FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, June 14, 2013 Sarah P. Scott: (202) 606-9286 (Data) BEA 13-27 Paul W. Farello: (202) 606-9561 (Revisions) U.S. International Transactions: First Quarter 2013 and Annual Revisions Current Account The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $106.1 billion (preliminary) in the first quarter of 2013 from $102.3 billion (revised) in the fourth quarter of 2012. The increase in the current-account deficit was accounted for by a decrease in the surplus on income and an increase in outflows of net unilateral current transfers, such as government grants, government pensions, and private remittances. These changes were partly offset by a decrease in the deficit on goods and an increase in the surplus on services. Goods and services The deficit on goods and services decreased to $123.7 billion in the first quarter from $127.4 billion in the fourth. Goods The deficit on goods decreased to $179.1 billion in the first quarter from $182.4 billion in the fourth. Goods exports increased to $391.0 billion from $390.3 billion. Increases in two major end- use categories more than offset decreases in the other four categories. The largest increase was in industrial supplies and materials. The largest decrease was in “exports, not elsewhere classified.” The increase in industrial supplies and materials was led by nonmonetary gold and chemicals (Table 2a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=3). Goods imports decreased to $570.1 billion from $572.7 billion. Imports of three of the six major end-use categories decreased. The largest decreases were in automotive vehicles, parts, and engines and in industrial supplies and materials. The decrease in imports of automotive vehicles, parts, and engines was mostly due to a decrease in passenger cars. The decrease in imports of industrial supplies and materials was more than accounted for by a decrease in petroleum and products. The largest increases were in imports of foods, feeds, and beverages and in “imports, not elsewhere classified, and U.S. goods returned” (Table 2a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=3). Services The surplus on services increased to $55.5 billion in the first quarter from $55.0 billion in the fourth. Services exports increased to $168.0 billion from $166.2 billion. Exports increased in five of the seven major services categories. The largest increases were in travel and in other transportation (which includes freight and port services) (Table 3a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=7). Services imports increased to $112.6 billion from $111.2 billion. Imports increased in five of the seven major services categories. Increases were of similar magnitude in other transportation, passenger fares, travel, and royalties and license fees (Table 3a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=7). Income The surplus on income decreased to $52.0 billion in the first quarter from $57.0 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad decreased to $191.3 billion from $195.2 billion. The decrease was more than accounted for by a decrease in direct investment receipts (Table 4) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=11). Income payments on foreign-owned assets in the United States increased to $137.4 billion from $136.3 billion. The increase was more than accounted for by increases in direct investment payments and other private payments (Table 4) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=11). Compensation of employees Receipts for compensation of U.S. residents paid by nonresidents remained at $1.6 billion in the first quarter. Payments for compensation of foreign residents paid by U.S. residents remained at $3.6 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $34.5 billion in the first quarter, up from $31.9 billion in the fourth. The increase was partly accounted for by a shift from net inflows of U.S. government pensions and other transfers in the fourth quarter to net outflows in the first quarter. This shift reflects transactions related to cross-border fines and penalties, a new series incorporated into the U.S. international transactions accounts beginning with statistics for 1999 (see Revisions on page 6). Private remittances and other transfers and U.S. government grants also increased. Capital Account Net capital-account payments were near zero in the first quarter after net receipts of $7.7 billion in the fourth quarter. The large receipts in the fourth quarter reflected receipts from foreign insurance companies for losses resulting from Superstorm Sandy. Financial Account Net financial inflows were $80.7 billion in the first quarter, down from $129.4 billion in the fourth. Growth of both U.S.-owned assets abroad and foreign-owned assets in the United States in the first quarter exceeded that in the fourth. Net inflows of financial derivatives increased in the first quarter. U.S.-owned assets abroad U.S.