1,253
190,936
37,728
7,103
52,209
3,791
68,460
21,645
131,156
64,397
41,393
33,935
7,458
-3 1 6
21,981
1,339
66,759
405
35,138
15,354
1,611
9,137
5,114
265,646
96,264
94,470
78,051
16,419
108
-2 4 6
1,932
169,382
28,775
-5 0 3
71,955
6,727
3,800
58,628
200
73,774
73,076
38,407
33,764
905
698
373,183
277,609
193,652
83,957
4,081
16,042
4,224
8,620
13,167
37,609
214
95,574
94,882
59,590
34,418
874
692
389,543
288,299
202,968
85,332
4,082
18,817
4,577
9,224
13,490
34,910
232
101,244
100,572
63,230
36,813
529
672
393,966
288,837
198,257
90,580
3,969
21,452
5,386
9,362
13,614
36,550
247
105,129
104,413
63,069
40,498
846
716
416,280
304,487
211,285
93,203
3,649
18,235
4,663
9,751
16,444
40,194
266
111,792
111,050
64,717
45,584
749
742
-47 3 ,6 2 3 -52 6 ,4 1 0 -5 4 3 ,3 6 2
-3 9 9 ,4 5 7 -44 0 ,8 7 2 -4 5 5 ,7 6 7
-3 3 4 ,0 6 3 -36 6 ,5 8 4 -3 7 8 ,6 2 0
-6 5 ,3 9 4
-7 4 ,2 8 8
-7 7 ,1 4 6
-7 ,0 9 9
-7 ,3 9 9
-7 ,4 3 3
-1 3 ,4 8 9
-1 8 ,3 7 6
-1 9 ,2 7 3
-5 ,3 3 5
-6 ,9 4 3
-6 ,7 8 0
-1 2 ,3 4 9
-1 3 ,2 8 7
-1 3 ,9 4 4
-4 ,9 9 7
-5 ,2 5 7
-6 ,3 1 3
-2 1 ,2 2 8
-2 2 ,0 8 2
-2 2 ,4 3 0
-8 9 7
-9 4 4
-9 7 3
-7 4 ,1 6 6
-8 5 ,5 3 8
-8 7 ,5 9 5
-7 2 ,0 8 4
-83,381
-8 5 ,3 5 5
-2 0 ,7 7 6
-2 8 ,1 4 2
-25,361
-3 2 ,5 8 9
-3 4 ,7 9 4
-3 8 ,8 8 2
-1 8 ,7 1 9
-2 0 ,4 4 5
- 21,112
-2 ,1 5 7
-2 ,0 8 2
-2 ,2 4 0
-2
0
,5
0
7
-2 3 ,1 1 6
-2 1 ,4 0 7
-5 ,0 2 7
-7 ,8 1 9
-5 ,1 6 8
-1 ,3 9 2
-1 ,1 5 9
-1 ,3 3 7
-1 3 ,9 0 5
-14,321
-1 4 ,9 0 2
-5 7 2 ,3 4 4
-4 7 3 ,1 2 5
-3 9 8 ,7 2 9
-7 4 ,3 9 6
-7 ,3 6 8
-1 4 ,6 1 2
-5 ,6 6 0
-14,581
-6 ,6 9 9
-2 4 ,5 1 2
-9 6 4
-9 9 ,2 1 9
-9 6 ,7 3 5
-2 5 ,4 7 4
-49,001
-2 2 ,2 6 0
-2 ,4 8 4
-2 3 ,3 3 2
-5 ,8 0 9
-2 ,3 7 6
-1 5 ,1 4 7
Capital account
39 Capital account transactions, n e t.......................................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow ( - ) ) ..............................................................................................................................
41
U.S. official reserve assets...................................................................................................
42
Gold 7....................................................................................................................................
43
Special drawing rights......................................................................................................
44
Reserve position in the International Monetary F u n d .............................................
45
Foreign currencies.............................................................................................................
46
U.S. government assets, other than official reserve assets........................................
47
U.S. credits and other long-term assets......................................................................
48
Repayments on U.S. credits and other long-term assets 8....................................
49
U.S. foreign currency holdings and U.S. short-term assets....................................
50
U.S. private asse ts.................................................................................................................
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................................
-8 8 ,9 5 5
-5 1 ,7 4 6
-9 ,0 1 2
-2 7 ,7 9 8
-3 9 9
-1 0 7
-1 ,6 0 7
-1 2 9
42
-5 6 5
566
41
-1 4 1 ,4 0 3
-3 9 ,6 5 5
-2 0 ,7 3 5
-1 3 ,6 8 0
-6 7 ,3 3 3
55 Foreign-ow ned assets in the U nited States, excluding financial derivatives
(increase/financial inflow (+ ))..........................................................................................
56
Foreign official assets in the United States
57
U.S. government securities.............
58
U.S. Treasury securities 9............
59
O th e r 10............................................
60
Other U.S. government liabilities 11 ..............................................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere............................
62
Other foreign official assets 12........................................................................................
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..................................................
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.............................
173,825
12,801
10,337
4,420
5,917
-5 9 7
2,335
726
161,024
25,085
10,327
73,750
3,637
57,788
-9 ,5 6 3
233,038
53,312
25,942
19,374
6,568
365
26,099
906
179,726
8,907
18,830
99,689
7,212
17,805
27,283
n.a.
5,927
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
26,487
-3 0 ,7 9 5
-4 1 ,5 1 2
-3 1 ,2 5 7
73,151
14,406
-6 4 ,1 8 0
23,837
-2 ,5 8 4
67,792
8,431
70 Financial derivatives, n e t.......................................................................................................
71 S tatistical discrepancy (sum o f above item s w ith sign reve rsed ).........................
71a
72
73
74
75
76
77
Mem oranda:
Balance on goods (lines 3 and 2 0 ).........................................................................................
Balance on services (lines 4 and 2 1 ) ....................................................................................
Balance on goods and services (lines 2 and 1 9 ) ...............................................................
Balance on income (lines 12 and 2 9 )....................................................................................
Unilateral current transfers, net (line 3 5 ) ..............................................................................
Balance on current account (lines 1 ,1 8 , and 35 or lines 7 4 ,7 5 , and 76 ) 13 ..............
See the footnotes on pages 104-105.
-8
220,034
66,877
47,550
42,668
4,882
-1 7
18,593
751
153,157
-3 ,1 5 8
49,717
81,187
-1 ,5 3 8
15,129
11,820
-9 7
-3 8 3
-131
483
-1 ,5 3 2
2,035
-20
2,221
0
0
-100
459,908
147,636
124,051
112,586
11,465
-2 1 6
22,058
1,743
312,272
26,425
31,976
47,862
-2 ,9 4 2
61,265
147,686
1,122
0
333,307
79,949
66,043
62,841
3,202
-2 1 5
11,353
2,768
253,358
34,335
64,838
87,270
8,538
21,013
37,364
275,731
76,120
67,994
56,062
11,932
442
4,317
3,367
199,611
35,697
-6,87 1
86,577
3,673
29,957
50,578
464,255
94,050
56,853
41,790
15,063
-1 4 5
31,517
5,825
370,205
49,509
3,665
159,784
4,032
53,637
99,578
-9 6 ,6 4 0 -11 6 ,8 1 9 -1 3 4 ,1 6 5 -1 3 5 ,2 0 8 -12 5 ,6 6 5 -1 3 3 ,6 5 3 -14 6 ,9 5 5 -1 4 2 ,7 3 9 -140,411 -1 6 3 ,6 1 6 -1 8 0 ,3 6 3 -1 8 7 ,4 4 4
16,976
12,409
15,193
16,652
14,597
9,039
13,568
16,773
18,564
11,044
13,434
18,807
-7 9 ,6 6 4 -10 4 ,4 1 0 -1 1 8 ,9 7 2 -1 1 8 ,5 5 6 -11 1 ,0 6 8 -1 2 4 ,6 1 4 -1 3 3 ,3 8 7 -1 2 5 ,9 6 6 -1 2 1 ,8 4 8 -1 5 2 ,5 7 3 -1 6 6 ,9 2 9 -16 8 ,6 3 7
7,822
2,798
5,813
10,965
7,152
10,657
17,712
9,788
21,408
15,705
17,533
12,573
-1 6 ,6 6 7
-1 9 ,1 5 7
-1 4 ,3 7 6
-1 4 ,7 4 8
-1 7 ,1 2 4
-17,821
-1 8 ,3 7 4
-1 8 ,4 7 5
-2 3 ,1 1 6
-2 0 ,5 0 7
-2 1 ,4 0 7
-2 3 ,3 3 2
-9 0 ,9 9 9 -1 1 5 ,9 8 8 -1 2 7 ,9 0 7 -1 2 4 ,2 5 8 -122,391 -131,081 -1 4 1 ,4 2 0 -1 2 6 ,6 2 8 -1 2 3 ,5 5 6 -15 7 ,3 7 5 -1 7 0 ,8 0 3 -1 7 9 ,3 9 6
Survey of Current Business
Not seasonally adjusted
2007
2006
IV
I
481,285
335,617
234,414
101,203
4,609
19,050
5,242
II
III
I
IV
2008
III
II
I
IV
II
III
1
2
17,683
43,148
260
145,668
144,935
77,148
67,104
683
733
497,332
342,870
240,183
102,687
5,575
18,688
5,215
10,821
16,084
46,026
277
154,461
153,738
76,796
76,298
644
723
534,661
363,512
257,022
106,490
6,074
22,069
5,222
11,647
17,910
43,282
286
171,149
170,422
83,523
86,397
502
727
538,461
363,242
252,517
110,725
5,963
24,082
6,038
11,931
16,945
45,471
294
175,219
174,506
81,656
92,268
582
713
563,452
382,060
266,089
115,971
6,301
20,950
5,560
11,826
19,788
51,249
297
181,392
180,672
82,841
97,159
672
720
567,671
381,545
265,774
115,771
6,982
19,658
5,529
11,813
18,518
52,975
296
186,126
185,395
82,146
102,679
570
731
607,687
403,372
282,827
120,545
5,173
24,387
5,848
12,479
21,241
51,130
288
204,315
203,578
90,666
112,373
539
737
630,599
417,267
285,137
132,130
5,539
29,173
6,889
13,168
20,570
56,482
309
213,332
212,587
92,845
119,221
521
745
656,141
440,984
304,645
136,338
7,742
23,832
7,369
14,090
23,495
59,490
320
215,157
214,401
97,591
116,207
603
757
645,378
443,619
311,581
132,038
6,226
24,065
7,078
14,183
21,563
58,624
299
201,760
200,996
97,256
103,024
716
764
678,730
477,608
337,116
140,492
5,931
29,099
7,735
15,519
25,195
56,707
307
200,355
102,871
96,756
727
767
672,971
478,003
334,254
143,749
5,120
32,831
9,104
15,796
21,682
58,902
313
194,969
194,204
95,752
97,196
1,256
765
-664 ,465
-532 ,259
-45 3 ,2 9 4
-7 8 ,9 6 5
-7,511
-1 4 ,8 5 2
-6 ,2 2 6
-1 6 ,1 5 5
-6 ,7 6 9
-26,461
-991
-13 2 ,2 0 6
-129,691
-3 5 ,2 9 7
-6 5 ,9 3 0
-2 8 ,4 6 4
-2 ,5 1 5
-65 6 ,2 0 5
-516,151
-43 5 ,6 4 9
-8 0 ,5 0 2
-7 ,7 2 3
-1 4 ,9 3 3
-6 ,1 7 6
-15,511
-5 ,8 3 5
-2 9 ,3 2 8
-9 9 6
-1 4 0 ,0 5 4
-1 3 7 ,7 6 6
-3 3 ,0 0 0
-74,281
-3 0 ,4 8 5
-2 ,2 8 8
-7 1 6 ,4 3 3
-5 5 8 ,4 5 8
-4 6 8 ,8 1 4
-8 9 ,6 4 4
-7 ,7 3 4
-2 0 ,5 6 0
-7 ,5 3 0
-1 6 ,5 3 0
-5 ,3 8 3
-30,891
-1 ,0 1 6
-15 7 ,9 7 5
-15 5 ,7 3 3
-3 9 ,3 6 9
-8 3 ,4 4 4
-3 2 ,9 2 0
-2 ,2 4 2
-7 4 3 ,4 9 8
-57 6 ,7 5 5
-48 6 ,1 7 3
-9 0 ,5 8 2
-7 ,9 8 4
-2 0 ,5 6 5
-7 ,2 5 8
-1 7 ,0 3 4
-5 ,4 2 0
-3 1 ,2 9 9
- 1,022
-1 6 6 ,7 4 3
-1 6 4 ,4 1 3
-4 1 ,7 7 6
-8 8 ,0 0 5
-3 4 ,6 3 2
-2 ,3 3 0
-7 3 0 ,0 4 3
-5 6 0 ,6 7 9
-4 7 2 ,4 3 6
-8 8 ,2 4 3
-7,59 1
-1 6 ,0 4 6
-6 ,5 3 7
-1 6 ,2 4 3
-6,88 1
-3 3 ,9 5 8
-9 8 7
-1 6 9 ,3 6 4
-1 6 6 ,7 3 4
-3 6 ,6 2 5
-9 3 ,1 6 7
-3 6 ,9 4 2
-2 ,6 3 0
-71 5 ,9 4 7
-54 0 ,0 3 7
-45 4 ,7 3 4
-8 5 ,3 0 3
-7 ,9 1 5
-1 5 ,8 4 3
-6 ,1 5 8
-1 5 ,5 6 6
-6 ,1 7 8
-3 2 ,6 2 8
-1 ,0 1 6
-175 ,910
-173 ,512
-3 5 ,0 4 2
-9 9 ,4 1 4
-3 9 ,0 5 6
-2 ,3 9 8
-7 7 3 ,9 7 4
-5 8 3 ,0 9 3
-4 8 7 ,7 4 2
-95,351
-8 ,0 8 5
-2 1 ,3 9 3
-7 ,5 8 8
-1 6 ,9 0 6
-6 ,0 2 6
-3 4 ,3 3 5
-1 ,0 1 8
-190,881
-1 8 8 ,4 9 8
-3 9 ,0 0 7
-10 8 ,0 9 0
-41,401
-2 ,3 8 3
-7 8 8 ,6 8 0
-6 0 2 ,8 9 6
-5 0 3 ,8 8 9
-9 9 ,0 0 7
-8 ,1 3 2
-2 1 ,9 2 7
-7 ,8 4 0
-1 7 ,4 9 2
-6 ,0 7 7
-3 6 ,4 7 0
-1 ,0 6 9
-18 5 ,7 8 4
-18 3 ,3 1 8
-3 0 ,5 5 3
-111,051
-4 1 ,7 1 4
-2 ,4 6 6
-79 4 ,0 7 4
-61 8 ,5 6 4
-52 3 ,0 1 0
-9 5 ,5 5 3
- 8,688
-17,191
-6,851
-1 7 ,1 3 6
-6 ,3 7 5
-38,231
-1,081
-175,511
-1 7 2 ,6 9 2
-21,931
-1 0 8 ,6 0 4
-4 2 ,1 5 7
-2 ,8 1 9
-7 6 7 ,9 7 3
-6 0 3 ,1 4 6
-5 0 9 ,1 4 5
-94,001
-8 ,7 6 9
-1 7 ,4 6 2
-7 ,2 9 6
-1 7 ,2 3 2
-6 ,3 9 0
-3 5 ,7 6 8
-1 ,0 8 3
-1 6 4 ,8 2 7
-1 6 2 ,2 7 2
-2 5 ,8 8 9
-9 4 ,4 1 6
-4 1 ,9 6 7
-2 ,5 5 5
-8 3 7 ,9 7 7
-6 6 4 ,0 5 9
-5 5 8 ,7 4 0
-1 0 5 ,3 1 9
-8 ,9 8 6
-2 2 ,9 7 2
-8 ,7 2 2
-1 8 ,8 7 0
-6 ,3 9 8
-3 8 ,2 7 9
-1 ,0 9 2
-1 7 3 ,9 1 8
-1 7 1 ,4 8 3
-4 1 ,6 0 3
-87,061
-4 2 ,8 1 9
-2 ,4 3 4
-8 4 6 ,5 9 9
-6 8 4 ,6 1 9
-5 7 6 ,1 5 8
-108,461
-9 ,7 8 4
-2 2 ,4 1 0
-8 ,7 8 4
-1 9 ,4 8 3
-7 ,4 9 3
-3 9 ,3 7 7
-1 ,1 3 0
-1 6 1 ,9 8 0
-159,471
-2 9 ,9 0 3
-8 8 ,5 0 4
-4 1 ,0 6 4
-2 ,5 0 9
-2 6 ,9 5 2
-1 0 ,1 9 9
-1 ,8 7 2
-14,881
-2 1 ,7 7 4
-5 ,7 4 2
-1 ,7 4 0
-1 4 ,2 9 2
-2 2 ,9 7 0
-7 ,4 0 7
-1 ,2 7 7
-1 4 ,2 8 6
-2 4 ,8 5 2
-7 ,9 3 9
-1 ,4 6 5
-1 5 ,4 4 8
-2 1 ,6 7 7
-6 ,6 4 5
-2 ,0 2 6
-1 3 ,0 0 6
-3 1 ,0 5 4
-1 0 ,7 4 7
-1 ,5 4 0
-1 8 ,7 6 7
-2 5 ,3 4 4
-5 ,9 3 0
-1 ,7 7 7
-1 7 ,6 3 7
-28,4 51
-7 ,3 6 6
-1 ,2 6 0
-1 9 ,8 2 5
-3 1 ,1 4 7
-1 0 ,3 9 4
-2 ,7 4 6
-1 8 ,0 0 7
-3 3 ,9 0 6
-1 0 ,3 3 5
-1 ,6 8 0
-21,891
-3 0 ,4 2 8
-7 ,8 9 3
-2 ,0 1 4
-20,521
-3 2 ,0 5 2
-8 ,5 6 8
-1 ,5 3 8
-2 1 ,9 4 6
35
36
37
38
-4 6 5
-1,72 1
-1 ,0 1 7
-5 3 9
-6 2 9
-5 4 9
-1 2 4
-6 2 5
-5 9 7
-6 3 7
-6 8 2
2,967
39
25,197
4,796
-395,861
513
-22 6 ,2 1 6
-5 6 0
-30 2 ,9 7 5
1,006
-3 6 0 ,6 7 7
1,415
-49 4 ,0 0 9
-7 2
-5 4 7 ,9 0 0
26
-2 0 3 ,8 0 9
-5 4
-2 2 6 ,4 0 9
-2 5 8 ,9 4 9
-2 7 6
104,059
-1 ,2 6 7
22,567
-1 7 9
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
11,211
0
0
-2 2
0
-3 9
294
-2 2 9
-5 9 6
-1 ,4 0 5
687
-54 7 ,3 2 9
-9 7 ,1 5 6
-1 0 7 ,0 6 4
-133,201
-2 0 9 ,9 0 8
-3 7
230
-2 4 7
623
-1 8 2
780
25
-2 0 4 ,3 7 8
-7 7 ,0 7 9
-1 1 3 ,8 2 6
75,747
-8 9 ,2 2 0
-3 5
285
-2 7 2
-2 2 ,7 4 4
-2 7 9
1,546
-24,011
-2 0 3 ,6 4 3
-1 1 6 ,2 4 6
-2 3 ,6 1 0
59,884
-123,671
699,733
165,837
121,922
40,619
81,303
366
32,614
10,935
533,896
19,788
42,127
183,460
-6 ,1 6 5
91,302
203,384
740,771
88,331
61,531
1,500
60,031
-6 9
15,575
11,294
652,440
86,997
-1 3 ,4 6 7
310,303
-1 ,6 3 5
127,498
142,744
280,683
47,674
12,420
-5 ,6 0 2
18,022
913
8,870
25,471
233,009
100,203
16,865
-9 ,8 2 9
655
75,447
49,668
-1 ,1 4 7
14,795
-1 ,0 0 7
-1 0 ,5 5 2
-3 0 ,3 5 8
-40,641
-2 3 3 ,6 5 5
20,142
-2 1 3 ,5 1 3
8,476
-2 4 ,8 5 2
-2 2 9 ,8 8 9
-2 0 6 ,3 4 7
27,728
-1 7 8 ,6 1 9
12,028
-2 1 ,6 7 7
-1 8 8 ,2 6 8
-188 ,960
30,467
-158 ,492
10,216
-3 1 ,0 5 4
-179 ,330
0
0
0
0
0
-81
5,050
-1 7 3
459
-5 0 9
977
-9
19,942
67,843
-6 7 ,9 0 0
3,111
16,888
-6 7
729
-1 4 9
1,049
-1 ,5 1 7
2,558
-51
-351
-1 5 8
1,765
-3 7 6
2,147
-5 4
1,275
-2 1 5
1,570
-5 9 2
2,170
-5 1
1,678
-4 3
-2 1 2
8
-6
-8
-39 7 ,4 2 4
-6 6 ,9 7 4
-7 5 ,6 8 9
-4 1 ,7 9 2
-2 1 2 ,9 6 9
-227,421
-3 7 ,4 2 3
-8 0 ,2 0 3
-4 8 ,2 2 6
-6 1 ,5 6 9
-305,551
-7 9 ,7 3 5
-7 2 ,5 5 2
-5 7 ,4 7 8
-9 5 ,7 8 6
962
-5 0 7
1,454
15
-3 6 3 ,0 5 4
-60,791
-1 3 6 ,6 8 5
-3 3 ,8 0 3
-1 3 1 ,7 7 5
-241
445
-6 0 8
1,091
-3 8
-494,381
-10 8 ,1 1 6
-1 2 2 ,0 2 4
-4 2 ,9 4 7
-22 1 ,2 9 4
277,679
98,188
86,316
53,662
32,654
-2 8 3
5,861
6,294
179,491
39,553
42,457
125,161
8,071
-4 2 ,2 9 4
6,543
545,133
130,427
117,579
65,573
52,006
-4 5
2,394
10,499
414,706
43,842
-2 5 ,9 1 9
167,589
35
66,064
163,095
410,136
127,303
71,299
26,391
44,908
760
43,366
11,878
282,833
68,095
-2 4 ,0 2 4
139,681
-2 ,3 4 5
59,820
41,606
528,821
121,843
121,907
60,641
61,266
913
-7,87 1
6,894
406,978
58,875
-2 1 ,5 9 3
197,877
-2,321
69,975
104,165
581,079
108,366
117,616
55,959
61,657
1,188
-1 5 ,5 2 4
5,086
472,713
72,339
13,307
178,098
6,858
48,934
153,177
n.a.
1,633
14,090
15,134
-9 2 ,2 8 0
31,465
7,748
-2 1 8 ,8 8 0
22,238
-19 6 ,6 4 2
13,462
-2 6 ,9 5 2
-21 0 ,1 3 2
-1 9 5 ,4 6 5
22,185
-173,281
14,407
-2 1 ,7 7 4
-18 0 ,6 4 8
-2 1 1 ,7 9 2
16,846
-1 9 4 ,9 4 6
13,174
-2 2 ,9 7 0
-2 0 4 ,7 4 2
0
212
0
0
-2 2
0
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
-3 5 9
3,268
-1 7 9
490
2,957
-261,941
-9 7 ,2 4 0
-4 7 ,8 7 0
116,232
-2 3 3 ,0 6 3
-9 5 5
-2 9 0
-4 1 ,5 9 2
-1 ,1 0 6
497
-4 0 ,9 8 3
146,918
-10 6 ,9 0 3
-4 0 ,5 6 6
64,906
229,481
-3 0
256
-4 0 5
-2 2 5 ,9 9 7
-4 7 5
695
-2 2 6 ,2 1 7
248,743
-6 0 ,8 7 0
79,182
87,352
143,079
408,273
179,107
74,024
61,915
12,109
4,132
51,960
48,991
229,166
68,770
21,282
121,718
-3 ,5 3 0
-9 2 ,5 6 6
113,492
425,368
208,646
185,239
106,005
79,234
1,645
-2 4 ,1 7 3
45,935
216,722
58,783
16,127
-1 5 ,1 7 9
-6 ,7 5 0
73,211
90,530
4,205
178,826
169,365
76,220
93,145
2,439
-2 9 ,6 9 7
36,719
-174,621
102,908
18,947
19,983
230
-5 4 ,9 9 6
-2 6 1 ,6 9 3
120,270
115,573
105,920
116,479
-1 0 ,5 5 9
1,642
9,797
-1 ,7 8 6
4,697
65,128
80,049
-10 2 ,5 1 2
5,845
76,442
-1 2 0 ,2 5 5
55
56
57
58
59
60
61
62
63
64
65
5,942
-1 3 ,5 0 8
-7 ,9 6 6
-2 ,3 5 5
-4 ,0 7 5
70
-1 0 9
104,340
1,322
-1 ,3 1 5
84,447
63,951
71
71a
-20 4 ,9 1 5
25,194
-179,721
13,434
-2 5 ,3 4 4
-191,631
-21 8 ,7 5 2
33,123
-1 8 5 ,6 2 9
27,549
-28,451
-1 8 6 ,5 3 2
-2 1 8 ,3 6 5
40,785
-1 7 7 ,5 8 0
39,647
-3 1 ,1 4 7
-1 6 9 ,0 8 0
-1 9 7 ,5 6 4
38,037
-1 5 9 ,5 2 7
36,933
-3 3 ,9 0 6
-156,501
-2 2 1 ,6 2 4
35,173
-186,451
27,204
-3 0 ,4 2 8
-1 8 9 ,6 7 4
-2 4 1 ,9 0 4
35,287
-20 6 ,6 1 7
32,989
-3 2 ,0 5 2
-2 0 5 ,6 8 0
72
73
74
75
76
77
122
-2 9
201,122
3
4
5
112
66
67
68
69
70
U.S. International Transactions
July 2009
Table 1. U.S. International
[Millions
Seasonally adjusted
2002
(Credits +; debits - ) 1
Line
1
II
2004
2003
III
I
IV
II
III
IV
I
II
III
IV
C urrent account
1 Exports o f goods and services and incom e re c e ip ts .................................................
2
Exports of goods and services...........................................................................................
3
Goods, balance of payments b a s is 2............................................................................
4
Services 3............................................................................................................................
5
Transfers under U.S. military agency sales contracts 4......................................
6
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..........................................................................................
303,113
236,654
165,855
70,799
2,785
16,158
4,224
6,964
10,410
30,063
195
66,459
65,733
34,034
30,886
813
726
314,893
245,142
172,850
72,292
2,751
16,155
4,279
7,154
11,282
30,472
199
69,751
69,060
35,931
32,423
706
691
322,397
248,545
174,895
73,650
3,418
16,287
4,288
7,384
11,590
30,483
200
201
202
202
73,852
73,154
38,540
33,764
850
698
70,884
70,188
37,089
32,165
934
696
74,786
74,099
41,893
31,363
843
687
18 Im ports o f goods and services and incom e p a y m e n ts .............................................
19
Imports of goods and services...........................................................................................
20
Goods, balance of payments basis 2............................................................................
21
Services 3............................................................................................................................
22
Direct defense expenditures
23
Travel.....................
24
Passenger fares.
25
Other transportation
26
Royalties and license fees 5
27
Other private services 5...............................................................................................
28
U.S. government miscellaneous services..............................................................
29
Income paym ents...................................................................................................................
30
Income payments on foreign-owned assets in the United States.........................
31
Direct investment paym ents......................................................................................
32
Other private payments...............................................................................................
33
U.S. government payments........................................................................................
34
Compensation of employees..........................................................................................
-3 8 8 ,7 3 6
-329,781
-2 7 3 ,8 0 0
-55,981
-4 ,3 5 9
-1 4 ,5 4 3
-4 ,8 7 4
-8 ,8 5 5
-4 ,8 9 3
-1 7 ,7 1 6
-741
-5 8 ,9 5 5
-56,861
-7 ,8 4 0
-30,421
-1 8 ,6 0 0
-2 ,0 9 4
-4 1 5 ,4 4 5
-3 4 8 ,5 5 4
-2 9 1 ,9 6 8
-5 6 ,5 8 6
-4 ,6 3 3
-1 4 ,5 1 0
-4 ,8 7 4
-9 ,5 4 7
-4 ,7 4 6
-17,5 51
-7 2 5
-66,8 91
-64,761
-1 3 ,2 1 2
-3 3 ,0 1 6
-1 8 ,5 3 3
-2 ,1 3 0
-4 2 3 ,4 8 0
-3 5 6 ,0 0 2
-2 9 8 ,0 2 3
-5 7 ,9 7 9
-4 ,9 5 5
-1 4 ,4 8 9
-4 ,8 2 9
-9,751
-5,021
-1 8 ,2 0 9
-7 2 5
-6 7 ,4 7 8
-6 5 ,4 3 4
-1 4 ,1 4 8
-3 2 ,6 4 4
-1 8 ,6 4 2
-2 ,0 4 4
-42 4 ,9 4 9
-3 6 4 ,7 3 3
-304,211
-6 0 ,5 2 2
-5 ,1 5 4
-1 5 ,1 7 3
-5 ,3 9 2
-1 0 ,2 5 4
-4,691
-1 9 ,1 2 9
-7 2 9
-6 0 ,2 1 6
-5 8 ,1 0 6
-8 ,0 4 2
-30,931
-1 9 ,1 3 3
- 2,110
35 Unilateral current transfers, n e t..........................................................................................
36
U.S. government grants 4.....................................................................................................
37
U.S. government pensions and other transfers..............................................................
38
Private remittances and other transfers 6........................................................................
-1 8 ,5 4 2
-6 ,3 9 7
-1,271
-1 0 ,8 7 4
-1 5 ,0 0 7
-3 ,2 8 7
-1 ,2 7 9
-10,441
-1 5 ,0 0 5
-3 ,0 7 5
-1 ,2 8 2
-1 0 ,6 4 8
-1 6 ,3 9 4
-4 ,3 3 8
-1 ,2 9 2
-1 0 ,7 6 4
-1 8 ,2 1 9
-5 ,8 8 9
-1 ,3 2 0
- 11,010
-321
-3 3 3
-3 9 9
-4 1 7
-84,841
390
-1 3 9 ,7 1 2
-1 ,8 4 3
892
-1 ,4 1 6
-7 0 ,9 8 7
-8 1 2
7
8
9
10
11
12
13
14
15
16
17
318,013
247,129
171,571
75,558
2,989
18,005
4,255
7,693
11,225
31,190
322,280
247,494
174,077
73,417
2,897
15,809
3,843
7,583
11,324
31,759
325,332
247,806
175,025
72,781
2,983
14,336
3,616
7,690
11,563
32,391
387,174
287,161
199,838
87,323
4,082
18,667
4,654
9,190
13,682
36,816
232
100,014
99,342
61,816
36,813
713
672
413,584
396,473
291,110
301,391
203,351
208,836
87,759
92,555
3,969
3,649
18,703
19,313
4,867
4,782
9,674
9,138
14,040
15,436
36,795
39,435
247
266
112,194
105,363
104,647
111,452
65,141
63,395
40,498
45,584
754
727
742
716
-5 2 1 ,8 4 5 -5 3 4 ,3 9 7 -5 7 0 ,1 6 6
-4 3 7 ,3 1 2 -4 4 7 ,2 2 3 -4 6 9 ,8 2 7
-3 6 5 ,3 4 0 -3 7 3 ,7 6 2 -3 9 3 ,5 6 4
-7 1 ,9 7 3
-7 6 ,2 6 2
-73,461
-7 ,3 9 9
-7 ,4 3 3
-7 ,3 6 8
-1 6 ,4 5 5
-1 6 ,8 3 7
-1 6 ,6 0 6
-6 ,3 4 3
-6 ,2 5 4
-6,321
-1 3 ,1 5 6
-1 3 ,6 1 2
-14,481
-5 ,5 7 4
-6 ,2 0 3
-6 ,2 0 6
- 22,102 -2 2 ,3 1 3
-2 4 ,1 5 2
-9 4 4
-9 7 3
-9 6 4
-8 4 ,5 3 2
-8 7 ,1 7 5 -1 0 0 ,3 3 9
-82,301
-8 4 ,9 6 2
-9 7 ,9 9 9
-2 7 ,0 6 2
-2 6 ,7 3 8
-2 4 ,9 6 8
-3 4 ,7 9 4
-3 8 ,8 8 2
-49,001
-2 0 ,4 4 5
- 21,112
-2 2 ,2 6 0
-2,231
-2 ,2 1 3
-2 ,3 4 0
77,526
76,851
44,273
31,337
1,241
675
335,764
255,373
178,377
76,996
3,890
16,180
4,095
7,835
11,822
32,971
203
80,391
79,676
46,608
31,779
1,289
715
357,265
269,516
188,369
81,147
3,545
18,034
4,337
8,308
12,278
34,442
203
87,749
87,013
53,641
32,050
1,322
736
375,738
279,570
194,136
85,435
4,081
17,863
4,547
8,955
13,557
36,218
214
96,167
95,475
60,254
34,418
803
692
-4 3 9 ,1 9 0 -4 3 8 ,0 4 4
-3 7 1 ,5 8 6 -3 7 1 ,0 6 3
-31 0 ,9 0 3 -3 1 1 ,2 1 5
-6 0 ,6 8 3
-5 9 ,8 4 8
-5 ,7 1 8
-6 ,1 6 2
-1 4 ,4 9 3
-1 2 ,9 8 9
-5,011
-4 ,8 8 8
-10,791
-1 1 ,0 8 9
-4 ,6 1 7
-4 ,4 9 9
-1 9 ,4 1 2
-1 9 ,3 2 9
-7 7 4
-7 5 9
-6 7 ,6 0 4
-66,981
-6 5 ,4 5 7
-64,911
-1 7 ,6 3 0
-1 7 ,2 2 3
-2 9 ,3 8 2
-2 9 ,0 6 3
-1 8 ,7 6 4
-1 8 ,3 0 6
-2 ,1 4 7
-2 ,0 7 0
-4 4 8 ,1 7 5
-3 7 8 ,2 9 5
-3 1 4 ,8 7 8
-6 3 ,4 1 7
-6 ,3 8 9
-1 4 ,6 3 8
-5 ,5 2 6
-1 1 ,2 9 4
-4 ,9 2 2
-1 9 ,8 5 8
-7 9 0
-6 9 ,8 8 0
-6 7 ,7 5 5
-1 9 ,3 1 4
-2 9 ,9 9 3
-1 8 ,4 4 8
-2 ,1 2 5
-4 6 4 ,9 6 2
-3 9 4 ,2 8 0
-3 2 7 ,8 6 4
-6 6 ,4 1 6
-7 ,0 2 7
-1 5 ,3 2 7
-5 ,5 6 4
-11,531
-4 ,9 9 5
-2 1 ,1 6 4
-8 0 8
-7 0 ,6 8 2
-6 8 ,5 1 3
-1 9 ,5 8 4
-3 0 ,6 1 3
-1 8 ,3 1 6
-2 ,1 6 9
-4 8 9 ,3 3 2
-4 1 4 ,8 5 8
-3 4 5 ,3 3 0
-6 9 ,5 2 8
-7 ,0 9 9
-1 5 ,8 5 2
-5 ,8 0 0
-1 2 ,9 1 2
-5 ,2 8 2
-2 1 ,6 8 5
-8 9 7
-7 4 ,4 7 4
-7 2 ,2 9 4
-2 0 ,9 8 6
-3 2 ,5 8 9
-1 8 ,7 1 9
-2 ,1 8 0
-1 7 ,6 0 0
-5,911
-1 ,3 3 5
-1 0 ,3 5 4
-1 7 ,7 0 7
-5 ,5 9 8
-1 ,3 3 4
-1 0 ,7 7 5
-1 8 ,2 6 9
-4 ,7 7 5
-1 ,3 5 2
-1 2 ,1 4 2
-2 2 ,9 8 7
-7 ,8 1 9
-1 ,5 5 4
-1 3 ,6 1 4
-2 1 ,3 8 5
-5 ,0 2 7
-1 ,5 5 6
-1 4 ,8 0 2
-21,1 41
-5 ,1 6 8
-1 ,5 4 8
-1 4 ,4 2 5
-2 2 ,8 5 0
-5 ,8 0 9
-1 ,6 0 7
-1 5 ,4 3 4
-4 8 9
-1 ,6 6 3
-9 0 9
-4 1 9
-4 8 7
-4 2 7
2,739
-5 0 3
-8 2 ,3 1 5
83
-1 5 7 ,4 2 7
-1 7 0
-7 5 5
-611
-8 4 ,9 2 4
-3 5 3 ,9 7 6
557
-17 0 ,5 0 2
-1 6 9 ,4 6 2
429
-3 0 6 ,9 2 9
697
0
0
0
Capital account
39 Capital acco unt transactions, n e t.......................................................................................
Financial account
41
42
43
44
45
46
47
48
49
50
51
52
53
54
40 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 F u n d .............................................
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 asse ts.................................................................................................................
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 elsew here................................
55 Foreign-ow ned assets in the U nited States, excluding financial derivatives
(increase/financial inflow (+ ))..........................................................................................
56
Foreign official assets in the United States
57
U.S. government securities
58
U.S. Treasury securities 9
59
O th e r 10..............................
60
Other U.S. government liabilities 11
61
U.S. liabilities reported by U.S. banks, not included elsewhere............................
62
Other foreign official assets 12........................................................................................
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..................................................
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............................
2,221
0
1,122
0
0
0
0
0
0
0
-1 0 9
652
-1 5 3
133
-8 5 3
994
-1 3 2
-1 ,1 3 6
-1 4 8
-2 7
-1 ,3 7 5
1,452
-1 0 4
2,335
-3 3 ,1 6 5
4,884
-7 ,4 4 3
38,059
-1 2 7
-541
-1 4 4
197
-2 ,4 5 8
2,689
-3 4
-7 0 ,3 7 2
-3 6 ,9 7 9
-2 3 ,7 0 5
- 1,101
-8 ,5 8 7
897
-10 2
-6 4 4
86
-1 7 0
-1 5 4
53
310
-2 ,4 2 8
-1,591
2,445
1,975
36
-7 4
-82,4 51 -1 5 7 ,5 6 7
-4 6 ,5 1 2
-2 2 ,6 5 6
-3 1 ,9 4 7
-3 2 ,7 3 4
1,757
-1 5 ,0 8 9
-2 9 ,6 0 5
-6 3 ,2 3 2
-9 7
-3 8 3
-131
483
-1 ,5 3 2
2,035
-8 5 ,3 6 4
-4 8 ,1 5 5
-9 ,0 1 2
-2 7 ,7 9 8
-3 9 9
-1 0 7
-1 ,6 0 7
-1 2 9
42
-5 6 5
566
41
-137,911
-3 6 ,1 6 3
-2 0 ,7 3 5
-1 3 ,6 8 0
-6 7 ,3 3 3
-6 2 7
-4 0 ,5 9 7
-2 7 ,6 7 7
21,261
46,386
-9 7
-100
-9 0
-9 8
-1 1 0
2,435
815
1,345
676
990
-1 1 7
-1 5 8
-1 3 3
-1 4 9
-1 8 3
727
-2
-3 0 9
484
501
-1 ,7 2 8
-561
-668
-1 ,2 7 0
-5 4 5
1,374
544
1,004
1,526
1,794
-1 0 7
122
-86
42
-4 0
-8 6 ,8 3 6 -3 5 5 ,2 6 0 -1 7 1 ,6 2 2 -1 7 0 ,3 7 5 -3 0 8 ,1 2 7
-3 9 ,7 9 6
-7 7 ,2 8 3
-7 5 ,3 7 7
-5 1 ,9 9 8 -1 1 1 ,5 6 4
-5 4 ,3 6 4
-4 4 ,7 0 2
-3 5 ,8 1 4
-3 6 ,0 4 5
-5 3 ,9 8 8
-1 1 ,7 5 4
-2 6 ,1 1 3
-6 7 ,0 8 8
-9 ,2 3 5
-6 4 ,4 8 9
33,437 -1 7 4 ,8 4 4
-3 9 ,7 8 9
-5 5 ,1 5 4
-9 6 ,2 6 0
173,225
12,801
10,337
4,420
5,917
-5 9 7
2,335
726
160,424
24,485
10,327
73,750
3,637
57,788
-9 ,5 6 3
231,325
53,312
25,942
19,374
6,568
365
26,099
906
178,013
7,194
18,830
99,689
7,212
17,805
27,283
160,335
18,328
20,609
9,124
11,485
464
-3 ,5 9 0
845
142,007
13,929
54,060
43,282
1,106
7,515
22,115
230,275
31,504
34,083
27,548
6,535
-9 5
-3 ,6 2 3
1,139
198,771
38,763
17,186
66,578
6,906
12,763
56,575
240,908
50,531
41,461
30,277
11,184
-4 9 8
8,315
1,253
190,377
37,169
7,103
52,209
3,791
68,460
21,645
129,177
64,397
41,393
33,935
7,458
-3 1 6
21,981
1,339
64,780
-1 ,5 7 4
35,138
15,354
1,611
9,137
5,114
270,487
96,264
94,470
78,051
16,419
108
-2 4 6
1,932
174,223
33,616
-5 0 3
71,955
6,727
3,800
58,628
-8
217,732
66,877
47,550
42,668
4,882
-1 7
18,593
751
150,855
-5 ,4 6 0
49,717
81,187
-1 ,5 3 8
15,129
11,820
-20
0
459,483
147,636
124,051
112,586
11,465
-2 1 6
22,058
1,743
311,847
26,000
31,976
47,862
-2 ,9 4 2
61,265
147,686
331,630
79,949
66,043
62,841
3,202
-2 1 5
11,353
2,768
251,681
32,658
64,838
87,270
8,538
21,013
37,364
274,147
76,120
67,994
56,062
11,932
442
4,317
3,367
198,027
34,113
-6,871
86,577
3,673
29,957
50,578
467,941
94,050
56,853
41,790
15,063
-1 4 5
31,517
5,825
373,891
53,195
3,665
159,784
4,032
53,637
99,578
70 Financial derivatives, n e t.......................................................................................................
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 item s w ith sign reve rsed ).........................
71a
O f which: Seasonal adjustment discrepancy..................................................................
16,103
10,176
24,279
-2 ,2 0 8
-4 4 ,7 4 0
-1 3 ,9 4 4
-3 5 ,5 4 2
5,970
-2 2 ,9 7 5
8,282
71,670
-1,481
2,605
-1 1 ,8 0 2
-5 9 ,1 7 8
5,002
31,561
7,725
-4 ,6 4 6
-2 ,0 6 2
51,641
-16,1 51
18,923
10,492
72
73
74
75
76
77
M emoranda:
Balance on goods (lines 3 and 2 0 ).........................................................................................
Balance on services (lines 4 and 2 1 ) ....................................................................................
Balance on goods and services (lines 2 and 1 9 ) ...............................................................
Balance on income (lines 12 and 2 9 )....................................................................................
Unilateral current transfers, net (line 3 5 ) ..............................................................................
Balance on current account (lines 1 ,1 8 , and 35 or lines 7 4 ,7 5 , and 7 6 ) 13..............
See the footnotes on pages 104-105.
-1 0 7 ,9 4 6 -1 1 9 ,1 1 8 -1 2 3 ,1 2 8 -13 2 ,6 3 9 -1 3 6 ,8 2 6 -1 3 6 ,1 9 0 -136,501 -1 3 9 ,4 9 5 -1 5 1 ,1 9 4 -16 5 ,5 0 2 -170 ,411 -1 8 4 ,7 2 8
15,671
14,818
15,706
15,036
12,734
13,579
15,907
15,350
16,292
12,933
14,731
14,298
-9 3 ,1 2 8 -10 3 ,4 1 2 -1 0 7 ,4 5 7 -1 1 7 ,6 0 3 -12 4 ,0 9 2 -1 2 3 ,2 5 7 -1 2 2 ,9 2 2 -1 2 4 ,7 6 4 -1 3 5 ,2 8 7 -15 0 ,1 5 2 -1 5 6 ,1 1 3 -1 6 8 ,4 3 6
7,504
2,860
6,374
10,668
7,182
17,067
15,481
10,545
10,511
21,693
18,188
11,855
-1 8 ,5 4 2
-1 5 ,0 0 7
-1 6 ,3 9 4
-1 8 ,2 1 9
-1 7 ,7 0 7
-2 2 ,9 8 7
-1 5 ,0 0 5
-1 7 ,6 0 0
-1 8 ,2 6 9
-2 1 ,3 8 5
-21,1 41
-2 2 ,8 5 0
-1 0 4 ,1 6 6 -1 1 5 ,5 5 9 -1 1 6 ,0 8 8 -1 2 3 ,3 2 9 -13 5 ,1 2 9 -13 0 ,3 1 2 -1 3 0 ,1 1 8 -1 2 5 ,9 6 6 -136,581 -1 5 6 ,0 5 5 -1 5 9 ,0 6 6 -1 7 9 ,4 3 2
July 2009
Survey of Current Business
71
Transactions—Table Ends
of dollars]
Seasonally adjusted
2005
I
II
2006
III
IV
434,626
309,973
214,782
95,191
4,820
19,930
4,849
9,911
15,853
39,553
274
124,653
123,948
71,552
51,691
705
705
447,206
318,719
223,086
95,633
4,780
20,926
5,227
10,230
15,849
38,358
262
128,487
127,762
71,563
55,493
706
725
456,955
320,817
223,049
97,767
5,330
20,411
5,546
-5 8 0 ,3 7 4
-4 7 6 ,3 0 5
-40 0 ,1 2 2
-7 6 ,1 8 3
-7 ,5 4 4
-1 7 ,1 8 8
-6 ,2 5 7
-1 5 ,4 0 0
-5 ,8 3 8
-2 2 ,9 4 6
- 1,010
-1 0 4 ,0 6 9
-101,791
-2 8 ,9 9 7
-4 8 ,9 0 9
-2 3 ,8 8 5
-2 ,2 7 8
I
II
2007
III
IV
I
II
2008
III
IV
I
2009
III
II
IV
Line
Ip
1
2
16,215
39,764
291
136,138
135,411
73,952
60,832
627
727
477,936
331,950
231,420
100,530
4,609
20,532
5,347
10,930
16,477
42,374
260
145,986
145,253
77,472
67,104
677
733
503,350
348,137
243,445
104,692
5,575
20,794
5,376
11,137
16,674
44,858
277
155,212
154,489
77,601
76,298
590
723
528,763
359,303
252,086
107,217
6,074
21,245
5,465
11,594
17,093
45,460
286
169,459
168,732
81,748
86,397
587
727
540,184
364,612
255,925
108,687
5,963
21,598
5,647
11,691
17,709
45,784
294
175,572
174,859
81,997
92,268
594
713
561,608
379,631
264,355
115,276
6,301
22,152
5,547
11,803
19,251
49,926
297
181,978
181,258
83,470
97,159
629
720
574,689
387,708
269,538
118,170
6,982
21,802
5,784
12,055
19,367
51,884
296
186,981
186,249
83,011
102,679
559
731
600,300
397,988
277,655
120,333
5,173
23,018
5,999
12,548
19,869
53,438
288
202,312
201,575
88,628
112,373
574
737
631,854
418,349
289,160
129,189
5,539
25,306
6,547
13,149
21,637
56,702
309
213,505
212,760
92,993
119,221
546
745
655,255
439,123
302,031
137,092
7,742
26,924
7,305
13,798
22,950
58,053
320
216,132
215,376
98,615
116,207
554
757
654,217
451,290
315,637
135,653
6,226
27,072
7,522
14,541
22,633
57,359
299
202,927
202,163
98,426
103,024
713
764
671,886
473,090
332,876
140,214
5,931
28,005
7,950
15,601
23,212
59,209
307
198,796
198,028
100,538
96,756
735
767
673,383
478,064
337,912
140,152
5,120
28,835
8,254
15,621
23,069
58,940
313
195,319
194,554
96,047
97,196
1,311
765
591,747
424,151
290,569
133,583
5,295
26,178
7,896
13,182
22,685
58,021
326
167,596
166,847
75,736
88,964
2,147
749
509,571
375,304
249,374
125,930
5,208
23,844
6,976
10,625
21,928
57,036
312
134,267
133,520
62,052
68,994
2,474
747
-6 0 1 ,0 6 9
-4 9 0 ,4 5 4
-4 1 2 ,7 7 5
-7 7 ,6 7 9
-7 ,4 7 9
-1 7 ,5 0 8
-6,42 1
-1 5 ,2 4 5
-6,14 1
-2 3 ,9 2 4
-9 6 2
-1 1 0 ,6 1 5
-1 0 8 ,3 1 5
-2 9 ,4 3 8
-5 3 ,7 6 5
-2 5 ,1 1 2
-2 ,3 0 0
-6 1 7 ,6 3 5
-5 0 2 ,0 4 0
-4 2 3 ,0 7 7
-7 8 ,9 6 3
-7,541
-1 7 ,1 5 6
-6 ,7 4 5
-1 5 ,1 5 0
-6,52 1
-2 4 ,8 3 4
-1 ,0 1 6
-1 1 5 ,5 9 5
-1 1 3 ,2 3 0
-2 7 ,0 1 3
-5 9 ,8 0 4
-2 6 ,4 1 3
-2 ,3 6 5
-66 0 ,5 5 7
-5 2 7 ,9 2 9
-4 4 7 ,2 1 4
-8 0 ,7 1 5
-7,511
-1 7 ,1 1 8
-6 ,7 2 6
-1 6 ,1 4 2
- 6,112
-2 6 ,1 1 5
-991
-13 2 ,6 2 7
-13 0 ,2 7 9
-3 5 ,8 8 5
-6 5 ,9 3 0
-2 8 ,4 6 4
-2 ,3 4 8
-68 1 ,0 0 5
-53 9 ,7 5 9
-4 5 4 ,6 1 8
-85,141
-7 ,7 2 3
-1 7 ,6 2 4
-6 ,7 4 8
-1 5 ,9 3 4
-5 ,9 8 9
-3 0 ,1 2 7
-9 9 6
-14 1 ,2 4 5
-13 8 ,8 8 8
-3 4 ,1 2 2
-74,281
-3 0 ,4 8 5
-2 ,3 5 7
-70 7 ,1 3 2
-55 0 ,4 7 5
-4 6 3 ,7 9 7
-8 6 ,6 7 9
-7 ,7 3 4
-1 7 ,9 5 6
-6 ,9 2 8
-1 6 ,3 2 2
-5 ,5 7 2
-31,1 51
-1 ,0 1 6
-1 5 6 ,6 5 7
-15 4 ,3 0 6
-3 7 ,9 4 2
-8 3 ,4 4 4
-3 2 ,9 2 0
-2,351
-7 3 0 ,0 9 7
-5 6 3 ,9 0 2
-476,361
-8 7 ,5 4 2
-7 ,9 8 4
-18,021
-6 ,8 9 0
-1 6 ,5 8 8
-5 ,5 4 5
-3 1 ,4 9 2
- 1,022
-1 6 6 ,1 9 5
-1 6 3 ,8 4 9
-4 1 ,2 1 2
-8 8 ,0 0 5
-3 4 ,6 3 2
-2 ,3 4 6
-7 2 7 ,9 4 6
-5 5 7 ,9 0 6
-46 8 ,2 9 6
-8 9 ,6 1 0
-7,59 1
-1 8 ,5 0 3
-6 ,9 3 5
-1 6 ,4 7 4
-6 ,4 1 2
-3 2 ,7 0 8
-9 8 7
-1 7 0 ,0 3 9
-1 6 7 ,6 0 3
-3 7 ,4 9 4
-9 3 ,1 6 7
-3 6 ,9 4 2
-2 ,4 3 6
-74 2 ,9 8 0
-565 ,746
-475,571
-9 0 ,1 7 5
-7 ,9 1 5
-18,521
-6 ,7 2 7
-1 6 ,0 3 5
-6 ,2 7 0
-33,691
-1 ,0 1 6
-17 7 ,2 3 4
-17 4 ,8 0 6
-3 6 ,3 3 6
-9 9 ,4 1 4
-3 9 ,0 5 6
-2 ,4 2 8
-7 6 5 ,0 7 9
-5 7 5 ,5 4 8
-4 8 3 ,2 9 4
-9 2 ,2 5 3
-8 ,0 8 5
-1 8 ,7 9 2
-6 ,9 8 4
-1 6 ,6 8 8
-6 ,1 8 4
-3 4 ,5 0 2
-1 ,0 1 8
-189,531
-1 8 7 ,0 1 6
-3 7 ,5 2 5
-1 0 8 ,0 9 0
-41,401
-2 ,5 1 5
-7 7 4 ,9 1 2
-5 8 9 ,8 1 4
-4 9 4 ,0 7 5
-9 5 ,7 3 9
-8 ,1 3 2
-1 9 ,2 7 3
-7 ,4 1 4
-1 7 ,0 7 4
-6 ,2 1 8
-3 6 ,5 5 9
-1 ,0 6 9
-1 8 5 ,0 9 8
-1 8 2 ,5 7 4
-2 9 ,8 0 9
-111,051
-4 1 ,7 1 4
-2 ,5 2 4
-7 8 9 ,7 0 3
-6 1 3 ,4 8 3
-5 1 6 ,4 3 5
-9 7 ,0 4 8
- 8,688
-1 9 ,7 6 8
-7 ,3 1 2
-1 7 ,3 0 3
-5 ,9 8 3
-3 6 ,9 1 3
-1,081
-1 7 6 ,2 2 0
-1 7 3 ,6 2 3
-2 2 ,8 6 2
-1 0 8 ,6 0 4
-4 2 ,1 5 7
-2 ,5 9 7
-8 0 0 ,1 8 5
-6 3 3 ,9 4 3
-53 4 ,4 8 2
-99,461
-8 ,7 6 9
-2 0 ,2 3 5
-7 ,8 6 8
-1 7 ,9 5 6
-6 ,4 2 7
-3 7 ,1 2 2
-1 ,0 8 3
-166,241
-1 6 3 ,6 5 2
-2 7 ,2 6 9
-9 4 ,4 1 6
-4 1 ,9 6 7
-2 ,5 9 0
-8 2 8 ,4 5 8
-6 5 5 ,9 3 7
-5 5 4 ,3 7 2
-1 0 1 ,5 6 5
-8 ,9 8 6
-2 0 ,1 0 9
-8 ,0 2 9
-1 8 ,4 9 6
-6 ,5 3 7
-3 8 ,3 1 5
-1 ,0 9 2
-172,521
-169,951
-40,0 71
-87,061
-4 2 ,8 1 9
-2,57 1
-8 2 5 ,2 0 0
-6 6 4 ,0 0 6
-5 5 9 ,0 0 2
-1 0 5 ,0 0 4
-9 ,7 8 4
-1 9 ,8 4 8
-8 ,3 4 3
-1 8 ,9 2 4
-7 ,6 4 4
-39,3 31
-1 ,1 3 0
-1 6 1 ,1 9 4
-1 5 8 ,6 1 8
-2 9 ,0 5 0
-8 8 ,5 0 4
-4 1 ,0 6 4
-2 ,5 7 6
-7 1 5 ,0 9 6
-5 6 8 ,6 4 6
-4 6 9 ,3 8 9
-9 9 ,2 5 7
-8 ,9 1 3
-19,551
-8 ,3 5 7
-1 6 ,7 6 7
-6 ,0 0 7
-3 8 ,4 9 8
-1 ,1 6 4
-1 4 6 ,4 5 0
-1 4 3 ,8 2 3
-2 4 ,4 7 3
-7 9 ,8 9 0
-3 9 ,4 6 0
-2 ,6 2 7
-5 8 1 ,4 8 9
-4 6 6 ,4 9 3
-373,411
-9 3 ,0 8 3
-8 ,5 9 9
-1 8 ,6 3 0
-7 ,2 4 8
-1 3 ,9 4 5
-5 ,5 3 2
-3 8 ,0 4 0
-1 ,0 8 9
-1 1 4 ,9 9 6
-1 1 2 ,4 4 6
-1 0 ,0 4 2
-6 5 ,9 0 5
-3 6 ,4 9 9
-2 ,5 5 0
-2 8 ,7 2 3
-9 ,4 8 2
-1 ,5 5 8
-1 7 ,6 8 3
-2 5 ,1 9 6
-6 ,1 2 5
-1 ,5 6 9
-1 7 ,5 0 2
-2 4 ,6 5 8
-7,84 1
-1 ,5 8 4
-1 5 ,2 3 3
-2 7 ,1 9 4
-1 0 ,1 9 9
-1 ,5 9 2
-1 5 ,4 0 3
-2 0 ,9 9 5
-5 ,7 4 2
-1 ,6 1 4
-1 3 ,6 3 9
-2 3 ,7 0 8
-7 ,4 0 7
-1 ,6 2 7
-1 4 ,6 7 4
-2 4 ,8 7 6
-7 ,9 3 9
-1 ,6 2 0
-1 5 ,3 1 7
-2 1 ,6 9 3
-6 ,6 4 5
-1 ,6 4 7
-13,401
-3 0 ,8 0 7
-1 0 ,7 4 7
-1 ,8 0 5
-1 8 ,2 5 5
-2 5 ,7 5 2
-5 ,9 3 0
-1 ,8 3 4
-1 7 ,9 8 8
-2 8 ,5 5 7
-7 ,3 6 6
-1 ,8 3 7
-1 9 ,3 5 4
-3 0 ,8 8 3
-1 0 ,3 9 4
-1 ,8 4 9
-1 8 ,6 4 0
-3 3 ,3 3 0
-1 0 ,3 3 5
-2 ,0 8 2
-2 0 ,9 1 3
-3 1 ,1 4 7
-7 ,8 9 3
-2 ,0 9 7
-2 1 ,1 5 7
-32,3 61
-8 ,5 6 8
- 2,100
-2 1 ,6 9 3
-3 1 ,5 2 7
-9 ,2 0 7
-2 ,1 1 3
-2 0 ,2 0 7
-2 9 ,5 7 6
-7 ,3 5 0
-2 ,2 7 4
-1 9 ,9 5 2
35
36
37
38
-2 ,5 9 4
-5 1 0
14,913
-4 6 5
-1,72 1
-1 ,0 1 7
-5 3 9
-6 2 9
-5 4 9
-1 2 4
-6 2 5
-5 9 7
-6 3 7
-6 8 2
2,967
-6 9 5
-6 9 0
39
-1 2 9 ,1 7 5
5,331
-2 2 2 ,3 9 7
-7 9 7
-204,361
4,766
9,302
4,796
-3 8 7 ,6 8 9
513
-2 2 3 ,9 5 3
-5 6 0
-2 9 5 ,3 8 9
1,006
-3 7 8 ,6 9 8
1,415
-485 ,867
-7 2
-5 4 5 ,1 5 8
26
-1 9 2 ,5 3 0
-5 4
-248,571
107,343
-1 ,2 6 7
29,322
-1 7 9
114,730
-3 ,1 2 6
125,241
-9 8 2
0
0
0
0
0
0
0
0
0
0
-2 2
0
-251,501
-2 7 6
0
0
0
0
0
1,713
3,763
-1 4 5
2,591
-5 1 9
1,083
2,027
-1 3 7 ,0 9 7
-5 8 ,7 9 9
-5 9 ,5 9 9
-64,051
45,352
-9 7
-5 6 4
-1 3 6
989
-7 0 8
1,586
2,976
1,951
-1 6 1
1,501
-5 1 8
1,957
62
-2 1 0 ,6 2 8
12,163
-6 6 ,3 8 3
-6 9 ,5 2 7
-86,881
-81
5,050
-1 7 3
459
-5 0 9
977
-9
4,047
51,948
-6 7 ,9 0 0
3,111
16,888
-6 7
729
-1 4 9
1,049
-1 ,5 1 7
2,558
-51
-351
-1 5 8
1,765
-3 7 6
2,147
-5 4
1,275
-2 1 5
1,570
-5 9 2
2,170
-51
1,678
-4 3
-2 1 2
8
-6
-8
-389,251
-58,801
-7 5 ,6 8 9
-4 1 ,7 9 2
-2 1 2 ,9 6 9
-2 2 5 ,1 5 8
-3 5 ,1 6 0
-8 0 ,2 0 3
-4 8 ,2 2 6
-6 1 ,5 6 9
-2 9 7 ,9 6 5
-7 2 ,1 4 9
-7 2 ,5 5 2
-5 7 ,4 7 8
-9 5 ,7 8 6
962
-5 0 7
1,454
15
-3 8 1 ,0 7 5
-7 8 ,8 1 2
-1 3 6 ,6 8 5
-3 3 ,8 0 3
-1 3 1 ,7 7 5
-241
445
-6 0 8
1,091
-3 8
-486 ,240
-9 9 ,9 7 5
-12 2 ,0 2 4
-4 2 ,9 4 7
-2 2 1 ,2 9 4
-3 9
294
-2 2 9
-5 9 6
-1 ,4 0 5
687
-5 4 4 ,5 8 8
-9 4 ,4 1 5
-1 0 7 ,0 6 4
-133,201
-2 0 9 ,9 0 8
-3 7
230
-2 4 7
623
-1 8 2
780
25
-1 9 3 ,0 9 9
-6 5 ,8 0 0
-1 1 3 ,8 2 6
75,747
-8 9 ,2 2 0
-3 5
285
-2 7 2
-2 2 ,7 4 4
-2 7 9
1,546
-24,011
-2 2 5 ,8 0 5
-1 3 8 ,4 0 8
-2 3 ,6 1 0
59,884
-123,671
0
-2 2
-3 5 9
3,268
-1 7 9
490
2,957
-2 5 4 ,4 9 3
-8 9 ,7 9 2
-4 7 ,8 7 0
116,232
-2 3 3 ,0 6 3
-9 5 5
-2 9 0
-4 1 ,5 9 2
-1 ,1 0 6
497
-4 0 ,9 8 3
150,202
-1 0 3 ,6 1 9
-4 0 ,5 6 6
64,906
229,481
-3 0
256
-4 0 5
-2 2 5 ,9 9 7
-4 7 5
695
-2 2 6 ,2 1 7
255,498
-5 4 ,1 1 5
79,182
87,352
143,079
-2 5
- 2,886
-2 1 5
-2 6 5 ,2 9 3
-4 4 2
672
-2 6 5 ,5 2 3
383,150
-6 4 ,4 8 6
70,015
103,739
293,882
-1 5
-7 5 4
-2 1 3
244,078
-2 3 2
489
243,821
-11 7 ,8 5 5
-2 3 ,9 5 5
-3 5 ,2 5 3
32,217
-9 0 ,8 6 4
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
282,881
98,188
86,316
53,662
32,654
-2 8 3
5,861
6,294
184,693
44,755
42,457
125,161
8,071
-4 2 ,2 9 4
6,543
545,648
130,427
117,579
65,573
52,006
-4 5
2,394
10,499
415,221
44,357
-2 5 ,9 1 9
167,589
35
66,064
163,095
407,652
127,303
71,299
26,391
44,908
760
43,366
11,878
280,349
65,611
-2 4 ,0 2 4
139,681
-2 ,3 4 5
59,820
41,606
525,441
121,843
121,907
60,641
61,266
913
-7,871
6,894
403,598
55,495
-2 1 ,5 9 3
197,877
-2,32 1
69,975
104,165
586,428
108,366
117,616
55,959
61,657
1,188
-1 5 ,5 2 4
5,086
478,062
77,688
13,307
178,098
6,858
48,934
153,177
700,961
165,837
121,922
40,619
81,303
366
32,614
10,935
535,124
21,016
42,127
183,460
-6 ,1 6 5
91,302
203,384
737,457
88,331
61,531
1,500
60,031
-6 9
15,575
11,294
649,126
83,683
-1 3 ,4 6 7
310,303
-1 ,6 3 5
127,498
142,744
278,424
47,674
12,420
-5 ,6 0 2
18,022
913
8,870
25,471
230,750
97,944
16,865
-9 ,8 2 9
655
75,447
49,668
412,618
179,107
74,024
61,915
12,109
4,132
51,960
48,991
233,511
73,115
21,282
121,718
-3 ,5 3 0
-9 2 ,5 6 6
113,492
426,058
208,646
185,239
106,005
79,234
1,645
-2 4 ,1 7 3
45,935
217,412
59,473
16,127
-1 5 ,1 7 9
-6 ,7 5 0
73,211
90,530
2,003
178,826
169,365
76,220
93,145
2,439
-2 9 ,6 9 7
36,719
-1 7 6 ,8 2 3
100,706
18,947
19,983
230
-5 4 ,9 9 6
-2 6 1 ,6 9 3
117,897
115,573
105,920
116,479
-1 0 ,5 5 9
1,642
9,797
-1 ,7 8 6
2,324
62,755
80,049
-1 0 2 ,5 1 2
5,845
76,442
-1 2 0 ,2 5 5
- 11,888
-1 6 ,0 2 4
82,974
178,948
-9 5 ,9 7 4
2,900
-1 0 9 ,3 7 0
7,472
4,136
96,802
81,496
-2 9 ,0 2 9
29,862
-1 3 9 ,8 2 4
-35,171
-7 8 ,1 4 9
71,182
118,565
118,309
256
2,927
-51,811
1,501
-149,331
35,275
56,892
-5 4 ,9 0 0
11,816
-34,701
-1 6 3 ,7 1 3
55
56
57
58
59
60
61
62
63
64
65
-1 ,0 0 7
5,942
-1 3 ,5 0 8
-1 4 ,5 0 9
n.a.
70
80,403
-2 3 ,9 3 8
15,388
14,066
-2 ,3 5 5
81,410
-3 ,0 3 7
-4 ,0 7 5
-6 3 7
-5 2 8
-7 ,9 6 6
13,344
14,659
38,067
-2 5 ,8 8 4
67,236
14,264
55,093
10,971
71
71a
-2 0 5 ,6 3 9
28,079
-1 7 7 ,5 6 0
12,781
-2 5 ,7 5 2
-190,531
-2 0 4 ,9 1 5
33,450
-1 7 1 ,4 6 5
28,407
-2 8 ,5 5 7
-1 7 1 ,6 1 4
-2 1 4 ,4 0 4
40,044
-1 7 4 ,3 6 0
39,912
-3 0 ,8 8 3
-1 6 5 ,3 3 0
-2 1 8 ,8 4 6
36,192
-1 8 2 ,6 5 3
36,686
-3 3 ,3 3 0
-1 7 9 ,2 9 8
-2 2 1 ,4 9 6
38,649
-1 8 2 ,8 4 7
26,274
-3 1 ,1 4 7
-1 8 7 ,7 1 9
-2 2 1 ,0 9 0
35,148
-1 8 5 ,9 4 2
34,125
-32,361
-1 8 4 ,1 7 8
-17 8 ,8 2 0
34,326
-1 4 4 ,4 9 5
21,146
-3 1 ,5 2 7
-1 5 4 ,8 7 5
-1 2 4 ,0 3 6
32,847
-9 1 ,1 8 9
19,271
-2 9 ,5 7 6
-1 0 1 ,4 9 4
72
73
74
75
76
77
111
-2 2 2 ,5 8 9
-4 1 ,5 4 8
-5 7 ,3 1 7
59,260
-1 8 2 ,9 8 4
304,880
81,292
42,673
23,768
18,905
10,210
212
234,182
25,052
38,940
15,999
22,941
-6 9 8
-1 5 ,8 1 4
2,624
209,130
38,871
78,528
75,631
-1 ,7 0 9
86,298
-6 8 ,4 8 9
34,219
4,280
223,588
-9 ,0 0 4
-13,0 01
107,694
-1 9 6
-2 6 ,1 5 9
164,254
425,404
54,736
45,405
19,412
25,993
440
1,994
6,897
370,668
38,016
24,316
141,900
2,281
51,727
112,428
n.a.
n.a.
n.a.
n.a.
1,633
14,090
15,134
-1 ,1 4 7
72,057
12,096
97,086
-1 ,2 7 8
-5 0 ,6 1 6
-2 1 ,1 9 3
-8 1 ,9 0 4
10,376
40,780
9,315
5,305
-2 ,4 4 3
-2 9 ,8 5 8
-1 9 ,3 0 5
-1 7 ,9 2 4
12,434
14,795
-3 0 ,2 4 2
10,399
-1 8 5 ,3 4 0
19,008
-1 6 6 ,3 3 2
20,584
-2 8 ,7 2 3
-174,471
-1 8 9 ,6 8 9
17,954
-1 7 1 ,7 3 5
17,872
-2 5 ,1 9 6
-1 7 9 ,0 5 9
-20 0 ,0 2 8
18,804
-1 8 1 ,2 2 3
20,543
-2 4 ,6 5 8
-1 8 5 ,3 3 9
-2 1 5 ,7 9 4
19,815
-1 9 5 ,9 7 9
13,358
-2 7 ,1 9 4
-209 ,815
-2 1 1 ,1 7 3
19,551
-19 1 ,6 2 2
13,967
-2 0 ,9 9 5
-198,651
-2 1 1 ,7 1 0
20,538
-1 9 1 ,1 7 2
12,802
-2 3 ,7 0 8
-2 0 2 ,0 7 8
-2 2 0 ,4 3 5
21,145
-1 9 9 ,2 9 0
9,377
-2 4 ,8 7 6
-2 1 4 ,7 8 9
-203,941
25,666
-1 7 8 ,2 7 6
11,938
-2 1 ,6 9 3
-188,031
-20 6 ,0 3 3
27,995
-17 8 ,0 3 8
9,747
-3 0 ,8 0 7
-19 9 ,0 9 8
120
122
-2 9
112
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
66
67
68
69
72
U.S. International Transactions
July 2009
Table 2. U.S. Trade
[Millions
2001
2000
1999
Line
2002
2003
2004
2005
2006
2007
2008
A B alance o f paym ents adjustm ents to Census trade data:
EXPO RTS
1 Exports o f goods, Census basis 1 including reexports and
695,797
781,918
646
27
-2,321
0
0
0
0
0
0
0
0
0
-2 ,4 0 4
-2 ,9 8 4
-3 ,6 6 0
-3 ,2 9 4
-3 ,4 9 4
-3 ,8 2 6
-3 ,7 7 6
-4 ,0 3 7
-4 ,0 1 5
-1 0 ,6 5 8
474
-8 ,0 8 6
55
-7 ,9 3 5
73
-4 ,6 4 5
-5 ,9 9 8
-2 6
-5 ,6 8 2
-2 5
-5 ,5 6 5
-1 7
-7,261
3
-6 ,8 4 8
-1 9
-7 ,3 6 5
-2 1
683,965
771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994
8 Im ports of goods, Census basis 1 (general im ports)..........................
1,024,618
1,218,022
1,140,999
1,161,366
1,257,121
1,469,704
1,673,455
1,853,938
1,956,962
2,103,641
Adjustments:
Gold imports, nonmonetary..........................................................................
Inland freight in Canada and Mexico.........................................................
Software revaluation.......................................................................................
2,727
3,654
1,629
3,214
3,929
2,318
2,220
-6 1 5
-2 2 9
-6 0 8
-191
625
3,858
3,812
553
-7 8 8
-3 2 0
40
4,346
4,208
902
-8 9 2
-3 1 2
0
Imports of U.S. military agencies identified in Census documents 2
Other adjustments, n e t 4..............................................................................
400
3,782
2,871
624
-7 5 3
-2 8 8
0
3,609
2,257
378
-6 0 4
-2 4 9
4,693
4,297
1,408
-9 6 3
299
5,208
3,507
1,692
-1 ,2 4 2
-3 2
4,148
4,846
3,649
1,522
-1 ,7 0 5
-4 6
6,315
4,627
3,084
1,444
-1 ,9 5 2
87
15 Equals: Im ports of goods, adjusted to balance of paym ents basis,
excluding “m ilitary” (table 1 , line 20) ...................................................
1,031,784
1,226,684
1,148,609
1,168,002
1,264,860
1,477,996
1,683,188
1,863,072
1,969,375
2,117,245
683,965
771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994
168,298
149,021
104,631
2,565
12,305
1,505
18,498
26,359
823
6,355
9,878
959
19,342
1,362
862
1,849
6,004
4,224
8,296
2,951
37,657
6,504
184,657
162,483
114,930
2,579
13,888
1,490
20,161
28,921
858
7,693
10,951
325
21,714
1,522
956
2,096
6,252
4,483
9,895
3,604
40,725
6,544
178,229
155,764
111,025
2,589
13,415
1,538
19,693
29,363
1,089
7,131
9,715
431
19,327
1,808
1,199
2,714
5,536
3,487
9,754
2,905
39,701
6,834
161,116
141,446
104,242
2,420
13,226
1,499
18,897
26,125
926
6,737
9,898
444
18,175
1,377
840
2,396
5,057
3,121
7,728
2,962
32,627
6,664
169,249
148,227
110,301
1,754
15,130
1,678
16,891
28,422
989
7,691
10,378
235
20,564
1,422
849
2,451
5,719
3,190
8,583
2,729
33,233
7,341
188,913
167,110
123,972
1,937
16,805
2,016
20,770
31,016
1,276
7,545
10,547
590
23,991
1,515
1,026
2,967
6,454
3,209
9,209
3,241
35,336
9,463
207,503
182,987
134,920
2,539
18,596
2,217
239,764
208,998
152,282
2,956
21,251
2,607
23,339
40,770
1,336
7,611
12,398
555
30,731
2,299
1,457
4,702
7,272
4,090
14,325
5,112
44,526
12,428
279,476
240,853
176,484
3,103
25,180
3,080
26,436
49,106
1,887
7,770
14,003
884
32,595
3,012
2,456
7,253
9,689
4,384
16,975
6,350
49,395
15,919
321,151
268,323
198,538
2,642
28,820
3,737
28,603
54,209
1,832
7,602
15,330
947
39,368
3,214
2,607
9,335
12,062
5,003
21,968
9,733
52,868
21,270
including m ilitary grant shipm ents........................................................
Adjustments:
Private gift parcel remittances.....................................................................
Gold exports, nonmonetary.........................................................................
Repair of equipment......................................................................................
Exports transferred under U.S. military agency sales contracts
identified in Census documents 2..........................................................
Other adjustments, n e t 3 ..............................................................................
7 Equals: Exports of goods, adjusted to balance of paym ents
basis, excluding “ m ilitary” (table 1, line 3 ) ........................................
2
3
4
5
6
511
729,100
458
693,103
393
724,771
394
814,875
487
901,082
663
1,025,967
878
1,148,199
1,089
1,287,442
932
-1
IM PO RTS
9
10
11
12
13
14
B Trade in goods, by area and country, adjusted to balance of
paym ents basis, excluding m ilitary : 5
EXPO RTS
1 Total, all countries (A—7 ) ................................................................................
2
E u ro p e..............................................................................................................
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
European U nion....................................................................................
Euro a re a ................................................................................................
Austria...........................................................................................................
Belgium ........................................................................................................
Finland..........................................................................................................
France ...........................................................................................................
G erm any......................................................................................................
G re e c e .........................................................................................................
Ireland...........................................................................................................
Italy.................................................................................................................
Luxembourg................................................................................................
Netherlands.................................................................................................
Norw ay.........................................................................................................
Portugal........................................................................................................
R ussia...........................................................................................................
Spain.............................................................................................................
S w eden........................................................................................................
Switzerland..................................................................................................
Turkey............................................................................................................
United Kingdom..........................................................................................
Other Europe...............................................................................................
22,120
33,787
1,076
8,437
11,342
673
26,293
1,887
1,118
3,969
6,721
3,665
10,660
4,134
37,842
10,425
24
Canada 6...........................................................................................................
166,713
178,877
163,259
160,915
169,929
189,982
212,192
230,983
249,949
261,872
25
26
27
28
29
30
31
32
33
34
Latin Am erica and O ther W estern H em isp h ere................................
South and Central Am erica.....................................................................
Argentina.................................................................................................
Brazil........................................................................................................
C hile..........................................................................................................
Colombia.................................................................................................
Mexico......................................................................................................
Venezuela................................................................................................
O th er........................................................................................................
Other Western Hem isphere....................................................................
141,492
131,204
4,919
13,116
3,016
3,536
86,758
5,314
14,545
10,288
170,267
158,837
4,652
15,257
3,431
3,629
111,172
5,509
15,187
11,430
158,969
147,858
3,893
15,789
3,067
3,489
101,181
5,600
14,839
11,111
148,337
137,246
1,574
12,310
2,604
3,555
97,305
4,021
15,878
11,090
149,049
137,541
2,432
11,139
2,699
3,725
97,248
2,827
17,472
11,508
171,800
159,351
3,385
13,756
3,587
4,479
110,606
4,761
18,776
12,449
192,257
177,188
4,115
15,212
5,121
5,421
120,160
6,413
20,747
15,069
221,626
204,064
4,766
18,832
6,275
6,670
133,658
8,994
24,870
17,562
242,312
222,405
5,843
24,061
8,043
8,500
135,811
10,193
29,953
19,907
287,806
263,880
7,515
32,175
11,810
11,367
151,147
12,604
37,262
23,927
35
36
37
38
39
40
41
42
43
44
45
46
47
48
A sia and P acific............................................................................................
