FOR WIRE TRANSMISSION: 8:30 A.M. EDT, WEDNESDAY, June 17, 2009 Douglas B. Weinberg: (202) 606-9590 (Data) BEA 09-27 Paul W. Farello: (202) 606-9561 (Revisions) U.S. International Transactions: First Quarter 2009 Current Account The 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 quarter of 2008. The decrease was more than accounted for by a decrease in the deficit on goods. A decrease in net unilateral current transfers to foreigners also contributed to the decrease in the current-account deficit. Decreases in the surpluses on income and on services were partly offsetting. Goods and services The deficit on goods and services decreased to $91.2 billion in the first quarter from $144.5 billion in the fourth. Goods The deficit on goods decreased to $124.0 billion in the first quarter from $178.8 billion in the fourth. Goods exports decreased to $249.4 billion from $290.6 billion. All major and most sub-major commodity categories decreased. The largest decrease was in industrial supplies and materials, partly reflecting declines in chemicals, in metals and nonmetallic products, and in petroleum and products. The next largest decrease was in capital goods, particularly in “other” industrial, agricultural, and service industry machinery, in oil drilling, mining, and construction machinery, and in semiconductors. Automotive products also decreased substantially, mostly reflecting a drop in passenger cars. Goods imports decreased to $373.4 billion from $469.4 billion. All major and most sub-major commodity categories decreased. More than one-third of the decrease in total imports was accounted for by petroleum and products. The next largest decrease was in nonpetroleum industrial supplies and materials, particularly in metals and nonmetallic products and in chemicals. Automotive products decreased substantially, largely reflecting a drop in passenger cars. Among capital goods, the largest decreases were in “other” industrial, agricultural, and service industry machinery, in electric generating machinery, electric apparatus, and parts, in oil drilling, mining, and construction machinery, in computers, peripherals, and parts, and in telecommunications equipment. Services The surplus on services decreased to $32.8 billion in the first quarter from $34.3 billion in the fourth. Services receipts decreased to $125.9 billion from $133.6 billion. The decrease was mostly accounted for by decreases in “other” transportation (such as freight and port services), in travel, in “other” private services (such as business, professional, and technical services, insurance services, and financial services), in passenger fares, and in royalties and license fees. Services payments decreased to $93.1 billion from $99.3 billion. The decrease was largely accounted for by decreases in “other” transportation, in passenger fares, and in travel. All other major services categories also decreased. Income The surplus on income decreased to $19.3 billion in the first quarter from $21.1 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad decreased to $133.5 billion from $166.8 billion. The decrease was more than accounted for by decreases in “other” private receipts (which consists of interest and dividends) and in direct investment receipts. Income payments on foreign-owned assets in the United States decreased to $112.4 billion from $143.8 billion. The decrease was mostly accounted for by decreases in direct investment payments and in “other” private payments (which consists of interest and dividends). U.S. government payments also decreased. Compensation of employees 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. Unilateral current transfers Net unilateral current transfers to foreigners were $29.6 billion in the first quarter, down from $31.5 billion in the fourth. The decrease was mostly accounted for by a decrease in U.S. government grants. Capital Account Net capital account payments (outflows) were virtually unchanged at $0.7 billion in the first quarter. Financial Account Net financial inflows were $47.1 billion in the first quarter, down from $88.3 billion in the fourth. The slowdown resulted from a pickup in financial outflows for foreign-owned assets in the United States (a larger decrease in foreign-owned assets) that was only partly offset by a pickup in financial inflows for U.S.