FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, June 16, 2011 Sarah P. Scott: (202) 606-9286 (Data) BEA 11-29 Paul W. Farello: (202) 606-9561 (Revisions) U.S. International Transactions: First Quarter 2011 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 $119.3 billion (preliminary) in the first quarter of 2011, from $112.2 billion (revised) in the fourth quarter of 2010. The increase was more than accounted for by an increase in the deficit on goods. Increases in the surplus on income and the surplus on services and a decrease in net unilateral current transfers were partly offsetting. Goods and services The deficit on goods and services increased to $140.8 billion in the first quarter from $118.7 billion in the fourth. Goods The deficit on goods increased to $182.5 billion in the first quarter from $159.2 billion in the fourth. Goods exports increased to $361.3 billion from $342.7 billion. Most major end-use categories increased; industrial supplies and materials accounted for nearly 80 percent of the increase. The increase in industrial supplies and materials mainly reflected growth in petroleum and products and in nonferrous metals. Automotive vehicles, parts, and engines also increased strongly. (See Table 2a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=20&area_id=3) for the latest available statistics.) Goods imports increased to $543.8 billion from $501.9 billion. Most major end-use categories increased; two-thirds of the increase was accounted for by gains in industrial supplies and materials. Gains in automotive vehicles, parts, and engines also contributed. Industrial supplies and materials increased substantially as a result of strong growth in petroleum and products. Automotive vehicles, parts, and engines increased mostly as a result of increases in passenger cars and in other parts and accessories. (See Table 2a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=20&area_id=3) for the latest available statistics.) Services The surplus on services increased to $41.7 billion in the first quarter from $40.5 billion in the fourth. Services receipts increased to $144.9 billion from $142.1 billion. The largest increases were in other private services and in travel. Services payments increased to $103.2 billion from $101.6 billion. The largest increases were in other transportation and in other private services. Income The surplus on income increased to $54.8 billion in the first quarter from $39.9 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad increased to $176.7 billion from $170.9 billion. Most of the increase was accounted for by direct investment receipts. Other private receipts (which consists of interest and dividends) also increased. Income payments on foreign-owned assets in the United States decreased to $119.6 billion from $128.7 billion. The decrease was more than accounted for by a decrease in direct investment payments. An increase in other private payments (which consists of interest and dividends) was partly offsetting. Compensation of employees Receipts for compensation of U.S. workers abroad increased slightly to $1.4 billion in the first quarter from $1.3 billion in the fourth. Payments for compensation of foreign workers in the United States remained at $3.6 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $33.2 billion in the first quarter, down from $33.4 billion in the fourth. The decrease was more than accounted for by U.S. government grants; an increase in private remittances and other transfers was partly offsetting. Capital Account Net capital account payments remained close to zero in the first quarter. Financial Account Net financial inflows were $181.9 billion in the first quarter, up from $29.3 billion in the fourth. Growth in both foreign-owned assets in the United States and U.S.-owned assets abroad increased from that of the fourth quarter; however, the increase in foreign-owned assets was greater than that of U.S.-owned assets. U.S.-owned assets abroad U.S.-owned assets abroad increased $325.2 billion in the first quarter, following an increase of $236.8 billion in the fourth. U.S. claims on foreigners reported by U.S. banks and securities brokers increased $89.3 billion in the first quarter, following an increase of $94.6 billion in the fourth. (Examples of these claims are U.S. banks’ deposits at foreign banks and U.S. banks’ loans to foreigners.) Net U.S. purchases of foreign securities were $58.5 billion in the first quarter following net U.S. purchases of $43.4 billion in the fourth. Net U.S. purchases of foreign stocks picked up to $49.0 billion from $28.7 billion, their strongest level since the third quarter of 2007. Net purchases of foreign bonds slowed to $9.5 billion from $14.7 billion. (See Table 8a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=17) for the latest available statistics.) U.S. direct investment abroad was $86.5 billion in the first quarter, down from $93.0 billion in the fourth. The decrease resulted from decreases in reinvested earnings and in net intercompany debt investment. A decrease in equity inflows was partly offsetting. (See Table 7a (http://www.bea.gov/international/bp_web/simple.cfm?anon=90730&table_id=18&area_id=3) for the latest available statistics.) U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $86.8 billion in the first quarter, following an increase of $5.7 billion in the fourth. U.S. official reserve assets increased $3.6 billion in the first quarter, following a decrease of $0.2 billion in the fourth. The first quarter increase resulted from an increase in the U.S. reserve position in the International Monetary Fund. U.S. government assets other than official reserve assets increased $0.6 billion in the first quarter, following an increase of $0.2 billion in the fourth. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $507.1 billion in the first quarter, following an increase of $266.6 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks and securities brokers (other than foreign official assets) increased $363.7 billion in the first quarter, following an increase of $30.2 billion in the fourth. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks in the United States.) Most of the increase was due to a pickup in liabilities for own accounts. (See Table 11a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=14) for the latest available statistics.) Net private foreign purchases of U.S. Treasury securities were $3.5 billion in the first quarter, down from $29.5 billion in the fourth. Net private foreign sales of U.S. securities other than U.S. Treasury securities were $7.2 billion in the first quarter, a shift from net purchases of $48.4 billion in the fourth. Net foreign sales of U.S. federally sponsored agency bonds were $36.6 billion in the first quarter, a shift from net purchases of $3.2 billion in the fourth. Net foreign sales of U.S. corporate bonds were $4.6 billion, also a shift from net purchases of $8.2 billion. Net foreign purchases of U.S. stocks decreased to $33.9 billion from $37.1 billion. (See Table 8a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=17) for the latest available statistics.) Foreign direct investment in the United States was $25.3 billion in the first quarter, following investment of $70.6 billion in the fourth. The largest contributors to the decrease were a shift from inflows to outflows of intercompany debt investment in the United States and a slowing of equity inflows. Lower reinvested earnings also contributed to the decrease. (See Table 7a (http://www.bea.gov/international/bp_web/simple.cfm?anon=71&table_id=18&area_id=3) for the latest available statistics.) U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $38.4 billion in the first quarter, following an increase of $16.8 billion in the fourth. Foreign official assets in the United States increased $70.9 billion in the first quarter, following an increase of $57.8 billion in the fourth. Net shipments of U.S. currency to foreign countries were $12.6 billion in the first quarter, down from $13.4 billion in the fourth. The statistical discrepancy—net errors and omissions in recorded transactions—was -$62.6 billion in the first quarter compared with $82.8 billion in the fourth. In the first quarter, the U.S. dollar depreciated 1.4 percent on a trade-weighted quarterly average basis against a group of 7 major currencies. (Data are based on Federal Reserve Statistical Release H.10.) Revisions Statistics from the U.S. international transactions accounts have been revised to incorporate several changes in definitions and classifications, most of which result from a multiyear effort to modernize and enhance BEA's international economic accounts. In addition, the revisions reflect newly available source data and improved estimating methodologies. An article (http://www.bea.gov/scb/toc/0511cont.htm) in the May 2011 issue of the SURVEY OF CURRENT BUSINESS describing this effort is available on BEA's Web site. Key changes introduced in this annual revision are summarized below. Definitions and classifications * Receipts and payments for cruise fares are reclassified within services from passenger fares to travel beginning with statistics for 1999. This change aligns the treatment of cruise fares with that of similar expenditures related to land travel, such as accommodations, meals, and entertainment. * Receipts and payments for the distribution rights for film and television recordings are reclassified within services from “other” private services to royalties and license fees beginning with statistics for 1999 to more closely align with international guidelines. * Receipts and payments for postal services are reclassified within services from U.S. government miscellaneous services to “other” transportation beginning with statistics for 1999. This change is consistent with the classification of government services transactions according to the type of service performed. * The recording of U.S. government income on holdings and allocations of special drawing rights (SDRs) is changed from a net basis to a gross basis beginning with statistics for 2003. Previously, income flows associated with U.S. government holdings and allocations of SDRs were included in “U.S. government receipts” on a net basis; that is, the amount recorded equaled interest receipts on SDR holdings net of interest payments on SDR allocations. Interest receipts are now recorded in “U.S. government receipts,” and interest payments are now recorded in “U.S. government payments.” Source data and methodologies * Exports and imports of goods on a balance of payments basis are revised beginning with quarterly statistics for 1999 to introduce new seasonally adjusted balance of payments adjustments— adjustments that