Australia.......................................................................................................
China.............................................................................................................
Hong Kong ..................................................................................................
In d ia ..............................................................................................................
Indonesia......................................................................................................
Japan.............................................................................................................
Korea, Republic o f.....................................................................................
M alaysia.......................................................................................................
Philippines....................................................................................................
Singapore.....................................................................................................
Taiw an...........................................................................................................
T h ailand.......................................................................................................
O th er.............................................................................................................
179,847
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
211,043
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
188,731
10,592
19,108
13,944
3,754
2,536
55,879
21,203
9,295
7,614
17,338
17,394
5,934
4,140
186,871
12,933
22,043
12,540
4,098
2,553
50,298
21,881
10,285
7,254
16,042
18,027
4,756
4,162
199,192
12,876
28,292
13,454
4,980
2,504
50,845
23,542
10,862
7,966
16,287
17,065
5,566
4,954
220,914
13,629
34,324
15,788
236,019
15,214
41,072
16,322
7,914
3,053
53,118
27,112
10,399
6,869
270,810
17,108
53,528
17,717
9,622
3,066
57,153
31,671
12,368
7,586
23,550
22,334
7,822
7,287
301,190
18,797
62,786
19,875
14,885
3,951
60,421
33,657
11,603
7,678
25,379
25,415
8,259
8,484
325,948
21,642
69,552
21,463
17,623
5,624
64,457
33,913
12,870
8,214
27,633
24,636
8,989
9,331
49
50
51
52
M iddle E a s t.....................................................................................................
Israe l.............................................................................................................
Saudi Arabia................................................................................................
O th er.............................................................................................................
18,122
6,827
6,312
4,983
16,984
7,363
4,974
4,647
18,061
6,802
4,394
6,865
18,270
6,588
4,126
7,557
21,784
8,074
4,878
8,832
29,634
8,690
6,540
14,404
52,343
13,240
11,892
27,211
A fric a .................................................................................................................
Algeria...........................................................................................................
Nigeria...........................................................................................................
South Africa.................................................................................................
O th er.............................................................................................................
9,493
461
631
2,580
5,821
10,165
857
724
3,082
5,502
9,870
965
1,061
2,518
5,326
10,158
484
1,023
2,817
5,833
12,768
967
1,559
3,170
7,072
14,733
22,713
1,650
2,788
5,510
12,766
27,873
1,230
4,109
6,481
16,053
58
International organizations and u n allo cated .....................................
0
1
0
0
0
0
8,111
0
34,782
9,595
7,348
17,838
17,847
1,098
2,228
4,454
10,067
42,744
11,730
9,861
21,153
53
54
55
56
57
18,142
6,972
5,562
5,608
11,383
1,032
958
2,953
6,439
Mem orandum :
59 Members of O P E C ..............................................................................................
18,315
17,625
19,502
17,895
16,662
21,723
31,052
See the footnotes on pages 104-105.
6,101
2,669
52,271
25,581
10,790
7,051
19,199
21,157
6,280
6,074
20,212
21,016
7,198
6,521
1,101
1,624
3,897
0
0
0
37,994
47,607
63,669
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
7 3
in Goods—Continues
of dollars]
Not seasonally adjusted
Seasonally adjusted
2007
1
II
2008
III
IV
I
II
2007
2009
III
IV
Ip
I
II
2008
III
IV
I
II
2009
III
IV
Line
Ip
A
268,384
285,489
287,383
306,942
314,349
339,271
337,012
296,810
246,678
272,148
280,317
291,405
304,328
318,405
335,031
340,671
293,336
251,983
1
251
0
-1,015
256
0
-1,147
259
0
-903
324
0
-972
248
0
-917
244
0
-1,010
235
0
-1,036
205
0
-1,053
242
0
-1,048
251
0
-1,015
256
0
-1,147
259
0
-903
324
0
-972
248
0
-917
244
0
-1,010
235
0
-1,036
205
0
-1,053
242
0
-1,048
2
3
4
-1,836
-10
-1,763
-8
-1,605
4
-1,643
-5
-2,093
-6
-1,382
-8
-1,969
12
-1,921
1
-1,800
-1
-1,836
-10
-1,763
-8
-1,605
4
-1,643
-5
-2,093
-6
-1,382
-8
-1,969
12
-1,921
1
-1,800
-1
5
6
265,774
282,827
285,137
304,645
311,581
337,116
334,254
294,043
244,070
269,538
277,655
289,160
302,031
315,637
332,876
337,912
290,569
249,374
7
451,989
484,369
500,303
520,301
504,614
555,188
572,678
471,160
352,509
472,827
479,921
490,488
513,726
529,951
550,820
555,523
467,347
372,209
8
838
1,235
767
310
4 00
-6
1,397
1,248
811
438
-453
-68
1,414
1,185
1,010
376
-417
18
498
1,178
1,060
398
-436
10
2,550
1,208
795
451
-517
44
1,588
1,211
721
467
-461
26
1,666
1,133
855
342
-554
38
511
1,075
714
184
-421
-21
0
995
504
207
-548
43
838
1,235
767
310
400
-6
1,397
1,248
811
438
4 53
-68
1,414
1,185
1,010
376
4 17
18
498
1,178
1,060
398
436
10
2,550
1,208
795
451
-517
44
1,588
1,211
721
467
461
26
1,666
1,133
855
342
-554
38
511
1,075
714
184
-421
-21
0
995
504
207
-548
43
9
10
11
12
13
14
454,734
487,742
503,889
523,010
509,145
558,740
576,158
473,202
353,710
475,571
483,294
494,075
516,435
534,482
554,372
559,002
469,389
373,411
15
B
265,774
67,993
60,111
43,942
889
5,774
716
6,704
11,779
820
2,201
3,460
129
8,612
684
568
1,378
2,225
1,088
3,272
1,457
12,630
3,610
58,258
55,737
51,307
1,231
5,523
1,622
1,895
32,135
2,228
6,673
4,431
69,843
4,312
14,312
4,518
2,653
843
14,981
7,894
2,903
1,880
6,346
5,305
1,851
2,046
8,727
2,760
1,767
4,200
5,216
280
597
1,129
3,210
0
282,827
71,295
60,283
43,326
757
6,362
791
6,535
12,177
349
1,776
3,451
160
7,963
811
650
1,786
2,283
1,120
5,434
1,656
13,122
4,115
63,963
59,666
55,117
1,364
5,483
2,042
1,945
34,371
2,733
7,180
4,549
73,930
4,540
15,349
4,731
3,000
1,019
15,193
8,654
2,788
1,926
6,104
6,721
1,886
2,019
9,148
2,696
1,994
4,458
4,825
281
627
1,295
2,622
0
285,137
68,421
58,421
43,339
788
6,390
781
6,328
12,409
345
1,787
3,277
310
7,691
698
598
2,050
2,554
1,031
4,462
1,528
11,485
3,908
61,485
62,026
57,184
1,606
6,282
2,066
2,253
34,821
2,664
7,493
4,843
76,070
4,875
15,496
5,201
4,775
978
14,775
8,152
2,811
1,832
6,293
6,564
2,221
2,097
10,921
3,117
2,320
5,484
6,215
517
739
1,627
3,332
0
304,645
71,767
62,039
45,877
669
6,654
792
6,869
12,742
373
2,006
3,816
285
8,330
819
640
2,040
2,628
1,145
3,807
1,709
12,158
4,286
66,244
64,883
58,797
1,642
6,774
2,313
2,408
34,485
2,569
8,608
6,085
81,348
5,070
17,628
5,426
4,457
1,109
15,472
8,957
3,102
2,040
6,637
6,825
2,301
2,322
13,948
3,157
3,780
7,010
6,456
572
824
1,459
3,602
0
311,581
80,386
67,152
49,396
734
7,170
792
6,922
13,264
377
2,198
3,833
167
9,970
822
668
2,129
3,125
1,154
6,345
1,980
13,954
4,783
64,882
66,792
60,954
1,650
6,875
2,674
2,874
35,719
2,504
8,657
5,837
81,393
5,129
17,519
5,108
3,711
1,327
15,917
8,511
3,231
2,225
7,154
6,873
2,141
2,547
11,656
3,459
2,452
5,746
6,472
395
836
1,517
3,723
0
337,116
86,033
71,623
52,339
654
7,832
1,118
7,635
14,460
475
1,957
4,426
194
9,687
898
671
2,531
3,011
1,350
5,740
2,917
14,724
5,755
71,736
73,618
67,553
2,242
7,837
3,680
2,766
38,154
2,982
9,892
6,064
86,523
5,604
18,071
6,029
4,360
1,448
17,049
9,438
3,406
2,079
7,544
6,822
2,275
2,398
12,559
3,503
2,659
6,397
6,647
317
953
1,521
3,856
0
334,254
81,846
67,355
50,029
645
7,360
1,071
7,041
13,611
458
1,708
3,698
374
10,098
758
616
2,643
3,187
1,315
5,619
3,007
12,946
5,692
66,889
78,204
71,792
2,030
9,534
3,060
3,162
40,329
3,390
10,287
6,412
86,179
5,792
17,652
5,687
5,704
1,676
16,801
8,960
3,515
2,140
6,961
6,524
2,542
2,226
13,413
3,408
2,991
7,014
7,721
254
1,255
1,740
4,472
0
294,043
72,885
62,193
46,774
609
6,458
756
7,005
12,875
522
1,739
3,372
212
9,613
737
653
2,033
2,740
1,184
4,264
1,829
11,244
5,040
58,365
69,192
63,580
1,592
7,928
2,395
2,565
36,945
3,727
8,427
5,613
71,853
5,118
16,311
4,640
3,848
1,172
14,690
7,005
2,719
1,769
5,974
4,416
2,031
2,160
14,715
2,870
3,791
8,054
7,033
264
1,065
1,703
4,002
0
244,070
64,517
55,487
40,653
500
5,211
371
6,907
11,035
331
2,124
2,927
235
7,896
631
389
1,178
2,464
1,118
4,556
1,316
11,565
3,763
47,231
54,648
50,052
1,202
5,899
1,952
2,241
29,056
2,617
7,085
4,596
61,084
4,626
14,370
4,620
3,295
969
12,508
5,570
2,035
1,226
5,132
3,242
1,523
1,968
10,822
1,808
2,500
6,514
5,768
222
850
1,217
3,480
0
269,538
69,091
61,089
44,686
912
5,878
726
6,841
11,972
831
2,243
3,514
133
8,738
695
574
1,390
2,255
1,105
3,352
1,457
12,810
3,665
59,101
56,576
52,090
1,249
5,636
1,644
1,916
32,613
2,263
6,768
4,486
70,723
4,386
14,471
4,586
2,699
838
15,107
8,005
2,948
1,904
6,458
5,367
1,887
2,068
8,809
2,805
1,786
4,218
5,239
281
597
1,142
3,218
0
277,655
69,803
58,977
42,380
738
6,215
773
6,377
11,922
340
1,736
3,374
161
7,792
793
638
1,770
2,242
1,096
5,316
1,646
12,843
4,032
62,809
58,583
54,100
1,332
5,342
1,999
1,918
33,775
2,676
7,058
4,483
72,731
4,436
15,125
4,640
2,921
1,027
15,029
8,514
2,728
1,899
5,952
6,609
1,856
1,992
8,960
2,622
1,955
4,383
4,770
277
621
1,266
2,605
0
289,160
69,196
59,046
43,780
792
6,452
788
6,385
12,527
349
1,803
3,324
309
7,759
708
610
2,089
2,600
1,043
4,502
1,572
11,622
3,962
62,275
62,923
57,992
1,622
6,326
2,091
2,291
35,341
2,707
7,615
4,930
77,274
4,922
15,766
5,268
4,831
1,012
15,074
8,282
2,841
1,868
6,339
6,677
2,253
2,142
11,088
3,162
2,348
5,578
6,404
537
763
1,651
3,453
0
302,031
71,386
61,741
45,639
662
6,635
793
6,833
12,685
367
1,987
3,791
281
8,307
817
634
2,005
2,592
1,140
3,805
1,674
12,121
4,259
65,764
64,230
58,222
1,640
6,757
2,308
2,375
34,083
2,547
8,512
6,008
80,463
5,053
17,424
5,382
4,434
1,073
15,210
8,855
3,086
2,007
6,630
6,762
2,264
2,282
13,887
3,142
3,772
6,974
6,300
554
806
1,451
3,489
0
315,637
81,644
68,301
50,190
748
7,300
806
7,038
13,496
387
2,230
3,896
168
10,122
840
673
2,132
3,147
1,175
6,403
1,987
14,236
4,860
65,843
67,703
61,803
1,686
7,007
2,716
2,886
36,223
2,525
8,760
5,900
82,164
5,208
17,673
5,190
3,771
1,313
15,987
8,559
3,283
2,237
7,279
6,940
2,169
2,555
11,809
3,517
2,481
5,811
6,474
386
835
1,545
3,708
0
332,876
84,569
70,332
51,412
643
7,679
1,099
7,491
14,210
466
1,923
4,352
190
9,505
880
662
2,524
2,975
1,327
5,642
2,902
14,439
5,660
70,714
72,753
66,737
2,198
7,698
3,615
2,749
37,733
2,960
9,785
6,016
85,827
5,505
18,005
5,948
4,279
1,470
17,012
9,389
3,349
2,075
7,399
6,753
2,248
2,395
12,382
3,443
2,615
6,325
6,631
320
954
1,491
3,865
0
337,912
82,475
67,811
50,376
650
7,405
1,080
7,081
13,700
460
1,719
3,733
379
10,162
760
620
2,693
3,225
1,323
5,666
3,049
13,023
5,747
67,536
79,076
72,573
2,042
9,573
3,094
3,206
40,816
3,434
10,408
6,504
87,417
5,841
17,946
5,744
5,748
1,724
17,109
9,105
3,542
2,183
7,001
6,626
2,574
2,274
13,542
3,431
3,017
7,093
7,866
259
1,284
1,756
4,568
0
290,569
72,463
61,878
46,561
601
6,436
753
6,992
12,803
519
1,730
3,349
210
9,579
734
652
1,986
2,716
1,179
4,257
1,795
11,170
5,002
57,779
68,273
62,767
1,589
7,898
2,384
2,526
36,375
3,685
8,309
5,507
70,541
5,088
15,929
4,581
3,825
1,117
14,349
6,861
2,696
1,720
5,953
4,317
1,999
2,107
14,610
2,849
3,780
7,982
6,902
265
1,036
1,689
3,912
0
249,374
66,152
56,928
41,733
511
5,355
380
7,119
11,334
335
2,181
2,995
239
8,092
647
400
1,192
2,517
1,141
4,657
1,348
11,852
3,857
48,259
55,920
51,236
1,238
6,076
2,011
2,291
29,703
2,669
7,248
4,685
62,056
4,729
14,472
4,700
3,387
970
12,678
5,674
2,089
1,246
5,277
3,290
1,554
1,989
11,086
1,863
2,569
6,654
5,900
224
862
1,258
3,557
0
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
9,605
10,592
12,159
15,251
. 13,264
14,934
17,105
18,366
12,826
9,673
10,423
12,372
15,140
13,376
14,804
17,330
18,159
13,106
59
7 4
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Table 2. U.S. Trade
[Millions
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
60 Total, all countries (A-15)..................................................
1,031,784
1,226,684
1,148,609
1,168,002
1,264,860
1,477,996
1,683,188
1,863,072
1,969,375
2,117,245
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
Europe..........................................................................
European Union
Euro area
Austria...
Belgium...
Finland.......................................................................
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands.................................................................
Norway.......................................................................
Portugal......................................................................
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other Europe
227,204
195,078
144,598
2,917
9,195
2,915
25,749
55,271
561
11,018
22,349
315
8,464
4,035
1,355
5,922
5,048
8,124
12,072
2,627
38,975
10,292
259,848
220,200
163,636
3,230
9,940
3,255
29,809
58,588
588
16,498
25,034
333
9,657
5,698
1,577
7,662
5,713
9,625
13,049
3,040
43,379
13,173
255,988
220,047
166,509
4,007
10,172
3,399
30,422
59,141
500
18,536
23,768
312
9,492
5,189
1,555
6,264
5,206
8,943
11,878
3,052
41,185
12,970
261,340
225,870
172,762
3,871
9,811
3,454
28,290
62,540
547
22,485
24,209
307
9,843
5,807
1,667
6,870
5,738
9,271
9,769
3,520
40,596
12,745
285,282
245,448
187,948
4,503
10,146
3,608
29,244
68,201
599
25,805
25,397
268
11,551
5,193
1,960
8,617
6,666
11,172
10,678
3,794
42,610
15,269
321,505
278,665
209,767
5,809
12,460
3,901
31,608
77,350
719
27,492
28,096
292
12,432
6,461
2,240
11,891
7,367
12,726
11,674
4,958
46,087
17,941
355,431
308,977
229,233
6,119
13,026
4,448
33,848
84,992
876
28,792
30,975
390
14,826
6,732
2,325
15,309
8,618
13,873
13,005
5,185
50,800
21,294
383,816
330,386
246,867
8,341
14,406
4,980
37,037
89,242
950
28,591
32,660
534
17,294
6,978
3,059
19,830
9,773
13,901
14,239
5,351
53,187
23,464
411,205
356,206
268,798
10,691
15,284
5,270
41,544
94,306
1,174
30,483
35,027
526
18,371
7,213
3,047
19,315
12,586
13,087
16,794
4,596
56,367
25,524
440,802
367,011
277,728
8,478
17,309
5,908
44,036
97,597
978
31,405
36,140
530
21,072
7,208
2,446
26,782
11,073
12,516
24,115
4,616
57,884
30,710
83
Canada6........................................................................
201,752
234,084
219,358
212,431
225,357
260,386
295,060
307,109
320,786
342,920
84
85
86
87
88
89
90
91
92
93
Latin America and Other Western Hemisphere...............
South and Central America...........................................
Argentina................................................................
Brazil......................................................................
Chile
Colombia
Mexico...
Venezuela
Other
Other Western Hemisphere..........................................
169,043
160,996
2,599
11,318
2,953
6,260
110,574
11,335
15,957
8,047
210,186
199,855
3,101
13,854
3,268
6,969
136,829
18,623
17,211
10,331
199,923
190,531
3,014
14,468
3,495
5,711
132,542
15,251
16,050
9,392
205,610
196,553
3,187
15,782
3,785
5,605
136,117
15,094
16,983
9,057
218,665
206,858
3,170
17,917
3,706
6,385
139,834
17,136
18,709
11,807
257,114
243,030
3,746
21,164
4,732
7,257
158,464
24,921
22,745
14,084
296,315
278,099
4,589
24,441
6,659
8,850
173,436
33,978
26,147
18,216
335,493
316,909
3,981
26,373
9,563
9,269
201,812
37,134
28,778
18,584
349,409
330,651
4,489
25,650
9,000
9,436
214,582
39,910
27,585
18,758
379,783
360,677
5,823
30,449
8,196
13,094
219,808
51,424
31,883
19,106
94
95
96
97
98
99
100
101
102
103
104
105
106
107
Asia and Pacific
Australia.....................................................................
China..........................................................................
Hong Kong .................................................................
India.....
Indonesia...
Japan....
Korea, Republic of
Malaysia....
Philippines.
Singapore...................................................................
Taiwan........................................................................
Thailand.....................................................................
Other..........................................................................
391,435
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
455,941
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
411,473
6,460
102,404
10,018
9,755
10,105
126,685
35,207
22,353
11,329
15,080
33,641
14,728
13,707
432,214
6,477
125,316
9,763
11,822
9,645
121,618
35,605
24,015
11,052
14,821
32,611
14,796
14,673
462,062
6,406
152,671
9,327
13,067
9,516
118,264
37,238
25,448
10,071
15,162
32,117
15,182
17,592
542,073
7,519
196,973
9,934
15,577
10,811
130,094
46,177
28,191
9,144
15,407
34,985
17,580
19,678
608,703
7,291
243,886
9,342
18,819
12,015
138,375
43,791
33,693
9,255
15,131
35,103
19,894
22,107
684,325
8,146
288,139
8,161
21,845
13,425
148,560
45,811
36,537
9,709
17,712
38,414
22,470
25,397
718,565
8,570
321,688
7,090
24,102
14,302
146,037
47,547
32,640
9,411
18,423
38,489
22,757
27,510
729,142
10,564
337,963
6,518
25,739
15,799
139,587
48,062
30,744
8,714
15,891
36,496
23,542
29,522
108
109
110
111
Middle East...................................................................
Israel..........................................................................
Saudi Arabia................................................................
Other.........................................................................
25,365
9,808
8,254
7,303
38,977
12,975
14,365
11,637
36,423
11,970
13,272
11,181
34,303
12,417
13,148
8,738
41,470
12,766
18,069
10,635
51,283
14,574
20,959
15,750
62,467
16,850
27,193
18,424
71,907
19,173
31,688
21,047
77,405
20,780
35,626
20,999
111,108
22,333
54,747
34,028
112
113
114
115
116
Africa
Algena
Nigeria
South Africa
Other.........................................................................
16,985
1,824
4,385
3,190
7,586
27,648
2,724
10,537
4,217
10,170
25,444
2,702
8,775
4,440
9,528
22,103
2,360
5,945
4,036
9,762
32,025
4,748
10,394
4,627
12,256
45,636
7,410
16,249
5,941
16,036
65,211
10,446
24,239
5,884
24,642
80,420
15,456
27,863
7,501
29,600
92,005
17,816
32,770
9,047
32,372
113,490
19,355
38,068
9,946
46,121
117
International organizations and unallocated...................
0
0
0
0
0
0
0
0
0
0
Memorandum:
118 Members of OPEC..............................................................
41,978
67,094
59,755
53,247
68,346
94,109
124,942
145,367
174,340
242,575
Line
B Trade in goods, by area and country, adjusted to balance of
payments basis, excluding military 5—Continues:
IMPORTS
See the footnotes on pages 104-105.
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
75
in Goods—Continues
of dollars]
Not seasonally adjusted
2007
1
II
Seasonally adjusted
2008
III
IV
I
II
2009
III
IV
2007
Ip
I
II
2008
III
IV
I
III
II
Line
2009
IV
If
B
454,734
487,742
503,889
523,010
509,145
558,740
576,158
473,202
353,710
475,571
483,294
494,075
516,435
534,482
554,372
559,002
469,389
373,411
60
94,649
83,514
63,445
2,321
3,560
1,194
9,645
22,227
252
8,256
8,060
135
3,652
1,629
752
3,779
3,261
3,412
3,424
1,161
12,485
5,443
104,350
90,112
67,715
2,628
4,221
1,581
10,244
23,347
292
7,818
8,603
128
4,497
2,011
766
5,196
3,469
3,561
4,258
1,158
14,581
5,991
103,689
89,197
67,351
2,211
3,545
1,197
10,797
24,100
321
6,846
9,102
141
4,961
1,779
763
5,127
3,249
2,826
4,531
1,126
14,243
6,825
108,517
93,382
70,287
3,532
3,958
1,298
10,857
24,632
308
7,564
9,263
121
5,261
1,794
765
5,213
2,607
3,288
4,581
1,151
15,058
7,265
106,613
89,797
68,184
2,683
4,598
1,194
10,721
24,258
210
7,739
8,873
122
4,546
1,668
610
5,357
2,446
3,228
6,487
1,021
13,911
6,942
119,011
98,660
74,694
2,127
4,853
1,931
11,404
26,619
242
7,741
9,697
139
6,148
2,456
624
7,968
2,967
3,452
6,150
1,160
15,782
7,549
115,111
93,456
70,015
1,800
4,249
1,632
11,175
24,340
241
7,641
9,452
156
5,481
1,802
628
8,435
3,017
2,991
6,407
1,164
15,148
9,353
100,067
85,098
64,835
1,869
3,609
1,151
10,735
22,380
285
8,284
8,118
113
4,897
1,282
584
5,021
2,643
2,847
5,071
1,271
13,043
6,866
77,619
67,210
51,208
1,652
2,915
1,088
8,347
16,821
221
7,296
6,440
68
3,756
1,118
393
3,663
1,937
2,097
3,612
967
10,519
4,709
98,746
87,032
66,066
2,419
3,720
1,251
10,056
23,122
266
8,569
8,395
141
3,830
1,732
786
4,009
3,374
3,546
3,565
1,208
13,071
5,684
103,735
89,731
67,473
2,629
4,181
1,561
10,218
23,297
292
7,808
8,582
128
4,457
1,946
756
5,082
3,444
3,543
4,254
1,150
14,469
5,939
102,024
87,905
66,387
2,186
3,475
1,182
10,670
23,765
313
6,752
8,965
140
4,880
1,716
742
4,925
3,201
2,785
4,486
1,111
14,024
6,707
106,700
91,538
68,872
3,457
3,908
1,275
10,600
24,121
303
7,354
9,086
117
5,204
1,819
762
5,298
2,567
3,212
4,488
1,128
14,804
7,195
111,341
93,610
71,036
2,784
4,826
1,257
11,180
25,184
218
8,041
9,237
126
4,789
1,775
639
5,794
2,561
3,353
6,646
1,063
14,554
7,313
118,401
98,321
74,447
2,118
4,815
1,912
11,368
26,607
242
7,744
9,676
139
6,065
2,403
621
7,785
2,943
3,446
6,159
1,159
15,697
7,503
112,102
91,156
68,329
1,750
4,108
1,591
10,906
23,792
235
7,473
9,233
153
5,337
1,733
608
8,089
2,943
2,916
6,311
1,135
14,734
9,053
98,959
83,924
63,916
1,826
3,560
1,148
10,582
22,015
283
8,147
7,993
111
4,881
1,297
578
5,114
2,626
2,801
4,999
1,258
12,899
6,840
81,801
70,751
53,843
1,733
3,056
1,148
8,761
17,691
230
7,663
6,771
72
3,977
1,188
414
3,925
2,041
2,205
3,794
1,021
11,137
4,974
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
76,967
81,802
78,820
83,198
85,710
93,764
92,686
70,760
52,994
80,431
81,007
77,242
82,108
89,882
92,938
89,796
70,306
56,060
83
79,715
75,104
1,065
5,915
2,531
2,031
49,605
7,488
6,468
4,611
85,880
81,019
999
6,439
2,187
2,034
53,091
9,600
6,669
4,860
89,864
85,253
1,055
6,855
2,315
2,695
54,872
10,181
7,280
4,612
93,950
89,275
1,370
6,441
1,966
2,676
57,014
12,640
7,168
4,675
90,740
86,019
1,346
6,676
2,411
2,968
53,443
11,283
7,893
4,721
101,134
96,172
1,491
8,186
2,050
3,613
58,338
14,441
8,052
4,962
104,958
99,691
1,472
8,437
2,164
3,830
57,768
16,781
9,239
5,267
82,950
78,795
1,514
7,150
1,570
2,684
50,259
8,919
6,698
4,155
63,702
60,598
1,006
4,733
2,051
2,184
39,479
5,690
5,454
3,103
83,584
78,744
1,119
6,186
2,627
2,146
51,833
8,057
6,776
4,840
84,691
79,920
975
6,384
2,179
1,990
52,657
9,140
6,594
4,771
87,654
83,174
1,012
6,714
2,269
2,600
53,848
9,610
7,121
4,480
93,480
88,813
1,383
6,366
1,925
2,700
56,244
13,102
7,095
4,667
95,797
90,824
1,429
7,053
2,498
3,172
55,988
12,357
8,326
4,973
99,909
95,011
1,469
8,092
2,044
3,548
57,961
13,919
7,978
4,899
101,359
96,254
1,420
8,177
2,112
3,666
56,081
15,875
8,923
5,104
82,719
78,589
1,505
7,127
1,542
2,708
49,778
9,272
6,656
4,130
67,429
64,125
1,063
5,020
2,153
2,325
41,624
6,189
5,752
3,304
84
85
86
87
88
89
90
91
92
93
168,232
1,885
71,450
1,521
5,829
3,496
36,238
12,023
8,132
2,273
4,657
8,991
5,394
6,342
174,049
2,188
76,644
1,705
5,887
3,428
35,634
12,318
7,649
2,172
4,738
9,454
5,561
6,671
186,964
2,250
86,522
1,886
5,896
3,860
36,310
11,571
8,278
2,496
4,543
9,964
5,802
7,586
189,320
2,247
87,071
1,978
6,490
3,517
37,855
11,636
8,580
2,470
4,486
10,080
5,999
6,910
172,566
2,195
72,771
1,723
6,639
3,662
37,390
11,724
7,968
2,209
4,500
9,050
5,724
7,011
181,390
2,874
81,565
1,460
6,200
3,826
36,504
12,626
8,249
2,154
3,970
9,120
5,881
6,961
197,133
3,056
96,201
1,835
6,689
4,402
34,244
12,486
7,980
2,294
3,917
9,716
6,281
8,032
178,052
2,439
87,425
1,500
6,211
3,909
31,449
11,226
6,547
2,058
3,504
8,610
5,656
7,518
135,258
1,991
64,845
897
5,192
3,255
21,856
9,662
5,020
1,630
3,355
6,694
4,356
6,505
175,281
1,958
74,553
1,588
6,066
3,641
37,701
12,537
8,452
2,363
4,841
9,365
5,609
6,608
173,730
2,186
76,604
1,705
5,870
3,417
35,573
12,235
7,618
2,169
4,722
9,432
5,547
6,652
184,712
2,219
85,644
1,869
5,819
3,808
35,829
11,362
8,154
2,467
4,487
9,836
5,734
7,483
184,842
2,207
84,887
1,928
6,347
3,435
36,934
11,413
8,416
2,413
4,374
9,856
5,867
6,766
179,518
2,297
75,845
1,792
6,899
3,812
38,779
12,218
8,268
2,292
4,665
9,402
5,950
7,299
181,591
2,866
81,817
1,463
6,202
3,831
36,469
12,614
8,247
2,155
3,965
9,125
5,881
6,955
193,052
2,990
94,374
1,796
6,547
4,304
33,474
12,180
7,803
2,247
3,822
9,514
6,147
7,854
174,981
2,411
85,926
1,467
6,090
3,853
30,866
11,051
6,425
2,020
3,439
8,454
5,564
7,414
142,171
2,091
68,154
942
5,455
3,429
22,965
10,165
5,282
1,716
3,508
7,035
4,577
6,851
94
95
96
97
98
99
100
101
102
103
104
105
106
107
15,392
4,861
6,225
4,306
18,868
5,301
8,565
5,003
20,498
4,961
9,690
5,847
22,646
5,657
11,146
5,843
26,196
5,554
12,135
8,506
30,042
6,235
14,653
9,154
33,695
5,906
17,412
10,377
21,175
4,638
10,547
5,990
12,316
4,048
4,582
3,686
16,383
5,052
6,728
4,602
18,263
5,286
8,160
4,817
19,634
4,905
9,131
5,598
23,126
5,537
11,607
5,982
28,335
5,758
13,330
9,247
29,212
6,232
14,122
8,859
31,897
5,770
16,363
9,764
21,664
4,573
10,934
6,158
13,202
4,249
4,966
3,987
108
109
110
111
19,779
3,806
6,872
2,013
7,089
22,793
4,875
7,065
2,328
8,525
24,053
5,204
8,190
2,436
8,223
25,379
3,931
10,642
2,270
8,535
27,320
4,024
10,497
2,534
10,266
33,398
6,292
11,152
2,650
13,303
32,575
5,532
10,434
2,831
13,778
20,197
3,506
5,985
1,931
8,775
11,822
1,969
2,638
1,250
5,964
21,147
4,118
7,377
2,091
7,561
21,870
4,670
6,687
2,316
8,196
22,810
4,901
7,682
2,395
7,832
26,179
4,127
11,025
2,245
8,782
29,611
4,407
11,428
2,627
11,149
32,321
6,067
10,710
2,650
12,893
30,798
5,236
9,755
2,774
13,033
20,761
3,645
6,174
1,896
9,046
12,747 112
2,139 113
2,855 114
1,313 115
6,441 116
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
117
35,087
41,821
45,874
51,558
56,735
67,979
74,266
43,595
21,652
37,636
39,969
43,427
53,307
61,834
65,685
70,063
44,994
23,492
118
7 6
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Table 2. U.S. Trade
[Millions
1999
2000
2001
2002
2003
2004
119 Total, all countries.............................................................
-347,819
-454,690
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
Europe..........................................................................
European Union.......................................................
Euro area................................................................
Austria
Belgium
Finland
France
Germany
Greece
Ireland
Italy............................................................................
Luxembourg
Netherlands
Norway
Poitugal
Russia
Spain
Sweden
Switzerland.................................................................
Turkey.........................................................................
United Kingdom...........................................................
Other Europe...............................................................
-58,906
-46,057
-39,967
-352
3,110
-1,410
-7,251
-28,912
262
-4,663
-12,471
644
10,878
-2,673
-493
-4,073
956
-3,900
-3,776
324
-1,318
-3,788
-75,191
-57,717
-48,706
-651
3,948
-1,765
-9,648
-29,667
270
-8,805
-14,083
-8
12,057
-4,176
-621
-5,566
539
-5,142
-3,154
564
-2,654
-6,629
-429,898
-482,831
-549,012
-671,835
-77,759
-64,283
-55,483
-1,418
3,243
-1,860
-10,729
-29,778
589
-11,405
-14,053
119
9,836
-3,381
-356
-3,549
330
-5,456
-2,124
-146
-1,484
-6,136
-100,224
-84,424
-68,520
-1,451
3,415
-1,955
-9,393
-36,415
379
-15,749
-14,311
137
8,331
-4,431
-827
-4,475
-681
-6,150
-2,040
-558
-7,969
-6,081
-116,033
-97,220
-77,648
-2,749
4,985
-1,930
-12,354
-39,778
389
-18,114
-15,020
-33
9,013
-3,771
-1,111
-6,166
-947
-7,982
-2,095
-1,065
-9,377
-7,928
-132,592
-111,555
-85,795
-3,873
4,345
-1,886
-10,838
-46,334
557
-19,947
-17,550
298
11,558
-4,945
-1,214
-8,924
-913
-9,517
-2,465
-1,717
-10,751
-8,478
142
Canada6........................................................................
-35,039
-55,207
143
144
145
146
147
148
149
150
151
152
Latin America and Other Western Hemisphere...............
South and Central America...........................................
Argentina.................................................................
Brazil......................................................................
Chile.......................................................................
Colombia................................................................
Mexico....................................................................
Venezuela................................................................
Other......................................................................
Other Western Hemisphere..........................................
-27,551
-29,792
2,320
1,798
63
-2,724
-23,816
-6,021
-1,412
2,241
-39,919
-41,018
1,551
1,403
163
-3,340
-25,657
-13,114
-2,024
1,099
-56,099
-51,516
-55,428
-70,403
-82,868
-40,955
-42,673
879
1,321
-428
-2,222
-31,361
-9,651
-1,211
1,718
-57,273
-59,306
-1,613
-3,472
-1,181
-2,050
-38,812
-11,073
-1,105
2,033
-69,615
-69,317
-739
-6,778
-1,007
-2,661
-42,586
-14,309
-1,237
-298
-85,314
-83,679
-361
-7,408
-1,145
-2,779
-47,857
-20,160
-3,969
-1,635
-104,059
-100,911
-474
-9,229
-1,538
-3,429
-53,276
-27,565
-5,400
-3,147
153
154
155
156
157
158
159
160
161
162
163
164
165
166
Asia and Pacific.............................................................
Australia..
China...
Hong Konq
India
Indonesia.
Japan,,,
Korea, Republic of........................................................
Malaysia
Philippines
Singapore
Taiwan
Thailand
Other
-211,588
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
-244,898
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
-222,742
4,132
-83,296
3,926
-6,001
-7,568
-70,806
-14,004
-13,058
-3,715
2,258
-16,248
-8,794
-9,567
-245,344
6,456
-103,274
2,777
-7,724
-7,093
-71,320
-13,724
-13,730
-3,798
1,221
-14,584
-10,040
-10,511
-262,869
6,470
-124,379
4,126
-8,088
-7,012
-67,419
-13,697
-14,586
-2,105
1,125
-15,052
-9,616
-12,638
-321,159
6,109
-162,649
5,854
-9,477
-8,141
-77,823
-20,596
-17,401
-2,093
3,793
-13,829
-11,300
-13,604
-372,684
7,923
-202,813
6,980
-10,905
-8,962
-85,257
-16,679
-23,294
-2,386
5,080
-14,087
-12,696
-15,586
167
168
169
170
Middle East...................................................................
Israel.........................................................................
Saudi Arabia................................................................
Other.........................................................................
-7,243
-2,981
-1,942
-2,320
-21,993
-5,612
-9,391
-6,990
-18,282
-4,998
-7,710
-5,574
-16,242
-5,615
-8,754
-1,873
-23,199
-6,178
-13,943
-3,079
-29,499
-6,500
-16,081
-6,918
171
172
173
174
175
Africa............................................................................
Algeria........................................................................
Nigeria........................................................................
South Africa.................................................................
Other.........................................................................
-7,492
-1,363
-3,754
-610
-1,765
-17,483
-1,867
-9,813
-1,135
-4,668
-14,062
-1,670
-7,816
-1,487
-3,088
-12,233
-1,395
-4,885
-1,518
-4,436
-21,867
-4,264
-9,370
-1,810
-6,423
176
International organizations and unallocated...................
0
1
0
0
Memorandum:
177 Members of OPEC..............................................................
-23,663
-49,469
-40,253
-35,351
Line
2005
2006
2007
2008
-790,851
-847,260
-830,992
-840,252
-147,928
-125,990
-94,313
-3,579
5,571
-2,231
-11,727
-51,204
201
-20,355
-19,633
283
11,468
-4,845
-1,208
-11,339
-1,897
-10,207
-2,345
-1,052
-12,958
-10,869
-144,053
-121,388
-94,585
-5,385
6,845
-2,373
-13,698
-48,472
386
-20,979
-20,262
20
13,436
-4,679
-1,602
-15,127
-2,501
-9,811
87
-239
-8,661
-11,036
-131,729
-115,353
-92,313
-7,588
9,895
-2,190
-15,108
-45,200
713
-22,714
-21,024
358
14,225
-4,200
-591
-12,061
-2,898
-8,703
181
1,753
-6,971
-9,606
-119,651
-98,688
-79,190
-5,836
11,511
-2,171
-15,433
-43,387
854
-23,803
-20,810
417
18,296
-3,994
161
-17,447
989
-7,514
-2,147
5,117
-5,015
-9,440
-76,126
-70,837
-81,049
-113,867
-112,845
785
-7,541
-3,289
-2,599
-68,153
-28,140
-3,907
-1,022
-107,097
-108,246
1,354
-1,588
-957
-936
-78,771
-29,717
2,368
1,149
-91,977
-96,797
1,692
1,726
3,614
-1,727
-68,661
-38,820
5,379
4,820
-413,515
8,962
-234,612
9,556
-12,223
-10,359
-91,407
-14,140
-24,169
-2,123
5,838
-16,080
-14,648
-18,110
-417,375
10,227
-258,902
12,785
-9,217
-10,351
-85,616
-13,890
-21,036
-1,733
6,956
-13,074
-14,498
-19,026
-403,194
11,078
-268,411
14,945
-8,116
-10,176
-75,130
-14,149
-17,873
-500
11,741
-11,860
-14,552
-20,191
-32,833
-8,159
-20,653
-4,021
-37,126
-9,578
-24,339
-3,209
-34,661
-9,050
-25,765
154
-58,764
-9,093
-42,855
-6,816
-32,867
-6,442
-14,689
-2,772
-8,964
-50,479
-9,345
-22,616
-1,987
-16,531
-62,574
-14,358
-25,636
-3,047
-19,533
-69,292
-16,167
-29,983
-3,537
-19,606
-85,617
-18,125
-33,959
-3,465
-30,068
0
0
0
0
0
0
-51,684
-72,386
-93,889
-107,373
-126,733
-178,907
B Trade in goods, by area and country, adjusted to balance of
payments basis, excluding military 5—Continues:
BALANCE (EXCESS OF EXPORTS +)
See the footnotes on pages 104-105.
J u ly
2 0 0 9
77
S u r v e y o f C u r r e n t B u s in e s s
in Goods—Continues
of dollars]
Not seasonally adjusted
2007
1
II
Seasonally adjusted
2008
III
IV
I
II
2009
III
IV
2007
I
I»
II
2008
III
IV
II
I
Line
2009
III
Ip
IV
B
-188,960
-204,915
-218,752
-218,365
-197,564
-221,624
-241,904
-179,160
-109,640
-206,033
-205,639
-204,915
-214,404
-218,846
-221,496
-221,090
-178,820
-124,036
119
-26,656
-23,403
-19,503
-1,431
2,214
-33,055
-29,830
-24,389
-1,871
2,141
-790
-3,710
-11,171
57
-6,041
-5,152
32
3,466
-1,200
-116
-3,410
-1,186
-2,441
1,176
498
-1,458
-1,876
-35,268
-30,777
-24,012
-1,423
2,845
-416
-4,469
-11,691
24
-5,059
-5,825
169
2,729
-1,081
-165
-3,077
-695
-1,794
-69
403
-2,758
-2,916
-36,750
-31,343
-24,409
-2,863
2,696
-506
-3,988
-11,890
65
-5,558
-5,447
164
3,069
-975
-125
-3,173
21
-2,144
-774
557
-2,900
-2,979
-26,226
-22,646
-18,788
-1,949
2,571
-402
-3,799
-10,994
167
-5,541
-5,039
45
5,424
-846
58
-3,228
679
-2,074
-142
959
44
-2,160
-32,978
-27,037
-22,355
-1,473
2,979
-814
-3,769
-12,159
232
-5,785
-5,271
55
3,538
-1,558
46
-5,438
43
-2,101
-410
1,757
-1,058
-1,793
-33,264
-26,101
-19,986
-1,154
3,111
-560
-4,135
-10,729
217
-5,932
-5,753
218
4,618
-1,044
-13
-5,793
170
-1,675
-789
1,843
-2,202
-3,661
-27,183
-22,905
-18,061
-1,260
2,849
-395
-3,731
-9,505
237
-6,545
-4,746
99
4,716
-545
69
-2,988
96
-1,663
-806
558
-1,799
-1,826
-13,102
-11,723
-10,555
-1,151
2,296
-717
-1,440
-5,786
110
-5,172
-3,513
167
4,140
-487
-4
-2,485
526
-979
944
350
1,046
-945
-29,655
-25,943
-21,380
-1,507
2,157
-525
-3,215
-11,151
565
-6,326
-4,881
-8
4,908
-1,037
-212
-2,620
-1,119
-2,441
-214
249
-261
-2,019
-33,933
-30,754
-25,093
-1,891
2,034
-788
-3,841
-11,375
48
-6,073
-5,207
33
3,335
-1,153
-118
-3,312
-1,202
-2,448
1,062
496
-1,625
-1,907
-32,828
-28,859
-22,606
-1,394
2,977
-394
-4,285
-11,238
35
-4,949
-5,641
169
2,879
-1,008
-132
-2,836
-601
-1,742
16
461
-2,402
-2,745
-35,313
-29,798
-23,234
-2,795
2,726
-483
-3,767
-11,436
65
-5,366
-5,295
163
3,103
-1,002
-129
-3,293
24
-2,073
-684
546
-2,683
-2,936
-29,697
-25,308
-20,846
-2,036
2,473
-451
-4,141
-11,688
169
-5,811
-5,341
42
5,333
-936
34
-3,662
586
-2,179
-242
924
-317
-2,453
-33,832
-27,988
-23,036
-1,475
2,864
-813
-3,877
-12,396
224
-5,821
-5,324
51
3,440
-1,523
41
-5,261
32
-2,119
-517
1,743
-1,258
-1,844
-29,626
-23,345
-17,953
-1,100
3,297
-511
-3,825
-10,092
225
-5,754
-5,500
226
4,825
-973
13
-5,396
281
-1,594
-646
1,914
-1,711
-3,306
-26,495
-22,046
-17,355
-1,225
2,877
-396
-3,589
-9,212
236
-6,417
-4,644
99
4,698
-563
73
-3,127
89
-1,622
-741
536
-1,729
-1,838
-15,649
-13,823
-12,110
-1,222
2,299
-767
-1,643
-6,357
105
-5,482
-3,776
168
4,115
-541
-13
-2,733
476
-1,064
863
327
714
-1,117
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
-AT!
-2,941
-10,448
567
-6,056
-4,600
-7
4,960
-945
-185
-2,401
-1,037
-2,324
-152
296
145
-1,833
-18,709
-17,839
-17,335
-16,954
-20,828
-22,028
-25,797
-12,395
-5,763
-21,330
-18,198
-14,966
-16,343
-24,038
-22,224
-22,260
-12,527
-7,801
142
-23,978
-23,797
166
-392
-909
-136
-17,470
-5,261
205
-181
-26,214
-25,902
364
-956
-145
-89
-18,720
-6,867
511
-311
-27,838
-28,069
552
-573
-249
-442
-20,051
-7,518
213
231
-29,068
-30,478
272
332
347
-268
-22,529
-10,071
1,440
1,410
-23,949
-25,065
304
200
263
-93
-17,724
-8,778
764
1,116
-27,517
-28,619
752
-349
1,630
-847
-20,184
-11,459
1,839
1,102
-26,754
-27,899
558
1,098
895
-668
-17,439
-13,391
1,048
1,145
-13,758
-15,215
78
777
825
-118
-13,314
-5,192
1,729
1,457
-9,054
-10,546
197
1,166
-99
57
-10,423
-3,074
1,631
1,492
-27,008
-26,655
130
-550
-983
-229
-19,220
-5,795
-7
-354
-26,107
-25,819
357
-1,042
-180
-72
-18,882
-6,464
464
-288
-24,731
-25,181
610
-388
-178
-309
-18,507
-6,903
494
450
-29,250
-30,591
257
392
384
-325
-22,161
-10,555
1,417
1,341
-28,094
-29,021
257
-46
218
-286
-19,766
-9,832
434
927
-27,156
-28,273
729
-394
1,571
-799
-20,228
-10,959
1,807
1,117
-22,282
-23,682
622
1,395
982
-460
-15,265
-12,442
1,486
1,399
-14,445
-15,822
84
771
842
-182
-13,403
-5,587
1,653
1,377
-11,509
-12,890
175
1,056
-143
-33
-11,920
-3,520
1,496
1,381
143
144
145
146
147
148
149
150
151
152
-98,389
2,426
-57,138
2,996
-3,176
-2,653
-21,257
-4,128
-5,229
-393
1,688
-3,686
-3,543
-4,296
-100,119
2,352
-61,295
3,026
-2,886
-2,409
-20,440
-3,664
-4,862
-246
1,367
-2,733
-3,674
-4,653
-110,895
2,625
-71,026
3,315
-1,121
-2,882
-21,535
-3,418
-5,466
-664
1,749
-3,400
-3,582
-5,489
-107,973
2,824
-69,443
3,448
-2,033
-2,407
-22,383
-2,679
-5,479
-430
2,152
-3,255
-3,698
-4,588
-91,173
2,934
-55,253
3,385
-2,928
-2,335
-21,473
-3,214
-4,737
17
2,655
-2,177
-3,583
-4,463
-94,868
2,730
-63,494
4,569
-1,840
-2,378
-19,454
-3,187
-4,844
-74
3,574
-2,298
-3,606
-4,564
-110,954
2,736
-78,550
3,852
-985
-2,726
-17,443
-3,526
-4,465
-154
3,043
-3,192
-3,739
-5,805
-106,199
2,679
-71,114
3,140
-2,363
-2,737
-16,759
-4,222
-3,828
-289
2,470
-4,193
-3,625
-5,359
-74,174
2,635
-50,475
3,723
-1,896
-2,286
-9,347
-4,092
-2,985
-404
1,777
-3,453
-2,833
-4,537
-104,558
2,428
-60,082
2,998
-3,367
-2,803
-22,594
-4,532
-5,504
-459
1,617
-3,999
-3,722
-4,540
-100,999
2,250
-61,478
2,935
-2,948
-2,390
-20,543
-3,720
-4,889
-270
1,230
-2,823
-3,691
-4,661
-107,439
2,703
-69,879
3,399
-988
-2,796
-20,755
-3,080
-5,313
-599
1,853
-3,159
-3,482
-5,341
-104,379
2,846
-67,463
3,454
-1,913
-2,361
-21,724
-2,558
-5,330
-405
2,256
-3,093
-3,603
-4,484
-97,354
2,911
-58,173
3,398
-3,129
-2,499
-22,791
-3,659
-4,984
-55
2,614
-2,462
-3,781
-4,744
-95,764
2,639
-63,812
4,485
-1,923
-2,361
-19,457
-3,225
-4,898
-81
3,434
-2,372
-3,634
-4,560
-105,635
2,851
-76,428
3,948
-799
-2,580
-16,365
-3,075
-4,262
-64
3,179
-2,888
-3,573
-5,580
-104,440
2,677
-69,997
3,114
-2,266
-2,736
-16,517
-4,190
-3,729
-300
2,514
-4,138
-3,565
-5,307
-80,115
2,638
-53,682
3,758
-2,068
-2,459
-10,287
-4,491
-3,193
-470
1,769
-3,745
-3,023
-4,863
153
154
155
156
157
158
159
160
161
162
163
164
165
166
-6,665
-2,101
-4,458
-106
-9,720
-2,605
-6,571
-544
-9,577
-1,844
-7,370
-363
-8,699
-2,500
-7,366
1,167
-14,540
-2,095
-9,684
-2,761
-17,483
-2,731
-11,995
-2,757
-20,281
-2,498
-14,421
-3,362
-6,460
-1,768
-6,756
2,064
-1,494
-2,240
-2,082
2,828
-7,574
-2,248
-4,942
-384
-9,303
-2,664
-6,205
-434
-8,546
-1,743
-6,784
-19
-9,238
-2,395
-7,835
992
-16,525
-2,241
-10,849
-3,436
-16,830
-2,789
-11,507
-2,534
-18,355
-2,339
-13,345
-2,671
-7,054
-1,724
-7,154
1,824
-2,116
-2,386
-2,398
2,668
167
168
169
170
-14,563
-3,526
-6,275
-883
-3,879
-17,968
-4,594
-6,438
-1,033
-5,903
-17,839
-4,687
-7,451
-809
-4,891
-18,922
-3,359
-9,818
-811
-4,933
-20,848
-3,629
-9,661
-1,016
-6,543
-26,751
-5,975
-10,199
-1,129
-9,447
-24,854
-5,278
-9,179
-1,091
-9,306
-13,164
-3,243
-4,920
-228
-4,773
-6,054
-1,747
-1,789
-34
-2,484
-15,908
-3,837
-6,779
-948
-4,343
-17,100
-4,393
-6,066
-1,050
-5,591
-16,406
-4,363
-6,919
-744
-4,379
-19,879
-3,573
-10,218
-795
-5,293
-23,137
-4,021
-10,593
-1,082
-7,441
-25,690
-5,747
-9,756
-1,159
-9,028
-22,931
-4,977
-8,472
-1,017
-8,465
-13,859
-3,380
-5,138
-206
-5,135
-6,847
-1,915
-1,993
-55
-2,884
171
172
173
174
175
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
176
-25,482
-31,229
-33,715
-36,307
-43,471
-53,045
-57,162
-25,229
-8,826
-27,964
-29,547
-31,055
-38,168
-48,458
-50,881
-52,732
-26,835
-10,386
177
7 8
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
J u ly
2 0 0 9
Table 2. U.S. Trade
[Millions
Line
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-7)
2
Agricultural products....................................................................
3
Nonagricultural products...................... ........................................
4 Foods, feeds, and beverages.........................................................
5
Agricultural.................................................................................
Grains and preparations............................................................
6
7
Wheat.................................................................................
8
Corn...................................................................................
9
Soybeans................................................................................
10
Meat products and poultry........................................................
11
Vegetables, fruits, nuts, and preparations....................................
12
Other agricultural foods, feeds, and beverages.............................
13
Nonagricultural (fish, distilled beverages, etc.).................................
14
Fish and shellfish.....................................................................
15 Industrial supplies and materials...................................................
16
Agricultural..................................................................................
17
Raw cotton..............................................................................
Tobacco, unmanufactured.........................................................
18
19
Hides and skins, including furskins.............................................
Other agricultural industrial supplies...........................................
20
21
Nonagricultural...........
22
Energy products
23
Coal and related fuels...........................................................
24
Petroleum and products........................................................
25
Natural gas.........
26
Paper and paper base stocks
27
Textile supplies and related materials.........................................
28
Chemicals, excluding medicinals...............................................
Building materials, except metals...............................................
29
Other nonmetals
30
31
Metals and nonmetallic products................................................
32
Steelmaking materials...........................................................
Iron and steel products
33
34
Nonferrous metals
Nonmonetary gold
35
Other precious metals
36
37
Other nonferrous metals....................................................
Other metals and nonmetallic products....................................
38
39 Capital goods, except automotive..................................................
Machinery and equipment, except consumer-type...........................
40
41
Electric generating machinery, electric apparatus, and parts..........
42
Oil drilling, mining, and construction machinery............................
Industrial engines, pumps, and compressors...............................
43
Machine tools and metalworking machinery................................
44
45
Measuring, testing, and control instruments................................
46
Other industrial, agricultural, and service industry machinery........
47
Computers, peripherals, and parts..............................................
48
Semiconductors.......................................................................
49
Telecommunications equipment.................................................
50
Other office and business machines...........................................
51
Scientific, hospital, and medical equipment and parts...................
52
Civilian aircraft, engines, and parts................................................
Civilian aircraft, complete, all types.............................................
53
Other transportation equipment.....................................................
54
55 Automotive vehicles, parts, and engines........................................
56
To Canada...................................................................................
57
Passenger cars, new and used..................................................
58
Trucks, buses, and special purpose vehicles...............................
Engines and engine parts.........................................................
59
Other parts and accessories
60
61
To other areas......................
62
Passenger cars, new and used..................................................
63
Trucks, buses, and special purpose vehicles...............................
64
Engines and engine parts.........................................................
65
Other parts and accessories......................................................
66 Consumer goods (nonfood), except automotive.............................
67
Nondurable goods........................................................................
68
Apparel, footwear, and household goods.....................................
69
Medicinal, dental, and pharmaceutical products...........................
70
Other nondurable goods...........................................................
71
Durable goods.............................................................................
72
Televisions, video receivers, and other video equipment...............
73
Radio and stereo equipment, including records, tapes, and disks....
74
Toys and sporting goods, including bicycles................................
75
Household and kitchen appliances and other household goods
Household furnishings and related products.............................
76
77
Household and kitchen appliances.........................................
78
Other household goods.........................................................
79
Gems, jewelry, and collectibles..................................................
80
Other durable goods................................................................
Exports, n.e.c.................................................................................
81
See the footnotes on pages 104-105.
1999
2000
683,965
49,657
634,308
45,977
42,032
13,910
3,730
5,667
4,623
6,850
7,948
8,701
3,945
2,970
147,636
7,323
970
1,299
1,148
3,906
140,313
12,882
2,749
8,620
218
12,174
9,806
45,927
8,156
18,896
32,472
1,415
5,741
13,526
5,263
1,812
6,451
11,790
311,249
255,155
29,353
11,965
10,992
6,208
13,142
44,695
46,724
46,962
25,367
2,999
16,748
52,920
28,996
3,174
75,256
45,941
9,212
6,677
5,620
24,432
29,315
7,243
2,157
3,306
16,609
80,923
39,130
10,424
12,457
16,249
41,793
3,459
5,717
5,791
16,151
2,183
4,991
8,977
4,968
5,707
22,924
771,994
52,801
719,193
47,871
43,749
13,650
3,500
5,259
5,382
7,708
8,357
8,652
4,122
3,033
172,650
8,761
1,925
1,195
1,602
4,039
163,889
16,636
2,598
12,012
412
14,000
11,367
52,242
8,755
21,629
39,260
1,732
6,827
16,048
6,028
2,476
7,544
14,653
356,999
306,342
35,766
12,598
11,602
7,468
16,369
53,142
55,542
60,077
31,268
3,201
19,309
48,091
22,693
2,566
80,357
45,810
9,226
6,521
5,848
24,215
34,547
7,522
2,858
4,633
19,534
89,377
42,672
10,905
14,312
17,455
46,705
4,262
5,787
5,844
17,746
2,599
5,128
10,019
6,333
6,733
24,740
2001
718,711
54,890
663,822
49,407
44,888
13,941
3,478
5,344
5,501
7,987
8,261
9,199
4,519
3,267
160,199
9,723
2,177
1,269
1,971
4,306
150,476
15,922
2,258
10,637
538
12,385
10,867
49,327
7,769
19,599
34,607
1,768
6,199
14,219
4,897
2,695
6,628
12,421
321,724
266,433
30,888
14,056
11,993
5,816
14,169
46,060
47,555
45,065
27,874
2,895
20,062
52,619
25,817
2,673
75,435
40,599
8,647
5,335
5,261
21,357
34,837
9,180
2,225
4,624
18,808
88,331
41,961
9,099
16,577
16,285
46,370
4,141
5,012
5,563
17,659
2,297
4,928
10,434
7,396
6,599
23,615
2002
685,170
54,512
630,658
49,616
45,030
14,362
3,772
5,784
5,806
7,003
8,596
9,262
4,586
3,197
156,828
9,213
2,067
1,059
1,751
4,335
147,615
15,085
1,922
10,338
995
12,212
11,142
52,321
7,610
17,030
32,216
1,864
5,988
12,126
3,357
2,561
6,209
12,238
290,437
237,587
27,545
12,893
11,601
5,175
13,218
42,831
38,552
42,235
22,208
2,024
19,305
50,425
26,677
2,425
78,942
44,552
10,178
6,418
5,255
22,700
34,390
10,374
1,945
4,857
17,214
84,359
40,434
8,060
17,348
15,027
43,925
3,955
4,764
5,459
16,867
2,123
4,537
10,207
5,926
6,954
24,989
2003
715,848
60,884
654,964
55,026
50,022
14,806
4,002
5,751
8,047
7,873
9,152
10,144
5,004
3,363
173,051
10,573
3,389
1,026
1,794
4,364
162,479
18,230
1,803
12,693
1,400
12,813
11,347
57,993
7,829
17,953
36,313
2,607
7,082
13,942
4,790
2,145
7,007
12,683
293,673
244,271
27,497
12,834
11,691
5,253
13,936
43,467
39,925
46,137
20,743
1,927
20,861
46,723
23,305
2,679
80,633
46,219
10,730
7,845
5,418
22,225
34,415
11,373
2,399
4,694
15,949
89,908
43,850
7,707
20,529
15,613
46,058
3,382
4,753
5,692
18,375
2,416
4,830
11,129
6,149
7,708
23,557
2004
806,161
62,943
743,219
56,570
50,957
17,069
5,192
6,926
6,895
5,672
10,089
11,233
5,613
3,823
203,917
11,672
4,280
1,041
1,758
4,593
192,245
24,641
2,966
17,082
2,126
13,971
12,814
66,305
8,953
22,314
43,247
4,014
8,845
16,256
4,449
2,758
9,049
14,132
327,540
278,567
31,311
15,512
13,511
7,076
16,927
52,889
42,805
48,050
24,401
2,110
23,975
46,075
19,017
2,899
89,213
50,006
10,491
9,136
5,781
24,599
39,206
14,119
2,792
4,974
17,321
103,238
49,327
7,260
25,432
16,635
53,911
3,507
5,099
6,317
20,638
2,735
5,224
12,679
7,800
10,552
25,683
2005
892,337
64,887
827,451
58,955
52,949
15,594
4,416
5,824
6,627
7,206
11,550
11,972
6,006
4,208
233,056
11,596
3,933
984
1,788
4,891
221,461
32,166
3,715
22,664
3,110
15,135
12,866
73,555
9,563
24,467
53,709
5,992
11,269
20,795
5,549
3,176
12,071
15,653
358,426
298,882
33,427
19,911
14,934
7,663
17,835
58,786
45,536
47,222
24,292
2,336
26,940
55,889
24,437
3,655
98,406
53,574
12,096
10,092
6,401
24,985
44,832
18,397
3,386
5,166
17,885
115,285
53,200
7,469
27,619
18,112
62,085
3,648
5,854
6,756
23,457
2,895
6,051
14,511
9,573
12,798
28,208
2006
1,015,812
72,869
942,943
65,962
59,608
18,341
4,257
8,226
7,288
7,831
12,645
13,503
6,354
4,351
276,081
12,872
4,517
1,134
2,056
5,166
263,209
40,609
3,901
31,568
2,241
16,475
13,032
82,977
10,543
26,843
72,729
6,802
12,443
34,421
8,783
7,042
18,596
19,064
404,026
335,155
39,330
24,383
15,977
9,498
20,117
66,086
47,580
52,430
27,173
2,702
29,879
64,503
30,165
4,368
107,263
56,973
13,135
11,796
6,875
25,168
50,290
20,843
3,309
5,519
20,619
129,081
57,988
7,628
30,919
19,441
71,093
4,015
6,003
8,136
26,381
3,220
6,636
16,525
12,258
14,300
33,398
2007
1,138,384
92,115
1,046,269
84,264
77,592
26,925
8,450
11,209
10,443
9,804
13,975
16,446
6,672
4,375
316,403
14,100
4,591
1,201
2,183
6,125
302,303
48,984
4,614
37,758
3,164
18,656
12,957
94,469
11,362
27,298
88,578
9,882
14,637
43,197
13,307
8,438
21,451
20,862
433,019
355,286
41,326
29,430
19,147
6,715
21,557
76,151
45,546
50,445
30,303
2,785
31,880
73,019
34,541
4,714
121,264
60,308
15,121
12,568
6,927
25,692
60,956
28,623
4,465
6,594
21,274
145,975
63,259
7,264
35,165
20,831
82,716
3,858
7,432
10,603
28,518
3,591
6,806
18,120
14,718
17,588
37,459
2008
1,276,994
117,968
1,159,026
108,349
101,452
35,789
11,446
14,612
16,032
13,474
16,138
20,019
6,898
4,374
388,073
16,072
4,814
1,231
2,067
7,960
372,001
84,159
8,604
67,181
4,892
20,404
12,819
107,285
11,820
28,086
107,428
14,194
18,735
51,695
18,689
10,564
22,441
22,804
457,655
378,288
42,961
34,991
21,849
7,443
20,789
82,613
43,898
50,603
32,860
4,247
36,035
73,999
31,264
5,369
121,451
53,460
14,662
10,757
6,089
21,953
67,991
34,907
4,997
6,772
21,316
161,292
70,592
7,754
40,422
22,417
90,700
3,748
7,407
11,616
31,114
4,046
7,248
19,820
15,959
20,857
40,174
S u r v e y o f C u r r e n t B u s in e s s
Not seasonally adjusted
Seasonally adjusted
2008
I
304,645
28,740
275,905
26,488
24,844
8,574
2,937
3,334
4.596
2,778
4,150
4,747
1,644
1,032
83,272
3.790
878
465
495
I,951
79,482
14,774
1,323
11,841
634
5,016
3,165
24,282
2,840
6,712
22,693
2.597
3,738
II,119
2,999
2,371
5,749
5,239
114,078
92,623
10,404
7,536
5,958
1,719
5,413
19,149
11,943
13,121
8,158
699
8,523
20,157
9,869
1,298
32,233
15,677
4,337
3,347
1,718
6,275
16,556
8,438
1,384
1,587
5,147
38,033
15,607
1,788
8,293
5,525
22,425
1,160
2,178
3,043
7,378
997
1,792
4,589
3,876
4.790
10,543
311,581
30,859
280,722
28,464
26,765
9,652
2,994
3,995
5,556
2,768
3,772
5,018
1,699
1,135
93,242
3,962
1,161
409
559
1,832
89,280
18,170
1,433
14,458
1,433
5,075
3,258
26,321
2,850
6,845
26,761
2,769
4,280
14,188
6,150
2,714
5,325
5,524
111,426
91,842
10,349
7,757
4,861
1,769
5,206
20,382
10,888
12,955
7,995
1,084
8,597
18,387
8,122
1,198
29,673
13,954
3,892
2,620
1,606
5,836
15,719
7,639
1,015
1,695
5,370
39,409
16,641
1,831
9,440
5,370
22,768
890
1,917
2,894
7,338
951
1,644
4,743
4,498
5,231
9,368
II
337,116
29,318
307,798
26,499
25,056
9,374
2,898
3,949
2,864
3,439
4,087
5,291
1,443
798
105,739
4,139
1,469
286
589
1,795
101,600
23,646
2,440
18,798
1,435
5,255
3,452
29,045
3,168
7,388
29,646
4,416
4,980
14,215
4,760
3,560
5,895
6,035
118,795
97,375
11,220
8,636
5,493
1,884
5,425
22,122
11,257
13,112
8,201
1,038
8,987
20,127
9,408
1,293
33,234
15,577
4,557
3,215
1,672
6,133
17,657
9,094
1,201
1,715
5,647
41,833
17,549
1,885
10,039
5,625
24,284
907
1,819
3,213
8,089
1,027
1,846
5,216
3,990
6,266
11,016
2007
2009
III
334,254
28,975
305,279
27,158
25,009
10,021
3,676
3,961
2,106
3,920
3,881
5,080
2,149
1,454
108,364
3,888
1,257
114
489
2,027
104,476
25,360
2,247
20,918
1,200
5,445
3,323
30,071
3,172
7,431
29,674
4,515
5,341
13,792
4,433
2,671
6,689
6,026
117,115
96,697
10,836
9,161
5,514
1,941
5,280
20,921
11,299
13,488
8,140
1,134
8,983
18,939
7,994
1,478
30,727
12,931
3,500
2,636
1,489
5,305
17,797
9,167
1,414
1,754
5,461
40,985
18,344
2,072
10,335
5,938
22,641
1 908
1,853
2,785
8,045
1,084
1,929
5,032
3,813
5,237
9,904
IV
294,043
28,816
265,226
26,228
24,621
6,741
1,878
2,708
5,505
3,346
4,398
4,631
1,607
987
80,728
4,083
927
422
429
2,305
76,644
16,983
2,484
13,007
825
4,628
2,787
21,849
2,630
6,421
21,347
2,494
4,135
9,499
3,347
1,621
4,532
5,219
110,319
92,374
10,555
9,437
5,980
1,850
4,879
19,187
10,454
11,048
8,525
990
9,468
16,546
5,740
1,400
27,817
10,999
2,713
2,286
1,322
4,679
16,818
9,007
1,366
1,607
4,837
39,065
18,058
1,966
10,609
5,484
21,007
1,044
1,817
2,725
7,642
984
1,829
4,829
3,657
4,123
9,885
I"
244,070
24,368
219,701
22,206
20,815
5,770
1,362
2,199
4,483
2,917
3,686
3,958
1,391
873
65,473
3,434
791
543
364
1,736
62,039
12,866
1,624
9,350
1,106
3,973
2,365
18,074
2,147
5,367
17,245
1,879
2,921
8,389
3,459
1,726
3,205
4,057
95,415
75,269
8,827
6,658
5,542
1,320
4,059
15,568
8,897
8,001
6,934
765
8,698
18,892
8,731
1,254
16,729
7,071
1,430
1,513
842
3,286
9,658
4,126
944
1,228
3,360
36,188
18,197
1,760
11,747
4,689
17,991
837
1,293
2,272
6,719
767
1,322
4,630
3,759
3,110
8,059
I
269,538
19,994
249,544
18,399
16,838
5,524
1,434
2,506
2,091
2,265
3,321
3,637
1,562
1,019
72,842
3,056
844
285
552
1,375
69,786
10,024
991
7,650
654
4,382
3,208
22,415
2,743
6,726
20,289
2,441
3,448
9,396
2,616
1,912
4,869
5,003
104,859
86,605
10,193
7,321
4,375
1,722
5,170
17,872
11,943
12,555
7,184
676
7,594
17,253
7,876
1,001
28,887
15,011
3,476
3,008
1,846
6,679
13,876
6,146
960
1,531
5,239
35,308
15,797
1,862
8,911
5,025
19,511
953
1,796
2,275
7,070
840
1,648
4,581
3,424
3,993
9,242
II
277,655
21,410
256,245
19,465
17,771
5,718
1,516
2,562
2,444
2,337
3,332
3,940
1,694
1,129
78,275
3,533
1,280
201
552
1,500
74,742
11,695
1,042
8,671
1,268
4,556
3,184
23,194
2,854
6,767
22,491
2,366
3,599
11,405
4,123
1,945
5,337
5,120
105,383
87,008
10,248
6,971
4,357
1,661
5,386
18,873
11,108
12,588
7,265
705
7,845
17,153
7,839
1,221
29,903
14,750
3,572
3,291
1,684
6,203
15,153
6,964
1,065
1,689
5,435
35,809
15,651
1,786
8,782
5,083
20,158
908
1,801
2,525
7,045
864
1,682
4,498
3,751
4,127
8,821
2008
III
289,160
24,482
264,677
22,219
20,521
7,288
2,504
2,982
2,868
2,547
3,566
4,252
1,698
1,101
80,418
3,851
1,322
385
546
1,598
76,567
12,473
1,287
9,551
608
4,692
3,236
23,911
2,835
6,897
22,523
2,339
3,709
11,146
3,570
2,210
5,366
5,330
109,859
89,670
10,428
7,543
4,653
1,674
5,547
19,653
11,288
12,101
7,945
742
8,095
18,995
9,406
1,194
30,630
14,930
3,743
2,975
1,682
6,529
15,701
7,364
1,192
1,760
5,385
36,983
16,102
1,815
9,029
5,258
20,881
982
1,924
2,852
7,072
915
1,727
4,430
3,626
4,425
9,049
IV
302,031
26,228
275,804
24,181
22,462
8,395
2,997
3,159
3,041
2,654
3,756
4,617
1,719
1,125
84,868
3,659
1,144
330
533
1,652
81,209
14,791
1,295
11,886
634
5,026
3,329
24,949
2,929
6,908
23,275
2,736
3,881
11,249
2,999
2,371
5,879
5,409
112,918
92,002
10,457
7,594
5,762
1,658
5,454
19,753
11,206
13,200
7,909
662
8,346
19,618
9,419
1,298
31,844
15,618
4,329
3,294
1,715
6,280
16,226
8,149
1,249
1,614
5,215
37,875
15,709
1,801
8,443
5,465
22,166
1,016
1,910
2,950
7,331
972
1,748
4,611
3,916
5,043
10,347
I
315,637
29,305
286,332
27,089
25,350
9,482
3,215
3,808
3,823
3,049
3,830
5,165
1,739
1,117
94,547
3,842
1,148
318
530
1,846
90,705
18,397
1,554
14,564
1,433
5,162
3,324
26,485
2,932
6,937
27,468
3,068
4,275
14,484
6,150
2,714
5,621
5,641
113,640
93,401
10,445
7,906
5,056
1,835
5,367
20,456
11,102
13,319
8,219
1,141
8,556
19,041
8,668
1,198
31,111
14,347
4,113
2,777
1,579
5,878
16,765
8,385
1,158
1,732
5,490
39,461
16,665
1,873
9,307
5,485
22,795
988
1,974
2,937
7,475
992
1,775
4,708
4,176
5,245
9,789
II
332,876
31,560
301,316
29,051
27,326
9,723
3,124
4,023
4,792
3,443
4,093
5,275
1,725
1,071
104,105
4,121
1,217
365
555
1,985
99,983
23,697
2,385
18,903
1,435
5,265
3,281
28,429
3,029
7,193
29,089
4,142
4,814
14,309
4,760
3,560
5,990
5,824
116,919
96,359
11,203
8,392
5,476
1,875
5,290
21,095
11,622
13,157
8,237
1,055
8,957
19,267
8,616
1,293
31,188
14,140
3,889
2,890
1,602
5,758
17,048
8,666
1,206
1,667
5,510
40,917
17,437
1,918
9,822
5,697
23,480
935
1,943
3,109
7,942
1,043
1,817
5,082
3,709
5,842
10,695
III
337,912
31,364
306,549
28,861
27,109
10,029
3,185
4,238
4,007
3,768
4,226
5,079
1,752
1,107
107,232
4,148
1,232
242
519
2,156
103,084
25,217
2,248
20,775
1,200
5,334
3,291
29,754
3,142
7,362
28,985
4,339
5,362
13,333
4,433
2,671
6,230
5,950
118,077
96,982
10,736
9,193
5,570
1,957
5,243
21,222
11,351
13,130
8,188
1,116
9,276
19,617
8,608
1,478
31,875
14,076
3,992
2,903
1,589
5,592
17,799
9,225
1,405
1,741
5,428
41,881
18,291
1,988
10,507
5,796
23,590
916
1,908
2,921
8,103
1,055
1,877
5,172
4,354
5,388
9,986
c
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
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
8 0
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
J u ly
2 0 0 9
Table 2. U.S. Trade
[Millions
Line
C Trade in goods, by principal end-use category, adjusted to balance of
payments basis, excluding military—Continues:
82 Imports of goods, balance of payments basis, excluding military (A-15)
83
Petroleum and products...................................................................
84
Nonpetroleum products..
85 Foods, feeds, and beverages
86
Agricultural..................
87
Coffee, cocoa, and sugar..............................................................
88
Green coffee................................
89
Meat products and poultry.............
90
Vegetables, fruits, nuts, and preparations.......................................
91
Wine, beer, and related products....
92
Other agricultural foods, feeds, and beverages................................
93
Nonagricultural (fish, distilled beverages, etc.).....................................
94
Fish and shellfish.........................................................................
95
Whiskey and other alcoholic beverages..........................................
96 Industrial supplies and materials......................................................
97
Agricultural.....................................................................................
98
Nonagricultural products..................................................................
99
Energy products..........................................................................
100
Petroleum and products....
101
Natural gas.....................
102
Paper and paper base stocks........................................................
103
Textile supplies and related materials.............................................
104
Chemicals, excluding medicinals...................................................
105
Building materials, except metals...................................................
106
Other nonmetals.................
107
Metals and nonmetallic products
108
Steelmaking materials.....
109
Iron and steel products..............................................................
110
Nonferrous metals....................................................................
111
Nonmonetary gold................................................................
112
Other precious metals...........................................................
113
Bauxite and aluminum...........................................................
114
Other nonferrous metals.......................................................
Other metals and nonmetallic products.......................................
115
116 Capital goods, except automotive......................................................
117
Machinery and equipment, except consumer-type..............................
118
Electric generating machinery, electric apparatus, and parts.............
119
Oil drilling, mining, and construction machinery...............................
120
Industrial engines, pumps, and compressors...................................
121
Machine tools and metalworking machinery....................................
122
Measuring, testing, and control instruments....................................
Other industrial, agricultural, and service industry machinery............
123
124
Computers, peripherals, and parts.................................................
125
Semiconductors..........................................................................
126
Telecommunications equipment.....................................................
127
Other office and business machines..............................................
Scientific, hospital, and medical equipment and parts......................
128
Civilian aircraft, engines, and parts....................................................
129
130
Civilian aircraft, complete, all types................................................
Other transportation equipment........................................................
131
132 Automotive vehicles, parts, and engines............................................
133
From Canada..................................................................................
134
Passenger cars, new and used......................................................
Trucks, buses, and special purpose vehicles...................................
135
136
Engines and engine parts.............................................................
137
Other parts and accessories.........................................................
138
From other areas.............................................................................
139
Passenger cars, new and used......................................................
140
Trucks, buses, and special purpose vehicles...................................
141
Engines and engine parts.............................................................
142
Other parts and accessories.........................................................
143 Consumer goods (nonfood), except automotive................................
144
Nondurable goods...........................................................................
145
Apparel, footwear, and household goods........................................
146
Medicinal, dental, and pharmaceutical products..............................
147
Other nondurable goods...............................................................
148
Durable goods.................................................................................
149
Televisions, video receivers, and other video equipment...................
Radio and stereo equipment, including records, tapes, and disks......
150
Toys and sporting goods, including bicycles....................................
151
152
Household and kitchen appliances and other household goods.........
153
Household furnishings and related products................................
154
Household and kitchen appliances.............................................
155
Other household goods...
156
Gems, jewelry, and collectibles
157
Other durable goods...........
158 Imports, n.e.c, and U.S. goods returned
159
U.S. goods returned...............
160
Other products, including balance of payments adjustments not inciuaea
above (minimum value shipments and miscellaneous imports)..........
See the footnotes on pages 104-105.
