FOR WIRE TRANSMISSION: 8:30 A.M. EDT, WEDNESDAY, March 18, 2009 Douglas B. Weinberg: (202) 606-9590 BEA 09-08 U.S. International Transactions: Fourth Quarter and Year 2008 Fourth Quarter 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 $132.8 billion (preliminary) in the fourth quarter of 2008, the smallest deficit since the fourth quarter of 2003, from $181.3 billion (revised) in the third quarter of 2008. The decrease mostly resulted from a decrease in the deficit on goods. An increase in the surplus on income and a decrease in net unilateral current transfers to foreigners also contributed to the decrease in the current-account deficit. A decrease in the surplus on services was partly offsetting. Goods and services The deficit on goods and services decreased to $140.4 billion in the fourth quarter from $180.9 billion in the third. Goods The deficit on goods decreased to $174.1 billion in the fourth quarter from $216.3 billion in the third. Goods exports decreased to $290.5 billion from $346.3 billion. All major commodity categories decreased substantially. About half of the total decrease was accounted for by a drop in industrial supplies and materials, mostly resulting from declines in petroleum and products, in chemicals, and in metals and nonmetallic products. The next largest decreases were in capital goods, in foods, feeds, and beverages, in automotive products, and in consumer goods. Goods imports decreased to $464.6 billion from $562.5 billion. Nearly all major commodity categories decreased substantially. About half of the total decrease was accounted for by a decline in petroleum and products. The next largest decreases were in nonpetroleum industrial supplies and materials, in consumer goods, in capital goods, and in automotive products. Services The surplus on services decreased to $33.7 billion in the fourth quarter from $35.4 billion in the third. Services receipts decreased to $132.5 billion from $139.6 billion. The decrease mostly resulted from declines in travel, in “other” transportation (such as freight and port services), in passenger fares, and in “other” private services (such as business, professional, and technical services, insurance services, and financial services). Services payments decreased to $98.8 billion from $104.3 billion. All services categories decreased, but the largest decreases were in “other” transportation and in royalties and license fees. Income The surplus on income increased to $36.5 billion in the fourth quarter from $29.6 billion in the third. Investment income Income receipts on U.S.-owned assets abroad decreased to $165.9 billion from $191.6 billion. The decrease resulted from decreases in direct investment receipts and, to a lesser extent, in “other” private receipts (which consists of interest and dividends). U.S. government receipts (which consists of interest) increased. Income payments on foreign-owned assets in the United States decreased to $127.6 billion from $160.2 billion. The decrease resulted from decreases in direct investment payments and, to a lesser extent, in “other” private payments (which consists of interest and dividends) and in U.S. government payments (which consists of interest). Compensation of employees Receipts for compensation of U.S. workers abroad edged up to $0.8 billion from $0.7 billion, and payments for compensation of foreign workers in the United States edged up to $2.6 billion from $2.5 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $28.9 billion in the fourth quarter, down from $30.0 billion in the third. The decrease was more than accounted for by a decrease in private remittances and other transfers. Capital Account Net capital account payments (outflows) edged down to $0.6 billion in the fourth quarter from $0.7 billion in the third. Financial Account Net financial inflows were $76.8 billion in the fourth quarter, down from $147.3 billion in the third. The slowdown resulted from a shift from financial inflows to financial outflows for foreign-owned assets in the United States (a shift from an increase to a 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 $84.4 billion in the fourth quarter, following a decrease of $28.1 billion in the third. U.S. claims on foreigners reported by U.S. banks decreased $298.0 billion in the fourth quarter, following a decrease of $134.4 billion in the third. Net U.S. sales of foreign securities were $77.0 billion in the fourth quarter, down from $82.6 billion in the third. Net U.S. sales of foreign stocks were $39.7 billion, up from $14.8 billion. Net U.S. sales of foreign bonds were $37.3 billion, down from $67.8 billion. U.S. direct investment abroad increased $85.3 billion in the fourth quarter, following an increase of $52.4 billion in the third. The pickup resulted from a larger increase in net equity capital investment abroad and a smaller decrease in net intercompany debt investment abroad in the fourth quarter than in the third. In contrast, reinvested earnings slowed. U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns decreased $63.1 billion in the fourth quarter, following a decrease of $89.5 billion in the third. U.S. official reserve assets increased $3.1 billion in the fourth quarter, following an increase of $0.2 billion in the third. The pickup resulted from an increase in the U.S. reserve position in the International Monetary Fund in the fourth quarter after a decrease in the third. U.S. government assets other than official reserve assets increased $265.2 billion in the fourth quarter, following an increase of $226.0 billion in the third. The very large increases in both quarters resulted from drawings on temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks that do not meet the strict definition of U.S. reserve assets. Foreign-owned assets in the United States Foreign-owned assets in the United States decreased $7.6 billion in the fourth quarter, following an increase of $123.3 billion in the third. U.S. liabilities to foreigners reported by U.S. banks decreased $35.1 billion in the fourth quarter, following a decrease of $124.7 billion in the third. Net foreign purchases of U.S. Treasury securities were $89.5 billion in the fourth quarter, up slightly from $89.1 billion in the third. Net foreign sales of U.S. securities other than U.S. Treasury securities were $28.8 billion in the fourth quarter, down from $91.4 billion in the third. Transactions in U.S. stocks shifted to net foreign sales of $3.6 billion from net foreign purchases of $2.9 billion. Net foreign sales U.S. corporate bonds were $3.7 billion, down from $35.5 billion. Net foreign sales of federally sponsored agency bonds were $21.4 billion, down from $58.8 billion. Foreign direct investment in the United States increased $80.6 billion in the fourth quarter, following an increase of $57.3 billion in the third. The pickup resulted from a substantial pickup in net equity capital investment in the United States and, to a lesser extent, a smaller decrease in net intercompany debt investment in the United States in the fourth quarter than in the third quarter. In contrast, reinvested earnings were negative in the fourth quarter after having been positive in the third quarter. U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns decreased $130.1 billion in the fourth quarter, following an increase of $71.1 billion in the third. Foreign official assets in the United States decreased $13.6 billion in the fourth quarter, following an increase of $116.1 billion in the third. The shift mostly resulted from a decrease in U.S. liabilities reported by U.S. banks in the fourth quarter after an increase in the third. Net U.S. currency shipments to foreigners were $29.9 billion in the fourth quarter, up from $5.8 billion in the third. The statistical discrepancy--errors and omissions in recorded transactions--was a positive $56.6 billion in the fourth quarter, compared with a positive $34.7 billion in the third. In the fourth quarter, the U.S. dollar appreciated 11 percent on a trade- weighted quarterly average basis against a group of 7 major currencies. The Year 2008 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 $673.3 billion (preliminary) in 2008 from $731.2 billion in 2007. The decrease resulted from increases in the surpluses on income and on services. These increases were partly offset by increases in net unilateral current transfers to foreigners and in the deficit on goods. Goods and services The deficit on goods and services decreased to $681.1 billion in 2008 from $700.3 billion in 2007. Goods The deficit on goods increased to $820.8 billion in 2008 from $819.4 billion in 2007. Goods exports increased to $1,291.4 billion from $1,148.5 billion. About half of the increase was accounted for by an increase in industrial supplies and materials, mostly resulting from rises in petroleum and products, in metals and nonmetallic products, and in chemicals. The next largest increases were in foods, feeds, and beverages, in capital goods, and in consumer goods. Goods imports increased to $2,112.2 billion from $1,967.9 