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NEW WS R RELEA ASE F FOR WIRE TRANSMIS SSION: 8:30 0 A.M. EDT,, THURSDA AY, June 16,, 2011 S Sarah P. Sco ott: (202) 606--9286 (Data)) BEA A 11-29 P Paul W. Fareello: (202) 606--9561 (Revissions) U.S. Intern national Tra ansactions: First Quartter 2011 Currrent Accounnt The U.S. currentt-account ddeficit—the combined baalances on ttrade in good ds and servicces, income, and net unilateraal current ttransfers—in ncreased to $119.3 $ bbillion (preliminary) in th he first qquarter of 20 011, from $112.2 billion ((revised) in the t fourth qu uarter of 22010. The in ncrease was more than aaccounted fo or by an increease in the ddeficit on goods. Increasses in the ssurplus on in ncome and th he surplus on n sservices and a decrease in i net uunilateral currrent transfers were ppartly offsettting. G Goods and seervices Thee deficit on goods g and seervices increeased to $1400.8 billion inn the first quuarter from $$118.7 bbillion in thee fourth. _ ___________ _______ N NOTE: This news releasse is availablle on BEA’s Web site <w www.bea.goov> along wiith Highlightts related tto this release. The latestt detailed staatistics for U.S. U internatioonal transactions are alsso available oon BEA’s W Web site. Th he first quartter statistics in this releaase are prelim minary and w will be reviseed on Septem mber 15, 22011; at that time, the lattest availablee statistics may m differ froom those in this release.. All links inn the text oof this releasse refer to thee latest availlable statisticcs. -more- -2- ds The deficcit on goods Good increased to $182.5 billio on in the ffirst quarter from f $159.2 2 billion in tthe fourth. ds exports in ncreased to Good $$361.3 billio on from $342 2.7 billion. M Most major end-use e cateegories increased; in ndustrial supp plies and m materials acccounted for nearly n 80 ppercent of th he increase. The T increasee in industrial supplies and d materials m mainly refleccted growth in ppetroleum an nd products and a in nnonferrous metals. m Autom motive vvehicles, parrts, and engin nes also increased strrongly. (Seee Table 2a ffor the latest available statistics.) ods imports increased to $543.8 billio on from $5001.9 billion. Most majorr end-use cattegories Goo wo-thirds of the t increase was accoun nted for by gaains in indusstrial suppliees and materrials. increased; tw G Gains in auto omotive vehicles, parts, and engines also contribbuted. Indusstrial suppliees and materiials increased sub bstantially as a result of strong grow wth in petroleeum and products. Autoomotive vehiicles, pparts, and en ngines increaased mostly as a a result off increases inn passenger cars and in oother parts aand aaccessories. (See Table 2a 2 for the lattest availablee statistics.) Serrvices The surplus on services increeased to $41 .7 billion in the first quaarter from $440.5 bbillion in thee fourth. -more- -3Services receipts increased to $144.9 billion from $142.1 billion. The largest increases were in other private services and in travel. Services payments increased to $103.2 billion from $101.6 billion. The largest increases were in other transportation and in other private services. Income The surplus on income increased to $54.8 billion in the first quarter from $39.9 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad increased to $176.7 billion from $170.9 billion. Most of the increase was accounted for by direct investment receipts. Other private receipts (which consists of interest and dividends) also increased. Income payments on foreign-owned assets in the United States decreased to $119.6 billion from $128.7 billion. The decrease was more than accounted for by a decrease in direct investment payments. An increase in other private payments (which consists of interest and dividends) was partly offsetting. Compensation of employees Receipts for compensation of U.S. workers abroad increased slightly to $1.4 billion in the first quarter from $1.3 billion in the fourth. Payments for compensation of foreign workers in the United States remained at $3.6 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $33.2 billion in the first quarter, down from $33.4 billion in the fourth. The decrease was more than accounted for by U.S. government grants; an increase in private remittances and other transfers was partly offsetting. Capital Account Net capital account payments remained close to zero in the first quarter. Financial Account Net financial inflows were $181.9 billion in the first quarter, up from $29.3 billion in the fourth. Growth in both foreign-owned assets in the United States and U.S.-owned assets abroad increased from that of the fourth quarter; however, the increase in foreign-owned assets was greater than that of U.S.owned assets. U.S.-owned assets abroad U.S.