-owned assets abroad (a larger decrease in U.S.-owned assets). U.S.-owned assets abroad U.S.-owned assets abroad decreased $125.2 billion in the first quarter, following a decrease of $114.7 billion in the fourth. U.S. claims on foreigners reported by U.S. banks increased $90.9 billion in the first quarter, following a decrease of $293.9 billion in the fourth. (Examples of these claims are U.S. banks’ deposits at foreign banks and U.S. banks’ loans to foreigners.) Transactions in foreign securities shifted to net U.S. purchases of $35.3 billion in the first quarter from net U.S. sales of $70.0 billion in the fourth. Net U.S. purchases of foreign stocks were $1.5 billion, a shift from net U.S. sales of $35.1 billion. Net U.S. purchases of foreign bonds were $33.8 billion, a shift from net U.S. sales of $34.9 billion. U.S. direct investment abroad increased $24.0 billion in the first quarter, following an increase of $84.5 billion in the fourth. The slowdown resulted from slowdowns in net equity capital investment abroad and in reinvested earnings and from a larger decrease in net intercompany debt investment abroad in the first quarter than in the fourth quarter. U.S. official reserve assets increased $1.0 billion in the first quarter, following an increase of $3.1 billion in the fourth. U.S. government assets other than official reserve assets decreased $244.1 billion in the first quarter, following an increase of $265.3 billion in the fourth. The shift resulted from a shift from net drawings to net repayments on temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks. Foreign-owned assets in the United States Foreign-owned assets in the United States decreased $78.1 billion in the first quarter, following a decrease of $11.9 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks decreased $163.7 billion in the first quarter, following a decrease of $35.2 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.) Net foreign purchases of U.S. Treasury securities were $56.9 billion in the first quarter, down from $81.5 billion in the fourth. Net foreign sales of U.S. securities other than U.S. Treasury securities were $54.9 billion in the first quarter, up from $29.0 billion in the fourth. Net foreign sales of U.S. federally sponsored agency bonds were $45.3 billion, up from $21.4 billion. Net foreign sales of U.S. corporate bonds were $15.5 billion, up from $3.8 billion. Transactions in U.S. stocks shifted to net foreign purchases of $6.0 billion from net foreign sales of $3.9 billion. Foreign direct investment in the United States increased $35.3 billion in the first quarter, following an increase of $96.8 billion in the fourth. The slowdown was more than accounted for by a slowdown in net equity capital investment in the United States and, to a much 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 decreasing in the fourth quarter. Foreign official assets in the United States increased $71.2 billion in the first quarter, following a decrease of $16.0 billion in the fourth. Net U.S. currency shipments to foreigners were $11.8 billion in the first quarter, down from $29.9 billion in the fourth. 