-owned assets abroad increased $218.8 billion in the first quarter after increasing $116.0 billion in the fourth. U.S. official reserve assets increased $0.9 billion in the first quarter after decreasing $0.9 billion in the fourth. The first-quarter increase reflected an increase in the U.S. reserve position in the International Monetary Fund (IMF). U.S. government assets other than official reserve assets decreased $0.8 billion in the first quarter after decreasing $2.4 billion in the fourth. U.S. direct investment abroad was $88.5 billion in the first quarter, down from $95.4 billion in the fourth. The decrease was accounted for by lower reinvested earnings than in the fourth quarter (Table 7a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=15). U.S. purchases of foreign securities exceeded sales (net purchases) by $130.6 billion in the first quarter, up from net purchases of $73.0 billion in the fourth. Net purchases of foreign stocks were $72.6 billion, up from net purchases of $10.4 billion in the fourth. Net purchases of foreign bonds were $57.9 billion, down from net purchases of $62.6 billion in the fourth (Table 8a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19). U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $16.3 billion in the first quarter after decreasing $18.3 billion in the fourth. U.S. claims on foreigners reported by U.S. banks and securities brokers decreased $16.6 billion in the first quarter after decreasing $30.8 billion in the fourth. Examples of these claims are deposits of U.S. banks at foreign banks and loans by U.S. banks to foreigners. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $295.5 billion in the first quarter after increasing $242.4 billion in the fourth. Foreign official assets in the United States increased $84.8 billion in the first quarter after increasing $84.4 billion in the fourth. Foreign direct investment in the United States was $22.8 billion in the first quarter, down from $42.3 billion in the fourth. The decrease was more than accounted for by lower equity investment than in the fourth quarter. The decrease in equity investment was partly offset by lower net outflows of intercompany debt investment (Table 7a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=15). Foreign private purchases of U.S. Treasury securities exceeded sales by $109.4 billion in the first quarter, an increase from fourth-quarter net purchases of $33.5 billion. The increase from the fourth quarter was accounted for by increased net purchases of U.S. Treasury bonds and notes, and a shift from net sales to net purchases of U.S. Treasury bills and certificates (Table 8a (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19) and Table 11a (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=25)). Foreign private sales of U.S. securities other than U.S. Treasury securities exceeded purchases by $10.9 billion in the first quarter, a shift from net purchases of $143.5 billion in the fourth. Net sales of U.S. stocks were $24.7 billion, a shift from net purchases of $94.7 billion. Net sales of U.S. federally sponsored agency bonds were $19.7 billion, a shift from net purchases of $5.0 billion. Net purchases of U.S. corporate bonds were $33.5 billion, down from $43.8 billion (Table 8a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19). Net shipments of U.S. currency to foreign countries were $5.0 billion in the first quarter following net shipments of $15.8 billion in the fourth. U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns decreased $20.5 billion in the first quarter after decreasing $22.4 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks and securities brokers, other than those recorded under foreign official assets, increased $105.0 billion in the first quarter after decreasing $54.7 billion in the fourth. Examples of these liabilities are deposits of foreign residents at U.S. banks and loans by foreign banks to U.S. banks. Financial Derivatives Net inflows of financial derivatives were $3.9 billion in the first quarter after net inflows of $3.0 billion in the fourth. * * * The statistical discrepancy—the amount that balances the sum of the recorded credits and debits across all the accounts in the international transactions accounts—was $25.5 billion in the first quarter compared with -$34.7 billion in the fourth. In the first quarter, the U.S. dollar appreciated 2.2 percent on a trade-weighted quarterly average basis against a group of 7 major currencies. In the fourth quarter, the U.S. dollar depreciated 1.3 percent on the same basis. Exchange rate data are based on Federal Reserve Statistical Release H.10. Revisions The statistics of the U.S. international transactions accounts released today have been revised for the first quarter of 1999 to the fourth quarter of 2012 to incorporate newly available and revised source data, updated seasonal adjustments, changes in definitions and classifications, and improved estimating methodologies. The revisions to the current-account balance mostly reflect newly available and revised data from BEA’s surveys of international services transactions and direct investment, and revised data on portfolio investment that resulted in revisions to portfolio income statistics. The revisions to portfolio income statistics and to net financial flows mostly reflect newly available information from three Treasury International Capital (TIC) surveys conducted by the Federal Reserve Board and the U.S. Department of the Treasury: Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT), the Benchmark Survey of U.S. Ownership of Foreign Securities at end- December 2011, and the Annual Survey of Foreign Portfolio Holdings of U.S. Securities