-owned assets abroad increased $325.2 billion in the first quarter, following an increase of $236.8 billion in the fourth. -more- -4U.S. claims on foreigners reported by U.S. banks and securities brokers increased $89.3 billion in the first quarter, following an increase of $94.6 billion in the fourth. (Examples of these claims are U.S. banks’ deposits at foreign banks and U.S. banks’ loans to foreigners.) Net U.S. purchases of foreign securities were $58.5 billion in the first quarter following net U.S. purchases of $43.4 billion in the fourth. Net U.S. purchases of foreign stocks picked up to $49.0 billion from $28.7 billion, their strongest level since the third quarter of 2007. Net purchases of foreign bonds slowed to $9.5 billion from $14.7 billion. (See Table 8a for the latest available statistics.) U.S. direct investment abroad was $86.5 billion in the first quarter, down from $93.0 billion in the fourth. The decrease resulted from decreases in reinvested earnings and in net intercompany debt investment. A decrease in equity inflows was partly offsetting. (See Table 7a for the latest available statistics.) U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $86.8 billion in the first quarter, following an increase of $5.7 billion in the fourth. U.S. official reserve assets increased $3.6 billion in the first quarter, following a decrease of $0.2 billion in the fourth. The first quarter increase resulted from an increase in the U.S. reserve position in the International Monetary Fund. U.S. government assets other than official reserve assets increased $0.6 billion in the first quarter, following an increase of $0.2 billion in the fourth. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $507.1 billion in the first quarter, following an increase of $266.6 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks and securities brokers (other than foreign official assets) increased $363.7 billion in the first quarter, following an increase of $30.2 billion in the fourth. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks in the United States.) Most of the increase was due to a pickup in liabilities for own accounts. (See Table 11a for the latest available statistics.) Net private foreign purchases of U.S. Treasury securities were $3.5 billion in the first quarter, down from $29.5 billion in the fourth. Net private foreign sales of U.S. securities other than U.S. Treasury securities were $7.2 billion in the first quarter, a shift from net purchases of $48.4 billion in the fourth. Net foreign sales of U.S. federally sponsored agency bonds were $36.6 billion in the first quarter, a shift from net purchases of $3.2 billion in the fourth. Net foreign sales of U.S. corporate bonds were $4.6 billion, also a shift from net purchases of $8.2 billion. Net foreign purchases of U.S. stocks decreased to $33.9 billion from $37.1 billion. (See Table 8a for the latest available statistics.) Foreign direct investment in the United States was $25.3 billion in the first quarter, following investment of $70.6 billion in the fourth. The largest contributors to the decrease were a shift from -more- -5inflows to outflows of intercompany debt investment in the United States and a slowing of equity inflows. Lower reinvested earnings also contributed to the decrease. (See Table 7a for the latest available statistics.) U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $38.4 billion in the first quarter, following an increase of $16.8 billion in the fourth. Foreign official assets in the United States increased $70.9 billion in the first quarter, following an increase of $57.8 billion in the fourth. Net shipments of U.S. currency to foreign countries were $12.6 billion in the first quarter, down from $13.4 billion in the fourth. The statistical discrepancy—net errors and omissions in recorded transactions—was -$62.6 billion in the first quarter compared with $82.8 billion in the fourth. In the first quarter, the U.S. dollar depreciated 1.4 percent on a trade-weighted quarterly average basis against a group of 7 major currencies. (Data are based on Federal Reserve Statistical Release H.10.) -more- -6Revisions Statistics from the U.S. international transactions accounts have been revised to incorporate several changes in definitions and classifications, most of which result from a multiyear effort to modernize and enhance BEA's international economic accounts. In addition, the revisions reflect newly available source data and improved estimating methodologies. An article in the May 2011 issue of the SURVEY OF CURRENT BUSINESS describing this effort is available on BEA's Web site. Key changes introduced in this annual revision are summarized below. Definitions and classifications • Receipts and payments for cruise fares are reclassified within services from passenger fares to travel beginning with statistics for 1999. This change aligns the treatment of cruise fares with that of similar expenditures related to land travel, such as accommodations, meals, and entertainment. • Receipts and payments for the distribution rights for film and television recordings are reclassified within services from “other” private services to royalties and license fees beginning with statistics for 1999 to more closely align with international guidelines. • Receipts and payments for postal services are reclassified within services from U.S. government miscellaneous services to “other” transportation