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. In the first quarter, the U.S. dollar appreciated 2 percent on a trade- weighted quarterly average basis against a group of 7 major currencies. Revisions Statistics from the U.S. international transactions accounts have been updated and revised to incorporate newly available source data, improved estimating methodologies, and a change in definition that affects the current account and the capital account. For this annual revision, the most important change is a new treatment of certain disaster-related insurance losses that is consistent with new international standards and with the treatment that will be introduced in the forthcoming comprehensive revision of the National Income and Product Accounts. Other changes introduced in this annual revision are summarized below. * Exports and imports of goods on a balance of payments basis are revised for 2001-2008. Revisions to exports reflect revised Census Bureau source data for aircraft and improved procedures for excluding goods that are included in transfers under U.S. military agency sales contracts. Revisions to imports incorporate new source data for improved coverage of locomotives and railcars. * Services receipts and payments are revised for 2006-2008 to incorporate updated and revised data from BEA’s benchmark and quarterly surveys of selected international services transactions. In addition, transfers under U.S. military agency sales contracts are revised to more completely reflect the use of U.S. government grants to fund the training of local security forces in Iraq and Afghanistan. * Direct investment financial flows and income receipts and payments are revised for 2006-2008 to incorporate new data from BEA’s quarterly and annual surveys of U.S. direct investment abroad and foreign direct investment in the United States. * For foreign securities, financial flows and interest receipts for foreign bonds and dividend receipts for foreign stocks are revised for 2006-2008 to incorporate results of the U.S. Treasury Department’s annual survey of securities claims for December 2007 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 2006-2008 to incorporate results of the U.S. Treasury Department’s annual survey of securities liabilities for June 2008 and other new source data. Statistics of U.S. international transactions are revised for 1992 and for 2001-2008. The revisions for 1992 are entirely due to the new treatment of certain disaster-related insurance losses. Revised statistics for the detailed components of the U.S. international transactions accounts for 2007-2008 are shown in table 1. Summary information on revisions for 1992 and for 2001-2008 is shown in table 2. Preliminary statistics for 2008 and revised statistics for 2006-2007 of the U.S. net international investment position will be released on June 26. The fourth-quarter 2008 international transactions are revised from previously published statistics. Revisions reflect both newly available source data for the fourth quarter and changes from all of the above sources of revision. The current-account deficit was revised to $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. * * * Release dates in 2009: Fourth quarter and year 2008..................March 18, 2009 (Wednesday) First quarter 2009.............................June 17, 2009 (Wednesday) Second quarter 2009.......................September 16, 2009 (Wednesday) Third quarter 2009.........................December 16, 2009 (Wednesday) * * * Summary BEA statistics are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product -5303 Personal income and outlays BEA’s national, international, regional, and industry 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. June 17, 2009 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2007 2008 2009 Change: Amount of (Credits +, debits -) 2007 r 2008 r 2008:IV - Revision I r II r III r IV r I r II r III r IV r I p 2009:I 2008 Current account 1 Exports of goods and services and income receipts......................... 2,462,099 2,591,233 574,689 600,300 631,854 655,255 654,217 671,886 673,383 591,747 509,571 -82,176 -21 2 Exports of goods and services.......................................... 