billion. More than four-fifths of the increase was accounted for by an increase in petroleum and products. The next largest increases were in nonpetroleum industrial supplies and materials, in capital goods, in foods, feeds, and beverages, and in consumer goods. These increases were partly offset by a decrease in automotive products. Services The surplus on services increased to $139.7 billion in 2008 from $119.1 billion in 2007. Services receipts increased to $544.4 billion from $497.2 billion. The increase resulted from increases in nearly all services categories. The largest increases were in “other” private services (such as business, professional, and technical services, insurance services, and financial services), in travel, in “other” transportation (such as freight and port services), in passenger fares, and in royalties and license fees. Services payments increased to $404.7 billion from $378.1 billion. All services categories increased, but the largest increases were in “other” private services, in “other” transportation, in passenger fares, in travel, and in direct defense expenditures. Income The surplus on income increased to $127.6 billion in 2008 from $81.7 billion in 2007. Investment income Income receipts on U.S.-owned assets abroad decreased to $752.4 billion from $814.8 billion. The decrease was more than accounted for by a decrease in “other” private receipts (which consists of interest and dividends). Direct investment receipts and U.S. government receipts (which consists of interest) both increased. Income payments on foreign-owned assets in the United States decreased to $617.6 billion from $726.0 billion. The decrease resulted from decreases in “other” private payments (which consists of interest and dividends) and in direct investment payments. U.S. government payments (which consists of interest) increased. Compensation of employees Receipts for compensation of U.S. workers abroad were virtually unchanged at $3.0 billion, and payments for compensation of foreign workers in the United States increased slightly to $10.3 billion from $10.0 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $119.7 billion in 2008, up from $112.7 billion in 2007. The increase was mostly accounted for by an increase in private remittances and other transfers. Capital Account Net capital account payments (outflows) were $2.6 billion in 2008, up from $1.8 billion in 2007. Financial Account Net financial inflows--net acquisitions by foreign residents of assets in the United States less net acquisitions by U.S. residents of assets abroad-- were $546.6 billion in 2008, down from $774.3 billion in 2007. Net acquisitions by foreign residents slowed more than net acquisitions by U.S. residents. U.S.-owned assets abroad U.S.-owned assets abroad increased $52.5 billion in 2008, following an increase of $1,289.9 billion in 2007. U.S. claims on foreigners reported by U.S. banks decreased $425.0 billion in 2008, following an increase of $644.8 billion in 2007. Transactions in foreign securities shifted to net U.S. sales of $91.0 billion in 2008 from net U.S. purchases of $288.7 billion in 2007. Transactions in foreign stocks shifted to net U.S. sales of $6.3 billion from net U.S. purchases of $118.0 billion. Transactions in foreign bonds shifted to net U.S. sales of $84.7 billion from net U.S. purchases of $170.7 billion. U.S. direct investment abroad increased $317.8 billion in 2008, following an increase of $333.3 billion in 2007. The slowdown resulted from slowdowns in reinvested earnings and in net equity capital investment abroad. In contrast, net intercompany debt investment abroad decreased less in 2008 than in 2007. U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns decreased $283.8 billion in 2008, following an increase of $0.7 billion in 2007. U.S. official reserve assets increased $4.8 billion in 2008, following an increase of $0.1 billion in 2007. U.S. government assets other than official reserve assets increased $529.5 billion in 2008, following an increase of $22.3 billion in 2007. The large increase in 2008 resulted from drawings on temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks that do not meet the strict definition of U.S. reserve assets. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $599.0 billion in 2008, following an increase of $2,057.7 billion in 2007. U.S. liabilities to foreigners reported by U.S. banks decreased $337.3 billion in 2008, following an increase of $532.8 billion in 2007. Net foreign purchases of U.S. Treasury securities were $307.6 billion in 2008, up from $156.8 billion in 2007. Transactions in U.S. securities other than U.S. Treasury securities shifted to net foreign sales of $123.6 billion in 2008 from net foreign purchases of $573.9 billion in 2007. Net foreign purchases of U.S. stocks were $6.9 billion, down from $182.4 billion. Net foreign purchases of U.S. corporate bonds were $0.6 billion, down from $372.1 billion. Transactions in federally sponsored agency bonds shifted to net foreign sales of $131.0 billion from net foreign purchases of $19.4 billion. Foreign direct investment in the United States increased $325.3 billion in 2008, following an increase of $237.5 billion in 2007. The pickup resulted from pickups in net equity capital investment in the United States and, to a lesser extent, in net intercompany debt investment in the United States. In contrast, reinvested earnings slowed. U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns decreased $29.3 billion in 2008, following an increase of $156.3 billion in 2007. Foreign official assets in the United States increased $421.4 billion in 2008, following an increase of $411.1 billion in 2007. Transactions in U.S. currency shifted to net shipments from the United States to foreign countries of $35.0 billion in 2008, following net shipments from foreign countries to the United States of $10.7 billion in 2007. The statistical discrepancy--errors and omissions in recorded transactions--was a positive $129.3 billion in 2008, compared with a negative $41.3 billion in 2007. In 2008, the U.S. dollar depreciated 4 percent on a trade-weighted yearly average basis against a group of 7 major currencies. Revisions The first three quarters of 2008 were revised to reflect revised seasonal adjustments and, for the third quarter, receipt of new or revised data. Revisions to the first and second quarters were small. In the third quarter, the current-account deficit was revised to $181.3 billion from $174.1 billion. The goods deficit was revised to $216.3 billion from $214.7 billion; the services surplus was revised to $35.4 billion from $38.2 billion; the surplus on income was revised to $29.6 billion from $30.8 billion; and net unilateral current transfers to foreigners were revised to $30.0 billion from $28.4 billion. Net financial inflows were revised to $147.3 billion from $135.2 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 estimates 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 estimates; 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. March 18, 2009 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Change: 2007 2008 Change: (Credits +, debits -) 2007 2008 p 2007-2008 2008 IV I r II r III r IV p III-IV Current account 1 Exports of goods and services and income receipts.......................... 2,463,505 2,591,254 127,749 650,808 651,416 671,888 678,258 589,692 -88,566 2 Exports of goods and services........................................... 1,645,726 1,835,786 190,060 435,465 451,517 475,365 485,911 422,993 -62,918 3 Goods, balance of payments basis.................................... 1,148,481 1,291,371 142,890 303,180 317,548 337,048 346,272 290,505 -55,767 4 Services............................................................ 497,245 544,414 47,169 132,285 133,969 138,318 139,639 132,489 -7,150 5 Transfers under U.S. military agency sales contracts............ 16,052 15,115 -937 3,542 4,371 3,554 3,570 3,620 50 6 Travel.......................................................... 96,712 110,469 13,757 26,499 27,200 28,193 28,864 26,212 -2,652 7 Passenger fares................................................. 25,586 31,638 6,052 7,259 7,643 7,707 8,683 7,605 -1,078 8 Other transportation............................................ 51,586 59,407 7,821 13,790 14,591 15,743 15,724 13,349 -2,375 9 Royalties and license fees...................................... 82,614 88,212 5,598 21,817 21,568 22,587 22,057 22,000 -57 10 Other private services.......................................... 223,483 238,334 14,851 59,058 58,297 60,226 60,428 59,384 -1,044 11 U.S. government miscellaneous services.......................... 1,212 1,239 27 320 299 308 313 319 6 12 Income receipts......................................................... 817,779 755,468 -62,311 215,343 199,900 196,523 192,347 166,699 -25,648 13 Income receipts on U.S.-owned assets abroad......................... 814,807 752,421 -62,386 214,587 199,137 195,756 191,603 165,925 -25,678 14 Direct investment receipts...................................... 