beginning with statistics for 1999. This change is consistent with the classification of government services transactions according to the type of service performed. • The recording of U.S. government income on holdings and allocations of special drawing rights (SDRs) is changed from a net basis to a gross basis beginning with statistics for 2003. Previously, income flows associated with U.S. government holdings and allocations of SDRs were included in “U.S. government receipts” on a net basis; that is, the amount recorded equaled interest receipts on SDR holdings net of interest payments on SDR allocations. Interest receipts are now recorded in “U.S. government receipts,” and interest payments are now recorded in “U.S. government payments.” Source data and methodologies • Exports and imports of goods on a balance of payments basis are revised beginning with quarterly statistics for 1999 to introduce new seasonally adjusted balance of payments adjustments— adjustments that BEA applies to goods on a Census basis to convert them to a balance of payments basis. Adjustments to low-value goods are introduced for 1999-2006 and are revised for 2007-2009. Adjustments for goods procured in ports by carriers are revised for exports beginning with statistics for 2007 and for imports beginning with statistics for 2004. Other significant revisions to the adjustments, resulting from updated source data, begin with statistics for 2008. • Services receipts are revised beginning with statistics for 1999 to implement an improved method for measuring expenditures in the United States of foreign residents who work in the United States for less than one year and to exclude expenditures of foreign nationals who work for international organizations located in the United States. Services payments are revised beginning -more- -7with statistics for 2004 to incorporate an improved method for measuring non-fuel expenditures of U.S. air carriers in foreign ports. Services receipts and payments are also revised to incorporate updated source data, including newly available data from BEA’s quarterly services surveys beginning with statistics for 2008 and initial results of BEA’s benchmark survey of international financial services transactions beginning with statistics for 2007. • For foreign securities, financial flows and interest receipts for foreign bonds and dividend receipts for foreign stocks are revised for 2009-2010 to incorporate results of the U.S. Treasury Department’s annual survey of securities claims for December 2009 and other new source data. • For U.S. securities, financial flows and interest payments for U.S. corporate bonds, U.S. Treasury bonds, and U.S. agency bonds and dividend payments for U.S. stocks are revised for 2009-2010 to incorporate results of the U.S. Treasury Department’s annual survey of securities liabilities for June 2010 and other new source data. • Financial flows and related income payments are revised for 2007-2010 to incorporate the results of BEA’s 2007 benchmark survey of foreign direct investment in the United States along with updated and revised quarterly and annual data from BEA’s surveys of foreign direct investment in the United States. Similarly, financial flows and related income receipts are revised for 20082010 to incorporate updated and revised data from BEA’s quarterly and annual surveys of U.S. direct investment abroad. The U.S. net international investment position preliminary statistics for 2010 and revised statistics for earlier years will be released on June 28. The fourth-quarter 2010 international transactions are revised from previously published statistics. The current-account deficit was revised down to $112.2 billion from $113.3 billion. The goods deficit was revised up to $159.2 billion from $156.2 billion; the services surplus was revised up to $40.5 billion from $39.5 billion; the income surplus was revised up to $39.9 billion from $38.6 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $35.2 billion. Net financial inflows were revised to $29.3 billion from $32.4 billion. * * * Release dates in 2011: Fourth quarter and year 2010...................................................March 16, 2011 (Wednesday) First quarter 2011.........................................................……….......June 16, 2011 (Thursday) Second quarter 2011..............................................................September 15, 2011 (Thursday) Third quarter 2011..................................................................December 15, 2011 (Thursday) * * * BEA’s national, international, regional, and industry statistics; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. -more- June 16, 2011 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2009 (Credits +, debits -) 2009 r 2010 2010 2011 r I r II r III r IV r I r II r III r IV r I p Change: 2010:IV 2011:I Amount of Revision 2010 Current account 1 Exports of goods and services and income receipts............................................... 2,174,533 2,500,817 524,276 522,990 545,364 581,904 595,359 616,163 632,309 656,986 684,227 27,241 4,187 2 Exports of goods and services................................................................................... 