1,643,168 1,826,596 387,708 397,988 418,349 439,123 451,290 473,090 478,064 424,151 375,304 -48,847 -9,190 3 Goods, balance of payments basis................................... 1,138,384 1,276,994 269,538 277,655 289,160 302,031 315,637 332,876 337,912 290,569 249,374 -41,195 -14,377 4 Services........................................................... 504,784 549,602 118,170 120,333 129,189 137,092 135,653 140,214 140,152 133,583 125,930 -7,653 5,188 5 Transfers under U.S. military agency sales contracts........... 25,436 22,571 6,982 5,173 5,539 7,742 6,226 5,931 5,120 5,295 5,208 -87 7,456 6 Travel......................................................... 97,050 110,090 21,802 23,018 25,306 26,924 27,072 28,005 28,835 26,178 23,844 -2,334 -379 7 Passenger fares................................................ 25,636 31,623 5,784 5,999 6,547 7,305 7,522 7,950 8,254 7,896 6,976 -920 -15 8 Other transportation........................................... 51,550 58,945 12,055 12,548 13,149 13,798 14,541 15,601 15,621 13,182 10,625 -2,557 -462 9 Royalties and license fees..................................... 83,824 91,599 19,367 19,869 21,637 22,950 22,633 23,212 23,069 22,685 21,928 -757 3,387 10 Other private services......................................... 220,077 233,529 51,884 53,438 56,702 58,053 57,359 59,209 58,940 58,021 57,036 -985 -4,805 11 U.S. government miscellaneous services......................... 1,212 1,245 296 288 309 320 299 307 313 326 312 -14 6 12 Income receipts........................................................ 818,931 764,637 186,981 202,312 213,505 216,132 202,927 198,796 195,319 167,596 134,267 -33,329 9,169 13 Income receipts on U.S.-owned assets abroad........................ 815,960 761,593 186,249 201,575 212,760 215,376 202,163 198,028 194,554 166,847 133,520 -33,327 9,172 14 Direct investment receipts..................................... 363,247 370,747 83,011 88,628 92,993 98,615 98,426 100,538 96,047 75,736 62,052 -13,684 -521 15 Other private receipts......................................... 450,480 385,940 102,679 112,373 119,221 116,207 103,024 96,756 97,196 88,964 68,994 -19,970 9,691 16 U.S. government receipts....................................... 2,233 4,906 559 574 546 554 713 735 1,311 2,147 2,474 327 2 17 Compensation of employees.......................................... 2,971 3,044 731 737 745 757 764 767 765 749 747 -2 -4 18 Imports of goods and services and income payments.........................-3,072,675 -3,168,938 -742,980 -765,079 -774,912 -789,703 -800,185 -828,458 -825,200 -715,096 -581,489 133,607 -24,131 19 Imports of goods and services..........................................-2,344,590 -2,522,532 -565,746 -575,548 -589,814 -613,483 -633,943 -655,937 -664,006 -568,646 -466,493 102,153 -5,617 20 Goods, balance of payments basis...................................-1,969,375 -2,117,245 -475,571 -483,294 -494,075 -516,435 -534,482 -554,372 -559,002 -469,389 -373,411 95,978 -5,049 21 Services........................................................... -375,215 -405,287 -90,175 -92,253 -95,739 -97,048 -99,461 -101,565 -105,004 -99,257 -93,083 6,174 -568 22 Direct defense expenditures.................................... -32,820 -36,452 -7,915 -8,085 -8,132 -8,688 -8,769 -8,986 -9,784 -8,913 -8,599 314 90 23 Travel......................................................... -76,354 -79,743 -18,521 -18,792 -19,273 -19,768 -20,235 -20,109 -19,848 -19,551 -18,630 921 257 24 Passenger fares................................................ -28,437 -32,597 -6,727 -6,984 -7,414 -7,312 -7,868 -8,029 -8,343 -8,357 -7,248 1,109 -168 25 Other transportation........................................... -67,100 -72,143 -16,035 -16,688 -17,074 -17,303 -17,956 -18,496 -18,924 -16,767 -13,945 2,822 -303 26 Royalties and license fees..................................... -24,656 -26,616 -6,270 -6,184 -6,218 -5,983 -6,427 -6,537 -7,644 -6,007 -5,532 475 -148 27 Other private services......................................... -141,664 -153,267 -33,691 -34,502 -36,559 -36,913 -37,122 -38,315 -39,331 -38,498 -38,040 458 -223 28 U.S. government miscellaneous services......................... -4,184 -4,469 -1,016 -1,018 -1,069 -1,081 -1,083 -1,092 -1,130 -1,164 -1,089 75 -73 29 Income payments........................................................ -728,085 -646,406 -177,234 -189,531 -185,098 -176,220 -166,241 -172,521 -161,194 -146,450 -114,996 31,454 -18,515 30 Income payments on foreign-owned assets in the United States....... -718,019 -636,043 -174,806 -187,016 -182,574 -173,623 -163,652 -169,951 -158,618 -143,823 -112,446 31,377 -18,438 31 Direct investment payments..................................... -126,532 -120,862 -36,336 -37,525 -29,809 -22,862 -27,269 -40,071 -29,050 -24,473 -10,042 14,431 -17,481 32 Other private payments......................................... -427,159 -349,871 -99,414 -108,090 -111,051 -108,604 -94,416 -87,061 -88,504 -79,890 -65,905 13,985 -2,917 33 U.S. government payments....................................... -164,328 -165,310 -39,056 -41,401 -41,714 -42,157 -41,967 -42,819 -41,064 -39,460 -36,499 2,961 1,960 34 Compensation of employees.......................................... -10,066 -10,364 -2,428 -2,515 -2,524 -2,597 -2,590 -2,571 -2,576 -2,627 -2,550 77 -78 35 Unilateral current transfers, net......................................... -115,996 -128,363 -30,807 -25,752 -28,557 -30,883 -33,330 -31,147 -32,361 -31,527 -29,576 1,951 -8,650 36 U.S. government grants................................................. -34,437 -36,003 -10,747 -5,930 -7,366 -10,394 -10,335 -7,893 -8,568 -9,207 -7,350 1,857 -1,400 37 U.S. government pensions and other transfers........................... -7,323 -8,390 -1,805 -1,834 -1,837 -1,849 -2,082 -2,097 -2,100 -2,113 -2,274 -161 -531 38 Private remittances and other transfers................................ -74,236 -83,970 -18,255 -17,988 -19,354 -18,640 -20,913 -21,157 -21,693 -20,207 -19,952 255 -6,719 June 17, 2009 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2007 2008 2009 Change: Amount of (Credits +, debits -) 2007 r 2008 r 2008:IV - Revision I r II r III r IV r I r II r III r IV r I p 2009:I 2008 Capital account 39 Capital account transactions, net......................................... -1,895 953 -549 -124 -625 -597 -637 -682 2,967 -695 -690 5 3,553 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))......................................-1,472,126 -106 -485,867 -545,158 -192,530 -248,571 -251,501 107,343 29,322 114,730 125,241 10,511 52,353 41 U.S. official reserve assets........................................... -122 -4,848 -72 26 -54 -22 -276 -1,267 -179 -3,126 -982 2,144 0 42 Gold............................................................... 0 0 0 0 0 0 0 0 0 0 0 0 0 43 Special drawing rights............................................. -154 -106 -43 -39 -37 -35 -29 -22 -30 -25 -15 10 0 44 Reserve position in the International Monetary Fund................ 1,021 -3,473 212 294 230 285 112 -955 256 -2,886 -754 2,132 0 45 Foreign currencies................................................. -989 -1,269 -241 -229 -247 -272 -359 -290 -405 -215 -213 2 0 46 U.S. government assets, other than official reserve assets............. -22,273 -529,615 445 -596 623 -22,744 3,268 -41,592 -225,997 -265,293 244,078 509,371 -105 47 U.S. credits and other long-term assets............................ -2,475 -2,202 -608 -1,405 -182 -279 -179 -1,106 -475 -442 -232 210 -63 48 Repayments on U.S. credits and other long-term assets.............. 4,104 2,354 1,091 687 780 1,546 490 497 695 672 489 -183 27 49 U.S. foreign currency holdings and U.S. short-term assets.......... -23,902 -529,766 -38 122 25 -24,011 2,957 -40,983 -226,217 -265,523 243,821 509,344 -68 50 U.S. private assets....................................................