at end- June 2012. An article in the May 2013 issue of the SURVEY OF CURRENT BUSINESS describing these and other revisions is available on BEA’s Web site at (www.bea.gov). Key changes introduced in this annual revision are summarized below. Reclassifications * Exports of goods and services are revised for 2007-2012 to reflect a refined classification methodology for exports under the U.S. Foreign Military Sales program. * Imports of goods and services are revised for 1999-2012 to reflect a reclassification of certain military-related imports from services to goods. * U.S. government miscellaneous services payments and compensation payments are revised for 2003-2012 to reflect a reclassification of certain transactions by the U.S. Department of State from services to compensation. Source data and methodologies * Imports of goods on a balance of payments basis are revised for 1999-2012 to eliminate an adjustment previously used to deduct certain imports of military-related goods from data on a Census basis to avoid duplicating imports included in source data provided to BEA by the U.S. Department of Defense. * “Other” private services receipts and payments are revised for 2003-2012 to implement an improved method for estimating expenditures by border, seasonal, and other short-term workers. * Goods exports and imports are also revised for 2010-2012 to reflect revised Census Bureau data on goods on a Census basis. * Services exports and imports are also revised for 2010-2012 to reflect newly available and revised data from BEA’s quarterly services surveys and the results of BEA’s 2011 Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons. * Unilateral current transfers are revised for 1999-2012 to introduce new estimates that are derived from publicly available records of cross-border fines and penalties for anti-trust violations and bribery. These new estimates are now included in “U.S. government pensions and other transfers” and in “private remittances and other transfers.” * U.S. holdings and transactions in foreign stocks and bonds and related dividend and interest receipts are revised for 2010-2012 to incorporate new source data from the U.S. Department of the Treasury. Beginning with end-December 2011, new monthly data on cross-border holdings of U.S. and foreign long-term securities collected by the Department of the Treasury are now incorporated into financial-account transactions for long-term securities. The data on long-term securities are from the Treasury International Capital (TIC) form Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT). Data from the SLT for foreign securities are used along with the Benchmark Survey of U.S. Ownership of Foreign Securities at end-December 2011 that provides more detail than is available from the SLT. * Foreign holdings and transactions in U.S. stocks and in U.S. corporate, agency, and Treasury bonds and related dividend and interest payments are revised for 2011 and 2012 to incorporate new source data from the Department of the Treasury. Data from the new TIC form SLT are used along with the Annual Survey of Foreign Portfolio Holdings of U.S. Securities at end- June 2012 that provides more detail than is available from the SLT. * For U.S. direct investment abroad, financial flows and related income receipts and payments are revised for 2009-2012 to incorporate the results of BEA’s 2009 Benchmark Survey of U.S. Direct Investment Abroad. For both U.S. direct investment abroad and foreign direct investment in the United States, financial flows and related income receipts and payments are revised for 2010-2012 to incorporate newly available and revised data from BEA’s quarterly direct investment surveys. Additional information on the revisions to the U.S. international transactions accounts and the U.S. international investment position will be provided in the July issue of the SURVEY OF CURRENT BUSINESS. Revisions to fourth quarter 2012 The current-account deficit in the fourth quarter of 2012 was revised downward to $102.3 billion from $110.4 billion. The goods deficit was revised upward to $182.4 billion from $180.6 billion. The services surplus was revised upward to $55.0 billion from $52.2 billion. The income surplus was revised upward to $57.0 billion from $52.4 billion. Net outflows of unilateral current transfers were revised downward to $31.9 billion from $34.4 billion. Net financial inflows were revised upward to $129.4 billion from $58.4 billion. * * * Release dates in 2013: Fourth Quarter and Year 2012...................................March 14, 2013 (Thursday) First Quarter 2013 and Annual Revisions...........................June 14, 2013 (Friday) Second Quarter 2013........................................September 19, 2013 (Thursday) Third Quarter 2013...........................................December 17, 2013 (Tuesday) * * * 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. ________________ On June 25, BEA will release preliminary statistics of the U.S. international investment position for the first quarter of 2013 and revised statistics for 2009-2012, including detailed annual statistics for 2009-2012 that present changes in positions resulting from financial transactions and valuation changes such as price, exchange-rate, and other changes. The release will also include a discussion of