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1,031,784
67,807
963,977
43,602
31,703
3,712
2,534
4,502
9,135
4,163
10,191
11,899
8,914
2,618
224,117
5,534
218,583
78,179
67,807
6,680
11,582
10,305
29,601
21,812
15,799
51,305
2,792
18,125
22,795
5,768
4,463
6,400
6,164
7,593
295,717
269,137
32,815
6,984
7,714
7,757
7,831
46,850
81,456
37,628
21,553
6,399
12,150
23,773
9,217
2,807
178,966
63,842
33,790
12,830
4,128
13,094
115,124
62,508
7,191
10,359
35,066
243,534
115,626
76,927
23,154
15,545
127,908
16,381
10,952
21,711
47,183
11,783
7,410
27,990
14,924
16,757
45,848
28,780
1,226,684
120,279
1,106,405
45,978
32,777
3,258
2,350
5,297
9,191
4,500
10,531
13,201
9,909
2,948
302,197
5,607
296,590
138,491
120,279
12,613
13,686
11,255
33,761
21,788
17,848
59,761
3,098
20,908
26,686
5,877
6,643
6,981
7,185
9,069
347,024
318,042
39,716
7,166
9,454
8,659
9,533
51,636
89,762
48,354
32,688
6,133
14,941
26,376
12,404
2,606
195,877
63,953
33,932
12,154
4,235
13,632
131,924
75,267
6,488
11,075
39,094
284,149
132,469
86,672
28,631
17,166
151,680
21,044
13,017
24,391
56,168
13,862
8,435
33,871
17,270
19,790
51,459
31,858
1,148,609
103,587
1,045,022
46,641
33,434
2,306
1,357
6,046
9,415
4,691
10,976
13,207
9,754
3,067
276,115
5,312
270,802
124,877
103,587
15,421
12,240
10,314
34,048
21,261
17,253
50,810
2,236
16,709
23,244
4,304
6,063
6,396
6,481
8,621
298,371
264,503
34,789
6,902
9,779
7,417
9,006
47,479
74,000
30,423
24,632
4,864
15,212
31,358
14,885
2,510
189,782
57,865
30,560
11,074
3,446
12,785
131,916
76,089
8,162
10,346
37,319
286,550
137,875
86,892
33,536
17,448
148,675
20,674
11,259
24,870
58,868
13,786
9,041
36,042
15,506
17,497
51,152
32,693
1,168,002
103,491
1,064,510
49,687
36,040
2,435
1,369
6,017
10,073
5,353
12,162
13,647
10,027
3,288
268,080
5,233
262,847
118,803
103,491
10,988
11,462
10,868
33,088
22,488
18,433
47,706
2,452
17,730
18,841
2,856
3,714
6,598
5,673
8,683
283,947
256,132
32,878
6,573
9,033
5,943
8,927
47,979
75,151
26,015
23,135
4,468
16,031
25,458
12,300
2,356
203,743
59,747
30,997
11,091
3,590
14,070
143,996
82,998
8,306
11,356
41,336
310,713
147,329
88,302
40,736
18,291
163,384
23,110
12,371
26,263
66,295
16,018
10,430
39,846
16,282
19,062
51,832
32,750
1,264,860
133,079
1,131,781
55,831
40,766
2,888
1,612
5,715
11,322
6,023
14,817
15,065
10,946
3,711
314,501
5,826
308,675
157,115
133,079
18,521
11,768
10,806
36,661
24,163
20,141
48,020
2,836
16,319
19,351
3,582
3,632
6,922
5,214
9,514
296,420
269,586
33,325
7,823
9,211
6,193
9,686
51,873
76,512
24,604
24,780
7,135
18,443
24,086
12,232
2,748
210,139
60,650
30,517
11,051
3,829
15,254
149,489
83,903
8,780
12,143
44,663
337,690
162,922
94,320
49,069
19,532
174,768
25,392
12,843
26,288
73,777
17,983
11,824
43,970
16,203
20,264
50,278
30,786
1,477,996
180,460
1,297,536
62,143
46,495
3,115
1,868
6,860
12,620
6,258
17,643
15,648
11,209
4,042
412,935
6,691
406,244
210,899
180,460
23,913
13,051
12,009
42,276
32,013
23,253
72,742
5,623
28,872
26,047
4,050
4,839
9,270
7,889
12,199
344,484
316,850
38,534
11,619
11,087
7,059
11,488
62,106
88,635
26,749
29,477
8,051
22,044
24,298
11,385
3,336
228,163
67,676
35,625
11,368
4,318
16,366
160,486
86,643
9,612
13,746
50,486
377,146
175,405
101,223
52,378
21,804
201,741
25,749
14,809
28,068
87,375
20,860
13,799
52,717
18,284
27,456
53,126
30,727
1,683,188
251,856
1,431,332
68,094
51,320
4,238
2,502
7,476
13,877
6,940
18,790
16,774
11,943
4,380
524,527
7,310
517,218
295,790
251,856
34,913
13,573
12,750
51,014
34,399
25,877
83,814
6,148
30,781
31,807
4,432
5,423
11,565
10,386
15,077
380,739
351,187
43,106
15,635
12,659
8,326
12,487
70,237
93,310
25,760
36,836
8,575
24,255
25,751
10,698
3,801
239,449
70,757
36,078
12,888
4,352
17,440
168,692
87,316
9,780
15,374
56,222
411,534
187,520
108,446
55,689
23,384
224,014
29,598
16,377
31,531
97,094
23,111
15,833
58,150
19,589
29,826
58,844
33,561
1,863,072
302,430
1,560,642
74,938
56,350
4,893
2,829
7,468
15,236
7,834
20,919
18,588
13,203
4,930
602,538
8,098
594,439
340,111
302,430
28,268
14,448
12,915
53,766
34,989
28,219
109,991
6,513
38,498
45,726
5,643
8,326
14,530
17,226
19,254
419,951
387,145
49,869
18,960
14,090
9,572
13,670
77,397
101,346
27,375
40,004
8,717
26,145
28,385
10,607
4,421
256,627
70,280
36,600
12,609
3,977
17,093
186,347
98,908
11,774
15,979
59,685
446,146
202,297
113,862
64,366
24,069
243,850
35,869
15,178
33,464
105,816
24,626
18,436
62,753
22,216
31,307
62,872
34,870
1,969,375
330,978
1,638,397
81,683
62,128
4,723
3,237
8,010
17,472
8,354
23,570
19,555
13,547
5,546
639,353
8,822
630,531
374,473
330,978
31,938
14,087
13,164
56,220
29,947
27,012
115,628
7,295
35,514
52,932
8,826
11,083
13,443
19,581
19,887
446,030
407,100
55,050
19,156
15,739
8,669
14,975
82,667
105,159
26,615
44,055
6,668
28,346
34,408
13,280
4,523
259,239
69,207
36,697
11,330
4,360
16,820
190,031
97,162
11,985
16,410
64,474
478,201
214,773
117,376
71,733
25,663
263,428
39,789
15,043
38,499
111,717
25,135
19,453
67,129
24,748
33,632
64,870
35,689
2,117,245
453,280
1,663,965
88,997
68,766
5,781
3,804
7,419
18,909
8,397
28,260
20,231
14,023
5,499
786,394
10,869
775,525
502,715
453,280
34,423
14,078
12,593
68,122
23,970
26,944
127,103
10,797
40,421
53,997
12,453
11,398
13,077
17,069
21,887
455,187
415,527
56,414
23,471
18,297
9,567
14,850
85,292
100,875
25,655
44,800
5,383
30,924
35,413
12,390
4,247
233,764
54,564
31,371
6,088
3,457
13,648
179,200
94,234
9,925
15,598
59,443
484,727
219,784
114,728
78,911
26,144
264,943
40,983
12,696
40,088
115,170
23,695
19,121
72,354
22,082
33,924
68,177
37,353
17,068
19,601
18,459
19,082
19,492
22,398
25,283
28,002
29,181
30,824
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
81
in Goods—Table Ends
of dollars]
Not seasonally adjusted
Seasonally adjusted
2007
I
II
2008
III
IV
I
II
2009
III
IV
Ie
2007
I
II
2009
2008
III
IV
I
II
III
IV
Line
Ip
454,734
65,247
389,487
19,916
15,455
1,224
777
1,994
5,154
1,856
5,226
4,460
3,155
1,207
138,927
2,183
136,743
75,526
65,247
8,109
3,465
3,128
13,809
7,076
6,443
27,297
1,448
8,671
12,628
1,960
2,716
3,471
4,482
4,550
105,464
96,279
12,685
4,626
3,682
2,136
3,539
19,326
25,436
6,666
9,997
1,681
6,507
8,183
3,351
1,002
63,251
17,941
9,432
3,150
1,135
4,225
45,310
23,165
2,671
3,858
15,615
111,725
52,657
27,837
18,986
5,833
59,068
8,114
3,198
8,215
26,076
6,318
4,794
14,964
5,769
7,697
15,451
8,757
487,742
81,792
405,950
20,166
15,547
1,134
808
2,007
4,615
2,121
5,671
4,620
3,206
1,296
162,032
2,248
159,783
92,844
81,792
8,597
3,525
3,404
14,425
8,060
6,780
30,745
1,873
9,568
14,057
2,440
2,890
3,497
5,231
5,246
110,723
100,923
13,765
5,162
3,877
2,195
3,752
20,906
25,389
6,436
10,681
1,780
6,981
8,647
3,393
1,153
65,084
17,832
9,206
2,950
1,132
4,545
47,251
22,995
3,224
4,346
16,687
113,883
52,410
27,538
18,378
6,495
61,473
8,481
3,517
8,608
27,117
6,297
5,513
15,308
5,486
8,263
15,854
8,512
503,889
87,334
416,555
19,993
14,907
1,191
879
1,909
3,480
2,158
6,169
5,086
3,594
1,370
166,611
2,046
164,565
98,548
87,334
7,465
3,636
3,334
13,717
7,997
6,954
30,377
2,017
9,173
14,039
2,673
2,806
3,494
5,067
5,148
113,744
103,835
14,641
4,828
4,074
2,135
3,822
20,892
26,646
6,717
11,139
1,746
7,194
8,687
3,240
1,223
62,924
15,586
8,107
2,476
1,037
3,965
47,338
23,618
3,306
4,112
16,303
124,305
56,719
33,745
16,292
6,682
67,586
10,024
3,897
9,948
29,341
6,174
4,744
18,422
6,126
8,250
16,312
8,919
523,010
96,605
426,405
21,608
16,219
1,175
773
2,099
4,222
2,219
6,504
5,389
3,593
1,674
171,784
2,345
169,439
107,555
96,605
7,767
3,460
3,298
14,269
6,814
6,834
27,209
1,956
8,102
12,208
1,753
2,671
2,982
4,802
4,943
116,098
106,062
13,959
4,541
4,105
2,204
3,862
21,543
27,688
6,795
12,238
1,462
7,665
8,890
3,297
1,145
67,979
17,847
9,952
2,754
1,056
4,085
50,132
27,384
2,784
4,094
15,870
128,288
52,986
28,256
18,077
6,653
75,302
13,170
4,431
11,727
29,184
6,346
4,403
18,435
7,367
9,422
17,253
9,500
509,145
102,812
406,334
21,580
17,239
1,485
948
1,913
5,517
1,853
6,471
4,342
3,095
1,106
184,497
2,628
181,869
115,337
102,812
9,508
3,545
3,167
16,504
5,926
6,491
30,900
1,972
8,722
15,339
4,505
3,200
3,052
4,582
4,868
110,733
100,426
13,460
4,924
4,306
2,297
3,774
21,141
24,850
6,558
10,635
1,279
7,202
9,206
3,509
1,101
63,124
15,306
8,591
1,615
1,050
4,051
47,818
25,259
2,750
4,094
15,715
112,941
53,091
26,981
19,933
6,176
59,850
8,562
2,939
8,227
26,303
6,005
4,379
15,919
5,485
8,334
16,269
8,872
558,740
129,259
429,481
22,550
17,717
1,411
1,037
1,832
4,912
2,205
7,356
4,833
3,293
1,384
217,594
2,749
214,844
142,966
129,259
9,923
3,551
3,305
17,497
6,544
6,963
34,018
2,894
10,310
15,143
3,137
3,465
3,559
4,982
5,671
118,118
107,304
14,366
5,496
4,716
2,502
3,848
22,235
26,647
6,595
11,570
1,452
7,877
9,580
3,220
1,234
63,944
15,065
8,857
1,551
956
3,701
48,879
25,969
2,676
4,248
15,986
119,162
53,789
26,868
20,258
6,663
65,373
10,311
3,055
8,457
28,727
6,146
5,471
17,109
5,420
9,404
17,373
9,424
576,158
138,985
437,172
22,219
16,825
1,426
988
1,785
4,014
2,236
7,364
5,394
3,804
1,380
230,229
2,718
227,511
153,200
138,985
9,087
3,686
3,262
17,960
6,400
7,163
35,839
3,641
11,745
14,330
3,158
2,985
3,513
4,675
6,122
118,173
108,614
15,131
6,323
4,724
2,471
3,783
21,704
26,754
6,670
11,786
1,400
7,868
8,556
2,646
1,004
55,578
12,779
7,279
1,695
635
3,169
42,800
21,929
1,913
3,922
15,036
132,312
60,304
33,313
20,082
6,909
72,009
11,238
3,445
11,348
31,723
5,964
4,990
20,769
5,148
9,106
17,646
9,564
473,202
82,224
390,978
22,648
16,985
1,459
832
1,889
4,466
2,102
7,068
5,663
3,832
1,629
154,074
2,774
151,300
91,212
82,224
5,905
3,295
2,858
16,162
5,100
6,327
26,346
2,290
9,644
9,185
1,653
1,748
2,954
2,831
5,227
108,163
99,184
13,458
6,728
4,550
2,297
3,445
20,212
22,625
5,832
10,809
1,251
7,977
8,071
3,015
908
51,117
11,414
6,645
1,226
815
2,728
39,703
21,078
2,585
3,333
12,707
120,311
52,600
27,566
18,638
6,396
67,711
10,872
3,257
12,056
28,418
5,580
4,281
18,557
6,029
7,080
16,888
9,491
353,710
48,045
305,665
20,261
16,093
1,401
825
1,742
5,250
1,603
6,097
4,167
2,957
1,035
102,126
2,335
99,791
55,767
48,045
5,100
2,577
2,272
12,170
3,833
5,032
18,140
991
6,246
7,149
1,820
1,058
2,035
2,236
3,754
87,350
79,151
10,556
4,931
3,679
1,689
2,624
16,823
18,649
4,613
7,947
976
6,665
7,444
2,272
756
31,796
7,239
3,654
946
560
2,078
24,557
11,019
2,095
2,227
9,215
97,728
48,506
24,259
18,878
5,369
49,221
7,250
1,851
7,715
24,041
4,772
3,835
15,434
3,866
4,498
14,450
8,664
475,571
70,451
405,120
20,001
15,053
1,084
663
1,992
4,307
2,126
5,544
4,948
3,457
1,392
145,258
2,076
143,181
80,239
70,451
7,598
3,541
3,215
13,389
7,728
6,781
28,288
1,636
9,140
12,675
1,960
2,697
3,519
4,498
4,837
109,994
100,761
13,270
4,675
3,685
2,220
3,635
19,711
27,288
6,779
10,859
1,818
6,820
8,231
3,351
1,002
63,789
17,741
9,194
3,353
1,064
4,129
46,049
23,763
2,709
3,865
15,711
120,560
54,870
29,537
19,076
6,258
65,689
9,804
3,744
9,747
28,106
6,400
5,019
16,687
6,122
8,166
15,969
8,958
483,294
77,791
405,503
20,005
15,150
1,111
784
2,001
4,363
2,008
5,667
4,855
3,417
1,320
156,166
2,173
153,993
89,002
77,791
8,725
3,531
3,288
13,922
7,613
6,632
30,005
1,822
9,376
13,816
2,440
2,890
3,247
5,239
4,990
109,870
100,127
13,701
4,906
3,776
2,139
3,739
20,338
25,707
6,528
10,547
1,728
7,018
8,590
3,393
1,153
63,120
16,945
8,776
2,843
1,075
4,252
46,175
22,821
3,064
4,199
16,090
118,345
54,181
29,356
18,464
6,361
64,163
9,251
3,745
9,888
27,137
6,147
4,932
16,059
5,899
8,243
15,789
8,532
494,075
82,311
411,764
20,691
15,779
1,255
932
2,023
4,326
2,107
6,068
4,911
3,398
1,390
160,822
2,187
158,635
93,783
82,311
7,889
3,537
3,311
14,086
7,520
6,754
29,643
1,865
8,743
14,051
2,673
2,859
3,451
5,069
4,984
112,106
102,127
14,152
4,882
4,113
2,152
3,785
21,048
25,559
6,600
10,981
1,680
7,174
8,757
3,240
1,223
66,345
16,954
9,039
2,552
1,169
4,193
49,391
25,364
3,475
4,143
16,409
117,742
52,374
29,519
16,382
6,473
65,369
9,913
3,808
9,052
27,906
6,302
4,798
16,805
6,435
8,255
16,369
9,078
516,435
100,425
416,010
20,987
16,146
1,274
858
1,993
4,477
2,112
6,291
4,841
3,276
1,444
177,108
2,387
174,721
111,449
100,425
7,726
3,477
3,349
14,823
7,085
6,844
27,693
1,972
8,255
12,390
1,753
2,636
3,226
4,774
5,076
114,060
104,084
13,927
4,694
4,164
2,159
3,815
21,569
26,604
6,707
11,668
1,442
7,334
8,830
3,297
1,145
65,984
17,567
9,688
2,581
1,052
4,246
48,417
25,213
2,738
4,202
16,264
121,554
53,347
28,965
17,812
6,570
68,207
10,821
3,746
9,812
28,569
6,286
4,704
17,578
6,291
8,968
16,742
9,120
534,482
112,563
421,919
21,547
16,726
1,321
821
1,909
4,563
2,128
6,804
4,821
3,386
1,293
195,249
2,511
192,738
124,575
112,563
8,935
3,617
3,266
15,793
6,476
6,835
32,177
2,277
9,273
15,443
4,505
3,227
3,101
4,610
5,184
115,298
104,931
14,119
4,986
4,317
2,396
3,870
21,548
26,579
6,672
11,515
1,382
7,547
9,266
3,509
1,101
63,697
15,046
8,319
1,737
996
3,994
48,651
25,849
2,802
4,120
15,879
121,913
55,434
28,681
20,144
6,610
66,479
10,252
3,413
9,782
28,359
6,059
4,608
17,692
5,807
8,867
16,778
9,099
554,372
124,421
429,951
22,436
17,352
1,404
1,025
1,831
4,637
2,113
7,368
5,085
3,516
1,411
210,942
2,663
208,279
138,202
124,421
9,961
3,567
3,204
16,872
6,213
6,837
33,385
2,827
10,191
14,923
3,137
3,483
3,312
4,990
5,444
117,462
106,702
14,341
5,249
4,618
2,435
3,841
21,685
27,029
6,732
11,446
1,409
7,918
9,525
3,220
1,234
62,057
14,279
8,416
1,483
911
3,470
47,778
25,683
2,542
4,111
15,443
124,123
55,882
28,873
20,461
6,548
68,241
11,053
3,241
9,805
29,006
6,038
4,919
18,048
5,762
9,374
17,352
9,496
559,002
130,848
428,155
22,830
17,642
1,488
1,037
1,869
4,925
2,157
7,203
5,188
3,591
1,390
221,047
2,859
218,188
145,301
130,848
9,539
3,582
3,202
18,623
5,978
6,900
34,602
3,374
11,158
14,188
3,158
2,927
3,466
4,637
5,882
115,531
105,959
14,454
6,354
4,741
2,460
3,722
21,732
25,354
6,511
11,497
1,339
7,795
8,569
2,646
1,004
58,148
13,878
8,097
1,728
716
3,337
44,270
23,313
2,014
3,923
15,019
123,864
55,364
28,878
19,851
6,636
68,500
10,774
3,292
10,313
29,788
6,034
4,998
18,756
5,302
9,031
17,583
9,579
469,389
85,448
383,941
22,184
17,047
1,567
921
1,811
4,785
1,999
6,885
5,137
3,530
1,404
159,156
2,836
156,320
94,638
85,448
5,988
3,312
2,921
16,835
5,303
6,372
26,940
2,320
9,799
9,443
1,653
1,762
3,198
2,830
5,378
106,896
97,935
13,501
6,882
4,620
2,276
3,417
20,327
21,914
5,739
10,343
1,252
7,664
8,053
3,015
908
49,862
11,360
6,540
1,140
833
2,848
38,501
19,389
2,566
3,444
13,102
114,827
53,104
28,297
18,456
6,351
61,723
8,904
2,749
10,188
28,018
5,564
4,596
17,858
5,211
6,653
16,464
9,179
373,411
52,225
321,186
20,414
15,728
1,270
728
1,750
4,405
1,846
6,457
4,685
3,273
1,234
107,421
2,252
105,170
59,674
52,225
4,801
2,657
2,370
11,844
4,246
5,357
19,022
1,135
6,640
7,216
1,820
1,070
2,064
2,262
4,030
91,782
83,478
11,210
4,997
3,743
1,773
2,720
17,308
20,153
4,740
8,702
1,070
7,061
7,548
2,272
756
32,344
7,169
3,556
1,014
533
2,065
25,175
11,371
2,103
2,270
9,430
106,398
51,033
25,998
19,232
5,803
55,365
8,840
2,190
9,172
26,224
4,861
4,056
17,306
4,084
4,855
15,051
9,022
C
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
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
159
6,694
7,341
7,393
7,753
7,397
7,948
8,082
7,397
5,785
7,011
7,257
7,291
7,622
7,679
7,856
8,004
7,285
6,030
160
82
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
J u ly
2 0 0 9
Table 3. Private Services
[Millions
Not seasonally adjusted
Line
2006
2007
2008
2007
I
1 Exports of private services..................................................................................................................
2 Travel (table 1, line 6)..................
3 Passenger fares (table 1, line 7)....
4 Other transportation (table 1, line 8).....................................................................................................
Freight....................................
5
Port services..................................................................................................................................
6
7 Royalties and license fees (table 1, line 9).............................................................................................
By type:1
8
Industrial processes 2..................................................................................................................
Other3......................................................................................................................................
9
By affiliation:
U.S. parents’ receipts from their foreign affiliates.............................................................................
10
11
U.S. affiliates’ receipts from their foreign parent groups...................................................................
12
U.S. receipts from unaffiliated foreigners........................................................................................
13 Other private services (table 1, line 10).................................................................................................
By type: 1
14
Education...................................................................................................................................
Financial services
15
Insurance services
16
17
Telecommunications
18
Business, professional, and technical services................................................................................
Other services 4
19
By affiliation:
20
U.S. parents’ receipts from their foreign affiliates.............................................................................
21
U.S. affiliates’ receipts from their foreign parent groups...................................................................
22
U.S. receipts from unaffiliated foreigners........................................................................................
23 Imports of private services...................................................................................................................
24 Travel (table 1, line 23)........................................................................................................................
Passenger fares (table 1, line 24)..........................................................................................................
25
26 Other transportation (table 1, line 25)
27
Freight....................................
Port services...........................
28
29
Royalties and license fees (table 1, line 26)
By type:1
Industrial processes 2..................................................................................................................
30
Other3......................................................................................................................................
31
By affiliation:
U.S. parents’ payments to their foreign affiliates..............................................................................
32
33
U.S. affiliates’ payments to their foreign parent groups.....................................................................
34
U.S. payments to unaffiliated foreigners..........................................................................................
35 Other private services (table 1, line 27).................................................................................................
By type:1
Education...................................................................................................................................
36
37
Financial services.....................................
Insurance services....................................
38
Telecommunications..................................
39
40
Business, professional, and technical services
41
Other services 4.......................................
By affiliation:
U.S. parents’ payments to their foreign affiliates..............................................................................
42
43
U.S. affiliates’ payments to their foreign parent groups................ ....................................................
U.S. payments to unaffiliated foreigners..........................................................................................
44
Supplemental detail on insurance transactions:
45 Premiums received 5..............................................................................................................................
46 Actual losses paid..................................................................................................................................
47 Premiums paid 5.....................................................................................................................................
48 Actual losses recovered..........................................................................................................................
Memoranda:
49 Balance on goods (table 1, line 72)..........................................................................................................
50 Balance on private services (line 1 minus line 25)......................................................................................
51 Balance on goods and private services (lines 53 and 54)............................................................................
See the footnotes on pages 104-105.
II
III
IV
410,805
85,789
22,036
46,225
17,408
28,817
70,727
478,136
97,050
25,636
51,550
19,830
31,720
83,824
525,786
110,090
31,623
58,945
22,430
36,515
91,599
108,493
19,658
5,529
11,813
4,405
7,408
18,518
115,085
24,387
5,848
12,479
4,905
7,574
21,241
126,282
29,173
6,889
13,168
5,034
8,134
20,570
128,276
23,832
7,369
14,090
5,486
8,604
23,495
32,415
38,311
36,791
47,033
40,130
51,469
8,185
10,333
8,670
12,571
10,052
10,518
9,883
13,612
46,938
3,510
20,279
186,028
52,808
3,953
27,062
220,077
56,055
4,292
31,252
233,529
11,560
949
6,009
52,975
12,500
893
7,848
51,130
13,862
1,070
5,637
56,482
14,886
1,040
7,569
59,490
14,647
47,882
9,445
7,105
86,390
20,559
15,956
61,393
10,184
8,043
101,837
22,663
17,796
60,190
10,756
9,163
113,525
22,099
6,462
13,728
2,494
1,864
23,134
5,293
1,925
14,822
2,565
1,967
24,626
5,225
4,393
16,341
2,601
1,994
25,313
5,839
3,176
16,502
2,524
2,218
28,764
6,305
38,904
19,752
127,372
313,919
72,104
27,501
65,318
45,742
19,576
23,518
50,477
22,051
147,549
338,211
76,354
28,437
67,100
45,576
21,524
24,656
50,668
23,883
158,978
364,366
79,743
32,597
72,143
45,248
26,895
26,616
11,881
5,037
36,057
76,372
15,843
6,158
15,566
10,798
4,768
6,178
12,173
5,571
33,386
86,248
21,393
7,588
16,906
11,626
5,280
6,026
12,677
5,088
38,717
89,806
21,927
7,840
17,492
11,848
5,644
6,077
13,746
6,356
39,389
85,784
17,191
6,851
17,136
11,304
5,832
6,375
16,535
6,983
17,753
6,903
18,698
7,918
4,555
1,623
4,444
1,583
4,417
1,660
4,338
2,037
2,805
14,712
6,001
125,478
3,338
15,153
6,164
141,664
3,826
14,699
8,091
153,267
761
3,923
1,494
32,628
732
3,817
1,478
34,335
954
3,542
1,580
36,470
891
3,872
1,612
38,231
4,467
14,733
37,023
6,342
60,776
2,135
4,760
19,750
41,666
7,045
66,266
2,177
5,204
19,143
42,939
7,193
76,284
2,505
868
4,506
10,093
1,597
15,084
480
1,198
4,954
10,079
1,833
15,738
532
1,609
4,964
11,051
1,771
16,483
592
1,086
5,326
10,442
1,843
18,961
573
33,676
16,773
75,028
37,190
18,210
86,264
41,720
19,042
92,505
8,325
4,321
19,981
8,792
4,517
21,027
9,313
4,327
22,830
10,759
5,046
22,426
21,437
9,260
67,154
29,894
20,108
10,042
72,259
29,014
20,224
12,627
73,770
34,707
4,816
2,242
17,998
7,079
4,951
2,394
17,498
7,232
5,282
2,594
19,087
7,238
5,059
2,812
17,675
7,466
-847,260
96,886
-750,374
-830,992
139,925
-691,067
-840,252
161,420
-678,831
-188,960
32,121
-156,839
-204,915
28,836
-176,078
-218,752
36,476
-182,276
-218,365
42,492
-175,873
J u ly
2 0 0 9
8 3
S u r v e y o f C u r r e n t B u s in e s s
Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
2008
1
II
2007
2009
III
IV
Ip
I
II
2008
III
IV
I
II
2009
IV
III
Line
I»
125,512
24,065
7,078
14,183
5,463
8,720
21,563
134,255
29,099
7,735
15,519
5,753
9,766
25,195
138,316
32,831
9,104
15,796
5,914
9,882
21,682
127,703
24,095
7,705
13,447
5,300
8,147
23,160
118,162
21,137
6,582
10,442
4,297
6,145
20,828
110,892
21,802
5,784
12,055
4,519
7,536
19,367
114,872
23,018
5,999
12,548
4,854
7,694
19,869
123,341
25,306
6,547
13,149
5,017
8,132
21,637
129,030
26,924
7,305
13,798
5,440
8,358
22,950
129,127
27,072
7,522
14,541
5,586
8,955
22,633
133,977
28,005
7,950
15,601
5,710
9,891
23,212
134,719
28,835
8,254
15,621
5,880
9,740
23,069
127,962
26,178
7,896
13,182
5,254
7,928
22,685
120,409
23,844
6,976
10,625
4,434
6,191
21,928
1
2
3
4
5
6
7
9,908
11,654
10,212
14,983
9,820
11,863
10,190
12,969
9,814
11,014
8,185
11,182
8,670
11,199
10,052
11,585
9,883
13,067
9,908
12,725
10,212
13,000
9,820
13,250
10,190
12,495
9,814
12,114
8
9
13,914
932
6,716
58,624
14,393
1,039
9,763
56,707
13,870
1,083
6,729
58,902
13,878
1,238
8,044
59,296
12,413
1,191
7,224
59,174
11,971
949
6,447
51,884
12,383
893
6,593
53,438
14,030
1,070
6,537
56,702
14,425
1,040
7,485
58,053
14,419
932
7,283
57,359
14,193
1,039
7,980
59,209
13,988
1,083
7,998
58,940
13,455
1,238
7,992
58,021
12,881
1,191
7,855
57,036
10
11
12
13
7,292
16,011
2,466
2,200
25,300
5,355
2,173
15,754
2,773
2,325
28,725
4,958
4,982
14,167
2,799
2,439
28,653
5,862
3,350
14,257
2,718
2,199
30,847
5,924
7,831
13,954
2,856
2,106
26,612
5,815
3,828
13,728
2,494
1,864
24,677
5,293
3,888
14,822
2,565
1,967
24,971
5,225
3,956
16,341
2,601
1,994
25,970
5,839
4,284
16,502
2,524
2,218
26,219
6,305
4,326
16,011
2,466
2,200
27,001
5,355
4,420
15,754
2,773
2,325
28,979
4,958
4,490
14,167
2,799
2,439
29,182
5,862
4,560
14,257
2,718
2,199
28,362
5,924
4,648
13,954
2,856
2,106
27,657
5,815
14
15
16
17
18
19
11,638
5,245
41,741
84,149
17,462
7,296
17,232
11,071
6,161
6,390
12,496
6,057
38,153
95,241
22,972
8,722
18,870
11,698
7,172
6,398
12,627
5,798
40,477
97,547
22,410
8,784
19,483
11,879
7,603
7,493
13,906
6,783
38,607
87,429
16,899
7,795
16,558
10,600
5,958
6,334
11,988
5,354
41,832
77,834
16,121
6,686
12,976
8,163
4,813
5,527
12,360
5,442
34,082
81,244
18,521
6,727
16,035
11,059
4,976
6,270
12,433
5,644
35,361
83,150
18,792
6,984
16,688
11,547
5,141
6,184
13,025
5,458
38,219
86,538
19,273
7,414
17,074
11,656
5,418
6,218
12,659
5,507
39,887
87,279
19,768
7,312
17,303
11,314
5,989
5,983
12,137
5,635
39,587
89,609
20,235
7,868
17,956
11,493
6,463
6,427
12,761
6,155
40,294
91,487
20,109
8,029
18,496
11,516
6,980
6,537
12,955
6,180
39,805
94,090
19,848
8,343
18,924
11,631
7,293
7,644
12,815
5,913
39,293
89,181
19,551
8,357
16,767
10,607
6,160
6,007
12,527
5,742
38,767
83,395
18,630
7,248
13,945
8,911
5,035
5,532
20
21
22
23
24
25
26
27
28
29
4,658
1,733
4,814
1,583
4,758
2,736
4,468
1,866
3,943
1,584
4,607
1,663
4,560
1,624
4,518
1,701
4,069
1,914
4,666
1,761
4,919
1,618
4,865
2,779
4,248
1,760
3,923
1,609
30
31
773
3,856
1,762
35,768
876
3,803
1,718
38,279
1,146
3,589
2,759
39,377
1,031
3,451
1,852
39,843
887
2,774
1,866
36,524
761
4,071
1,438
33,691
732
3,967
1,485
34,502
954
3,690
1,574
36,559
891
3,426
1,666
36,913
773
3,960
1,694
37,122
876
3,930
1,731
38,315
1,146
3,747
2,751
39,331
1,031
3,062
1,915
38,498
887
2,851
1,793
38,040
32
33
34
35
982
5,160
10,099
1,761
17,137
629
1,309
5,148
10,357
1,798
18,984
683
1,723
4,747
11,284
1,834
19,198
591
1,191
4,087
11,199
1,799
20,965
601
1,075
3,991
11,421
1,687
17,763
587
1,121
4,506
10,093
1,597
15,894
480
1,178
4,954
10,079
1,833
15,925
532
1,221
4,964
11,051
1,771
16,960
592
1,241
5,326
10,442
1,843
17,487
573
1,264
5,160
10,099
1,761
18,209
629
1,281
5,148
10,357
1,798
19,049
683
1,296
4,747
11,284
1,834
19,579
591
1,364
4,087
11,199
1,799
19,447
601
1,389
3,991
11,421
1,687
18,965
587
36
37
38
39
40
41
9,166
4,389
22,214
10,972
4,572
22,735
10,782
4,650
23,945
10,800
5,431
23,612
8,960
4,485
23,079
9,021
4,401
20,268
8,706
4,698
21,098
9,378
4,557
22,624
10,085
4,554
22,274
10,016
4,571
22,535
10,761
4,737
22,817
10,744
4,852
23,736
10,199
4,882
23,417
9,868
4,734
23,438
42
43
44
4,462
3,012
17,804
7,538
5,289
3,159
17,710
7,698
5,352
3,231
19,164
11,544
5,121
3,225
19,092
7,926
5,008
2,935
18,237
7,787
4,816
2,242
17,998
7,079
4,951
2,394
17,498
7,232
5,282
2,594
19,087
7,238
5,059
2,812
17,675
7,466
4,462
3,012
17,804
7,538
5,289
3,159
17,710
7,698
5,352
3,231
19,164
11,544
5,121
3,225
19,092
7,926
5,008
2,935
18,237
7,787
45
46
47
48
-197,564
41,363
-156,201
-221,624
39,015
-182,610
-241,904
40,769
-201,135
-179,160
40,274
-138,885
-109,640
40,328
-69,312
-206,033
29,648
-176,385
-205,639
31,722
-173,918
-204,915
36,803
-168,112
-214,404
41,751
-172,653
-218,846
39,518
-179,327
-221,496
42,491
-179,005
-221,090
40,629
-180,461
-178,820
38,782
-140,038
-124,036
37,014
-87,022
49
50
51
84
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
J u ly
2 0 0 9
Table 4. Investment
[Millions
Not seasonally adjusted
Line
2006
2007
2008
2007
I
II
III
IV
1 Income receipts on U.S.-owned assets abroad (table 1, line 13).............................................................
679,338
815,960
761,593
185,395
203,578
212,587
214,401
2
3
4
Direct investment receipts (table 1, line 14)...........................................................................................
Earnings........................................................................................................................................
Interest............................................
324,816
319,028
5,788
363,247
356,103
7,144
370,747
362,737
8,010
82,146
80,437
1,708
90,666
89,002
1,664
92,845
90,913
1,932
97,591
95,751
1,839
5
Other private receipts (table 1, line 15)..................................................................................................
352,122
450,480
385,940
102,679
112,373
119,221
116,207
6
7
8
Income on foreign securities............................................................................................................
Dividends...............
Interest...................
148,196
84,330
63,866
198,838
116,148
82,691
238,497
147,462
91,036
44,175
25,191
18,984
47,982
27,523
20,460
52,387
31,254
21,133
54,293
32,179
22,114
9
10
11
Interest on claims reported by banks.................................................................................................
Banks’ own claims......................................................................................................................
Banks’ customers’ claims.............................................................................................................
147,296
114,507
32,790
184,543
143,191
41,352
105,840
80,846
24,994
43,162
33,699
9,463
47,203
37,020
10,183
48,491
37,248
11,243
45,688
35,225
10,463
12
Interest on claims reported by nonbanking concerns..........................................................................
56,630
67,098
41,604
15,341
17,188
18,343
16,226
13 U.S. government receipts (table 1, line 16)............................................................................................
14 Income payments on foreign-owned assets in the United States (table 1, line 30)..................................
2,400
624,646
2,233
718,019
4,906
636,043
570
173,512
539
188,498
521
183,318
603
172,692
15
16
17
Direct investment payments (table 1, line 31).........................................................................................
Earnings........................................................................................................................................
Interest..........................................................................................................................................
150,770
132,346
18,424
126,532
101,544
24,988
120,862
96,844
24,017
35,042
29,845
5,197
39,007
33,106
5,901
30,553
24,424
6,129
21,931
14,170
7,761
18
Other private payments (table 1, line 32)...............................................................................................
338,897
427,159
349,871
99,414
108,090
111,051
108,604
19
20
21
Income on U.S. corporate securities..................................................................................................
Dividends...................................................................................................................................
Interest......................................................................................................................................
151,448
44,884
106,564
194,136
54,926
139,211
221,005
69,839
151,166
44,375
12,622
31,753
48,383
13,003
35,380
49,893
14,054
35,840
51,486
15,248
36,238
22
23
24
Interest on liabilities reported by banks..............................................................................................
Banks’ own liabilities...................................................................................................................
Banks’ customers’ liabilities..........................................................................................................
157,082
123,520
33,562
189,829
147,473
42,356
98,375
73,401
24,974
45,793
35,707
10,086
48,900
38,309
10,591
49,180
38,157
11,023
45,957
35,300
10,656
25
Interest on liabilities reported by nonbanking concerns........................................................................
30,367
43,192
30,491
9,246
10,807
11,978
11,162
U.S. government payments (table 1, line 33)..........................................................................................
Memorandum:
27 Balance on investment income (line 1 minus line 14)..................................................................................
134,979
164,328
165,310
39,056
41,401
41,714
42,157
54,692
97,941
125,550
11,883
15,080
29,269
41,709
26
See the footnotes on pages 104-105.
J u ly
2 0 0 9
85
S u r v e y o f C u r r e n t B u s in e s s
Income
of dollars]
Not seasonally adjusted
Seasonally adjusted
2008
1
II
III
IV
Io
I
II
III
IV
20092007 Line
2009
II
I
III
IV
Ip
200,996
200,355
194,204
166,038
132,944
186,249
201,575
212,760
215,376
202,163
198,028
194,554
166,847
133,520
1
97,256
95,302
1,954
102,871
100,800
2,071
95,752
93,734
2,018
74,868
72,900
1,967
61,490
59,569
1,921
83,011
81,303
1,708
88,628
86,964
1,664
92,993
91,061
1,932
98,615
96,775
1,839
98,426
96,473
1,954
100,538
98,467
2,071
96,047
94,029
2,018
75,736
73,769
1,967
62,052
60,132
1,921
2
3
4
103,024
96,756
97,196
88,964
68,994
102,679
112,373
119,221
116,207
103,024
96,756
97,196
88,964
68,994
5
59,052
36,566
22,486
59,732
36,452
23,280
60,213
37,032
23,182
59,500
37,412
22,088
53,807
31,732
22,075
44,175
25,191
18,984
47,982
27,523
20,460
52,387
31,254
21,133
54,293
32,179
22,114
59,052
36,566
22,486
59,732
36,452
23,280
60,213
37,032
23,182
59,500
37,412
22,088
53,807
31,732
22,075
6
7
8
32,710
25,578
7,133
26,511
20,383
6,128
26,359
20,066
6,293
20,260
14,819
5,441
9,461
6,943
2,519
43,162
33,699
9,463
47,203
37,020
10,183
48,491
37,248
11,243
45,688
35,225
10,463
32,710
25,578
7,133
26,511
20,383
6,128
26,359
20,066
6,293
20,260
14,819
5,441
9,461
6,943
2,519
9
10
11
11,262
10,514
10,624
9,204
5,726
15,341
17,188
18,343
16,226
11,262
10,514
10,624
9,204
5,726
12
716
162,272
727
171,483
1,256
159,471
2,206
142,816
2,460
111,007
559
174,806
574
187,016
546
182,574
554
173,623
713
163,652
735
169,951
1,311
158,618
2,147
143,823
2,474
112,446
13
14
25,889
20,201
5,689
41,603
36,357
5,247
29,903
23,562
6,341
23,466
16,725
6,741
8,603
3,144
5,459
36,336
31,139
5,197
37,525
31,624
5,901
29,809
23,680
6,129
22,862
15,102
7,761
27,269
21,580
5,689
40,071
34,824
5,247
29,050
22,709
6,341
24,473
17,732
6,741
10,042
4,582
5,459
15
16
17
94,416
87,061
88,504
79,890
65,905
99,414
108,090
111,051
108,604
94,416
87,061
88,504
79,890
65,905
18
53,198
16,700
36,498
54,823
16,745
38,078
56,846
17,530
39,316
56,139
18,864
37,275
54,846
16,921
37,924
44,375
12,622
31,753
48,383
13,003
35,380
49,893
14,054
35,840
51,486
15,248
36,238
53,198
16,700
36,498
54,823
16,745
38,078
56,846
17,530
39,316
56,139
18,864
37,275
54,846
16,921
37,924
19
20
21
32,819
25,107
7,712
24,379
18,273
6,107
23,883
17,503
6,380
17,294
12,518
4,776
7,676
5,259
2,416
45,793
35,707
10,086
48,900
38,309
10,591
49,180
38,157
11,023
45,957
35,300
10,656
32,819
25,107
7,712
24,379
18,273
6,107
23,883
17,503
6,380
17,294
12,518
4,776
7,676
5,259
2,416
22
23
24
8,400
7,859
7,775
6,456
3,384
9,246
10,807
11,978
11,162
8,400
7,859
7,775
6,456
3,384
25
41,967
42,819
41,064
39,460
36,499
39,056
41,401
41,714
42,157
41,967
42,819
41,064
39,460
36,499
26
38,724
28,871
34,733
23,222
21,937
11,443
14,559
30,186
41,753
38,511
28,078
35,936
23,024
21,074
27
86
U .S .
J u ly
I n t e r n a t io n a l T r a n s a c t io n s
2 0 0 9
Table 5. 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.
Debits increase in U.S. assets or decrease in foreign assets.)
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)...........
Foreign currencies (table 1, line 45)..........................................................
5
B1 Foreign official assets in the United States, net (table 1, line 56)...................
By instrument:
2
U.S. Treasury securities (table 1, line 58)...................................................
3
Bills and certificates............................................................................
4
Bonds and notes, marketable................................................................
5
Bonds and notes, nonmarketable..........................................................
6
Other U.S. government securities (table 1, line 59)......................................
7
Other U.S. government liabilities (table 1, line 60).......................................
8
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 61)
9
Banks’ liabilities for own account1........................................................
Repurchase agreements..................................................................
10
11
Deposits and brokerage balances 2...................................................
12
Other liabilities.................................................................................
13
Banks’ customers’ liabilities ' ................................................................
Negotiable certificates of deposit and other short-term instruments.......
14
15
Other liabilities.................................................................................
Other foreign official assets (table 1, line 62)..............................................
16
17
18
19
20
21
22
By area:
Europe..................................................................................................
Canada...........................
Latin America and Caribbean
Asia...............................
Africa..............................
Other....................................................................................................
See the footnotes on pages 104-105.
2006
2,374
0
-223
3,331
-734
2007
-122
0
-154
1,021
-989
487,939 480,949
2008
I
II
III
IV
1
-72
0
-43
212
-241
26
0
-39
294
-229
-54
0
-37
230
-247
-22
0
-35
285
-272
-276
0
-29
112
-359
487,021 165,837
88,331
-4,848
0
-106
-3,473
-1,269
208,564 98,432 477,652
-25,031
21,715 272,409
233,516 76,633 205,151
84
92
79
219,837 171,465
65,846
5,342
2,816
8,626
22,365 109,019 -153,443
42,155 32,831 -34,047
22,737 40,943 -39,311
15,105 -5,153
5,936
-672
4,313 -2,959
-19,790 76,188 -119,396
-18,767 75,289 -118,398
899
-998
-1,023
34,357 96,691
88,340
106,782 83,647
-964
721
44,564 88,851
324,897 329,487
-1,927
6,993
14,587 -28,750
2007
2008
-1,267
0
-22
-955
-290
III
IV
Ie
Amounts
outstanding
March 31,
2009
-179
0
-30
256
-405
-3,126
0
-25
-2,886
-215
-982
0
-15
-754
-213
303,500
239,664
9,082
8,201
46,553
47,674 179,107 208,646 178,826 115,573
-16,024
71,182
3,874,480
106,005 76,220 116,479 178,948 118,309
4,829 24,144 49,328 194,108 83,344
101,154 52,053 67,128 -15,184 34,941
22
23
24
24
23
79,234 93,145 -10,559 -95,974
256
1,645
2,439
1,642
2,900
2,927
9,797 -109,370 -51,811
-24,173 -29,697
-18,227 -6,468 19,993 -29,345 -37,088
-18,161
4,037
4,342 -29,529 -26,207
220 -6,018
2,289 -15,198
9,445
-286 -4,487
6,206
-2,105
4,317
-5,946 -23,229 -10,196 -80,025 -14,723
-13,573 -17,769 -7,028 -80,028 -14,720
7,627 -5,460 -3,168
3
-3
7,472
45,935 36,719 -1,786
1,501
2,416,021
554,300
1,860,495
1,226
896,689
35,577
200,777
152,835
93,244
46,116
13,475
47,942
47,942
O
325,416
-7,122 20,828 51,510 48,075 27,756
1,074 -103,225 -21,867
304 -1,056
847
-17
202
1,507 -1,914
-181
33,074 19,940 13,010 12,980 27,303 -14,247
-9,117 -6,924
87,337 103,614
50,000 35,483 130,095 141,140 119,986 129,534
-607
1,641
2,494
4,175
1,678
3,675
1,975
1,509
4,827
7,900 -26,914 -18,033
-96 -3,101
5,499 -3,236
488,067
14,325
317,512
2,991,774
40,675
22,127
40,619
1,500 -5,602
22,557 -38,262 18,810
18,042 39,741 -24,433
21
21
20
81,303 60,031 18,022
913
366
-69
32,614 15,575
8,870
30,331 15,367 -27,206
34,569
7,813 -20,970
1,432
5,771 -5,252
-5,670
1,783
-984
2,283
208 36,076
-512 35,672
2,365
404
-82
720
10,935 11,294 25,471
-26,320 18,431
1,511
626
16,919 22,827
477,997 113,909
9,785
1,747
8,297
7,129
II
2009
61,915
18,610
43,283
22
12,109
4,132
51,960
14,339
19,531
-7,104
1,912
37,621
37,764
-143
48,991
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
8 7
T a b le 6 . S e le c t e d U .S . G o v e r n m e n t T r a n s a c t io n s
[Millions of dollars]
Not seasonally adjusted
Line
2007
2006
2008
2007
I
A1 U.S. government grants and transactions increasing government assets, total..................................
2
3
4
5
6
7
8
9
10
11
12
13
14
By category
Grants, net.....................................................................................................................................
U.S. government current grants, net (table 1, line 36, with sign reversed)...........................................
Financing military purchases 1..................................................................................................
Other grants...........................................................................................................................
20
21
22
23
24
25
26
Debt forgiveness (table 1, part of line 39, with sign reversed)............................................................
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................................................................................................................
Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed).......................
Foreign currency holdings (excluding administrative cash holdings), net............................................
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, net2...............................................................................
Other short-term assets (including changes in administrative cash holdings), net9.............................
27
28
29
30
31
32
33
34
3b
By program
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 Act..............................................................................
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), net9...........................................................
15
16
17
18
19
36
37
38
39
40
41
42
43
44
45
46
4/
48
By disposition 3
Estimated transactions involving no direct dollar outflow from the United States.....................................
Expenditures on U.S. goods.........................................................................................................
Expenditures on U.S. services 4...................................................................................................
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 6and 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 1(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 9...........................
II
2008
IV
III
II
I
7,264
7,581 34,687
29,444
27,733
9,270
18,464
5,981
5,930
1,682
4,248
7,423 10,396 10,343
7,366 10,394 10,335
2,363 5,326 5,659
5,003 5,068 4,676
36,161 10,747
36,003 10,747
14,824 5,993
21,179 4,754
III
Io
IV
7,565 50,000 235,387 275,179 -236,239
32,427 60,924 568,129 11,392
34,547
34,437
15,364
19,073
2009
7,911
7,893
3,106
4,787
8,694
8,568
2,406
6,162
9,214
9,207
3,653
5,554
7,350
7,350
2,607
4,743
57
2
18
126
7
8
n
232
182
279
475
442
179 1,106
129
138
90
93
103 1,067
85
94
187
38
346
357
92
77
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-25 24,011 -2,957 40,983 226,217 265,523 -243,821
0
0
0
0
0
0
0
110
159
1,711
2,202
2,992 2,475
1,384
2,024 1,651
819
818
968
0
5
0
0
0
0
-9 23,902 529,766
5
0
0
0
608
284
319
5
0
38
5
51
1,405
1,184
221
0
0
-122
0
0
0
0
0
0
0
0
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-147
50
31
0
0
0
0
0
0
-59 24,044 529,736
0
0
0
4
0
0
29
0
0
0
-106
0
0
-16
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
34
-9
12
-44
0
3
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20 24,011 -2,959 40,949 226,226 265,520 -243,832
2,024 1,651
1,384
284
1,384 1,802
1,945
464
25,954 31,673 32,926 10,161
1,690
66
265
18
147
4
7
98
1,871
1,427 1,536
334
0
0
5
5
0
0
0
0
-59 24,044 529,736
29
1,184
456
5,309
42
-3
293
0
0
-16
93
138
90
103 1,067
129
85
437
698
451
445
413
398
436
8,341
6,551
6,463 9,740 9,649 7,108 7,829
14
17
41
3
3
6
228
1
0
52
4
0
-1
5
350
488
408
560
352
461
570
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20 24,011 -2,959 40,949 226,226 265,520 -243,832
22,603 27,373
4,305 7,722
7,282 7,541
9,099 11,923
207
439
0
0
8,660 11,716
294
1,865
62
-95
28,352
8,995
8,365
10,568
80
0
10,488
366
85
9,129
4,143
1,921
2,968
51
0
2,917
91
10
4,503
1,010
1,713
1,738
61
0
1,677
133
7
5,247
948
1,882
2,379
21
0
2,357
65
-119
8,495
1,621
2,025
4,838
73
0
4,765
5
7
8,591
4,162
1,864
2,528
0
0
2,528
31
17
5,919
903
1,849
3,104
0
0
3,104
23
52
6,551
1,290
2,542
2,424
22
0
2,402
291
7
7,291
2,640
2,110
2,513
58
0
2,455
21
10
5,529
1,191
1,816
2,498
0
0
2,498
13
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
0
0
0
0
0
27
11
12
0
0
0
9,824 33,551 539,778
5
0
2,263
98
0
2,762
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
0
0
0
0
-92
1
11
11
3
3
3
0
0
0
0
0
0
0
2,334 26,192 -1,025 44,078 228,836 267,889 -241,769
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 Act
/
Under other credit programs....................
8 Receipts on other long-term assets..............
8,329
8,329
694
1,759
3,784
1,849
244
0
4,104
4,104
941
1,517
1,218
428
0
0
2,354
2,354
621
888
825
21
0
0
1,091
1,091
136
548
278
129
0
0
687
687
40
326
292
30
0
0
780
780
127
294
350
8
0
0
1,546
1,546
638
348
298
262
0
0
490
490
60
235
182
13
0
0
497
497
57
168
269
3
0
0
695
695
237
313
144
1
0
0
672
672
266
172
230
3
0
0
489
489
63
215
206
5
0
0
C1 U.S. government liabilities other than securities, total, net increase (+) (table 1, line 60)....................
2 Associated with military sales contracts 2..........................................................................................
3
U.S. government cash receipts from foreign governments (including principal repayments on credits
financing military sales contracts), net of refunds ' ......................................................................
4
Less U.S. government receipts from principal repayments...............................................................
b
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.............................................................................................................
9
By grants 1.............................................................................................................................
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.....................................................................................
2,816
2,802
5,342
5,358
8,626
8,628
366
383
-69
-88
913
933
4,132
4,129
1,645
1,649
2,439
2,436
1,642
1,641
2,900
2,900
2,927
2,922
18,837 19,904
929
535
21,826
102
5,197
303
3,434
88
4,153
59
7,119
86
7,267
36
3,483
4
4,395
58
6,682
4
7,666
36
497
292
9,099 11,923
439
207
0
0
8,660 11,716
1,094
10,568
80
0
10,488
497
2,968
51
0
2,917
0
1,738
61
0
1,677
0
2,379
21
. 0
2,357
0
4,838
73
0
4,765
1,883 -1,784
2,528 3,104
0
0
0
0
2,528 3,104
0
2,424
22
0
2,402
995
2,513
58
0
2,455
1,999
2,498
0
0
2,498
23,913 25,436
22,571
6,982
5,173
5,539
7,742
6,226
5,931
5,120
5,295
5,208
0
14
0
-16
0
-2
0
-17
0
19
0
-21
0
3
0
-4
0
1
0
0
0
0
0
5
1
13
0
-17
0
-3
0
-17
0
19
0
-21
0
2
0
-4
0
1
0
0
0
0
0
5
See the footnotes on pages 104-105.
88
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
J u ly
2 0 0 9
Table 7. Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
(Credits +; debits -)
2006
2007
2008
2007
I
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
U.S. direct investment abroad:
Income (table 1, line 14)...........................................................................................
Earnings............
Distributed earnings...........................................................................................
Reinvested earnings..........................................................................................
Reinvested earnings witnout current-cost adjustment.........................................
Current-cost adjustment..................................................................................
Interest........................
U.S. parents’ receipts..
U.S. parents’ payments
Income without current-cost adjustment.......................................................................
Manufacturing.....................................................
Wholesale trade..................................................
Finance (including depository institutions) and insurance
Holding companies, except bank holding companies
Other................................................................................................................
Earnings without current-cost adjustment (line 2 less line 6).......................................
Manufacturing...................................................................................................
Wholesale trade.................................................................................................
Finance (including depository institutions) and insurance.......................................
Holding companies, except bank holding companies..............................................
Other................................................................................................................
Interest.............
Manufacturing.
Wholesale trade
Finance (including depository institutions) and insurance 1......................................
Holding companies, except bank holding companies..............................................
Other................................................................................................................
Capital (table 1, line 51)
Equity capital.....
Increases in equity capital...................................................................................
Decreases in equity capital.......................................................................... .......
Reinvested earnings (line 4 with sign reversed)........................................................
Intercompany debt.................................................................................................
U.S. parents’ receivables.....................................................................................
U.S. parents’ payables........................................................................................
Capital without current-cost adjustment........................................................................
Manufacturing..........................................
Wholesale trade.......................................
Finance (including depository institutions) and insurance.......................................
Holding companies, except bank holding companies..............................................
Other.......................................................
Equity capital.....
Manufacturing.
Wholesale trade
Finance (including depository institutions) and insurance.......................................
Holding companies, except bank holding companies..............................................
Other................................................................................................................
Reinvested earnings without current-cost adjustment (line 5 with sign reversed)............
Manufacturing...................................................................................................
Wholesale trade.................................................................................................
Finance (including depository institutions) and insurance.......................................
Holding companies, except bank holding companies
Other................................................................................................................
Intercompany debt... .............................................................................................
Manufacturing.
Wholesale trade.................................................................................................
Finance (including depository institutions) and insurance 2......................................
Holding companies, except bank holding companies
Other................................................................................................................
Royalties and license fees, net...................................................... .........................
U.S. parents’ receipts (table 1, part of line 9).............................................................
U.S. parents’ payments (table 1, part of line 26)........................................................
Other private services, net.......................................................................................
U.S. parents’ receipts (table 1, part of line 10)...........................................................
U.S. parents’ payments (table 1, part of line 27)........................................................
See the footnotes on pages 104-105.
324,816
319,028
101,686
217,342
196,640
20,702
5,788
9,602
-3,814
304,114
57,677
24,321
33,040
120,884
68,191
298,326
56,246
23,896
33,320
118,893
65,969
5,788
1,431
425
-280
1,991
2,222
-244,922
-48,970
-131,334
82,364
-217,342
21,390
-11,705
33,095
-224,220
-42,359
-14,835
-19,384
-97,498
-50,143
-48,970
-12,621
-800
-7,664
-27,396
-489
-196,640
-39,082
-15,102
-19,358
-85,641
-37,456
21,390
9,344
1,067
7,637
15,539
-12,198
44,133
46,938
-2,805
5,228
38,904
-33,676
363,247
356,103
117,117
238,986
218,751
20,235
7,144
11,328
-4,185
343,012
64,846
27,421
35,857
142,755
72,133
335,868
63,790
27,056
35,741
140,299
68,983
7,144
1,056
364
117
2,456
3,150
-398,597
-174,890
-248,915
74,025
-238,986
15,279
-23,347
38,626
-378,362
-66,717
-13,637
-95,474
-148,753
-53,780
-174,890
-26,032
-2,935
-78,708
-60,412
-6,804
-218,751
-45,737
-17,302
-18,246
-98,197
-39,270
15,279
5,052
6,600
1,479
9,855
-7,706
49,470
52,808
-3,338
13,287
50,477
-37,190
370,747
362,737
111,231
251,506
231,290
20,216
8,010
12,109
-4,099
350,531
64,012
27,421
38,750
141,810
78,538
342,521
63,035
27,103
38,257
138,859
75,267
8,010
977
318
493
2,951
3,272
-332,012
-90,246
-132,695
42,449
-251,506
9,740
-1,467
11,207
-311,796
-44,980
-29,874
-47,770
-123,806
-65,365
-90,246
-8,381
-1,048
-35,650
-19,053
-26,114
-231,290
-48,628
-22,973
-12,282
-92,015
-55,393
9,740
12,028
-5,854
163
-12,738
16,141
52,229
56,055
-3,826
8,948
50,668
-41,720
82,146
80,437
14,203
66,235
61,151
5,084
1,708
2,716
-1,008
77,062
13,862
6,077
7,189
34,255
15,679
75,353
13,523
5,975
7,164
33,660
15,031
1,708
339
101
25
595
648
-108,116
-55,117
-64,383
9,265
-66,235
13,236
-9,516
22,752
-103,032
-14,348
-3,158
-31,002
-36,660
-17,864
-55,117
-7,715
-327
-26,191
-14,366
-6,518
-61,151
-10,682
-5,082
-3,904
-29,631
-11,852
13,236
4,049
2,252
-907
7,337
505
10,799
11,560
-761
3,555
11,881
-8,325
II
III
90,666
89,002
27,573
61,429
56,368
5,061
1,664
2,755
-1,091
85,605
16,752
6,810
9,152
35,253
17,638
83,941
16,469
6,735
9,168
34,667
16,902
1,664
283
75
-15
586
736
-97,156
-48,406
-66,116
17,710
-61,429
12,679
8,916
3,762
-92,095
-26,258
-1,086
-19,825
-42,293
-2,633
-48,406
-14,656
-349
-19,610
-18,483
4,691
-56,368
-14,008
-2,678
-6,820
-27,713
-5,148
12,679
2,406
1,941
6,604
3,903
-2,175
11,768
12,500
-732
3,381
12,173
-8,792
92,845
90,913
18,060
72,853
67,806
5,047
1,932
2,946
-1,013
87,798
16,760
6,666
9,865
36,220
18,287
85,866
16,519
6,576
9,835
35,518
17,418
1,932
241
90
30
702
869
-77,079
-10,880
-32,378
21,499
-72,853
6,654
-9,166
15,820
-72,032
-15,401
-6,859
-16,138
-21,214
-12,421
-10,880
-1,639
-1,685
-13,000
3,611
1,834
-67,806
-13,030
-5,535
-7,068
-27,925
-14,247
6,654
-731
361
3,931
3,101
-7
12,908
13,862
-954
3,364
12,677
-9,313
IV
97,591
95,751
57,281
38,470
33,427
5,043
1,839
2,912
-1,073
92,548
17,472
7,868
9,651
37,028
20,529
90,708
17,278
7,770
9,574
36,454
19,632
1,839
193
99
77
574
897
-116,246
-60,486
-86,038
25,551
-38,470
-17,289
-13,581
-3,708
-111,203
-10,710
-2,535
-28,509
-48,586
-20,862
-60,486
-2,022
-573
-19,907
-31,174
-6,811
-33,427
-8,017
-4,007
-453
-12,928
-8,022
-17,289
-672
2,046
-8,149
-4,485
-6,029
13,995
14,886
-891
2,986
13,746
-10,759
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
89
License Fees, and Other Private Services—Continues
of dollars]
Seasonally adjusted
Not seasonally adjusted
2008
1
97,256
95,302
24,083
71,219
66,143
5,076
1,954
2,955
-1,001
92,180
17,637
6,750
10,816
35,898
21,079
90,226
17,390
6,674
10,695
35,204
20,264
1,954
247
77
121
695
815
-97,240
-24,671
-31,247
6,577
-71,219
-1,350
-17,856
16,506
-92,164
-8,216
-9,454
-17,032
-36,436
-21,026
-24,671
-1,802
-719
-11,585
-2,162
-8,403
-66,143
-15,325
-6,065
-6,428
-23,772
-14,552
-1,350
8,911
-2,670
981
-10,502
1,929
13,141
13,914
-773
2,472
11,638
-9,166
II
102,871
100,800
28,786
72,015
66,945
5,070
2,071
3,074
-1,003
97,801
18,741
7,334
12,267
37,717
21,742
95,730
18,493
7,278
12,144
36,931
20,884
2,071
248
56
123
786
858
-106,903
-16,476
-24,695
8,218
-72,015
-18,412
-23,364
4,953
-101,833
-21,696
-7,759
-15,676
-42,955
-13,748
-16,476
-1,986
173
-2,750
-7,990
-3,924
-66,945
-15,179
-6,578
-2,666
-26,363
-16,159
-18,412
-4,531
-1,354
-10,260
-8,603
6,335
13,517
14,393
-876
1,524
12,496
-10,972
2009
III
IV
I"
95,752
93,734
22,007
71,727
66,676
5,051
2,018
3,076
-1,058
90,701
17,316
6,880
9,414
36,114
20,977
88,683
17,090
6,793
9,274
35,348
20,178
2,018
226
87
141
766
799
-60,870
-9,500
-19,815
10,315
-71,727
20,357
11,139
9,218
-55,819
-9,068
-6,325
857
-25,602
-15,680
-9,500
-948
25
787
-3,889
-5,475
-66,676
-13,102
-5,073
-4,792
-27,492
-16,216
20,357
4,982
-1,276
4,861
5,779
6,011
12,725
13,870
-1,146
1,845
12,627
-10,782
74,868
72,900
36,356
36,545
31,526
5,019
1,967
3,004
-1,037
69,849
10,318
6,457
6,252
32,081
14,741
67,881
10,062
6,358
6,144
31,376
13,941
1,967
256
99
108
704
800
-66,999
-39,599
-56,938
17,339
-36,545
9,144
28,614
-19,470
-61,980
-6,001
-6,337
-15,919
-18,813
-14,911
-39,599
-3,645
-527
-22,103
-5,013
-8,311
-31,526
-5,021
-5,256
1,604
-14,387
-8,465
9,144
2,665
-554
4,580
587
1,865
12,846
13,878
-1,031
3,106
13,906
-10,800
61,490
59,569
17,201
42,368
37,425
4,943
1,921
2,826
-906
56,547
7,775
4,989
4,794
26,843
12,146
54,626
7,568
4,906
4,703
26,147
11,302
1,921
207
83
91
696
844
-29,965
-2,249
-12,035
9,785
-42,368
14,652
18,211
-3,558
-25,022
-3,864
-2,174
2,851
-9,236
-12,600
-2,249
-58
-95
342
-3,218 •
779
-37,425
-5,646
-4,406
3,379
-22,198
-8,554
14,652
1,841
2,327
-870
16,180
-4,825
11,525
12,413
-887
3,028
11,988
-8,960
2007
I
83,011
81,303
23,210
58,093
53,009
5,084
1,708
2,716
-1,008
77,927
14,347
6,595
7,051
34,255
15,679
76,219
14,008
6,494
7,026
33,660
15,031
1,708
339
101
25
595
648
-99,975
-55,117
-64,383
9,265
-58,093
13,236
-9,516
22,752
-94,891
-13,588
-3,114
-29,576
-33,565
-15,048
-55,117
-7,715
-327
-26,191
-14,366
-6,518
-53,009
-9,922
-5,039
-2,478
-26,535
-9,036
13,236
4,049
2,252
-907
7,337
505
11,210
11,971
-761
3,338
12,360
-9,021
II
88,628
86,964
28,277
58,687
53,626
5,061
1,664
2,755
-1,091
83,567
15,738
6,630
8,308
35,253
17,638
81,903
15,455
6,555
8,324
34,667
16,902
1,664
283
75
-15
586
736
-94,415
-48,406
-66,116
17,710
-58,687
12,679
8,916
3,762
-89,354
-24,385
-45
-18,103
-40,910
-5,910
-48,406
-14,656
-349
-19,610
-18,483
4,691
-53,626
-12,135
-1,638
-5,098
-26,330
-8,425
12,679
2,406
1,941
6,604
3,903
-2,175
11,651
12,383
-732
3,727
12,433
-8,706
2008
III
92,993
91,061
29,487
61,574
56,527
5,047
1,932
2,946
-1,013
87,946
16,875
6,922
9,642
36,220
18,287
86,014
16,635
6,832
9,611
35,518
17,418
1,932
241
90
30
702
869
-65,800
-10,880
-32,378
21,499
-61,574
6,654
-9,166
15,820
-60,753
-14,541
-6,798
-14,946
-15,599
-8,868
-10,880
-1,639
-1,685
-13,000
3,611
1,834
-56,527
-12,171
-5,474
-5,877
-22,311
-10,695
6,654
-731
361
3,931
3,101
-7
13,076
14,030
-954
3,648
13,025
-9,378
IV
98,615
96,775
36,143
60,632
55,589
5,043
1,839
2,912
-1,073
93,572
17,885
7,273
10,856
37,028
20,529
91,732
17,692
7,175
10,779
36,454
19,632
1,839
193
99
77
574
897
-138,408
-60,486
-86,038
25,551
-60,632
-17,289
-13,581
-3,708
-133,365
-14,203
-3,679
-32,850
-58,679
-23,954
-60,486
-2,022
-573
-19,907
-31,174
-6,811
-55,589
-11,510
-5,152
-4,794
-23,020
-11,114
-17,289
-672
2,046
-8,149
-4,485
-6,029
13,534
14,425
-891
2,574
12,659
-10,085
I
98,426
96,473
32,701
63,772
58,696
5,076
1,954
2,955
-1,001
93,350
18,244
7,258
10,871
35,898
21,079
91,397
17,997
7,181
10,750
35,204
20,264
1,954
247
77
121
695
815
-89,792
-24,671
-31,247
6,577
-63,772
-1,350
-17,856
16,506
-84,716
-8,234
-9,669
-16,217
-31,259
-19,337
-24,671
-1,802
-719
-11,585
-2,162
-8,403
-58,696
-15,343
-6,281
-5,614
-18,595
-12,863
-1,350
8,911
-2,670
981
-10,502
1,929
13,646
14,419
-773
2,121
12,137
-10,016
II
100,538
98,467
29,736
68,730
63,660
5,070
2,071
3,074
-1,003
95,468
17,709
7,084
11,215
37,717
21,742
93,397
17,461
7,028
11,092
36,931
20,884
2,071
248
56
123
786
858
-103,619
-16,476
-24,695
8,218
-68,730
-18,412
-23,364
4,953
-98,549
-19,869
-7,470
-12,900
-42,707
-15,602
-16,476
-1,986
173
-2,750
-7,990
-3,924
-63,660
-13,353
-6,289
110
-26,114
-18,014
-18,412
-4,531
-1,354
-10,260
-8,603
6,335
13,317
14,193
-876
2,000
12,761
-10,761
2009
III
96,047
94,029
29,057
64,972
59,921
5,051
2,018
3,076
-1,058
90,996
17,429
7,094
9,382
36,114
20,977
88,978
17,203
7,007
9,242
35,348
20,178
2,018
226
87
141
766
799
-54,115
-9,500
-19,815
10,315
-64,972
20,357
11,139
9,218
-49,064
-8,624
-6,298
1,675
-22,455
-13,362
-9,500
-948
25
787
-3,889
-5,475
-59,921
-12,659
-5,046
-3,974
-24,345
-13,898
20,357
4,982
-1,276
4,861
5,779
6,011
12,843
13,988
-1,146
2,211
12,955
-10,744
IV
Ip
75,736
73,769
19,737
54,032
49,013
5,019
1,967
3,004
-1,037
70,717
10,630
5,985
7,281
32,081
14,741
68,750
10,373
5,886
7,173
31,376
13,941
1,967
256
99
108
704
800
-84,486
-39,599
-56,938
17,339
-54,032
9,144
28,614
-19,470
-79,467
-8,253
-6,437
-20,327
-27,386
-17,064
-39,599
-3,645
-527
-22,103
-5,013
-8,311
-49,013
-7,273
-5,357
-2,805
-22,960
-10,618
9,144
2,665
-554
4,580
587
1,865
12,424
13,455
-1,031
2,616
12,815
-10,199
62,052
60,132
23,774
36,358
31,415
4,943
1,921
2,826
-906
57,109
7,990
5,367
4,762
26,843
12,146
55,189
7,783
5,285
4,671
26,147
11,302
1,921
207
83
91
696
844
-23,955
-2,249
-12,035
9,785
-36,358
14,652
18,211
-3,558
-19,012
-3,488
-2,177
5,276
-7,053
-11,569
-2,249
-58
-95
342
-3,218
779
-31,415
-5,270
-4,409
5,803
-20,015
-7,523
14,652
1,841
2,327
-870
16,180
-4,825
11,994
12,881
-887
2,659
12,527
-9,868
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
9 0
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Table 7. Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
(Credits +; debits -)
2006
2007
2008
2007
I
Foreign direct investment in the United States:
66 Income (table 1, line 31)...........................................................................................
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...
85
Interest....
86
Manufactunng
87
Wholesale trade
88
Finance (including depository institutions) and insurance ' ......................................
89
Other................................................................................................................
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)..........
Manufacturing....................................................................................................
109
110
Wholesale trade.................................................
111
Finance (including depository institutions) and insurance
112
Other.....................................................................................
113 Intercompany debt
114
Manufacturing.
115
Wholesale trade
116
Finance (including depository institutions) and insurance 2......................................
117
Other................................................ ...............................................................
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)..........................................................
See the footnotes on pages 104-105.