-1,449,731 534,357 -486,240 -544,588 -193,099 -225,805 -254,493 150,202 255,498 383,150 -117,855 -501,005 52,458 51 Direct investment.................................................. -398,597 -332,012 -99,975 -94,415 -65,800 -138,408 -89,792 -103,619 -54,115 -84,486 -23,955 60,531 -14,177 52 Foreign securities................................................. -366,524 60,761 -122,024 -107,064 -113,826 -23,610 -47,870 -40,566 79,182 70,015 -35,253 -105,268 -30,190 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking -40,517 372,229 -42,947 -133,201 75,747 59,884 116,232 64,906 87,352 103,739 32,217 -71,522 88,464 54 U.S. claims reported by U.S. banks, not included elsewhere......... -644,093 433,379 -221,294 -209,908 -89,220 -123,671 -233,063 229,481 143,079 293,882 -90,864 -384,746 8,361 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))....................................... 2,129,460 534,071 700,961 737,457 278,424 412,618 426,058 2,003 117,897 -11,888 -78,149 -66,261 -64,978 56 Foreign official assets in the United States........................... 480,949 487,021 165,837 88,331 47,674 179,107 208,646 178,826 115,573 -16,024 71,182 87,206 65,646 57 U.S. government securities......................................... 269,897 543,498 121,922 61,531 12,420 74,024 185,239 169,365 105,920 82,974 118,565 35,591 35,433 58 U.S. Treasury securities....................................... 98,432 477,652 40,619 1,500 -5,602 61,915 106,005 76,220 116,479 178,948 118,309 -60,639 35,433 59 Other.......................................................... 171,465 65,846 81,303 60,031 18,022 12,109 79,234 93,145 -10,559 -95,974 256 96,230 0 60 Other U.S. government liabilities.................................. 5,342 8,626 366 -69 913 4,132 1,645 2,439 1,642 2,900 2,927 27 0 61 U.S. liabilities reported by U.S. banks, not included elsewhere.... 109,019 -153,443 32,614 15,575 8,870 51,960 -24,173 -29,697 9,797 -109,370 -51,811 57,559 213 62 Other foreign official assets...................................... 96,691 88,340 10,935 11,294 25,471 48,991 45,935 36,719 -1,786 7,472 1,501 -5,971 30,000 63 Other foreign assets in the United States.............................. 1,648,511 47,050 535,124 649,126 230,750 233,511 217,412 -176,823 2,324 4,136 -149,331 -153,467 -130,624 64 Direct investment.................................................. 275,758 319,737 21,016 83,683 97,944 73,115 59,473 100,706 62,755 96,802 35,275 -61,527 -5,517 65 U.S. Treasury securities........................................... 66,807 196,619 42,127 -13,467 16,865 21,282 16,127 18,947 80,049 81,496 56,892 -24,604 -111,012 66 U.S. securities other than U.S. Treasury securities................ 605,652 -126,737 183,460 310,303 -9,829 121,718 -15,179 19,983 -102,512 -29,029 -54,900 -25,871 -3,169 67 U.S. currency...................................................... -10,675 29,187 -6,165 -1,635 655 -3,530 -6,750 230 5,845 29,862 11,816 -18,046 -5,836 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonban 201,681 -45,167 91,302 127,498 75,447 -92,566 73,211 -54,996 76,442 -139,824 -34,701 105,123 -15,844 69 U.S. liabilities reported by U.S. banks, not included elsewhere.... 509,288 -326,589 203,384 142,744 49,668 113,492 90,530 -261,693 -120,255 -35,171 -163,713 -128,542 10,754 70 Financial derivatives, net................................................ 6,222 -28,905 14,795 -1,007 5,942 -13,508 -7,966 -2,355 -4,075 -14,509 n.a. n.a. n.a. 71 Statistical discrepancy (sum of above items with sign reversed)........... 64,912 200,055 -30,242 -637 80,403 15,388 13,344 81,410 38,067 67,236 /1/55,093 /1/-12,143 70,780 Memoranda: 72 Balance on goods (lines 3 and 20)......................................... -830,992 -840,252 -206,033 -205,639 -204,915 -214,404 -218,846 -221,496 -221,090 -178,820 -124,036 54,784 -19,427 73 Balance on services (lines 4 and 21)...................................... 