revisions to the international investment position accounts. A more detailed discussion of the U.S. international investment position and the revisions to those accounts will appear in an article in the July SURVEY OF CURRENT BUSINESS. NOTE: This news release is available on BEA’s Web site (www.bea.gov) along with Highlights (www.bea.gov/newsreleases/international/transactions/2013/pdf/trans113_fax.pdf) related to this release, the latest detailed statistics (www.bea.gov/iTable/index_ita.cfm) for U.S. international transactions, and a description of the estimation methods (www.bea.gov/methodologies/index.htm#international_meth) used to compile them. The first quarter statistics in this release are preliminary and will be revised on September 19, 2013. All links in the text of this release—including archived versions of this release—refer to the latest available revised statistics. June 14, 2013 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2011 2012 2013 Change: Amount of (Credits +, debits -)/1/ 2011 r 2012 r 2012:IV to revision I r II r III r IV r I r II r III r IV r I p 2013:I 2012 Current account 1 Exports of goods and services and income receipts............................................. 2,873,654 2,986,949 692,037 715,865 735,595 730,158 742,117 746,799 744,602 753,430 751,962 -1,468 50,437 2 Exports of goods and services............................................................. 2,112,825 2,210,585 509,057 525,282 540,553 537,933 548,046 553,702 552,275 556,561 559,018 2,457 16,094 3 Goods, balance of payments basis...................................................... 1,495,853 1,561,239 360,094 371,315 381,584 382,860 387,559 391,867 391,474 390,339 390,974 635 -2,865 4 Services.............................................................................. 616,973 649,346 148,963 153,967 158,970 155,073 160,487 161,835 160,802 166,222 168,044 1,822 18,959 5 Transfers under U.S. military agency sales contracts.............................. 18,821 18,520 4,429 4,979 4,921 4,492 4,578 4,429 4,529 4,984 4,871 -113 544 6 Travel............................................................................ 115,552 126,214 27,383 28,921 29,841 29,407 30,243 31,369 32,079 32,523 33,363 840 -2,341 7 Passenger fares................................................................... 36,763 39,360 8,340 8,961 9,893 9,569 9,649 10,069 9,846 9,796 10,049 253 -161 8 Other transportation.............................................................. 43,067 43,855 10,522 10,763 10,927 10,855 11,031 11,108 10,856 10,860 11,369 509 561 9 Royalties and license fees........................................................ 120,717 124,182 29,190 30,209 31,222 30,096 31,293 30,726 30,827 31,336 31,600 264 2,372 10 Other private services............................................................ 279,645 294,527 68,512 69,539 71,552 70,042 73,059 73,459 71,969 76,041 76,129 88 16,552 11 U.S. government miscellaneous services............................................ 2,408 2,688 588 594 613 613 634 676 695 683 663 -20 1,433 12 Income receipts........................................................................... 760,829 776,364 182,980 190,583 195,041 192,225 194,071 193,097 192,327 196,869 192,943 -3,926 34,343 13 Income receipts on U.S.-owned assets abroad........................................... 754,724 770,079 181,456 189,056 193,510 190,703 192,550 191,551 190,748 195,230 191,302 -3,928 34,011 14 Direct investment receipts........................................................ 478,803 470,233 118,228 120,758 121,767 118,049 119,118 115,731 115,735 119,649 115,200 -4,449 8,565 15 Other private receipts............................................................ 273,999 297,891 62,802 67,787 71,217 72,193 72,752 75,384 74,554 75,201 75,686 485 25,485 16 U.S. government receipts.......................................................... 1,923 1,954 426 511 525 461 680 436 459 380 416 36 -40 17 Compensation of employees............................................................. 6,105 6,286 1,523 1,527 1,531 1,523 1,521 1,546 1,579 1,639 1,641 2 334 18 Imports of goods and services and income payments............................................. -3,197,844 -3,297,677 -773,337 -800,980 -809,215 -814,311 -830,188 -824,644 -819,001 -823,844 -823,644 200 -20,257 19 Imports of goods and services............................................................. -2,669,663 -2,745,240 -645,442 -665,833 -675,242 -683,147 -690,993 -689,004 -681,304 -683,939 -682,676 1,263 -11,235 20 Goods, balance of payments basis...................................................... -2,239,991 -2,302,714 -541,789 -558,987 -565,472 -573,745 -581,163 -578,355 -570,454 -572,742 -570,112 2,630 -3,297 21 Services.............................................................................. -429,672 -442,527 -103,653 -106,846 -109,771 -109,402 -109,830 -110,649 -110,850 -111,197 -112,564 -1,367 -7,938 22 Direct defense expenditures....................................................... -27,752 -24,734 -7,057 -7,104 -6,915 -6,676 -6,479 -6,253 -6,120 -5,882 -5,665 217 1,384 23 Travel............................................................................ -78,229 -83,451 -18,933 -19,593 -19,750 -19,953 -20,960 -21,139 -20,709 -20,643 -20,992 -349 200 24 Passenger fares................................................................... -31,079 -34,654 -7,418 -7,651 -8,070 -7,940 -8,466 -8,784 -8,735 -8,669 -9,083 -414 -211 25 Other transportation.............................................................. -54,630 -55,445 -13,422 -13,773 -13,840 -13,595 -13,614 -13,864 -13,978 -13,989 -14,487 -498 -275 26 Royalties and license fees........................................................ -34,786 -39,889 -8,138 -7,985 -9,114 -9,549 -9,742 -9,978 -10,314 -9,854 -10,177 -323 148 27 Other private services............................................................ -199,654 -201,227 -47,822 -49,917 -51,151 -50,764 -49,769 -49,832 -50,249 -51,378 -51,446 -68 -10,521 28 U.S. government miscellaneous services............................................ -3,541 -3,127 -863 -823 -930 -925 -800 -799 -745 -782 -714 68 1,337 29 Income payments........................................................................... -528,181 -552,437 -127,895 -135,148 -133,973 -131,165 -139,195 -135,639 -137,697 -139,905 -140,968 -1,063 -9,023 30 Income payments on foreign-owned assets in the United States.......................... -513,997 -537,815 -124,474 -131,630 -130,361 -127,532 -135,665 -131,898 -133,996 -136,256 -137,372 -1,116 -7,989 31 Direct investment payments........................................................ -168,243 -176,747 -39,567 -45,705 -42,881 -40,090 -46,476 -41,436 -44,874 -43,961 -44,727 -766 -3,649 32 Other private payments............................................................ -213,350 -233,336 -51,485 -53,166 -54,301 -54,398 -56,638 -58,311 -57,394 -60,993 -61,566 -573 -7,126 33 U.S. government payments.......................................................... -132,404 -127,732 -33,422 -32,759 -33,179 -33,044 -32,551 -32,151 -31,728 -31,302 -31,079 223 2,786 34 Compensation of employees............................................................. -14,184 -14,622 -3,421 -3,518 -3,612 -3,633 -3,530 -3,742 -3,701 -3,649 -3,596 53 -1,034 35 Unilateral current transfers, net............................................................. -133,535 -129,688 -35,343 -33,788 -32,005 -32,401 -32,771 -32,668 -32,343 -31,906 -34,463 -2,557 4,388 36 U.S. government grants.................................................................... -47,350 -46,090 -11,136 -13,486 -11,176 -11,551 -11,912 -11,473 -11,823 -10,882 -11,120 -238 55 37 U.S. government pensions and other transfers.............................................. -7,837 -3,685 -2,154 -1,624 -2,196 -1,865 -1,649 -1,435 -1,270 668 -800 -1,468 6,669 38 Private remittances and other transfers................................................... -78,349 -79,913 -22,053 -18,678 -18,633 -18,985 -19,210 -19,761 -19,250 -21,692 -22,543 -851 -2,337 June 14, 2013 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2011 2012 2013 Change: Amount of (Credits +, debits -)/1/ 2011 r 2012 r 2012:IV to revision I r II r III r IV r I r II r III r IV r I p 2013:I 2012 Capital account 39 Capital account transactions, net............................................................. -1,212 6,956 -29 -829 -300 -55 -1 -241 -470 7,668 (*) -7,668 520 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-)).............................................................. -452,304 -97,469 -355,433 20,385 -84,425 -32,831 93,519 192,062 -267,054 -115,996 -218,757 -102,761 -115,387 41 U.S. official reserve assets.............................................................. -15,877 -4,460 -3,619 -6,267 -4,079 -1,912 -1,233 -3,289 -833 895 -876 -1,771 0 42 Gold.................................................................................. 0 0 0 0 0 0 0 0 0 0 0 0 0 43 Special drawing rights................................................................ 1,752 -37 1,961 -159 -27 -23 -11 -10 -10 -6 -5 1 0 44 Reserve position in the International Monetary Fund................................... -18,079 -4,032 -6,428 -5,974 -3,909 -1,768 -1,078 -3,179 -744 969 -755 -1,724 0 45 Foreign currencies.................................................................... 450 -391 848 -134 -143 -121 -144 -100 -79 -68 -116 -48 0 46 U.S. government assets, other than official reserve assets................................ -103,666 85,331 -547 -1,358 -1,137 -100,624 51,087 16,650 15,206 2,388 826 -1,562 221 47 U.S. credits and other long-term assets............................................... -7,307 -8,202 -1,307 -2,337 -1,396 -2,267 -2,655 -2,538 -1,038 -1,971 -608 1,363 145 48 Repayments on U.S. credits and other long-term assets................................. 3,333 2,546 610 1,259 812 653 386 680 847 633 538 -95 76 49 U.S. foreign currency holdings and U.S. short-term assets............................. -99,692 90,987 150 -279 -553 -99,010 53,356 18,508 15,397 3,726 896 -2,830 0 50 U.S. private assets....................................................................... -332,761 -178,341 -351,267 28,009 -79,209 69,705 43,665 178,701 -281,428 -119,279 -218,707 -99,428 -115,609 51 Direct investment..................................................................... -409,004 -388,293 -98,181 -126,287 -73,760 -110,777 -113,038 -86,202 -93,635 -95,418 -88,497 6,921 -36,847 52 Foreign securities.................................................................... -143,770 -144,823 -84,722 -56,444 -39,360 36,756 2,276 -22,920 -51,183 -72,996 -130,556 -57,560 -92,305 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........... 