-150,770
-132,346
-63,230
-69,116
-63,101
-6,015
-18,424
-23,029
4,605
-144,755
-55,253
-25,295
-15,374
-48,832
-126,331
-46,499
-24,323
-14,504
-41,005
-18,424
-8,754
-972
-870
-7,827
243,151
115,027
174,807
-59,780
69,116
59,008
77,051
-18,042
237,136
98,508
20,907
51,409
66,312
115,027
48,678
14,145
32,633
19,570
63,101
22,072
6,731
5,761
28,538
59,008
27,759
31
13,015
18,204
-11,202
-14,712
3,510
2,978
-16,773
19,752
-126,532
-101,544
-52,168
-49,376
-44,794
-4,582
-24,988
-31,368
6,379
-121,950
-46,853
-23,366
-9,082
-42,650
-96,962
-35,148
-22,179
-6,948
-32,687
-24,988
-11,705
-1,187
-2,134
-9,963
275,758
155,379
240,646
-85,267
49,376
71,002
146,287
-75,285
271,176
113,401
27,036
-6,496
137,235
155,379
89,100
5,857
13,090
47,331
44,794
14,673
14,263
-2,953
18,811
71,002
9,628
6,916
-16,634
71,092
-11,200
-15,153
3,953
3,841
-18,210
22,051
-120,862
-96,844
-42,245
-54,599
-50,974
-3,625
-24,017
-30,176
6,159
-117,237
-43,681
-22,446
-10,547
-40,563
-93,219
-34,593
-21,287
-8,329
-29,011
-24,017
-9,088
-1,159
-2,218
-11,553
319,737
250,183
288,156
-37,973
54,599
14,954
17,273
-2,319
316,112
91,008
44,768
104,918
75,418
250,183
99,334
25,174
85,463
40,213
50,974
13,732
18,305
-608
19,546
14,954
-22,058
1,290
20,064
15,659
-10,407
-14,699
4,292
4,841
-19,042
23,883
-35,042
-29,845
-8,856
-20,989
-19,724
-1,265
-5,197
-6,332
1,135
-33,777
-11,984
-5,548
-4,646
-11,599
-28,580
-9,291
-5,318
-4,113
-9,858
-5,197
-2,693
-230
-533
-1,741
19,788
19,894
32,034
-12,140
20,989
-21,094
25,546
-46,640
18,523
13,050
5,341
-17,286
17,418
19,894
8,682
246
1,058
9,907
19,724
5,072
5,177
2,052
7,424
-21,094
-704
-82
-20,395
87
-2,974
-3,923
949
716
-4,321
5,037
II
III
IV
-39,007
-33,106
-12,550
-20,555
-19,374
-1,181
-5,901
-7,551
1,650
-37,826
-14,860
-7,230
-5,063
-10,673
-31,925
-11,933
-6,933
-4,641
-8,417
-5,901
-2,927
-297
-422
-2,255
86,997
49,442
55,076
-5,635
20,555
17,000
19,347
-2,347
85,816
28,494
8,934
15,417
32,970
49,442
22,310
2,524
6,759
17,849
19,374
9,741
5,705
2,356
1,572
17,000
-3,557
705
6,302
13,549
-2,923
-3,817
893
1,054
-4,517
5,571
-30,553
-24,424
-11,672
-12,752
-11,649
-1,103
-6,129
-7,878
1,749
-29,450
-9,047
-6,182
-4,654
-9,567
-23,321
-6,162
-5,845
-4,191
-7,123
-6,129
-2,885
-337
-464
-2,443
100,203
57,628
66,717
-9,089
12,752
29,823
35,101
-5,278
99,100
37,475
10,025
18,334
33,267
57,628
19,770
374
16,375
21,109
11,649
1,738
1,615
2,708
5,588
29,823
15,967
8,036
-750
6,570
-2,472
-3,542
1,070
761
-4,327
5,088
-21,931
-14,170
-19,090
4,920
5,953
-1,033
-7,761
-9,607
1,846
-20,898
-10,962
-4,406
5,282
-10,811
-13,137
-7,763
-4,083
5,998
-7,288
-7,761
-3,200
-323
-715
-3,523
68,770
28,416
86,818
-58,403
-4,920
45,274
66,293
-21,020
67,737
34,382
2,737
-22,962
53,580
28,416
38,338
2,713
-11,101
-1,534
-5,953
-1,878
1,767
-10,069
4,228
45,274
-2,078
-1,743
-1,791
50,886
-2,831
-3,872
1,040
1,310
-5,046
6,356
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
91
License Fees, and Other Private Services—Table Ends
of dollars]
Not seasonally adjusted
Seasonally adjusted
2008
I
-25,889
-20,201
-9,166
-11,035
-10,077
-958
-5,689
-7,370
1,681
-24,931
-8,635
-6,315
-1,735
-8,246
-19,243
-6,604
-6,056
-1,199
-5,385
-5,689
-2,032
-259
-536
-2,861
58,783
42,203
53,933
-11,730
11,035
5,545
2,337
3,208
57,825
-798
10,821
28,374
19,428
42,203
5,853
458
24,028
11,864
10,077
4,392
5,675
-1,462
1,472
5,545
-11,044
4,688
5,809
6,091
-2,923
-3,856
932
856
-4,389
5,245
II
-41,603
-36,357
-7,825
-28,531
-27,618
-913
-5,247
-6,903
1,657
-40,690
-13,340
-6,605
-8,069
-12,678
-35,444
-11,296
-6,400
-7,589
-10,159
-5,247
-2,044
-205
-479
-2,519
102,908
44,227
52,865
-8,638
28,531
30,150
34,976
-4,826
101,995
9,929
31,143
26,547
34,377
44,227
12,421
11,233
15,716
4,858
27,618
6,353
6,014
5,927
9,325
30,150
-8,845
13,896
4,904
20,195
-2,764
-3,803
1,039
1,486
-4,572
6,057
III
-29,903
-23,562
-6,577
-16,985
-16,101
-884
-6,341
-7,758
1,418
-29,019
-14,216
-7,023
1,319
-9,098
-22,678
-11,672
-6,734
1,872
-6,145
-6,341
-2,545
-290
-553
-2,953
65,128
53,889
61,428
-7,540
16,985
-5,745
-6,355
610
64,244
17,608
8,795
25,652
12,189
53,889
13,932
8,391
22,066
9,500
16,101
8,390
5,964
-2,880
4,626
-5,745
-4,714
-5,560
6,466
-1,936
-2,506
-3,589
1,083
1,147
-4,650
5,798
IV
-23,466
-16,725
-18,676
1,952
2,822
-870
-6,741
-8,144
1,403
-22,596
-7,489
-2,503
-2,061
-10,542
-15,855
-5,022
-2,098
-1,412
-7,323
-6,741
-2,467
-405
-649
-3,220
92,918
109,864
119,930
-10,066
-1,952
-14,995
-13,684
-1,311
92,048
64,269
-5,990
24,345
9,423
109,864
67,128
5,091
23,653
13,992
-2,822
-5,403
653
-2,193
4,122
-14,995
2,545
-11,734
2,885
-8,691
-2,213
-3,451
1,238
1,352
-5,431
6,783
Ip
-8,603
-3,144
-12,508
9,364
10,258
-694
-5,459
-6,511
1,051
-7,709
-3,271
-438
2,788
-6,789
-2,250
-1,101
-65
3,147
-4,230
-5,459
-2,169
-372
-359
-2,559
34,206
22,158
27,336
-5,178
-9,364
21,412
20,580
832
33,312
6,696
4,204
-6,882
29,294
22,158
4,848
2,385
10,523
4,402
-10,258
-1,288
-5,183
-7,092
3,304
21,412
3,136
7,001
-10,313
21,588
-1,582
-2,774
1,191
868
-4,485
5,354
I
-36,336
-31,139
-8,923
-22,216
-20,951
-1,265
-5,197
-6,332
1,135
-35,071
-13,278
-5,548
-4,646
-11,599
-29,874
-10,585
-5,318
-4,113
-9,858
-5,197
-2,693
-230
-533
-1,741
21,016
19,894
32,034
-12,140
22,216
-21,094
25,546
-46,640
19,751
14,344
5,341
-17,495
17,560
19,894
8,682
246
1,058
9,907
20,951
6,366
5,177
1,842
7,566
-21,094
-704
-82
-20,395
87
-3,122
-4,071
949
1,041
-4,401
5,442
II
-37,525
-31,624
-14,382
-17,242
-16,061
-1,181
-5,901
-7,551
1,650
-36,344
-13,378
-7,230
-5,063
-10,673
-30,443
-10,451
-6,933
-4,641
-8,417
-5,901
-2,927
-297
-422
-2,255
83,683
49,442
55,076
-5,635
17,242
17,000
19,347
-2,347
82,502
27,013
8,934
15,020
31,536
49,442
22,310
2,524
6,759
17,849
16,061
8,260
5,705
1,959
138
17,000
-3,557
705
6,302
13,549
-3,074
-3,967
893
946
-4,698
5,644
III
-29,809
-23,680
-13,187
-10,493
-9,390
-1,103
-6,129
-7,878
1,749
-28,706
-8,303
-6,182
-4,654
-9,567
-22,577
-5,418
-5,845
-4,191
-7,123
-6,129
-2,885
-337
-464
-2,443
97,944
57,628
66,717
-9,089
10,493
29,823
35,101
-5,278
96,841
36,730
10,025
17,147
32,939
57,628
19,770
374
16,375
21,109
9,390
994
1,615
1,521
5,260
29,823
15,967
8,036
-750
6,570
-2,619
-3,690
1,070
901
-4,557
5,458
IV
-22,862
-15,102
-15,676
574
1,607
-1,033
-7,761
-9,607
1,846
-21,829
-11,894
-4,406
5,282
-10,811
-14,069
-8,694
-4,083
5,998
-7,288
-7,761
-3,200
-323
-715
-3,523
73,115
28,416
86,818
-58,403
-574
45,274
66,293
-21,020
72,082
35,314
2,737
-21,168
. 55,200
28,416
38,338
2,713
-11,101
-1,534
-1,607
-946
1,767
-8,276
5,848
45,274
-2,078
-1,743
-1,791
50,886
-2,386
-3,426
1,040
953
-4,554
5,507
2009
I
-27,269
-21,580
-9,855
-11,725
-10,767
-958
-5,689
-7,370
1,681
-26,311
-10,015
-6,315
-1,735
-8,246
-20,622
-7,983
-6,056
-1,199
-5,385
-5,689
-2,032
-259
-536
-2,861
59,473
42,203
53,933
-11,730
11,725
5,545
2,337
3,208
58,515
581
10,821
28,122
18,992
42,203
5,853
458
24,028
11,864
10,767
5,771
5,675
-1,715
1,036
5,545
-11,044
4,688
5,809
6,091
-3,027
-3,960
932
1,064
-4,571
5,635
II
-40,071
-34,824
-8,495
-26,329
-25,416
-913
-5,247
-6,903
1,657
-39,158
-11,807
-6,605
-8,069
-12,678
-33,911
-9,763
-6,400
-7,589
-10,159
-5,247
-2,044
-205
-479
-2,519
100,706
44,227
52,865
-8,638
26,329
30,150
34,976
-4,826
99,793
8,396
31,143
26,212
34,042
44,227
12,421
11,233
15,716
4,858
25,416
4,820
6,014
5,593
8,989
30,150
-8,845
13,896
4,904
20,195
-2,891
-3,930
1,039
1,418
-4,737
6,155
III
-29,050
-22,709
-8,097
-14,612
-13,728
-884
-6,341
-7,758
1,418
-28,166
-13,363
-7,023
1,319
-9,098
-21,825
-10,818
-6,734
1,872
-6,145
-6,341
-2,545
-290
-553
-2,953
62,755
53,889
61,428
-7,540
14,612
-5,745
-6,355
610
61,871
16,754
8,795
24,761
11,561
53,889
13,932
8,391
22,066
9,500
13,728
7,537
5,964
-3,771
3,998
-5,745
-4,714
-5,560
6,466
-1,936
-2,664
-3,747
1,083
1,329
-4,852
6,180
2007 Line
IV
-24,473
-17,732
-15,798
-1,933
-1,063
-870
-6,741
-6,144
1,403
-23,603
-6,496
-2,503
-2,061
-10,542
-16,862
-6,029
-2,098
-1,412
-7,323
-6,741
-2,467
-405
-649
-3,220
96,802
109,864
119,930
-10,066
1,933
-14,995
-13,684
-1,311
95,932
65,276
-5,990
25,823
10,823
109,864
67,128
5,091
23,653
13,992
1,063
-4,396
653
-715
5,522
-14,995
2,545
-11,734
2,885
-8,691
-1,823
-3,062
1,238
1,031
-4,882
5,913
I"
-10,042
-4,582
-12,877
8,295
9,189
-894
-5,459
-6,511
1,051
-9,148
-4,709
-438
2,788
-6,789
-3,688
-2,540
-65
3,147
-4,230
-5,459
-2,169
-372
-359
-2,559
35,275
22,158
27,336
-5,178
-8,295
21,412
20,580
832
34,381
8,135
4,204
-7,133
29,175
22,158
4,848
2,385
10,523
4,402
-9,189
151
-5,183
-7,343
3,186
21,412
3,136
7,001
-10,313
21,588
-1,660
-2,851
1,191
1,008
-4,734
5,742
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
92
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
T a b le 8 . T r a n s a c t io n s in L o n g - T e r m S e c u r i t i e s
[Millions of dollars]
(Credits+;debits-)
Line
A1 Foreignsecurities,netpurchases(-)ornetsales(+)byU.S.residents(table1,line52orlines4+18below)
2 Stocks, grosspurchasesbyU.S.residents..........................................................
3 Stocks, grosssalesbyU.S.residents...............................................................
4 Stocks, netpurchasesbyU.S.residents
5 NewissuesintheUnitedStates'...............................................................
6 Transactionsinoutstandingstocks, net...........................................................
NetpurchasesbyU.S.residents, byarea:
7
Europe...................................................................................
Ofwhich:UnitedKingdom................................................................
8
9
Canada..................................................................................
10
Caribbeanfinancialcenters2.................................................................
11
LatinAmerica,excludingCaribbeanfinancialcenters.............................................
12
Asia......................................................................................
Ofwhich:Japan.
13
14
Africa............
Other............
15
16 Bonds,grosspurchasesbyU.S.residents...........................................................
17 Bonds, grosssalesbyU.S.residents...............................................................
18 Bonds, netpurchasesbyU.S.residents
19 NewissuesintheUnitedStates1...............................................................
20 Transactionsinoutstandingbonds,net...........................................................
NetpurchasesbyU.S.residents, byarea:
21
Europe...................................................................................
Ofwhich:UnitedKingdom
22
Canada.................
23
Caribbeanfinancialcenters2.
24
25
LatinAmerica,excludingCaribbeanfinancialcenters.............................................
26
Asia....................
27
Ofwhich:Japan........
28
Africa....................
Other.....................................................................................
29
B1 U.S.securities,excludingtransactionsinU.S.Treasurysecuritiesandtransactionsofforeignofficial
agencies,netpurchases(+)ornetsales(-)byforeignresidents(table1,line66orlines4+16+30below)
2 Stocks,grosspurchasesbyforeignresidents........................................................
3 Stocks,grosssalesbyforeignresidents.............................................................
4 Stocks,netpurchasesbyforeignresidents.......................................................
Netpurchasesbyforeignresidents,byarea:
5
Europe...................................................................................
6
Ofwhich:UnitedKingdom................................................................
7
Canada..................................................................................
8
Caribbeanfinancialcenters2.................................................................
9
LatinAmerica,excludingCaribbeanfinancialcenters.............................................
10
Asia......................................................................................
11
Ofwhich:Japan.........................................................................
12
Africa....................................................................................
13
Other
14 Corporatebonds,grosspurchasesbyforeignresidents................................................
15 Corporatebonds,grosssalesbyforeignresidents....................................................
16 Corporatebonds,netpurchasesbyforeignresidents..............................................
17 NewissuessoldabroadbyU.S.corporations1.....................................................
18 Transactionsinoutstandingbonds, net...........................................................
Netpurchasesbyforeignresidents, byarea:
19
Europe...................................................................................
20
Ofwhich:UnitedKingdom................................................................
21
Canada..................................................................................
22
Caribbeanfinancialcenters2.................................................................
23
LatinAmerica,excludingCaribbeanfinancialcenters.............................................
24
Asia......................................................................................
25
Ofwhich:Japan.........................................................................
Africa.....................................................................................
26
Other.....................................................................................
27
28 Federallysponsoredagencybonds,grosspurchasesbyforeignresidents................................
29 Federallysponsoredagencybonds,grosssalesbyforeignresidents...
30 Federallysponsoredagencybonds,netpurchasesbyforeignresidents
31 Newissuessoldabroadbyfederallysponsoredagencies1.......
32 Transactionsinoutstandingbonds, net.......................
Netpurchasesbyforeignresidents, byarea:
33
Europe...................................................................................
34
Ofwhich:UnitedKingdom................................................................
35
Canada..................................................................................
36
Caribbeanfinancialcenters2.................................................................
37
LatinAmerica,excludingCaribbeanfinancialcenters.............................................
38
Asia......................................................................................
39
Ofwhich:Japan.........................................................................
40
Africa.....................................................................................
41
Other.....................................................................................
C1 U.S.Treasurybondsandnotes,excludingtransactionsofforeignofficialagencies,netpurchases(+)ornet
sales(-)byforeignresidents(table1,partofline65)
2 U.S.Treasurybondsandnotes,grosspurchasesbyforeignresidents....................................
3 U.S.Treasurybondsandnotes, grosssalesbyforeignresidents........................................
Netpurchasesbyforeignresidents, byarea:
4 Europe......................................................................................
5 Canada.....................................................................................
6 Caribbeanfinancialcenters2...................................................................
7 LatinAmerica,excludingCaribbeanfinancialcenters...............................................
8 Asia........................................................................................
9 Africa..............
10 Other.......................................................................................
M
emoranda:
Vetpurchasesofmarketablelong-termU.S.securitiesbyforeignofficialagenciesincludedelsewhereinthe
internationaltransactionsaccounts,netpurchases(+)ornetsales(-)(linesintable5):
1 U.S.Treasurymarketablebondsandnotes(lineB4)..................................................
2 OtherU.S.governmentsecurities(lineB6)..........................................................
3 U.S.corporateandotherbonds(partoflineB16).....................................................
4 U.S.stocks(partoflineB16)............
the footnotes on pages 104-105.
2006
2007
-365,129
3,791,693
3,654,361
-137,332
n.a.
n.a.
-87,035
-62,995
-7,504
20,798
-8,326
-46,292
-1,868
-2,777
-6,196
2,108,257
1,880,460
-227,797
n.a.
n.a.
-171,306
-112,663
-10,778
-55,114
-7,502
23,413
3,908
426
-6,936
683,245
6,845,194
6,705,478
139,716
92,568
73,159
12,601
34,360
1,780
-2,165
-1,203
30
542
1,636,923
1,119,170
517,753
n.a.
n.a.
332,080
203,589
7,882
106,870
9,258
53,748
12,224
193
7,722
1,341,893
1,316,117
25,776
n.a.
n.a.
-8,089
-8,800
9,712
31,260
3,395
-10,841
2,943
-301
640
-71,863
10,303,849
10,375,712
-61,941
14,694
-10,857
-2,093
-10,664
1,099
-2,101
-366,524
5,364,821
5,217,030
-147,791
n.a.
n.a.
-82,315
-71,235
-7,932
-36,816
-11,308
-4,752
-1,497
-1,916
-2,752
3,190,798
2,972,065
-218,733
n.a.
n.a.
-156,770
-92,860
-5,555
-86,190
3,359
31,374
5,590
3,009
-7,960
605,652
10,649,175
10,418,647
230,528
90,546
67,913
9,753
95,446
1,148
27,926
-5,564
-358
6,067
1,841,622
1,457,919
383,703
n.a.
n.a.
225,896
130,525
12,414
61,907
4,694
72,791
39,545
-401
6,402
1,693,216
1,701,795
-8,579
n.a.
n.a.
42,290
70,925
3,010
-21,604
2,761
-34,590
-14,934
-552
106
39,155
14,349,029
14,309,874
57,837
-1,898
-6,245
9,847
-20,781
1,502
-1,107
233,516
219,837
28,591
5,766
76,633
171,465
51,584
45,107
Notseasonallyadjusted
2008
2009
I
III
I
II
IV
I
III
IV
I"
60,761 -122,024 -107,064 -113,826 -23,610 -47,870 -40,566 79,182 70,015 -35,253
5,433,672 1,158,417 1,286,081 1,422,506 1,497,817 1,481,451 1,522,815 1,458,686 970,720 695,507
5,432,338 1,107,194 1,251,927 1,358,191 1,499,718 1,453,546 1,500,552 1,472,428 1,005,812 694,013
-1,334 -51,223 -34,154 -64,315 1,901 -27,905 -22,263 13,742 35,092 -1,494
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.
11,340 -37,565 -28,654 -11,241 -4,855 -14,604 -11,409 14,344 23,009 12,551
-8,637 -26,753 -28,136 -7,976 -8,370 -12,530 -16,311 8,631 11,573 7,886
-3,398 -1,554 -2,488 -1,415 -2,475 -4,163 -6,215 4,388 2,592
-82
-52,569 -6,131 7,373 -41,154 3,096 -13,621 —
6,902 -24,439 -7,607 -13,242
-4,971 1,766 -533 -7,094 -5,447 -224 441 -4,533 -655 -824
50,976 -4,776 -9,210 -2,587 11,821 3,688 5,995 24,702 16,591 2,343
21,795 -2,554 -4,571 -472 6,100 -29 2,526 10,249 9,049 3,586
-1,866 122 -278 -1,105 -655 -170 -1,910 -66
280
180
-846 -3,085 -364 281 416 1,189 -2,263 -€54
882 -2,420
2,208,536 797,610 902,378 822,278 668,532 774,685 583,530 478,666 371,655 379,720
2,270,631 726,809 829,468 772,767 643,021 754,720 565,227 544,106 406,578 345,961
62,095 -70,801 -72,910 -49,511 -25,511 -19,965 -18,303 65,440 34,923 -33,759
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.
31,574 -44,243 -43,204 -57,947 -11,376 -26,925 -16,357 52,178 22,678 -24,918
2,407 -24,421 -18,183 -45,245 -5,011 -9,179 -10,387 7,416 14,557 -2,621
5,051 -1,817 -876 564 -3,426 5,444 -4,820 1,103 3,324
62
-9,678 -31,481 -29,023 -4,082 -21,604 -5,459 -5,282 -1,303 2,366 -3,715
26,317
-8 -6,023 4,493 4,897 13,847 1,066 4,857 6,547 -379
26,249 7,974 9,886 6,765 6,749 9,838 16,610 850 -1,049 3,831
-3,316 -1,223 -779 3,171 4,421 2,536 440 -2,826 -3,466 3,034
24 150 535 2,300 457 991 1,895 435 1,162
3,778
-21,196 -1,250 -3,820 161 -3,051 -17,167 -10,511 5,860 622 -9,802
-126,737 183,460 310,303 -9,829 121,718 -15,179 19,983 -102,512 -29,029 -54,900
11,980,596 2,132,781 2,446,817 3,017,389 3,052,188 3,402,744 3,037,634 3,334,799 2,205,419 1,614,398
11,923,511 2,090,4272,342,373 3,013,140 2,972,7073,367,043 3,015,431 3,331,767 2,209,270 1,608,441
57,085 42,354 104,444 4,249 79,481 35,701 22,203 3,032 -3,851 5,957
4,272 25,311 53,924 -17,516 28,827 1,013 3,008 5,685 -5,434 4,648
28,549 20,196 37,151 -12,772 23,338 -6,900 13,232 18,278 3,939 4,394
6,688 -1,167 1,119 2,908 6,893 1,698 3,897 696 397 -7,013
190
2,961 17,119 40,458 12,168 25,701 14,116 561 3,011 -14,727
3,681 440 581 146 -19 1,531 815 2,214 -879
-30
43,960 -718 5,666 6,410 16,568 19,486 12,530 -6,362 18,306 10,130
144 4,728 1,773 1,594 12,581 7,160
20,676 -534 -3,892 -1,282
-4,687 -134 -58 -22 -144 -2,592 -289 -1,831
25 -1,007
210 1,503 2,754 155 1,655 449 1,681 -381 -1,539 -961
1,407,681 498,802 525,441 412,703 404,676 386,402 453,128 266,653 301,498 347,712
1,406,711 326,956 355,868 419,958 355,137 396,721 402,594 302,121 305,275 363,235
970 171,846 169,573 -7,255 49,539 -10,319 50,534 -35,468 -3,777 -15,523
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.
-62,475 121,614 127,137 -26,723 3,868 -25,350 2,408 -31,569 -7,964 -16,331
-38,037 65,399 75,800 -15,140 4,466 -17,871 -1,873 -12,083 -6,210 -5,172
7,047 5,258 3,264 2,951
941 1,355 3,224 263 2,205 5,899
22,187 27,727 18,782 -2,568 17,966 -110 27,622 -7,405 2,080 -3,539
142
1,718 807 1,469 1,476 942 1,635 -172 288 -33
32,262 13,266 16,157 17,460 25,908 12,045 16,381 4,738 -902
206
21,616 2,785 6,304 11,788 18,668 9,212 9,382 4,448 -1,426 -3,911
-54
-441
-3 -147 -173 -78 -84 -32 -271
-22
672 3,177 2,911 322
-8
190 1,103 -1,512
891 -1,878
2,260,981 374,192 404,384 432,513 482,127 772,563 620,430 458,500 409,488 270,116
2,445,773 404,932 368,098 439,336 489,429 813,124 673,184 528,576 430,889 315,450
-184,792 -30,740 36,286 -6,823 -7,302 -40,561 -52,754 -70,076 -21,401 -45,334
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.
944 -17,877 20,644 19,600 19,923 14,029 -12,802 -30,805 30,522 8,957
59,240 -12,572 21,721 27,480 34,296 15,505 9,422 -8,456 42,769 20,211
4,883 1,655 1,044 998 -687 4,143 3,743 -2,251 -752 -1,264
-100,095 -5,446 -2,091 -15,008 941 -37,295 -23,815 -2,491 -36,494 -15,275
780 689 1,195 1,255 -378 -188 753 305 -90 -546
-87,768 -9,798 15,549 -13,348 -26,993 -21,371 -19,511 -33,727 -13,159 -35,476
-37,241 -8,312 8,257 -8,701 -6,178 677 -7,564 -23,835 -6,519 -7,661
44 -26 -27 -543 -585 -838 -533 -794 -983
-2,750
-7 -29 -293 435 706 -284 -574 -634 -747
-786
13,012 38,400 -878 2,230 -597 -33,760 21,846 4,061 20,865 39,466
13,659,749 3,291,534 3,400,978 4,010,101 3,646,416 4,161,215 3,510,3703,675,083 2,313,081 2,020,727
13,646,737 3,253,134 3,401,8564,007,871 3,647,013 4,194,975 3,488,524 3,671,022 2,292,216 1,981,261
-65,850 31,084 18,772 26,758 -18,777 -45,850 5,895 -15,976 -9,919 -22,769
-5,738 3,268 220 -7,583 2,197 2,472 6,921 -6,679 -8,452 2,797
17,595 6,878 -32,908 7,315 12,470 -27,798 8,393 25,305 11,695 14,879
-5,057 3,697 1,491 364 4,295 1,725 -2,612 465 -4,635 -6,919
69,298 -6,749 10,496 -23,994 -534 34,444 1,606 1,226 32,022 54,610
462
7,051 -430 815 190 927 1,838 2,243 369 2,601
-4,287 652 236 -820 -1,175 -591 -600 -649 -2,447 -3,594
2008
2007
205,151 18,042 39,741 -24,433 43,283
65,846 81,303 60,031 18,022 12,109
34,978 10,782 10,965 9,184 20,653
53,362 153 329 16,287 28,338
101,154
79,234
12,407
33,528
52,053 67,128 -15,184 34,941
93,145 -10,559 -95,974
256
20,720 -1,488 3,339 -327
15,999 -298 4,133 1,828
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
9 3
Table 9. 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.)
2006
2007
2008
2007
I
A1 Claims, total (table 1, line 53).............................................................
II
2009
2008
III
IV
I
II
III
IV
Ip
103,739
32,217
1,008,701
99,756 36,121
91,088 48,090
8,668 -11,969
960,532
746,322
214,210
-181,299
-40,517
372,229
-42,947 -133,201
75,747
59,884
116,232
64,906
87,352
-177,765
-179,026
1,261
-29,834
-2,158
-27,676
368,567
376,370
-7,803
-42,201 -127,996
-23,062 -107,917
-19,139 -20,079
75,854
72,115
3,739
64,509 114,748
56,706 134,581
7,803 -19,833
69,015
68,931
84
85,048
81,770
3,278
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.........................
-13,007
7,722
50
-16
-8,901
1,527
-43,517 -137,944
-112,390
98,877
-128,166 107,329
2,929
-17
48
326,403
39,204
40,184
-4,750
9
2,157
-41,581
1,964
7,346
4,013
-14
-1,625
-69,239
-61,131
-57,521
6,868
-17
117
4,679
52,862
53,537
2,043
3
-114
103,860
8,956
9,981
1,612
-9
-24
48,194
19,242
15,350
1,200 -1,926
-12
1
446
-260
34,785 139,564
48,629 -37,623
48,982 -34,129
By area:
Europe....................................................................................
2
3
4
Financial claims.............................................................................
Denominated in U.S. dollars......................................................
Denominated in foreign currencies.............................................
5
6
7
8
9
10
11
1,591
6
878
-31,803
105,182
103,967
Amounts
outstanding
March 31,
2009
-20
^10
180
16,527
19,474
15,461
7,552
88
968
579,772
372,152
331,311
-190,078
-82,744
289,905
-39,317
-35,617
25,098 -32,908
47,712
55,347
64,720
23,212
715,681
12
13
14
15
United Kingdom...............................................................
Germany.........................................................................
Caribbean financial centers 4.....................................................
Other......................................................................................
-95,408
5,563
10,838
1,475
-63,487
9,656
52,937
-27
299,220
-17,341
68,982
9,680
-22,500
6,166
-3,791
907
-49,389
-1,076
-88,752
-3,627
46,012 -37,610
3,171
1,395
49,747 95,733
1,684
1,009
54,753
1,005
55,611
11,425
69,569
59,465 115,433
-3,474
4,713 -19,585
14,361 -37,085
36,095
7 -1,059
-693
23,610
-4,036
14,219
-1,310
329,816
62,440
199,643
45,208
16
17
18
Commercial claims........................................................................
Denominated in U.S. dollars......................................................
Denominated in foreign currencies.............................................
-3,534
-3,262
-272
-10,683
-10,184
-499
3,662
2,704
958
-746
-1,129
383
-5,205
-5,355
150
-107
-492
385
-4,625
-3,208
-1,417
1,484
375
1,109
-4,109
-5,032
923
2,304
2,566
-262
3,983
4,795
-812
-3,904
-3,703
-201
48,169
44,289
3,880
19
20
By instrument:
Trade receivables.....................................................................
Advance payments and other claims..........................................
-3,337
-197
-8,709
-1,974
6,726
-3,064
-440
-306
-2,668
-2,537
-389
282
-5,212
587
2,312
-828
-4,235
126
1,293
1,011
7,356
-3,373
-1,610
-2,294
36,239
11,930
21
22
23
24
By area:
Europe....................................................................................
Canada...................................................................................
Asia........................................................................................
Other......................................................................................
-1,898
-631
-859
-146
-2,479
-1,784
-4,631
-1,789
475
1,422
1,578
187
-733
554
167
-734
-1,896
-1,253
-1,639
-417
324
529
-471
-489
-174
-1,614
-2,688
-149
-103
673
1,442
-528
-2,038
-248
-206
-1,617
2,138
152
-807
821
478
845
1,149
1,511
-2,153
471
-2,452
230
18,236
3,285
16,447
10,201
B1 Liabilities, total (table 1, line 68)........................................................
244,793
201,681
-45,167
91,302
127,498
75,447 -92,566
73,211
-54,996
76,442 -139,824
-34,701
719,705
241,936
220,977
20,959
186,541
129,597
56,944
-42,876
42,400
-85,276
89,190
79,402
9,788
116,346
100,128
16,218
71,634 -90,629
64,426 -114,359
7,208
23,730
64,068 -58,136
61,644 -19,031
2,424 -39,105
75,800 -124,608 -29,728
26,435 -26,648 -38,386
49,365 -97,960
8,658
671,428
551,396
120,032
-7,549
3,767 -10,193
227
-953
-2,250
113,532
84,077 -83,307
2,827 42,029 -28,746
-387
-1,318
-56,431
1,238
-588
-314
86
9 -1,254
-604
76,379 -123,440 -28,810
-7,820
-371
-4,958
1,267
4,163
665,998
140,256
63,905 -120,643
-20,920
607,122
72,304 -93,942 -24,648
10,174 -10,783
-1,099
11,254 -4,685
-6,030
641
720 -2,778
322,037
96,259
44,173
20,133
122,126
Of which:
2
3
4
Financial liabilities........................................................................
Denominated in U.S. dollars......................................................
Denominated in foreign currencies.............................................
5
6
7
8
By instrument:2
Repurchase agreements...........................................................
Short-term instruments.............................................................
Other liabilities.........................................................................
Of which: Financial intermediaries’ accounts 3.........................
-2,271 -11,545
2,244
-6,925
241,963 205,011
57,499
42,909
-3,627
-23
-39,226
-11,205
2,430
-3,949
90,709
26,799
9
By area:
Europe....................................................................................
257,950
133,799
-43,325
89,597
71,313
65,899 -93,010
10
11
12
13
United Kingdom...............................................................
Germany.........................................................................
Caribbean financial centers 4.....................................................
Other......................................................................................
161,688
16,692
-11,552
-4,462
81,718
11,417
51,755
987
-11,962
-3,802
-776
1,225
63,405
-9,394
-1,282
875
67,180
9,417
42,637
2,396
-14,761 -34,106
16,067 -4,673
5,175
5,225
510 -2,794
14
15
16
Commercial liabilities....................................................................
Denominated in U.S. dollars......................................................
Denominated in foreign currencies.............................................
2,857
2,661
196
15,140
15,389
-249
-2,291
-2,221
-70
2,112
1,816
296
11,152
11,326
-174
3,813
4,529
-716
17
18
By instrument:
Trade payables........................................................................
Advance receipts and other liabilities..........................................
2,548
309
2,036
13,104
-7,558
5,267
1,480
632
1,017
10,135
19
20
21
22
By area:
Europe....................................................................................
Canada...................................................................................
Asia........................................................................................
Other......................................................................................
345
1,322
1,952
-762
4,301
1,930
4,543
4,366
-507
-1,169
1,961
-2,576
792
417
-11
914
3,103
602
5,266
2,181
-2,738
2,540
64,266
335
63,139 -49,726
Of which:
See the footnotes on pages 104-105.
44,963
9,930
1,921
-992
-35,287
-13,123
-9,266
856
-1,937
-2,282
345
9,143
8,436
707
3,140
3,943
-803
642 -15,216
663 -15,263
-21
47
-4,973
-5,378
405
48,277
45,100
3,177
1,020
2,793
-1,481
-456
4,405
4,738
5,488
-2,348
-3,728 -13,723
4,370 -1,493
168
-5,141
20,269
28,008
153
-477
2,724
1,413
253
1,388
-3,436
-142
292
-301
7,017
2,135
2,142
480
-269
787
745
159
1,833
-2,095
-1,484
-134
-3,602
247
13,257
4,325
21,612
9,083
-3,686
-1,507
-6,620
-3,403
94
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Table 10. Claims on Foreigners Reported by U.S. Banks and Securities Brokers 1
[Millions of dollars]
Not seasonally adjusted
(Credits +; decrease in U.S. assets.
Debits increase in U.S. assets.)
Line
2006
2007
2007
2008
I
1 Claims reported by U.S. banks and securities brokers, total (table 1,
line 54)..........................................................................................
2
3
II
2008
III
IV
I
2009
II
III
IV
Io
293,882
-502,099 -644,093
433,379 -221,294 -209,908
-89,220 -123,671 -233,063
229,481
143,079
-90,864
3,493,128
Claims for own accounts................................................................ -348,782 -526,550
365,243 -213,364 -123,667
-57,514 -132,005 -219,465
171,124
82,952
330,632 -103,737
2,706,821
-325,709 -499,249
369,327 -213,471 -113,091
-59,734 -112,953 -206,252
149,428
72,154
353,997 -108,413
2,551,749
-52,407
3,730
74,719
-510
-4,682
354
285,340
1,931
Denominated in dollars................................................................
By instrument:2
Resale agreements............................................................... -52,583 -113,636
-3,858
442
Negotiable certificates of deposit............................................
Other short-term instruments (including money market
-1,912 -33,016
instruments).....................................................................
Deposits and brokerage balances........................................... -180,238 -60,207
Other claims (including loans)................................................
-87,118 -292,832
302,970
5,505
-75,037
-3,522
-54,991
513
-22,477
3,328
4,073
-64,555
121,334
977
-64,938
-70,951
-1,294
-11,021
-46,298
-24,370
75,971
-92,186
-527
-8,329
-60,219 -147,248
-83,397
-9,800
3,006
26,307
45,906
-302
97,756
-20,972
9
10
11
By foreign borrower:
Claims on:
Foreign banks..................................................................
Foreign nonbanks, excluding foreign official institutions.........
Foreign official institutions 3...............................................
139,812 -178,960
157,696 -40,103
71,819
5,592
-53,642
-55,976
-3,473
-64,013 -108,657 -167,606
-5,119
17,372 -45,465
9,398 -21,668
6,819
103,836
34,348
11,244
18,796
34,874
18,484
12
13
By type of U.S. reporting institution:4
U.S.-owned banks’ claims on:
Foreign banks..................................................................
Foreign nonbanks and foreign official institutions..................
-16,287
-2,862
-10,694
-23,225
16,498
189
-69,299
-3,876
-90,641
-24,892
45,861
6,370
14
15
Foreign-owned banks’ claims on:
Foreign banks..................................................................
Foreign nonbanks and foreign official institutions..................
215,478 -107,574
-5,809 -10,272
-18,009
-2,287
-37,152
-9,046
-66,580
-5,966
-32,989
-4,204
16
17
Brokers’ and dealers’ claims on:
Foreign banks..................................................................
Foreign nonbanks and foreign official institutions..................
-12,410
-50,952
-96,175
-36,632
79,170
239,959
-55,099
-21,377
-24,939
-33,937
-43,359
13,136
27,222
5,546
18
Denominated in foreign currencies.................................................
-23,073
-27,301
-4,084
107
-10,576
2,220
19
20
By instrument:2
Deposits and brokerage balances...........................................
Other claims (including loans)................................................
-11,245
-11,828
-8,851
-18,450
-20,121
16,037
-4,008
4,115
-1,257
-9,319
21
Claims for customers’ accounts.....................................................
-153,317 -117,543
68,136
-7,930
22
Denominated in dollars................................................................
-151,586 -114,927
59,400
4,700
1,728
-1,107
10,811
26,333
6,071
19,591
-23,183
956
-30,049 -116,309
-2,387
-195
9,860
9,620
2,776
4
5
6
7
8
Amounts
outstanding
March 31,
2009
-240,608 -405,272
-58,086 -83,826
-27,015 -10,151
-43,636
-27,838
-79,782 -154,836
-29,774
-4,635
-184,562 -229,315
-6,311 -27,571
-80,788
1
547,327
324
537
1,896
-41,370 -109,018
106,200
80,855
37,642
1,168,338
798,118
184,786
133,939
35,272
-93,524
-29,752
14,863
2,053,441
467,651
30,657
-17,650
3,228
-92,406
10,659
-16,724
-7,431
736,107
139,225
19,711
7,742
94,585
-1,042
134,171
-8,305
-11,345
-«2
1,052,260
115,002
-43,976
-9,550
38;264
31,480
-58,139
51,172
143,021
166,857
-65,455
-7,396
265,074
244,081
-19,052
-13,213
21,696
10,798
-23,365
4,676
155,072
1,039
1,181
-4,625
-14,427
-2,951
-10,262
4,467
17,229
2,379
8,419
-24,016
651
13,606
-6,930
70,659
84,413
-86,241
-31,706
8,334
-13,598
58,357
60,127
-36,750
12,873
786,307
-84,030
-36,611
1,014
-4,344
55,267
54,953
-46,476
7,408
750,238
-6,462
-26,455
6,074
-19,720
-3,955
25,477
-17,972
-25,949
2,767
20,572
24,005
156
2,011
31,554
-4,628
-46,361
122,466
187,080
-5,400
-13,897
-1,665
-31,885
-18,893
-335
16,036
-30,173
-8,828
22,205
-53,346
10,633
26,879
11,521
1,177
-15,921
46,234
1,615
-2,522
33,713
-399
1,424
-81,848
383
-1,819
53,916
6,300
59,608
372,006
9,078
38,869
123
26
27
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.........................................................................
28
Denominated in foreign currencies.................................................
-1,731
-2,616
8,736
-12,630
-2,211
4,905
7,320
-9,254
3,090
5,174
9,726
5,465
36,069
By instrument:2
Deposits and brokerage balances...........................................
29
30
Other claims.........................................................................
Claims, total (line 1), by area:
-11,250
9,519
-9,636
7,020
14,095
-5,359
-16,053
3,423
-2,555
344
7,184
-2,279
1,788
5,532
-7,791
-1,463
7,217
-4,127
5,572
-398
9,097
629
6,397
-932
22,458
13,611
395,534 -174,894 -113,902 -108,916
-33,427 -157,040
154,095
24,718
373,761
-83,722
1,703,898
249,334
91,299
-11,280
-43,222
-3,445
76,097
27,065
5,758
13,937
-42,294
-57,817
-3,858
-53,622
-4,514
19,133
21,683
249
-3,788
-66,707
-3,166
-25,299
-54,312
-6,036
-5,509
6,787
221
-5,071
-84,646
-4,983
-5,081
-2,301
-15,497
47,013
25,863
-464
-3,974
23,777
-8,566
1,890
-58,705
-2,161
-19,318
9,620
-6,355
-5,595
-65,794
17,474
-20,965
-45,210
-1,731
-2,037
-13,748
-8,019
1,939
119,608
55,670
22,907
37,751
-11,399
30,290
23,461
-2,832
-1,331
-60,983 256,503
5,903
12,252
-11,605
-1,617
80,895 -116,658
5,459
4,226
24,287
23,557
8,260
9,092
14,599
2,010
4,726
8,603
-76,406
-17,370
7,407
17,003
8,609
-31,169
-40,263
1,184
-10,176
943,012
118,013
142,584
1,319,751
87,268
181,002
129,640
2,539
56,086
175,240
-94,936
12,964
28,542
-65,865
35,644
119,846
-4,673
24,423
-61,725
530,687
-22,137
-72,799
-172
13,136
20,270
8,272
-37,364
-28,501
-13,232
48,876
62,037
57,809
-12,231
7,558
-27,286
51,709
-46,234
-15,491
140,678
390,009
23
24
25
31
Europe...........................................................................................
-18,859
-77,108
-238,574 -431,139
Of which:
32
33
34
35
36
37
38
39
40
United Kingdom........................................................................ -202,791 -169,870
46,023 -74,532
Switzerland..............................................................................
Canada........................................................................................... -11,442 -32,348
Caribbean financial centers 8............................................................ -185,701 -168,940
Latin America, excluding Caribbean financial centers........................... -10,815 -28,208
Asia...............................................................................................
-45,035
41,319
Of which: Japan........................................................................... -43,862
63,953
Africa.............................................................................................
-1,735
-6,349
-8,797 -18,428
Other.............................................................................................
Memoranda:
1 International banking facilities’ (IBFs) own claims, denominated in dollars (in
lines 1-15 above)............................................................................
By bank ownership:4
2
U.S.-owned IBFs.........................................................................
3
Foreign-owned IBFs.....................................................................
See the footnotes on pages 104-105.
-76,876 -119,295
-7,380
-69,496
-39,403
-79,892
9,288
165,952
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
95
Table 11. Liabilities to Foreigners, Except Foreign Official Agencies, Reported by U.S. Banks and Securities Brokers 1
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities.
Debits decrease in U.S. liabilities.)
2006
2007
2007
2008
I
1 Liabilities reported by U.S. banks and securities brokers, total (table 1,
part of line 65 and table 1, line 69)..................................................
475,677
II
2009
2008
III
IV
I
II
If
207,111
130,155
64,303
135,371
183,607
3,727
-12,589
14,635
21,879
462,043
509,288 -326,589
203,384
142,744
49,668
113,492
Liabilities for own accounts.......................................................
302,173
433,424 -234,002
173,009
134,242
37,546
88,627
80,185 -254,135
-59,709
-343 -179,785
2,877,385
Denominated in dollars.............................................................
260,668
361,809 -215,778
168,491
112,779
34,256
46,283
89,928 -233,626
-64,522
-7,558 -151,843
2,671,555
6
7
8
By instrument:2
Repurchase agreements....................................................
Deposits and brokerage balances.......................................
Other liabilities (including loans).........................................
54,343
212,184
-5,859
37,442 -492,092
231,826 175,842
92,541 100,472
125,520
32,518
10,453
19,136
58,258
35,385
-47,303
65,245
16,314
-59,911
75,805
30,389
13,784 -119,822
60,676 -91,223
15,468 -22,581
-97,293 -288,761
31,404
-19,020 225,409 -152,542
55,794 -30,705
51,791
489,722
1,496,910
684,923
9
10
By foreign holder:
Liabilities to:
~ Foreign banks..............................................................
Foreign nonbanks, including international organizations....
225,734
34,934
254,359
24,840
107,450 -240,618
96,104
72,387
76,430
36,349
30,472
3,784
51,353
-5,070
11
12
By type of U.S. reporting institution:3
U.S.-owned banks’ liabilities to:
Foreign banks..............................................................
Foreign nonbanks, including international organizations....
111,445
14,709
174,520
7,211
222,778
64,411
2,347
-3,552
39,797
5,470
17,336
-9,681
115,040
14,974
64,559
19,530
-42,220
5,543
13
14
Foreign-owned banks’ liabilities to:
Foreign banks..............................................................
Foreign nonbanks, including international organizations....
80,506
13,852
52,724
22,091
62,036
6,530
4,486
6,823
30,534
7,781
46,155
-803
-28,451
8,290
-20,933
-4,313
-53,945
-2,239
15
16
Brokers' and dealers’ liabilities to:
Foreign banks..............................................................
Foreign nonbanks, including international organizations....
33,783
6,373
27,115 -259,974
78,148 -311,559
89,271
69,116
6,099
23,098
-33,019
14,268
-35,236
-28,334
-34,417
65,502
17
Denominated in foreign currencies.............................................
41,505
71,615
-18,224
4,518
21,463
3,290
42,344
18
19
By instrument:2
Deposits and brokerage balances.......................................
Other liabilities (including loans).........................................
32,140
9,365
15,597
56,018
-26,713
8,489
532
3,986
4,775
16,688
-3,939
7,229
20
Liabilities for customers’ accounts.............................................
159,870
75,864
-92,587
30,375
8,502
21
Denominated in dollars.............................................................
157,353
76,894
-82,127
28,877
-2,481
By instrument:2
Negotiable certificates of deposit and other short-term
instruments..................................................................
Other liabilities (including loans).........................................
60,244
97,109
44,217
32,677
-48,364
-33,763
11,121
17,756
13,074
-15,555
Denominated in foreign currencies.............................................
2,517
-1,030
-10,460
1,498
U.S. Treasury bills and certificates (table 1, part of line 65).............
13,634
3
Other U.S. liabilities, total (table 1, line 69).....................................
4
5
22
23
24
27,652
49,887
-2,899
-44,267
IV
536,940 -142,982
2
140,417 -264,592
III
75,988
90,530 -261,693 -120,255
25,460 -146,287
Amounts
outstanding
March 31,
2009
3,749,312
17,426
303,024
-35,171 -163,713
3,446,288
60,631
43,965 137,894
9,209 -166,228
80,719 -67,398 -108,487 -145,452
-68,981
-82,862
2,070,026
601,529
17,606
-9,319
182,833 -112,843
48,657 -39,441
992,268
151,712
2,331
16,424
134,583
-3,342
-1,534
-12,614
817,116
95,298
24,028 -179,522
-70,063
-70,702 -115,592 -190,767
45,396
-30,807
260,642
354,519
-9,743
-20,509
4,813
7,215
-27,942
205,830
14,229
28,115
-21,554
11,811
-14,377
-6,132
2,984
1,829
6,234
981
-10,989
-16,953
77,867
127,963
12,122
24,865
10,345
-7,558
-60,546
-34,828
16,072
568,903
26,345
24,153
7,846
-4,325
-55,745
-29,903
14,769
561,197
9,443
16,902
10,579
13,574
9,570
-1,724
-533
-3,792
-42,456
-13,289
-14,945
-14,958
-11,275
26,044
263,239
297,958
10,983
-14,223
712
2,499
-3,233
-4,801
-4,925
1,303
7,706
202,362
3,259
4,246
1,010
-7,230
3
-266
42,665
10,201
59,338
2,797
24,327
1,358
2,058
-88,138
8,794
96,587
-619
34,986
-1,305
-637
25,356
-7,382
64,983
7,120
14,670
7,637
1,108
-90,186 -131,152
-8,733
2,291
-40,726
39,746
8,724
-4,380
40,965
39,715
-16,569
965
-626
4,540
-40,217
-6,024
-69,118
3,988
-44,186
-1,074
-7,082
1,164,105
60,846
1,747,918
122,070
318,079
9,860
23,410
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.........................................................................................
23,902
9,925
381,968
8,587
36,541
-629
1,749
182,245 -372,974
14,872
7,881
225,154 -37,276
2,496
10,308
66,753
71,717
-5,234
7,693
2,263
6,801
Memoranda:
1 International banking facilities’ (IBFs) own liabilities, denominated in dollars
(in lines 3-14) above)......................................................................
-69,653
104,067
126,885
16,024
20,005
37,911
30,127
14,444
-27,628
2,978
137,091
-60,901
547,982
By bank ownership:3
U.S.-owned IBFs.........................................................................
Foreign-owned IBFs.....................................................................
18,680
-88,333
59,346
44,721
88,137
38,748
17,925
-1,901
4,581
15,424
-1,863
39,774
38,703
-8,576
34,990
-20,546
-25,402
-2,226
-24,628
27,606
103,177
33,914
-23,001
-37,900
245,847
302,135
2
3
See the footnotes on pages 104-105.
56,069 -207,705
10,012
4,311
31,875 -68,171
612
-2,460
-14,123
5,160
4,549
5,821
264
2,623
96
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
J u ly
2 0 0 9
Table 12. U.S. International
[Millions
European Union
Europe
Line
(Credits +; debits - ) 1
2008
2009
IV
Ie
2008
Current account
1 Exports of goods and services and income receipts.....................................
2 Exports of goods and services.....................................................................
3
Goods, balance of payments basis 2.........................................................
4
Services 3..............................................................................................
Transfers under U.S. military agency sales contracts 4.............................
5
6
Travel.................................................................................................
7
Passenger fares...........
Other transportation.....
8
9
Royalties and license fees 5.................................................................
10
Other private services 5..
11
U.S. government miscellaneous services...............................................
12 Income receipts.......................................
Income receipts on U.S.-owned assets abroad...........................................
13
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..................................
19 Imports of goods and services.....................................................................
20
Goods, balance of payments basis 2.........................................................
Services 3.......................
21
22
Direct defense expenditures.................................................................
23
Travel..........................
24
Passenger fares...........
25
Other transportation............................................................................
Royalties and license fees 5...............
26
27
Other private services 5.....................
U.S. government miscellaneous services...............................................
28
29
Income payments.....................................
30
Income payments on foreign-owned assets in the United States...................
Direct investment payments.................................................................
31
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.......................................................
Capital account
39 Capital account transactions, net.................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))...............................................................................................
41
U.S. official reserve assets..........................................................................
42
Gold 7...................................................................................................
43
44
45
46 U.S. government assets, other than official reserve assets..............................
47
U.S. credits and other long-term assets.....................................................
48
Repayments on U.S. credits and other long-term assets 8...........................
U.S. foreign currency holdings and U.S. short-term assets...........................
49
50 U.S. private assets.....................................................................................
Direct investment....................................................................................
51
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........................
Foreign-owned
assets in the United States, excluding financial derivatives
55
(increase/financial inflow (+))....................................................................
56
Foreign official assets in the United States....................................................
57
U.S. government securities.........
U.S. Treasury securities 9........
58
59
Other10................................
Other U.S. government liabilities "
60
61
U.S. liabilities reported by U.S. banks, not included elsewhere.....................
62
Other foreign official assets 12.....
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.....................................
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...............
Memoranda:
72 Balance on goods (lines 3 and 20)...................................................................
73 Balance on services (lines 4 and 21).............
74 Balance on goods and services (lines 2 and 19)...............................................
75 Balance on income (lines 12 and 29)................................................................
76 Unilateral current transfers, net (line 35)...........................................................
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 76)13...........
See the footnotes on pages 104-105.
15
Euro area
780,406
466,684
268,323
198,361
2,329
35,106
10,372
19,096
44,623
86,578
258
313,722
313,348
140,722
169,403
3,223
375
-784,893
-520,919
-367,011
-153,908
-12,899
-22,467
-14,549
-25,241
-14,470
-62,688
-1,593
-263,974
-263,470
-63,713
-179,057
-20,700
-503
-7,141
-198
-1,727
-5,216
Belgium
2008
2009
2008
2009
IV
Ip
IV
Ip
179,245 149,815 518,502
111,196
96,869 316,642
62,193
55,487 198,538
49,003
41,382 118,104
519
440
1,010
7,719
6,061
19,058
2,620
1,717
6,009
4,535
10,820
3,533
11,055
32,494
8,883
22,481
20,680
48,546
74
167
68
68,049
52,946 201,860
67,959
52,856 201,647
29,606
24,398 110,923
36,782
27,102
87,816
1,571
1,356
2,908
90
90
213
-176,351 -141,250 -523,801
-121,122 -99,346 -374,690
-85,098 -67,210 -277,728
-36,024 -32,136 -96,961
-3,277
-3,190 -10,805
-3,738
-3,297 -15,283
-2,925
-2,572
-8,917
-5,700
-4,415 -15,237
-3,714
-3,151
-9,788
-16,250 -15,105 -35,633
-420
-405
-1,299
-55,229 -41,904 -149,112
-55,089 -41,760 -148,759
-11,194
-4,124 -35,044
-39,395 -33,281 -98,502
-4,500
-4,355 -15,213
-140
-144
-353
-1,389
-2,154
-7,175
-35
-32
-66
-438
-428
-1,311
-916
-1,694
-5,798
122,709
76,828
46,774
30,055
242
4,210
1,420
2,615
8,595
12,925
47
45,881
45,829
24,544
20,013
1,272
51
-116,716
-87,466
-64,835
-22,631
-2,801
-2,538
-1,827
-3,443
-2,620
-9,082
-320
-29,250
-29,154
-2,792
-23,092
-3,270
-96
-1,497
-8
-331
-1,158
103,883
65,192
40,653
24,539
249
3,044
872
1,981
6,583
11,765
46
38,690
38,640
21,978
15,568
1,094
50
-93,413
-71,459
-51,208
-20,251
-2,645
-2,137
-1,616
-2,640
-2,069
-8,825
-318
-21,954
-21,856
1,449
-20,260
-3,045
-99
-2,199
-13
-350
-1,835
40,854
33,262
28,820
4,442
41
813
380
587
1,094
1,522
4
7,592
7,572
3,704
3,868
0
20
-47,161
-21,353
-17,309
-4,044
-335
-202
-114
-874
-243
-2,223
-53
-25,807
-25,797
-1,724
-22,224
-1,849
-10
-169
0
-24
-145
9,173
7,614
6,458
1,156
9
185
97
126
301
436
1
1,560
1,555
602
953
0
5
-10,798
-4,818
-3,609
-1,209
-199
-37
-25
-199
-59
-676
-15
-5,980
-5,977
-19
-5,539
-419
-3
-40
0
-6
-34
7,729
6,261
5,211
1,050
10
150
79
119
296
395
1
1,468
1,463
584
879
0
5
-9,658
-3,858
-2,915
-943
-100
-33
-36
-174
-52
-534
-14
-5,800
-5,797
63
-5,478
-382
-3
-99
0
-6
-93
-72
-72
-24
-6
-6
2008
2008
914,098 207,946 175,532
549,794 129,393 113,104
321,151
64,517
72,885
48,587
228,643
56,508
3,835
865
781
38,297
8,477
6,658
11,300
2,834
1,908
21,710
4,000
5,115
54,274
13,477
11,426
23,724
98,902
25,649
324
91
89
364,305
62,428
78,553
363,844
78,442
62,317
172,490
30,378
35,751
187,804
40,985
30,473
3,550
1,706
1,466
461
111
111
-934,416 -211,231 -167,169
-617,979 -142,286 -115,058
-440,802 -100,067 -77,619
-177,177 -42,219 -37,439
-14,449
-3,520
-3,631
-24,769
-4,194
-3,591
-15,300
-3,114
-2,714
-28,666
-6,512
-5,051
-16,988
-3,922
-4,423
-74,851 -19,747 -18,096
-597
-2,155
-545
-316,437 -68,945 -52,111
-315,782 -68,760 -51,922
-8,927
-88,606 -18,600
-195,087 -42,987 -36,588
-6,407
-32,089
-7,173
-655
-189
-185
-3,302
-12,173
-2,816
-2,250
-696
-479
-1,855
-470
-460
-8,068
-1,650
-2,363
6
Ip
-241
-240
1,046
-130
173,875
-1,127
0
302,532
-183
0
87,564
-191
0
120,748
-886
0
290,553
-152
0
82,731 -354,814 -99,967
-177
-886
-152
0
0
0
93,363
-177
0
-30,907
0
0
-2,058
0
0
-17,540
0
0
-1,127
-183
-373,654 -149,191
-170
-106
359
134
-373,843 -149,219
548,656 451,906
-180,172 -32,740
42,914
45,687
290,380
65,198
395,534 373,761
-191
174,573
-10
63
174,520
-86,817
-11,788
-12,367
21,060
-83,722
-886
-344,424
-83
96
-344,437
466,058
-146,819
30,708
290,574
291,595
-152
-144,767
-58
9
-144,718
435,472
-19,990
43,277
64,227
347,958
-177
-886
-152
155,519 -271,291 -116,627
0
0
0
68
7
31
155,488 -271,359 -116,634
-72,611 -82,637
16,812
-7,657 -113,840 -15,850
11,794
-12,030
6,008
20,252
2,321 -46,327
-73,176
17,088
72,981
-177
125,663
0
27
125,636
-32,123
-14,564
-19,093
583
951
-2
0
0
-2
-30,906
-4,120
-34,378
-4,047
11,639
-4
0
0
-4
-2,054
-1,391
-8,186
-2,053
9,576
(*)
0
0
(*)
-17,540
-554
-14,177
-399
-2,410
-273,772
-26,320
n
(,?)
(1?)
1,560
(17)
(17)
-247,452
206,453
20,159
-57,259
n.a.
-43,831
-372,974
-36,079
167,361
-254,543
-103,225
(,7)
(,7)
(17)
1,092
(17)
C7)
-151,318
74,632
12,407
17,124
n.a.
-124,329
-131,152
-8,447
-33,200
-69,312 -341,725 -226,742 -57,869
-7,302
10,585 -35,631 -32,969
(18)
(18)
(18)
(18)
(18)
-21,867
n
n
(18)
(18)
(18)
(18)
(17)
n
(1S)
n
(18)
(18)
(18)
(18)
(18)
(17)
n
n
(18)
(18)
(18)
(18)
(17)
n
(18)
n
513
512
502
100
22
938
285
200
(18)
(18)
(18)
(18)
(18)
(18)
C7)
n
(18)
(18)
(18)
(18)
(18)
(18)
n
(” )
(18)
(18)
(18)
(18)
(18)
-47,445
n
n
21,632
16,544 116,550
13,947
168,818
68,985
58,025
-5,778
(18)
(18)
(18)
(18)
(18)
-3,731
n
n
-2,726
-73,862
5,000
-4,960 -123,430 -28,948 -23,483 -17,914
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-22,403
-43,345 -122,480 -22,608 -30,324 -27,930
2,861
—8
-40,217 ’8-394,274 ,8-178,759 18—
47,130 1829,400 189,238 18-29,056 18—9,291
n.a.
-11,880
n.a. -31,325 -16,493
n.a.
-32,400
-208
-23,074
263,958
-53,306 -31,142 405,608 101,451 -65,932
70,585
-5,124
-4,618
-119,651
51,466
-68,186
47,868
-12,173
-32,491
-27,183
14,290
-12,893
9,608
-2,816
-6,101
-13,102
11,148
-1,954
10,317
-3,302
5,061
2,849
-54
2,796
-4,420
^10
-1,664
-22,905
12,979
-9,926
12,820
-1,389
1,505
-11,723
9,246
-2,477
11,042
-2,154
6,411
308
2009
IV
1,105
-98,688
44,453
-54,235
49,749
-7,141
-11,627
-130
2008
2008
-79,190 -18,061
21,143
7,424
-58,047 -10,638
52,748
16,631
-7,175
-1,497
-12,475
4,496
-10,555
4,288
-6,266
16,736
-2,199
8,271
11,511
397
11,908
-18,215
-169
-6,476
(18)
n
(18)
(18)
(18)
(18)
n
(18)
9
6
(18)
(18)
(18)
(18)
(18)
(18)
-1,477
1,883
n
-4,049
-3,930
n.a.
n.a.
-474
-35
18748 18-2,423
n.a.
-520
24,192
9,373
(18)
2,296
107
2,402
-4,332
-99
-2,028
J u ly
2 0 0 9
97
S u r v e y o f C u r r e n t B u s in e s s
T r a n s a c t io n s , b y A r e a — C o n tin u e s
of dollars]
France
2008
Germany
2009
2008
2008
Italy
Ie
2009
2008
2008
2008
IV
Netherlands
2008
2009
IV
Ip
United Kingdom
2008
2009
2008
IV
Europe, excluding European Union
2009
2008
Ip
IV
I
IV
p
Ip
73,861
46,625
28,603
18,023
57
3,797
985
1,831
3,719
7,584
50
27,235
27,188
7,109
20,079
0
47
-80,351
-61,003
-44,036
-16,967
-113
-3,169
-1,935
-2,351
-4,226
-4,818
-355
-19,348
-19,230
-10,938
-7,364
-928
-118
51
0
-103
154
17,325
11,352
7,005
4,347
15
809
259
410
935
1,908
11
5,974
5,962
1,640
4,322
0
12
-19,665
-14,491
-10,735
-3,756
-23
-396
-387
-525
-1,089
-1,247
-89
-5,174
-5,142
-3,278
-1,697
-167
-31
-15
0
-24
9
14,810
10,520
6,907
3,613
15
502
155
319
772
1,836
15
4,290
4,278
992
3,286
0
11
-10,097
-11,823
-8,347
-3,476
-30
-472
-326
-393
-1,062
-1,106
-87
1,727
1,759
3,360
-1,425
-176
-32
91
0
-25
116
109,737
82,602
54,209
28,392
167
5,142
1,541
3,508
7,880
10,089
66
27,135
27,048
9,351
16,569
1,128
87
-153,022
-131,758
-97,597
-34,161
-7,309
-2,956
-3,346
-5,762
-2,860
-11,442
-485
-21,265
-21,160
-3,115
-15,727
-2,318
-105
-722
0
-448
-274
26,587
20,346
12,875
7,471
40
1,139
356
866
2,095
2,956
20
6,241
6,221
2,064
3,973
184
20
-34,872
-30,406
-22,380
-8,026
-1,806
-525
-657
-1,283
-839
-2,798
-118
-4,465
-4,437
-471
-3,434
-532
-28
-19
0
-114
95
22,173
17,112
11,035
6,076
40
919
301
699
1,494
2,603
20
5,061
5,042
1,454
3,396
192
19
-28,969
-24,410
-16,821
-7,589
-1,800
-515
-569
-1,014
-415
-3,162
-114
-4,559
-4,529
-1,515
-2,519
-495
-29
-648
0
-111
-537
32,536
25,362
15,330
10,032
75
2,601
1,102
938
1,821
3,481
13
7,175
7,156
2,242
4,914
0
19
-47,935
-45,069
-36,140
-8,929
-1,208
-3,579
-593
-1,300
-171
-1,955
-124
-2,866
-2,813
-1,536
-766
-511
-54
-476
0
-252
-224
7,364
5,723
3,372
2,351
21
521
238
251
426
891
4
1,640
1,636
543
1,093
0
5
-10,237
-10,028
-8,118
-1,910
-299
-591
-132
-284
-58
-512
-34
-209
-195
101
-177
-119
-14
-120
0
-63
-57
6,109
4,870
2,927
1,943
21
351
144
161
402
860
4
1,239
1,234
433
801
0
5
-8,232
-8,011
-6,440
-1,571
-300
-389
-151
-198
-60
-444
-30
-221
-206
53
-137
-122
-15
-125
0
-63
-62
110,915
54,161
39,368
14,792
179
1,576
641
1,675
1,943
8,765
13
56,755
56,736
42,009
14,727
0
19
-55,671
-30,926
-21,072
-9,854
-112
-1,345
-861
-2,544
-534
-4,394
-64
-24,745
-24,729
-10,407
-12,807
-1,515
-16
77
0
-32
109
26,159
13,249
9,613
3,636
46
355
164
385
461
2,220
4
12,911
12,906
9,432
3,474
0
5
-9,039
-7,305
-4,897
-2,408
-29
-256
-238
-563
-123
-1,182
-17
-1,734
-1,729
1,595
-2,991
-333
-5
62
0
-8
70
22,381
10,860
7,896
2,965
47
230
81
303
296
2,004
3
11,520
11,516
8,975
2,541
0
5
-9,201
-5,745
-3,756
-1,990
-30
-250
-126
-434
-133
-1,002
-15
-3,456
-3,451
-711
-2,435
-305
-5
-39
0
-8
-31
214,583
115,894
52,868
63,025
419
12,978
3,738
5,000
8,880
31,949
61
98,690
98,587
23,872
74,434
281
102
-206,691
-103,525
-57,884
-45,641
-1,915
-5,735
-4,794
-5,259
-3,104
-24,645
-190
-103,166
-103,057
-22,752
-76,741
-3,564
-110
883
0
-286
1,169
45,421
25,909
11,244
14,665
95
2,748
1,026
1,159
1,702
7,916
19
19,512
19,489
3,915
15,308
266
24
-47,350
-23,755
-13,043
-10,712
-450
-882
-981
-1,175
-657
-6,509
-57
-23,596
-23,566
-7,286
-15,449
-831
-30
292
0
-73
365
-35
-9
-9
567
-6
-6
-32
-8
-8
7
2
2
905
-16
-16
57,029
-295
0
29,142
-31
0
-7,093
-58
0
-15,881
-353
0
-7,592
-69
0
-30,339
-93
0
561
0
0
5,357
0
0
-2,219
0
0
-46,587
0
0
-13,736
0
0
-2,993
0
0
487,608
0
0
400,032
0
0
-295
-1
0
0
-1
57,325
-5,909
26,379
22,418
14,437
-31
1
0
0
1
29,172
-1,786
7,061
957
22,940
-58
-1
0
0
-1
-7,034
-882
-1,227
-336
-4,589
-353
-3
0
0
-3
-15,525
-4,907
15,508
-18,920
-7,206
-69
-5
0
0
-5
-7,518
1,847
3,966
-20,363
7,032
-93
1
0
0
1
-30,247
-1,143
2,059
-4,047
-27,116
-2
0
0
-2
563
-1,894
8,084
-2,027
-3,600
-4
1
0
0
1
-2,220
-1,292
1,117
-750
-1,295
1
0
0
1
-46,588
-53,376
3,094
5,678
-1,984
-2
0
0
-2
-13,734
-7,308
2,128
-10,936
2,382
O
-33,079
0
0
-33,079
520,686
-21,791
-6,230
299,373
249,334
6,918
0
0
6,918
393,114
-5,680
26,130
116,161
256,503
-17,646
-25,695
(18)
-9,444
(18)
-1,178
(18)
(18)
-27,355
(18)
-1,064
(18)
423
(18)
47,606
(18)
(18)
75
(18)
(18)
(18)
71,857
(18)
-6,325
n.a.
-21,593
183,592
-2,203
-54,144
27,010
(18)
(18)
(18)
(18)
47
(18)
(18)
(18)
51,761
(18)
-1,897
n.a.
-14,148
18-8,753
1,473
-31,932
18,296
4,938
23,234
32,009
77
55,321
4,716
1,228
5,944
11,177
62
17,183
H
H
n
H
31
n
n
n
(18)
n
4
(18)
(18)
(18)
n
5,090
14,031
(18)
n
-3,441
-4,777
n.a.
n.a.
-529
-57
1S—26,402 13—27,291
-19,185
-12,373
11,289
-13,725
-15,433
1,055
-14,378
7,888
51
-6,439
-3,731
591
-3,140
800
-15
-2,355
H
(18)
n
16
(1
8>
(18)
(1
S)
(18)
H
(18)
(18)
56
(18)
(18)
H
(18)
(18)
3
(18)
(18)
-3,486
(18)
-7,867
n.a.
-937
182,830
n.a.
11,742
76
(18)
(18)
(18)
5,816
(18)
-18,361
n.a.
-4,482
1815,773
-6,564
67,063
-4,328
(18)
-3,123
n.a.
-10,765
1S—9,195
-4,565
47,822
(18)
13,314
(18)
39
n.a.
-1,049
18—13,371
n.a.
38,853
-1,440
137
-1,303
6,016
91
4,804
-43,387
-5,768
-49,156
5,870
-722
-44,007
-9,505
-555
-10,060
1,776
-19
-8,304
-5,786
-1,513
-7,299
503
-648
-7,444
n
n
0
0
-4
5,361
254
343
-2,887
7,651
(18)
(18)
36
(18)
(18)
(18)
5,781
(18)
-2,467
n.a.
-739
1S—2,188
-2,423
17,346
-335
n.a.
-940
18-699
-1,211
-2,655
-13
(’8)
(18)
(18)
(18)
5
(18)
(18)
(18)
241
(18)
-456
n.a.
-104
18301
n.a.
4,489
-20,810
1,103
-19,707
4,308
-476
-15,875
-4,746
441
-4,304
1,431
-120
-2,993
-3,513
372
-3,142
1,018
-125
-2,249
H
1,511
(18)
(18)
(18)
H
13
H
(18)
(18)
3,472
H
H
H
0
0
O
-2,993
-4,077
969
151
-36
7,812
(18)
('“I
-314,501
(18)
(18)
(18)
(18)
300
(18)
(18)
(18)
(18)
-17
(18)
(18)
(18)
Vs)
54,711
-491
(18)
(18)
-984
49,752
n.a.
n.a.
5,459
-11,862
183,845 18■-407,402
-1,022
n.a.
-17,962 -181,765
4,140
975
5,115
8,065
-39
13,141
-5,015
17,384
12,369
-4,477
883
8,776
2008
2009
IV
Ip
Line
2008
28,701
18,197
10,691
7,505
346
758
214
580
2,422
3,169
17
10,504
10,482
6,144
4,203
135
22
-34,880
-21,164
-14,969
-6,195
-354
-456
-189
-812
-709
-3,497
-178
-13,716
-13,671
-7,406
-3,592
-2,673
-45
-1,426
-661
-32
-733
25,717
16,235
9,030
7,205
341
597
191
467
2,544
3,044
21
9,482
9,461
5,980
3,371
110
21
-25,919
-15,712
-10,409
-5,303
-330
-294
-142
-636
-771
-2,991
-140
-10,207
-10,161
-4,802
-3,307
-2,052
-45
-1,148
-447
-32
-669
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
59
-111
-110
39
-31,639
0
0
53,127
-241
0
11,979
-31
0
4,833
-14
0
18,119
0
0
18,119
-49,758
-1,053
5,265
22,436
-76,406
-241
-29,230
-87
263
-29,406
82,598
-33,353
12,206
-194
103,939
-31
-4,424
-48
125
-4,501
16,434
-12,750
2,410
971
25,803
-14
19,054
-10
32
19,032
-14,207
-4,132
-337
808
-10,546
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
67,953
(18)
(18)
(18)
18)
622
(!8)
(18)
-27,802
(!8)
(18)
-11,442
(18)
(18)
(18)
(18)
228
(18)
37,568
133,693
24,763
83,110
11,565
52,828
13,198
30,282
97
1,507
2,443
3,191
624
928
917
2,614
1,728
9,651
7,375
12,324
14
66
12,805
50,583
12,778
50,496
2,218
31,768
10,456
18,401
104
327
26
86
-37,710 -149,523
-20,143
-97,060
-10,519
-73,791
-9,625
-23,269
-475
-1,550
-947
-2,302
-855
-751
-913
-3,424
-677
-2,517
-5,712
-12,163
-45
-562
-17,566
-52,463
-17,536
-52,311
-24,892
-4,273
-12,287
-16,030
-976
-11,389
-31
-152
263
-5,033
0
-2,052
-71
-128
334
-2,853
-207,465
-24,669
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
131
142
(18)
(18)
(18)
(18)
(18)
(18)
8,721
2,545
(18)
(18)
40,498
19,433
n.a.
n.a.
-94,436
-25,390
18-162,379 18—21,399
5,581
n.a.
-196,495
56,203
-1,799
3,953
2,154
-4,084
292
-1,638
1,046
3,573
4,620
-4,762
263
120
(18)
H
(18)
5,089
37,635
5,646
(18)
(18)
(18)
2,234
16,603
12,124
n.a.
n.a.
n.a.
205
-486
-1,849
1813,579 18-44,303 18-19,198
-3,679
n.a.
3,433
-96,597
8,069
20,106
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
-1,379
1,902
523
-725
-1,148
-1,350
72
73
74
75
76
77
-20,963
7,013
-13,950
-1,880
-5,033
-20,863
H
18)
580
(16)
(18)
-4,278
1,311
-2,967
-3,212
-1,426
-7,606
n
9 8
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
J u ly
2 0 0 9
Table 12. U.S. International
[Millions
Latin America and
Other Western Hemisphere
Canada
Line
(Credits +; debits - ) 1
2008
2009
2008
I*
IV
Current account
1 Exports of goods and services and income receipts.....................................
358,639
2 Exports of goods and services.....................................................................
308,230
261,872
3
Goods, balance of payments basis 2.........................................................
4
Services 3..............................................................................................
46,359
5
Transfers under U.S. military agency sales contracts 4.............................
490
6
Travel.................................................................................................
14,781
7
Passenger fares..................................................................................
3,883
Other transportation............................................................................
3,711
8
9
Royalties and license fees 5.................................................................
5,898
17,502
10
Other private services 5........................................................................
11
94
U.S. government miscellaneous services...............................................
12 Income receipts..........................................................................................
50,409
Income
receipts
on
U.S.-owned
assets
abroad...........................................
13
50,246
14
Direct investment receipts....................................................................
25,433
15
Other private receipts..........................................................................
24,813
0
16
U.S. government receipts.....................................................................
17
Compensation of employees....................................................................
162
18 Imports of goods and services and income payments.................................. -394,032
19 Imports of goods and services..................................................................... -368,022
20
Goods, balance of payments basis 2......................................................... -342,920
21
Services 3..............................................................................................
-25,102
22
Direct defense expenditures.................................................................
-254
23
-6,921
Travel.................................................................................................
24
Passenger fares..................................................................................
-396
Other transportation............................................................................
25
-5,025
-667
26
Royalties and license fees 5.................................................................
27
Other private services 5........................................................................ -11,412
-427
28
U.S. government miscellaneous services...............................................
29
Income payments.......................................................................................
-26,010
30
Income payments on foreign-owned assets in the United States...................
-25,449
31
Direct investment payments.................................................................
-11,578
32
Other private payments........................................................................
-13,136
33
U.S. government payments..................................................................
-735
34
Compensation of employees....................................................................
-561
-1,814
35 Unilateral current transfers, net....................................................................
36 U.S. government grants 4............................................................................
0
37 U.S. government pensions and other transfers..............................................
-664
38 Private remittances and other transfers 6......................................................
-1,150
Capital account
39 Capital account transactions, net.................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))...............................................................................................
41
U.S. official reserve assets..........................................................................
42
Gold 7...................................................................................................
43
44
45
46 U.S. government assets, other than official reserve assets..............................
47
U.S. credits and other long-term assets.....................................................
48
Repayments on U.S. credits and other long-term assets 8...........................
49
U.S. foreign currency holdings and U.S. short-term assets...........................
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
(increase/financial inflow (+))....................................................................
56 Foreign official assets in the United States....................................................
57
U.S. government securities......................................................................
58
U.S. Treasury securities 9.....................................................................
Other10.............................................................................................
59
60
Other U.S. government liabilities 11...........................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere......................
62
Other foreign official assets 12..................................................................
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......................................
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...............
Memoranda:
72 Balance on goods (lines 3 and 20)...................................................................
73 Balance on services (lines 4 and 21)................................................................
74 Balance on goods and services (lines 2 and 19)...............................................
75 Balance on income (lines 12 and 29)................................................................
76 Unilateral current transfers, net (line 35)...........................................................
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 76)13...........
See the footnotes on pages 104-105.
2008
2009
IV
Ie
2008
South and Central America
2008
2009
IV
Ip
88,900
80,488
63,580
16,908
161
5,845
1,950
1,320
1,531
6,057
45
8,412
8,362
5,164
3,145
53
50
-94,925
-88,160
-78,795
-9,365
-72
-4,818
-835
-989
-58
-2,459
-135
-6,764
-4,740
-303
-1,862
-2,575
-2,024
-7,380
-581
-173
-6,627
72,362
64,647
50,052
14,595
182
4,140
1,849
988
1,423
5,972
41
7,716
7,667
5,260
2,393
14
49
-75,035
-69,454
-60,598
-8,855
-75
-4,892
-659
-854
-71
-2,180
-125
-5,582
-3,908
-203
-1,389
-2,316
-1,674
-7,292
-634
-174
-6,484
13,962
11,129
7,515
3,614
23
1,121
605
175
388
1,291
10
2,833
2,825
2,250
569
6
8
-7,926
-7,407
-5,823
-1,584
-7
-684
-95
-180
-15
-588
-15
-518
-508
2008
545,197 129,427 103,749 372,781
382,768
93,363
75,670 328,627
69,192
287,806
54,648 263,880
94,962
24,171
21,022
64,747
686
169
203
651
6,672
4,674
21,671
25,305
8,283
2,164
2,003
7,327
7,446
1,707
1,292
5,733
7,027
1,923
1,863
5,519
46,007
11,482
10,937
23,675
54
50
171
208
162,429
36,064
28,079
44,154
162,202
36,007
28,023
43,955
14,302
71,508
12,435
30,639
21,644
15,571
13,191
90,548
146
60
17
125
227
57
56
199
-570,624 -127,739 -100,572 -427,187
-449,861 -100,527 -80,501 -398,570
-379,783 -82,950 -63,702 -360,677
-70,078 -17,576 -16,800 -37,893
-365
-80
-83
-323
-26,021
-6,010
-6,552 -19,902
-3,810
-1,085
-826
-2,990
-7,797
-1,785
-1,480
-4,438
-121
-429
-105
-178
-31,037
-8,342
-7,603
-9,535
-527
-619
-153
-150
-120,762 -27,212 -20,071 -28,617
-113,124 -25,150 -18,383 -21,077
-2,104
-2,936
222
755
-7,674
-90,014 -20,678 -15,051
-20,174
-4,694
-4,087 -11,299
-7,638
-2,062
-1,688
-7,540
-8,808
-33,880
-7,939 -29,210
-2,424
-738
-666
-2,099
-207
-682
-814
-206
-30,642
-7,937
-6,994 -26,429
65,946
58,329
47,231
11,098
147
3,450
983
740
1,483
4,276
19
7,617
7,582
2,633
4,949
0
35
-62,279
-57,842
-52,994
-4,848
-65
-905
-90
-965
-135
-2,596
-92
-4,437
-4,299
-1,235
-2,997
-67
-138
-696
0
-166
-530
250
30
30
1,250
-67
-86
-326
-85
-19,057
0
0
4,946
0
0
5,683
0
0
-83,839
0
0
-92,800
0
0
18,863
0
0
-8,131
0
0
1
0
0
1
-19,058
-13,034
1,653
3,603
-11,280
-1
0
0
-1
4,947
-1,585
5,916
2,233
-1,617
1
0
0
1
5,682
-2,087
-20
382
7,407
397
153
-126
-16
494
167
2
29
-84,237 -92,953
-64,492 -18,453
-40,901
651
67,823
37,281
-46,667 -112,432
33
-14
52
-5
18,830
-4,082
-18,160
15,460
25,612
46,564
1,511
(")
(")
1,121
1,507
-414
-1,914
-83,795
-6,924
n
160
(18)
253
n
n
(,7)
n
1,500
8,941
7,369
27,445
12,368
-1,504
-76,871
2,425
4,965
0
0
5,290
0
0
698
0
0
1,820
0
0
-1,030
0
0
342
-124
438
27
-8,472
-24,857
21,590
-1,917
-3,288
140
-16
151
5
4,825
-5,997
5,721
782
4,319
27
-14
46
-5
5,263
-3,060
-1,223
1,460
8,086
20
0
16
4
677
-2,243
2,237
-65
748
9
0
8
1
1,811
-588
973
40
1,386
2
-1
3
(*)
-1,031
-428
-205
47
-445
26,370
-7,178
(18)
(18)
(18)
(18)
160
(18)
1,350
(18)
(18)
1,130
(18)
(18)
(18)
(18)
(18)
709
(18)
-482
n.a.
(18)
18-7,565
n.a.
11,938
-1,027
(18)
(18)
(18)
(18)
-1
(18)
(18)
(18)
3
(18)
-110
n.a.