1,575,037 1,837,577 378,281 378,021 396,089 422,648 436,501 451,134 465,194 484,747 506,217 21,470 3,411 3 Goods, balance of payments basis........................................................................ 1,069,491 1,288,699 254,413 253,886 270,290 290,902 304,572 315,954 325,514 342,659 361,334 18,675 36 4 5 Services.................................................................................................................. Transfers under U.S. military agency sales contracts........................................ 505,547 16,611 548,878 17,483 123,869 3,438 124,134 4,193 125,799 5,431 131,746 3,550 131,929 4,312 135,180 4,498 139,680 4,532 142,088 4,141 144,883 4,142 2,795 1 3,376 38 6 7 8 Travel................................................................................................................. Passenger fares................................................................................................. Other transportation........................................................................................... 94,191 26,103 35,533 103,505 30,931 39,936 23,710 6,976 8,677 23,147 6,398 8,583 23,476 6,332 8,870 23,858 6,397 9,403 25,212 7,135 9,719 25,395 7,725 9,998 26,203 8,076 10,098 26,695 7,994 10,121 27,561 8,362 10,529 866 368 408 411 -364 110 9 10 11 Royalties and license fees.................................................................................. Other private services........................................................................................ U.S. government miscellaneous services.......................................................... 97,183 234,858 1,069 105,583 250,320 1,121 22,136 58,691 242 23,574 57,989 250 23,671 57,734 286 27,802 60,444 292 25,615 59,568 369 26,227 61,097 239 26,720 63,805 247 27,021 65,851 266 27,165 66,818 307 144 967 41 9,776 -6,250 -344 12 13 14 15 16 17 Income receipts.......................................................................................................... Income receipts on U.S.-owned assets abroad...................................................... Direct investment receipts.................................................................................. Other private receipts......................................................................................... U.S. government receipts................................................................................... Compensation of employees.................................................................................. 599,495 594,319 356,203 233,324 4,792 5,176 663,240 657,963 432,000 224,469 1,494 5,278 145,995 144,707 77,499 64,732 2,476 1,288 144,969 143,676 84,942 57,617 1,117 1,293 149,275 147,977 91,504 55,734 739 1,298 159,256 157,960 102,259 55,241 460 1,297 158,857 157,540 102,518 54,584 438 1,317 165,030 163,708 107,629 55,729 350 1,321 167,115 165,793 109,653 55,785 355 1,322 172,239 170,921 112,199 58,371 351 1,317 178,009 176,655 115,896 60,301 458 1,354 5,770 5,734 3,697 1,930 107 37 776 -1,391 5,962 -7,512 158 2,168 18 Imports of goods and services and income payments............................................ -2,427,804 -2,835,620 -589,791 -575,304 -609,953 -652,756 -678,617 -703,516 -717,682 -735,804 -770,253 -34,449 -6,237 19 Imports of goods and services................................................................................... -1,956,310 -2,337,604 -471,095 -459,406 -495,382 -530,427 -556,144 -581,657 -596,307 -603,496 -647,014 -43,518 -7,711 20 Goods, balance of payments basis........................................................................ -1,575,400 -1,934,555 -376,727 -365,803 -399,815 -433,055 -457,404 -481,912 -493,336 -501,904 -543,786 -41,882 1,185 21 22 Services.................................................................................................................. Direct defense expenditures............................................................................... -380,909 -30,474 -403,048 -30,391 -94,368 -7,395 -93,603 -7,662 -95,566 -7,728 -97,372 -7,689 -98,740 -7,721 -99,745 -102,971 -7,590 -7,609 -101,592 -103,228 -7,471 -7,459 -1,636 12 -8,895 55 23 24 25 Travel................................................................................................................. Passenger fares................................................................................................. Other transportation........................................................................................... -74,118 -25,137 -42,591 -75,507 -27,279 -51,202 -19,098 -6,408 -11,426 -17,832 -6,024 -10,394 -18,545 -6,329 -10,224 -18,643 -6,376 -10,547 -19,085 -6,228 -11,919 -18,291 -6,770 -13,018 -19,077 -7,022 -13,600 -19,054 -7,259 -12,666 -18,942 -7,552 -13,451 112 -293 -785 -861 807 -2,249 26 27 28 Royalties and license fees.................................................................................. Other private services........................................................................................ U.S. government miscellaneous services.......................................................... -29,849 -174,325 -4,415 -33,450 -180,598 -4,621 -7,031 -41,973 -1,037 -7,495 -43,164 -1,032 -7,407 -44,231 -1,102 -7,915 -44,957 -1,245 -8,998 -43,702 -1,087 -7,916 -45,045 -1,116 -8,177 -46,265 -1,221 -8,359 -45,585 -1,198 -8,480 -46,267 -1,077 -121 -682 121 -4,223 -2,878 454 29 30 31 32 33 34 Income payments....................................................................................................... Income payments on foreign-owned assets in the United States.......................... Direct investment payments............................................................................... Other private payments...................................................................................... U.S. government payments................................................................................ Compensation of employees.................................................................................. -471,494 -457,261 -94,025 -218,881 -144,355 -14,233 -498,016 -118,696 -115,898 -114,571 -483,504 -115,064 -112,356 -111,056 -151,361 -12,441 -21,748 -25,473 -196,004 -63,699 -54,230 -50,675 -136,139 -38,924 -36,378 -34,908 -14,512 -3,632 -3,542 -3,515 -122,329 -118,785 -34,363 -50,277 -34,145 -3,544 -132,309 -123,239 -128,700 -119,635 -44,861 -34,731 -49,993 -51,060 -33,846 -33,844 -3,609 -3,604 9,070 9,065 10,130 -1,067 2 5 1,475 4,536 -259 -876 5,671 -3,061 35 Unilateral current transfers, net.................................................................................. 36 U.S. government grants............................................................................................. 37 U.S. government pensions and other transfers.......................................................... 38 Private remittances and other transfers..................................................................... -123,280 -42,221 -8,874 -72,185 -136,095 -44,717 -10,365 -81,013 112 417 8 -313 1,394 249 -7 1,152 -29,738 -8,846 -2,180 -18,712 -30,497 -11,054 -2,222 -17,221 -33,269 -13,184 -2,233 -17,852 -29,777 -9,137 -2,241 -18,400 -122,473 -121,859 -121,375 -118,856 -118,222 -117,727 -35,980 -35,056 -35,465 -48,916 -48,997 -48,098 -33,960 -34,169 -34,164 -3,617 -3,637 -3,649 -35,034 -12,285 -2,548 -20,201 -32,947 -10,005 -2,590 -20,352 -34,754 -11,031 -2,616 -21,107 -33,360 -11,396 -2,611 -19,353 -33,248 -10,979 -2,603 -19,666 June 16, 2011 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2009 (Credits +, debits -) 2009 r 2010 2010 2011 r Ir II r III r IV r Ir II r III r IV r Ip Change: 2010:IV 2011:I Amount of Revision 2010 Capital account 39 Capital account transactions, net............................................................................... -140 -152 -20 -139,330 -1,005,182 122,132 -29 -36 -56 -3 -2 -146 -2 -13 -11 -2 -236,802 -325,205 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))............................................................................... -88,403 19,541 41 42 43 44 45 U.S. official reserve assets......................................................................................... Gold........................................................................................................................ Special drawing rights............................................................................................ Reserve position in the International Monetary Fund............................................. Foreign currencies.................................................................................................. -52,256 0 -48,230 -3,357 -669 -1,834 0 -31 -1,293 -510 -982 0 -15 -754 -213 -3,632 0 -8 -3,485 -139 -49,021 0 -47,720 -1,098 -203 1,379 0 -487 1,980 -114 -773 0 -7 -581 -185 -165 0 -6 -77 -82 -1,096 0 -8 -956 -132 200 0 -10 321 -111 -3,619 0 1,961 -6,428 848 -3,819 0 1,971 -6,749 959 0 0 0 0 0 46 47 48 49 U.S. government assets, other than official reserve assets....................................... U.S. credits and other long-term assets................................................................. Repayments on U.S. credits and other long-term assets....................................... U.S. foreign currency holdings and U.S. short-term assets................................... 541,342 -4,069 2,133 543,278 7,540 -4,976 2,408 10,108 244,102 -240 484 243,858 193,750 -1,947 432 195,265 57,736 -616 534 57,818 45,754 -1,266 683 46,337 9,433 -1,247 399 10,281 -2,441 -1,835 783 -1,389 788 -1,027 679 1,136 -240 -867 547 80 -588 -1,014 390 36 -348 -147 -157 -44 58 -42 95 5 50 51 52 53 54 U.S. private assets..................................................................................................... Direct investment.................................................................................................... Foreign securities................................................................................................... U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns...... U.S. claims reported by U.S. banks and securities brokers................................... -628,417 -1,010,888 -120,988 -156,647 -303,611 -303,606 -351,350 -67,952 -67,301 -80,674 -226,813 -151,916 -36,457 -94,132 -54,167 144,867 7,421 17,717 33,152 81,399 -242,865 -515,043 -34,296 -28,366 -250,169 -47,170 -87,678 -42,057 12,599 69,966 -236,762 -320,998 -92,990 -86,473 -43,438 -58,505 -5,747 -86,757 -94,587 -89,263 -84,236 6,517 -15,067 -81,010 5,324 19,484 -5,729 15,234 5,874 4,105 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))................................................................................. 