4,147 -25,723 -80,578 9,444 9,766 65,515 -67,175 16,793 6,325 18,334 -16,283 -34,617 4,912 54 U.S. claims reported by U.S. banks and securities brokers............................. 215,866 380,498 -87,786 201,296 24,145 78,211 221,602 271,030 -142,935 30,801 16,629 -14,172 8,631 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))............................................................... 969,006 543,884 560,627 112,919 256,164 39,296 177,381 -176,468 300,570 242,401 295,540 53,139 158,982 56 Foreign official assets in the United States.............................................. 253,816 393,922 72,443 121,361 53,851 6,161 144,468 57,374 107,684 84,396 84,768 372 20,280 57 U.S. government securities............................................................ 149,101 314,660 67,719 97,184 15,428 -31,230 124,225 42,927 87,309 60,199 56,603 -3,596 -33,212 58 U.S. Treasury securities.......................................................... 169,813 433,155 56,274 104,363 30,461 -21,285 143,100 96,213 100,571 93,271 78,533 -14,738 78,374 59 Other............................................................................. -20,712 -118,495 11,445 -7,179 -15,033 -9,945 -18,875 -53,286 -13,262 -33,072 -21,930 11,142 -111,586 60 Other U.S. government liabilities..................................................... 9,563 8,241 2,827 2,228 2,420 2,088 2,939 2,773 1,722 807 1,106 299 354 61 U.S. liabilities reported by U.S. banks and securities brokers.................... 27,474 -1,572 -3,734 15,311 7,948 7,949 -14,458 406 7,066 5,414 20,061 14,647 -3,286 62 Other foreign official assets..................................................... 67,678 72,593 5,631 6,638 28,055 27,354 31,762 11,268 11,587 17,976 6,998 -10,978 56,424 63 Other foreign assets in the United States................................................. 715,190 149,962 488,184 -8,442 202,313 33,135 32,913 -233,842 192,886 158,005 210,772 52,767 138,702 64 Direct investment..................................................................... 230,224 166,411 32,922 60,576 61,038 75,688 35,756 49,524 38,839 42,292 22,834 -19,458 -8,269 65 U.S. Treasury securities.............................................................. 188,045 156,385 58,940 -2,386 84,134 47,357 64,974 -4,652 62,548 33,515 109,378 75,863 32,753 66 U.S. securities other than U.S. Treasury securities................................... -54,462 196,908 4,490 -4,962 -24,908 -29,082 28,297 -39,577 64,694 143,494 -10,880 -154,374 120,227 67 U.S. currency......................................................................... 54,996 57,141 12,576 13,989 9,614 18,817 18,057 7,116 16,156 15,812 4,957 -10,855 0 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns...... 6,053 -39,505 40,692 24,774 -17,898 -41,515 13,279 -25,581 -4,763 -22,440 -20,467 1,973 -14,553 69 U.S. liabilities reported by U.S. banks and securities brokers........................ 290,334 -387,378 338,564 -100,433 90,333 -38,130 -127,450 -220,672 15,412 -54,668 104,950 159,618 8,544 70 Financial derivatives, net.................................................................... 35,006 -7,064 2,952 9,806 -1,617 23,865 -7,339 2,419 -5,129 2,985 3,888 903 -3,990 71 Statistical discrepancy (lines 1, 18, 35, 39, 40, 55, and 70 with sign reversed).............. -92,771 -5,891 -91,475 -23,377 -64,196 86,279 -142,718 92,741 78,825 -34,738 25,475 60,213 -74,692 Memoranda: 72 Balance on goods (lines 3 and 20)............................................................. -744,139 -741,475 -181,694 -187,672 -183,888 -190,885 -193,604 -186,487 -178,980 -182,403 -179,137 3,266 -6,162 73 Balance on services (lines 4 and 21).......................................................... 187,301 206,819 45,310 47,121 49,199 45,671 50,657 51,186 49,952 55,025 55,479 454 11,020 74 Balance on goods and services (lines 2 and 19)................................................ -556,838 -534,656 -136,385 -140,551 -134,689 -145,214 -142,947 -135,302 -129,029 -127,378 -123,658 3,720 4,858 75 Balance on income (lines 12 and 29)........................................................... 232,648 223,928 55,085 55,435 61,068 61,061 54,876 57,457 54,630 56,965 51,976 -4,989 25,322 76 Unilateral current transfers, net (line 35)................................................... -133,535 -129,688 -35,343 -33,788 -32,005 -32,401 -32,771 -32,668 -32,343 -31,906 -34,463 -2,557 4,388 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)...................... -457,725 -440,416 -116,643 -118,903 -105,626 -116,554 -120,842 -110,513 -106,742 -102,320 -106,145 -3,825 34,567 78 Net financial flows (lines 40, 55, and 70).................................................... 551,708 439,351 208,146 143,110 170,122 30,330 263,561 18,013 28,387 129,390 80,671 -48,719 39,605 p Preliminary r Revised n.a. Not available (*) Transactions are less than $500,000(±). 1 Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned assets (U.S. claims). Debits, -: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital account payments; financial outflows-decrease in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets (U.S. claims). Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 14, 2013 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 Balance on current account Capital account transactions, net Net financial flows income receipts income payments Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision (Credits +, debits -)/1/ published published published published published published 1999................ 1,262,431 1,262,431 0 -1,513,659 -1,514,255 -596 -50,428 -48,954 1,474 -301,656 -300,778 878 -4,176 -4,176 0 238,148 238,148 0 2000................ 1,425,260 1,425,260 0 -1,782,832 -1,783,419 -587 -58,767 -58,159 608 -416,338 -416,317 21 -1 -1 0 477,701 477,701 0 2001................ 1,300,156 1,300,156 0 -1,632,198 -1,632,766 -568 -64,561 -64,086 475 -396,603 -396,697 -94 13,198 13,198 0 400,254 400,254 0 2002................ 1,263,580 1,263,580 0 -1,655,837 -1,656,570 -733 -64,990 -64,810 180 -457,248 -457,800 -552 -141 -141 0 500,515 500,515 0 2003................ 1,345,930 1,346,348 418 -1,793,223 -1,794,133 -910 -71,796 -70,873 923 -519,089 -518,657 432 -1,821 -1,821 0 532,879 532,879 0 2004................ 1,578,939 1,579,517 578 -2,119,214 -2,120,285 -1,071 -88,243 -88,559 -316 -628,519 -629,327 -808 3,049 3,049 0 532,331 532,331 0 2005................ 1,824,780 1,825,596 816 -2,464,813 -2,465,880 -1,067 -105,741 -99,512 6,229 -745,774 -739,796 5,978 13,116 13,116 0 700,716 700,716 0 2006................ 2,144,443 2,145,469 1,026 -2,853,549 -2,854,530 -981 -91,515 -89,417 2,098 -800,621 -798,478 2,143 -1,788 -1,788 0 809,150 809,150 0 2007................ 2,488,394 2,486,810 -1,584 -3,083,637 -3,085,270 -1,633 -115,061 -114,929 132 -710,303 -713,389 -3,086 384 384 0 617,260 617,260 0 2008................ 2,656,585 2,654,418 -2,167 -3,207,834 -3,210,575 -2,741 -125,885 -125,185 700 -677,135 -681,343 -4,208 6,010 6,010 0 730,568 730,568 0 2009................ 2,180,553 2,184,786 4,233 -2,439,990 -2,444,863 -4,873 -122,459 -121,559 900 -381,896 -381,636 260 -140 -140 0 239,671 231,019 -8,652 2010................ 2,518,767 2,522,520 3,753 -2,829,645 -2,844,240 -14,595 -131,074 -127,751 3,323 -441,951 -449,471 -7,520 -157 -157 0 382,871 438,044 55,173 2011................ 2,847,988 2,873,654 25,666 -3,180,861 -3,197,844 -16,983 -133,053 -133,535 -482 -465,926 -457,725 8,201 -1,212 -1,212 0 556,347 551,708 -4,639 2012................ 2,936,512 2,986,949 50,437 -3,277,420 -3,297,677 -20,257 -134,076 -129,688 4,388 -474,983 -440,416 34,567 6,436 6,956 520 399,746 439,351 39,605 1999: I............. 301,005 301,005 0 -352,302 -352,454 -152 -11,885 -11,892 -7 -63,182 -63,341 -159 -7 -7 0 23,694 23,694 0 II.................. 307,938 307,938 0 -367,809 -367,959 -150 -12,260 -11,352 908 -72,131 -71,373 758 -1 -1 0 64,785 64,785 0 III................. 320,396 320,396 0 -389,266 -389,381 -115 -11,987 -11,813 174 -80,857 -80,799 58 -3 -3 0 32,570 32,570 0 IV.................. 333,095 333,095 0 -404,283 -404,462 -179 -14,295 -13,895 400 -85,483 -85,261 222 -4,165 -4,165 0 117,099 117,099 0 2000: I............. 342,570 342,570 0 -428,360 -428,500 -140 -12,843 -12,711 132 -98,633 -98,641 -8 (*) (*) 0 35,176 35,176 0 II.................. 356,151 356,151 0 -442,215 -442,363 -148 -13,348 -13,367 -19 -99,412 -99,578 -166 2 2 0 139,263 139,263 0 III................. 361,296 361,296 0 -454,812 -454,936 -124 -14,387 -14,194 193 -107,903 -107,835 68 -10 -10 0 160,217 160,217 0 IV.................. 365,246 365,246 0 -457,448 -457,623 -175 -18,191 -17,889 302 -110,394 -110,266 128 6 6 0 143,045 143,045 0 2001: I............. 351,600 351,600 0 -443,696 -443,855 -159 -15,151 -15,075 76 -107,247 -107,331 -84 (*) (*) 0 114,573 114,573 0 II.................. 335,986 335,986 0 -417,491 -417,632 -141 -15,782 -15,392 390 -97,287 -97,038 249 4 4 0 120,165 120,165 0 III................. 313,257 313,257 0 -401,351 -401,463 -112 -16,265 -16,316 -51 -104,359 -104,521 -162 13,188 13,188 0 57,084 57,084 0 IV.................. 299,313 299,313 0 -369,660 -369,816 -156 -17,356 -17,298 58 -87,703 -87,801 -98 6 6 0 108,433 108,433 0 2002: I............. 304,361 304,361 0 -389,616 -389,740 -124 -18,540 -18,538 2 -103,794 -103,916 -122 7 7 0 88,384 88,384 0 II.................. 316,088 316,088 0 -416,300 -416,463 -163 -14,988 -14,988 0 -115,200 -115,363 -163 -2 -2 0 91,613 91,613 0 III................. 323,800 323,800 0 -424,236 -424,466 -230 -15,089 -15,040 49 -115,524 -115,706 -182 -69 -69 0 161,227 161,227 0 IV.................. 319,332 319,332 0 -425,684 -425,899 -215 -16,374 -16,244 130 -122,727 -122,812 -85 -77 -77 0 159,288 159,288 0 2003: I............. 323,717 323,916 199 -440,022 -440,291 -269 -18,252 -18,245 7 -134,558 -134,619 -61 -82 -82 0 158,593 158,593 0 II.................. 326,636 326,683 47 -438,819 -439,044 -225 -17,634 -17,080 554 -129,817 -129,440 377 -1,252 -1,252 0 60,305 60,305 0 III................. 337,118 337,199 81 -448,830 -449,031 -201 -17,676 -17,500 176 -129,388 -129,332 56 -492 -492 0 128,422 128,422 0 IV.................. 358,454 358,545 91 -465,553 -465,768 -215 -18,234 -18,049 185 -125,334 -125,272 62 5 5 0 185,563 185,563 0 2004: I............. 377,095 377,320 225 -490,218 -490,501 -283 -22,941 -23,514 -573 -136,065 -136,695 -630 -56 -56 0 105,507 105,507 0 II.................. 388,727 388,822 95 -522,894 -523,205 -311 -21,367 -21,351 16 -155,534 -155,734 -200 (*) (*) 0 161,128 161,128 0 III................. 398,132 398,252 120 -535,296 -535,559 -263 -21,121 -21,106 15 -158,286 -158,413 -127 3,173 