-27
18-892
-7,767
-1,512
(18)
(18)
(18)
-45
(18)
26
n.a.
-4
181,151
n.a.
-1,136
-10,546
5,739
-4,807
2,134
-7,292
-9,965
1,692
2,030
3,722
2,315
-319
5,717
78
414
492
290
-64
718
197
455
652
446
-63
1,035
1815,501
729
64,975
-81,049
21,257
-59,792
24,399
-1,814
-37,207
-12,395
4,852
-7,543
3,951
-428
-4,020
-5,763
6,250
487
3,180
-696
2,971
-91,977
24,884
-67,093
41,667
-33,880
-59,306
-13,758
6,595
-7,164
8,852
-8,808
-7,120
-9,054
4,223
-4,831
8,008
-7,939
-4,762
-96,797
26,854
-69,943
15,537
-29,210
-83,616
-15,215
7,543
-7,672
1,648
-7,380
-13,405
(17)
(,7)
(")
1
-65,130
n.a.
69,780
n
n
1,850
n.a.
(")
(”)
1
48,470
280
96,477
(")
18,618
n.a.
-386
2,793
n
H
2
-34,780
16,869
100,739
45,053
23,684
n
40
(,7)
(17)
252
-84
-6,024
n.a.
-8,271
n
23
H
-10
-319
-2
-31
-286
2,291
2,074
-4,151
(")
n
61
V7)
n
n
(,7)
-2,378
n.a.
n
(,7)
-68,768
n.a.
n
(,7)
-50,143
n.a.
n
n
n
(")
-19,058
n.a.
(17)
Ip
2,558
2,045
1,202
843
8
227
144
31
82
349
2
513
511
411
98
2
2
-1,460
-1,393
-1,006
-387
-2
-182
-20
-30
-5
-144
-4
-67
-64
(D)
-75
7,881
3,237
6,213
n
n
n
2009
IV
2,842
2,426
1,592
833
6
216
141
34
87
347
2
416
414
285
128
1
2
-2,060
-1,934
-1,514
-419
-2
-176
-30
-43
-5
-159
-4
-126
-123
12
-106
-29
-3
-64
(*)
-8
-55
-12,019
(18)
(18)
(18)
(18)
30
(18)
(18)
(18)
-1,969
(18)
-994
n.a.
(18)
18-9,086
942
19,602
n
3,251
-9,117
(,7)
(,7)
(,7)
30
2008
2008
79,627
68,614
58,365
10,249
143
2,577
809
882
1,432
4,387
18
11,014
10,978
4,988
5,990
0
36
-83,219
-76,157
-70,760
-5,397
-72
-1,084
-102
-1,125
-141
-2,782
-91
-7,063
-6,927
-3,568
-3,251
-108
-136
-428
0
-166
-262
24,288
16,919
Argentina
n
n
n
(18)
4,588
(18)
6,028
n.a.
n
n
(D)
-422
(D)
n
(18)
1
(18)
(18)
(18)
493
(18)
354
n.a.
-57
18559
n
n
(D)
-3
-63
-1
-8
-54
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
99
Transactions, by Area—Continues
of dollars]
Brazil
Mexico
2008
2009
2009
2008
2008
2008
2008
189,492
175,240
151,147
24,093
18
7,326
2,416
1,617
2,010
10,671
35
14,252
14,216
10,202
4,012
3
36
-250,316
-235,766
-219,808
-15,958
-11
-10,211
-889
-1,349
-105
-3,204
-188
-14,550
-7,122
-911
-3,235
-2,976
-7,428
-13,781
-92
-298
-13,391
45,933
43,177
36,945
6,232
4
1,991
554
359
573
2,742
10
2,756
2,747
1,739
1,008
0
9
-57,631
-54,000
-50,259
-3,741
-2
-2,371
-189
-277
-26
-827
-49
-3,631
-1,644
-134
-838
-672
-1,987
-3,461
-19
-75
-3,367
37,244
34,782
29,056
5,726
3
1,424
790
275
626
2,598
9
2,462
2,453
1,688
764
1
9
-46,678
-43,497
-39,479
-4,018
-3
-2,726
-196
-266
-32
-748
-46
-3,181
-1,545
-253
-688
-604
-1,636
-3,418
-12
-76
-3,330
20,809
17,590
12,604
4,986
1
1,972
730
297
346
1,638
2
3,219
3,207
2,661
540
6
11
-53,915
-52,281
-51,424
-857
0
-2
-226
-63
1,964
0
0
4,772
0
0
2,528
0
0
192
-13
198
7
-1,661
-4,136
4,804
-897
-1,432
95
0
87
8
1,869
-100
2,782
66
-879
9
0
12
-3
4,763
-513
-269
835
4,710
-13,873
-21,745
1,982
59,762
44,496
32,175
12,321
37
2,990
1,172
1,087
1,831
5,192
11
15,266
15,243
9,789
5,372
82
23
-42,216
-35,474
-30,449
-5,025
-20
-953
-326
-648
-14
-3,045
-19
-6,742
-6,721
-196
-575
-5,950
-21
-1,109
-17
-24
-1,069
14,287
11,069
7,928
3,142
9
827
357
251
494
1,201
3
3,217
3,212
1,949
1,226
37
6
-9,821
-8,387
-7,150
-1,237
-5
-227
-98
-144
-4
-754
-6
-1,434
-1,426
(D)
-109
(D)
-7
-274
-5
-6
-263
11,155
8,370
5,899
2,471
9
604
255
175
243
1,182
3
2,785
2,780
1,867
910
3
5
-7,006
-5,764
-4,733
-1,030
-5
-194
-76
-114
-3
-633
—6
-1,242
-1,235
(D)
-75
(D)
-7
-261
-6
-7
-248
-9
-2
-1,469
0
0
2008
Other Western Hemisphere
2009
IV
I”
-74
-225
-4
-220
-8
-1,634
-1,622
(D)
-755
(D)
-12
-77
-8
-4
-65
6,107
5,190
3,727
1,462
(*)
605
221
89
105
442
1
917
914
752
159
3
3
-9,508
-9,154
-8,919
-235
0
-84
-25
-60
-2
-63
-2
-353
-349
(D)
-184
(D)
-4
-30
-3
-1
-26
4,559
3,755
2,617
1,138
(*)
352
153
58
132
443
1
804
801
654
147
0
3
-5,937
-5,903
-5,690
-212
0
-91
-16
-44
-2
-58
-2
-35
-30
110
-89
-51
-4
62
-4
-1
67
-62
14
3
547
0
0
-838
0
0
-6,838
0
0
50
0
45
5
2,478
-7,170
11,912
-458
-1,806
11
0
10
1
536
-1,191
1,081
389
257
14
-1
11
4
-852
-1,153
-313
469
145
-7,930
2008
2009
IV
Ie
Line
2008
2008
If
I"
2009
2008
IV
IV
Other South and
Central America
Venezuela
IV
Ie
88,756
80,172
60,439
19,732
571
8,262
2,404
2,557
943
4,882
113
8,584
8,464
5,738
2,698
28
120
-72,815
-67,642
-53,173
-14,469
-285
-7,727
-1,606
-2,036
-40
-2,478
-297
-5,173
-5,104
-402
-2,687
-2,015
-69
-13,924
-1,981
-325
-11,618
19,732
18,626
13,388
5,239
141
2,206
677
588
272
1,326
29
1,105
1,075
439
624
12
30
-15,905
-14,685
-10,952
-3,733
-63
-1,960
-493
-466
-21
-655
-74
-1,221
-1,198
-57
-625
-516
-22
-3,551
-553
-83
-2,915
16,846
15,694
11,278
4,416
161
1,533
507
449
340
1,400
26
1,152
1,122
640
474
8
30
-13,953
-12,897
-9,690
-3,207
-65
-1,699
-351
-400
-29
-596
-67
-1,056
-1,034
-82
-462
-490
-23
-3,613
-611
-82
-2,920
172,416
54,142
23,927
30,215
35
3,634
956
1,713
1,509
22,332
36
118,275
118,247
40,869
77,357
21
28
-143,437
-51,292
-19,106
-32,185
-42
-6,119
-820
-3,360
-252
-21,502
-92
-92,145
-92,047
-632
-82,340
-8,875
-98
-4,669
-325
-132
-4,212
40,526
12,875
5,613
7,262
8
827
214
387
392
5,425
9
27,652
27,645
9,139
18,499
7
7
-32,814
-12,366
-4,155
-8,211
-8
-1,192
-250
-796
-64
-5,883
-18
-20,448
-20,410
525
-18,816
-2,119
-38
-1,428
-85
-33
-1,310
31,387
11,024
4,596
6,428
21
534
154
305
439
4,965
9
20,363
20,356
7,175
13,178
3
7
-25,537
-11,048
-3,103
-7,944
-8
-1,660
-167
-626
-34
-5,424
-26
-14,489
-14,475
958
-13,662
-1,771
-14
-647
-104
-33
-510
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
3
-107
-24
-24
1,576
-2
-2
39
-191
0
b
-447
0
0
-3,050
0
0
826
0
0
2,833
0
0
-75,709
0
0
-97,765
0
0
13,573
0
0
18
0
16
2
-6,856
-2,179
-5,627
-17
967
8
0
8
0
-199
-750
198
-56
409
1
0
0
1
-448
-536
40
-79
127
61
-111
163
9
-3,111
-9,130
8,264
-480
-1,765
17
-16
38
-5
809
-3,367
687
343
3,146
1
-12
20
-7
2,832
-429
-476
188
3,549
56
-2
56
2
-75,765
-39,635
-62,491
69,740
-43,379
13
0
16
-3
-97,778
-12,456
-5,070
36,499
-116,751
6
0
6
0
13,567
-1,022
-16,937
14,000
17,526
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
3,286
-1,582
-2,628
18,422
5,886
267
-2,082
15,270
-76,616
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18 )
-327
17,185
6,449
(18)
(1 8 )
(18 )
(18 )
(18 )
(18)
(18)
(18 )
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18)
(18)
(18 )
(18)
(18 )
(18 )
(1 8 )
H
(18 )
(18 )
(1S)
(1 8 )
(18 )
(1 8 )
(18 )
(18 )
(18 )
(18 )
(18 )
(18 )
(18)
(18)
(18 )
H
(18 )
(18 )
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
141
H
(18)
(18 )
(18 )
(18)
(18 )
(18 )
H
(18)
(18 )
(18 )
49
(1S)
18
17
-3
-2
(18 )
(18 )
(18 )
(18 )
(18)
(18 )
(18)
(18 )
(18)
0
H
(18 )
H
0
(1B)
n
(18 )
(18 )
(18 )
( ,8 )
(18 )
(18 )
4,388
1814,689
729
-18,012
185,617
942
-7,905
18649
n.a.
-2,356
,849,858
16,140
35,764
1863,954
-662
76,875
18-59,757
n.a.
57,843
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
-3,074
926
-2,147
769
62
-1,316
7,266
5,264
12,530
3,411
-13,924
2,017
2,435
1,506
3,941
-115
-3,551
275
1,588
1,209
2,797
96
-3,613
-720
4,820
-1,970
2,850
26,130
-4,669
24,310
1,457
-949
508
7,204
-1,428
6,284
1,492
-1,517
-24
5,874
-647
5,203
72
73
74
75
76
77
0
0
206
15
(18 )
(18 )
( ’ 8)
(18 )
(18 )
(18 )
n
(18 )
H
-401
(18 )
0
-1
(18 )
( ’ 8)
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
( ’ 8)
(18)
(18 )
-641
5
1,672
-1,073
703
-22
414
67
22,857
(18 )
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18 )
(18 )
(18 )
(18 )
2,171
n.a.
-308
18—17,244
705
n.a.
-480
18-21,347
95
n.a.
31
181,834
339
n.a.
-1,243
1816,420
-1,523
n.a.
-1,042
,810,089
-239
n.a.
-115
18-8,279
550
H
51
n.a.
-156
182,841
H
143
(18 )
1,459
-177
n.a.
-921
18-83
226
n.a.
163
18-2,995
3,113
n.a.
111
n.a.
-590
n.a.
-74,796
n.a.
465
H
-49,149
n.a.
n
-1,085
n
15,591
-10,641
n
55,117
n
8,227
21,682
n
36,722
n
5,200
1,726
7,296
9,022
8,524
-1,109
16,436
777
1,905
2,682
1,784
-274
4,192
1,166
1,441
2,607
1,543
-261
3,888
-68,661
8,136
-60,526
-298
-13,781
-74,604
-13,314
2,492
-10,823
-875
-3,461
-15,159
-10,423
1,708
-8,715
-719
-3,418
-12,852
-38,820
4,129
-34,691
1,585
-77
-33,183
-5,192
1,227
-3,965
564
-30
-3,431
n .a .
n .a .
n .a .
H
1,717
(18 )
-18,576
n.a.
100
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
J u ly
2 0 0 9
Table 12. U.S. International
[Millions
Asia and Pacific
Line
(Credits +; debits - ) 1
2008
Australia
2009
2008
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
3/
38
Capital account
39 Capital account transactions, net.................................................................
Financial account
40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))...............................................................................................
41
U.S. official reserve assets..........................................................................
42
Gold 7.................
43
44
45
46 U.S. government assets, other than official reserve assets..............................
47
U.S. credits and other long-term assets.....................................................
48
Repayments on U.S. credits and other long-term assets 8...........................
49
U.S. foreign currency holdings and U.S. short-term assets...........................
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
(increase/financial inflow (+))....................................................................
56 Foreign official assets in the United States....................................................
57
U.S. government securities......................................................................
58
U.S. Treasury securities 9.......
59
Other10.............................................................................................
60
Other U.S. government liabilities 11...........................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere......................
62
Other foreign official assets 12..................................................................
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...............
Memoranda:
72 Balance on goods (lines 3 and 20)...................................................................
73 Balance on services (lines 4 and 21)................................................................
74 Balance on goods and services (lines 2 and 19)...............................................
75 Balance on income (lines 12 and 29)................................................................
76 Unilateral current transfers, net (line 35)...........................................................
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 76)13...........
See the footnotes on pages 104-105.
China
2009
2008
IV
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 contracts 4.............................
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 ana otner transfers...............................................
Private remittances and other transfers 6.......................................................
2008
I?
577,000 128,212 115,028
464,416 104,216
94,683
325,948
71,853
61,084
138,468
32,363
33,599
8,247
2,047
1,997
27,051
5,369
5,625
7,208
1,656
1,545
20,218
4,403
3,337
22,360
5,781
5,577
52,918
12,983
15,399
466
123
119
23,997
112,583
20,345
112,165
23,891
20,244
65,163
12,148
9,504
46,328
11,368
9,865
674
375
875
418
105
101
-982,814 -237,068 -186,852
-828,584 -202,037 -156,850
-729,142 -178,052 -135,258
-99,442 -23,985 -21,592
-7,382
-1,819
-1,730
-17,431
-4,306
-4,245
-11,132
-2,780
-2,690
-5,682
-24,556
-4,380
-7,319
-1,541
-1,264
-30,892
-7,665
-7,100
-730
-192
-182
-30,002
-154,231 -35,031
-152,887 -34,604 -29,569
-14,759
-587
1,873
-35,127
-8,779
-7,631
-103,001 -25,238 -23,811
-1,344
-426
-433
-24,719
-6,000
-6,195
-2,171
-8,710
-1,903
-946
-244
-233
-15,064
-3,586
-4,059
Ip
-2,874
-76
-10,257
-10,237
-5,621
-3,765
-851
-20
-399
-1
-86
-312
11,908
8,046
5,118
2,928
90
689
127
120
511
1,383
8
3,863
3,855
1,473
2,343
39
7
-5,599
-3,897
-2,439
-1,459
-66
-315
-233
-85
-125
-610
-25
-1,701
-1,696
-585
-938
-173
-6
-120
0
-21
-99
-477
Hong Kong
2009
2008
IV
51,962
34,234
21,642
12,592
743
3,040
693
479
2,351
5,263
23
17,728
17,699
7,704
9,956
39
29
-27,175
-16,918
-10,564
-6,354
-201
-1,361
-1,014
-351
2008
2008
2009
IV
Ie
2008
IV
93,832
21,372
10,658
7,292
19,977
85,453
69,552
4,626
16,311
2,665
15,901
3,665
93
0
0
543
2,717
574
149
897
194
88
3,173
668
458
2,327
669
1,331
6,756
1,554
4
7
31
3,366
8,380
1,396
3,359
8,339
1,386
1,091
6,149
892
2,137
2,144
487
7
131
46
7
40
10
-4,511 -399,416 -103,393
-3,435 -347,825 -89,852
-1,991 -337,963 -87,425
-1,444
-9,862
-2,426
-55
-15
-3
-401
-2,299
-550
-243
-698
-185
-67
-3,747
-858
-123
-231
-78
-534
-741
-2,835
-11
-20
-38
-1,076 -51,590 -13,541
-1,070 -51,120 -13,405
-152
-85
-35
-845
-5,020
-1,280
-140 -45,948 -12,090
-471
-6
-136
-142
-2,891
-707
0
-12
-4
-22
-2
-8
-2,871
-120
-701
Ip
19,670
18,233
14,370
3,864
0
542
189
485
648
1,993
7
1,437
1,427
982
432
13
10
-79,704
-66,856
-64,845
-2,011
-5
-503
-156
-635
-66
-636
-11
-12,848
-12,709
^0
-1,072
-11,597
-139
-811
-4
-2
-805
36,798
27,600
21,463
6,136
(*)
531
157
1,796
596
3,043
13
9,198
9,124
5,938
3,182
4
75
-20,927
-14,371
-6,518
-7,853
-18
-1,279
-1,892
-1,877
-86
-2,660
-42
-6,556
-6,536
-285
-2,738
-3,513
-21
-113
0
-12
-101
7,907
6,036
4,640
1,396
(*)
96
25
372
146
755
3
1,870
1,852
1,143
709
0
19
-4,767
-3,225
-1,500
-1,725
-12
-294
-395
-444
-23
-547
-11
-1,542
-1,535
-61
-671
-803
-7
-23
0
-3
-20
7,791
6,008
4,620
1,388
(*)
117
45
276
201
747
2
1,783
1,765
1,161
603
1
18
-3,726
-2,541
-897
-1,644
-5
-340
-458
-334
-21
-476
-10
-1,185
-1,178
-16
-560
-602
-7
-39
0
-3
-36
-1,115
-287
-289
-31
-8
-8
-186
-48
-49
-22
-6
-6
-72,068
-142
0
-78,181
-32
0
18,495
-22
0
-32,231
0
0
-4,727
0
0
-3,917
0
0
12,318
0
0
1,617
0
0
2,917
0
0
18,443
0
0
5,283
0
0
8,256
0
0
-142
-32
-155,416 -116,218
-327
-230
795
292
-155,884 -116,280
83,489
38,069
-46,693
-6,316
49,789
16,192
11,209
-748
69,184
28,941
-22
69,370
-46
132
69,284
-50,852
-3,017
-1,327
-5,269
-41,239
-22,836
0
0
-22,836
-9,396
-8,613
-11,864
1,722
9,359
-12,830
0
0
-12,830
8,103
557
1,175
-1,583
7,954
13,249
0
0
13,249
-17,166
-571
-8,231
-1,236
-7,128
123
0
118
5
12,195
-15,726
11,808
-28
16,141
23
0
22
1
1,594
-8,285
1,738
209
7,932
31
0
35
-4
2,886
2,273
1,454
-1,097
256
23
0
23
O
18,420
-1,395
13,796
8,139
-2,120
(*)
0
0
(*)
5,283
1,245
1,513
493
2,032
9
0
9
(*)
8,247
-1,056
3,045
8
6,250
624,428
430,268
(17)
(17)
n
4,712
(17)
(17)
194,160
56,395
C7)
-18,016
n.a.
(")
80,969
-12,663
-108,048
183,735
84,180
(17)
(17)
(17)
1,631
(17)
(17)
99,555
16,052
(17)
2,818
n.a.
(,7)
42,396
-8,210
17,798
60,801
103,791
(17)
(17)
(17)
1,512
(17)
(17)
-42,990
-4,140
(17)
-28,439
n.a.
C7)
-50,964
n.a.
-988
27,587
(18)
(18)
(18)
(18)
170
(18)
(18)
(18)
15,628
(18)
115
n.a.
257
1811,417
1,432
-21,145
8,746
(18)
(18)
72,956
(18)
(18)
(18)
(18)
244
(18)
(18)
(18)
1,144
(’8)
-1,472
n.a.
33
188,797
-1,713
-8,488
-14,047 443,239 101,469
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
n
(18)
(18)
(18)
232
0
0
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
n
1,292
368
-63
(18)
(18)
(18)
-2,330 -21,205
-1,433
n.a.
n.a.
n.a.
-308
3,960
-633
18-12,933 18460,116 18103,598
n.a.
n
n
11,967 -146,897 -20,311
19,579
(18)
(18)
(18)
(18)
-3
(18)
(18)
-2,195
(18)
(18)
(18)
(18)
0
(18)
(18)
(18)
-108
(18)
1,943
n.a.
-1,604
is-2,426
-403,194 -106,199
39,026
8,378
-364,167 -97,821
-41,647 -11,034
-24,719
-6,000
-430,534 -114,856
-74,174
12,007
-62,167
-9,657
-6,195
-78,019
11,078
6,238
17,316
7,471
-399
24,388
2,679
1,470
4,148
2,161
-120
6,190
2,635 -268,411
1,221
6,039
3,856 -262,372
2,290 -43,211
-142
-2,891
6,005 -308,474
-71,114
1,239
-69,875
-12,146
-707
-82,727
n
(18)
0
(18)
(18)
(18)
-103
(18)
-2,258
n.a.
-170
1875,487
n.a.
-14,979
-50,475
1,853
-48,623
-11,411
-811
-60,845
-53,758
n
-6,199
-9,408
(18)
(18)
(18)
(18)
0
(18)
(18)
(18)
-160
(18)
-22,258
n.a.
-13
1813,023
n.a.
-2,868
14,945
-1,716
13,229
2,642
-113
15,758
3,140
-329
2,811
328
-23
3,117
3,723
-257
3,466
598
-39
4,026
n
264
n
4,306
n.a.
-1,693
1816,705
n
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
101
Transactions, by Area—Continues
of dollars]
India
Japan
2008
2009
IV
Ip
2008
2008
Korea, Republic of
2009
2008
2008
Singapore
2009
2008
IV
2008
Taiwan
2009
2008
2008
2008
Ip
Ip
IV
Other Asia and Pacific
2009
IV
Ip
9,251
6,809
5,132
1,677
34
101
(*)
191
433
909
8
2,442
2,434
2,108
326
0
8
-5,776
-4,345
-3,355
-990
-137
-105
-90
-237
-11
-403
-6
-1,431
-1,428
-176
-932
-320
-3
-22
0
-1
-21
35,998
32,683
24,636
8,047
766
1,135
39
2,961
974
2,145
28
3,314
3,294
1,499
1,795
0
20
-51,086
-44,344
-36,496
-7,848
-185
-1,027
-1,750
-4,064
-40
-770
-13
-6,741
-6,676
76
-1,310
-5,442
-66
-464
-1
-8
-455
6,587
6,198
4,416
1,782
221
197
1
612
272
471
9
389
384
-59
443
0
5
-11,940
-10,392
-8,610
-1,783
-33
-199
-425
-927
-9
-186
IV
Ip
31,367
28,255
17,623
10,632
38
3,028
1,261
646
934
4,663
61
3,113
3,094
1,571
1,508
15
19
-40,122
-37,903
-25,739
-12,164
-10
-2,431
-323
-385
-107
-8,877
-31
-2,220
-1,945
-901
-374
-670
-275
-2,754
-106
-23
-2,625
6,671
5,956
3,848
2,108
10
473
208
121
252
1,028
16
714
710
345
362
3
5
-10,067
-9,490
-6,211
-3,279
-1
-778
-96
-89
-24
-2,284
-7
-576
-484
-224
-86
-174
-92
-597
-19
-6
-572
6,680
5,962
3,295
2,667
10
517
224
112
116
1,671
17
718
714
426
284
4
4
-8,480
-8,005
-5,192
-2,813
-3
-690
-52
-73
-19
-1,968
-8
-475
-383
-167
-37
-179
-92
-826
-29
-6
-791
135,228
106,369
64,457
41,911
510
10,772
3,782
4,527
7,473
14,691
157
28,859
28,773
9,298
19,137
338
85
-224,772
-166,047
-139,587
-26,460
-1,837
-3,745
-1,460
-7,154
-6,149
-5,975
-140
-58,725
-58,597
-7,327
-14,696
-36,574
-128
-987
0
-276
-711
31,733
24,731
14,690
10,041
139
2,202
1,015
1,002
1,867
3,775
42
7,002
6,980
1,770
4,982
228
22
-49,843
-37,652
-31,449
-6,203
-456
-817
-404
-1,663
-1,234
-1,597
-32
-12,191
-12,150
182
-3,863
-8,469
-41
-224
0
-71
-153
29,013
22,676
12,508
10,168
141
2,529
860
788
2,164
3,640
45
6,337
6,316
1,392
4,344
580
21
-36,853
-27,073
-21,856
-5,218
-455
-773
-338
-1,254
-989
-1,374
-35
-9,779
-9,738
1,786
-3,477
-8,047
-42
-21
0
-69
48
56,026
49,278
33,913
15,364
1,064
2,615
123
3,523
3,215
4,784
40
6,748
6,724
3,473
3,243
8
24
-63,903
-57,670
-48,062
-9,608
-2,389
-1,198
-1,696
-3,301
-45
-955
-24
-6,233
-6,039
-113
-1,544
-4,382
-194
-728
0
-62
-666
11,555
10,483
7,005
3,478
204
456
27
822
826
1,132
12
1,072
1,066
329
732
5
6
-14,864
-13,558
-11,226
-2,332
-591
-274
-462
-768
-4
-225
-7
-1,306
-1,239
-26
-282
-931
-67
-134
0
-17
-117
10,628
9,359
5,570
3,789
217
623
27
557
801
1,553
10
1,270
1,264
513
626
125
6
-12,096
-11,575
-9,662
-1,913
-495
-246
-363
-598
-3
-200
-8
-521
-455
551
-214
-792
-67
-336
0
-15
-321
57,926
36,836
27,633
9,204
160
552
5
1,050
3,188
4,216
33
21,090
21,057
19,033
2,024
0
33
-27,188
-20,858
-15,891
-4,966
-777
-448
-309
-1,276
-83
-2,052
-22
-6,330
-6,320
-378
-4,405
-1,537
-10
-62
0
-58
13,374
8,274
5,974
2,300
34
140
(*)
237
888
992
9
5,100
5,092
4,654
438
0
8
-5,995
-4,606
-3,504
-1,102
-143
-100
-64
-289
-13
-487
-6
-1,389
-1,386
13
-1,059
-340
-3
-12
0
-1
-11
-209
-54
-54
-2
-1
-1
-38
-10
-11
(*)
(*)
(*)
-35
-9
-9
1,284
0
0
709
0
0
-458
0
0
-75,689
-142
0
-78,164
-32
0
27,605
-22
0
8,165
0
0
-6,977
0
0
-10,778
0
0
1,037
0
0
1,304
0
0
-1,292
0
0
-449
0
0
218
0
0
72
0
77
-5
1,212
-2,610
4,571
79
-828
17
0
23
-6
692
-739
792
177
462
11
0
19
-8
-469
213
-565
53
-170
-142
-122,716
0
0
-122,716
47,169
3,234
18,479
-1,609
27,065
-32
-93,092
0
0
-93,092
14,960
1,990
5,583
-1,705
9,092
-22
61,695
0
0
61,695
-34,068
-771
6,620
346
-40,263
-10,532
-220
37
-10,349
18,697
-2,656
6,094
556
14,703
-10,547
-220
22
-10,349
3,570
122
406
466
2,576
-5,640
0
11
-5,651
-5,138
-165
-6,191
-1,126
2,344
5
0
0
5
1,032
-10,731
12,901
1,447
-2,585
-1
0
0
-1
1,305
-1,880
4,471
897
-2,183
(*)
0
0
(*)
-1,292
-1,907
1,734
-2,158
1,039
O
0
0
(*)
-449
-2,951
1,844
231
427
15,139
119,888
44,781
-2,657
-42,502
-21,249
11,196
10,417
(18 )
(18 )
(18 )
H
H
H
289
(18 )
(18 )
H
(18)
(18 )
(18 )
(18 )
(18 )
7,711
15,073
(18)
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18)
(18 )
(18)
(18)
(18 )
(1 8 )
(18 )
(18 )
(18 )
H
(18 )
(1 8 )
(18 )
(18 )
(18 )
(18 )
(18 )
(18 )
(18 )
(1 8 )
62
H
23
(1S)
n
28
209
n
(18 )
1,437
H
-7,514
n.a.
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18 )
1,824
n.a.
1,304
n.a.
-763
n.a.
-5
n.a.
(18 )
(18 )
(18 )
(18 )
(18 )
187,879
1815,646
18—2,797
-217
n.a.
-88
1812,796
-827
n.a.
(18 )
1,017
n.a.
-360
'823,597
1811,787
-4,252
61,401
189,473
-1,170
6,444
1S—4,021
n.a.
20,745
-63,292
4,353
-58,939
8,576
-16,321
-66,685
-15,837
987
-14,850
1,355
-4,086
-17,582
-13,044
1,575
-11,469
1,556
-3,833
-13,746
72
73
74
75
76
77
^1
(18 )
(18 )
H
35,690
H
12,828
H
4,636
n.a.
-1,388
1828,627
-5,327
57,046
(18 )
(18 )
-5,568
(18 )
-16,759
3,838
-12,921
-5,190
-224
-18,334
-2,995
12,846
(18)
(18)
(18 )
-75,130
15,452
-59,678
-29,866
-987
-90,532
9,903
24,560
(18)
(18 )
-1,896
-146
-2,043
243
-826
-2,626
46
47
48
49
50
51
52
53
54
-298
-286
-2,363
-1,171
-3,534
138
-597
-3,994
14
-46
58
2
-3,867
-1,187
846
-37
-3,489
(18 )
6
-8,116
-1,532
-9,648
893
-2,754
-11,509
212
-10
225
-3
2,344
2,239
-65
199
-29
(18)
(18)
n .a .
445
-107
540
12
-5,391
-5,245
-7,840
672
7,022
-884
(18)
-7,279
(*)
0
0
(*)
13
152
-39
-22
-78
(18 )
(18)
( ,9 )
(*)
0
0
(*)
218
-1,565
579
99
1,105
(18 )
(18 )
-7,857
40
41
42
43
44
18,239
(18 )
n
-3,853
0
0
(18 )
(18 )
-4,705
2,556
0
0
(18 )
(18 )
(18)
-4,946
0
0
1,864
(18)
5,051
n.a.
-12
1878,917
-9,843
56,178
14
0
0
1,062
(1 8 )
232
H
-60
n.a.
3
1810,135
39
(18)
(18 )
(1 8 )
(18 )
-152
(18 )
(18 )
H
78
-25
n.a.
-130
1811,200
-151
(18)
(18)
(18 )
-592
-4
-1,548
-1,526
156
-321
-1,361
-22
-96
(*)
-2
-94
-292
(ie)
(18 )
1,764
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
(18 )
(18 )
1,346
n.a.
-252
1811,992
15,822
13,203
7,721
5,481
1,283
444
43
345
431
2,918
18
2,619
2,597
1,847
729
21
22
-25,735
-24,672
-20,765
-3,906
-540
-935
-540
-438
-26
-1,347
-81
-1,063
-1,009
-2
-222
-785
-54
-3,833
-1,870
-113
-1,850
(18)
(18)
(18 )
(18)
17,105
14,514
9,851
4,663
1,350
542
59
449
352
1,894
18
2,590
2,567
1,602
872
93
23
-30,600
-29,365
-25,688
-3,677
-514
-979
-516
-559
-31
-988
-90
-1,235
-1,183
-7
-279
-897
-52
-4,086
-2,147
-121
-1,818
5,515
77,863
5,142
63,709
3,242
45,029
1,901
18,680
219
4,966
209
2,661
8
251
496
2,062
324
1,303
636
7,357
7
80
373
14,154
368
14,062
-16
10,499
384
3,339
0
224
5
92
-9,971 -128,227
-8,348 -122,648
-6,694 -108,321
-1,654
-14,327
-35
-1,950
-252
-3,643
-450
-1,990
-744
-2,402
-6
-102
-163
-3,895
-4
-346
-1,623
-5,578
-1,601
-5,417
20
-58
-272
-1,275
-1,349
-4,084
-22
-161
-166
-16,321
0
-8,590
-2
-467
-164
-7,264
H
1,134
(1 8 )
H
107
H
120
-106
(18 )
n
(18 )
746
(18 )
581
(18 )
33
4,029
1,211
1,212
(18)
(18 )
(18 )
(18 )
(18 )
(18 )
(18)
(18 )
(18 )
(18 )
(18 )
(18)
-18
(18 )
-181
(18 )
97
85
H
270
65
80
n.a.
-589
18621
12,884
H
-33,578
n
-26,910
-1,277
n
-8,523
-7,605
1,500
n.a.
-42
186,155
n.a.
-3,094
-14,149
5,756
-8,392
515
-728
-8,605
-4,092
1,876
-2,216
748
-336
-1,803
11,741
4,237
15,979
14,760
-62
30,677
2,470
1,199
3,669
3,711
-12
7,367
1,777
687
2,464
1,011
-22
3,453
-11,860
199
-11,661
-3,427
-464
-15,552
-4,193
-1
-4,194
-1,159
-96
-5,449
-3,453
247
-3,206
-1,251
-166
-4,622
-4,222
1,146
-3,075
-233
-134
-3,443
H
(18)
(18)
n .a .
(18 )
(18 )
(18 )
n .a .
H
(18 )
(18 )
-4,412
-305
-1,675
n.a.
n.a.
n.a.
467
410
-143
186,907 18-43,440 18-20,524
n.a.
n
n
-17,087
42,979
31,679
-9,347
4,950
-4,397
-3,442
-21
-7,861
Ip
(18 )
(18 )
(18 )
IV
Line
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
H
H
H
(18 )
242
2009
45
(18 )
31
2008
2008
n
84
102
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Table 12. U.S. International
[Millions
Africa
Middle East
2008
(Credits +; debits - ) 1
Line
2009
2008
I"
IV
2008
2009
IV
Ip
2008
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 contracts 4.............................
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 transportal ion
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 transfers 6.......................................................
88,642
76,877
52,343
24,533
8,166
2,917
497
2,586
1,059
9,231
76
11,765
11,661
9,041
2,569
51
104
-146,819
-132,886
-111,108
-21,778
-13,563
-2,032
-1,479
-1,582
-266
-2,612
-244
-13,933
-13,862
714
-6,985
-7,591
-72
-13,225
-10,945
-153
-2,127
22,864
20,618
14,715
5,903
1,795
615
134
583
295
2,459
22
2,246
2,220
1,601
610
9
26
-30,350
-26,718
-21,175
-5,543
-3,207
-554
-561
-378
-99
-692
-52
-3,632
-3,607
-14
-1,766
-1,827
-24
-3,692
-3,103
-37
-552
17,718
16,342
10,822
5,520
1,815
468
74
473
260
2,412
19
1,376
1,351
805
532
14
25
-20,572
-17,130
-12,316
-4,815
-3,100
-430
-275
-273
-89
-598
-50
-3,442
-3,417
-182
-1,498
-1,737
-25
-2,505
-1,876
-39
-590
49,033
39,556
27,873
11,683
1,005
1,739
451
1,188
980
6,245
76
9,477
9,399
6,895
2,128
376
78
-122,521
-120,277
-113,490
-6,787
-439
-2,569
-480
-568
-24
-2,442
-265
-2,244
-2,150
-72
-959
-1,119
-94
-9,702
-6,356
-32
-3,313
11,503
9,933
7,033
2,900
230
385
108
284
252
1,624
17
1,569
1,550
1,058
462
30
20
-22,573
-22,031
-20,197
-1,833
-104
-751
-153
-142
-3
-£11
-69
-542
-510
-48
-186
-276
-32
-1,265
-1,435
-8
178
9,810
8,526
5,768
2,758
226
262
69
200
220
1,766
16
1,284
1,265
792
400
73
19
-13,534
-13,120
-11,822
-1,299
-101
-398
-91
-109
Capital account
39 Capital account transactions, net.................................................................
-366
-92
-92
-174
-19
-13
15,848
0
0
673
0
0
-2,388
0
0
4,221
0
0
111
0
0
2,092
0
0
145
-21
178
-12
15,703
-4,058
4,890
-849
15,720
34
-1
35
639
45
-587
-591
1,772
29
0
27
2
-2,417
-3,272
^10
392
873
-39
-508
526
-57
4,260
-3,348
1,912
-62
5,758
-41
-60
44
-25
152
-2,932
715
359
2,010
125
-90
215
0
1,967
-776
1,342
217
1,184
75,435
54,506
14,447
8,650
5,863
-3,412
4,601
9,785
4,365
1,975
-1,088
1,509
n
n
c7)
(,7)
(,7)
(,7)
n
(")
(,7)
(")
51
184
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
40
Financial account
U.S.-owned assets abroad, excluding financial derivatives (increase/financial
outflow (-))...............................................................................................
U.S. official reserve assets
Gold 7.................
Special drawing rights
41
42
43
44
45
46 U.S. government assets, other than official reserve assets..............................
47
U.S. credits and other long-term assets............
48
Repayments on U.S. credits and other long-term assets 8...........................
49
U.S. foreign currency holdings and U.S. short-term assets...........................
50 U.S. private assets.............................................
51
Direct investment............................................
52
Foreign securities...........................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
53
U.S. claims reported by U.S. banks, not included elsewhere........................
54
55 Foreign-owned assets in the United States, excluding financial derivatives
(increase/financial inflow (+))....................................................................
56 Foreign official assets in the United States....................................................
57
U.S. government securities......................................................................
58
U.S. Treasury securities 9.....................................................................
Other10.............................................................................................
59
60
Other U.S. government liabilities 11...........................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere......................
62
Other foreign official assets 12..................................................................
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
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...............
Memoranda:
72 Balance on goods (lines 3 and 20)...................................................................
73 Balance on services (lines 4 and 21)................................................................
74 Balance on goods and services (lines 2 and 19)...............................................
75 Balance on income (lines 12 and 29)................................................................
76 Unilateral current transfers, net (line 35)...........................................................
77 Balance on current account (lines 1,18, and 35 or lines 74,75, and 76)13...........
See the footnotes on pages 104-105.
1,448
(*)
67
(")
(")
(")
(,7)
20,929
1,355
5,797
-229
n
6,726
n.a.
(,7)
(,7)
-140
n.a.
n
n
(,7>
n
519
n
n
9,275
(")
(")
670
n.a.
(17)
V7)
V7)
V7)
241
n
(,7)
V7)
(,7)
(")
-5,184
780
2,390
304
(,7)
-7,878
n.a.
n
(")
-823
n.a.
(")
-4
-533
-63
414
-381
7
-130
-258
-32
-2,376
-1,183
-8
-1,185
n
n
n
-2,597
(,7)
(,7)
-2,012
n.a.
n
-3,851
2,189
n.a.
1,976
-5,234
-148
74,691
965
-175
8,053
-1,074
n.a.
5,109
-6,460
360
-6,100
-1,385
-3,692
-11,177
-1,494
706
-788
-2,066
-2,505
-5,359
-85,617
4,896
-80,721
7,233
-9,702
-83,190
-13,164
1,067
-12,097
1,027
-1,265
-12,335
-6,054
1,460
-4,594
870
-2,376
-6,100
-451
2,563
n
-19,515
-58,764
2,755
-56,010
-2,168
-13,225
-71,402
n
J u ly
2 0 0 9
10 3
S u r v e y o f C u r r e n t B u s in e s s
T r a n s a c t io n s , b y A r e a — T a b le E n d s
of dollars]
South Africa
International organizations and unallocated 20
Other Africa
2008
2009
2008
2008
2009
2008
I»
IV
If
IV
13,660
1,098
0
1,098
39
0
0
399
-29
-1,032
-1,380
-6
354
(*)
711
(*)
13,344
12,950
5,019
7,905
26
394
-4,210
-953
0
-953
0
0
0
-934
-5
-5
-9
-3,257
-3,257
-870
-2,243
-144
0
-8,969
-1,137
-2,027
-5,805
(*)
659
0
12,562
12,162
4,943
7,204
15
400
-3,767
-731
0
-731
0
0
0
-718
-8
3
-7
-3,036
-3,036
-894
-2,010
-132
0
-7,130
-1,171
-703
-5,256
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
-170
-18
-12
2
1
1
39
-408
0
0
6,679
0
0
-326
0
0
2,501
0
0
-19,084
-3,579
0
-106
-3,473
-5,064
-2,911
0
-25
-2,886
-11,079
-769
0
-15
-754
-2
0
0
-2
439
-152
268
-35
358
-83
-85
1
1
-325
-19
-414
23
85
-30
-508
526
-48
6,709
-3,090
4,059
54
5,686
-39
-60
44
-23
-287
-2,780
447
394
1,652
208
-5
214
-1
2,293
-756
1,756
194
1,099
-1,048
-1,050
2
0
-14,457
-20,216
504
125
5,130
-29
-29
0
0
-2,124
-5,019
1,441
7
1,447
-52
-72
0
20
-10,258
-4,943
-4,311
-25
-979
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
-1,067
-367
5,127
5,432
-721
n
n
(1S)
n
n
r)
h
n
184
n
(,8)
('•)
32,527
352
0
0
0
352
0
0
32,175
3,625
(18)
-160
29,187
5
18-482
-121
-21,383
31,852
6
0
0
0
6
0
0
31,846
870
(18)
285
29,862
7
18822
-31
-28,153
8,726
-1
0
0
0
-1
0
0
8,727
894
(18)
-957
11,816
-5
18—3,021
n.a.
-411
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
0
32
32
40,880
-32,853
8,059
0
277
277
10,087
-8,969
1,395
0
368
368
9,526
-7,130
2,763
72
73
74
75
76
77
8,836
7,690
5,331
2,360
229
286
99
254
107
1,368
16
1,145
1,128
979
124
25
18
-20,103
-19,695
-18,266
-1,429
-103
-589
-117
-116
-1
-447
-55
-407
-378
-36
(D)
-3
-233
-55
-2
-176
38,890
31,049
21,392
9,657
1,003
1,360
423
1,059
392
5,350
71
7,840
7,770
6,461
943
366
71
-110,569
-108,773
-103,544
-5,229
-434
-2,060
-297
-457
-7
-1,767
-208
-1,795
-1,712
-41
-813
-858
-84
-8,785
-6,113
-24
-2,648
-4
-1
-1
-2,458
0
0
437
0
0
-9
0
0
-9
-2,449
-258
-2,147
-116
72
-526
(D)
(,e)
(,8)
n
n
n
n
H
n
401
H
305
n.a.
2
18-1,234
0
n
n
n
-94
H
14
n.a.
-22
'*-965
n
5,715
-3,465
468
-2,997
1,188
-917
-2,726
n
I?
14,574
1,230
0
1,230
46
0
0
473
2,099
1,676
1,217
460
(*)
64
4
26
114
250
1
423
421
119
301
1
2
-1,604
-1,539
-1,250
-289
-1
-68
-46
-22
-3
-135
-14
-65
-62
11
-27
-46
-3
-182
-54
-2
-125
0
IV
Line
58,624
4,955
0
4,955
142
0
0
2,086
1
2,725
1
53,669
52,075
20,216
31,750
109
1,594
-17,712
-4,923
0
-4,923
0
0
0
-3,949
-922
-22
-29
-12,789
-12,789
-3,625
-8,563
-601
0
-32,853
-5,320
-3,926
-23,607
2,667
2,243
1,703
540
n
99
9
30
145
256
1
424
422
79
338
5
2
-2,470
-2,335
-1,931
-405
-1
-162
-36
-25
-2
-163
-14
-135
-132
n
2009
7,711
6,850
4,551
2,299
226
198
65
174
106
1,516
15
861
843
672
99
72
17
-11,930
-11,581
-10,571
-1,010
-100
-330
-45
-87
-1
-398
-48
-349
-320
-5
-103
-212
-29
-2,194
-1,129
-6
-1,059
10,143
8,507
6,481
2,025
2
379
28
129
588
895
5
1,637
1,629
434
1,185
10
8
-11,953
-11,504
-9,946
-1,558
-5
-509
-183
-111
-17
-675
-58
-449
-439
-32
-146
-261
-10
-917
-243
-8
-666
n
n
n
n
2008
2008
0
n
n
n
n
n
n
241
n
n
n
(D)
-150
(D)
(")
51
(18>
H
n
n
668
25
H
-61
n.a.
20
'»-351
n.a.
463
379
n
-8,183
n.a.
(,!)
1612,690
-148
68,976
398
(1!)
-837
n.a.
'*5,820
-175
7,386
H
-1,951
n.a.
n
’• 1,046
n.a.
4,646
-228
136
-93
289
-233
-37
-34
171
137
358
-182
314
-82,152
4,428
-77,724
6,045
-8,785
-80,464
-12,936
931
-12,005
738
-1,032
-12,298
-6,020
1,289
-4,731
512
-2,194
-6,414
n
n
104
U .S .
I n te r n a t io n a l T r a n s a c t io n s
J u ly
2 0 0 9
Footnotes to U.S. International Transactions Tables 1-12
General notes for all tables: p Preliminary. r Revised. 0 Transactions are
S
) . Seasonally adjusted data reflect the application of seasonal factors
possible, but are zero for a given period. (*) Transactions are less than developed jointly by Census and BEA. The seasonally adjusted data are the
$500,000(±). DSuppressed to avoid disclosure of data of individual compa
sum of seasonally adjusted five-digit end-use categories (see Technical Notes
nies. n.a. Transactions are possible, but data are not available............Not
in the June 1980 S
, in the June 1988 S
, and in the June 1991 S
).
applicable, or for data periods 1960-1997, transactions that are 0, “not avail
2. Exports of military equipment under U.S. military agency sales con
able,” or “not applicable.” Quarterly estimates are not annualized and are tracts with foreign governments (line A5), and direct imports by the Depart
expressed at quarterly rates.
ment of Defense and the Coast Guard (line A13), to the extent such trade is
Table 1:
identifiable from Customs declarations. The exports are included in tables 1
1. Credits, +: Exports of goods and services and income receipts; unilateral and 12, line 5 (transfers under U.S. military agency sales contracts); the
current transfers to the United States; capital account transactions receipts;
imports are included in tables 1 and 12, line 22 (direct defense expenditures).
financial inflows—increase in foreign-owned assets (U.S. liabilities) or
3. Addition of electrical energy trade with Mexico; deduction of exposed
decrease in U.S.-owned assets (U.S. claims).
motion picture film for sale or rental; net change in stock of U.S.-owned
Debits, - : Imports of goods and services and income payments; unilateral
grains in storage in Canada; and coverage adjustments for special situations
current transfers to foreigners; capital account transactions payments; finan where certain exports are not included in Census data.
cial outflows— decrease in foreign-owned assets (U.S. liabilities) or increase in
4. Addition of electrical energy trade with Mexico; deduction of exposed
U.S.-owned assets (U.S. claims).
motion picture film for sale or rental; deduction of the value of repairs of U.S.
2. Excludes exports of goods under U.S. military agency sales contracts
vessels abroad; deduction of the value of maintenance service on machinery
identified in Census export documents, excludes imports of goods under
and equipment not included in warranty contracts; and coverage adjustments
direct defense expenditures identified in Census import documents, and for special situations where certain imports are not included in Census data.
reflects various other adjustments (for valuation, coverage, and timing) of
5. Annual and unadjusted quarterly data shown in this table correspond to
Census statistics to balance of payments basis; see table 2.
country and area data in table 12, lines 3 and 20. Trade with international
3. Includes some goods: Mainly military equipment in line 5; major equip
organizations includes purchases of nonmonetary gold from the International
ment, other materials, supplies, and petroleum products purchased abroad by Monetary Fund, transfers of tin to the International Tin Council, and
U.S. military agencies in line 22; and fuels purchased by airline and steamship
sales of satellites to Intelsat. Members of OPEC include Algeria, Angola
operators in lines 8 and 25.
(beginning with the first quarter of 2007), Ecuador (beginning with the fourth
4. Includes transfers of goods and services under U.S. military grant pro
quarter of 2007), Indonesia (ending with the fourth quarter of 2008), Iran,
grams.
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and
5. Beginning in 1982, these lines are presented on a gross basis. The defini
Venezuela.
tion of exports is revised to exclude U.S. parents’ payments to foreign affiliates
6. Lines B24, B83, and B142 include the Census Bureau’s reconciliation of
and to include U.S. affiliates’ receipts from foreign parents. The definition of discrepancies between the goods statistics published by the United States and
imports is revised to include U.S. parents’ payments to foreign affiliates and to
the counterpart statistics published by Canada. These adjustments are distrib
exclude U.S. affiliates’ receipts from foreign parents.
uted to the affected end-use categories in section C. Beginning in 1986, esti
6. Beginning in 1982, the “other transfers” component includes taxes paid mates for undocumented exports to Canada, the largest item in the U.S.by U.S. private residents to foreign governments and taxes paid by private
Canadian reconciliation, are included in Census basis data shown in line Al.
nonresidents to the U.S. Government.
Table 3:
7. At the present time, all U.S. Treasury-owned gold is held in the United
1. Royalties and license fees and “other private services” by detailed type of
States.
service include both affiliated and unaffiliated transactions.
8. Includes sales of foreign obligations to foreigners.
2. Includes royalties, license fees, and other fees associated with intangible
9. Consists of bills, certificates, marketable bonds and notes, and nonmarassets, including patents, trade secrets, and other proprietary rights, that are
ketable convertible and nonconvertible bonds and notes.
used in connection with the production of goods.
10. Consists of U.S. Treasury and Export-lmport Bank obligations, not
3. Includes royalties, license fees, and other fees associated with copyrights,
included elsewhere, and of debt securities of U.S. Government corporations
trademarks, franchises, rights to broadcast live events, software licensing fees,
and other intellectual property rights.
and agencies.
11. Includes, primarily, U.S. Government liabilities associated with mili
4. Other unaffiliated services receipts (exports) include mainly film and
tary agency sales contracts and other transactions arranged with or through
television tape rentals and expenditures of foreign residents temporarily
foreign official agencies; see table 6.
working in the United States. Payments (imports) include mainly expendi
12. Consists of investments in U.S. corporate stocks and in debt securities
tures of U.S. residents temporarily working abroad and film and television
of private corporations and state and local governments.
tape rentals.
1 3 . Conceptually, the sum of line 77 and line 3 9 is equal to “net lending or
5. These reflect the amount of premiums explicitly charged by, or paid to,
insurers and reinsurers.
net borrowing” in the national income and product accounts (NIPAs). How
Table 4:
ever, the foreign transactions account in the NIPAs (a) includes adjustments
No footnotes.
to the international transactions accounts for the treatment of gold, (b)
Table 5:
includes adjustments for the different geographical treatment of transactions
1. Complete instrument detail is only available beginning with 2003.
with U.S. territories and Puerto Rico, and (c) includes services furnished with
2. Prior to 2003, includes only demand deposits and nonnegotiable time
out payment by financial pension plans except life insurance carriers and pri
and savings deposits.
vate noninsured pension plans. A reconciliation of the balance on goods and
services from the international accounts and the NIPA net exports appears in
Table 6:
1. Expenditures to release foreign governments from their contractual lia
reconciliation table 2 in appendix A in this issue of the Survey o f C u r r e n t Busi
bilities to pay for military goods and services purchased through military sales
ness. A reconciliation of the other foreign transactions in the two sets of
contracts— first authorized (for Israel) under Public Law 93-199, section
accounts appears in table 4 .3 B of the full set of NIPA tables.
4, and subsequently authorized (for many recipients) under similar legisla
Additional footnotes for historical data in July issues of the S
:
tion—are included in line A4. Deliveries against these military sales contracts
14. For 1974, includes extraordinary U.S. Government transactions with
are included in line CIO; see footnote 2. Of the line A4 items, part of these
India. See “Special U.S. Government Transactions,” June 1974 S
, p. 27.
military expenditures is applied in lines A43 and A46 to reduce short-term
15. For 1978-83, includes foreign currency-denominated notes sold to pri
assets previously recorded in lines A41 and C8; this application of funds is
vate residents abroad.
16. Break in series. See Technical Notes in the June 1989-90, 1992-95, and excluded from lines C3 and C4. A second part of line A4 expenditures finances
future deliveries under military sales contracts for the recipient countries and
July 1996-2008 issues of the S
.
Table 2:
is applied directly to lines A42 and C9. A third part of line A4, disbursed
1.
Exports, Census basis, represent transactions values, f.a.s. U.S. port ofdirectly to finance purchases by recipient countries from commercial suppliers
exportation, for all years; imports, Census basis, represent Customs values
in the United States, is included in line A37. A fourth part of line A4, repre
(see Technical Notes in the June 1982 S
C
B
) , except for
senting dollars paid to the recipient countries to finance purchases from coun
1974-81, when they represent transactions values, f.a.s. foreign port of expor
tries other than the United States, is included in line A48.
tation. From 1983 forward, both unadjusted and seasonally adjusted data have
2. Transactions under military sales contracts are those in which the
been prepared by BEA from “actual” and “revised statistical” month data
Department of Defense sells and transfers military goods and services to a for
supplied by the Census Bureau (see Technical Notes in the December 1985
eign purchaser, on a cash or credit basis. Purchases by foreigners directly from
u r v e y
u r v e y
u r v e y
u r v e y
u r v e y
u r v e y
o f
u r r e n t
u s in e s s
u r v e y
u r v e y
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
commercial suppliers are not included as transactions under military sales
contracts. The entries for the several categories of transactions related to mili
tary sales contracts in this and other tables are partly estimated from incom
plete data.
3. The identification of transactions involving direct dollar outflows from
the United States is made 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 payments to the Department of Defense (on mili
tary sales contracts) financed by loans extended to foreigners by U.S. Govern
ment agencies and (b) the contra-entry for the part of line CIO that was
delivered without prepayment by the foreign purchaser. Also includes expen
ditures of appropriations available to release foreign purchasers from liability
to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and pay
ments by the U.S. Government under commercial export credit and invest
ment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by
U.S. Government grants and credits and included in line C2.
8. Excludes transactions of the U.S. Enrichment Corporation since it
became a non-government entity in July 1998.
9. Beginning in the fourth quarter of 2007, includes drawings and repay
ments under temporary reciprocal currency arrangements between the U.S.
Federal Reserve System and foreign central banks that do not meet the strict
definition of U.S. reserve assets.
Table 7:
1. For bank affiliates, includes only interest on permanent debt investment
by their parent companies. Excludes interest between financial parent compa
nies and nonbank financial affiliates.
2. For bank affiliates, includes only permanent debt investment by their
parent companies. Excludes intercompany debt between financial parent
companies and nonbank financial affiliates.
Table 8:
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 (Cayman Islands), and Nether
lands Antilles.
Table 9:
1. Prior to 2003, securities brokers’ claims on and liabilities to their for
eign affiliates are included in the estimates. They are excluded beginning in
2003.
2. Complete instrument detail is only available beginning with 2003.
3. Financial intermediaries’ accounts are shown under “other claims (lia
bilities)” because the majority of these claims (liabilities) are in the form of
intercompany balances. Financial intermediaries’ accounts represent transac
tions between firms in a direct investment relationship (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 foreign firms are classified in a
finance industry, but the firms are neither banks nor securities brokers. 4. Bahamas, Bermuda, British West Indies (Cayman Islands), and Nether
lands Antilles.
Table 10:
1. B e g in n in g w i t h 2 0 0 3 , in c lu d e s s e c u r itie s b r o k e r s ’ c la im s o n t h e i r f o r e ig n
a f filia te s .
2. Complete instrument detail is only available beginning with 2003.
3. Includes foreign official agencies and international and regional organi
zations. Prior to 2003, also includes government-owned 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 of foreign banks and majority-owned bank subsidiaries
in the United States. Brokers and dealers may be U.S.-owned or foreignowned.
5. Commercial paper issued in the U.S. market by foreign incorporated
105
entities and held in U.S. customers’ accounts. Excludes commercial paper
issued through foreign direct investment affiliates in the United States.
6. Prior to 2003, includes negotiable certificates of deposit and other nego
tiable and transferable instruments.
7. Prior to 2003, includes only deposits.
8. Bahamas, Bermuda, British West Indies (Cayman Islands), and Nether
lands Antilles.
Table 11:
1. Beginning with 2003, includes securities brokers’ liabilities to their for
eign affiliates.
2. Complete instrument detail is only available beginning with 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 of foreign banks and majority-owned bank subsidiaries
in the United States. Brokers and dealers may be U.S.-owned or foreignowned.
4. Bahamas, Bermuda, British West Indies (Cayman Islands), and Nether
lands Antilles.
Table 12:
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 when transactions with one country
or region are settled through transactions with another country or region.
15. The “European Union” includes Belgium, Denmark, France, Germany
(includes the former German Democratic Republic (East Germany) begin
ning in the fourth quarter of 1990), Greece, Ireland, Italy, Luxembourg, Neth
erlands, Portugal, Spain, and the United Kingdom; beginning with the first
quarter of 1995, also includes Austria, Finland, and Sweden; beginning with
the second quarter of 2004, also includes Cyprus, Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia; and begin
ning with the first quarter of 2007, also includes Bulgaria and Romania. The
“European Union” also includes the European Atomic Energy Community,
the European Coal and Steel Community (through the third quarter of 2002),
and the European Investment Bank.
16. The “Euro area” includes Austria, Belgium, Finland, France, Germany,
Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain; beginning with
the first quarter of 2001, also includes Greece; beginning with the first quarter
of 2007, also includes Slovenia; and beginning with the first quarter of 2008,
also includes Cyprus and Malta.
17. Details not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
19. Estimates of financial derivatives for several countries are not available
separately. Estimates for Luxembourg are included in Other Euro area. Esti
mates for Argentina, Brazil, Mexico, and Venezuela are included in Other
South and Central America. Estimates for China, Hong Kong, India, Korea,
Singapore, and Taiwan are included in Other Asia and Pacific. Estimates for
South Africa are included in Other Africa. In addition, estimates for the Mid
dle East are combined with estimates for Asia and Pacific and included in
Other Asia and Pacific.
20. Includes, as part of international and unallocated, taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; and
net U.S. currency flows. Before 1999, also includes the estimated direct invest
ment in foreign affiliates engaged in international shipping, in operating oil
and gas drilling equipment internationally, and in petroleum trading. Before
1996, also includes small transactions in business services that are not
reported by country.
N
. Country data are based on information available from U.S. report
ing sources. In some instances, the statistics may not necessarily reflect the
ultimate foreign transactor. For instance: U.S. goods export statistics reflect
country of reported destination; in many cases the goods may be transshipped
to third countries (especially true for the Netherlands and Germany). The
geographic breakdown of securities transactions reflects the country with
which transactions occurred but may not necessarily reflect the ultimate
sources of foreign funds or ultimate destination of U.S. funds.
o t e
A v a ila b le o n a fre e D V D ...
R egional Ec o n o m i c
In f o r m a t i o n S y s t e m
1 9 6 9 -2 0 0 7
The REIS D V D contains estimates for 1969-2007 for 3,111 counties,
366 metropolitan statistical areas, 574 micropolitan statistical areas,
124 combined statistical areas, 29 metropolitan divisions, and 179
B E A economic areas.
The following tables are on the D V D :
• Personal income by major source
• Earnings by industry
• Compensation of employees by industry
• Full-time and part-time employment by industry
• County income and employment summary
• Regional economic profiles
• Personal current transfer receipts
• Farm income and expenses
• B E A Regional Fact Sheets (BEAR FACTS)
To receive your free copy, call the Regional Economic Information System at 202-606-5360, fax 202-606-5322,
or e-mail reis@bea.gov. Specify product number R C N -0954.
J u ly
107
2 0 0 9
REPORT
State Personal Income and More . . .
S tatistics, first quarter of 2009
Personal income declined in 37 states in the first quarter of 2009.1 In six
states, personal income fell by more than 1.0 percent. These states include
North Dakota, Missouri, and Iowa, where sharply lower farm commodity
prices reduced farm income. The fastest growing states, Hawaii (0.8 percent)
and Virginia (0.3 percent), benefitted from strong earnings growth in the
federal civilian and military sectors, which was accounted for by
first-quarter pay raises as well as some initial hiring for the 2010
census. The federal sector also made substantial contributions to
In this report. . .
personal income growth in Alaska, Maryland, and the District of
• A look at first-quarter 2009 state per
Columbia.
sonal income less transfer receipts,
In all states, private sector earnings, the largest component of
page 108
personal income, declined. Finance, durable-goods manufactur
ing, and construction were particularly weak.
• A look at the comprehensive revisions
For more on earnings and personal income growth, see page
of regional gross domestic product
109.
and personal income statistics, page
Nationally, current-dollar personal income continued to de
110
cline, falling 0.5 percent in the first quarter after falling 0.4 per
cent in the fourth quarter of 2008. Meanwhile, inflation, as
measured by the national price index for personal consumption
expenditures, fell 0.3 percent after falling 1.2 percent.
Job losses, lower interest rates, and smaller corporate dividend
For information about BEA regional
payments all helped to push national personal income down in
statistics, go to www.bea.gov.
the first quarter. The decline was moderated by a 4.7 percent rise
in transfer receipts, mainly reflecting cost-of-living adjustments
to social insurance benefits and more unemployment compensa
tion.
For a look at personal income less transfer receipts, see page 108.
C om prehensive revisions of regional statistics
In September 2009, the Bureau of Economic Analysis (BEA) will begin re
leasing its comprehensive revisions of regional statistics. The purpose is to
incorporate new and revised source data and to introduce recent changes in
definitions and methodologies used in the national income and product ac
counts (NIPAs). For more, see page 110.
1. Personal income is the sum of net earnings by place of residence, property income, and personal
current transfer receipts. Net earnings is the sum of wage and salary disbursements, supplements to wages
and salaries, and proprietors’ income less contributions for government social insurance plus an adjust
ment to put place of work data on a place-of-residence basis.
108
R e g io n a l Q u a r t e r ly
J u ly
R e p o rt
2 0 0 9
Quarterly State Personal Income
An alternative look at personal income
In the first quarter of 2009, the severity of the decline in
personal income was reduced to a large extent by unusu
ally large increases in transfer receipts in most states. At
the same time, the change in the price index for personal
consumption expenditures was dominated by falling
prices of energy and food.
Given these developments, a comparison of personal
income less transfer receipts and the core personal con
sumption expenditures price index, which excludes food
and energy prices, provides a logical perspective on con
ditions in labor and financial markets (table A).
Personal income less transfers declined in every state
except Alaska and Hawaii in the first quarter of 2009.
Meanwhile, rising core price inflation exacerbated the
consequences of the lost income. The first-quarter de
cline in personal income less transfer receipts for the
United States, 1.5 percent, was more than double the
fourth-quarter decline of 0.7 percent. The core price in
flation rate in the first quarter, 0.4 percent, was also dou
ble the fourth quarter rate.
The first-quarter decline in personal income less
transfer receipts was split almost equally between net
earnings (which fell $75 billion when summed over all
states) and property income (which fell $77 billion).
Alaska and Hawaii were two of only five states where net
earnings rose in the first quarter ($207 and $398 million,
respectively) and the only states where it rose enough to
offset the declines in property income (which fell $130
and $317 million, respectively). Maryland, Virginia, and
Louisiana were the other states where net earnings rose;
earnings also rose in the District of Columbia.
Transfers receipts
The 4.7 percent rise in U.S. personal current transfer re
ceipts in the first quarter of 2009 largely resulted from
cost-of-living adjustments to social insurance benefits
and higher unemployment compensation. For example,
social security benefits were boosted 5.8 percent in the
first quarter (based on the gain in consumer prices from
the third quarter of 2007 to the third quarter of 2008).
Increases in state unemployment insurance benefits var
ied widely across states reflecting relative job losses. Ben
efits rose more than 50 percent in several states—
including Florida, Georgia, Arizona— but less than 15
percent in Hawaii, which had the highest personal in
come growth in the first quarter.
Table A. Percent Change From Preceding Quarter
in Personal Income Less Transfer Receipts
[Percentage points]
2008
1
Alabama...................................................
Alaska ......................................................
Arizona.....................................................
Arkansas..................................................
California..................................................
Colorado...................................................
Connecticut..............................................
Delaware..................................................
0.68
1.52
0.29
-1.63
-0.40
0.63
0.01
0.48
District of Columbia...................................
Florida......................................................
Georgia....................................................
Hawaii.......................................................
1.76
-0.05
0.80
1.05
Idaho........................................................
Illinois.......................................................
Indiana.....................................................
Iowa..........................................................
Kansas.....................................................
Kentucky...................................................
Louisiana..................................................
Maine.......................................................
Maryland..................................................
Massachusetts.........................................
Michigan...................................................
Minnesota.................................................
Mississippi................................................
Missouri....................................................
Montana...................................................
Nebraska..................................................
Nevada.....................................................
New Hampshire........................................
New Jersey...............................................
New Mexico..............................................
New York..................................................
North Carolina..........................................
North Dakota............................................
Ohio..........................................................
Oklahoma.................................................
Oregon.....................................................
Pennsylvania............................................
Rhode Island............................................
South Carolina.........................................
South Dakota...........................................
Tennessee................................................
Texas........................................................
Utah..........................................................
Vermont....................................................
Virginia.....................................................
Washington..............................................
West Virginia............................................
Wisconsin.................................................
Wyoming..................................................
-0.83
0.21
1.03
2.18
1.39
0.65
-0.52
1.26
0.73
0.56
0.65
1.78
0.43
0.75
0.45
0.60
-0.78
1.06
1.41
1.63
1.27
0.31
3.89
0.63
1.10
0.09
0.62
1.48
0.43
2.22
0.20
1.59
0.06
1.06
0.93
0.10
1.13
0.46
2.41
United States..........................................
Addenda:
U.S. personal consumption expenditures
price index............................................
Excluding food and energy....................
II
0.80
1.46
-0.08
1.06
0.87
0.48
0.28
0.23
0.25
0.03
0.23
0.51
0.20
0.66
0.07
0.82
1.07
1.01
0.79
0.59
0.65
0.61
0.15
-0.08
1.13
0.91
0.50
1.24
2009
III
IV
0.85
1.99
0.03
0.61
0.61
1.34
0.96
0.75
1.17
0.12
0.44
0.18
-0.99
0.72
-1.36
-0.68
-1.80
-1.35
-1.34
-0.60
0.31
0.96
0.22
1.27
-1.38
-1.15
-0.48
-1.32
-0.26
0.00
0.94
-0.40
0.00
-0.07
-0.28
-1.10
-0.65
2.85
-0.73
-1.92
-2.40
-0.36
-0.76
-0.07
1.05
-1.87
-0.91
-0.82
I
-1.09
0.31
-2.12
-1.18
-1.68
-1.39
-1.99
-1.73
-0.03
-2.12
-1.38
0.18
-1.93
-1.71
-1.77
-2.22
-1.46
-1.10
-1.39
-0.87
-0.85
0.27
-0.83
0.70
-0.87
0.75
2.25
0.48
1.82
0.80
0.96
-0.41
0.54
0.32
0.08
0.90
0.80
0.09
0.60
0.39
1.29
0.67
0.67
0.79
0.03
1.17
0.92
0.74
0.25
-0.01
1.65
0.07
0.52
1.06
0.95
0.61
0.28
0.83
1.24
1.71
0.81
2.68
0.12
1.57
0.25
0.52
-0.09
0.73
1.11
0.77
0.24
0.78
1.05
0.97
1.93
2.19
0.68
1.98
0.58
0.43
0.72
-0.74
-1.49
0.89
0.56
1.05
0.54
1.23
0.60
-1.24
0.23
-0.25
0.38
-0.91
-1.12
-2.30
-0.39
-0.74
-1.17
-0.37
0.91
-1.22
-1.83
-1.16
1.08
-1.17
-0.02
-0.25
-1.63
1.01
-0.38
-0.83
-0.35
-1.50
-2.18
-1.80
-0.88
-3.02
-1.50
-1.11
-1.88
-1.15
-1.30
-1.08
-1.48
-1.04
-3.71
-1.67
-1.10
-1.71
-1.18
-1.76
-1.15
-1.20
-1.02
-1.37
-1.12
-1.32
-0.31
-1.27
-0.94
-1.65
-2.35
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
109
Quarterly State Personal Income
Industry earnings
Finance, durable goods manufacturing, and construc
tion were the major contributors to the earnings decline
nationally (table B). Declines in these industries were
offset somewhat by gains in the health care and govern
ment industries. First-quarter estimates of earnings
growth in government primarily reflected pay raises,
which averaged 3.9 percent for federal civilian and mili
tary employees in 2009, rather than job gains. The fed
eral civilian and military sector contributed substantially
to personal income growth in Alaska, Hawaii, Maryland,
Virginia, and the District of Columbia.
In many states, one or two private nonfarm industries
accounted for the bulk of the decline in earnings: finance
in New York, Connecticut, and Rhode Island; durablegoods manufacturing in Michigan and Indiana; con
struction in Arizona; construction and accommodation
in Nevada; mining in Wyoming and Oklahoma; and
farming in Iowa and North Dakota.
In Minnesota and Missouri, severance pay and other
types of compensation associated with prominent merg
ers and acquisitions accounted for the substantial boost
to fourth-quarter earnings in the transportation, man
agement, and nondurable-goods manufacturing indus
tries and the subsequent first-quarter earnings decline.
In Minnesota, transportation earnings rose $1 billion in
the fourth quarter of 2008 after falling $5 million, on av
erage, in the previous three quarters. In Missouri, earn
ings in the management and nondurable manufacturing
industries earnings rose $3.9 billion and $2.8 billion, re
spectively, in the fourth quarter after rising $9 billion
and $95 million, on average, in the previous three quar
ters.
In sharp contrast to the rest of the country, construc
tion earnings increased for the fourth consecutive quar
ter in Louisiana, supported by the Road Home program,
a federal program providing assistance to repair or re
build housing destroyed by Hurricane Katrina in 2005.
Construction earnings were up $190 million in the first
quarter in Louisiana and up nearly $1.5 billion (or 17
percent) from a year ago. The housing assistance
(counted as part of the rental income of persons)
amounted to $1.2 billion in the first quarter of 2009,
down from $2.0 billion in the fourth quarter (table C). A
similar program in Mississippi continued at the same
$0.4 billion level of the previous four quarters.
Table B. Contributions of Earnings by Industry
to Percent Change in U.S. Personal Income
[Percentage points, seasonally adjusted]
2008
I
Finance and insurance..........................
Durable-goods manufacturing...............
Construction.........................................
Administrative and waste services.........
Nondurable-goods manufacturing..........
Mining...................................................
Farm.....................................................
Wholesale trade....................................
Real estate and rental and leasing.........
Transportation and warehousing............
Information...........................................
Retail trade...........................................
Professional and technical services.......
Accommodation and food services........
Other services......................................
Forestry, fishing, and related activities....
Arts, entertainment, and recreation........
Management of companies and
enterprises........................................
Educational services.............................
Utilities..................................................
Military..................................................
State and local government...................
Health care and social assistance..........
Federal government, civilian..................
Total.....................................................
0.11
-0.02
-0.07
0.00
0.02
0.06
0.05
0.01
0.02
0.02
0.01
-0.02
0.10
0.00
0.02
0.00
0.00
0.00
0.01
0.02
0.05
0.10
0.11
0.06
0.65
2009
III
IV
-0.15
0.00
-0.07
-0.01
0.00
0.05
-0.02
0.02
-0.01
-0.02
0.03
0.01
0.12
0.01
0.01
0.00
0.01
0.09
-0.04
-0.04
0.00
0.00
0.06
-0.03
0.03
0.00
0.00
0.03
-0.02
0.08
0.02
0.02
0.00
0.01
-0.01
-0.10
-0.11
-0.02
-0.06
0.03
-0.04
-0.06
-0.05
0.02
-0.01
0.02
0.00
0.02
0.12
0.10
0.03
0.25
0.04
0.02
0.00
0.03
0.11
0.11
0.02
0.53
0.00
0.02
0.02
II
-0.05
-0.11
-0.03
-0.02
0.02
0.00
0.01
0.03
0.06
0.13
0.03
-0.31
I
-0.24
-0.23
-0.21
-0.10
-0.06
-0.05
-0.04
-0.04
-0.04
-0.02
-0.02
-0.01
-0.01
-0.01
-0.01
0.01
0.01
0.02
0.02
0.03
0.08
0.08
0.11
0.11
-0.63
Note. An industry’s contribution to percent change in personal income equals the dollar change in
that industry’s earnings divided by personal income in the previous quarter times 100.
Table C. Homeowner Assistance Payments
for Louisiana and Mississippi
[Millions of dollars, annual rate]
Louisiana
Mississippi
2007: I ...............................................................
II..............................................................
Ill.............................................................
IV.............................................................
1,404
8,016
6,280
5,720
100
2,268
2,092
1,140
2008: I ...............................................................
II..............................................................
Ill.............................................................
IV.............................................................
3,200
2,160
1,560
2,040
400
400
400
400
2009: I ...............................................................
1,200
400
David G. Lenze
110
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
Comprehensive Revisions
In September 2009, the Bureau of Economic Analysis
(BEA) will begin releasing its comprehensive revisions of
regional statistics. The purpose is to incorporate new and
revised source data and to introduce recent changes in
definitions and methodologies used in the national in
come and product accounts (NIPAs). Revised state per
sonal income statistics for 1969-2008 will be released in
September 2009. Local area personal income statistics
will be released in April 2010. Gross domestic product
(GDP) by state statistics will be released in November
2010. And GDP by metropolitan area statistics will be re
leased in February 2011.
Several changes in the upcoming 2009 comprehensive
revision of the NIPAs will affect regional statistics. The
main NIPA changes include updating the accounting
treatment for disasters and improving the methodology
used to measure wages and salaries, proprietors’ income,
and taxes on production and imports.1
Disasters. As a result of the new NIPA treatment of
disasters, regional measures of proprietors’ income and
of dividends, interest and rent will change because the
related losses in capital stocks will no longer be recorded
as part of the consumption of fixed capital, which is used
in the calculation of these measures. In addition, per
sonal current transfer receipts will change as insurance
payments related to disaster losses will no longer be
treated as a current transfer. The net result of the two
changes is that the uninsured losses associated with di
sasters will be removed from the regional measures of
personal income. The new treatment of disasters will not
change the sum of GDP across U.S. states, but GDP sta
tistics for certain regional areas will change in some years
as a result of changes in the allocation of gross operating
surplus across geographic areas.
Cafeteria plans. The revised statistics will incorporate
new information on employee benefit plans, commonly
called “cafeteria plans.” Under these plans, employees
may use a portion of their salaries on a pretax basis to
1. For a description of the changes made during the NIPA comprehensive
revision, see Eugene P. Seskin and Shelly Smith, “Preview of the 2009 Compre
hensive Revision of the NIPAs: Changes in Definitions and Presentation,” S
C
B
89 (March 2009): 10-27, and Clinton P. McCully and
Steven Payson, “Preview of the 2009 Comprehensive Revision of the NIPAs:
Statistical Changes,” S
89 (May 2009): 6-16.
pay for health insurance and to contribute to “flexible
spending arrangements.” Data from the Quarterly Cen
sus of Employment and Wages, which form the basis for
BEA’s wage statistics, do not include employee contribu
tions to cafeteria plans whenever the state laws do not
count them as wages for unemployment insurance pur
poses. To correct for the underestimation of wages and
salaries attributable to unreported contributions to cafe
teria plans, the regional accounts will incorporate esti
mates of employee contributions for health insurance
and to flexible spending accounts for medical and depen
dent care for the relevant states. The improved measures
will affect BEA’s measures of both GDP and personal in
come across geographic regions, beginning with 1986.
Misreporting adjustments. Both for wages and sala
ries and for nonfarm proprietors’ income, the revised
statistics will reflect the incorporation of updated misre
porting adjustments. These adjustments account for the
underreported income on tax returns and for nonre
ported income for nonfilers. The updates are based on
data from the 2001 Internal Revenue Service National
Research Program and newly available data from the
Census Bureau “exact match” studies. These revised esti
mates will begin with 1980 data for sole proprietors and
partnerships and with 1978 data for wages and salaries.
As with the improved methodology for cafeteria plans,
these new measures will affect BEA’s measures of both
GDP and personal income across geographic areas.