2 3 -321,669 -165,931 -286,526 -110,148 -69,478 -78,734 -47,028 -22,114 -39,336 10,932 4,382 -2,146 -175,425 -78,721 -166,310 -34,386 341,315 143,418 329,340 186,636 463,115 266,646 507,059 240,413 905 Foreign official assets in the United States................................................................ U.S. government securities.................................................................................... U.S. Treasury securities..................................................................................... Other.................................................................................................................. Other U.S. government liabilities............................................................................ U.S. liabilities reported by U.S. banks and securities brokers................................ Other foreign official assets.................................................................................... 480,237 437,324 569,893 -132,569 58,182 -68,873 53,604 349,754 316,980 397,797 -80,817 12,124 -9,375 30,025 129,251 120,776 149,213 -28,437 924 -4,555 12,106 109,108 69,961 126,593 -56,632 53,365 -33,696 19,478 132,440 101,075 130,278 -29,203 1,442 12,697 17,226 89,751 84,837 97,364 -12,527 4,007 -16,005 16,912 66,736 45,128 31,751 13,377 2,503 3,888 15,217 135,477 123,736 188,994 -65,258 1,773 10,019 -51 57,790 63,279 79,688 -16,409 3,841 -7,277 -2,053 70,906 71,274 33,256 38,018 3,007 -4,025 650 13,116 7,995 -46,432 54,427 -834 3,252 2,703 51,712 19,825 23,673 -3,848 -93 -35 32,015 63 64 65 66 67 68 69 Other foreign assets in the United States................................................................... Direct investment.................................................................................................... U.S. Treasury securities......................................................................................... U.S. securities other than U.S. Treasury securities................................................ U.S. currency.......................................................................................................... U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.... U.S. liabilities reported by U.S. banks and securities brokers................................ -144,444 158,581 -14,937 3,955 12,632 12,404 -317,079 895,982 -223,992 -163,637 236,226 143 27,134 256,428 45,906 -30,003 120,453 -67,537 142 28,319 11,816 -1,935 77,456 -8,001 20,154 177,100 -206,319 -179,129 232,207 61,260 -27,893 49,396 4,179 18,944 126,321 10,978 70,044 -2,947 21,954 -1,428 -18,693 -57,952 239,589 52,085 84,193 5,421 2,265 27,728 67,897 119,900 33,930 82,062 -15,475 2,100 21,302 -4,019 327,638 79,655 60,659 82,076 10,514 11,668 83,066 208,856 70,557 29,514 48,431 13,440 16,758 30,156 436,153 25,276 3,475 -7,235 12,576 38,361 363,700 227,297 -45,281 -26,039 -55,666 -864 21,603 333,544 -50,807 41,762 -49,979 -54,964 0 27,494 -15,120 70 Financial derivatives, net............................................................................................. 49,456 11,496 19,464 16,152 9,980 -11,893 -504 n.a. n.a. 71 Statistical discrepancy (sum of above items with sign reversed)........................... 130,773 Memoranda: Balance on goods (lines 3 and 20)................................................................................. Balance on services (lines 4 and 21)............................................................................. Balance on goods and services (lines 2 and 19)............................................................ Balance on income (lines 12 and 29)............................................................................. Unilateral current transfers, net (line 35)........................................................................ Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)...................... Net financial flows (lines 40, 55, and 70)........................................................................ -505,910 124,637 -381,272 128,001 -123,280 -376,551 245,919 1,245,736 -114,554 -38 -313,010 -168,537 -286,834 56 57 58 59 60 61 62 72 73 74 75 76 77 78 1 335,793 33,471 -294,896 13,735 216,761 109,438 145,512 163,809 -18,297 2,451 -43,319 4,794 7,221 80,475 11,275 72,479 39,979 -62,160 -645,857 -122,315 -111,916 -129,525 145,830 29,501 30,531 30,232 -500,027 -92,814 -81,385 -99,293 165,224 27,299 29,071 34,704 -136,095 -29,738 -30,497 -33,269 -470,898 -95,253 -82,811 -97,858 254,289 14,799 10,360 57,915 -142,154 34,374 -107,779 36,928 -29,777 -100,629 162,844 Calculated excluding financial derivatives, net (line 70). The change shown here is calculated as the change from the prior period, not as the sum of changes in the above items. The previously published statistics exclude financial derivatives, net (table 1, line 70) for the fourth quarter of 2010, which were not available. p Preliminary r Revised n.a. Not available Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis 85,813 92,223 -44,116 -152,832 -165,958 -167,822 33,189 35,435 36,709 -119,642 -130,523 -131,113 36,384 43,170 45,740 -35,034 -32,947 -34,754 -118,292 -120,300 -120,127 32,482 28,079 164,388 82,841 1 -62,567 -159,245 -182,452 40,496 41,655 -118,749 -140,797 39,930 54,771 -33,360 -33,248 -112,179 -119,274 29,340 1 181,854 2 -145,408 -23,207 1,159 -22,048 14,841 112 -7,095 2 152,514 3 3 -1,408 -18,380 1,220 -5,520 -4,300 2,250 1,394 -656 3 19,038 June 16, 2011 Table 2. Revisions to U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net income receipts income payments (inflows +, outflows -) Previously Previously Previously Revised Revision Revised Revision Revised Revision published published published Balance on current account Previously published Revised Revision Capital account transactions, net (inflows +, outflows -) Previously Revised Revision published Net financial flows (inflows +, outflows -) Previously Revised Revision published 1999............ 2000............ 2001............ 2002............ 2003............ 2004............ 2005............ 2006............ 2007............ 2008............ 2009............ 2010............ 1,259,810 1,421,515 1,295,693 1,258,412 1,340,353 1,572,315 1,816,449 2,135,004 2,478,267 2,635,540 2,159,000 2,496,630 1,262,431 1,425,260 1,300,156 1,263,580 1,345,930 1,578,939 1,824,780 2,144,443 2,488,394 2,656,585 2,174,533 2,500,817 2,621 3,745 4,463 5,168 5,577 6,624 8,331 9,439 10,127 21,045 15,533 4,187 -1,510,160 -1,779,241 -1,628,364 -1,651,538 -1,789,227 -2,114,441 -2,458,268 -2,846,159 -3,080,813 -3,182,368 -2,412,489 -2,829,383 -1,513,659 -1,782,832 -1,632,198 -1,655,837 -1,793,223 -2,119,214 -2,464,813 -2,853,549 -3,083,637 -3,207,834 -2,427,804 -2,835,620 -3,499 -3,591 -3,834 -4,299 -3,996 -4,773 -6,545 -7,390 -2,824 -25,466 -15,315 -6,237 -50,428 -58,645 -64,487 -64,948 -71,794 -88,362 -105,772 -91,481 -115,548 -122,026 -124,943 -137,489 -50,428 -58,767 -64,561 -64,990 -71,796 -88,243 -105,741 -91,515 -115,061 -125,885 -123,280 -136,095 0 -122 -74 -42 -2 119 31 -34 487 -3,859 1,663 1,394 -300,779 -416,371 -397,158 -458,074 -520,668 -630,488 -747,590 -802,636 -718,094 -668,854 -378,432 -470,242 -301,656 -416,338 -396,603 -457,248 -519,089 -628,519 -745,774 -800,621 -710,303 -677,135 -376,551 -470,898 -877 33 555 826 1,579 1,969 1,816 2,015 7,791 -8,281 1,881 -656 -4,176 -1 13,198 -141 -1,821 3,049 13,116 -1,788 384 6,010 -140 -150 -4,176 -1 13,198 -141 -1,821 3,049 13,116 -1,788 384 6,010 -140 -152 0 0 0 0 0 0 0 0 0 0 0 -2 238,148 477,701 400,254 500,515 532,879 532,331 700,716 809,150 638,158 577,852 216,075 1 235,251 238,148 477,701 400,254 500,515 532,879 532,331 700,716 809,150 617,260 730,568 245,919 254,289 0 0 0 0 0 0 0 0 -20,898 152,716 29,844 1 19,038 1999: I......... II......... III......... IV......... 300,183 307,288 319,936 332,407 301,005 307,938 320,396 333,095 822 650 460 688 -351,384 -366,942 -388,429 -403,404 -352,302 -367,809 -389,266 -404,283 -918 -867 -837 -879 -11,885 -12,260 -11,987 -14,295 -11,885 -12,260 -11,987 -14,295 0 0 0 0 -63,086 -71,914 -80,480 -85,292 -63,182 -72,131 -80,857 -85,483 -96 -217 -377 -191 -7 -1 -3 -4,165 -7 -1 -3 -4,165 0 0 0 0 23,694 64,785 32,570 117,099 23,694 64,785 32,570 117,099 0 0 0 0 2000: I......... II......... III......... IV......... 341,684 355,307 360,295 364,231 342,570 356,151 361,296 365,246 886 844 1,001 1,015 -427,435 -441,346 -453,930 -456,532 -428,360 -442,215 -454,812 -457,448 -925 -869 -882 -916 -12,859 -13,368 -14,208 -18,212 -12,843 -13,348 -14,387 -18,191 16 20 -179 21 -98,611 -99,407 -107,843 -110,514 -98,633 -99,412 -107,903 -110,394 -22 -5 -60 120 0 2 -10 6 (*) 2 -10 6 (*) 0 0 0 35,176 139,263 160,217 143,045 35,176 139,263 160,217 143,045 0 0 0 0 2001: I......... II......... III......... IV......... 350,489 334,968 312,094 298,144 351,600 335,986 313,257 299,313 1,111 1,018 1,163 1,169 -442,651 -416,573 -400,408 -368,736 -443,696 -417,491 -401,351 -369,660 -1,045 -918 -943 -924 -15,171 -15,802 -16,134 -17,374 -15,151 -15,782 -16,265 -17,356 20 20 -131 18 -107,333 -97,407 -104,448 -87,966 -107,247 -97,287 -104,359 -87,703 86 120 89 263 0 4 13,188 6 (*) 4 13,188 6 (*) 0 0 0 114,573 120,165 57,084 108,433 114,573 120,165 57,084 108,433 0 0 0 0 2002: I......... II......... III......... IV......... 303,113 314,894 322,396 318,013 304,361 316,088 323,800 319,332 1,248 1,194 1,404 1,319 -388,482 -415,201 -423,203 -424,648 -389,616 -416,300 -424,236 -425,684 -1,134 -1,099 -1,033 -1,036 -18,542 -15,007 -15,005 -16,394 -18,540 -14,988 -15,089 -16,374 2 19 -84 20 -103,911 -115,314 -115,812 -123,029 -103,794 -115,200 -115,524 -122,727 117 114 288 302 7 -2 -69 -77 7 -2 -69 -77 0 0 0 0 88,384 91,613 161,227 159,288 88,384 91,613 161,227 