3,173 0 104,685 104,685 0 IV.................. 414,985 415,122 137 -570,807 -571,021 -214 -22,815 -22,588 227 -178,636 -178,487 149 -68 -68 0 161,012 161,012 0 June 14, 2013 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 Balance on current account Capital account transactions, net Net financial flows income receipts income payments Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision (Credits +, debits -)/1/ published published published published published published 2005: I............. 436,444 436,728 284 -581,819 -582,103 -284 -28,741 -23,842 4,899 -174,116 -169,216 4,900 -2,160 -2,160 0 105,007 105,007 0 II.................. 449,101 449,234 133 -602,553 -602,838 -285 -25,175 -24,774 401 -178,627 -178,377 250 -83 -83 0 82,483 82,483 0 III................. 458,956 459,154 198 -618,933 -619,166 -233 -24,618 -24,505 113 -184,595 -184,517 78 15,362 15,362 0 221,043 221,043 0 IV.................. 480,278 480,478 200 -661,508 -661,773 -265 -27,206 -26,390 816 -208,435 -207,685 750 -3 -3 0 292,183 292,183 0 2006: I............. 505,587 505,910 323 -682,915 -683,087 -172 -20,516 -19,023 1,493 -197,845 -196,200 1,645 -1,220 -1,220 0 159,592 159,592 0 II.................. 532,230 532,406 176 -709,192 -709,547 -355 -23,610 -23,192 418 -200,572 -200,333 239 -487 -487 0 197,789 197,789 0 III................. 542,555 542,826 271 -731,811 -732,007 -196 -25,141 -25,320 -179 -214,397 -214,501 -104 -2 -2 0 245,186 245,186 0 IV.................. 564,073 564,327 254 -729,632 -729,889 -257 -22,248 -21,882 366 -187,807 -187,444 363 -79 -79 0 206,583 206,583 0 2007: I............. 582,062 581,768 -294 -747,524 -747,883 -359 -32,211 -32,456 -245 -197,673 -198,571 -898 0 0 0 254,181 254,181 0 II.................. 610,791 610,537 -254 -771,861 -772,397 -536 -26,481 -26,448 33 -187,551 -188,308 -757 443 443 0 153,165 153,165 0 III................. 638,132 637,850 -282 -779,067 -779,400 -333 -28,092 -27,496 596 -169,028 -169,046 -18 -57 -57 0 85,857 85,857 0 IV.................. 657,411 656,655 -756 -785,184 -785,588 -404 -28,279 -28,532 -253 -156,052 -157,465 -1,413 -2 -2 0 124,056 124,056 0 2008: I............. 670,832 670,403 -429 -814,329 -815,067 -738 -33,735 -34,868 -1,133 -177,232 -179,532 -2,300 -8 -8 0 209,946 209,946 0 II.................. 692,907 692,207 -700 -836,822 -837,586 -764 -31,347 -31,204 143 -175,262 -176,583 -1,321 -18 -18 0 155,766 155,766 0 III................. 691,564 690,696 -868 -833,469 -834,277 -808 -31,703 -31,207 496 -173,608 -174,788 -1,180 6,043 6,043 0 180,675 180,675 0 IV.................. 601,284 601,113 -171 -723,214 -723,645 -431 -29,103 -27,908 1,195 -151,032 -150,440 592 -7 -7 0 184,179 184,179 0 2009: I............. 525,222 527,063 1,841 -594,817 -595,820 -1,003 -28,905 -27,476 1,429 -98,500 -96,233 2,267 -20 -20 0 7,591 13,454 5,863 II.................. 522,332 523,402 1,070 -578,983 -580,164 -1,181 -30,331 -31,439 -1,108 -86,982 -88,201 -1,219 -29 -29 0 26,945 17,947 -8,998 III................. 546,847 550,164 3,317 -609,608 -610,977 -1,369 -32,935 -32,943 -8 -95,697 -93,756 1,941 -36 -36 0 48,445 37,031 -11,414 IV.................. 586,153 584,157 -1,996 -656,583 -657,902 -1,319 -30,289 -29,704 585 -100,719 -103,449 -2,730 -56 -56 0 156,691 162,588 5,897 2010: I............. 599,298 600,890 1,592 -675,611 -675,379 232 -34,681 -34,906 -225 -110,994 -109,395 1,599 -3 -3 0 58,654 77,131 18,477 II.................. 617,954 618,315 361 -697,957 -703,234 -5,277 -31,710 -30,438 1,272 -111,713 -115,357 -3,644 -2 -2 0 26,491 32,459 5,968 III................. 636,778 635,337 -1,441 -718,137 -723,784 -5,647 -33,216 -32,045 1,171 -114,574 -120,492 -5,918 -146 -146 0 206,099 236,348 30,249 IV.................. 664,736 667,977 3,241 -737,941 -741,842 -3,901 -31,466 -30,362 1,104 -104,671 -104,228 443 -7 -7 0 91,627 92,106 479 2011: I............. 689,593 692,037 2,444 -774,367 -773,337 1,030 -35,223 -35,343 -120 -119,997 -116,643 3,354 -29 -29 0 208,955 208,146 -809 II.................. 713,499 715,865 2,366 -798,839 -800,980 -2,141 -33,777 -33,788 -11 -119,117 -118,903 214 -829 -829 0 113,391 143,110 29,719 III................. 724,800 735,595 10,795 -801,143 -809,215 -8,072 -31,815 -32,005 -190 -108,158 -105,626 2,532 -300 -300 0 170,552 170,122 -430 IV.................. 720,095 730,158 10,063 -806,512 -814,311 -7,799 -32,240 -32,401 -161 -118,656 -116,554 2,102 -55 -55 0 63,449 30,330 -33,119 2012: I............. 727,956 742,117 14,161 -829,021 -830,188 -1,167 -32,703 -32,771 -68 -133,768 -120,842 12,926 -1 -1 0 166,106 263,561 97,455 II.................. 734,927 746,799 11,872 -820,500 -824,644 -4,144 -32,780 -32,668 112 -118,353 -110,513 7,840 -291 -241 50 106,881 18,013 -88,868 III................. 733,290 744,602 11,312 -811,542 -819,001 -7,459 -34,194 -32,343 1,851 -112,446 -106,742 5,704 -470 -470 0 68,315 28,387 -39,928 IV.................. 740,340 753,430 13,090 -816,358 -823,844 -7,486 -34,398 -31,906 2,492 -110,416 -102,320 8,096 7,198 7,668 470 58,443 129,390 70,947 (*) Transactions are less than $500,000(±) 1 Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned assets (U.S. claims). Debits, -: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital account payments; financial outflows-decrease in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets (U.S. claims). Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis 3 013