Direct NAICS estimation. For taxes on production
and imports, statistics on the industry distribution will
be estimated directly on a North American Industry
Classification System (NAICS) basis rather than convert
ing data to NAICS from the earlier Standard Industrial
Classification. Taxes on production and imports include
excise taxes and customs duties, state and local sales
taxes, property taxes, motor vehicle licenses, severance
taxes, special assessments, and other taxes. The new
methodology will lead to small revisions in regional GDP
measures by industry type, beginning with data for 1997.
u r
v ey
o f
u r r en t
u s in e s s
u r v ey
Robert L. Brown and Charles Ian M ead
Tables 1 and 2 follow.
J u ly
2 0 0 9
S u r v e y o f C u r r e n t B u s in e s s
111
Table 1. Personal Income by State and Region
[Millions of dollars, seasonally adjusted at annual rates]
2005
2007
2006
2008
2009
Percent
change1
2009:1
Area
II
III
IV
I
II
III
IV
I
United States
10,169,828 10,269,082 10,541,055 10,762,175 10,899,551 11,042,683 11,207,803 11,447,305
586,507
598,227
622,779
New England......................
607,751
630,355
636,475
648,016
663,282
165,023
168,528
172,452
Connecticut.....................
176,969
178,556
180,622
183,750
189,067
40,120
40,509
41,099
41,670
42,711
Maine............................
42,265
42,969
44,148
Massachusetts.................
275,280
281,537
285,428
292,761
296,879
298,899
304,915
311,624
New Hampshire...............
48,340
49,125
49,591
50,941
51,301
53,647
53,751
51,969
Rhode Island..................
38,079
38,541
40,587
37,635
38,865
39,760
40,352
41,815
22,877
Vermont.........................
20,108
20,449
20,638
21,574
21,594
21,923
22,148
Mideast............................. 1,868,754 1,905,452 1,941,263 1,979,698 2,006,202 2,028,841 2,066,936 2,120,443
Delaware........................
30,319
30,789
32,258
32,539
33,237
32,903
33,109
34,153
District of Columbia..........
31,604
32,198
32,525
33,797
34,221
36,006
34,688
35,055
Maryland
230,884
234,849
238,441
241,597
244,073
247,365
250,480
257,121
New Jersey
372,996
380,052
385,116
397,167
402,913
405,446
412,369
424,116
New York
815,392
776,603
795,413
826,626
839,158
849,798
871,600
893,511
426,347
432,152
Pennsylvania...................
437,531
447,974
452,933
464,324
458,306
475,535
Great Lakes
1,514,510 1,532,054 1,546,163 1,570,641 1,587,917 1,603,219 1,617,307 1,663,724
Illinois....
459,355
466,781
471,924
488,052
517,397
482,030
492,931
499,720
Indiana..
190,247
194,167
192,351
198,589
200,366
202,624
204,229
208,074
Michigan........................
324,465
326,298
328,250
329,047
332,270
334,111
335,040
344,128
364,067
Ohio....
360,481
368,095
376,741
372,283
380,643
382,830
393,381
Wisconsin......................
179,962
182,558
183,726
188,692
190,489
192,910
195,488
200,743
Plains....
649,921
659,705
666,147
676,280
684,385
690,294
701,557
720,493
Iowa
92,679
94,071
94,760
95,518
96,489
97,426
99,173
101,968
Kansas..
87,415
88,954
89,744
99,711
92,970
94,209
95,519
97,943
191,597
Minnesota
188,465
193,095
197,140
199,549
201,189
203,304
209,295
Missouri
179,287
181,589
190,222
184,039
186,818
188,860
192,713
196,426
57,154
57,974
Nebraska
58,663
58,879
59,675
59,799
61,354
62,849
North Dakota..................
19,966
20,214
20,403
20,042
20,567
20,450
21,001
22,468
South Dakota..................
24,956
25,444
24,914
25,305
25,152
25,573
26,068
27,777
Southeast.......................... 2,313,562 2,263,337 2,406,371 2,448,936 2,483,014 2,517,550 2,553,289 2,597,680
133,344
138,491
Alabama........................
132,880
137,933
140,760
142,824
144,444
147,643
Arkansas........................
74,328
75,127
78,012
76,706
79,318
80,362
81,688
83,288
Florida..
607,251
621,773
634,222
652,674
663,301
674,614
689,214
683,346
Georgia
281,183
286,279
295,007
298,832
292,855
302,708
307,380
315,373
Kentucky........................
116,378
117,803
118,912
121,912
123,268
124,737
126,316
128,785
128,941
Louisiana
46,320
140,509
140,262
146,424
136,158
138,069
142,825
Mississippi......................
73,527
68,556
78,566
77,243
77,932
78,727
79,774
80,767
North Carolina.................
274,217
266,368
270,556
279,162
282,618
292,567
300,614
287,433
South Carolina.................
123,071
119,248
121,130
127,419
129,006
134,574
130,759
132,495
Tennessee......................
182,032
185,371
187,796
190,868
194,618
196,120
199,180
201,798
Virginia..........................
284,113
289,285
293,217
302,402
305,074
308,249
311,948
316,728
47,313
47,793
48,366
49,587
50,220
51,327
52,472
West Virginia...................
50,756
Southwest......................... 1,085,782 1,113,315 1,138,043 1,164,547 1,183,968 1,204,402 1,226,495 1,250,891
188,724
Arizona..........................
180,311
185,625
194,543
197,373
201,417
204,527
205,774
53,029
53,839
New Mexico....................
54,548
55,706
56,431
57,248
58,096
59,100
105,494
107,567
Oklahoma......................
110,021
114,755
115,904
117,728
119,116
123,110
Texas,
746,948
766,284
799,544
784,751
814,259
828,009
844,756
862,907
Rocky Mountain.................
351,411
329,558
336,581
342,008
355,915
363,261
368,597
374,166
Colorado
173,818
177,048
179,265
185,229
186,064
191,547
194,741
190,015
40,419
Idaho...
41,226
42,002
43,047
44,537
45,821
44,126
46,756
Montana.........................
27,821
27,223
28,233
28,632
29,032
29,667
30,132
31,155
Utah
68,824
70,578
72,114
74,771
76,292
77,712
73,391
77,939
Wyoming
19,274
19,908
20,394
21,112
21,922
22,750
23,159
23,803
Far West..
1,821,234 1,860,411 1,893,310 1,947,882 1,967,795 1,998,641 2,025,606 2,056,627
Alaska..
23,854
25,294
24,346
24,700
25,815
26,085
26,882
26,535
California
1,326,755 1,357,460 1,380,004 1,421,156 1,432,775 1,455,298 1,473,093 1,493,590
Hawaii..
43,791
44,286
45,177
47,787
48,297
46,238
47,016
49,219
Nevada.
89,742
90,902
92,483
93,642
96,113
97,234
99,059
99,449
Oregon..........................
113,350
115,633
122,692
116,890
121,429
124,723
126,585
128,735
Washington.....................
223,741
227,784
234,056
240,123
243,384
247,514
252,037
258,751
p Preliminary
r Revised
1. Percent change from preceding period was calculated from unrounded data.
II
III
IV
lr
ir
III'
IV'
lp
11,548,389
667,800
190,271
44,477
313,591
54,662
41,676
23,124
2,121,831
34,515
36,349
259,970
425,582
887,330
478,084
1,669,947
521,552
209,234
344,226
393,235
201,701
729,032
103,305
100,917
212,203
197,979
63,849
22,636
28,144
2,628,782
149,042
84,409
694,590
317,723
130,160
154,614
83,510
302,746
136,038
204,126
319,030
52,793
1,269,734
207,079
59,818
125,060
877,776
380,039
197,516
47,214
31,549
79,363
24,399
2,081,224
27,180
1,510,674
49,736
100,586
130,286
262,763
11,701,751
676,704
193,449
44,936
318,232
54,775
41,907
23,406
2,151,960
34,710
37,135
262,189
429,210
904,576
484,140
1,686,796
527,835
211,231
347,502
396,709
203,519
738,623
105,059
101,716
214,097
200,746
64,947
23,265
28,794
2,661,212
150,891
85,487
705,253
320,988
130,934
155,699
84,643
306,404
137,923
206,033
323,517
53,439
1,288,785
210,275
60,866
127,501
890,143
385,566
200,823
47,773
32,029
80,119
24,821
2,112,106
27,367
1,530,566
50,548
102,437
132,241
268,946
11,839,843
685,564
194,722
45,283
324,137
55,374
42,386
23,662
2,179,653
34,921
37,440
265,179
434,791
917,857
489,465
1,703,900
537,240
213,251
347,904
399,133
206,372
748,329
106,343
103,432
216,492
203,471
65,794
23,697
29,101
2,683,778
152,389
88,490
707,648
321,989
132,445
157,279
84,552
310,326
139,490
209,444
325,706
54,021
1,308,131
211,284
61,489
129,420
905,937
392,570
204,854
48,589
32,401
81,277
25,448
2,137,917
27,662
1,548,190
50,999
104,724
133,849
272,493
11,939,004
690,869
195,189
45,942
326,706
56,029
43,032
23,970
2,206,444
35,192
38,106
267,555
441,236
930,461
493,894
1,717,144
539,937
215,845
351,032
402,567
207,763
760,212
108,665
104,984
220,424
205,531
66,314
24,549
29,745
2,700,571
153,897
87,768
710,176
325,258
133,714
157,076
85,198
312,251
140,601
210,642
329,289
54,700
1,328,034
212,797
62,590
131,102
921,545
395,254
206,525
48,456
32,642
81,572
26,059
2,140,476
29,105
1,547,385
51,639
104,347
134,485
273,516
12,130,924
698,301
196,795
46,699
330,685
56,555
43,339
24,228
2,223,104
35,676
38,505
271,330
441,319
933,085
503,189
1,744,424
549,022
218,871
356,108
409,468
210,954
772,778
110,541
107,048
222,024
210,030
67,714
25,255
30,166
2,757,644
158,468
90,446
720,598
332,055
137,051
161,613
88,650
319,779
144,142
214,429
334,294
56,118
1,359,023
215,657
64,201
135,152
944,012
400,933
209,055
49,224
33,204
83,036
26,413
2,174,717
29,712
1,574,312
52,432
104,679
136,822
276,760
12,150,853
700,909
198,377
46,889
331,453
56,575
43,226
24,389
2,238,236
35,763
38,786
272,300
444,185
942,916
504,286
1,745,113
551,463
218,442
354,819
408,801
211,588
776,829
111,292
107,225
224,826
209,550
67,934
25,732
30,271
2,746,692
157,344
89,887
716,681
329,681
136,473
160,718
86,872
319,454
143,506
213,892
335,646
56,540
1,357,946
214,590
64,139
135,848
943,369
403,303
210,948
49,073
33,302
83,187
26,792
2,181,825
30,091
1,577,087
52,340
104,946
136,762
280,599
12,100,935
700,236
196,415
46,908
332,221
56,525
43,683
24,484
2,232,967
35,694
39,205
272,915
442,450
938,128
504,575
1,739,801
547,457
218,093
355,232
407,515
211,504
778,272
110,419
107,334
223,309
215,101
66,958
25,280
29,871
2,733,134
156,638
89,713
707,448
328,121
136,597
162,095
86,722
317,927
142,557
212,562
335,626
57,129
1,360,687
212,970
64,336
135,402
947,978
400,016
208,859
48,724
33,216
82,576
26,641
2,155,822
30,335
1,556,736
52,155
103,097
136,034
277,466
12,037,360
695,517
194,063
46,987
330,383
56,245
43,405
24,435
2,225,581
35,448
39,365
273,412
440,318
932,763
504,274
1,727,572
543,138
216,769
352,370
405,289
210,005
769,363
109,052
106,652
221,198
211,413
66,689
24,616
29,744
2,727,874
156,690
89,867
701,346
326,970
136,767
161,115
86,909
318,709
142,894
212,882
336,545
57,181
1,353,941
211,477
64,366
135,274
942,825
397,274
207,412
48,320
33,055
82,268
26,219
2,140,239
29,371
1,544,246
52,571
102,280
135,360
276,411
-0.5
-0.7
-1.2
0.2
-0.6
-0.5
-0.6
-0.2
-0.3
-0.7
0.4
0.2
-0.5
-0.6
-0.1
-0.7
-0.8
-0.6
-0.8
-0.5
-0.7
-1.1
-1.2
-0.6
-0.9
-1.7
-0.4
-2.6
-0.4
-0.2
0.0
0.2
-0.9
-0.4
0.1
-0.6
0.2
0.2
0.2
0.2
0.3
0.1
-0.5
-0.7
0.0
-0.1
-0.5
-0.7
-0.7
-0.8
-0.5
-0.4
-1.6
-0.7
-3.2
-0.8
0.8
-0.8
-0.5
-0.4
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
112
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
United States
Item
Income by place of residence
Personal income (lines 2-11)........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance.........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3 ................................................
Equals: Net earnings by place of residence.....................................
Plus: Dividends, interest, and rent4
Plus: Personal current transfer receipts
State unemployment insurance benefits..................................
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements.................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5..................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings.............................................................................
Nonfarm earnings.........................................................................
Private earnings.......................................................................
Forestry, fishing, related activities, and other6...........................
Mining..................................................................................
Utilities.................................................................................
Construction
Manufacturing
Durable goods...................................................................
Nondurable goods
Wholesale trade
Retail trade
Transportation and warehousing.............................................
Information.......................... .'..............................................
Finance and insurance..........................................................
Real estate and rental and leasing
Professional and technical services
Management of companies and enterprises.............................
Administrative and waste services
Educational services................
Health care and social assistance
Arts, entertainment, and recreation
Accommodation and food services
Other services, except public administration.............................
Government and government enterprises
Federal, civilian.........................
Military....................................
State and local......................................................................
See the footnotes at the end of the table.
Line
2008
Alabama
II'
III'
IV'
|p
Alaska
2008
2009
llr
III'
2009
IV'
|p
2008
II'
III'
2009
IV'
|p
1
12,130,924
12,150,853
12,100,935
12,037,360
158,468
157,344
156,638
156,690
29,712
30,091
30,335
29,371
2
3
9,091,890
995,233
9,156,681
999,813
9,119,614
995,065
9,043,013
993,694
110,942
12,724
111,739
12,793
110,918
12,699
110,395
12,678
23,695
2,354
24,189
2,399
24,504
2,435
24,747
2,473
4
5
6
7
8
9
10
516,915
478,318
-1,480
8,095,177
2,109,986
1,925,761
41,038
519,400
480,413
-1,487
8,155,381
2,123,288
1,872,184
58,815
517,155
477,910
-1,482
8,123,067
2,079,046
1,898,822
69,974
516,260
477,434
-1,456
8,047,863
2,001,911
1,987,586
94,010
6,910
5,814
1,616
99,833
25,606
33,030
317
6,946
5,847
1,613
100,559
25,944
30,841
477
6,898
5,801
1,607
99,826
25,424
31,388
602
6,883
5,795
1,601
99,318
24,567
32,805
877
1,159
1,195
-1,448
19,893
4,052
5,767
101
1,183
1,216
-1,478
20,312
4,110
5,669
108
1,200
1,235
-1,511
20,558
4,040
5,736
118
1,218
1,255
-1,509
20,765
3,911
4,696
141
11
1,884,723
1,813,369
1,828,848
1,893,576
32,713
30,364
30,786
31,928
5,665
5,561
5,619
4,555
12
13
6,524,616
1,494,244
6,574,917
1,503,080
6,554,161
1,505,991
6,486,902
1,521,048
80,327
19,635
80,967
19,779
80,509
19,754
79,642
19,962
16,293
4,980
16,671
5,074
16,936
5,170
17,044
5,332
14
15
16
17
18
1,015,926
478,318
1,073,030
34,625
1,038,405
1,022,667
480,413
1,078,684
31,063
1,047,621
1,028,081
477,910
1,059,462
25,806
1,033,656
1,043,614
477,434
1,035,063
20,203
1,014,860
13,820
5,814
10,980
635
10,345
13,932
5,847
10,993
591
10,402
13,953
5,801
10,655
558
10,098
14,167
5,795
10,792
936
9,856
3,785
1,195
2,421
-17
2,438
3,857
1,216
2,444
-18
2,462
3,935
1,235
2,399
-18
2,417
4,077
1,255
2,372
-24
2,396
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
58,430
9,033,460
7,511,906
28,735
138,954
95,059
525,881
1,071,777
679,218
392,559
484,799
552,967
292,570
331,076
693,312
189,362
929,418
212,958
340,259
127,728
883,566
94,750
256,362
262,374
1,521,554
286,091
155,284
1,080,179
55,064
9,101,618
7,560,568
28,798
146,755
94,795
520,441
1,067,053
674,838
392,216
488,867
550,370
292,145
335,177
703,801
189,402
939,281
217,369
340,060
130,706
896,706
95,868
258,181
264,794
1,541,049
288,553
159,089
1,093,407
50,015
9,069,600
7,514,883
28,748
150,507
96,738
507,433
1,047,844
662,466
385,378
482,164
536,566
294,483
329,399
702,082
183,570
935,715
216,767
337,979
132,799
912,783
96,553
255,835
266,918
1,554,717
291,684
162,815
1,100,218
44,660
8,998,353
7,410,807
29,571
143,913
99,957
482,439
1,012,642
634,824
377,818
477,145
534,889
292,503
326,793
673,298
178,948
934,047
219,232
326,143
135,003
926,174
97,277
254,962
265,874
1,587,546
305,592
172,538
1,109,416
821
110,121
86,459
577
1,262
1,505
6,700
18,594
11,992
6,602
5,709
7,672
3,548
1,759
5,742
1,607
9,157
1,220
3,379
751
10,582
459
2,691
3,544
23,662
5,471
2,392
15,799
778
110,960
86,839
574
1,317
1,588
6,649
18,576
12,013
6,563
5,745
7,730
3,542
1,749
5,506
1,630
9,372
1,293
3,359
764
10,694
466
2,712
3,574
24,121
5,524
2,445
16,152
747
110,171
85,981
564
1,365
1,581
6,396
18,012
11,607
6,405
5,657
7,550
3,561
1,708
5,404
1,572
9,663
1,246
3,268
773
10,918
468
2,685
3,589
24,190
5,599
2,539
16,052
1,127
109,268
84,569
581
1,313
1,633
6,013
17,395
11,112
6,283
5,555
7,536
3,545
1,687
5,200
1,540
9,614
1,281
3,116
783
11,075
470
2,673
3,560
24,699
5,863
2,678
16,158
-3
23,698
16,007
194
2,002
224
1,729
831
198
633
458
1,431
1,525
545
739
372
1,440
108
628
111
2,114
198
779
580
7,691
1,719
2,315
3,657
-4
24,193
16,311
192
2,145
228
1,758
813
197
616
450
1,450
1,558
538
742
381
1,475
116
645
114
2,126
203
788
591
7,882
1,720
2,346
3,816
-4
24,508
16,561
192
2,212
235
1,699
837
206
631
460
1,467
1,598
547
748
381
1,496
120
668
115
2,190
196
790
608
7,948
1,712
2,413
3,822
-10
24,757
16,547
198
2,160
239
1,714
789
192
597
465
1,472
1,616
554
725
373
1,511
124
664
117
2,225
202
800
600
8,210
1,781
2,555
3,874
J u ly
113
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2 0 0 8 :1 1 -2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
Arkansas
Arizona
2009
2008
2008
II'
III'
IV'
lp
llr
IV'
215,657
214,590
212,970
211,477
90,446
89,887
89,713
155,760
17,754
155,264
17,639
153,836
17,472
151,571
17,332
62,084
7,309
62,458
7,355
9,317
8,437
748
138,754
39,253
37,650
459
9,257
8,382
764
138,390
39,673
36,528
638
9,173
8,299
746
137,110
38,531
37,329
788
9,093
8,239
744
134,983
36,942
39,552
1,256
3,923
3,386
-289
54,486
15,462
20,498
361
37,190
35,889
36,542
38,295
116,414
25,055
115,984
24,965
115,068
24,937
16,618
8,437
14,291
94
14,197
16,583
8,382
14,315
40
14,275
615
155,145
127,963
437
1,386
1,476
11,939
14,479
12,102
2,377
8,456
12,352
4,571
3,297
10,176
4,915
13,338
2,397
9,034
1,896
16,672
1,636
5,465
4,041
27,182
5,276
2,483
19,422
566
154,698
127,317
415
1,523
1,466
11,359
14,369
12,018
2,352
8,537
12,047
4,581
3,309
9,815
4,944
13,344
2,578
8,846
1,984
17,012
1,669
5,465
4,054
27,381
5,339
2,532
19,510
2009
2008
2008
Connecticut
2009
2008
2009
IV'
196,795
198,377
196,415
194,063
1
164,928
16,800
143,423
14,238
144,519
14,315
143,612
14,231
141,890
14,160
2
3
8,510
8,305
464
149,813
36,748
22,298
733
8,505
8,295
461
148,589
35,383
23,440
1,034
7,469
6,769
5,091
134,276
39,402
23,117
660
7,509
6,805
5,368
135,572
39,772
23,033
1,022
7,461
6,770
5,339
134,720
38,269
23,426
1,150
7,421
6,739
5,318
133,048
36,491
24,524
1,536
4
5
6
7
8
9
10
21,253
21,565
22,405
22,457
22,011
22,276
22,988
11
115,416
25,573
116,867
25,884
115,281
25,667
114,218
26,013
103,148
21,896
103,997
22,016
103,446
22,019
102,006
22,117
12
13
133,678
62,271
142,603
707
141,895
17,197
8,376
24,983
49
24,934
17,442
8,443
25,351
5
25,347
17,362
8,305
25,216
-62
25,278
17,718
8,295
24,697
-122
24,819
15,127
6,769
18,379
10
18,369
15,211
6,805
18,506
4
18,502
15,248
6,770
18,147
-1
18,148
15,378
6,739
17,767
13
17,753
14
15
16
17
18
1,321
8,538
7,860
7,999
6,338
60,786 1,179,510 1,183,931 1,165,276 1,156,894
48,592 980,860 981,232 961,870 949,768
529
7,094
7,038
7,238
7,136
997
5,762
5,261
5,450
5,981
704
12,822
12,292
12,808
13,256
64,220
60,399
3,268
68,766
66,021
8,917 133,477 133,531
127,166 123,760
91,887
87,386
84,464
4,676
92,603
4,241
40,874
41,643
39,780
39,296
59,204
58,671
3,325
60,424
61,043
73,604
69,247
4,100
72,408
69,709
32,334
32,015
31,993
3,340
32,029
59,044
57,734
1,805
62,037
62,206
2,361
76,295
77,024
76,086
72,969
31,324
30,245
29,474
860
31,665
3,289 149,576 149,843 147,306
147,689
2,410
22,410
22,637
21,632
21,936
1,624
45,094
43,674
45,791
45,608
432
14,576
14,927
15,230
15,510
6,995
98,950 100,824 102,108
103,591
334
18,364
18,418
19,046
19,153
1,482
34,242
34,011
33,862
34,445
33,927
1,818
33,514
33,729
33,850
12,194 198,649 202,699 203,406 207,126
2,075
24,665
24,704
24,900
26,233
1,267
17,454
17,879
18,472
19,645
8,852 156,530 160,116 160,034 161,247
576
165,396
139,324
250
5,677
1,132
11,821
12,022
8,147
3,876
8,707
9,183
4,250
13,128
11,307
4,760
20,557
3,637
6,597
1,496
12,604
2,110
5,190
4,895
26,072
5,374
3,673
17,025
537
167,566
140,510
229
5,860
1,094
11,953
11,944
8,200
3,744
8,598
9,154
4,245
13,307
11,437
4,819
20,903
3,558
6,700
1,511
12,914
2,099
5,227
4,960
27,056
5,403
3,768
17,885
474
165,690
138,600
264
6,095
1,104
11,612
11,648
8,182
3,466
8,516
8,958
4,249
12,972
11,044
4,550
20,789
3,444
6,613
1,536
12,988
2,088
5,168
4,963
27,090
5,446
3,872
17,771
420
164,508
136,595
272
5,902
1,135
11,067
11,390
7,917
3,472
8,518
8,861
4,269
12,908
10,541
4,404
20,625
3,517
6,216
1,567
13,183
2,110
5,167
4,944
27,913
5,707
4,136
18,070
140
143,283
124,965
47
282
1,376
6,631
19,663
13,959
5,705
7,068
8,094
2,716
4,265
23,812
2,507
14,160
4,502
4,572
3,198
14,795
1,087
2,777
3,414
18,318
1,787
936
15,595
135
144,384
125,857
49
300
1,361
6,369
19,412
14,171
5,241
7,136
8,035
2,776
4,294
24,560
2,585
14,384
4,359
4,578
3,274
15,043
1,105
2,796
3,440
18,527
1,783
982
15,762
131
143,481
125,080
48
306
1,463
6,089
19,435
14,378
5,057
7,116
7,845
2,886
4,357
23,112
2,446
14,436
4,781
4,597
3,367
15,497
1,092
2,760
3,446
18,402
1,796
995
15,611
147
141,743
123,091
49
292
1,514
5,580
18,838
13,867
4,971
7,095
7,804
2,891
4,327
22,177
2,376
14,400
4,905
4,394
3,408
15,721
1,111
2,753
3,454
18,653
1,872
1,062
15,719
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
lp
llr
III'
IV'
III'
IV'
89,867 1,574,312 1,577,087 1,556,736 1,544,246
209,055
210,948
208,859
207,412
62,318
7,351
62,107 1,188,048 1,191,791 1,173,275 1,163,232
127,407
7,365 129,825 129,857 127,505
165,972
16,931
168,102
17,080
166,164
16,816
3,946
3,410
-285
54,817
15,556
19,514
480
3,945
3,406
-278
54,690
15,202
19,822
556
3,949
66,310
66,358
65,201
65,135
62,304
62,271
3,416
63,515
63,499
-90
-278
-189
-153
-91
54,464 1,058,034 1,061,781 1,045,680 1,035,734
14,604 299,825 304,372 295,816 283,213
20,799 216,453 210,933 215,239 225,299
13,477
774
6,367
8,894
10,551
8,554
8,376
456
149,497
37,112
22,446
383
8,638
8,443
458
151,481
37,632
21,836
583
20,138
19,034
19,266
20,026
210,086
202,039
204,688
211,822
22,063
113,090
25,077
43,855
10,907
44,229
10,980
44,276
11,026
43,943
11,168
843,458
195,532
846,423
196,156
832,668
193,969
824,680
195,949
16,637
8,299
13,831
11
13,819
16,839
8,239
13,404
-97
13,501
7,521
3,386
7,322
1,234
6,088
7,570
3,410
7,249
1,117
6,132
7,620
3,406
7,017
954
6,063
7,753
3,416
6,996
1,030
5,965
132,017
63,515
149,058
3,060
145,998
132,657
63,499
149,212
2,337
146,876
131,665
62,304
146,638
2,428
144,210
542
153,294
125,486
410
1,515
1,489
10,401
14,227
11,929
2,298
8,395
11,641
4,551
3,251
9,825
4,726
13,247
2,617
8,807
2,038
17,312
1,629
5,384
4,019
27,808
5,422
2,597
19,790
439
151,132
122,770
422
1,412
1,524
9,445
13,946
11,717
2,229
8,261
11,547
4,492
3,229
9,512
4,543
13,089
2,653
8,422
2,016
17,388
1,610
5,328
3,933
28,363
5,741
2,757
19,865
1,517
60,567
48,985
531
890
725
3,285
9,351
5,052
4,299
3,271
4,138
3,441
2,066
2,473
890
3,266
2,330
1,678
397
6,668
308
1,472
1,802
11,582
1,934
1,131
8,517
1,403
61,055
49,171
522
968
677
3,400
9,330
5,042
4,287
3,304
4,162
3,367
1,813
2,473
901
3,329
2,391
1,682
416
6,779
328
1,499
1,830
11,884
1,952
1,153
8,779
1,241
61,077
49,149
514
1,037
691
3,398
9,214
4,944
4,269
3,352
4,120
3,345
1,822
2,486
886
3,299
2,342
1,673
425
6,906
330
1,486
1,824
11,928
1,977
1,187
8,763
|p
|p
II'
Line
III'
II'
lllr
Colorado
California
2009
|p
114
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
Delaware
Item
Income by place of residence
Personal income (lines 2-11).........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance..........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3.....................................................
Equals: Net earnings by place of residence.....................................
Plus: Dividends, interest, and rent4.................................................
Plus: Personal current transfer receipts...........................................
State unemployment insurance benefits..................................
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5..................................................................
Farm proprietors' income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings....................................... .....................................
Nonfarm earnings.........................................................................
Private earnings.......................................................................
Forestry, fishing, related activities, and other6...........................
Mining..................................................................................
Utilities
......................
Construction.........................................................................
Manufacturing
.....................
Durable goods..................................................................
Nondurable goods.............................................................
Wholesale trade...................................................................
Retail trade...........
Transportation and warehousing.............................................
Information...........
Finance and insurance
Real estate and rental and leasing..........................................
Professional and technical services........................................
Management of companies and enterprises.............................
Administrative and waste services..........................................
Educational services
Health care and social assistance...........................................
Arts, entertainment, and recreation.........................................
Accommodation and food services.........................................
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian.....
Military.................
State and local......................................................................
See the footnotes at the end of the table.
Line
District of Columbia
2008
2009
llr
III'
IVr
I"
1
35,676
35,763
35,694
35,448
2
3
28,987
3,143
29,149
3,153
29,089
3,147
4
5
6
7
8
9
10
1,646
1,497
-2,208
23,636
6,273
5,767
133
1,651
1,501
-2,217
23,780
6,355
5,628
180
11
5,634
12
13
2008
II'
Florida
2009
2008
2009
lllr
IV'
38,505
38,786
39,205
39,365
720,598
716,681
707,448
701,346
28,653
3,114
76,267
7,176
77,039
7,231
78,840
7,399
80,241
7,577
446,196
51,124
445,387
50,895
439,899
50,162
435,706
50,059
1,649
1,498
-2,211
23,730
6,223
5,741
206
1,632
1,482
-2,122
23,417
6,017
6,015
248
3,497
3,680
-40,852
28,239
5,564
4,703
67
3,522
3,709
-41,260
28,548
5,650
4,588
111
3,608
3,791
-42,398
29,043
5,514
4,647
112
3,685
3,893
-43,437
29,227
5,320
4,818
127
28,023
23,101
1,976
397,048
198,332
125,218
1,772
27,890
23,005
2,007
396,499
199,613
120,569
2,839
27,498
22,664
2,016
391,754
193,185
122,509
3,100
27,428
22,630
1,997
387,645
184,896
128,805
4,870
5,449
5,535
5,766
4,636
4,477
4,535
4,692
123,446
117,730
119,409
123,936
21,331
4,738
21,464
4,755
21,456
4,774
21,051
4,782
56,144
15,285
56,714
15,411
58,158
15,766
58,886
16,445
333,872
72,505
333,213
72,334
328,922
71,781
325,273
72,472
14
15
16
17
18
3,241
1,497
2,918
172
2,746
3,253
1,501
2,931
169
2,762
3,276
1,498
2,858
157
2,701
3,299
1,482
2,820
176
2,644
11,605
3,680
4,839
0
4,839
11,702
3,709
4,915
0
4,915
11,975
3,791
4,915
0
4,915
12,552
3,893
4,910
0
4,910
49,404
23,101
39,819
140
39,678
49,328
23,005
39,841
-63
39,904
49,117
22,664
39,196
64
39,131
49,842
22,630
37,961
-466
38,427
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
3/
38
39
40
41
42
43
44
45
46
208
28,779
24,531
23
38
274
1,792
2,919
1,339
1,581
1,309
1,785
621
587
3,911
485
3,365
1,128
956
306
3,169
296
740
829
4,248
483
512
3,252
205
28,944
24,623
23
41
271
1,717
2,857
1,304
1,554
1,344
1,777
611
592
3,893
491
3,405
1,211
926
319
3,263
298
753
829
4,321
493
522
3,306
194
28,895
24,554
25
43
273
1,709
2,838
1,332
1,506
1,330
1,716
613
589
3,827
479
3,336
1,389
911
316
3,303
294
743
820
4,340
486
532
3,322
213
28,440
24,017
26
41
282
1,627
2,747
1,264
1,483
1,319
1,710
609
584
3,668
468
3,330
1,209
877
322
3,349
295
739
816
4,422
509
564
3,350
0
76,267
45,786
964
12
285
898
182
63
119
579
691
343
2,891
2,665
1,163
18,478
369
2,301
2,461
3,852
540
1,864
5,248
30,482
25,045
2,145
3,292
0
77,039
46,199
967
13
300
964
176
62
114
630
694
338
2,868
2,612
1,138
18,628
395
2,264
2,516
3,892
551
1,895
5,358
30,840
25,235
2,175
3,429
0
78,840
47,584
956
14
307
985
169
58
110
663
696
370
2,949
2,663
1,062
18,921
598
2,719
2,572
3,924
584
1,883
5,548
31,256
25,469
2,218
3,569
0
80,241
47,507
982
13
315
955
161
55
106
666
686
366
2,905
2,510
1,047
19,100
496
2,652
2,615
4,060
589
1,900
5,490
32,734
26,764
2,342
3,629
1,651
444,545
369,521
1,901
827
3,282
31,011
26,232
18,284
7,947
26,234
34,281
14,118
14,738
31,173
12,782
42,421
8,268
23,623
5,348
50,204
8,806
18,573
15,700
75,024
12,610
8,225
54,189
1,460
443,927
368,933
1,791
868
3,230
29,840
26,423
18,448
7,976
26,481
34,019
14,031
14,718
31,288
12,727
42,650
8,423
22,993
5,506
50,757
8,929
18,474
15,787
74,993
12,681
8,371
53,941
1,601
438,298
363,530
1,774
845
3,169
28,550
25,701
17,803
7,899
25,918
32,855
14,063
14,532
31,109
12,003
42,223
8,379
22,289
5,572
51,213
9,164
18,341
15,831
74,768
12,803
8,522
53,443
1,087
434,619
358,488
1,824
813
3,266
26,908
24,908
17,146
7,762
25,755
32,668
14,111
14,411
29,734
11,766
41,996
8,585
21,092
5,632
51,950
9,149
18,276
15,646
76,131
13,346
8,902
53,883
|p
II'
III'
IV'
|p
J u ly
115
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2 0 0 8 : 11—2 0 0 9 : 11— C o n tin u e s
seasonally adjusted at annual rates]
Hawaii
Georgia
2008
2009
II'
2009
2009
2008
Indiana
2008
2009
2008
2009
Line
II'
III'
IV'
|p
II'
III'
IV'
|p
48,320
549,022
551,463
547,457
543,138
218,871
218,442
218,093
216,769
1
34,044
3,896
33,662
3,890
416,016
44,365
419,911
44,627
415,754
44,183
411,093
44,000
162,072
18,170
162,369
18,207
161,736
18,151
159,383
18,022
2
3
1,973
1,959
768
31,200
10,043
7,830
281
1,956
1,940
758
30,906
9,767
8,051
379
1,952
1,938
757
30,530
9,357
8,433
434
22,696
21,670
-1,922
369,729
99,255
80,039
2,276
22,830
21,797
-1,956
373,327
100,138
77,998
3,093
22,625
21,558
-1,571
370,001
98,019
79,438
3,652
22,534
21,466
-1,727
365,365
94,659
83,113
4,495
9,670
8,500
4,692
148,594
33,276
37,001
928
9,689
8,518
4,737
148,899
33,368
36,174
1,402
9,663
8,488
4,700
148,284
33,116
36,692
1,785
9,592
8,429
4,652
146,014
32,173
38,582
2,474
4
5
6
7
8
9
10
7,884
7,550
7,671
7,999
77,762
74,905
75,785
78,618
36,074
34,772
34,907
36,108
11
29,620
8,734
23,806
5,803
23,823
5,788
23,645
5,790
23,394
5,849
300,601
66,416
303,216
66,823
300,857
66,643
297,073
67,029
116,095
28,297
116,637
28,328
116,470
28,451
114,625
28,448
12
13
6,428
1,974
2,874
-51
2,924
6,722
2,012
2,792
-92
2,884
3,838
1,965
4,759
407
4,352
3,828
1,959
4,754
381
4,373
3,850
1,940
4,608
327
4,282
3,912
1,938
4,419
201
4,218
44,747
21,670
48,999
3,313
45,686
45,026
21,797
49,872
3,511
46,360
45,085
21,558
48,255
2,585
45,669
45,563
21,466
46,991
2,261
44,730
19,797
8,500
17,680
1,690
15,990
19,810
8,518
17,404
1,425
15,979
19,963
8,488
16,816
1,183
15,633
20,019
8,429
16,310
1,051
15,259
14
15
16
17
18
178
40,498
26,660
52
67
349
3,146
990
400
590
1,200
2,469
1,443
766
1,295
923
2,539
617
1,591
609
3,628
506
3,192
1,277
13,838
3,164
5,207
5,467
139
41,007
26,587
53
64
364
3,063
975
390
585
1,210
2,465
1,449
767
1,239
916
2,576
626
1,577
617
3,687
507
3,152
1,279
14,420
3,341
5,590
5,490
941
33,427
27,039
387
262
298
2,586
4,243
2,897
1,346
1,685
2,859
1,049
611
1,523
511
3,337
685
1,271
281
3,380
293
920
858
6,388
1,192
612
4,585
919
33,445
27,103
413
254
327
2,505
4,237
2,866
1,372
1,687
2,830
1,049
616
1,537
514
3,403
681
1,264
289
3,412
301
920
864
6,341
1,170
626
4,545
870
33,174
26,699
420
282
316
2,394
4,184
2,813
1,371
1,668
2,721
1,051
624
1,524
464
3,381
621
1,238
293
3,458
293
900
865
6,475
1,174
641
4,660
749
32,913
26,291
432
266
327
2,269
4,025
2,653
1,371
1,647
2,691
1,059
621
1,475
452
3,353
638
1,180
296
3,515
297
890
859
6,622
1,226
677
4,719
3,837
412,179
357,292
418
3,657
3,596
22,762
54,040
33,528
20,512
26,880
21,858
15,846
12,025
39,271
8,875
49,495
11,993
17,067
6,492
36,642
3,585
10,121
12,670
54,887
8,681
3,343
42,863
4,039
415,871
360,508
434
3,897
3,466
23,266
54,004
33,261
20,743
26,997
21,426
15,727
12,539
38,484
8,872
50,493
12,978
17,088
6,764
37,337
3,623
10,244
12,872
55,363
8,733
3,378
43,252
3,118
412,636
356,529
427
4,011
3,622
22,466
52,827
32,563
20,265
26,366
20,988
15,583
11,823
39,473
8,410
50,202
12,489
16,933
6,790
37,534
3,530
10,037
13,020
56,107
8,817
3,518
43,772
2,799
408,293
351,281
439
3,857
3,764
21,288
51,065
30,964
20,101
26,224
20,856
15,617
11,711
37,946
8,190
50,119
12,748
16,187
6,899
37,942
3,486
9,980
12,962
57,012
9,149
3,733
44,131
2,053
160,019
137,431
219
1,002
1,860
9,965
39,661
28,298
11,362
8,577
9,925
6,697
2,625
7,066
2,442
9,068
2,487
5,466
1,959
17,526
1,843
3,997
5,047
22,588
3,557
912
18,119
1,791
160,578
137,506
229
1,038
1,864
10,006
38,703
27,508
11,195
8,699
9,882
6,642
2,666
7,199
2,390
9,199
2,611
5,501
2,006
17,815
1,909
4,041
5,105
23,072
3,583
944
18,545
1,551
160,185
136,994
219
1,082
1,893
9,702
38,819
27,416
11,402
8,482
9,635
6,606
2,660
7,100
2,364
9,229
2,561
5,454
2,029
18,145
1,907
4,007
5,099
23,190
3,602
977
18,612
1,423
157,960
134,434
226
1,046
1,952
9,162
37,127
25,858
11,269
8,391
9,645
6,531
2,645
6,857
2,309
9,166
2,651
5,213
2,066
18,493
1,937
3,992
5,025
23,526
3,741
1,013
18,771
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
III'
IV'
49,224
49,073
48,724
41,146
4,206
34,368
3,942
34,364
3,932
2,159
1,974
0
36,543
8,212
7,401
350
2,194
2,012
0
36,940
7,895
7,735
402
1,977
1,965
746
31,172
9,946
8,106
222
6,945
7,050
7,333
29,552
8,369
29,503
8,383
29,400
8,402
30,954
12,566
26,519
739
25,780
6,373
1,996
2,936
-37
2,973
6,397
1,986
2,948
-46
2,994
1,111
251,598
203,323
783
547
3,592
12,269
25,442
12,150
13,293
17,747
15,257
11,100
13,864
15,135
5,310
24,734
5,344
10,619
3,611
22,044
1,862
7,303
6,759
48,275
10,567
8,822
28,886
188
40,669
27,086
56
62
326
3,221
1,026
396
630
1,209
2,552
1,548
758
1,330
988
2,515
662
1,626
591
3,513
478
3,347
1,276
13,583
3,097
5,123
5,364
180
40,654
26,870
58
63
327
3,136
1,026
403
623
1,204
2,542
1,438
744
1,302
974
2,556
655
1,612
605
3,587
484
3,281
1,274
13,784
3,150
5,206
5,427
III'
IV'
l»
II'
III'
IV'
|p
332,055
329,681
328,121
326,970
52,432 • 52,340
52,155
52,571
255,520
27,045
256,107
27,039
254,647
26,841
252,708
26,796
40,857
4,175
40,834
4,155
40,676
4,133
14,363
12,682
-915
227,559
52,978
51,518
911
14,358
12,681
-908
228,161
53,622
47,897
1,468
14,258
12,582
-915
226,891
52,327
48,903
1,828
14,230
12,566
-921
224,992
50,365
51,614
2,789
2,179
1,996
0
36,682
8,363
7,387
187
2,169
1,986
0
36,678
8,447
7,214
269
50,608
46,429
47,075
48,825
7,200
185,233
42,896
185,681
42,976
184,616
43,010
182,670
43,520
30,213
12,682
27,391
917
26,475
30,296
12,681
27,450
854
26,596
30,428
12,582
27,021
832
26,189
1,279
254,241
208,106
767
601
3,417
13,949
27,122
13,295
13,826
17,883
15,814
10,856
14,025
16,043
5,694
24,648
5,345
11,308
3,393
21,172
1,862
7,323
6,886
46,135
9,765
8,137
28,233
1,219
254,888
208,259
769
573
3,529
13,472
26,855
13,108
13,747
18,033
15,847
10,770
14,035
15,803
5,665
25,091
5,441
11,366
3,443
21,373
1,887
7,378
6,927
46,630
9,888
8,296
28,445
1,201
253,446
206,346
761
570
3,482
12,914
26,229
12,769
13,460
17,885
15,312
11,612
13,969
15,761
5,435
24,813
5,213
11,111
3,526
21,748
1,836
7,363
6,807
47,100
10,073
8,354
28,672
Illinois
Idaho
2008
II'
|p
116
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
Iowa
Item
Line
llr
Income by place of residence
Personal income (lines 2-11)........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance..........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3.....................................................
Equals: Net earnings by place of residence
Plus: Dividends, interest, and rent4....
Plus: Personal current transfer receipts
State unemployment insurance benefits
Personal current transfer receipts exciuaing state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance...........
Proprietors’ income5..................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings.............................................................................
Nonfarm earnings.........................................................................
Private earnings.......................................................................
Forestry, fishing, related activities, and other6...........................
Mining..................................................................................
Utilities.....
............
Construction
............
Manufacturing
............
Durable goods..................................................................
Nondurable goods
Wholesale trade....
Retail trade..........
Transportation and warehousing.............................................
Information..........
Finance and insurance
Real estate and rental and leasing..........................................
Professional and technical services........................................
Management of companies and enterprises.............................
Administrative and waste services..........................................
Educational services.............................................................
Health care and social assistance...........................................
Arts, entertainment, and recreation.........................................
Accommodation and food services.........................................
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian.....................................................................
Military.....
State and local
See the footnotes at the end of the table.
Kansas
2008
2009
III'
IVr
l»
Kentucky
2008
llr
lllr
2009
IV'
2008
lp
llr
III'
2009
IVr
Ip
1
110,541
111,292
110,419
109,052
107,048
107,225
107,334
106,652
137,051
136,473
136,597
136,767
2
3
83,712
9,409
84,832
9,571
83,937
9,543
82,388
9,538
81,138
8,817
81,725
8,866
81,537
8,880
81,011
8,901
101,614
11,456
101,823
11,461
101,813
11,453
101,351
11,436
4
5
6
7
8
9
10
5,022
4,387
1,030
75,333
17,289
17,919
428
5,106
4,465
1,029
76,291
17,503
17,498
532
5,096
4,447
1,002
75,395
17,161
17,862
684
5,093
4,445
1,014
73,864
16,639
18,550
798
4,728
4,089
868
73,188
17,939
15,921
315
4,755
4,111
856
73,715
18,132
15,377
385
4,765
4,116
1,192
73,849
17,758
15,727
554
4,773
4,127
987
73,097
17,173
16,381
724
6,069
5,387
-2,577
87,581
20,370
29,100
554
6,069
5,391
-2,626
87,737
20,242
28,494
789
6,069
5,384
-2,681
87,679
20,301
28,617
961
6,061
5,375
-2,816
87,098
19,690
29,979
1,346
11
17,492
16,966
17,178
17,751
15,606
14,993
15,173
15,658
28,546
27,706
27,657
28,632
12
13
58,034
13,577
59,170
13,817
59,125
13,857
58,581
13,956
56,816
13,873
57,298
13,971
57,480
14,052
57,092
14,273
73,208
18,831
73,414
18,858
73,500
18,968
72,775
19,212
14
15
16
17
18
9,190
4,387
12,101
4,952
7,149
9,353
4,465
11,845
4,593
7,253
9,411
4,447
10,954
3,906
7,048
9,511
4,445
9,851
2,944
6,907
9,785
4,089
10,449
486
9,963
9,860
4,111
10,457
361
10,096
9,937
4,116
10,005
165
9,839
10,146
4,127
9,645
24
9,622
13,444
5,387
9,575
673
8,902
13,467
5,391
9,551
682
8,869
13,584
5,384
9,345
541
8,803
13,838
5,375
9,363
756
8,607
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
5,560
78,152
64,913
296
181
880
4,808
14,750
9,127
5,623
4,580
5,302
3,146
1,981
7,279
876
3,807
1,103
2,150
1,030
7,952
638
1,871
2,283
13,239
1,574
444
11,221
5,206
79,627
66,032
312
195
851
5,125
14,971
9,278
5,694
4,681
5,390
3,168
1,942
7,292
887
3,904
1,143
2,195
1,076
8,044
645
1,891
2,321
13,595
1,596
455
11,543
4,525
79,412
65,663
325
198
869
4,856
14,741
9,052
5,689
4,711
5,305
3,162
2,011
7,258
862
3,875
1,179
2,159
1,046
8,210
643
1,885
2,368
13,749
1,608
476
11,666
3,568
78,820
64,885
335
186
901
4,667
14,191
8,557
5,634
4,703
5,375
3,216
2,005
7,014
845
3,850
1,193
2,084
1,056
8,348
639
1,899
2,378
13,935
1,673
500
11,762
993
80,144
64,953
258
1,826
858
4,166
13,900
8,333
5,567
4,425
4,792
2,786
3,786
4,425
1,044
5,716
1,269
3,089
578
7,584
312
1,823
2,316
15,191
2,206
2,823
10,162
873
80,852
65,474
268
1,929
849
4,148
13,881
8,334
5,547
4,616
4,824
2,773
3,847
4,362
1,054
5,796
1,365
2,998
586
7,687
314
1,854
2,323
15,378
2,275
2,858
10,245
682
80,856
65,411
262
1,978
848
4,109
13,546
8,161
5,385
4,664
4,742
2,773
3,905
4,452
1,023
5,826
1,412
2,992
595
7,808
312
1,829
2,336
15,444
2,316
2,860
10,268
545
80,466
64,570
270
1,902
875
3,899
13,090
7,794
5,295
4,645
4,743
2,784
3,909
4,290
996
5,819
1,436
2,881
603
7,929
316
1,844
2,341
15,896
2,429
3,057
10,409
948
100,666
79,808
417
2,410
645
5,408
16,503
10,689
5,815
5,298
6,635
5,382
1,715
5,299
1,169
5,782
2,078
2,991
820
11,153
599
2,712
2,791
20,858
3,285
4,481
13,092
960
100,863
80,008
433
2,582
657
5,448
16,253
10,457
5,796
5,376
6,652
5,327
1,736
5,180
1,095
6,016
2,011
2,945
837
11,275
605
2,773
2,806
20,856
3,337
4,650
12,869
821
100,992
80,026
453
2,758
665
5,294
16,147
10,408
5,739
5,330
6,573
5,424
1,702
5,195
1,143
5,975
1,926
2,859
860
11,527
599
2,745
2,852
20,966
3,385
4,706
12,875
1,039
100,312
78,704
466
2,655
686
4,940
15,455
9,811
5,643
5,296
6,530
5,390
1,684
4,985
1,120
5,982
1,973
2,796
881
11,668
606
2,751
2,838
21,608
3,549
5,082
12,977
J u ly
117
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2008:11—2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
Maine
Louisiana
2008
Maryland
2008
2009
III'
2008
2009
IV'
330,383
356,108
354,819
355,232
352,370
1
260,724
27,626
258,388
27,544
264,573
30,386
263,670
30,173
263,608
30,194
258,236
29,781
2
3
14,075
13,462
-6,063
225,741
57,605
48,108
2,279
14,145
13,481
-6,086
227,012
56,147
49,062
2,579
14,107
13,436
-6,040
224,804
54,113
51,466
3,228
15,609
14,777
1,522
235,709
53,866
66,534
2,226
15,501
14,672
1,546
235,043
54,507
65,269
3,288
15,521
14,673
1,528
234,943
53,782
66,507
3,730
15,310
14,472
1,521
229,976
52,459
69,936
5,015
4
5
6
7
8
9
10
46,420
45,829
46,483
48,238
64,308
61,981
62,777
64,921
11
137,221
33,587
193,620
40,432
193,259
40,288
194,461
40,715
192,276
40,968
189,319
45,337
188,528
45,048
189,004
45,296
184,829
44,946
12
13
22,842
9,990
17,869
117
17,752
23,512
10,074
17,682
145
17,536
26,915
13,516
25,398
-24
25,422
26,826
13,462
25,793
-32
25,825
27,234
13,481
25,549
-30
25,579
27,532
13,436
25,144
-33
25,178
30,560
14,777
29,917
580
29,338
30,376
14,672
30,093
476
29,617
30,623
14,673
29,309
391
28,917
30,474
14,472
28,462
227
28,234
14
15
16
17
18
253
187,943
141,488
121
201
3,519
13,231
11,251
6,782
4,469
8,036
10,243
4,015
5,525
10,370
4,222
26,361
2,387
7,005
3,402
19,281
1,584
4,808
5,927
46,454
20,320
4,036
22,099
283
188,206
140,265
125
192
3,639
12,560
10,994
6,546
4,448
7,969
10,191
4,022
5,490
9,921
4,114
26,415
2,453
6,841
3,473
19,569
1,587
4,808
5,904
47,941
21,371
4,301
22,268
81
259,369
229,194
494
440
1,920
12,727
27,031
19,328
7,704
13,636
12,798
4,406
10,031
29,967
4,881
39,583
7,407
8,701
8,717
30,838
2,569
6,585
6,464
30,175
5,195
1,081
23,899
73
259,267
229,054
510
464
1,918
12,671
26,637
19,129
7,508
13,552
12,762
4,369
10,101
30,318
4,996
38,264
7,637
8,735
8,906
31,500
2,548
6,625
6,542
30,213
5,238
1,096
23,879
77
260,648
229,666
482
477
2,012
12,334
26,508
19,074
7,434
13,250
12,461
4,379
10,221
30,715
4,800
38,769
7,197
8,540
9,052
32,660
2,539
6,617
6,653
30,982
5,302
1,123
24,556
74
258,314
226,883
495
457
2,081
11,683
25,761
18,390
7,372
13,122
12,415
4,370
10,068
29,524
4,647
38,615
7,354
8,206
9,198
33,119
2,558
6,581
6,627
31,430
5,478
1,193
24,759
1,256
263,317
223,738
354
1,231
3,253
11,990
52,141
40,545
11,596
13,773
16,015
7,351
5,077
13,443
5,661
27,996
6,991
10,973
2,627
28,914
2,573
6,006
7,369
39,578
5,105
974
33,500
1,159
262,511
222,582
356
1,284
3,344
11,947
51,052
39,424
11,627
13,815
16,033
7,228
5,046
13,323
5,764
27,909
6,666
10,746
2,655
29,298
2,593
6,088
7,435
39,929
5,115
1,012
33,802
1,080
262,529
222,272
368
1,375
3,325
11,859
50,195
38,998
11,197
13,923
15,785
7,354
5,136
13,615
5,494
28,075
6,726
10,493
2,631
29,938
2,458
5,945
7,577
40,257
5,136
1,042
34,079
923
257,314
216,425
378
1,311
3,431
11,203
46,726
35,900
10,826
13,569
15,714
7,230
5,068
13,067
5,291
27,770
6,758
10,001
2,674
30,335
2,466
5,883
7,548
40,889
5,394
1,103
34,392
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
273,412
330,685
331,453
332,221
188,196
20,898
188,489
21,055
259,450
27,657
259,340
27,536
10,889
9,979
27,922
194,820
46,004
31,476
963
10,908
9,990
28,560
195,858
44,967
32,091
1,159
10,981
10,074
29,091
196,525
43,454
33,434
1,373
14,140
13,516
-6,111
225,683
56,949
48,054
1,634
31,600
30,512
30,932
32,060
23,225
5,747
136,355
32,379
137,086
32,543
137,495
32,832
4,037
1,618
3,340
64
3,276
4,121
1,627
3,278
61
3,217
22,431
9,948
18,059
161
17,897
22,564
9,979
18,137
151
17,986
148
32,172
25,809
380
21
266
1,830
3,929
2,018
1,910
1,325
2,738
809
680
1,844
478
2,133
516
981
488
5,093
341
1,069
888
6,363
1,453
614
4,296
146
32,104
25,605
391
20
274
1,743
3,821
1,947
1,874
1,320
2,722
805
669
1,769
464
2,152
528
962
499
5,165
347
1,067
883
6,500
1,521
651
4,328
295
186,497
141,284
126
190
3,416
13,624
11,176
6,576
4,600
8,099
10,572
4,036
5,533
10,940
4,425
25,799
2,266
6,994
3,292
18,694
1,521
4,752
5,828
45,213
19,822
3,921
21,470
286
187,480
141,673
120
199
3,440
13,560
11,190
6,696
4,495
8,153
10,511
4,042
5,487
10,525
4,379
26,276
2,388
6,965
3,368
18,933
1,504
4,801
5,831
45,808
20,006
3,990
21,811
III'
Line
III'
IV'
II'
2009
II'
III'
IV'
16,1,613
160,718
162,095
161,115
46,699
46,889
46,908
46,987
271,330
272,300
272,915
115,050
11,642
117,206
11,819
118,723
11,989
118,871
12,107
32,116
3,606
32,364
3,630
32,320
3,626
32,250
3,643
186,792
20,809
187,766
20,868
6,540
5,102
-181
103,226
27,768
30,619
315
6,644
5,175
-200
105,188
27,340
28,189
310
6,735
5,254
-220
106,514
27,254
28,327
298
6,801
5,306
-235
106,529
25,376
29,210
442
1,996
1,610
879
29,389
7,676
9,634
146
2,008
1,621
874
29,609
7,796
9,484
202
2,008
1,618
875
29,568
7,687
9,652
240
2,017
1,627
856
29,462
7,468
10,056
292
10,861
9,948
27,566
193,549
45,502
32,279
679
30,304
27,879
28,029
28,767
9,488
9,282
9,413
9,765
81,077
19,395
82,589
19,772
83,832
20,093
83,922
20,549
23,090
5,568
23,301
5,613
23,326
5,655
14,292
5,102
14,578
562
14,016
14,597
5,175
14,846
533
14,312
14,840
5,254
14,798
447
14,351
15,242
5,306
14,400
256
14,144
3,958
1,610
3,457
82
3,375
3,991
1,621
3,451
79
3,371
751
114,299
92,757
530
7,638
1,195
9,176
12,174
5,642
6,532
5,295
7,397
5,771
2,195
4,372
2,308
8,292
1,869
4,108
1,211
10,918
1,519
3,357
3,431
21,541
2,997
2,438
16,106
724
116,483
94,267
503
8,146
1,259
9,468
12,407
5,692
6,714
5,368
7,473
5,916
2,034
4,386
2,293
8,469
1,810
4,082
1,259
11,057
1,488
3,430
3,421
22,216
3,021
2,514
16,680
639
118,085
95,824
497
8,264
1,210
9,992
12,518
5,783
6,734
5,382
7,440
5,913
2,099
4,483
2,304
8,673
1,892
4,146
1,308
11,143
1,557
3,483
3,519
22,260
3,061
2,550
16,649
450
118,421
95,669
512
7,897
1,242
10,182
12,570
5,710
6,860
5,441
7,370
5,943
2,109
4,240
2,236
8,708
1,969
4,058
1,346
11,184
1,580
3,531
3,551
22,752
3,189
2,684
16,879
165
31,951
25,762
373
21
247
1,949
3,963
1,999
1,964
1,342
2,791
826
682
1,826
498
2,065
551
974
472
4,901
336
1,060
885
6,189
1,416
581
4,193
163
32,201
25,944
367
20
251
1,897
3,993
2,048
1,945
1,346
2,799
822
672
1,836
500
2,200
545
991
478
4,920
346
1,069
890
6,258
1,435
596
4,227
|p
2008
2009
2008
II'
IV'
IV'
III'
II'
2009
II'
|p
Michigan
Massachusetts
|p
|p
|p
118
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
Minnesota
Item
Line
llr
Income by place of residence
Personal income (lines 2-11)........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance..........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3.....................................................
Equals: Net earnings by place of residence.....................................
Plus: Dividends, interest, and rent4................................................
Plus: Personal current transfer receipts...........................................
State unemployment insurance benefits..................................
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements.................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5..................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings.............................................................................
Nonfarm earnings.........................................................................
Private earnings.......................................................................
Forestry, fishing, related activities, and other6...........................
Mining..................................................................................
Utilities.................................................................................
Construction
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Retail trade
Transportation and warehousing.............................................
Information
Finance and insurance
Real estate and rental and leasing..........................................
Professional and technical services........................................
Management of companies and enterprises.............................
Administrative and waste services..........................................
Educational services
Health care and social assistance...........................................
Arts, entertainment, and recreation.........................................
Accommodation and food services.........................................
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian
Military
State and local......................................................................
See the footnotes at the end of the table.
Mississippi
2008
III'
2009
IV'
lp
2008
llr
Missouri
2009
III'
IVr
lp
2008
II'
III'
2009
IV'
|p
1
222,024
224,826
223,309
221,198
88,650
86,872
86,722
86,909
210,030
209,550
215,101
211,413
2
3
172,614
20,212
175,805
20,587
174,233
20,443
171,789
20,303
58,720
6,627
58,546
6,593
58,347
6,566
58,218
6,589
159,288
17,857
159,913
17,891
166,958
18,807
161,617
18,259
4
5
6
7
8
9
10
10,449
9,763
-1,352
151,050
40,560
30,414
836
10,643
9,944
-1,386
153,832
40,943
30,052
1,166
10,574
9,870
-1,354
152,436
40,206
30,667
1,375
10,500
9,803
-1,313
150,173
39,010
32,014
1,627
3,679
2,948
2,576
54,669
12,379
21,602
182
3,659
2,934
2,616
54,569
12,528
19,776
307
3,645
2,921
2,609
54,390
12,271
20,060
355
3,655
2,934
2,580
54,208
11,864
20,836
488
9,438
8,419
-4,735
136,696
34,231
39,103
590
9,457
8,434
-4,733
137,289
34,519
37,742
752
9,934
8,873
-5,418
142,733
33,967
38,401
989
9,649
8,610
-4,990
138,368
32,990
40,054
1,314
11
29,578
28,885
29,293
30,387
21,420
19,469
19,705
20,348
38,513
36,990
37,412
38,740
12
13
127,626
28,069
130,355
28,576
129,663
28,582
127,656
28,619
41,398
10,739
41,288
10,727
41,181
10,773
40,940
10,962
115,879
27,300
116,431
27,412
122,444
28,892
117,917
28,416
14
15
16
17
18
18,306
9,763
16,919
3,107
13,812
18,633
9,944
16,873
2,940
13,933
18,712
9,870
15,988
2,436
13,552
18,816
9,803
15,514
2,259
13,255
7,792
2,948
6,582
740
5,843
7,793
2,934
6,531
693
5,838
7,852
2,921
6,393
653
5,740
8,028
2,934
6,316
675
5,641
18,882
8,419
16,109
962
15,147
18,978
8,434
16,070
856
15,214
20,019
8,873
15,622
692
14,930
19,807
8,610
15,283
644
14,639
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
3,730
168,884
145,086
350
644
1,575
8,598
24,985
16,667
8,317
11,646
9,638
5,273
4,618
14,327
3,134
14,626
8,765
5,029
2,115
19,546
1,566
3,831
4,820
23,798
3,191
1,060
19,547
3,568
172,236
148,065
369
737
1,638
8,616
25,008
16,690
8,318
11,935
9,538
5,355
4,878
14,669
3,164
14,979
9,665
5,088
2,145
19,858
1,623
3,912
4,888
24,171
3,210
1,103
19,858
3,070
171,163
146,922
363
738
1,673
8,181
24,722
16,576
8,146
11,648
9,336
6,385
4,555
14,417
3,088
14,788
9,033
5,009
2,193
20,324
1,769
3,859
4,842
24,242
3,200
1,155
19,886
2,899
168,890
144,258
374
701
1,727
7,655
23,868
15,859
8,009
11,584
9,324
5,728
4,512
13,905
3,031
14,687
9,193
4,737
2,246
20,646
1,680
3,827
4,835
24,632
3,324
1,232
20,075
933
57,787
43,654
493
1,109
686
4,029
8,563
5,739
2,824
2,405
4,277
2,273
881
2,165
684
2,935
811
1,599
484
5,742
445
2,307
1,765
14,133
2,365
1,978
9,791
888
57,658
43,395
477
1,173
700
3,599
8,472
5,651
2,820
2,412
4,309
2,272
887
2,177
700
2,950
816
1,598
499
5,856
443
2,307
1,747
14,263
2,389
2,049
9,825
849
57,498
43,021
471
1,227
700
3,537
8,321
5,574
2,747
2,372
4,176
2,258
878
2,157
683
2,995
773
1,569
513
5,915
442
2,262
1,772
14,477
2,414
2,114
9,950
874
57,344
42,533
485
1,188
728
3,449
8,073
5,340
2,733
2,349
4,182
2,242
875
2,046
668
2,960
791
1,515
519
5,991
447
2,258
1,768
14,811
2,488
2,275
10,047
1,319
157,969
132,303
339
515
1,329
9,943
19,942
12,157
7,785
9,309
10,301
5,863
5,720
9,544
2,397
13,588
7,175
5,777
2,816
16,262
2,023
4,429
5,030
25,666
5,217
2,483
17,965
1,216
158,698
132,780
343
521
1,429
9,979
19,843
12,236
7,607
9,268
10,348
5,878
5,864
9,491
2,409
13,882
6,818
5,915
2,876
16,267
2,046
4,493
5,111
25,918
5,267
2,584
18,067
1,055
165,903
139,629
354
535
1,381
9,763
22,304
11,921
10,383
9,401
10,196
5,862
5,957
9,606
2,337
14,117
10,729
5,893
2,897
16,690
1,971
4,491
5,145
26,274
5,343
2,686
18,245
1,010
160,607
133,687
365
512
1,426
9,265
19,601
11,397
8,204
9,317
10,164
5,864
5,890
9,217
2,283
14,097
8,564
5,679
2,944
16,926
1,979
4,472
5,122
26,920
5,615
2,898
18,407
J u ly
119
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2008:11—2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
2008
II'
III'
2008
2009
IV'
|e
II'
III'
|p
2009
2008
2009
IV'
II'
III'
New Jersey
New Hampshire
Nevada
Nebraska
Montana
IV'
|p
III'
2008
2009
2008
II'
IV'
lp
2009
II'
III'
IV'
|p
Line
33,204
33,302
33,216
33,055
67,714
67,934
66,958
66,689
104,679
104,946
103,097
102,280
56,555
56,575
56,525
56,245
441,319
444,185
442,450
440,318
1
22,805
2,869
23,061
2,898
23,025
2,899
22,876
2,907
52,233
5,752
52,732
5,822
51,746
5,727
51,529
5,759
76,486
7,882
76,883
7,881
75,210
7,681
74,509
7,652
40,718
4,559
40,741
4,555
40,682
4,553
40,418
4,559
310,630
36,095
312,622
36,232
311,737
36,132
309,444
36,129
2
3
1,441
1,427
36
19,972
7,458
5,774
93
1,457
1,442
36
20,199
7,523
5,580
125
1,457
1,441
36
20,163
7,358
5,695
165
1,462
1,445
37
20,007
7,102
5,947
215
3,044
2,707
-1,080
45,401
12,127
10,186
109
3,084
2,738
-1,095
45,815
12,257
9,861
161
3,036
2,691
-1,062
44,957
12,001
10,000
181
3,049
2,709
-1,061
44,709
11,616
10,363
225
4,038
3,845
-601
68,002
23,977
12,700
515
4,042
3,839
-603
68,398
24,144
12,404
777
3,941
3,740
-573
66,956
23,362
12,778
958
3,927
3,725
-565
66,291
22,325
13,663
1,322
2,512
2,047
4,785
40,943
8,551
7,061
138
2,510
2,044
4,778
40,964
8,667
6,944
167
2,512
2,041
4,822
40,951
8,503
7,071
205
2,514
2,045
4,781
40,639
8,248
7,358
252
18,746
17,349
39,758
314,292
69,653
57,374
2,185
18,818
17,414
40,828
317,218
69,926
57,040
3,351
18,774
17,358
40,654
316,259
67,963
58,228
3,894
18,768
17,361
40,211
313,526
65,702
61,090
5,021
4
5
6
7
8
9
10
5,680
5,455
5,530
5,732
10,077
9,700
9,819
10,139
12,185
11,627
11,821
12,341
6,923
6,776
6,866
7,105
55,189
53,690
54,335
56,070
11
15,731
4,088
15,941
4,128
15,969
4,159
15,883
4,226
36,863
8,482
37,441
8,574
36,910
8,511
36,754
8,648
57,384
12,127
57,610
12,172
56,235
11,994
55,551
12,086
29,562
6,347
29,622
6,328
29,673
6,373
29,449
6,433
226,546
47,476
228,043
47,688
227,786
47,788
225,762
48,167
12
13
2,661
1,427
2,986
-6
2,992
2,687
1,442
2,991
-33
3,024
2,717
1,441
2,898
-66
2,963
2,781
1,445
2,768
-144
2,912
5,775
2,707
6,887
1,555
5,332
5,835
2,738
6,718
1,374
5,344
5,820
2,691
6,326
1,053
5,273
5,939
2,709
6,127
906
5,222
8,282
3,845
6,975
26
6,949
8,333
3,839
7,100
18
7,082
8,254
3,740
6,982
14
6,968
8,361
3,725
6,872
18
6,854
4,300
2,047
4,809
1
4,809
4,284
2,044
4,791
-1
4,792
4,332
2,041
4,636
-2
4,638
4,389
2,045
4,535
3
4,532
30,127
17,349
36,607
38
36,569
30,274
17,414
36,891
17
36,874
30,429
17,358
36,164
26
36,138
30,806
17,361
35,514
23
35,491
14
15
16
17
18
202
22,603
17,588
208
886
454
1,750
1,309
724
586
988
1,944
861
438
1,044
584
1,577
109
658
144
2,786
280
850
716
5,015
1,216
497
3,302
177
22,884
17,810
216
937
462
1,740
1,298
711
588
1,013
1,933
873
435
1,041
589
1,594
116
662
146
2,856
297
868
733
5,074
1,219
499
3,356
146
22,879
17,693
210
932
469
1,698
1,273
697
576
1,007
1,894
867
438
1,051
555
1,595
114
666
150
2,892
307
846
728
5,187
1,228
503
3,455
70
22,806
17,485
216
898
486
1,603
1,248
674
574
988
1,886
856
433
1,019
538
1,593
116
643
152
2,932
309
842
728
5,322
1,287
529
3,505
2,080
50,152
41,183
220
247
1,355
3,048
5,740
2,824
2,916
2,826
3,191
3,585
1,354
3,749
546
3,553
1,588
1,534
592
5,263
292
1,089
1,409
8,969
1,390
955
6,624
1,903
50,829
41,755
239
261
1,351
2,977
5,759
2,794
2,965
2,898
3,204
3,525
1,265
3,810
563
3,640
1,953
1,546
593
5,339
290
1,114
1,428
9,074
1,402
961
6,711
1,587
50,159
40,941
250
268
1,387
2,971
5,640
2,770
2,870
2,924
3,167
3,501
1,184
3,725
544
3,642
1,357
1,551
612
5,376
287
1,118
1,438
9,218
1,423
973
6,822
1,445
50,085
40,643
257
256
1,431
2,893
5,482
2,651
2,831
2,905
3,164
3,541
1,172
3,581
533
3,653
1,375
1,490
630
5,440
290
1,110
1,439
9,442
1,488
1,031
6,923
107
76,379
64,741
48
1,313
568
9,048
3,502
2,509
993
3,038
5,239
2,674
1,269
3,830
2,123
5,695
2,015
3,037
339
5,659
1,413
12,139
1,792
11,638
1,651
1,179
8,808
99
76,783
64,920
45
1,318
560
8,997
3,427
2,458
968
3,050
5,196
2,710
1,281
3,894
2,123
5,714
2,406
3,011
351
5,708
1,382
11,954
1,794
11,863
1,671
1,233
8,959
96
75,115
63,188
41
1,402
584
8,571
3,387
2,441
946
2,988
5,005
2,655
1,297
3,917
2,045
5,599
1,931
2,917
357
5,774
1,334
11,592
1,794
11,927
1,688
1,244
8,995
100
74,408
62,368
42
1,379
604
8,080
3,334
2,399
934
2,998
4,971
2,687
1,290
3,776
2,003
5,643
2,024
2,773
365
5,871
1,337
11,385
1,805
12,041
1,751
1,312
8,979
38
40,680
35,539
116
54
381
2,423
6,337
4,863
1,474
2,569
3,608
713
1,222
2,909
741
3,762
725
1,444
1,043
4,737
383
1,177
1,195
5,140
838
171
4,132
36
40,705
35,559
116
57
366
2,307
6,154
4,689
1,465
2,571
3,618
703
1,216
2,861
797
3,876
763
1,442
1,057
4,867
392
1,185
1,211
5,146
836
175
4,134
36
40,647
35,365
116
57
405
2,196
6,172
4,711
1,460
2,539
3,539
688
1,184
2,818
727
3,917
721
1,443
1,092
5,027
297
1,172
1,256
5,282
842
174
4,266
42
40,376
35,017
119
54
418
2,061
5,971
4,560
1,411
2,536
3,586
684
1,176
2,722
709
3,899
741
1,404
1,105
5,091
298
1,178
1,262
5,359
876
187
4,296
233
310,396
264,874
139
346
2,328
15,382
32,553
12,748
19,805
22,445
19,263
10,750
12,731
28,919
6,606
38,237
9,807
12,174
3,892
30,768
2,697
7,918
7,919
45,522
6,357
1,413
37,752
214
312,408
267,086
144
366
2,276
15,255
32,840
12,677
20,162
22,446
19,202
10,652
12,640
28,864
6,872
39,127
10,355
12,169
3,966
31,188
2,843
7,929
7,952
45,322
6,408
1,425
37,490
224
311,513
265,202
149
375
2,375
14,790
32,081
12,377
19,704
22,271
18,349
10,683
12,705
29,089
6,575
38,003
10,726
12,268
3,986
31,996
3,108
7,851
7,821
46,311
6,360
1,467
38,483
224
309,220
262,361
153
360
2,455
14,056
31,158
11,802
19,355
22,182
18,444
10,683
12,626
28,299
6,249
37,633
11,147
11,829
4,080
32,345
3,037
7,821
7,804
46,859
6,570
1,565
38,724
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
120
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
New Mexico
Item
Income by place of residence
Personal income (lines 2-11)........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance................................................. ........................
Employer contributions for government social insurance............
Plus: Adjustment for residence3................ ....................................
Equals: Net earnings by place of residence.....................................
Plus: Dividends, interest, and rent4................................................
Plus: Personal current transfer receipts...........................................
State unemployment insurance benefits..................................
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements.................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5.................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings.............................................................................
Nonfarm earnings.........................................................................
Private earnings.......................................................................
Forestry, fishing, related activities, and other6...........................
Mining..................................................................................
Utilities.................................................................................
Construction.........................................................................
Manufacturing............... .......................................................
Durable goods..................................................................
Nondurable goods
Wholesale trade.
Retail trade
Transportation and warehousing.............................................
Information
....................................................................
Finance and insurance
Real estate and rental and leasing..........................................
Professional and technical services
Management of companies and enterprises.............................
Administrative and waste services..........................................
Educational services...............
Health care and social assistance
Arts, entertainment, and recreation.........................................
Accommodation and food services
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian
Military
State and local............. ........................................................
See the footnotes at the end of the table.