368,275 371,268 2,993 100,259 97,346 101,612 95,708 76,603 -19,105 15 Other private receipts.......................................... 444,299 376,249 -68,050 113,774 101,088 93,412 94,583 87,166 -7,417 16 U.S. government receipts........................................ 2,233 4,904 2,671 554 703 732 1,312 2,156 844 17 Compensation of employees........................................... 2,972 3,048 76 756 763 767 745 774 29 18 Imports of goods and services and income payments.......................... -3,082,014 -3,144,807 -62,793 -788,264 -796,593 -825,091 -829,558 -693,564 135,994 19 Imports of goods and services........................................... -2,345,984 -2,516,915 -170,931 -609,248 -629,960 -656,784 -666,792 -563,379 103,413 20 Goods, balance of payments basis.................................... -1,967,853 -2,112,196 -144,343 -512,099 -530,126 -554,922 -562,526 -464,624 97,902 21 Services............................................................ -378,130 -404,719 -26,589 -97,149 -99,834 -101,862 -104,267 -98,756 5,511 22 Direct defense expenditures..................................... -32,820 -36,542 -3,722 -8,688 -8,769 -8,986 -9,784 -9,003 781 23 Travel.......................................................... -76,167 -80,000 -3,833 -19,533 -20,379 -20,268 -19,846 -19,507 339 24 Passenger fares................................................. -28,486 -32,429 -3,943 -7,364 -7,927 -8,032 -8,317 -8,153 164 25 Other transportation............................................ -67,050 -71,840 -4,790 -17,142 -17,833 -18,528 -18,943 -16,536 2,407 26 Royalties and license fees...................................... -25,048 -26,468 -1,420 -5,991 -6,637 -6,599 -7,220 -6,011 1,209 27 Other private services.......................................... -144,375 -153,044 -8,669 -37,350 -37,206 -38,361 -39,031 -38,446 585 28 U.S. government miscellaneous services.......................... -4,184 -4,396 -212 -1,081 -1,083 -1,088 -1,125 -1,100 25 29 Income payments......................................................... -736,030 -627,891 108,139 -179,016 -166,633 -168,307 -162,766 -130,185 32,581 30 Income payments on foreign-owned assets in the United States........ -726,031 -617,605 108,426 -176,436 -164,074 -165,760 -160,222 -127,550 32,672 31 Direct investment payments...................................... -134,414 -103,381 31,033 -25,424 -27,020 -36,682 -31,635 -8,045 23,590 32 Other private payments.......................................... -426,515 -346,954 79,561 -108,281 -94,302 -86,115 -87,097 -79,440 7,657 33 U.S. government payments........................................ -165,102 -167,270 -2,168 -42,731 -42,752 -42,963 -41,490 -40,065 1,425 34 Compensation of employees........................................... -9,999 -10,286 -287 -2,580 -2,559 -2,547 -2,545 -2,636 -91 35 Unilateral current transfers, net.......................................... -112,705 -119,713 -7,008 -29,784 -31,731 -29,034 -29,998 -28,949 1,049 36 U.S. government grants.................................................. -33,237 -34,603 -1,366 -9,950 -9,990 -7,305 -8,257 -9,051 -794 37 U.S. government pensions and other transfers............................ -7,323 -7,859 -536 -1,849 -1,951 -1,966 -1,969 -1,973 -4 38 Private remittances and other transfers................................. -72,145 -77,251 -5,106 -17,985 -19,790 -19,763 -19,772 -17,925 1,847 March 18, 2009 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] Change: 2007 2008 Change: (Credits +, debits -) 2007 2008 p 2007-2008 2008 IV I r II r III r IV p III-IV Capital account 39 Capital account transactions, net.......................................... -1,843 -2,600 -757 -571 -600 -631 -735 -633 102 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))....................................... -1,289,854 -52,459 1,237,395 -153,757 -264,866 99,910 28,056 84,441 56,385 41 U.S. official reserve assets............................................ -122 -4,848 -4,726 -22 -276 -1,267 -179 -3,126 -2,947 42 Gold................................................................ 0 0 0 0 0 0 0 0 0 43 Special drawing rights.............................................. -154 -106 48 -35 -29 -22 -30 -25 5 44 Reserve position in the International Monetary Fund................. 1,021 -3,473 -4,494 285 112 -955 256 -2,886 -3,142 45 Foreign currencies.................................................. -989 -1,269 -280 -272 -359 -290 -405 -215 190 46 U.S. government assets, other than official reserve assets.............. -22,273 -529,510 -507,237 -22,744 3,265 -41,592 -225,990 -265,193 -39,203 47 U.S. credits and other long-term assets............................. -2,475 -2,139 336 -279 -179 -1,106 -465 -389 76 48 Repayments on U.S. credits and other long-term assets............... 