129,569 144,316 27,995 28,079 33,450 40,044 36,192 38,649 35,148 34,326 32,847 -1,479 4,621 74 Balance on goods and services (lines 2 and 19)............................ -701,422 -695,936 -178,038 -177,560 -171,465 -174,360 -182,653 -182,847 -185,942 -144,495 -91,189 53,306 -14,806 75 Balance on income (lines 12 and 29)....................................... 90,845 118,231 9,747 12,781 28,407 39,912 36,686 26,274 34,125 21,146 19,271 -1,875 -9,346 76 Unilateral current transfers, net (line 35)............................... -115,996 -128,363 -30,807 -25,752 -28,557 -30,883 -33,330 -31,147 -32,361 -31,527 -29,576 1,951 -8,650 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76).. -726,573 -706,068 -199,098 -190,531 -171,614 -165,330 -179,298 -187,719 -184,178 -154,875 -101,494 53,381 -32,803 /1/ The statistical discrepancy in this column cannot be calculated as the "sum of above items with sign reversed" because financial derivatives, net (line 70) are 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 June 17, 2009 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 receipts (inflows +; outflows -) (inflows +; outflows -) (inflows +; outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published 1992..... 750,648 750,648 0 -765,626 -765,626 0 -35,100 -36,636 -1,536 -50,078 -51,613 -1,535 -557 978 1,535 93,939 93,939 0 1993-2000 not revised 2001..... 1,295,693 1,295,692 -1 -1,629,097 -1,629,475 -378 -51,295 -64,487 -13,192 -384,699 -398,270 -13,571 -1,270 11,922 13,192 400,254 400,254 0 2002..... 1,255,663 1,258,411 2,748 -1,651,990 -1,652,615 -625 -64,948 -64,948 0 -461,275 -459,151 2,124 -1,470 -1,470 0 500,515 500,515 0 2003..... 1,338,213 1,340,647 2,434 -1,789,819 -1,790,372 -553 -71,794 -71,794 0 -523,400 -521,519 1,881 -3,480 -3,480 0 532,879 532,879 0 2004..... 1,574,326 1,572,971 -1,355 -2,114,837 -2,115,739 -902 -84,482 -88,362 -3,880 -624,993 -631,130 -6,137 -2,369 1,323 3,692 532,331 532,331 0 2005..... 1,819,016 1,816,723 -2,293 -2,458,225 -2,459,633 -1,408 -89,784 -105,772 -15,988 -728,993 -748,683 -19,690 -4,036 11,344 15,380 700,716 700,716 0 2006..... 2,142,164 2,133,905 -8,259 -2,838,254 -2,846,179 -7,925 -92,027 -91,273 754 -788,116 -803,547 -15,431 -3,880 -3,906 -26 839,074 809,150 -29,924 2007..... 2,463,505 2,462,099 -1,406 -3,082,014 -3,072,675 9,339 -112,705 -115,996 -3,291 -731,214 -726,573 4,641 -1,843 -1,895 -52 774,345 663,556 -110,789 2008..... 2,591,254 2,591,233 -21 -3,144,807 -3,168,938 -24,131 -119,713 -128,363 -8,650 -673,265 -706,068 -32,803 -2,600 953 3,553 /1/546,590 505,060 -41,530 1992: I.. 186,444 186,444 0 -185,468 -185,468 0 -7,210 -7,210 0 -6,234 -6,234 0 -137 -137 0 18,784 18,784 0 II....... 186,873 186,873 0 -190,414 -190,414 0 -8,349 -8,349 0 -11,890 -11,890 0 -175 -175 0 33,497 33,497 0 III...... 188,127 188,127 0 -193,313 -193,313 0 -7,982 -9,517 -1,535 -13,168 -14,703 -1,535 -131 1,404 1,535 21,361 21,361 0 IV....... 189,201 189,201 0 -196,427 -196,427 0 -11,561 -11,561 0 -18,787 -18,787 0 -114 -114 0 20,295 20,295 0 1993-2000 not revised 2001: I.. 350,489 350,489 0 -442,826 -442,884 -58 -15,171 -15,171 0 -107,508 -107,567 -59 -301 -301 0 114,573 114,573 0 II....... 334,968 334,968 0 -416,706 -416,828 -122 -15,802 -15,802 0 -97,540 -97,662 -122 -313 -313 0 120,165 120,165 0 III...... 312,094 312,093 -1 -400,657 -400,716 -59 -2,941 -16,134 -13,192 -91,504 -104,757 -13,253 -333 12,859 13,192 57,084 57,084 0 IV....... 298,144 298,144 0 -368,912 -369,050 -138 -17,374 -17,374 0 -88,142 -88,280 -138 -323 -323 0 108,433 108,433 0 2002: I.. 302,429 303,113 684 -388,601 -388,736 -135 -18,542 -18,542 0 -104,714 -104,166 548 -321 -321 0 88,384 88,384 0 II....... 314,174 314,893 719 -415,267 -415,445 -178 -15,007 -15,007 0 -116,100 -115,559 541 -333 -333 0 91,613 91,613 0 III...... 321,743 322,397 654 -423,307 -423,480 -173 -15,005 -15,005 0 -116,569 -116,088 481 -399 -399 0 161,227 161,227 0 IV....... 317,321 318,013 