Line
New York
2008
2009
2008
North Carolina
2009
2008
2009
II'
III'
IV'
|p
1
64,201
64,139
64,336
64,366
933,085
942,916
938,128
932,763
319,779
319,454
317,927
318,709
2
3
46,043
5,007
46,523
5,043
46,643
5,060
46,387
5,070
743,588
77,702
758,576
79,011
755,921
78,580
750,085
78,565
236,863
27,625
238,275
27,732
236,087
27,466
235,092
27,464
4
5
6
7
8
9
10
2,679
2,328
343
41,379
9,897
12,926
170
2,699
2,344
348
41,828
10,083
12,228
224
2,708
2,352
349
41,932
9,944
12,460
274
2,712
2,358
353
41,669
9,647
13,050
375
39,339
38,363
-49,203
616,683
157,189
159,213
2,529
40,093
38,918
-50,734
628,831
158,240
155,846
3,869
39,851
38,728
-50,432
626,909
152,966
158,253
4,475
39,756
38,809
-49,898
621,622
146,684
164,458
5,831
14,407
13,217
-1,260
207,978
52,877
58,924
1,077
14,462
13,270
-1,255
209,288
53,680
56,486
1,636
14,329
13,137
-1,233
207,388
52,639
57,900
2,189
14,322
13,142
-1,194
206,435
50,879
61,395
3,362
11
12,756
12,004
12,186
12,675
156,684
151,977
153,778
158,627
57,847
54,850
55,711
58,034
12
13
33,477
8,185
33,824
8,272
33,973
8,339
33,735
8,487
538,350
112,930
550,197
114,527
547,536
114,632
541,534
115,688
175,341
41,987
176,495
42,230
175,083
42,172
173,492
42,839
14
15
16
17
18
5,857
2,328
4,380
220
4,160
5,928
2,344
4,427
194
4,233
5,987
2,352
4,331
159
4,172
6,129
2,358
4,164
75
4,089
74,567
38,363
92,308
581
91,727
75,609
38,918
93,853
572
93,280
75,904
38,728
93,752
466
93,286
76,878
38,809
92,864
359
92,504
28,770
13,217
19,535
1,064
18,470
28,960
13,270
19,550
1,048
18,502
29,035
13,137
18,832
848
17,984
29,697
13,142
18,761
1,142
17,619
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
483
45,560
33,531
133
2,221
451
3,232
2,614
1,918
696
1,513
3,300
1,247
954
1,660
701
5,235
361
1,776
386
4,579
320
1,534
1,313
12,029
3,022
1,088
7,918
460
46,064
33,676
133
2,330
421
3,179
2,545
1,866
679
1,519
3,277
1,267
962
1,666
709
5,218
367
1,815
393
4,686
302
1,548
1,338
12,387
3,049
1,099
8,239
427
46,216
33,815
129
2,414
406
3,149
2,489
1,833
657
1,518
3,234
1,253
952
1,694
666
5,397
366
1,807
395
4,721
325
1,538
1,360
12,401
3,100
1,146
8,156
345
46,041
33,334
132
2,275
417
3,036
2,380
1,746
635
1,513
3,203
1,240
928
1,629
650
5,384
373
1,767
405
4,789
335
1,521
1,354
12,708
3,251
1,234
8,223
1,023
742,565
634,966
1,340
2,383
6,917
30,057
47,000
26,974
20,025
32,276
35,385
14,580
45,290
137,757
16,117
87,519
20,822
23,257
16,352
72,787
9,778
16,680
18,670
107,599
12,061
3,754
91,783
1,018
757,558
650,029
1,266
2,551
6,577
30,699
46,482
26,447
20,035
32,471
35,463
14,736
45,430
148,845
16,519
88,281
21,009
23,383
16,614
73,783
10,012
17,010
18,898
107,529
12,138
3,902
91,489
916
755,005
646,671
1,350
2,593
6,803
30,491
45,183
25,820
19,364
31,615
34,666
15,023
45,933
146,011
16,273
88,274
20,425
23,371
16,990
75,516
9,862
16,913
19,379
108,334
12,155
4,028
92,151
814
749,271
640,083
1,387
2,489
7,041
29,801
44,461
25,080
19,382
31,212
34,578
14,994
45,764
139,236
15,979
88,458
21,153
22,900
17,268
76,761
10,164
16,948
19,488
109,188
12,592
4,250
92,346
1,845
235,018
186,533
649
358
1,537
14,054
34,779
19,438
15,342
13,213
15,606
6,473
6,356
14,979
3,852
17,880
7,476
8,657
3,141
22,505
2,200
6,314
6,505
48,485
5,964
11,354
31,167
1,835
236,441
186,872
656
387
1,594
13,613
33,995
19,033
14,961
13,223
15,529
6,460
6,386
15,213
3,848
18,170
7,817
8,665
3,237
22,861
2,232
6,437
6,549
49,569
6,039
11,693
31,837
1,642
234,445
184,642
650
378
1,632
12,904
33,317
18,619
14,698
13,016
15,139
6,446
6,462
15,054
3,642
18,087
7,564
8,611
3,289
23,279
2,243
6,408
6,519
49,804
6,112
12,000
31,692
1,944
233,149
181,666
669
359
1,679
12,129
32,137
17,679
14,458
12,905
15,071
6,376
6,381
14,397
3,561
18,037
7,762
8,299
3,335
23,514
2,226
6,388
6,442
51,483
6,440
13,020
32,023
II'
III'
IV'
|p
II'
III'
IV'
|p
J u ly
121
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2 0 0 8 :1 1 -2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
North Dakota
2008
II'
III'
Ohio
2009
IV'
|p
2008
II'
III'
2009
IV'
|p
2008
II'
III'
2009
IV'
Pennsylvania
Oregon
Oklahoma
|p
2009
2008
II'
III'
IV'
2009
2008
|p
II'
III'
IV’
I”
Line
25,255
25,732
25,280
24,616 409,468
408,801 407,515
405,289
135,152
135,848
135,402
135,274
136,822
136,762
136,034
135,360
503,189
504,286
504,575
504,274
1
20,742
2,272
21,361
2,333
20,965
2,356
20,300 304,945
2,376 33,128
305,975 304,192
33,193 32,923
300,084
32,693
97,872
10,332
99,552
10,492
99,276
10,510
98,919
10,550
101,129
12,440
100,915
12,383
99,971
12,243
98,927
12,189
367,831
43,204
369,280
43,260
369,286
43,276
366,817
43,314
2
3
1,160
1,113
-802
17,668
3,775
3,812
49
1,190
1,144
-830
18,197
3,820
3,715
68
1,202
1,154
-847
17,761
3,750
3,768
77
1,212 16,632
1,164 16,496
-851 -1,713
17,072 270,105
3,642 62,351
3,901 77,012
1,484
90
16,671 16,554
16,523 16,369
-1,690 -1,604
271,092 269,665
61,763 61,879
75,946 75,971
2,048
2,415
16,453
16,239
-1,559
265,833
60,186
79,270
3,349
5,456
4,876
1,238
88,778
22,285
24,089
193
5,538
4,954
1,240
90,299
22,502
23,046
291
5,551
4,959
1,250
90,016
21,955
23,431
337
5,571
4,979
1,234
89,603
21,133
24,537
528
6,136
6,305
-2,579
86,110
28,334
22,378
747
6,110
6,274
-2,529
86,002
28,729
22,031
1,061
6,045
6,198
-2,497
85,231
28,155
22,649
1,397
6,018
6,171
-2,456
84,282
27,162
23,915
1,904
22,383
20,821
4,502
329,129
78,684
95,376
2,729
22,412
20,848
4,612
330,633
79,287
94,366
3,875
22,433
20,844
4,561
330,570
77,853
96,153
4,548
22,449
20,865
4,469
327,972
75,634
100,668
5,850
4
5
6
7
8
9
10
3,763
3,646
3,691
73,556
75,921
23,896
22,755
23,095
24,010
21,631
20,969
21,252
22,011
92,647
90,492
91,604
94,818
11
13,331
3,306
13,714
3,379
13,874
3,423
225,371 224,064
52,156 52,042
220,788
52,125
62,046
15,960
63,146
16,197
63,375
16,313
63,055
16,626
73,565
17,355
73,456
17,299
72,760
17,231
71,818
17,322
264,798
59,837
265,872
59,987
266,440
60,347
264,344
60,859
12
13
2,194
1,113
4,105
2,359
1,746
2,236
1,144
4,267
2,492
1,775
2,269
1,154
3,668
1,941
1,727
35,673
16,369
28,086
726
27,360
35,886
16,239
27,171
387
26,783
11,084
4,876
19,866
-526
20,393
11,243
4,954
20,208
-598
20,806
11,355
4,959
19,588
-570
20,158
11,647
4,979
19,238
-353
19,591
11,050
6,305
10,210
125
10,084
11,025
6,274
10,160
29
10,131
11,033
6,198
9,979
62
9,918
11,152
6,171
9,786
6
9,780
39,017
20,821
43,196
959
42,237
39,139
20,848
.43,422
943
42,479
39,503
20,844
42,499
810
41,689
39,994
20,865
41,614
698
40,916
14
15
16
17
18
2,539
18,204
14,148
111
654
422
1,235
1,620
1,040
580
1,260
1,332
799
481
971
230
891
306
372
98
2,283
81
472
530
4,055
813
785
2,458
2,673
18,687
14,586
114
716
421
1,379
1,635
1,056
579
1,302
1,343
828
495
994
241
910
300
395
104
2,302
82
484
540
4,102
813
786
2,503
2,124
18,841
14,706
115
825
426
1,350
1,617
1,044
573
1,345
1,349
838
456
1,024
238
914
308
385
102
2,301
83
483
547
4,135
824
795
2,516
1,390
1,256
304,585 302,936
256,783 254,856
270
273
1,977
2,075
2,591
2,609
14,734 14,351
54,040 52,640
37,685 36,665
16,355 15,975
17,649 17,266
18,634 18,402
11,397 11,211
6,372
6,407
17,820 18,058
4,403
4,513
25,121 25,061
12,102 11,779
11,560 11,435
3,692
3,725
35,605 36,262
2,524
2,491
7,511
7,470
8,780
8,830
47,802 48,080
7,974
7,895
2,097
2,028
37,879 38,008
922
299,162
250,432
278
1,989
2,682
13,564
50,032
34,589
15,443
17,115
18,420
11,094
6,283
17,219
4,401
24,940
12,085
10,988
3,755
36,773
2,514
7,483
8,816
48,730
8,344
2,226
38,161
-202
98,074
78,479
195
10,278
1,769
4,544
15,692
6,424
9,268
4,018
5,971
3,544
2,244
3,777
1,440
5,480
1,134
3,829
645
8,563
544
2,200
2,612
19,595
4,312
2,743
12,541
-271
99,823
79,933
192
11,101
1,763
4,679
15,683
6,455
9,228
4,094
6,038
3,486
2,252
3,763
1,470
5,558
1,126
3,914
656
8,664
597
2,243
2,654
19,889
4,334
2,823
12,732
-240
99,517
79,534
190
11,162
1,736
4,688
15,044
6,538
8,506
4,102
5,955
3,523
2,248
3,788
1,454
5,552
1,078
3,930
658
8,800
651
2,232
2,741
19,983
4,390
2,869
12,723
-20
98,939
78,327
196
10,476
1,779
4,644
14,429
6,215
8,214
4,156
5,983
3,525
2,269
3,645
1,433
5,612
1,107
3,768
660
8,982
672
2,265
2,727
20,612
4,653
3,069
12,891
1,041
100,088
83,157
1,381
234
722
6,361
14,612
11,531
3,081
6,610
6,858
3,423
2,971
4,946
1,847
7,404
2,868
3,466
1,073
11,331
789
3,107
3,154
16,930
2,843
575
13,512
952
99,962
82,770
1,465
237
732
6,176
14,149
11,065
3,084
6,541
6,760
3,391
3,013
4,876
1,857
7,537
2,938
3,466
1,104
11,490
746
3,119
3,173
17,192
2,852
603
13,736
993
98,978
81,593
1,424
233
731
5,876
13,897
10,826
3,071
6,462
6,560
3,346
2,931
4,891
1,758
7,417
2,866
3,354
1,101
11,799
744
3,053
3,149
17,385
2,872
627
13,886
947
97,979
80,247
1,465
221
755
5,543
13,264
10,228
3,036
6,365
6,482
3,279
2,877
4,686
1,708
7,453
2,888
3,220
1,140
11,968
759
3,001
3,173
17,733
3,054
663
14,016
1,417
366,415
319,238
474
3,138
4,036
20,449
49,454
30,013
19,440
19,501
21,921
13,220
11,094
26,329
6,466
37,727
13,679
11,655
10,045
47,365
3,358
8,298
11,031
47,176
10,110
1,860
35,207
1,404
367,876
320,249
476
3,243
3,984
20,299
49,584
30,034
19,550
19,651
21,942
13,102
11,114
26,107
6,396
38,216
13,275
11,602
10,323
47,977
3,471
8,382
11,104
47,628
10,256
1,901
35,471
1,276
368,010
319,720
477
3,363
4,062
19,816
48,859
29,857
19,001
19,527
21,582
13,116
11,165
26,397
6,118
38,128
13,087
11,542
10,507
48,948
3,480
8,341
11,205
48,290
10,357
1,964
35,969
3,811
75,529
13,869 224,224
3,496 51,979
2,333
1,164
2,934
1,239
1,695
35,483
16,496
28,742
1,030
27,712
1,423
1,551
18,876 303,394
14,607 256,187
119
264
806
1,915
439
2,481
1,297 14,777
1,531 54,375
961 37,991
570 16,384
1,357 17,507
1,358 18,642
849 11,456
455
6,303
991 18,064
231
4,639
925 24,700
319 11,831
375 11,600
103
3,601
2,335 35,183
84
2,604
485
7,456
549
8,788
4,269 47,208
863
7,846
839
1,978
2,567 37,383
73,898
35,633
16,523
28,448
865
27,584
1,169
19
365,648
20
316,584
21
491
22
3,239
23
4,197
24
18,893 . 25
47,268
26
27
28,581
18,687
28
29
19,450
21,562
30
13,090
31
11,057
32
33
25,305
34
5,949
38,131
35
13,472
36
37
11,153
10,682
38
49,664
39
3,503
40
41
8,300
11,177
42
49,064
43
44
10,758
45
2,039
36,267
46
122
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
Rhode Island
Item
Income by place of residence
Personal income (lines 2-11)........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19—
46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance..........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3
.............................................
Equals: Net earnings by place of residence
Plus: Dividends, interest, and rent4....
Plus: Personal current transfer receipts
State unemployment insurance benefits
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements.................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5..................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors' income..................................................
Earnings by industry
Farm earnings..........................................
Nonfarm earnings......................................
Private earnings....................................
Forestry, fishing, related activities, and other6
Mining...............................................
Utilities...
Construction
Manufacturing
Durable goods.
Nondurable goods
Wholesale trade..
Retail trade........
Transportation and warehousing.............................................
Information........
Finance and insurance
Real estate and rental and leasing..........................................
Professional and technical services........................................
Management of companies and enterprises.............................
Administrative and waste services..........................................
Educational services
Health care and social assistance...........................................
Arts, entertainment, and recreation.........................................
Accommodation and food services.........................................
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian....
Military..............
State and local......................................................................
See the footnotes at the end of the table.
Line
South Carolina
2008
2009
2008
III'
South Dakota
2009
II'
III'
IV'
I"
1
43,339
43,226
43,683
43,405
144,142
143,506
142,557
142,894
2
3
29,535
3,599
29,441
3,572
30,093
3,668
29,650
3,627
100,156
11,523
100,664
11,552
99,672
11,419
4
5
6
7
8
9
10
1,957
1,641
1,658
27,595
7,431
8,313
267
1,943
1,629
1,671
27,540
7,455
8,231
388
1,993
1,675
1,616
28,041
7,271
8,371
435
1,973
1,654
1,618
27,640
7,050
8,715
526
6,081
5,443
2,148
90,781
23,972
29,389
500
6,095
5,458
2,152
91,264
24,324
27,918
851
11
8,046
7,842
7,936
8,189
28,890
12
13
21,347
5,128
21,253
5,106
21,826
5,234
21,421
5,245
14
15
16
17
18
3,487
1,641
3,060
1
3,058
3,477
1,629
3,082
0
3,082
3,559
1,675
3,032
1
3,031
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
16
29,520
24,092
50
29
313
1,565
3,277
2,108
1,169
1,391
1,762
494
939
2,348
466
2,316
1,177
936
1,044
3,929
309
900
849
5,428
1,079
584
3,765
14
29,427
23,954
49
29
310
1,536
3,246
2,090
1,157
1,373
1,763
490
1,001
2,314
472
2,307
1,036
951
1,068
3,951
310
899
850
5,472
1,098
585
3,790
16
30,077
24,617
49
29
323
1,491
3,177
2,059
1,118
1,362
1,732
485
994
2,778
447
2,365
1,225
952
1,085
4,054
314
896
858
5,461
1,097
607
3,757
II'
IV'
|e
2009
2008
II'
III'
IV'
30,166
30,271
29,871
29,744
99,292
11,424
21,426
2,278
21,705
2,320
21,372
2,316
21,293
2,325
6,026
5,393
2,144
90,397
23,781
28,379
925
6,025
5,398
2,109
89,977
22,890
30,027
1,527
1,261
1,017
-222
18,926
6,619
4,621
28
1,285
1,035
-228
19,157
6,672
4,442
30
1,283
1,033
-228
18,827
6,528
4,516
43
1,287
1,038
-226
18,742
6,310
4,692
56
27,066
27,454
28,501
4,594
4,413
4,473
4,635
73,922
18,351
74,296
18,491
73,553
18,488
72,909
18,775
14,002
3,413
14,302
3,476
14,300
3,493
14,220
3,551
3,591
1,654
2,984
1
2,983
12,909
5,443
7,884
47
7,836
13,034
5,458
7,876
20
7,857
13,095
5,393
7,631
19
7,612
13,376
5,398
7,608
138
7,470
2,396
1,017
4,012
1,658
2,354
2,441
1,035
3,927
1,558
2,369
2,460
1,033
3,579
1,272
2,306
2,513
1,038
3,523
1,251
2,272
16
29,634
24,066
50
28
334
1,407
3,078
1,978
1,100
1,349
1,721
484
986
2,459
435
2,376
1,174
913
1,103
4,102
315
895
855
5,568
1,148
632
3,789
218
99,938
78,050
360
116
1,354
6,448
15,959
8,817
7,142
4,975
7,676
2,755
1,976
4,948
1,920
6,774
1,167
4,859
836
8,286
817
3,631
3,192
21,888
2,757
3,744
15,387
192
100,471
78,149
360
118
1,324
6,219
16,024
8,876
7,148
4,990
7,658
2,719
2,023
4,906
1,899
6,924
1,185
4,810
864
8,418
817
3,673
3,218
22,322
2,801
3,958
15,563
193
99,479
76,760
349
115
1,370
5,956
15,723
8,731
6,991
4,889
7,445
2,643
2,021
4,799
1,825
6,729
1,231
4,701
867
8,530
775
3,564
3,228
22,719
2,832
4,134
15,753
314
98,978
75,661
359
111
1,421
5,695
15,227
8,339
6,888
4,843
7,412
2,636
2,007
4,609
1,781
6,729
1,265
4,513
879
8,620
783
3,544
3,225
23,317
2,950
4,505
15,862
1,823
19,603
15,679
109
92
252
1,230
2,336
1,538
797
1,155
1,532
675
437
1,550
310
863
293
433
219
2,735
219
610
629
3,924
943
501
2480
1,725
19,981
15,992
117
95
268
1,243
2,385
1,564
821
1,171
1,556
680
448
1,575
317
855
295
436
223
2,838
221
625
642
3,989
945
512
2,532
1,440
19,931
15,899
115
92
264
1,217
2,340
1,538
802
1,155
1,535
675
455
1,578
302
854
312
424
220
2,867
221
623
650
4,033
960
524
2,549
1,421
19,873
15,721
118
87
272
1,169
2,249
1,471
778
1,149
1,534
670
456
1,513
292
854
319
414
225
2,909
225
618
647
4,151
1,012
552
2,586
|p
J u ly
123
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n i n g s b y I n d u s t r y , 2008:11—2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
Tennessee
2008
Texas
2009
lp
Utah
2008
II'
III'
2009
II'
III'
IV'
IV'
|p
214,429
213,892
212,562
212,882 944,012
943,369 947,978
942,825
164,676
17,950
165,560
17,997
163,744
17,799
162,600 765,739
17,754 74,347
773,330 779,142
74,952 75,410
9,849
8,101
-1,278
145,448
27,067
41,914
545
9,873
8,124
-1,250
146,313
27,528
40,051
831
9,768
8,032
-1,173
144,772
27,060
40,730
968
9,740 39,138
8,014 35,209
-1,000 -2,227
143,845 689,165
26,230 123,051
42,807 131,796
1,585
1,554
41,369
39,220
39,762
115,495
26,190
116,097
26,315
18,088
8,101
22,991
-313
23,304
-130
164,806
140,804
340
445
417
8,812
25,422
15,401
10,021
9,783
12,195
8,969
3,688
10,134
3,195
12,142
2,366
8,414
2,601
19,704
1,797
5,090
5,292
24,002
4,851
1,124
18,028
2009
2008
2008
2009
2009
II'
III'
24,435
334,294
335,646
335,626
336,545
1
17,199
2,032
17,080
2,031
259,875
28,408
262,632
28,642
262,885
-28,632
263,553
28,881
2
3
1,093
923
382
15,458
4,584
4,346
130
1,102
930
378
15,546
4,493
4,445
164
1,101
930
374
15,423
4,351
4,662
205
14,939
13,469
9,552
241,019
52,626
40,649
501
15,061
13,581
9,584
243,574
52,925
39,146
675
15,059
13,573
10,038
244,291
51,469
39,866
813
15,178
13,703
10,484
245,155
49,682
41,708
1,087
4
5
6
7
8
9
10
4,286
4,216
4,281
4,457
40,148
38,471
39,053
40,621
11
49,541
12,197
12,186
2,926
12,322
2,957
12,436
3,004
12,318
3,034
191,429
47,540
193,532
47,961
193,740
48,350
193,596
49,443
12
13
8,200
3,836
6,261
-103
6,363
8,353
3,844
6,115
-120
6,235
2,012
914
1,801
102
1,699
2,034
923
1,812
105
1,708
2,074
930
1,759
88
1,671
2,104
930
1,728
92
1,636
34,071
13,469
20,906
97
20,809
34,380
13,581
21,139
90
21,049
34,777
13,573
20,794
21
20,773
35,740
13,703
20,514
98
20,416
14
15
16
17
18
61
68,169
55,311
73
1,447
528
4,855
8,456
5,731
2,724
3,246
4,987
2,881
1,808
3,871
1,264
6,585
1,391
2,388
1,058
5,367
578
1,884
2,644
12,858
3,283
980
8,596
45
67,808
54,623
75
1,424
540
4,606
8,213
5,516
2,697
3,218
4,953
2,898
1,777
3,755
1,225
6,570
1,433
2,362
1,067
5,461
584
1,861
2,601
13,184
3,418
1,040
8,727
162
16,752
13,600
75
58
249
1,025
2,504
1,909
595
688
1,388
398
349
826
215
1,334
20
396
509
2,253
141
680
491
3,152
577
173
2,402
165
16,927
13,725
74
60
253
1,040
2,497
1,892
605
698
1,390
394
366
814
219
1,357
19
409
520
2,297
144
683
491
3,202
582
183
2,437
149
17,050
13,741
76
59
277
1,029
2,449
1,847
602
689
1,369
395
358
801
212
1,340
21
407
521
2,402
143
695
499
3,310
583
196
2,530
153
16,927
13,550
78
57
286
964
2,356
1,762
594
683
1,361
394
353
769
207
1,334
21
392
529
2,436
144
692
496
3,376
617
206
2,554
327
259,549
194,993
323
1,458
2,249
14,656
17,781
10,479
7,301
9,695
13,789
6,340
9,837
13,366
5,273
43,666
8,715
8,646
2,945
19,777
1,680
6,277
8,521
64,556
20,696
15,693
28,167
321
262,311
196,846
325
1,551
2,254
14,491
17,757
10,464
7,293
9,841
13,783
6,315
9,796
13,237
5,440
44,868
8,804
8,718
3,023
19,964
1,659
6,330
8,688
65,465
21,033
15,793
28,638
254
262,630
196,492
323
1,631
2,311
14,007
17,890
10,575
7,315
9,751
13,402
6,345
9,736
13,342
5,189
45,027
8,570
8,722
3,074
20,391
1,697
6,328
8,757
66,139
21,335
16,103
28,701
333
263,219
195,213
332
1,569
2,391
13,315
17,449
10,212
7,237
9,687
13,458
6,354
9,565
12,839
5,088
45,570
8,791
8,375
3,107
20,645
1,710
6,288
8,679
68,006
22,479
16,648
28,879
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
IV'
|p
II'
III'
IV'
83,036
83,187
82,576
82,268
24,228
24,389
24,484
772,167
75,422
68,406
7,653
68,866
7,683
68,230
7,604
67,853
7,614
16,913
1,998
17,092
2,016
39,457 39,698
35,495 35,712
-2,255 -2,298
696,122 701,434
118,037 121,525
129,210 125,018
2,265
2,758
39,693
35,729
-2,271
694,474
117,214
131,137
3,810
3,791
3,862
37
60,791
12,002
10,243
171
3,807
3,876
38
61,222
12,143
9,823
238
3,768
3,836
37
60,663
11,841
10,071
340
3,770
3,844
36
60,275
11,419
10,573
447
1,084
914
386
15,301
4,533
4,394
108
41,222 130,242
126,945 122,260
127,327
10,072
9,584
9,731
10,127
114,998
26,137
113,687 508,202
26,311 111,982
513,769 517,524
113,059 114,428
513,012
115,978
50,042
11,954
50,390
12,034
49,933
12,036
18,190
8,124
23,148
-340
23,488
18,106
8,032
22,609
-388
22,996
18,297 76,773
8,014 35,209
22,601 145,556
-11
938
22,612 144,618
77,563 78,715
35,495 35,712
146,502 147,191
609
678
145,893 146,513
80,248
35,729
143,177
88
143,090
8,093
3,862
6,411
-79
6,490
8,158
3,876
6,443
-95
6,538
-156
165,716
141,525
336
466
417
8,769
25,693
15,788
9,905
9,787
12,076
8,886
3,798
10,141
3,209
12,409
2,155
8,323
2,609
20,162
1,864
5,119
5,306
24,191
4,882
1,148
18,162
-202
163,946
139,762
333
472
429
8,412
24,548
14,675
9,874
9,634
11,666
8,939
3,873
10,108
3,038
12,460
2,323
8,319
2,650
20,303
1,917
4,999
5,337
24,184
4,935
1,203
18,047
177
2,053
162,423 763,686
137,847 653,741
343
1,595
452 64,580
444 14,721
7,925 49,173
23,747 95,251
14,017 53,195
9,731 42,056
9,545 46,380
11,626 43,406
8,885 32,376
3,823 23,189
9,709 46,418
2,952 17,693
12,451 70,223
2,381
8,490
8,029 29,993
2,691
5,970
20,605 60,521
1,933
4,868
4,990 19,015
5,315 19,879
24,576 109,945
5,106 18,443
1,266 14,402
18,204 77,100
1,812
1,733
771,596 777,330
659,889 664,565
1,555
1,528
68,219 69,272
15,018 15,338
49,106 49,483
94,779 92,758
52,832 52,576
41,947 40,182
47,089 47,046
43,352 42,477
32,937 33,171
23,797 23,964
45,983 48,042
16,458 17,296
70,923 70,906
8,827
8,836
30,512 31,249
6,111
6,245
61,157 62,326
4,897
4,850
19,106 19,287
20,053 20,499
111,708 112,765
18,630 19,004
14,779 15,264
78,298 78,498
1,233
770,934
654,775
1,572
66,114
15,904
47,242
91,248
51,617
39,631
45,416
42,606
32,841
23,685
46,423
16,907
69,740
9,079
30,935
6,399
63,888
5,026
19,369
20,380
116,159
20,059
16,218
79,882
82
68,324
55,858
76
1,331
469
5,152
8,393
5,630
2,763
3,293
5,162
2,709
1,892
3,992
1,348
6,754
1,420
2,487
1,040
5,251
589
1,858
2,642
12,467
3,221
939
8,307
67
68,799
56,113
64
1,404
522
5,044
8,458
5,659
2,800
3,333
5,133
2,770
1,876
3,901
1,339
6,584
1,497
2,525
1,056
5,366
592
1,887
2,762
12,686
3,226
954
8,506
|p
I"
Line
IV'
III'
II'
Virginia
Vermont
2008
124
R e g io n a l Q u a r t e r ly
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d
[Millions of dollars,
Washington
Item
llr
Income by place of residence
Personal income (lines 2-11).........................................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)............................
Less: Contributions for government social insurance2......................
Employee and self-employed contributions for government social
insurance..........................................................................
Employer contributions for government social insurance............
Plus: Adjustment for residence3.....................................................
Equals: Net earnings by place of residence.....................................
Plus: Dividends, interest, and rent4................................................
Plus: Personal current transfer receipts...........................................
State unemployment insurance benefits..................................
Personal current transfer receipts excluding state unemployment
insurance benefits.............................................................
Earnings by place of work
Components of earnings:
Wage and salary disbursements................................................
Supplements to wages and salaries............................................
Employer contributions for employee pension and insurance
funds................................................................................
Employer contributions for government social insurance............
Proprietors’ income5..................................................................
Farm proprietors’ income.......................................................
Nonfarm proprietors’ income..................................................
Earnings by industry
Farm earnings.............................................................................
Nonfarm earnings.........................................................................
Private earnings
Forestry, fishing, related activities, and other6...........................
Mining , .
Utilities....
Construction
Manufacturing
Durable goods
Nondurable goods
Wholesale trade...................................................................
Retail trade...........................................................................
Transportation and warehousing
Information...................
Finance and insurance...
Real estate and rental and leasing..........................................
Professional and technical services........................................
Management of companies and enterprises.............................
Administrative and waste services
Educational services......
Health care and social assistance
Arts, entertainment, and recreation.........................................
Accommodation and food services.........................................
Other services, except public administration.............................
Government and government enterprises....................................
Federal, civilian..............
Military.................................................................................
State and local......................................................................
See the footnotes at the end of the table.
West Virginia
2008
Line
III'
2009
IVr
|p
2008
ir
Wisconsin
2009
ill1
IVr
lp
2008
llr
III'
2009
IV'
|p
1
276,760
280,599
277,466
276,411
56,118
56,540
57,129
57,181
210,954
211,588
211,504
210,005
2
3
207,630
25,160
212,096
25,643
209,335
25,288
208,765
25,402
38,022
5,006
38,970
5,127
39,667
5,225
39,470
5,218
154,561
17,705
155,350
17,770
155,456
17,780
153,650
17,698
4
5
6
7
8
9
10
11,903
13,257
3,097
185,566
53,878
37,316
1,034
12,151
13,493
3,034
189,486
54,588
36,525
1,281
11,972
13,316
3,029
187,076
53,012
37,378
1,673
12,035
13,367
2,979
186,342
50,703
39,365
2,423
2,411
2,595
1,120
34,136
7,153
14,829
210
2,467
2,660
1,076
34,919
7,272
14,348
228
2,512
2,712
1,017
35,459
7,160
14,510
250
2,510
2,708
1,018
35,270
6,949
14,962
327
9,272
8,433
3,857
140,713
37,599
32,643
1,005
9,305
8,465
3,928
141,508
38,009
32,071
1,370
9,318
8,462
3,897
141,573
37,258
32,672
1,587
9,274
8,423
3,848
139,800
36,076
34,129
2,010
11
36,282
35,244
35,704
36,942
14,619
14,120
14,259
14,636
31,638
30,702
31,086
32,119
12
13
151,302
35,561
154,878
36,387
152,785
36,086
152,268
36,615
26,594
7,683
27,282
7,856
27,820
8,031
27,559
8,110
114,292
27,208
115,015
27,302
115,316
27,548
113,789
27,657
14
15
16
17
18
22,304
13,257
20,767
477
20,290
22,894
13,493
20,831
363
20,467
22,769
13,316
20,464
324
20,141
23,248
13,367
19,882
33
19,849
5,088
2,595
3,745
-175
3,920
5,196
2,660
3,832
-182
4,013
5,319
2,712
3,816
-177
3,993
5,402
2,708
3,801
-116
3,917
18,775
8,433
13,060
631
12,429
18,837
8,465
13,034
515
12,518
19,086
8,462
12,592
400
12,191
19,233
8,423
12,204
294
11,911
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
1,709
205,921
166,325
2,090
329
779
14,991
24,781
18,679
6,102
10,647
13,781
6,321
13,983
11,312
4,039
18,326
3,834
7,273
1,645
18,913
1,958
5,388
5,936
39,596
6,709
6,569
26,319
1,605
210,491
169,961
2,169
350
791
14,861
25,083
18,991
6,093
10,774
13,537
6,334
16,144
11,591
4,053
18,811
3,907
7,307
1,676
19,225
1,972
5,396
5,981
40,530
6,787
6,919
26,824
1,576
207,759
166,839
2,252
344
787
14,420
25,180
19,086
6,094
10,564
13,265
6,288
13,917
11,501
3,896
18,964
3,685
7,185
1,689
19,638
1,954
5,350
5,960
40,920
6,887
6,885
27,148
1,298
207,467
165,884
2,317
329
809
13,811
24,646
18,768
5,878
10,487
13,103
6,260
14,795
10,981
3,843
19,074
3,686
6,897
1,711
19,829
2,020
5,322
5,966
41,583
7,213
7,078
27,292
-142
38,164
29,536
110
3,320
625
2,479
3,941
2,206
1,735
1,504
2,737
1,345
669
1,215
414
2,100
390
1,015
227
4,912
273
1,158
1,101
8,628
2,172
426
6,031
-148
39,119
30,326
112
3,540
634
2,640
3,969
2,231
1,738
1,525
2,771
1,362
677
1,217
424
2,131
423
1,026
234
5,038
279
1,186
1,138
8,792
2,203
438
6,151
-143
39,811
30,935
111
3,772
645
2,774
3,996
2,282
1,714
1,547
2,734
1,384
677
1,233
428
2,156
431
1,033
240
5,139
291
1,184
1,160
8,876
2,229
466
6,181
-82
39,552
30,546
115
3,617
660
2,695
3,925
2,230
1,695
1,542
2,715
1,353
672
1,168
414
2,125
455
1,017
241
5,198
295
1,179
1,160
9,006
2,341
492
6,173
1,581
152,979
130,367
389
281
1,352
8,719
32,811
21,001
11,811
8,616
9,452
5,380
3,630
10,620
1,795
9,406
4,439
4,354
1,868
17,938
1,240
3,610
4,467
22,612
2,529
721
19,362
1,474
153,877
131,237
396
296
1,277
8,708
32,832
21,044
11,787
8,762
9,504
5,369
3,688
10,506
1,828
9,571
4,413
4,403
1,901
18,232
1,363
3,659
4,528
22,640
2,550
747
19,343
1,367
154,089
130,330
381
296
1,310
8,448
32,466
20,701
11,765
8,744
9,373
5,330
3,740
10,416
1,780
9,405
4,529
4,385
1,943
18,364
1,273
3,594
4,553
23,760
2,570
739
20,450
1,270
152,379
128,307
392
279
1,348
7,992
31,389
19,748
11,641
8,669
9,360
5,318
3,719
10,031
1,741
9,346
4,644
4,107
1,974
18,647
1,246
3,588
4,517
24,072
2,677
774
20,622
J u ly
125
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
E a r n in g s b y I n d u s t r y , 2 0 0 8 :1 1 -2 0 0 9 :1 1— C o n tin u e s
seasonally adjusted at annual rates]
Wyoming
2008
llr
III'
2009
IV'
Mideast
New England
I"
2008
II’
III'
2009
IV'
l»
Great Lakes
2008
II'
III'
2009
IV'
|p
2008
II'
III'
Plains
2009
IV'
|p
2008
2009
II'
III'
IV'
Line
|p
26,413
26,792
26,641
26,219 698,301
700,909 700,236
695,517 2,223,104 2,238,236 2,232,967 2,225,581 1,744,424 1,745,113 1,739,801 1,727,572
772,778
776,829
778,272
769,363
1
17,794
1,985
18,265
2,030
18,368
2,039
18,184 522,155
2,038 55,656
523,498 524,630
55,623 55,736
519,675 1,714,095 1,734,433 1,733,068 1,723,729 1,302,167 1,307,275 1,300,746 1,282,446
55,564 188,129 189,754 189,433
189,754 143,754 143,971
143,231 142,193
591,153
66,597
598,073
67,390
600,748
68,073
589,927
67,460
2
3
1,030
955
-16
15,793
7,671
2,949
50
1,054
976
-20
16,215
7,712
2,865
58
1,060
980
-24
16,305
7,424
2,913
69
1,058 29,158
980 26,498
6,688
-25
16,121 473,187
7,050 124,541
3,048 100,573
2,953
103
29,139 29,220
26,485 26,516
7,011
6,944
474,885 475,838
125,879 122,370
100,145 102,028
4,188
4,772
29,133
96,472
97,386
97,271
97,223
73,880
73,995
73,681
73,164
26,432
92,369
92,484
91,658
92,210
69,875
69,975
69,549
69,029
6,906 -20,438 -20,849 -21,266 -21,685
6,436
6,950
6,735
6,566
471,017 1,505,528 1,523,831 1,522,369 1,512,289 1,164,849 1,169,869 1,164,466 1,146,988
117,720 362,865 365,461 355,485 342,810 286,346 287,785 284,054 275,553
106,780 354,711 348,944 355,113 370,482 293,229 287,459 291,281 305,031
6,039
8,321
12,348
14,394
18,449
7,919
13,170
17,344
11,200
35,103
31,494
-6,295
518,261
132,540
121,977
2,355
35,519
31,871
-6,388
524,296
133,847
118,687
3,094
35,889
32,184
-6,716
525,959
131,372
120,941
3,903
35,564
31,896
-6,440
516,026
127,380
125,956
4,835
4
5
6
7
8
9
10
2,900
2,806
2,844
100,741
12,618
2,860
12,941
2,923
13,031
2,957
1,905
955
2,316
-132
2,448
1,947
976
2,401
-138
2,539
1,977
980
2,380
-145
2,525
-18
17,812
13,890
41
3,465
256
1,798
765
304
461
650
1,069
906
206
536
411
844
99
312
59
1,192
151
676
453
3,923
663
399
2,860
-23
18,288
14,311
47
3,582
272
1,877
775
314
461
684
1,067
909
215
629
421
857
81
323
61
1,210
155
675
472
3,977
657
412
2,909
-29
18,397
14,352
45
3,704
279
1,823
785
329
456
701
1,062
914
211
528
406
870
83
321
65
1,250
149
669
487
4,045
664
425
2,956
2,945
97,619
12,902 382,953
2,998 82,297
2,018
980
2,285
-173
2,459
55,799
26,498
56,904
172
56,732
-56
601
18,240 521,554
14,115 453,153
47
1,156
3,538
882
4,487
289
1,742 26,320
787 62,776
326 44,166
461 18,610
704 26,694
1,057 30,441
931
9,552
211 17,488
508 61,686
396
9,308
869 63,220
83 14,381
315 17,023
66 14,982
1,267 61,454
153
4,825
671 13,179
481 13,299
4,125 68,401
698 10,892
449
3,525
2,979 53,984
95,957
97,255
383,755 385,168
82,308 83,000
55,823
26,485
57,435
154
57,281
56,484
26,516
56,462
119
56,343
587
556
522,911 524,075
454,093 454,276
1,165
1,150
929
949
4,459
4,746
25,821 24,969
61,938 61,670
44,018 44,089
17,920 17,581
26,677 26,282
30,366 29,683
9,555
9,642
17,650 17,794
62,702 62,066
9,570
9,110
62,389 62,960
14,358 14,461
17,107 16,921
15,304 15,606
62,578 64,733
4,844
4,725
13,256 13,210
13,425 13,600
68,818 69,798
10,972 11,074
3,617
3,709
54,229 55,016
352,033
285,311
276,258
278,111
287,687
119,622
115,593
117,038
121,121
11
380,694 1,243,523 1,259,375 1,258,871 1,248,798
83,545 272,646 274,910 276,139 279,527
944,532
219,237
948,767
219,657
945,710
219,980
931,103
220,205
422,551
98,021
428,710
99,206
433,796
100,811
426,090
100,960
12
13
182,542
92,369
200,148
1,852
198,297
149,362
69,875
138,398
7,244
131,154
149,681
69,975
138,851
6,793
132,058
150,430
69,549
135,056
5,285
129,771
151,176
69,029
131,138
4,220
126,918
66,527
31,494
70,581
15,079
55,502
67,335
31,871
70,157
14,174
55,983
68,627
32,184
66,141
11,466
54,675
69,064
31,896
62,878
9,266
53,612
14
15
16
17
18
577
2,702
8,371
3,176
3,128
2,863
10,279
9,852
7,338
519,098 1,710,919 1,731,306 1,730,204 1,721,026 1,291,888 1,297,422 1,292,375 1,275,109
448,211 1,430,679 1,449,858 1,445,219 1,430,818 1,105,016 1,108,617 1,100,982 1,080,879
1,183
3,067
2,996
3,079
3,163
1,645
1,664
1,688
1,713
6,107
6,414
6,334
908
6,588
8,086
8,840
8,493
8,482
4,907
16,849
17,255
17,338
17,928
12,541
12,542
12,759
13,178
23,439
82,202
82,494
77,892
81,023
68,213
66,826
68,660
63,209
59,827 143,284 143,129 140,381
136,789 233,028 230,630 226,947 216,338
42,504
77,714
77,220
76,226
73,328
161,363 158,922 156,343 147,058
17,323
65,571
65,909
63,461
70,604
64,155
71,665
69,279
71,708
26,106
84,695
83,442
82,799
75,354
84,209
75,922
74,780
73,969
29,608
89,617
89,588
87,252
87,172
75,890
74,184
73,994
75,480
9,629
43,480
43,821
43,550
43,763
46,729
46,362
46,085
45,790
17,580
78,132
78,126
78,866
78,426
29,660
29,766
30,310
29,426
59,421 210,521 220,846 218,357 208,938
88,465
87,332
88,662
85,121
8,838
35,262
35,795
33,806
34,729
23,412
23,257
22,560
21,933
62,776 211,125 213,933 213,022 213,067
120,666 122,293 121,972 121,343
14,724
48,071
48,634
49,931
48,613
37,740
38,084
38,770
38,886
16,272
57,309
56,252
57,336
57,815
49,462
48,701
49,298
46,496
15,842
36,347
37,106
37,773
38,439
16,547
17,117
17,367
17,018
65,635 176,635 179,036 182,967
185,749
136,202 138,287 140,244 142,191
4,774
18,190
18,679
18,912
19,175
11,844
12,011
11,659
11,649
13,167
40,517
40,250
40,770
40,539
31,190
31,543
31,053
30,926
13,577
49,524
49,973
50,678
38,341
39,079
50,700
38,720
38,869
70,887 280,240 281,448 284,986 290,208
186,873 188,805 191,393 194,230
11,512
73,878
74,536
75,147
78,564
27,718
27,876
28,099
29,305
3,931
13,606
13,916
14,245
15,061
7,928
8,109
8,373
8,847
55,444 192,756 192,996 195,593
196,583 151,226 152,820 154,921
156,078
18,045
573,108
478,265
1,683
4,159
6,672
33,029
83,272
51,686
31,586
35,200
36,088
22,128
18,377
41,845
8,536
43,045
20,499
18,384
7,447
61,625
5,133
14,126
17,016
94,843
15,335
9,051
70,457
17,164
580,909
484,683
1,761
4,454
6,808
33,467
83,483
51,951
31,532
35,871
36,203
22,207
18,739
42,193
8,634
43,964
21,539
18,571
7,604
62,335
5,221
14,374
17,253
96,226
15,508
9,259
71,459
14,482
586,266
489,171
1,784
4,634
6,849
32,446
84,910
51,062
33,847
35,848
35,631
23,197
18,523
42,060
8,393
44,016
24,329
18,412
7,665
63,576
5,285
14,288
17,324
97,095
15,675
9,468
71,952
12,311
577,616
478,372
1,836
4,450
7,071
30,845
80,011
48,690
31,321
35,660
35,663
22,651
18,400
40,510
8,211
43,885
22,399
17,660
7,808
64,534
5,213
14,255
17,310
99,244
16,405
10,109
72,730
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
57,113
26,432
55,436
136
55,299
346,390
180,988
91,658
197,926
1,910
196,016
336,596
340,719
183,929
92,210
198,057
1,576
196,481
187,043
92,484
195,404
1,401
194,003
R e g io n a l Q u a r t e r ly
126
R e p o rt
J u ly
2 0 0 9
T a b le 2 . P e r s o n a l I n c o m e b y M a jo r S o u r c e a n d E a r n i n g s b y I n d u s t r y , 2 0 0 8 :1 1 -2 0 0 9 :1 1— T a b le E n d s
[Millions of dollars, seasonally adjusted at annual rates]
Southwest
Southeast
Item
2008
Line
II'
Income by place of residence
Personal income (lines 2 -1 1 ).................................
Derivation of personal income
Earnings by place of work (lines 12-18 or 19-46)...
Less: Contributions for government social
insurance2...........................................................
Employee and self-employed contributions for
government social insurance.....................
Employer contributions for government social
insurance....................................................
Plus: Adjustment for residence3..............................
Equals: Net earnings by place of residence...........
Plus: Dividends, interest, and rent4........................
Plus: Personal current transfer receipts..................
State unemployment insurance benefits........
Personal current transfer receipts excluding
state unemployment insurance benefits....
Earnings by place of work
Components of earnings:
Wage and salary disbursements........................
Supplements to wages and salaries...................
Employer contributions for employee pension
and insurance funds...................................
Employer contributions for government social
insurance....................................................
Proprietors’ income5............................................
Farm proprietors’ income................................
Nonfarm proprietors’ income...........................
Earnings by industry
Farm earnings..........................................................
Nonfarm earnings....................................................
Private earnings..................................................
Forestry, fishing, related activities, and other6
Mining
Utilities
Construction....................................................
Manufacturing................................................
Durable goods............................................
Nondurable goods......................................
Wholesale trade..............................................
Retail trade......................................................
Transportation and warehousing....................
Information......................................................
Finance and insurance....................................
Real estate and rental and leasing................
Professional and technical services...............
Management of companies and enterprises...
Administrative and waste services.................
Educational services.......................................
Health care and social assistance.................
Arts, entertainment, and recreation...............
Accommodation and food services................
Other services, except public administration...
Government and government enterprises..........
Federal, civilian...............................................
Military.............................................................
State and local................................................
III'
2009
IV'
I"
2008
II'
III'
IV'
Ip
2008
II'
III'
Far West
2008
2009
IV'
|p
II'
III'
2009
IV'
|e
1 2,757,644 2,746,692 2,733,134 2,727,874 1,359,023 1,357,946 1,360,687 1,353,941
400,933
403,303
400,016
397,274 2,174,717 2,181,825 2,155,822 2,140,239
2 1,949,715 1,959,368 1,948,721 1,939,363 1,065,415 1,074,668 1,078,898 1,069,044
307,503 1,637,844 1,646,707 1,622,972 1,611,326
309,345
312,659
309,831
3
218,441
219,005
217,602
217,772
107,441
108,126
108,452
108,374
33,379
33,624
33,253
33,249
181,836
182,320
179,286
179,328
4
117,195
117,469
116,744
116,785
56,591
56,951
57,130
57,069
16,794
16,928
16,751
16,748
91,724
92,013
90,518
90,527
5 101,246 101,536 100,858 100,987
12,489
12,524
13,344
6
12,931
7 1,743,764 1,752,887 1,744,051 1,734,936
8 516,589 520,576 508,073 487,992
9 497,291 473,228 481,011 504,947
7,244
10
10,891
12,844
19,473
50,850
102
958,076
194,486
206,461
2,377
51,175
96
966,638
190,295
201,012
3,419
51,322
46
970,492
191,956
198,239
4,157
51,304
59
960,729
184,936
208,276
5,969
16,585
1,259
277,225
74,189
49,519
919
16,696
1,281
280,316
75,054
47,933
1,285
16,502
1,271
277,849
73,139
49,029
1,687
485,474
204,084
197,594
194,082
202,307
48,600
46,649
47,342
12 1,421,750 1,429,083 1,422,031 1,410,408
13 336,658 338,279 338,584 343,323
720,139
161,183
726,723
162,492
729,941
164,017
722,892
166,168
217,613
50,279
219,962
50,757
217,861
50,608
14
235,412
236,743
237,726
242,336
110,333
111,317
112,695
114,864
33,693
34,061
34,106
34,781
183,811
185,164
184,084
187,237
15
16
17
18
101,246
191,307
5,621
185,686
101,536
192,006
5,043
186,962
100,858
188,107
4,372
183,734
100,987
185,633
5,178
180,455
50,850
184,093
725
183,368
51,175
185,453
245
185,208
51,322
184,940
278
184,662
51,304
179,983
-287
180,271
16,585
41,454
238
41,215
16,696
41,940
120
41,820
16,502
41,362
-49
41,411
16,501
40,285
-359
40,643
90,113
192,366
3,635
188,732
90,307
192,694
2,683
190,012
88,768
189,336
2,758
186,578
88,801
184,307
648
183,659
2,541
1,997
10,017
9,475
9,694
2,949
2,488
19
8,843
20 1,939,698 1,949,893 1,939,878 1,929,670 1,062,466 1,072,180 1,076,357 1,067,046
21 1,559,206 1,564,591 1,552,468 1,532,812 893,714 900,815 903,400 889,205
2,257
2,322
22
6,998
6,859
6,802
6,997
2,360
2,295
20,434
21,692
78,465
83,173
84,363
80,276
23
22,435
21,518
19,624
24
17,637
17,863
18,668
18,969
17,885
18,445
18,416
64,367
68,322
67,721
25 120,006 117,609 114,134 108,790
68,888
26 216,420 215,754 211,615 205,245 128,037 127,376 124,519 122,003
73,171
71,295
27 127,034 126,804 123,771
118,422
73,639
72,876
51,642
89,386
88,950
87,844
86,824
54,398
54,205
50,708
28
59,347
61,240
61,062
29 105,265 106,085 104,734 103,992
60,368
64,714
63,308
63,339
30 132,218 132,009 128,411
127,925
65,028
42,097
71,271
70,965
41,739
42,270
42,499
31
71,933
71,276
59,479
29,684
30,319
30,416
30,111
32
59,906
59,653
58,883
61,227
63,349
61,209
33 111,909 111,528 111,131
106,424
62,031
24,142
23,533
34
39,788
39,830
37,297
24,750
23,581
38,148
95,044
93,824
95,103
35 179,063 182,379 182,100 182,195
94,276
12,382
12,908
12,888
13,213
36
42,035
42,569
41,890
43,009
44,892
37
80,277
79,566
75,052
44,632
45,087
45,793
78,300
9,337
22,690
23,457
8,897
9,145
9,481
38
22,153
23,098
95,047
90,334
91,518
93,159
39 191,623 194,234 197,011
199,489
7,642
21,394
7,465
7,456
40
20,766
20,998
21,319
7,368
61,317
28,214
28,362
28,441
28,483
41
60,905
60,662
60,849
28,620
28,394
42
60,531
60,990
60,761
27,845
28,100
61,195
171,365 172,957 177,842
43 380,493 385,302 387,411 396,858 168,751
31,352
31,916
33,702
44
74,865
75,750
76,755
80,395
31,053
61,122
63,877
21,233
21,875
23,278
45
62,509
67,640
20,716
46 244,505 247,044 246,778 248,824 116,982 118,780 119,166 120,861
1,783
307,562
253,698
962
11,620
2,609
23,107
26,732
17,701
9,031
15,322
20,217
9,774
16,274
18,403
7,614
33,069
5,951
11,325
3,019
25,213
3,423
9,495
9,565
53,865
11,666
6,119
36,080
1,677
310,982
255,848
969
12,037
2,677
23,118
26,714
17,749
8,964
15,315
20,118
9,846
16,449
18,544
7,681
33,342
5,933
11,474
3,063
25,757
3,443
9,577
9,791
55,134
11,674
6,260
37,200
1,522
308,309
252,655
1,013
12,460
2,697
22,382
26,346
17,753
8,593
15,139
19,622
9,962
16,052
18,018
7,240
33,221
5,651
11,227
3,102
25,955
3,415
9,467
9,687
55,654
11,795
6,421
37,438
11
490,047
462,337
468,167
p Preliminary
r Revised
1. The estimates of earnings for 2008 forward are based on the 2007 North American Industry Classification System
(NAICS).
2. Contributions for government social insurance are included in earnings by type and industry, but they are excluded
from personal income.
3. The adjustment for residence is the net inflow of the earnings of interarea commuters. For the United States, it
consists of adjustments for border workers: Wage and salary disbursements to U.S. residents commuting to Canada less
Rocky Mountain
2009
90,307
16,501
90,113
88,801
88,768
1,267
-1,721
-1,728
-1,642
-1,642
275,522 1,454,287 1,462,659 1,442,044 1,430,355
70,311 418,430 424,391 412,597 395,209
51,441 302,000 294,776 301,181
314,674
2,232
12,390
15,047
8,950
19,669
49,208
293,050
282,385
286,134
295,004
215,936 1,171,554 1,178,542 1,160,783 1,150,981
51,282 273,924 275,471 272,853 276,038
1,228
11,580
10,693
10,837
8,813
306,276 1,626,265 1,636,014 1,612,134 1,602,513
249,110 1,338,176 1,342,064 1,316,712 1,301,401
1,042
10,863
11,065
11,314
10,999
9,563
12,029
9,201
10,239
9,916
15,442
14,929
2,778
15,495
16,026
21,287 104,115 100,949
97,932
92,610
25,662 178,229 178,029 171,456 166,767
17,087 125,916 125,002 120,345 116,440
53,027
8,575
52,313
51,110
50,327
82,387
83,062
15,075
80,198
80,878
19,448 103,465 101,892
98,475
97,739
47,459
10,013
47,826
47,345
47,284
15,950
81,561
83,925
78,502
78,018
17,298
98,452
99,429
98,439
94,376
40,693
41,053
7,015
39,249
38,316
33,009 184,955 185,936 183,321
183,947
5,787
31,898
32,659
30,851
31,283
10,714
61,820
61,648
60,809
58,805
18,777
3,149
18,335
19,100
19,461
26,359 140,480 142,960 145,138 147,170
3,454
23,205
23,200
23,781
23,976
59,002
58,982
9,431
57,989
57,522
46,542
9,613
46,252
46,714
46,673
57,166 288,089 293,950 295,423 301,112
40,682
12,335
40,885
41,223
43,373
34,187
33,217
34,847
36,842
6,831
38,000 214,190 218,879 219,352 220,897
wage and salary disbursements to Canadian and Mexican residents commuting into the United States.
4. Rental income of persons includes the capital consumption adjustment.
5. Proprietors' income includes the inventory valuation adjustment and the capital consumption adjustment.
6. “Other” consists of the wage and salary disbursements of U.S. residents employed by international organizations
and foreign embassies and consulates in the United States.
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
J u ly
D -1
2 0 0 9
BEA Current and Historical Data
A selection of estimates from the national, industry, international, and regional accounts of the Bureau of Economic
Analysis (BEA) are presented in this section. BEA’s estimates are not copyrighted and may be reprinted without BEA’s
permission. Citing the Survey of Current Business and BEA as the source is appreciated.
More detailed estimates from BEA’s accounts are available on BEA’s Web site at www.bea.gov. These estimates are
available in a variety of formats. In addition, news releases, articles, and other information, including methodologies
and working papers, are available.
The tables present annual [A], quarterly [Q], and monthly [M] data.
National Data
Regional Data
A. S elected NIPA tables [A,Q]
I. State and regional tables
1. Domestic product and income..............................D-2
2. Personal income and outlays..................................D-18
3. Government current receipts and expenditures ...D-21
4. Foreign transactions...............................................D-33
5. Saving and investment............................................ D-3 7
6. Income and employment by industry.................. D-42
7. Supplemental tables................................................ D-43
1.1 Personal income [Q]............................................. D-59
1.2 Personal income and per capita
personal income [A].......................................... D-60
1.3 Disposable personal income and per capita
disposable personal income [A ]...................... D-61
1.4 Gross domestic product by state [A]................... D-62
J. Local area tables
B. NIPA-related table
B.l Personal income and its disposition [A, M ]...... D-46
C. H istorical m easures [A, Q]
]. 1 Personal income and per capita personal income
by metropolitan area [A]...................................D-63
J.2 Gross domestic product by metropolitan area
for industries [A]............................................... D-68
C.l GDP and other major NIPA aggregates............. D-47
K. C harts
Selected regional estimates......................................... D-72
D. C harts
Selected NIPA series................................................... D-51
Appendixes
Industry Data
A. A dditional inform ation about the NIPA estim ates
E. Industry table
Statistical conventions................................................ D-74
Reconciliation table [A, Q ]........................................D-75
B. Suggested re a d in g ............................................... D-76
E.l Value added by industry [A]................................D-57
International Data
F. Transactions tables
F.l U.S. international transactions in goods
and services [A, M]............................................D-58
As a result of the annual revision of the U.S. international transactions accounts,
tables F.2-E4 and sections G and H are not included in this issue. See “Annual Revi
sion of the U.S. International Accounts” and “U.S. International Transactions: First
Quarter of 2009.” See also “The International Investment Position at Yearend 2008”
and “Direct Investment Positions for 2008: Country and Industry Detail.”
D -2
J u ly
2 0 0 9
National Data
A. Selected NIPA Tables
The selected set of NIPA tables presents the most recent estimates of gross domestic product (GDP) and its
components, which were released on June 25, 2009. These estimates include the “final” estimates for the first
quarter of 2009.
The selected set presents quarterly estimates that are updated monthly. Annual estimates are presented in most
of the tables.
The GDP news release is available on BEA’s Web site within minutes after the release. To receive an e-mail noti
fication of the release, go to www.bea.gov and subscribe. The “Selected NIPA Tables” are available later that day.
1. D om estic P roduct and Incom e
Table 1.1.1. Percent Change From Preceding Period in Real
Gross Domestic Product
Table 1.1.2. Contributions to Percent Change in Real
Gross Domestic Product
[Percent]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods
Nondurable goods.................
Services....
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures......................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
Exports................................
Goods..............................
Services...........................
Imports................................
Goods..............................
Services...........................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Nondefense......................
State and local......................
II
Seasonally adjusted at annual rates
2009
III
IV
I
1
2.0
1.1
0.9
2.8
-0.5
-6.3
-5.5
2
2.8
4.8
2.5
2.6
0.2
-4.3
-0.6
1.5
0.9
-4.3
-0.4
2.4
1.2
-2.8
3.9
0.7
-3.8
-14.8
-7.1
-0.1
-4.3
-22.1
-9.4
1.5
1.4
9.5
-0.4
0.9
-5.4
-3.1
4.9
12.7
1.7
-17.9
-6.7
-5.0
1.6
11.2
-3.0
-20.8
-5.8
-5.6
2.4
8.6
-0.6
-25.1
-11.5
-1.7
2.5
18.5
-5.0
-13.3
0.4
-5.3
-1.7
9.7
-7.5
-16.0
-23.0
-22.0
-21.7
-9.4
-28.1
-22.8
-48.9
-37.6
-37.3
-42.9
-33.7
-38.8
1H
14
15
16
17
18
19
8.4
7.5
10.5
2.2
1.7
4.4
6.2
6.0
6.6
-3.5
-4.1
0.2
5.1
4.5
6.4
-0.8
-2.0
5.5
12.3
16.3
3.8
-7.3
-7.1
-8.0
3.0
3.7
1.4
-3.5
-4. 7
3.3
-23.6
-32.0
-1.5
-17.5
-19.6
-6.7
-30.6
-38.8
-11.5
-36.4
-41.4
-10.2
20
21
22
23
24
2.1
1.6
2.5
-0.2
2.3
2.9
6.0
7.2
3.6
1.1
1.9
5.8
7.3
2.9
-0.3
3.9
6.6
7.3
5.0
2.5
5.8
13.8
18.0
5.1
1.3
1.3
7.0
3.4
15.3
-2.0
-3.1
-4.5
-6.8
0.6
-2.2
3
4
5
6
7
8
9
10
11
1?
Line
2007
2008
2008
I
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Nondefense......................
State and local......................
II
2009
III
IV
I
1
2.0
1.1
0.9
2.8
-0.5
-6.3
-5.5
2
3
4
5
1.95
0.38
0.50
1.07
0.16
-0.33
-0.13
0.62
0.61
-0.33
-0.08
1.02
0.87
-0.21
0.80
0.28
-2.75
-1.16
-1.57
-0.03
-2.99
-1.67
-1.97
0.66
0.95
0.61
-0.07
0.41
6
7
8
9
10
11
12
-0.90
-0.50
0.52
0.40
0.13
-1.02
-0.40
-1.02
-0.76
0.17
0.39
-0.22
-0.93
-0.26
-0.89
-0.86
0.26
0.30
-0.04
-1.12
-0.02
-1.74
-0.25
0.27
0.64
-0.37
-0.52
-1.50
0.06
-0.79
-0.19
0.36
-0.55
-0.60
0.84
-3.47
-3.36
-2.56
-0.38
-2.18
-0.80
-0.11
-8.20
-5.99
-4.59
-2.05
-2.54
-1.40
-2.20
13
14
15
16
17
18
19
0.58
0.95
0.59
0.36
-0.37
-0.25
-0.12
1.40
0.76
0.51
0.25
0.64
0.65
-0.01
0.77
0.63
0.39
0.24
0.14
0.29
-0.15
2.93
1.54
1.39
0.15
1.39
1.14
0.25
1.05
0.40
0.34
0.06
0.65
0.74
-0.09
-0.15
-3.44
-3.38
-0.06
3.29
3.09
0.20
2.39
-4.16
-3.69
-0.47
6.55
6.25
0.29
20
21
22
23
24
0.40
0.11
0.12
0.00
0.28
0.57
0.43
0.35
0.08
0.14
0.38
0.41
0.34
0.06
-0.03
0.78
0.47
0.36
0.11
0.31
1.14
0.97
0.85
0.12
0.17
0.26
0.52
0.18
0.34
-0.25
-0.63
-0.35
-0.37
0.02
-0.28
J u ly
D -3
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
T a b le 1 .1 .3 . R e a l G r o s s D o m e s t ic P r o d u c t , Q u a n t it y I n d e x e s
T a b le 1 .1 .4 . P r ic e I n d e x e s f o r G r o s s D o m e s t ic P r o d u c t
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services..............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures......................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services...........................
Imports................................
Goods..............................
Services...........................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Nondefense......................
State and local......................
II
Seasonally adjusted
2009
III
IV
Line
2007
2008
I
I
1 117.388 118.692 118.631 119.460 119.308 117.369 115.723
2
3
4
5
122.456
143.908
122.872
118.259
122.743
137.666
122.143
119.992
123.395
143.284
123.147
119.739
123.770
142.273
124.317
119.937
122.572
136.695
122.035
119.916
121.235
128.413
119.071
120.376
121.644
131.366
118.958
120.658
6
7
8
9
10
11
1?
104.278
107.717
112.244
97.264
117.412
101.534
97.328
102.375
114.069
108.180
113.939
80.436
101.110
104.969
115.504
104.206
118.470
85.698
98.071
104.522
116.212
108.716
116.961
82.692
98.169 91.961
103.102 96.907
115.714 108.847
111.257 108.543
114.709 105.616
79.154 74.201
77.740
86.116
96.862
94.360
95.296
65.622
18
14
15
16
17
18
19
130.068
127.335
136.868
133.654
134.921
127.581
138.111
134.948
145.916
129.038
129.326
127.856
136.880
133.690
144.792
132.991
133.654
129.913
140.908
138.826
146.131
130.509
131.212
127.217
141.943
140.079
146.640
129.367
129.653
128.249
132.713
127.198
146.100
123.283
122.785
126.043
121.113
112.496
141.712
110.084
107.430
122.710
20
21
22
23
24
116.871
130.078
135.596
120.127
110.167
120.250
137.913
145.318
124.469
111.394
118.443
133.488
140.125
121.469
110.844
119.594
135.628
142.621
122.949
111.517
121.288
140.080
148.643
124.473
111.891
121.674
142.457
149.882
128.984
111.326
120.724
140.840
147.286
129.183
110.700
2008
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Nondefense......................
State and local......................
2009
III
II
IV
2 117.659 121.596 120.283 121.544 123.041 121.514 121.235
3 87.154 86.071 86.581 86.237 86.110 85.357 85.000
4 118.407 124.666 123.059 125.021 128.129 122.455 120.832
5 124.712 128.752 127.133 128.450 129.538 129.885 130.282
117.735
117.995
108.739
157.662
94.870
138.884
118.509
118.727
110.513
163.298
95.485
135.587
117.815
118.117
109.177
160.182
94.700
137.900
117.926
118.353
109.788
161.496
95.101
136.687
118.510
119.037
110.913
164.285
95.710
135.535
119.786
119.400
112.174
167.229
96.431
132.226
119.107
118.712
111.751
165.374
96.489
130.561
n
14
15
16
17
18
19
116.586
115.062
120.211
120.168
118.326
129.928
122.788
121.147
126.684
132.698
131.408
139.217
121.397
119.916
124.932
128.722
127.427
135.377
124.560
123.456
127.211
137.136
136.387
140.740
126.592
125.137
130.082
140.189
139.607
142.873
118.601
116.082
124.510
124.747
122.209
137.879
115.250
112.547
121.519
114.281
110.601
132.998
20
21
22
23
24
132.941
130.076
131.874
126.636
134.671
139.234
134.289
136.574
129.869
142.219
137.237
132.879
134.905
128.986
139.866
139.588
134.553
136.967
129.868
142.632
141.107
135.447
138.004
130.465
144.540
139.002
134.277
136.421
130.157
141.838
138.862
135.169
137.335
131.006
141.032
6
7
8
9
10
11
1?
Table 1.1.5. Gross Domestic Product
Table 1.1.6. Real Gross Domestic Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product . ..
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures......................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports.
Goods..............................
Services...........................
Imports.
Goods
Services...........................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Nondefense......................
State and local......................
II
IV
9,710.2 10,057.9 10,002.3 10,138.0 10,163.5 9,927.9 9,938.5
1,082.8 1,023.2 1,071.0 1,059.3 1,016.2
946.3
964.0
2,833.0 2,965.1 2,950.7 3,026.2 3,044.6 2,839.0 2,798.8
5,794.4 6,069.6 5,980.6 6,052.5 6,102.7 6,142.5 6,175.7
6
7
8
9
10
11
12
2,130.4 1,993.5 2,056.1 2,000.9
2,134.0 2,040.5 2,081.7 2,077.0
1,503.8 1,552.8 1,553.6 1,571.9
480.3
553.4
522.7
549.8
1,023.5
999.4 1,030.9 1,022.1
487.7
630.2
528.1
505.0
-3.6
-47.0
-25.6
-76.0
2,010.9 1,906.1 1,600.2
2,060.6 1,942.7 1,716.4
1,581.2 1,504.3 1,333.6
568.4
572.4
488.7
1,008.8
935.8
844.9
479.4
438.4
382A
-49.7
-36.6 —116.2
13
14
15
16
17
18
19
-707.8 -669.2 -705.7
1,662.4 1,859.4 1,820.8
1,149.2 1,283.1 1,256.9
513.2
576.3
563.9
2,370.2 2,528.6 2,526.5
1,985.2 2,115.2 2,118.0
385.1
413.4
408.5
-707.7 -545.1 -327.3
1,968.9 1,724.7 1,529.4
1,374.3 1,157.6
992.6
567.1
594.6
536.8
2,676.6 2,269.7 1,856.7
2,251.0 1,866.1 1,477.6
425.6
403.6
379.1
-718.2
1,923.2
1,343.7
579.5
2,641.4
2,225.5
415.9
2007
2008
20 2,674.8 2,882.4 2,798.1 2,873.7 2,946.1 2,911.4 2,885.8
21
979.3 1,071.9 1,026.5 1,056.1 1,098.0 1,107.0 1,101.7
22
662.2
734.9
699.9
723.3
759.5
757.0
748.9
317.1
23
337.0
326.6
332.9
350.0
338.5
352.8
24 1,695.5 1,810.4 1,771.6 1,817.6 1,848.1 1,804.4 1,784.0
2008
I
I
1 13,807.5 14,264.6 14,150.8 14,294.5 14,412.8 14,200.3 14,097.2
2
3
4
5
Line
2009
III
I
1 119.819 122.500 121.613 121.951 123.134 123.302 124.160
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software...
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Nondefense......................
State and local......................
Residual...................................
II
2009
III
IV
I
1 11,523.9 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5
2
3
4
5
6
7
8
9
10
11
12
8,252.8 8,272.1 8,316.1 8,341.3 8,260.6 8,170.5 8,198.0
1,242.4 1,188.5 1,237.0 1,228.3 1,180.1 1,108.6 1,134.1
2,392.6 2,378.4 2,397.9 2,420.7 2,376.3 2,318.6 2,316.4
4,646.2 4,714.3 4,704.3 4,712.1 4,711.3 4,729.4 4,740.5
1,809.7 1,689.1 1,754.7 1,702.0
1,808.5 1,718.9 1,762.4 1,754.9
1,382.9 1,405.4 1,423.1 1,431.8
304.6
338.8
326.4
340.5
1,078.9 1,047.0 1,088.6 1,074.7
359.5
453.8
383.0
369.6
, -2.5
-29.0
-10.2
-50.6
13 -546.5 -390.2
14 1,425.9 1,514.1
998.7 1,058.5
15
455.2
16
426.9
17 1,972.4 1,904.3
18 1,677.7 1,608.1
296.4
297.0
19
1,703.7 1,596.0 1,349.2
1,731.1 1,627.0 1,445.9
1,425.7 1,341.1 1,193.4
348.4
295.5
339.9
875.7
970.5
1,054.0
353.7
331.6
293.3
-87.1
-29.6
-25.8
-462.0 -381.3 -353.1
1,500.6 1,544.7 1,556.1
1,048.6 1,088.9 1,098.7
451.7
455.8
457.4
1,962.6 1,926.0 1,909.1
1,662.0 1,631.6 1,612.2
301.8
295.5
297.9
-364.5 -296.8
1,454.9 1,327.7
997.7
882.4
442.1
455.7
1,819.4 1,624.6
1,526.8 1,335.9
285.0
292.8
20 2,012.1 2,070.2 2,039.1 2,058.9 2,088.1 2,094.7 2,078.4
21
752.9
798.2
815.2
785.0
772.6
810.8
824.5
22
502.1
538.1
545.4
518.9
528.1
550.4
555.0
250.4
259.5
269.3
23
253.2
256.3
259.5
268.9
24 1,259.0 1,273.0 1,266.7 1,274.4 1,278.7 1,272.3 1,265.1
-24.7
8.7
25
-55.1
-44.3
-16.4
-56.3
19.3
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is
the difference between the first line and the sum of the most detailed lines.
D -4
N a tio n a l D a ta
J u ly
T a b le 1 .1 .7 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in P r ic e s f o r
T a b le 1 .1 .8 . C o n t r ib u t i o n s t o P e r c e n t C h a n g e in t h e
G r o s s D o m e s t ic P r o d u c t
G r o s s D o m e s t ic P r o d u c t P r ic e I n d e x
2 0 0 9
[Percent]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services..............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures......................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services...........................
Imports................................
Goods..............................
Services...........................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Nondefense......................
State and local......................
Addendum:
Gross national product...........
II
Seasonally adjusted at annual rates
Line
2009
III
IV
2007
2008
I
2008
I
1
2.7
2.2
2.6
1.1
3.9
0.5
2.8
2
3
4
5
2.6
-1.8
3.0
3.3
3.3
-1.2
5.3
3.2
3.6
-0.1
6.7
2.8
4.3
-1.6
6.5
4.2
5.0
-0.6
10.3
3.4
-4.9
-3.5
-16.6
1.1
-0.9
-1.7
-5.2
1.2
6
7
8
9
10
11
1?
1.4
1.4
1.4
3.8
0.3
1.5
0.7
0.6
1.6
3.6
0.6
-2.4
-0.5
-0.2
0.6
2.7
-0.4
-2.6
0.4
0.8
2.3
3.3
1.7
-3.5
2.0
2.3
4.2
7.1
2.6
-3.3
4.4
1.2
4.6
7.4
3.0
-9.4
-2.2
-2.3
-1.5
-4.4
0.2
-4.9
18
14
15
16
17
18
19
3.5
3.5
3.5
3.7
3.6
3.7
5.3
5.3
5.4
10.4
11.1
7.1
9.1
10.0
6.9
12.8
13.8
7.8
10.8
12.3
7.5
28.8
31.2
16.8
6.7
5.6
9.3
9.2
9.8
6.2
-23.0
-26.0
-16.1
-37.3
-41.3
-13.3
-10.8
-11.6
-9.3
-29.6
-32.9
-13.4
20
21
22
23
24
4.5
3.4
3.5
3.1
5.1
4.7
3.2
3.6
2.6
5.6
6.2
5.6
5.1
6.8
6.6
7.0
5.1
6.3
2.8
8.1
4.4
2.7
3.1
1.9
5.5
-5.8
-3.4
-4.5
-0.9
-7.3
-0.4
2.7
2.7
2.6
-2.3
25
2.7
2.2
2.6
1.1
3.9
0.6
2.8
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software ...
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Nondefense......................
State and local......................
II
2009
III
IV
1
2.7
2.2
2.6
1.1
3.9
0.5
2.8
2
3
4
5
1.83
-0.15
0.61
1.36
2.34
-0.10
1.08
1.36
2.53
-0.01
1.35
1.18
2.96
-0.12
1.33
1.75
3.52
-0.04
2.11
1.45
-3.51
-0.24
-3.73
0.46
-0.64
-0.11
-1.06
0.53
6
7
8
9
10
11
12
0.23
0.22
0.15
0.13
0.02
0.08
0.01
0.09
0.09
0.18
0.13
0.05
-0.09
0.00
-0.07
-0.04
0.07
0.10
-0.03
-0.10
-0.04
0.05
0.12
0.25
0.12
0.12
-0.13
-0.06
0.28
0.34
0.45
0.27
0.18
-0.12
-0.05
0.58
0.17
0.49
0.28
0.20
-0.32
0.41
-0.27
-0.30
-0.15
-0.17
0.02
-0.15
0.03
13
14
15
16
17
18
19
-0.21
0.41
0.28
0.12
-0.62
-0.52
-0.10
-1.12
0.66
0.46
0.21
-1.78
-1.58
-0.20
-1.02
1.11
0.84
0.27
-2.13
-1.92
-0.21
-3.26
1.36
1.06
0.29
-4.61
-4.16
-0.45
-0.75
0.88
0.52
0.37
-1.63
-1.46
-0.18
4.71
-3.36
-2.65
-0.71
8.07
7.66
0.41
3.81
-1.32
-0.94
-0.38
5.13
4.72
0.40
20
21
22
23
24
0.85
0.24
0.17
0.07
0.61
0.92
0.23
0.17
0.06
0.69
1.20
0.40
0.25
0.15
0.80
1.36
0.37
0.30
0.06
0.99
0.89
0.20
0.16
0.04
0.69
-1.23
-0.27
-0.24
-0.02
-0.96
-0.08
0.21
0.14
0.06
-0.29
Table 1.1.9. Implicit Price Deflators for Gross Domestic Product
Table 1.1.10. Percentage Shares of Gross Domestic Product
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
2008
Line
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services..............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures.....................
Equipment and software
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods
Services...........................
Imports
Goods
Services...........................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Nondefense......................
State and local......................
Addendum:
Gross national product...........
II
IV
I
1 119.816 122.422 121.508 121.890 123.056 123.244 124.090
2 117.659 121.588 120.277 121.539 123.036 121.509 121.230
3 87.154 86.092 86.584 86.240 86.113 85.360 85.003
4 118.408 124.671 123.053 125.014 128.123 122.448 120.825
5 124.712 128.748 127.128 128.445 129.532 129.880 130.276
6
7
8
9
10
11
1?
117.718
117.995
108.740
157.661
94.870
138.885
118.023
118.711
110.484
163.325
95.457
135.676
117.174
118.116
109.173
160.172
94.699
137.878
117.564
118.352
109.784
161.486
95.099
136.665
2007
118.032
119.035
110.909
164.276
95.708
135.512
119.434
119.399
112.170
167.219
96.429
132.204
118.609
118.712
111.746
165.364
96.487
130.539
18
14
15
16
17
18
19
116.585
115.062
120.210
120.168
118.326
129.929
122.805
121.225
126.604
132.782
131.529
139.194
121.337
119.864
124.847
128.730
127.441
135.364
124.498
123.403
127.124
137.144
136.403
140.727
126.528
125.083
129.992
140.198
139.623
142.859
118.541
116.031
124.426
124.755
122.223
137.866
115.192
112.498
121.436
114.288
110.613
132.985
20
21
22
23
24
132.940
130.077
131.874
126.636
134.671
139.229
134.291
136.573
129.874
142.212
137.223
132.867
134.885
128.984
139.854
139.573
134.540
136.946
129.865
142.619
141.092
135.435
137.983
130.463
144.527
138.987
134.265
136.400
130.154
141.825
138.847
135.156
137.314
131.002
141.020
25 119.813 122.407 121.495 121.876 123.037 123.226 124.057
I
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods......................
Nondurable goods.................
Services...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software ...
Residential........................
Change in private inventories...
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Nondefense......................
State and local......................
2009
2008
2009
III
I
II
III
IV
I
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
2
3
4
5
70.3
7.8
20.5
42.0
70.5
7.2
20.8
42.5
70.7
7.6
20.9
42.3
70.9
7.4
21.2
42.3
70.5
7.1
21.1
42.3
69.9
6.7
20.0
43.3
70.5
6.8
19.9
43.8
6
7
8
9
10
11
12
15.4
15.5
10.9
3.5
7.4
4.6
0.0
14.0
14.3
10.9
3.9
7.0
3.4
-0.3
14.5
14.7
11.0
3.7
7.3
3.7
-0.2
14.0
14.5
11.0
3.8
7.2
3.5
-0.5
14.0
14.3
11.0
4.0
7.0
3.3
-0.3
13.4
13.7
10.6
4.0
6.6
3.1
-0.3
11.4
12.2
9.5
3.5
6.0
2.7
-0.8
13
14
15
16
17
18
19
-5.1
12.0
8.3
3.7
17.2
14.4
2.8
-4.7
13.0
9.0
4.0
17.7
14.8
2.9
-5.0
12.9
8.9
4.0
17.9
15.0
2.9
-5.0
13.5
9.4
4.1
18.5
15.6
2.9
-4.9
13.7
9.5
4.1
18.6
15.6
3.0
-3.8
12.1
8.2
4.0
16.0
13.1
2.8
-2.3
10.8
7.0
3.8
13.2
10.5
2.7
20
21
22
23
24
19.4
7.1
4.8
2.3
12.3
20.2
7.5
5.2
2.4
12.7
19.8
7.3
4.9
2.3
12.5
20.1
7.4
5.1
2.3
12.7
20.4
7.6
5.3
2.3
12.8
20.5
7.8
5.3
2.5
12.7
20.5
7.8
5.3
2.5
12.7
J u ly
D -5
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
T a b le 1 .2 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l
T a b le 1 .2 .2 . C o n t r ib u t i o n s t o P e r c e n t C h a n g e in R e a l
G r o s s D o m e s t ic P r o d u c t b y M a jo r T y p e o f P r o d u c t
G r o s s D o m e s t ic P r o d u c t b y M a jo r T y p e o f P r o d u c t
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2007
2008
2008
Line
2009
2007
2008
2008
II
I
Gross domestic product.....