4,104 2,327 -1,777 1,546 487 497 692 651 -41 49 U.S. foreign currency holdings and U.S. short-term assets........... -23,902 -529,698 -505,796 -24,011 2,957 -40,983 -226,217 -265,455 -39,238 50 U.S. private assets..................................................... -1,267,459 481,899 1,749,358 -130,990 -267,855 142,769 254,226 352,760 98,534 51 Direct investment................................................... -333,271 -317,835 15,436 -110,905 -93,321 -86,838 -52,356 -85,319 -32,963 52 Foreign securities.................................................. -288,731 90,951 379,682 -4,202 -35,066 -33,576 82,615 76,978 -5,637 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........................................ -706 283,765 284,471 100,043 81,848 49,324 89,523 63,070 -26,453 54 U.S. claims reported by U.S. banks, not included elsewhere.......... -644,751 425,018 1,069,769 -115,926 -221,316 213,859 134,444 298,031 163,587 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))........................................ 2,057,703 599,049 -1,458,654 380,402 460,105 23,208 123,346 -7,611 -130,957 56 Foreign official assets in the United States............................ 411,058 421,375 10,317 145,497 173,533 145,391 116,078 -13,627 -129,705 57 U.S. government securities.......................................... 230,330 508,065 277,735 54,837 167,883 151,288 105,920 82,974 -22,946 58 U.S. Treasury securities........................................ 58,865 442,219 383,354 42,728 88,649 58,143 116,479 178,948 62,469 59 Other........................................................... 171,465 65,846 -105,619 12,109 79,234 93,145 -10,559 -95,974 -85,415 60 Other U.S. government liabilities................................... 5,342 8,626 3,284 4,132 1,645 2,439 1,642 2,900 1,258 61 U.S. liabilities reported by U.S. banks, not included elsewhere..... 108,695 -153,656 -262,351 52,537 -26,930 -30,055 10,302 -106,973 -117,275 62 Other foreign official assets....................................... 66,691 58,340 -8,351 33,991 30,935 21,719 -1,786 7,472 9,258 63 Other foreign assets in the United States............................... 1,646,645 177,674 -1,468,971 234,905 286,572 -122,183 7,268 6,016 -1,252 64 Direct investment................................................... 237,542 325,254 87,712 55,746 81,525 105,793 57,313 80,622 23,309 65 U.S. Treasury securities............................................ 156,825 307,631 150,806 60,059 63,263 65,692 89,134 89,542 408 66 U.S. securities other than U.S. Treasury securities................. 573,850 -123,568 -697,418 110,489 -20,475 17,068 -91,398 -28,763 62,635 67 U.S. currency....................................................... -10,675 35,023 45,698 -3,530 -914 230 5,845 29,862 24,017 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns........................................ 156,290 -29,323 -185,613 -111,846 84,085 -54,350 71,053 -130,111 -201,164 69 U.S. liabilities reported by U.S. banks, not included elsewhere..... 532,813 -337,343 -870,156 123,987 79,088 -256,616 -124,679 -35,136 89,543 70 Financial derivatives, net................................................. 6,496 n.a. -6,496 -13,234 -8,001 -2,519 -4,075 n.a. 4,075 71 Statistical discrepancy (sum of above items with sign reversed)............ -41,287 129,275 170,562 -45,600 -9,729 62,269 34,706 56,625 21,919 Memoranda: 72 Balance on goods (lines 3 and 20).......................................... -819,373 -820,825 -1,452 -208,919 -212,578 -217,874 -216,254 -174,119 42,135 73 Balance on services (lines 4 and 21)....................................... 119,115 139,695 20,580 35,136 34,135 36,455 35,372 33,733 -1,639 74 Balance on goods and services (lines 2 and 19)............................. -700,258 -681,130 19,128 -173,783 -178,443 -181,419 -180,882 -140,386 40,496 75 Balance on income (lines 12 and 29)........................................ 81,749 127,577 45,828 36,327 33,266 28,216 29,581 36,513 6,932 76 Unilateral current transfers, net (line 35)................................ -112,705 -119,713 -7,008 -29,784 -31,731 -29,034 -29,998 -28,949 1,049 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)... -731,214 -673,265 57,949 -167,241 -176,909 -182,237 -181,299 -132,822 48,477 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