692 -424,810 -424,949 -139 -16,394 -16,394 0 -123,883 -123,329 554 -417 -417 0 159,288 159,288 0 2003: I.. 321,626 322,280 654 -439,095 -439,190 -95 -18,219 -18,219 0 -135,688 -135,129 559 -489 -489 0 158,593 158,593 0 II....... 324,745 325,332 587 -437,889 -438,044 -155 -17,600 -17,600 0 -130,744 -130,312 432 -1,663 -1,663 0 60,305 60,305 0 III...... 335,183 335,764 581 -448,024 -448,175 -151 -17,707 -17,707 0 -130,548 -130,118 430 -909 -909 0 128,422 128,422 0 IV....... 356,654 357,265 611 -464,810 -464,962 -152 -18,269 -18,269 0 -126,425 -125,966 459 -419 -419 0 185,563 185,563 0 /1/ The previously published 2008:IV and 2008 data for net financial flows excluded transactions in financial derivatives because data were not available for 2008:IV. June 17, 2009 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 receipts (inflows +; outflows -) (inflows +; outflows -) (inflows +; outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published 2004: I.. 375,712 375,738 26 -489,177 -489,332 -155 -22,987 -22,987 0 -136,453 -136,581 -128 -487 -487 0 105,507 105,507 0 II....... 387,382 387,174 -208 -521,673 -521,845 -172 -21,385 -21,385 0 -155,676 -156,055 -379 -427 -427 0 161,128 161,128 0 III...... 396,956 396,473 -483 -534,133 -534,397 -264 -17,289 -21,141 -3,852 -154,466 -159,066 -4,600 -952 2,739 3,691 104,685 104,685 0 IV....... 414,275 413,584 -691 -569,854 -570,166 -312 -22,822 -22,850 -28 -178,401 -179,432 -1,031 -503 -503 0 161,012 161,012 0 2005: I.. 434,701 434,626 -75 -580,114 -580,374 -260 -28,644 -28,723 -79 -174,057 -174,471 -414 -2,594 -2,594 0 105,007 105,007 0 II....... 447,848 447,206 -642 -600,704 -601,069 -365 -24,964 -25,196 -232 -177,821 -179,059 -1,238 -510 -510 0 82,483 82,483 0 III...... 457,508 456,955 -553 -617,311 -617,635 -324 -9,090 -24,658 -15,568 -168,892 -185,339 -16,447 -467 14,913 15,380 221,043 221,043 0 IV....... 478,958 477,936 -1,022 -660,097 -660,557 -460 -27,085 -27,194 -109 -208,223 -209,815 -1,592 -465 -465 0 292,183 292,183 0 2006: I.. 504,862 503,350 -1,512 -679,297 -681,005 -1,708 -21,516 -20,995 521 -195,952 -198,651 -2,699 -1,716 -1,721 -5 179,674 159,592 -20,082 II....... 529,782 528,763 -1,019 -705,572 -707,132 -1,560 -24,116 -23,708 408 -199,906 -202,078 -2,172 -1,005 -1,017 -12 184,270 197,789 13,519 III...... 543,893 540,184 -3,709 -730,083 -730,097 -14 -24,716 -24,876 -160 -210,906 -214,789 -3,883 -533 -539 -6 253,223 245,186 -8,037 IV....... 563,627 561,608 -2,019 -723,303 -727,946 -4,643 -21,679 -21,693 -14 -181,355 -188,031 -6,676 -626 -629 -3 221,908 206,583 -15,325 2007: I.. 572,182 574,689 2,507 -738,938 -742,980 -4,042 -30,174 -30,807 -633 -196,930 -199,098 -2,168 -543 -549 -6 265,443 229,889 -35,554 II....... 602,122 600,300 -1,822 -771,262 -765,079 6,183 -24,953 -25,752 -799 -194,093 -190,531 3,562 -112 -124 -12 193,549 191,292 -2,257 III...... 638,393 631,854 -6,539 -783,548 -774,912 8,636 -27,796 -28,557 -761 -172,952 -171,614 1,338 -617 -625 -8 101,942 91,836 -10,106 IV....... 650,808 655,255 4,447 -788,264 -789,703 -1,439 -29,784 -30,883 -1,099 -167,241 -165,330 1,911 -571 -597 -26 213,411 150,539 -62,872 2008: I.. 651,416 654,217 2,801 -796,593 -800,185 -3,592 -31,731 -33,330 -1,599 -176,909 -179,298 -2,389 -600 -637 -37 187,238 166,591 -20,647 II....... 671,888 671,886 -2 -825,091 -828,458 -3,367 -29,034 -31,147 -2,113 -182,237 -187,719 -5,482 -631 -682 -51 120,599 106,991 -13,608 III...... 678,258 673,383 -4,875 -829,558 -825,200 4,358 -29,998 -32,361 -2,363 -181,299 -184,178 -2,879 -735 2,967 3,702 147,327 143,144 -4,183 IV....... 589,692 591,747 2,055 -693,564 -715,096 -21,532 -28,949 -31,527 -2,578 -132,822 -154,875 -22,053 -633 -695 -62 /1/76,830 88,333 11,503 /1/ The previously published 2008:IV and 2008 data for net financial flows excluded transactions in financial derivatives because data were not available for 2008:IV. NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.