Final sales of domestic
product........................
Change in private
inventories....................
Goods.......................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private inventories 1
Nondurable goods....................
Final sales...........................
Change in private inventories 1
Services 2..................................
Structures.................................
Addenda:
Motor vehicle output.................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3.........
Gross domestic product
excluding final sales of
computers............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
4.9
10.1
14.1
17.4
2.2
-1.1
2.1
19
-10.1
-17.7
-14.2
21.3
1.9
1.0
1.2
-6.3
-5.5
-1.3
-6.2
-3.3
-4.2
-6.7
-19.2
-18.7
-6.4
0.9
6.4
-5.4
-22.2
-26.4
-11.6
-16.8
-16.7
3.2
-7.7
2.7
-5.1
1.7
18.5
-0.5
-0.4
-2.1
11.0
-21.3
0.0
1.9
-13.8
-34.2
-33.8
7.3
-62.8
-53.4
4.0
28.4
-0.7
-1.7
-4.5
-4.8
-4.4
16.2
0.8
2.7
-0.5
-6.4
-5.6
0.0
-0.3
-1.4
-5.7
-7.5
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
Percent change at annual rate:
Gross domestic product.....
Percentage points at annual
rates:
Final sales of domestic
product.........................
Change in private
inventories....................
Goods.......................................
Final sales............................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private inventories 1
Nondurable goods....................
Final sales............................
Change in private inventories 1
Services 2..................................
Structures..................................
Addenda:
Motor vehicle output.................
Gross domestic product excluding
motor vehicle output.............
Final sales of computers 3.........
Gross domestic product excluding
final sales of computers.........
2009
III
IV
I
1
2.0
1.1
0.9
2.8
-0.5
-6.3
-5.5
2
2.43
1.37
0.89
4.32
-1.35
-6.23
-3.29
3
4
5
6
7
8
9
10
11
12
13
14
-0.40
0.97
1.37
-0.40
0.57
0.80
-0.23
0.40
0.57
-0.17
1.61
-0.55
-0.26
0.31
0.57
-0.26
0.20
0.18
0.03
0.10
0.39
-0.28
1.32
-0.52
-0.02
0.29
0.31
-0.02
0.10
0.12
-0.02
0.19
0.19
0.00
1.62
-1.03
-1.50
1.49
2.98
-1.50
-0.80
0.20
-1.00
2.29
2.79
-0.49
1.02
0.32
0.84
-1.29
-2.13
0.84
0.82
-0.74
1.56
-2.11
-1.39
-0.71
0.87
-0.09
-0.11
-6.16
-6.05
-0.11
-3.15
-3.00
-0.15
-3.01
-3.05
0.04
1.17
-1.35
-2.20
-1.87
0.33
-2.20
-3.67
-0.22
-3.45
1.80
0.55
1.25
0.02
-3.64
15
-0.03
-0.50
-0.41
-1.01
0.16
-2.01
-1.26
16
17
2.06
0.13
1.61
0.12
1.28
0.05
3.84
0.17
-0.67
-0.01
-4.34
-0.02
-4.24
0.09
18
1.90
1.00
0.82
2.66
-0.50
-6.32
-5.59
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
Table 1.2.3. Real Gross Domestic Product by Major Type of Product,
Quantity Indexes
Table 1.2.4. Price Indexes for Gross Domestic Product
by Major Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2007
2008
2008
I
Gross domestic product.....
Final sales of domestic
product........................
Change in private
Goods.......................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private inventories 1
Nondurable goods....................
Final sales...........................
Change in private inventories 1
Services 2..................................
Structures.................................
Addenda:
Motor vehicle output.................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3.........
Gross domestic product
excluding final sales of
computers............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
II
2009
III
IV
1 117.388 118.692 118.631 119.460 119.308 117.369 115.723
121.819 123.007 124.165 125.657 124.327 117.882 115.946
123.980 126.238 126.661 129.733 127.497 121.063 121.344
123.215 124.986 127.375 125.460 127.422 119.686 110.858
126.764 128.332 130.779 131.235 129.429 121.887 121.244
121.079 121.807 122.025 126.129 122.284 116.788 119.866
122.064 124.829 123.725 128.779 126.215 120.596 121.549
118.248 120.874 120.128 120.637 121.075 121.655 121.663
101.904 96.687 97.097 97.897 97.653 94.103 84.758
15 113.904
93.768 106.030
95.654
97.343
76.043
62.844
16 117.488 119.435 119.009 120.173 119.967 118.590 117.276
17 278.889 330.612 317.000 337.452 336.042 331.953 344.640
18 116.612 117.780 117.751 118.531 118.382 116.455 114.785
19 117.129 116.693 117.388 117.301 116.900 115.183 112.946
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
2007
2008
2008
I
2 118.062 119.677 119.397 120.679 120.273 118.357 117.357
u
4
5
fi
/
8
q
10
11
1?
13
14
Line
I
Gross domestic product.....
Final sales of domestic
product.........................
Change in private
Goods.......................................
Final sales............................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private inventories 1
Nondurable goods....................
Final sales............................
Change in private inventories 1
Services 2..................................
Structures..................................
Addenda:
Motor vehicle output.................
Gross domestic product
excluding motor vehicle output
Final sales of computers3.........
Gross domestic product
excluding final sales of
computers............................
II
2009
III
IV
I
1 119.819 122.500 121.613 121.951 123.134 123.302 124.160
2 119.853 122.528 121.653 122.008 123.204 123.245 124.091
X
4
5
fi
7
8
q
10
11
1?
13
14
15
101.692 101.454 101.688 100.206 101.245 102.677 104.958
101.662 101.413 101.675 100.257 101.327 102.392 104.606
90.584
90.447
89.051
89.039
89.625
89.522
88.743
88.703
88.924
88.935
88.911
88.998
89.501
89.557
112.039 113.086 112.983 110.919 112.791 115.652 119.524
112.124 113.022 113.075 111.074 112.954 114.985 118.774
126.792 131.428 129.814 131.357 132.626 131.916 132.123
145.862 148.205 147.227 147.509 148.667 149.414 148.528
96.738
94.271
95.413
94.710
94.312
92.648
93.831
16 120.718 123.577 122.625 122.998 124.232 124.452 125.306
17 29.500 24.809 26.310 25.177 24.327 23.420 22.809
18 121.184 124.054 123.102 123.482 124.715 124.916 125.812
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for sen/ices (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
D -6
N a tio n a l D a ta
J u ly
T a b le 1 .2 .5 . G r o s s D o m e s t ic P r o d u c t
T a b le 1 .2 .6 . R e a l G r o s s D o m e s t ic P r o d u c t
b y M a jo r T y p e o f P r o d u c t
b y M a jo r T y p e o f P r o d u c t , C h a in e d D o lla r s
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product.....
Final sales of domestic
product........................
Change in private
inventories....................
Goods.......................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private inventories 1
Nondurable goods....................
Final sales...........................
Change in private inventories 1
Services 2..................................
Structures..................................
Addenda:
Motor vehicle output.................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3.........
Gross domestic product
excluding final sales of
computers............................
II
Seasonally adjusted at annual rates
2009
III
IV
15
402.2
-47.0
-25.6
-76.0
4,296.0 4,343.9 4,337.1
4,342.9 4,369.5 4,413.1
-25.6
-47.0
-76.0
1,880.5 1,928.7 1,881.0
1,935.9
1,889.5
1,924.9
-7.2
-9.0
-43.9
2,415.5 2,415.2 2,456.1
2,453.5 2,433.6 2,488.2
-18.4
-38.0
-32.1
8,618.8 8,460.2 8,597.0
1,349.8 1,346.7 1,360.4
322.4
368.5
330.4
2007
2008
2008
I
2 13,811.2 14,311.6 14,176.4 14,370.5 14,462.5 14,236.9 14,213.4
-3.6
4,272.7
4,276.4
-3.6
1,885.4
1,895.6
-10.2
2,387.3
2,380.8
6.5
8,134.5
1,400.3
Line
I
1 13,807.5 14,264.6 14,150.8 14,294.5 14,412.8 14,200.3 14,097.2
3
4
5
6
7
8
9
10
11
12
13
14
-49.7
4,333.6
4,383.3
-49.7
1,914.2
1,903.4
10.9
2,419.4
2,480.0
-60.5
8,711.5
1,367.7
-36.6
4,169.3
4,205.9
-36.6
1,798.0
1,793.7
4.3
2,371.3
2,412.2
-40.8
8,706.4
1,324.6
-116.2
4,190.6
4,306.8
-1.16.2
1,676.8
1,795.5
-118.7
2,513.8
2,511.3
2.5
8,720.7
1,185.9
333.5
257.2
214.9
16 13,405.3 13,942.2 13,782.3 13,964.1 14,079.3 13,943.2 13,882.3
17
90.4
90.7
92.3
90.4
94.0
86.0
87.0
18 13,717.1 14,173.9 14,058.6 14,200.5 14,322.4 14,114.3 14,010.2
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
Gross domestic product
Final sales of domestic
product........................
Change in private
inventories...................
Residual..........................
Goods......................................
Final sales...........................
Change in private inventories
Durable goods........................
Final sales...........................
Change in private inventories1
Nondurable goods...................
Final sales...........................
Change in private inventories 1
Services 2.................................
Structures.................................
Residual.....................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3
Gross domestic product
excluding final sales of
computers...........................
II
2009
III
3
4
5
6
7
8
9
10
11
12
13
14
15
16
-2.5
3.0
4,201.9
4,206.5
-2.5
2,081.6
2,095.8
-8.7
2,131.0
2,123.3
5.3
6,415.6
960.0
-67.4
-29.0
0.0
4,243.0
4,283.1
-29.0
2,111.5
2,121.7
-7.2
2,143.8
2,171.4
-20.6
6,558.1
910.8
-82.2
-10.2
2.5
4,282.9
4,297.4
-10.2
2,151.8
2,162.2
-6.1
2,147.6
2,152.2
-4.3
6,517.6
914.7
-90.3
17
415.7
342.2
387.0
-50.6
-29.6
-0.8
2.8
4,334.3 4,288.5
4,401.6 4,325.8
-50.6
-29.6
2,119.5 2,152.6
2,169.7 2,139.9
-36.1
9.3
2,219.8 2,152.2
2,240.2 2,195.6
-16.9
-34.3
6,545.3 6,569.0
922.2
919.9
-97.0
-87.0
349.1
355.3
II
Gross domestic product . ..
Business 1..............................
Nonfarm 2.............................
Farm....................................
Households and institutions...
Households..........................
Nonprofit institutions serving
households 3....................
General government4.............
Federal................................
State and local......................
Addendum:
Gross housing value added
IV
Line
2007
2008
I
1
2
3
4
5
6
2.0
2.0
2.0
9.7
2.7
3.0
1.1
0.8
0.8
-1.9
2.3
1.7
0.9
0.7
0.9
-15.5
0.8
-1.2
2.8
2.6
2.8
-10.7
4.5
5.0
-0.5
-1.8
-1.9
7.1
4.5
5.5
-6.3
-8.5
-8.8
26.1
-0.3
-1.6
-5.5
-6.9
-7.3
36.4
-3.1
-6.8
7
8
9
10
2.2
1.3
0.7
1.6
3.0
2.1
3.7
1.4
3.5
2.2
3.7
1.6
3.7
2.4
4.3
1.6
3.3
3.0
6.9
1.4
1.4
2.2
6.8
0.2
1.6
1.4
4.7
0.0
11
3.7
2.1
-1.0
5.4
5.5
-1.3
-6.5
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
229.4
Seasonally adjusted
2009
III
277.5
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
Note . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following
change in private inventories is the difference between gross domestic product and the sum of final sales of domestic product
and of change in private inventories; the residual line following structures is the difference between gross domestic product
and the sum of the detailed lines of goods, of services, and of structures.
Seasonally adjusted at annual rates
I
-87.1
-7.0
3,999.4
4,117.0
-87.1
1,872.8
2,004.5
-103.4
2,109.6
2,114.4
8.1
6,600.9
798.5
-62.5
20 11,319.6 11,432.9 11,430.1 11,505.8 11,491.4 11,304.3 11,142.2
[Index numbers, 2000=100]
2008
-25.8
-4.3
4,066.1
4,107.5
-25.8
2,021.9
2,015.2
3.9
2,055.4
2,097.8
-27.0
6,600.5
886.5
-54.8
18 11,105.0 11,289.0 11,248.7 11,358.8 11,339.3 11,209.1 11,084.9
19
306.6
348.5
369.4
364.9
363.5
371.0
378.9
[Percent]
2008
I
2 11,523.4 11,681.0 11,653.7 11,778.8 11,739.2 11,552.2 11,454.6
Table 1.3.3. Real Gross Value Added by Sector,
Quantity Indexes
2007
IV
1 11,523.9 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5
Table 1.3.1. Percent Change From Preceding Period
in Real Gross Value Added by Sector
Line
2 0 0 9
Gross domestic product....
Business 1..............................
Nonfarm 2.............................
Farm....................................
Households and institutions....
Households...........................
Nonprofit institutions serving
households 3.....................
General government4.............
Federal.................................
State and local......................
Addendum:
Gross housing value added,
2008
2009
I
II
III
IV
I
1
2
3
4
5
6
117.388
119.063
118.951
127.943
115.821
118.550
118.692
119.985
119.919
125.547
118.493
120.623
118.631
120.328
120.265
125.276
116.894
118.834
119.460
121.115
121.106
121.771
118.174
120.301
119.308
120.573
120.532
123.878
119.490
121.920
117.369
117.925
117.775
131.263
119.414
121.436
115.723
115.828
115.557
141.865
118.468
119.312
7
8
9
10
112.654
108.403
107.655
108.732
116.047
110.718
111.668
110.297
114.675
109.661
109.403
109.773
115.732
110.322
110.570
110.210
116.684
111.147
112.424
110.581
117.098
111.742
114.275
110.625
117.564
112.139
115.595
110.615
11 115.030 117.477 115.635 117.179 118.749 118.347 116.381
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
J u ly
D -7
S u r v e y o f C u r r e n t B u s in e s s
2 0 0 9
T a b le 1 .3 .4 . P r ic e in d e x e s f o r G r o s s V a lu e A d d e d b y S e c t o r
T a b le 1 .3 .5 . G r o s s V a lu e A d d e d b y S e c t o r
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted
Line
Gross domestic product. ..
Business 1..............................
Nonfarm 2.............................
Farm....................................
Households and institutions....
Households..........................
Nonprofit institutions serving
households 3.....................
General government4.............
Federal................................
State and local......................
Addendum:
Gross housing value added
Seasonally adjusted at annual rates
2007
2008
I
II
III
IV
I
1
2
3
4
5
6
119.819
116.631
116.321
149.982
126.083
120.862
122.500
118.821
118.529
150.179
130.431
125.122
121.613
118.051
117.637
162.072
129.363
124.126
121.951
118.251
117.860
159.800
129.987
124.831
123.134
119.505
119.226
149.255
130.735
125.332
123.302
119.478
119.395
129.587
131.640
126.198
124.160
120.153
120.221
116.316
132.588
127.219
7
8
9
10
132.840
136.547
142.629
134.010
137.292
141.248
146.493
139.063
136.128
139.658
145.621
137.167
136.640
140.764
146.562
138.343
137.722
141.853
146.879
139.758
138.680
142.718
146.908
140.982
139.526
144.854
151.413
142.089
2008
Line
2009
2008
2008
I
Gross domestic product....
Business 1..............................
Nonfarm 2.............................
Farm....................................
Households and institutions...
Households...........................
Nonprofit institutions serving
households 3.....................
General government4.............
Federal.................................
State and local......................
Addendum:
Gross housing value added....
11 121.146 125.509 124.357 125.104 125.781 126.795 127.888
1. Equals gross domestic product excluding gross value added of households and institutions and of general govern
ment.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
2007
1
2
3
4
5
6
13,807.5
10,642.3
10,505.1
137.3
1,582.0
882.1
II
739.5
1,661.0
511.1
1,149.9
751.5
1,686.3
520.7
1,165.6
759.4
1,705.7
529.4
1,176.2
767.1
1,737.3
552.0
1,185.4
11
1,142.1
1,164.3
1,186.3
1,191.8
1,182.1
1,106.9
1,171.1
1. Equals gross domestic product excluding gross value added of households and institutions and of general govern
ment.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
2007
2008
2008
I
1
2
3
4
5
6
7
8
9
10
11
11,523.9
9,128.2
9,034.5
91.5
1,251.7
729.9
523.9
1,159.5
339.5
820.1
-15.5
12
913.7
1. Equals gross domestic product excluding gross value added of households
and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value
added.
3. Equals compensation of employees of nonprofit institutions, the rental
value of nonresidential fixed assets owned and used by nonprofit institutions
serving households, and rental income of persons for tenant-occupied housing
owned by nonprofit institutions.
2009
II
III
IV
I
11,652.0
9,198.9
9,108.1
89.8
1,280.6
742.6
539.7
1,184.2
352.2
831.9
-12.3
11,646.0
9,225.2
9,134.3
89.6
1,263.3
731.6
533.3
1,172.9
345.0
827.9
-15.7
11,727.4
9,285.5
9,198.2
87.1
1,277.1
740.6
538.2
1,180.0
348.7
831.2
-16.6
11,712.4
9,243.9
9,154.6
88.6
1,291.3
750.6
542.7
1,188.8
354.5
834.0
-12.6
11,522.1
9,040.9
8,945.2
93.9
1,290.5
747.6
544.6
1,195.2
360.4
834.4
-4.0
11,360.5
8,880.2
8,776.7
101.5
1,280.3
734.5
546.7
1,199.4
364.5
834.3
2.3
933.1
918.5
930.7
943.2
940.0
924.4
4.
Equals compensation of general government employees plus general
government consumption of fixed capital.
Note. Chained (2000) dollar series are calculated as the product of the chaintype quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar esti
mates are usually not additive. The residual line is the difference between the
first line and the sum of the most detailed lines.
Table 1.4.1. Percent Change From Preceding Period in Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Percent]
Seasonally adjusted at annual rates
2007
2008
2008
I
Gross domestic product...............................................
Less: Exports of goods and services...............................
Plus: Imports of goods and services................................
Equals: Gross domestic purchases..............................
Less: Change in private inventories..................................
Equals: Final sales to domestic purchasers..................
Addendum:
Final sales of domestic product....................................
1
2
3
4
I
730.0
1,638.0
502.4
1,135.6
Seasonally adjusted at annual rates
Line
IV
14,200.3 14,097.2
10,791.8 10,658.3
10,677.3 10,547.2
111.2
114.5
1,702.9 1,701.5
943.4
934.4
7
699.9
745.1
8 1,583.2 1,672.7
9
484.2
515.9
10 1,099.0 1,156.8
[Billions of chained (2000) dollars]
Gross domestic product.......................................
Business 1...................................................................
Nonfarm 2.................................................................
Farm........................................................................
Households and institutions........................................
Households...............................................................
Nonprofit institutions serving households 3....................
General government4..................................................
Federal.....................................................................
State and local...........................................................
Residual........................................................................
Addendum:
Gross housing value added.’........................................
III
14,264.6 14,150.8 14,294.5 14,412.8
10,917.6 10,874.7 10,969.5 11,034.3
10,791.2 10,739.2 10,838.2 10,910.2
124.1
126.3
135.5
131.3
1,674.3 1,638.1 1,664.0 1,692.2
929.2
940.7
908.1
924.5
Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars
Line
2009
II
2009
III
IV
I
2.0
8.4
2.2
1.4
1.1
6.2
-3.5
-0.3
0.9
5.1
-0.8
0.1
2.8
12.3
-7.3
-0.1
-0.5
3.0
-3.5
-1.5
-6.3
-23.6
-17.5
-5.9
-5.5
-30.6
-36.4
-7.5
6
1.8
0.0
0.1
1.3
-2.3
-5.8
-5.4
7
2.4
1.4
0.9
4.4
-1.3
-6.2
-3.3
S
D -8
N a tio n a l D a ta
J u ly
2 0 0 9
T a b le 1 .4 .3 . R e a l G r o s s D o m e s t ic P r o d u c t , R e a l G r o s s D o m e s t ic
T a b le 1 .4 .4 . P r ic e I n d e x e s f o r G r o s s D o m e s t ic P r o d u c t , G r o s s D o m e s t ic
P u r c h a s e s , a n d R e a l F in a l S a le s t o D o m e s t ic P u r c h a s e r s , Q u a n t it y I n d e x e s
P u r c h a s e s , a n d F in a l S a le s t o D o m e s t ic P u r c h a s e r s
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2007
2008
I
Gross domestic product..........
Less: Exports of goods and
services...............................
Plus: Imports of goods and
services...............................
Equals: Gross domestic
purchases............................
Less: Change in private
inventories............................
Equals: Final sales to domestic
purchasers..........................
Addendum:
Final sales of domestic product
Seasonally adjusted
2008
II
2009
III
IV
136.880 140.908 141.943 132.713 121.113
3 133.654 129.038 132.991
2007
2008
I
1 117.388 118.692 118.631 119.460 119.308 117.369 115.723
2 130.068 138.111
Line
130.509 129.367 123.283 110.084
4 118.343 118.033 118.726 118.694 118.255 116.457 114.210
5
6 118.995 118.971 119.461 119.853 119.173 117.397 115.767
7 118.062 119.677 119.397 120.679 120.273 118.357 117.357
Table 1.4.5. Relation of Gross Domestic Product, Gross Domestic
2008
I
Gross domestic product..........
Less: Exports of goods and
services...............................
Plus: Imports of goods and
services...............................
Equals: Gross domestic
purchases............................
Less: Change in private
inventories............................
Equals: Final sales to domestic
purchasers...........................
Addendum:
Final sales of domestic product
II
2009
III
IV
I
1 119.819 122.500 121.613 121.951 123.134 123.302 124.160
2 116.586 122.788 121.397 124.560 126.592 118.601
115.250
3 120.168 132.698 128.722 137.136 140.189 124.747 114.281
4 120.294 124.158 122.821 124.103 125.475 124.232 123.931
<i
6 120.329 124.187 122.863 124.160 125.543 124.181 123.873
7 119.853 122.528 121.653 122.008 123.204 123.245 124.091
Purchases, and Final Sales to Domestic Purchasers
Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic
Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product..........
Less: Exports of goods and
services...............................
Plus: Imports of goods and
services...............................
Equals: Gross domestic
purchases............................
Less: Change in private
inventories............................
Equals: Final sales to domestic
purchasers..........................
Addendum:
Final sales of domestic product
II
Seasonally adjusted at annual rates
III
IV
1 13,807.5 14,264.6 14,150.8 14,294.5 14,412.8 14,200.3 14,097.2
1,662.4
1,859.4
1,820.8
1,923.2
1,968.9
1,724.7
1,529.4
3
2,370.2
2,528.6
2,526.5
2,641.4
2,676.6
2,269.7
1,856.7
4 14,515.3 14,933.8 14,856.6 15,012.7 15,120.5 14,745.4 14,424.4
-3.6
-47.0
-25.6
-76.0
-49.7
-36.6
2007
2008
-116.2
6 14,519.0 14,980.7 14,882.2 15,088.7 15,170.2 14,782.0 14,540.6
7 13,811.2 14,311.6 14,176.4 14,370.5 14,462.5 14,236.9 14,213.4
2008
I
I
2
5
Line
2009
Gross domestic product..........
Less: Exports of goods and
services...............................
Plus: Imports of goods and
services...............................
Equals: Gross domestic
purchases............................
Less: Change in private
inventories............................
Equals: Final sales to domestic
purchasers...........................
Addendum:
Final sales of domestic product
II
2009
III
IV
I
1 11,523.9 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5
2
1,425.9
1,514.1
1,500.6
1,544.7
1,556.1
1,454.9
1,327.7
3
1,972.4
1,904.3
1,962.6
1,926.0
1,909.1
1,819.4
1,624.6
4 12,066.8 12,035.2 12,105.8 12,102.6 12,057.8 11,874.5 11,645.4
5
-2.5
-29.0
-10.2
-50.6
-29.6
-25.8
-87.1
6 12,066.0 12,063.6 12,113.3 12,153.0 12,084.1 11,904.0 11,738.7
7 11,523.4 11,681.0 11,653.7 11,778.8 11,739.2 11,552.2 11,454.6
Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
Note .
July 2009
Survey of Current Business
Table 1.5.1. Percent Change From Preceding Period in Real
Gross Domestic Product, Expanded Detail
D-9
Table 1.5.2. Contributions to Percent Change in Real
Gross Domestic Product, Expanded Detail
[Percent]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services.................................
Housing..............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation
Other....
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Farm...................................
Nonfarm..............................
II
Seasonally adjusted at annual rates
2009
III
IV
I
1
2.0
1.1
0.9
2.8
-0.5
-6.3
-5.5
2
3
4
2.8
4.8
2.0
0.2
-4.3
-13.3
0.9
-4.3
-10.7
1.2
-2.8
-19.7
-3.8
-14.8
-26.6
-4.3
-22.1
-37.9
1.4
9.5
19.1
5
6
7
8
9
8.0
4.8
2.5
1.9
4.7
3.4
-0.8
-0.6
-0.1
0.4
1.8
-2.3
-0.4
1.3
3.0
14.0
2.4
3.9
4.1
10.9
-8.2
-4.6
-7.1
-7.3
-13.3
-8.8
-17.0
-9.4
-14.7
-9.3
4.0
6.0
-0.4
-2.8
-0.2
10
11
12
13
14
15
16
17
18
19
20
0.8
3.2
2.6
1.5
1.8
1.9
1.8
1.9
2.9
4.5
3.2
-4.5
0.3
1.5
0.9
-0.3
-2.0
1.1
-0.6
3.5
-0.8
1.4
-6.0
-1.8
2.4
0.5
1.8
7.4
-2.1
1.7
4.9
-4.7
4.1
-6.4
6.2
0.7
1.7
-4.3
-11.0
1.0
-3.0
2.8
1.3
-0.3
-13.4
0.2
-0.1
0.7
-8.2
-20.7
2.1
-2.3
2.5
-1.5
0.2
8.6
-7.8
1.5
0.4
8.2
19.1
0.9
-6.6
3.0
-1.1
1.4
6.8
1.3
0.9
-0.1
3.2
9.9
-1.4
-4.4
1.6
1.6
1.6
21
22
23
24
25
-5.4
-3.1
4.9
12.7
1.7
-6.7
-5.0
1.6
11.2
-3.0
-5.8
-5.6
2.4
8.6
-0.6
-11.5
-1.7
2.5
18.5
-5.0
0.4
-5.3
-1.7
9.7
-7.5
-23.0
-22.0
-21.7
-9.4
-28.1
-48.9
-37.6
-37.3
-42.9
-33.7
26
9.6
4.7
7.2
8.0
-4.2
-22.8
-18.4
27
28
29
30
17.9
10.0
5.4
1.4
6.5
4.8
3.7
-4.2
16.1
9.9
0.2
0.8
13.0
2.1
13.0
-3.6
-22.4
-4.4
5.3
-8.8
-38.7
-13.3
-26.1
-14.7
-10.8
-21.5
-17.6
-47.4
31
32
33
34
35
36
-12.6
-5.2
-17.9
-28.6
-1.4
-20.8
-14.0
-12.5
-25.1
-46.6
-3.2
-13.3
-44.7
18.0
-16.0
-70.0
-23.0
-22.8
-74.6
-33.4
-38.8
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services..............................
Imports...................................
Goods.................................
Services.............................
37
38
39
40
41
42
43
8.4
7.5
10.5
2.2
1.7
4.4
6.2
6.0
6.6
-3.5
-4.1
0.2
5.1
4.5
6.4
-0.8
-2.0
5.5
12.3
16.3
3.8
-7.3
-7.1
-8.0
3.0
3.7
1.4
-3.5
-4.7
3.3
-23.6
-32.0
-1.5
-17.5
-19.6
-6.7
-30.6
-38.8
-11.5
-36.4
-41.4
-10.2
Government consumption
expenditures and gross
investment..............................
Federal...................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.................
44
45
46
47
48
49
50
51
52
53
54
2.1
1.6
2.5
2.6
1.6
-0.2
-0.2
0.2
2.3
2.0
3.7
2.9
6.0
7.2
6.3
13.6
3.6
2.9
8.2
1.1
1.3
0.3
1.9
5.8
7.3
7.4
6.0
2.9
2.9
2.8
-0.3
1.4
-6.8
3.9
6.6
7.3
3.4
38.7
5.0
4.0
11.8
2.5
1.2
7.8
5.8
13.8
18.0
17.3
22.7
5.1
5.6
1.5
1.3
1.1
2.3
1.3
7.0
3.4
3.7
1.5
15.3
10.4
52.4
-2.0
0.0
-9.6
-3.1
-4.5
-6.8
-5.8
-13.0
0.6
5.8
-27.2
-2.2
-0.6
-8.6
1. Excludes software “embedded,” or bundled, in computers and other equipment.
Line
2007
2008
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures.......................
Durable goods......................
Motor vehicles and parts....
Furniture and household
equipment.....................
Other................................
Nondurable goods.................
Food.................................
Clothing and shoes............
Gasoline, fuel oil, and other
energy goods.................
Other................................
Services...............................
Housing.............................
Household operation...........
Electricity and gas..........
Other household operation
Transportation....................
Medical care.....................
Recreation........................
Other................................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential....................
Structures.....................
Equipment and software...
Information processing
equipment and
software.................
Computers and
peripheral
equipment...........
Software 1..............
Other.....................
Industrial equipment....
Transportation
equipment..............
Other equipment.........
Residential........................
Change in private inventories...
Farm................................
Nonfarm............................
Net exports of goods and
services..............................
Exports................................
Goods..............................
Services............................
Imports.................................
Goods..............................
Services............................
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense................
Consumption expenditures
Gross investment............
Nondefense......................
Consumption expenditures
Gross investment............
State and local......................
Consumption expenditures...
Gross investment...............
2009
2008
I
II
III
IV
I
1
2.0
1.1
0.9
2.8
-0.5
-6.3
-5.5
2
3
4
1.95
0.38
0.07
0.16
-0.33
-0.42
0.61
-0.33
-0.35
0.87
-0.21
-0.64
-2.75
-1.16
-0.83
-2.99
-1.67
-1.13
0.95
0.61
0.41
5
6
7
8
9
0.24
0.08
0.50
0.18
0.13
0.10
-0.01
-0.13
-0.02
0.01
0.05
-0.04
-0.08
0.13
0.08
0.39
0.04
0.80
0.40
0.28
-0.25
-0.08
-1.57
-0.75
-0.38
-0.25
-0.29
-1.97
-1.52
-0.24
0.11
0.09
-0.07
-0.27
-0.01
10
11
12
13
14
15
16
17
18
19
20
0.02
0.17
1.07
0.16
0.07
0.03
0.04
0.05
0.35
0.13
0.31
-0.14
0.02
0.62
0.10
-0.01
-0.04
0.02
-0.02
0.43
-0.02
0.14
-0.18
-0.10
1.02
0.05
0.07
0.11
-0.05
0.04
0.59
-0.14
0.40
-0.20
0.33
0.28
0.18
-0.17
-0.19
0.02
-0.08
0.35
0.04
-0.03
-0.45
0.01
-0.03
0.08
-0.33
-0.38
0.05
-0.06
0.31
-0.04
0.02
0.23
-0.43
0.66
0.04
0.31
0.29
0.02
-0.17
0.38
-0.03
0.14
0.14
0.07
0.41
-0.01
0.12
0.15
-0.03
-0.12
0.21
0.05
0.16
21
22
23
24
25
-0.90
-0.50
0.52
0.40
0.13
-1.02
-0.76
0.17
0.39
-0.22
-0.89
-0.86
0.26
0.30
-0.04
-1.74
-0.25
0.27
0.64
-0.37
0.06
-0.79
-0.19
0.36
-0.55
-3.47
-3.36
-2.56
-0.38
-2.18
-8.20
-5.99
-4.59
-2.05
-2.54
26
0.34
0.18
0.27
0.30
-0.16
-0.92
-0.70
27
28
29
30
0.11
0.15
0.08
0.02
0.05
0.08
0.05
-0.06
0.10
0.16
0.00
0.01
0.08
0.04
0.18
-0.05
-0.16
-0.08
0.08
-0.12
-0.28
-0.23
-0.42
-0.19
-0.06
-0.38
-0.26
-0.72
31
32
33
34
35
36
-0.17
-0.07
-1.02
-0.40
0.04
-0.44
-0.32
-0.02
-0.93
-0.26
0.02
-0.28
-0.16
-0.16
-1.12
-0.02
-0.17
0.15
-0.58
-0.04
-0.52
-1.50
-0.14
-1.36
-0.47
0.20
-0.60
0.84
0.01
0.83
-0.75
-0.31
-0.80
-0.11
0.06
-0.17
-0.66
-0.46
-1.40
-2.20
0.05
-2.25
37
38
39
40
41
42
43
0.58
0.95
0.59
0.36
-0.37
-0.25
-0.12
1.40
0.76
0.51
0.25
0.64
0.65
-0.01
0.77
0.63
0.39
0.24
0.14
0.29
-0.15
2.93
1.54
1.39
0.15
1.39
1.14
0.25
1.05
0.40
0.34
0.06
0.65
0.74
-0.09
-0.15
-3.44
-3.38
-0.06
3.29
3.09
0.20
2.39
-4.16
-3.69
-0.47
6.55
6.25
0.29
44
45
46
47
48
49
50
51
52
53
54
0.40
0.11
0.12
0.11
0.01
0.00
0.00
0.00
0.28
0.20
0.09
0.57
0.43
0.35
0.27
0.08
0.08
0.06
0.02
0.14
0.13
0.01
0.38
0.41
0.34
0.31
0.04
0.06
0.06
0.01
-0.03
0.14
-0.18
0.78
0.47
0.36
0.15
0.21
0.11
0.08
0.03
0.31
0.12
0.19
1.14
0.97
0.85
0.72
0.14
0.12
0.11
0.00
0.17
0.11
0.06
0.26
0.52
0.18
0.17
0.01
0.34
0.21
0.14
-0.25
0.00
-0.25
-0.63
-0.35
-0.37
-0.27
-0.10
0.02
0.12
-0.11
-0.28
-0.06
-0.22
1. Excludes software “embedded,” or bundled, in computers and other equipment.
D-10
July 2009
N a t io n a l D a t a
Table 1.5.3. Real Gross Domestic Product, Expanded Detail, Quantity Indexes
Table 1.5.4. Price Indexes for Gross Domestic Product, Expanded Detail
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2007
2008
2008
I
Gross domestic product . ..
Personal consumption
expenditures.......................
Durable goods........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services.................................
Housing...............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other..................................
Gross private domestic
investment...........................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
1 117.388 118.692 118.631
II
Seasonally adjusted
2009
III
IV
Government consumption
expenditures and gross
investment...........................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.................
2008
122.456 122.743 123.395 123.770 122.572 121.235 121.644
143.908
115.582
137.666
100.189
143.284
111.313
142.273
105.357
136.695
97.517
128.413
86.570
131.366
90.445
5
6
7
8
9
189.830
139.314
122.872
120.038
138.677
196.325
138.197
122.143
119.908
139.228
194.714 201.210
139.967 140.804
123.147 124.317
121.315 122.534
139.821 143.488
196.934
139.174
122.035
120.232
138.462
192.442
132.844
119.071
115.549
135.141
194.345
134.801
118.958
114.735
135.066
10 103.438
11 128.976
12 118.259
13 116.420
14 107.959
15 105.447
16 109.760
17 102.731
18 129.317
19 124.880
20 115.218
98.819
129.350
119.992
117.483
107.678
103.310
110.966
102.093
133.888
123.846
116.868
101.329
128.514
119.739
116.978
109.183
107.453
110.404
103.408
132.522
123.860
116.814
99.664
130.448
119.937
117.469
108.001
104.375
110.677
102.628
133.451
124.263
116.714
96.137
130.525
119.916
117.687
105.716
98.502
111.261
102.026
134.285
123.801
116.768
98.147
127.912
120.376
117.799
107.810
102.911
111.521
100.311
135.295
123.461
117.176
99.768
128.315
120.658
117.760
108.650
105.362
111.128
99.201
135.849
123.939
117.630
Durable goods........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other...................................
Services..................................
Housing..............................
Household operation............
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other....................................
97.328 101.110
98.071
98.169
91.961
77.740
Gross private domestic
investment...........................
21
22
23
24
25
104.278
107.717
112.244
97.264
117.412
102.375
114.069
108.180
113.939
104.969
115.504
104.206
118.470
104.522
116.212
108.716
116.961
103.102
115.714
111.257
114.709
96.907
108.847
108.543
105.616
86.116
96.862
94.360
95.296
26
139.842
146.477
147.465
150.324
148.727
139.394
132.481
2008
I
Gross domestic product....
Personal consumption
expenditures.......................
2
3
4
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software 1................
Other.......................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
2 / 230.472
28 134.548
29 114.710
30
97.805
245.458 254.682 262.580 246.464 218.104 211.958
140.988 142.463 143.201 141.617 136.672 128.656
118.992 117.698 121.342 122.931 113.997 108.612
89.664
93.709
96.369
95.494
93.311
76.360
31
32
33
34
'■ft
86.683
113.095
101.534
61.933
111.517
80.436
78.949
111.679
85.698
67.497
110.767
82.692
58.204
115.457
79.154
43.082
108.163
74.201
30.590
97.700
65.622
130.068
127.335
136.868
133.654
134.921
127.581
138.111
134.948
145.916
129.038
129.326
127.856
136.880
133.690
144.792
132.991
133.654
129.913
140.908
138.826
146.131
130.509
131.212
127.217
141.943
140.079
146.640
129.367
129.653
128.249
132.713
127.198
146.100
123.283
122.785
126.043
121.113
112.496
141.712
110.084
107.430
122.710
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services...............................
120.250 118.443 119.594 121.288 121.674 120.724
Government consumption
expenditures and gross
investment...........................
II
2009
III
IV
I
1 119.819
122.500 121.613 121.951 123.134 123.302 124.160
2 117.659
3 87.154
4
98.589
121.596 120.283 121.544 123.041
86.071
98.046
86.581
98.698
86.237
98.382
86.110
98.345
85.357
96.758
85.000
96.586
5 69.924
6 99.421
7 118.407
8 119.682
9 90.595
66.991
102.264
124.666
126.182
90.133
68.115
100.809
123.059
123.007
90.203
67.161
102.109
125.021
124.943
89.520
66.716
102.720
128.129
127.519
90.817
65.972
103.418
122.455
129.258
89.992
65.396
103.450
120.832
129.556
90.775
10
11
12
13
14
15
16
17
18
19
20
185.237 217.688 218.289 231.457
111.013 113.241 112.598 113.027
124.712 128.752 127.133 128.450
124.679 128.013 126.994 127.623
124.813 131.675 127.183 131.604
144.797 157.114 148.139 157.995
113.275 117.076 115.093 116.476
119.318 125.478 122.455 124.768
126.601 129.566 128.364 129.127
120.418 124.177 122.851 123.699
125.365 129.914 128.529 129.950
251.777
113.325
129.538
128.405
134.783
164.322
117.958
126.808
130.037
125.200
130.416
169.228
114.016
129.885
129.029
133.132
158.000
118.776
127.879
130.737
124.959
130.763
140.449
115.571
130.282
129.555
132.447
155.327
119.175
128.851
131.491
125.419
130.815
21
22
23
24
25
117.735 118.509 117.815 117.926 118.510 119.786 119.107
121.514 121.235
117.995
108.739
157.662
94.870
118.727
110.513
163.298
95.485
118.117
109.177
160.182
94.700
118.353
109.788
161.496
95.101
119.037
110.913
164.285
95.710
119.400
112.174
167.229
96.431
118.712
111.751
165.374
96.489
26
79.170
78.219
78.245
78.370
78.293
77.967
77.486
2/
28
29
30
40.062
95.888
90.278
115.968
35.967
96.820
90.930
121.111
37.024
96.339
90.345
118.620
36.297
96.976
90.863
120.525
35.608
97.196
91.160
122.615
34.940
96.767
91.353
122.685
34.127
96.356
91.202
122.502
31 112.762
32 113.222
33 138.884
34
MS
16
112.881
116.771
135.587
111.871
114.175
137.900
111.849
114.579
136.687
112.692
116.616
135.535
115.113
121.714
132.226
120.828
122.089
130.561
122.788
121.147
126.684
132.698
131.408
139.217
121.397
119.916
124.932
128.722
127.427
135.377
124.560
123.456
127.211
137.136
136.387
140.740
126.592
125.137
130.082
140.189
139.607
142.873
118.601
116.082
124.510
124.747
122.209
137.879
115.250
112.547
121.519
114.281
110.601
132.998
Net exports of goods and
'V
38
39
40
41
42
43
44 116.871
45 130.078
46 135.596
47 132.457
48 159.765
49 120.127
50 119.048
51 128.357
52 110.167
53 109.828
54 111.471
137.913
145.318
140.765
181.536
124.469
122.541
138.925
111.394
111.271
111.832
133.488
140.125
136.773
166.030
121.469
120.061
132.081
110.844
110.874
110.632
135.628
142.621
137.921
180.174
122.949
121.235
135.821
111.517
111.201
112.741
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2007
I
119.460 119.308 117.369 115.723
Net exports of goods and
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods..................................
Services..............................
Line
140.080
148.643
143.533
189.622
124.473
122.897
136.325
111.891
111.509
113.391
142.457
149.882
144.831
190.318
128.984
125.971
151.474
111.326
111.500
110.565
140.840
147.286
142.695
183.807
129.183
127.759
139.897
110.700
111.340
108.116
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
V
38
39
40
41
42
43
116.586
115.062
120.211
120.168
118.326
129.928
44 132.941 139.234 137.237
45 130.076 134.289 132.879
46 131.874 136.574 134.905
47 136.220 141.371 139.603
48 105.255 107.386 106.296
49 126.636 129.869 128.986
50 130.378 134.090 133.128
51 104.556 105.204 104.758
52 134.671 142.219 139.866
53 134.517 142.427 140.173
54 135.383 141.478 138.722
139.588 141.107 139.002 138.862
134.553
136.967
141.872
107.217
129.868
134.139
104.948
142.632
143.333
139.890
1. Excludes software “embedded,” or bundled, in computers and other equipment.
135.447
138.004
142.967
107.925
130.465
134.776
105.326
144.540
145.179
142.050
134.277 135.169
136.421 137.335
141.042 142.242
108.108 107.545
130.157 131.006
134.316 135.346
105.785 105.706
141.838 141.032
141.023 139.690
145.252 146.635
July 2009
Su r v e y
of
D-11
C u r r e n t B u sin ess
Table 1.5.6. Real Gross Domestic Product, Expanded Detail, Chained Dollars
[Billions of chained (2000) dollars]
Table 1.5.5. Gross Domestic Product, Expanded Detail
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product....
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services..................................
Housing..............................
Household operation...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other..................................
Gross private domestic
investment.............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential..........................
Change in private inventories...
Farm...................................
Nonfarm..............................
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services.............................
Imports...................................
Goods.................................
Services.............................
Government consumption
expenditures and gross
investment.............................
Federal...................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense........................
Consumption expenditures
Gross investment.............
State and local........................
Consumption expenditures...
Gross investment.................
II
2009
Ill
IV
1 13,807.5 14,264.6 14,150.8 14,294.5 14,412.8 14,200.3 14,097.2
9,710.2 10,057.9 10,002.3 10,138.0 10,163.5
1,082.8
440.4
1,023.2
379.9
1,071.0
424.7
1,059.3
400.6
1,016.2
370.7
946.3
323.8
5
6
7
8
9
415.3
227.0
2,833.0
1,329.1
374.0
411.7
231.6
2,965.1
1,399.2
373.6
415.1
231.3
2,950.7
1,380.5
375.5
423.0
235.7
3,026.2
1,416.3
382.4
411.2
234.3
3,044.6
1,418.4
374.4
397.4
225.2
2,839.0
1,381.7
362.1
10
11
12
13
14
15
16
17
18
19
20
366.9
762.9
5,794.4
1,460.9
525.7
218.8
306.9
357.0
1,681.1
403.4
1,366.3
411.8
780.5
6,069.6
1,513.7
553.0
232.3
320.6
373.0
1,781.2
412.6
1,436.1
423.7
771.1
5,980.6
1,495.1
541.7
228.1
313.6
368.8
1,746.6
408.2
1,420.2
441.8
785.7
6,052.5
1,508.8
554.5
236.3
318.1
372.9
1,769.3
412.3
1,434.6
463.6
788.2
6,102.7
1,520.9
555.8
231.9
323.9
376.8
1,792.9
415.8
1,440.4
318.1
777.1
6,142.5
1,529.7
559.9
233.0
326.9
373.6
1,816.1
413.9
1,449.3
21
22
23
24
25
2,130.4
1,993.5
2,056.1
2,000.9
2,010.9
1,906.1
2,134.0
1,503.8
480.3
1,023.5
2,040.5
1,552.8
553.4
999.4
2,081.7
1,553.6
522.7
1,030.9
2,077.0
1,571.9
549.8
1,022.1
2,060.6
1,581.2
572.4
1,008.8
1,942.7
1,504.3
568.4
935.8
26
517.7
535.8
539.6
550.9
544.5
?!
28
29
30
93.7
227.3
196.8
180.6
89.8
240.5
205.5
180.6
95.8
241.8
202.0
182.0
96.8
244.6
209.5
183.2
89.2
242.5
212.9
182.2
31
32
33
34
35
36
157.2
168.0
630.2
-3.6
1.6
-5.2
112.2
170.8
487.7
-47.0
-2.4
-44.6
142.1
167.3
528.1
-25.6
0.2
-25.8
121.4
166.5
505.0
-76.0
-4.1
-71.9
105.5
176.6
479.4
-49.7
-4.2
-45.5
3/
38
39
40
41
4?
43
-707.8
-669.2
-705.7
-718.2
-707.7
-545.1
-327.3
1,662.4
1,149.2
513.2
2,370.2
1,985.2
385.1
1,859.4
1,283.1
576.3
2,528.6
2,115.2
413.4
1,820.8
1,256.9
563.9
2,526.5
2,118.0
408.5
1,923.2
1,343.7
579.5
2,641.4
? ??5 R
415.9
1,968.9
1,374.3
594.6
2,676.6
2,251.0
425.6
1,724.7
1,157.6
567.1
2,269.7
1,866.1
403.6
1,529.4
992.6
536.8
1,856.7
1,477.6
379.1
44
45
46
47
48
49
50
61
5?
53
54
2007
Gross domestic product....
9,938.5
Gross private domestic
investment..............................
1,716.4
Fixed investment......................
Nonresidential......................
1,333.6
488.7
Structures........................
844.9
Equipment and software...
Information processing
equipment and
508.2
480.0
software...................
Computers and
peripheral
77.4
73.5
218.4
233.0
Software 2................
Other........................
188.2
197.8
175.1
148.9
Industrial equipment....
Transportation
59.4
equipment................
79.8
172.7
156.5
Other equipment..........
438.4
382.8
Residential...........................
-116.2
-36.6
Change in private inventories...
-0.2
Farm...................................
-1.5
-35.0
-116.0
Nonfarm..............................
1,600.2
2,674.8
2,882.4
2,798.1
2,873.7
2,946.1
2,911.4
2,885.8
979.3
662.2
580.1
82.1
317.1
276.0
41.1
1,695.5
1,355.9
339.6
1,071.9
734.9
639.7
95.2
337.0
292.2
44.8
1,810.4
1,454.4
356.0
1,026.5
699.9
613.8
86.1
326.6
284.2
42.4
1,771.6
1,426.3
345.3
1,056.1
723.3
629.0
94.3
332.9
289.2
43.7
1,817.6
1,462.7
354.9
1,098.0
759.5
659.6
99.9
338.5
294.5
44.0
1,848.1
1,485.7
362.4
1,107.0
757.0
656.6
100.4
350.0
300.9
49.1
1,804 4
1,443.0
361.4
1,101.7
748.9
652.4
96.5
352.8
307.5
45.3
1,784.0
1,427.3
356.7
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services..............................
Imports....................................
Services..............................
2009
2008
2008
I
Personal consumption
expenditures..........................
964.0
Durable goods.........................
337.7
Motor vehicles and parts.....
Furniture and household
397.8
equipment........................
228.6
Other....................................
2,798.8
1,375.1
Food....................................
365.0
Clothing and shoes..............
Gasoline, fuel oil, and other
268.4
energy goods...................
790.2
Other....................................
6,175.7
Services..................................
1,535.5
Housing...............................
561.4
Household operation............
234.5
326.8
Other household operation
372.3
Transportation......................
1,834.0
Medical care........................
Recreation...........................
417.0
1,455.5
Other....................................
2
3
4
9,927.9
Line
I
II
III
IV
I
1 11,523.9 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5
2
3
4
8,252.8
8,272.1
8,316.1
8,341.3
8,260.6
8,170.5
8,198.0
1,242.4
446.7
1,188.5
387.2
1,237.0
430.2
1,228.3
407.2
1,180.1
376.9
1,108.6
334.6
1,134.1
349.6
5
6
7
8
9
594.0
228.3
2,392.6
1,110.5
412.9
614.3
226.5
2,378.4
1,109.3
414.5
609.3
229.4
2,397.9
1,122.4
416.3
629.6
230.8
2,420.7
1,133.6
427.2
616.2
228.1
2,376.3
1,112.3
412.2
602.2
217.7
2,318.6
1,069.0
402.3
608.1
220.9
2,316.4
1,061.5
402.1
10
11
12
13
14
198.1
687.3
4,646.2
1,171.7
421.2
151.1
270.9
299.2
1,327.8
335.0
1,089.9
189.2
689.3
4,714.3
1,182.4
420.1
148.0
273.9
297.4
1,374.8
332.2
1,105.5
194.0
684.8
4,704.3
1,177.3
425.9
154.0
272.5
301.2
1,360.8
332.3
1,105.0
190.8
695.1
4,712.1
1,182.3
421.3
149.6
273.2
298.9
1,370.3
333.4
1,104.0
184.1
695.5
4,711.3
1,184.5
412.4
141.2
274.6
297.2
1,378.9
332.1
1,104.6
187.9
681.6
4,729.4
1,185.6
420.6
147.5
275.2
292.2
1,389.2
331.2
1,108.4
191.0
683.7
4,740.5
1,185.2
423.9
151.0
274.3
288.9
1,394.9
332.5
1,112.7
21
22
23
24
25
1,809.7
1,689.1
1,754.7
1,702.0
1,703.7
1,596.0
1,349.2
1,808.5
1,382.9
304.6
1,078.9
1,718.9
1,405.4
338.8
1,047.0
1,762.4
1,423.1
326.4
1,088.6
1,754.9
1,431.8
340.5
1,074.7
1,731.1
1,425.7
348.4
1,054.0
1,627.0
1,341.1
339.9
970.5
1,445.9
1,193.4
295.5
875.7
26
653.9
685.0
689.6
702.9
695.5
651.8
619.5
7f
28
29
30
237.0
218.0
155.7
248.4
226.1
149.2
251.0
223.6
153.4
252.3
230.6
152.0
249.5
233.6
148.6
240.8
216.6
142.8
226.6
206.4
121.6
31
32
33
34
35
36
139.4
148.4
453.8
-2.5
1.0
-3.7
99.6
146.3
359.5
-29.0
3.6
-34.3
127.0
146.5
383.0
-10.2
6.0
-17.9
108.6
145.3
369.6
-50.6
2.4
-55.1
93.6
151.5
353.7
-29.6
2.2
-33.3
69.3
141.9
331.6
-25.8
3.7
-31.1
49.2
128.2
293.3
-87.1
4.9
-94.7
3'/
38
39
40
41
4?
43
-546.5
-390.2
-462.0
-381.3
-353.1
-364.5
-296.8
1,425.9
998.7
426.9
1,972.4
1,677.7
296.4
1,514.1
1,058.5
455.2
1,904.3
1,608.1
297.0
1,500.6
1,048.6
451.7
1,962.6
1,662.0
301.8
1,544.7
1,088.9
455.8
1,926.0
1,631.6
295.5
1,556.1
1,098.7
457.4
1,909.1
1,612.2
297.9
1,454.9
997.7
455.7
1,819.4
1,526.8
292.8
1,327.7
882.4
442.1
1,624.6
1,335.9
285.0
2,012.1
2,070.2
2,039.1
2,058.9
2,088.1
2,094.7
2,078.4
752.9
502.1
425.8
78.0
250.4
211.7
39.3
1,259.0
1,008.0
250.9
-152.7
798.2
538.1
452.5
88.6
259.5
217.9
42.6
1 273 0
1,021.2
251.7
-161.8
772.6
518.9
439.7
81.0
253.2
213.5
40.5
1,266.7
1,017.6
249.0
-178.7
785.0
528.1
443.4
87.9
256.3
215.6
41.6
1,274.4
1,020.6
253.7
-191.6
810.8
550.4
461.5
92.6
259.5
218.5
41.8
1,278 7
1,023.4
255.2
-162.8
824.5
555.0
465.6
92.9
268.9
224.0
46.4
1,272.3
1,023.3
248.8
-114.0
815.2
545.4
458.8
89.7
269.3
227.2
42.9
1,265.1
1,021.9
243.3
-129.3
IS
16
17
18
19
20
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
44
45
46
47
48
49
50
51
Consumption expenditures...
Gross investment.................
Residual......................................
53
54
55
S’
1. Excludes software “embedded,” crbund ed, in com juters and )ther equip nent.
1. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates
should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate
series; accurate estimates of these contributions are shown in table 1.5.2 and real growth rates are shown in table 1.5.1.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
N o t e . The residual line is the difference between the first line and the sum of the most detailed lines.
D-12
July 2009
N a t io n a l D a t a
Table 1.6.4. Price Indexes for
Gross Domestic Purchases
Table 1.6.7. Percent Change From Preceding Period in Prices for
Gross Domestic Purchases
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
2007
2008
2008
I
Gross domestic purchases...
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services.................................
Housing...............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers 2........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food.......................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product..........
Gross domestic product
excluding final sales of
computers...................
Food................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy .........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
II
5 69.924 66.991 68.115 67.161
66.716 65.972 65.396
6 99.421 102.264 100.809 102.109 102.720 103.418 103.450
7 118.407 124.666 123.059 125.021 128.129 122.455 120.832
8 119.682 126.182 123.007 124.943 127.519 129.258 129.556
9 90.595 90.133 90.203 89.520 90.817 89.992 90.775
10
11
12
13
14
15
16
17
18
19
20
185.237
111.013
124.712
124.679
124.813
144.797
113.275
119.318
126.601
120.418
125.365
217.688
113.241
128.752
128.013
131.675
157.114
117.076
125.478
129.566
124.177
129.914
218.289
112.598
127.133
126.994
127.183
148.139
115.093
122.455
128.364
122.851
128.529
231.457
113.027
128.450
127.623
131.604
157.995
116.476
124.768
129.127
123.699
129.950
251.777
113.325
129.538
128.405
134.783
164.322
117.958
126.808
130.037
125.200
130.416
169.228
114.016
129.885
129.029
133.132
158.000
118.776
127.879
130.737
124.959
130.763
140.449
115.571
130.282
129.555
132.447
155.327
119.175
128.851
131.491
125.419
130.815
21
22
23
24
25
117.735
117.995
108.739
157.662
94.870
118.509
118.727
110.513
163.298
95.485
117.815
118.117
109.177
160.182
94.700
117.926
118.353
109.788
161.496
95.101
118.510
119.037
110.913
164.285
95.710
119.786
119.400
112.174
167.229
96.431
119.107
118.712
111.751
165.374
96.489
26
79.170
78.219
78.245
78.370
78.293
77.967
77.486
27 40.062 35.967 37.024 36.297 35.608 34.940 34.127
28 95.888 96.820 96.339 96.976 97.196 96.767 96.356
29 90.278 90.930 90.345 90.863 91.160 91.353 91.202
30 115.968 121.111 118.620 120.525 122.615 122.685 122.502
31 112.762 112.881 111.871 111.849 112.692 115.113 120.828
32 113.222 116.771 114.175 114.579 116.616 121.714 122.089
33 138.884 135.587 137.900 136.687 135.535 132.226 130.561
34
35
36
48
132.941
130.076
131.874
136.220
105.255
126.636
130.378
104.556
134.671
134.517
135.383
34.096
139.234
134.289
136.574
141.371
107.386
129.869
134.090
105.204
142.219
142.427
141.478
30.261
137.237
132.879
134.905
139.603
106.296
128.986
133.128
104.758
139.866
140.173
138.722
31.478
139.588
134.553
136.967
141.872
107.217
129.868
134.139
104.948
142.632
143.333
139.890
30.688
141.107
135.447
138.004
142.967
107.925
130.465
134.776
105.326
144.540
145.179
142.050
29.840
139.002
134.277
136.421
141.042
108.108
130.157
134.316
105.785
141.838
141.023
145.252
29.039
138.862
135.169
137.335
142.242
107.545
131.006
135.346
105.706
141.032
139.690
146.635
28.376
49 122.010 126.126 124.703 126.052 127.496 126.254 125.972
50 119.572 126.072 122.979 124.814 127.400 129.093 129.251
51 171.369 199.385 194.992 210.365 222.469 169.715 149.782
52 118.194 120.762 119.770 120.421
53 119.819 122.500 121.613 121.951
121.243 121.615 122.050
123.134 123.302 124.160
54 121.184 124.054 123.102 123.482 124.715 124.916 125.812
55 120.469 128.157 125.086 127.311 129.889 130.343 130.527
56 139.410 135.297 140.086 129.829 135.251
136.023 148.955
57 119.152 121.480 120.661 121.111 122.008 122.140 122.732
58 119.853 122.528 121.653 122.008 123.204 123.245 124.091
59 120.329 124.187 122.863 124.160 125.543 124.181
2007
2008
123.873
Gross domestic purchases....
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other...................................
Services..................................
Housing................................
Household operation............
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment.............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software ...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software 1................
Other........................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers 2.........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product...........
Gross domestic product
excluding final sales of
computers....................
Food.................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy..........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
2009
2008
I
I
2 117.659 121.596 120.283 121.544 123.041 121.514 121.235
3 87.154 86.071 86.581 86.237 86.110 85.357 85.000
4 98.589 98.046 98.698 98.382 98.345 96.758 96.586
1. Excludes software “embedded," or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
IV
1 120.294 124.158 122.821 124.103 125.475 124.232 123.931
37
38
39
40
41
42
43
44
45
46
47
Line
2009
III
II
III
IV
I
1
2.8
3.2
3.5
4.2
4.5
-3.9
-1.0
2
3
4
2.6
-1.8
-0.5
3.3
-1.2
-0.6
3.6
-0.1
-0.9
4.3
-1.6
-1.3
5.0
-0.6
-0.2
-4.9
-3.5
-6.3
-0.9
-1.7
-0.7
5
6
7
8
9
-4.6
1.0
3.0
3.8
-0.8
-4.2
2.9
5.3
5.4
-0.5
-1.9
4.9
6.7
4.9
-0.5
-5.5
5.3
6.5
6.4
-3.0
-2.6
2.4
10.3
8.5
5.9
-4.4
2.7
-16.6
5.6
-3.6
-3.4
0.1
-5.2
0.9
3.5
10
11
12
13
14
15
16
17
18
19
20
8.3
1.1
3.3
3.7
2.7
2.4
2.9
2.7
3.7
1.6
3.3
17.5
2.0
3.2
2.7
5.5
8.5
3.4
5.2
2.3
3.1
3.6
27.0
3.5
2.8
2.9
3.8
5.5
2.6
4.9
0.9
3.4
4.1
26.4
1.5
4.2
2.0
14.6
29.4
4.9
7.8
2.4
2.8
4.5
40.0
1.1
3.4
2.5
10.0
17.0
5.2
6.7
2.8
4.9
1.4
-79.6
2.5
1.1
2.0
-4.8
-14.5
2.8
3.4
2.2
-0.8
1.1
-52.6
5.6
1.2
1.6
-2.0
-6.6
1.4
3.1
2.3
1.5
0.2
21
22
23
24
25
1.4
1.4
1.4
3.8
0.3
0.7
0.6
1.6
3.6
0.6
-0.5
-0.2
0.6
2.7
-0.4
0.4
0.8
2.3
3.3
1.7
2.0
2.3
4.2
7.1
2.6
4.4
1.2
4.6
7.4
3.0
-2.2
-2.3
-1.5
-4.4
0.2
26
-2.1
-1.2
-1.7
0.6
-0.4
-1.7
-2.4
2/
28
29
30
-10.5
0.4
-0.6
4.0
-10.2
1.0
0.7
4.4
-13.5
0.8
1.3
3.9
-7.6
2.7
2.3
6.6
-7.4
0.9
1.3
7.1
-7.3
-1.8
0.8
0.2
-9.0
-1.7
-0.7
-0.6
31
32
33
34
3H
36
1.7
2.3
1.5
0.1
3.1
-2.4
-2.3
0.9
-2.6
-0.1
1.4
-3.5
3.0
7.3
-3.3
8.9
18.7
-9.4
21.4
1.2
-4.9
3/
38
39
40
41
42
43
44
45
46
4/
4.5
3.4
3.5
3.8
1.5
3.1
3.5
0.6
5.1
4.7
6.9
4.7
3.2
3.6
3.8
2.0
2.6
2.8
0.6
5.6
5.9
4.5
6.2
5.6
5.1
5.6
1.4
6.8
7.8
0.0
6.6
7.7
2.4
7.0
5.1
6.3
6.7
3.5
2.8
3.1
0.7
8.1
9.3
3.4
4.4
2.7
3.1
3.1
2.7
1.9
1.9
1.4
5.5
5.3
6.3
-5.8
-3.4
-4.5
-5.3
0.7
-0.9
-1.4
1.8
-7.3
-11.0
9.3
-0.4
2.7
2.7
3.4
-2.1
2.6
3.1
-0.3
-2.3
-3.7
3.9
48
-10.8
-11.2
-10.8
-9.7
-10.6
-10.3
-8.8
49
50
51
2.9
3.8
6.2
3.4
5.4
16.3
3.7
4.7
24.2
4.4
6.1
35.5
4.7
8.5
25.1
-3.8
5.4
-66.1
-0.9
0.5
-39.3
52
53
2.4
2.7
2.2
2.2
2.2
2.6
2.2
1.1
2.8
3.9
1.2
0.5
1.4
2.8
54
55
2.8
4.3
2.4
6.4
2.7
7.2
1.2
7.3
4.1
8.3
0.6
1.4
2.9
0.6
56
3.0
-3.0
7.0
-26.2
17.8
2.3
43.8
5/
58
2.5
2.7
2.0
2.2
2.0
2.7
1.5
1.2
3.0
4.0
0.4
0.1
2.0
2.8
59
2.8
3.2
3.5
4.3
4.5
-4.3
-1.0
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
July 2009
Su r v e y
D-13
C u r r e n t B u sin ess
of
Table 1.6.8. Contributions to Percent Change in the Gross Domestic
Purchases Price Index
Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic
Product, Real Gross National Product, and Real Net National Product
[Percent]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Percent change at annual rate:
Gross domestic purchases...
Percentage points at annual
rates:
Personal consumption
expenditures.......................
Durable goods......................
Motor vehicles and parts.....
Furniture and household
equipment......................
Other...............................
Nondurable goods.................
Food................................
Clothing and shoes.............
Gasoline, fuel oil, and other
energy goods.................
Other...............................
Services..............................
Housing............................
Household operation..........
Electricity and gas..........
Other household operation
Transportation....................
Medical care......................
Recreation........................
Other...............................
Gross private domestic
investment...........................
Fixed investment....................
Nonresidential...................
Structures.....................
Equipment and software...
Information processing
equipment and
software.................
Computers and
peripheral
equipment..........
Software 1.............
Other.....................
Industrial equipment....
Transportation
equipment.............
Other equipment........
Residential........................
Change in private inventories...
Farm................................
Nonfarm............................
Government consumption
expenditures and gross
investment...........................
Federal................................
National defense................
Consumption expenditures
Gross investment............
Nondefense......................
Consumption expenditures
Gross investment............
State and local......................
Consumption expenditures
Gross investment............
Addenda:
Final sales of computers to
domestic purchasers 2.......
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers........................
Food....................................
Energy goods and services....
Gross domestic purchases
excluding food and energy....
III
II
Seasonally adjusted at annual rates
2009
IV
I
-3.9
-1.0
2007
Line
2008
2008
I
1
2.8
3.2
3.5
4.2
4.5
2
3
4
1.73
-0.14
-0.02
2.24
-0.09
-0.01
2.43
-0.01
-0.03
2.87
-0.11
-0.04
3.37
-0.04
0.00
-3.31
-0.23
-0.15
-0.62
-0.11
-0.02
5
6
7
8
9
-0.14
0.02
0.58
0.34
-0.02
-0.12
0.04
1.03
0.50
-0.01
-0.05
0.08
1.30
0.45
-0.01
-0.16
0.08
1.29
0.60
-0.08
-0.07
0.04
2.02
0.78
0.15
-0.12
0.04
-3.52
0.51
-0.09
-0.10
0.00
-1.03
0.09
0.09
10
11
12
13
14
15
16
17
18
19
20
0.20
0.06
1.29
0.36
0.10
0.04
0.06
0.07
0.42
0.04
0.31
0.44
0.11
1.30
0.27
0.20
0.13
0.07
0.13
0.28
0.09
0.34
0.68
0.18
1.13
0.29
0.14
0.08
0.06
0.12
0.11
0.09
0.38
0.69
0.08
1.69
0.20
0.51
0.41
0.10
0.19
0.28
0.08
0.43
1.03
0.06
1.39
0.25
0.36
0.25
0.11
0.16
0.34
0.14
0.14
-4.07
0.13
0.44
0.20
-0.18
-0.24
0.06
0.08
0.26
-0.02
0.10
-1.49
0.29
0.51
0.17
-0.08
-0.11
0.03
0.08
0.29
0.04
0.02
21
22
23
24
25
0.22
0.21
0.14
0.12
0.02
0.09
0.09
0.17
0.13
0.05
-0.07
-0.03
0.06
0.09
-0.03
0.05
0.11
0.23
0.12
0.12
0.27
0.32
0.43
0.26
0.17
0.56
0.16
0.47
0.27
0.19
-0.26
-0.29
-0.15
-0.16
0.02
26
-0.08
-0.04
-0.06
0.02
-0.01
-0.06
-0.08
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
2009
III
IV
I
1
2.0
1.1
0.9
II
2.8
-0.5
-6.3
-5.5
2
15.7
-10.1
-28.0
-13.0
-7.8
-39.6
-56.4
-15.3
-54.7
-64.3
-0.2
21.9
26.0
3.5
3.6
-5.6
-10.0
-12.5
3.8
3.9
-5.6
2.1
1.6
4.3
4.5
3
14.3
-15.3
-21.8
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
4
5
B
7
8
2.2
3.7
3.9
3.0
3.1
1.3
7.0
7.8
3.1
3.1
0.1
8.0
9.1
2.6
2.6
-2.5
2.1
6.4
7.0
3.5
3.5
9
2.9
3.0
2.6
3.6
3.2
3.4
3.7
Equals: Net national product....
10
2.0
0.5
-1.0
1.5
-3.0
-4.9
-6.7
Addenda:
Gross domestic income 1........
Gross national income 2..........
Net domestic product...............
Net domestic income 3............
11
12
13
14
1.4
1.5
1.8
1.1
-0.5
-0.2
0.3
-1.5
-0.5
-1.3
-0.1
-1.7
0.7
0.0
2.3
-0.1
-0.9
-0.5
-3.5
-3.9
-7.8
-7.0
-5.8
-7.4
-4.3
-4.5
-6.6
-5.2
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
Table 1.7.3. Real Gross Domestic Product, Real Gross National Product,
and Real Net National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
27
28
29
30
-0.07
0.01
-0.01
0.05
-0.07
0.02
0.01
0.05
-0.09
0.01
0.02
0.05
-0.05
0.04
0.03
0.08
-0.05
0.01
0.02
0.08
-0.04
-0.03
0.01
0.00
-0.05
-0.03
-0.01
-0.01
31
32
33
34
35
36
0.02
0.03
0.07
0.01
0.00
0.01
0.00
0.04
-0.09
0.00
0.01
0.00
-0.02
0.01
-0.10
-0.03
0.04
-0.08
0.00
0.02
-0.12
-0.06
-0.03
-0.03
0.02
0.08
-0.11
-0.05
0.00
-0.05
0.05
0.20
-0.30
0.40
-0.01
0.41
0.09
0.01
-0.14
0.03
-0.01
0.04
37
38
39
40
41
42
43
44
45
46
47
0.81
0.23
0.16
0.15
0.01
0.07
0.07
0.00
0.58
0.43
0.15
0.88
0.22
0.17
0.15
0.01
0.06
0.05
0.00
0.66
0.55
0.11
1.15
0.38
0.24
0.23
0.01
0.15
0.15
0.00
0.77
0.72
0.06
1.32
0.36
0.29
0.27
0.02
0.06
0.06
0.00
0.96
0.88
0.08
0.85
0.19
0.15
0.13
0.02
0.04
0.04
0.00
0.66
0.51
0.15
-1.16
-0.25
-0.23
-0.23
0.00
-0.02
-0.03
0.01
-0.91
-1.12
0.22
-0.08
0.20
0.14
0.15
-0.01
0.06
0.06
0.00
-0.28
-0.37
0.09
Line
2007
2008
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
2009
2008
I
II
III
IV
I
1 117.388 118.692 118.631 119.460 119.308 117.369 115.723
2 188.098 169.079 180.516 174.333 170.835 150.632 122.401
3 184.231
156.033 167.341 166.304 159.560 130.928 101.231
4
5
6
7
8
119.342
135.143
137.403
124.263
123.898
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
Equals: Net national product....
9 122.684 126.320 124.726 125.837 126.829 127.887 129.049
10 116.652 117.270 117.763 118.201 117.292 115.824 113.830
Addendum:
Net domestic product...............
11 116.187 116.525 116.966 117.639 116.610 114.886 112.947
117.795
126.321
127.463
120.585
120.211
119.329
131.133
132.871
122.626
122.253
119.950
133.184
135.137
123.699
123.318
119.901
139.944
143.163
124.775
124.411
118.190
136.310
138.443
125.952
125.612
116.494
137.011
138.994
127.298
126.994
Table 1.7.4. Price Indexes for Gross Domestic Product,
Gross National Product, and Net National Product
[Index numbers, 2000=100]
48
-0.12
-0.12
-0.12
-0.11
-0.11
-0.10
-0.08
49
50
51
2.88
0.35
0.30
3.34
0.53
0.84
3.63
0.44
1.21
4.35
0.57
1.79
4.61
0.80
1.34
-3.80
0.51
-5.48
-0.88
0.05
-2.24
52
2.10
1.84
1.85
1.88
2.35
1.07
1.23
Seasonally adjusted
Line
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
2007
2008
2008
I
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
II
2009
III
IV
1
1 119.819 122.500 121.613 121.951 123.134 123.302 124.160
2 119.722 123.452 122.117 123.386 124.803 123.502 123.194
3 119.907 124.019 122.572 124.018
119.815 122.485 121.601 121.938
114.661 114.139 114.142 113.974
113.313 111.869 112.213 111.821
121.816 126.303 124.403 125.463
120.682 125.193 123.312 124.385
4
5
6
7
8
125.573 123.913 123.689
123.117
114.180
111.792
126.994
125.901
123.286
114.262
111.649
128.350
127.174
124.129
114.134
111.431
128.714
127.466
Equals: Net national product....
9 127.796 132.149 130.151 131.143 132.751 134.550 135.299
10 120.554 123.708 122.685 123.099 124.432 124.614 125.615
Addendum:
Net domestic product...............
11 120.561
123.733 122.706 123.122 124.460 124.643 125.663
D-14
July 2009
N a t io n a l D a t a
Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net
National Product, National Income, and Personal Income
Table 1.7.6. Relation of Real Gross Domestic Product, Real Gross National
Product, and Real Net National Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2007
2008
2008
I
Gross domestic product..............
Plus: Income receipts from the rest
of the world.................................
Less: Income payments to the rest
of the world.................................
II
Seasonally adjusted at annual rates
III
IV
861.7
798.3
843.2
822.8
815.6
711.6
576.8
3
759.3
665.1
705.1
708.9
688.7
557.7
430.4
4 13,910.0 14,397.8 14,289.0 14,408.3 14,539.6 14,354.3 14,243.6
5 1,720.5 1,832.3 1,778.0 1,803.1 1,898.1 1,850.1 1,857.5
6 1,431.1 1,523.1 1,477.5 1,497.4 1,585.9 1,531.7 1,534.8
7 1,147.0 1,225.0 1,186.1 1,205.6 1,266.0 1,242.5 1,247.4
Equals: Gross national product ...
Less: Consumption of fixed capital
Private............................
Domestic business.....
Capital consumption
allowances
Less: Capital
consumption
adjustment.........
Households and
institutions..............
Government....................
General government....
Government
enterprises.............
Equals: Net national product
14 12,189.5 12,565.5 12,511.1 12,605.2 12,641.6 12,504.2 12,386.1
Less: Statistical discrepancy......
15
Equals: National income..............
Less: Corporate profits with
inventory valuation and capital
consumption adjustments...........
Taxes on production and
imports less subsidies....
Contributions for
government social
insurance........................
Net interest and
miscellaneous payments
on assets........................
Business current transfer
payments (net)...............
Current surplus of
government enterprises
Wage accruals less
disbursements................
Plus: Personal income receipts on
assets.........................................
Personal current transfer
receipts...........................
16 12,270.9 12,427.4 12,447.6 12,468.6 12,491.4 12,302.0 12,228.5
8
1,055.5
1,305.6
1,286.0
1,295.2
1,323.6
1,317.5
1,258.5
9
-91.5
80.5
100.0
89.6
57.6
75.0
11.1
10
11
12
284.1
289.4
241.4
298.1
309.2
258.1
291.4
300.5
250.8
291.8
305.7
255.2
320.0
312.1
260.6
289.2
318.4
265.8
287.4
322.7
269.3
13
48.0
51.1
49.7
50.5
51.5
52.6
53.4
63.4
136.6
150.2
202.2
157.5
17
1,642.4
1,476.5
1,593.5
1,533.3
1,514.8
1,264.5
1,312.6
18
963.2
983.1
975.1
988.5
993.8
974.9
953.3
19
965.1
995.7
992.2
995.4
1,000.0
995.2
993.9
2008
20
664.4
682.7
662.3
683.4
656.6
728.6
702.8
21
100.2
103.6
103.2
102.1
92.1
116.8
120.8
22
-7.9
-8.1
-7.1
-7.7
-8.0
-9.6
-11.6
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
II
2009
III
IV
I
1 11,523.9 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5
2
719.9
647.2
690.9
667.2
653.9
576.7
468.8
3
633.3
536.3
575.2
571.6
548.5
450.0
348.0
4 11,609.8 11,762.3 11,760.9 11,822.2 11,817.3 11,648.7 11,481.5
5 1,500.5 1,605.3 1,557.6 1,582.0 1,662.3 1,619.1 1,627.5
6 1,263.0 1,361.5 1,316.6 1,339.0 1,418.5 1,371.8 1,377.2
243.7
7
244.8
241.6
250.8
237.5
245.8
248.1
203.4
206.2
205.2
211.3
8
200.0
207.0
209.0
Equals: Net national product....
38.2
38.5
9
37.5
38.6
38.8
39.1
10 10,111.5 10,165.0 10,207.8 10,245.7 10,166.9 10,039.7
Addenda:
Gross domestic income 1........
Gross national income 2..........
Net domestic product...............
Net domestic income 3............
11
12
13
14
39.5
9,866.9
11,591.9 11,539.2 11,593.8 11,615.2 11,590.3 11,358.1 11,233.5
11,677.7 11,649.4 11,708.8 11,710.0 11,695.2 11,484.6 11,354.5
10,025.9 10,055.1 10,093.2 10,151.2 10,062.4 9,913.7 9,746.4
10,093.5 9,943.5 10,041.4 10,040.2 9,941.7 9,751.3 9,620.9
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
N o t e . Except as noted in footnotes 1,2 a
@FedFRASER