159,288 0 0 0 0 2003: I......... II......... III......... IV......... 322,251 325,297 335,696 357,105 323,717 326,636 337,118 358,454 1,466 1,339 1,422 1,349 -438,915 -437,795 -447,874 -464,643 -440,022 -438,819 -448,830 -465,553 -1,107 -1,024 -956 -910 -18,219 -17,600 -17,707 -18,269 -18,252 -17,634 -17,676 -18,234 -33 -34 31 35 -134,883 -130,098 -129,886 -125,808 -134,558 -129,817 -129,388 -125,334 325 281 498 474 -82 -1,252 -492 5 -82 -1,252 -492 5 0 0 0 0 158,593 60,305 128,422 185,563 158,593 60,305 128,422 185,563 0 0 0 0 June 16, 2011 Table 2. Revisions to U.S. International Transactions (Continued) [Millions of dollars; quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net income receipts income payments (inflows +, outflows -) Previously Previously Previously Revised Revision Revised Revision Revised Revision published published published Balance on current account Previously published Revised Revision Capital account transactions, net (inflows +, outflows -) Previously Revised Revision published Net financial flows (inflows +, outflows -) Previously Revised Revision published 2004: I......... II......... III......... IV......... 375,509 387,026 396,510 413,268 377,095 388,727 398,132 414,985 1,586 1,701 1,622 1,717 -488,983 -521,555 -534,087 -569,815 -490,218 -522,894 -535,296 -570,807 -1,235 -1,339 -1,209 -992 -22,987 -21,385 -21,141 -22,850 -22,941 -21,367 -21,121 -22,815 46 18 20 35 -136,461 -155,914 -158,718 -179,398 -136,065 -155,534 -158,286 -178,636 396 380 432 762 -56 0 3,173 -68 -56 (*) 3,173 -68 0 (*) 0 0 105,507 161,128 104,685 161,012 105,507 161,128 104,685 161,012 0 0 0 0 2005: I......... II......... III......... IV......... 434,342 447,045 456,957 478,105 436,444 449,101 458,956 480,278 2,102 2,056 1,999 2,173 -580,106 -600,750 -617,365 -660,048 -581,819 -602,553 -618,933 -661,508 -1,713 -1,803 -1,568 -1,460 -28,723 -25,196 -24,658 -27,194 -28,741 -25,175 -24,618 -27,206 -18 21 40 -12 -174,486 -178,901 -185,066 -209,137 -174,116 -178,627 -184,595 -208,435 370 274 471 702 -2,160 -83 15,362 -3 -2,160 -83 15,362 -3 0 0 0 0 105,007 82,483 221,043 292,183 105,007 82,483 221,043 292,183 0 0 0 0 2006: I......... II......... III......... IV......... 503,544 528,994 540,586 561,880 505,587 532,230 542,555 564,073 2,043 3,236 1,969 2,193 -680,987 -707,129 -730,008 -728,035 -682,915 -709,192 -731,811 -729,632 -1,928 -2,063 -1,803 -1,597 -20,521 -23,582 -25,123 -22,255 -20,516 -23,610 -25,141 -22,248 5 -28 -18 7 -197,964 -201,717 -214,545 -188,411 -197,845 -200,572 -214,397 -187,807 119 1,145 148 604 -1,220 -487 -2 -79 -1,220 -487 -2 -79 0 0 0 0 159,592 197,789 245,186 206,583 159,592 197,789 245,186 206,583 0 0 0 0 2007: I......... II......... III......... IV......... 579,878 607,461 635,412 655,515 582,062 610,791 638,132 657,411 2,184 3,330 2,720 1,896 -745,529 -772,733 -778,227 -784,323 -747,524 -771,861 -779,067 -785,184 -1,995 872 -840 -861 -32,189 -26,449 -28,126 -28,786 -32,211 -26,481 -28,092 -28,279 -22 -32 34 507 -197,840 -191,720 -170,941 -157,593 -197,673 -187,551 -169,028 -156,052 167 4,169 1,913 1,541 0 443 -57 -2 0 443 -57 -2 0 0 0 0 248,176 173,465 75,364 141,152 254,181 153,165 85,857 124,056 6,005 -20,300 10,493 -17,096 2008: I......... II......... III......... IV......... 667,109 688,549 684,836 595,046 670,832 692,907 691,564 601,284 3,723 4,358 6,728 6,238 -806,180 -835,632 -827,042 -713,514 -814,329 -836,822 -833,469 -723,214 -8,149 -1,190 -6,427 -9,700 -32,928 -29,747 -30,177 -29,176 -33,735 -31,347 -31,703 -29,103 -807 -1,600 -1,526 73 -171,999 -176,830 -172,383 -147,644 -177,232 -175,262 -173,608 -151,032 -5,233 1,568 -1,225 -3,388 -8 -18 6,043 -7 -8 -18 6,043 -7 0 0 0 0 169,357 155,362 146,300 106,833 209,946 155,766 180,675 184,179 40,589 404 34,375 77,346 2009: I......... II......... III......... IV......... 521,735 520,110 540,729 576,426 524,276 522,990 545,364 581,904 2,541 2,880 4,635 5,478 -587,564 -574,265 -604,594 -646,066 -589,791 -575,304 -609,953 -652,756 -2,227 -1,039 -5,359 -6,690 -29,747 -30,292 -33,638 -31,268 -29,738 -30,497 -33,269 -29,777 9 -205 369 1,491 -95,577 -84,447 -97,503 -100,907 -95,253 -82,811 -97,858 -100,629 324 1,636 -355 278 -20 -29 -36 -56 -20 -29 -36 -56 0 0 0 0 8,031 14,661 77,640 115,742 14,799 10,360 57,915 162,844 6,768 -4,301 -19,725 47,102 2010: I......... II......... III......... IV......... 600,802 614,362 627,201 654,264 595,359 616,163 632,309 656,986 -5,443 1,801 5,108 2,722 -674,596 -703,926 -718,456 -732,405 -678,617 -703,516 -717,682 -735,804 -4,021 410 774 -3,399 -34,889 -33,163 -34,234 -35,204 -35,034 -32,947 -34,754 -33,360 -145 216 -520 1,844 -108,683 -122,727 -125,489 -113,345 -118,292 -120,300 -120,127 -112,179 -9,609 2,427 5,362 1,166 -3 -2 -146 0 -3 -2 -146 -2 0 0 0 -2 34,825 31,030 136,986 1 32,410 32,482 28,079 164,388 29,340 -2,343 -2,951 27,402 1 -3,070 Note: Details may not add to totals because of rounding. (*) Transactions are less than $500,000(±). 1 The previously published statistics exclude financial derivatives, net (table 1, line 70) for the fourth quarter of 2010, which were not available. Source: U.S. Bureau of Economic Analysis