BEA applies to goods on a Census basis to convert them to a balance of payments basis. Adjustments to low-value goods are introduced for 1999-2006 and are revised for 2007-2009. Adjustments for goods procured in ports by carriers are revised for exports beginning with statistics for 2007 and for imports beginning with statistics for 2004. Other significant revisions to the adjustments, resulting from updated source data, begin with statistics for 2008. * Services receipts are revised beginning with statistics for 1999 to implement an improved method for measuring expenditures in the United States of foreign residents who work in the United States for less than one year and to exclude expenditures of foreign nationals who work for international organizations located in the United States. Services payments are revised beginning with statistics for 2004 to incorporate an improved method for measuring non-fuel expenditures of U.S. air carriers in foreign ports. Services receipts and payments are also revised to incorporate updated source data, including newly available data from BEA’s quarterly services surveys beginning with statistics for 2008 and initial results of BEA’s benchmark survey of international financial services transactions beginning with statistics for 2007. * For foreign securities, financial flows and interest receipts for foreign bonds and dividend receipts for foreign stocks are revised for 2009-2010 to incorporate results of the U.S. Treasury Department’s annual survey of securities claims for December 2009 and other new source data. * For U.S. securities, financial flows and interest payments for U.S. corporate bonds, U.S. Treasury bonds, and U.S. agency bonds and dividend payments for U.S. stocks are revised for 2009-2010 to incorporate results of the U.S. Treasury Department’s annual survey of securities liabilities for June 2010 and other new source data. * Financial flows and related income payments are revised for 2007-2010 to incorporate the results of BEA’s 2007 benchmark survey of foreign direct investment in the United States along with updated and revised quarterly and annual data from BEA’s surveys of foreign direct investment in the United States.  Similarly, financial flows and related income receipts are revised for 2008-2010 to incorporate updated and revised data from BEA’s quarterly and annual surveys of U.S. direct investment abroad. The U.S. net international investment position preliminary statistics for 2010 and revised statistics for earlier years will be released on June 28. The fourth-quarter 2010 international transactions are revised from previously published statistics. The current-account deficit was revised down to $112.2 billion from $113.3 billion. The goods deficit was revised up to $159.2 billion from $156.2 billion; the services surplus was revised up to $40.5 billion from $39.5 billion; the income surplus was revised up to $39.9 billion from $38.6 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $35.2 billion. Net financial inflows were revised to $29.3 billion from $32.4 billion. * * * Release dates in 2011: Fourth quarter and year 2010...................................March 16, 2011 (Wednesday) First quarter 2011...............................................June 16, 2011 (Thursday) Second quarter 2011.........................................September 15, 2011 (Thursday) Third quarter 2011...........................................December 15, 2011 (Thursday) * * * BEA’s national, international, regional, and industry statistics; the SURVEY OF CURRENT BUSINESS; and BEA news releases are available without charge on BEA’s Web site (http://www.bea.gov/) at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. _________________ The statistics of the U. S. international transactions accounts released today have been revised through the fourth quarter of 2010. The revisions reflect several changes in definitions and classifications, part of a multiyear effort to align the international transactions accounts with international statistical standards. For example, receipts and payments for the distribution rights for film and television recordings, previously recorded in "other" private services, have been reclassified to royalties and license fees. (See the section on "Revisions" in this release.) The July SURVEY OF CURRENT BUSINESS will contain tables and an article describing revisions to the international transactions accounts. On June 28, BEA will release U.S. net international investment position preliminary statistics for 2010 and revised statistics for 2007-2009. The release will also include a discussion of revisions to those accounts. A more detailed discussion of the U.S. international investment position and the revisions of those accounts will appear in the July SURVEY OF CURRENT BUSINESS. NOTE: This news release is available on BEA’s Web site (http://www.bea.gov/) along with Highlights (http://www.bea.gov/newsreleases/international/transactions/2011/pdf/trans111_fax.pdf) related to this release. The latest detailed statistics (http://www.bea.gov/international/bp_web/list.cfm?anon=71®istered=0) for U.S. international transactions are also available on BEA’s Web site.  The first quarter statistics in this release are preliminary and will be revised on September 15, 2011; at that time, the latest available statistics may differ from those in this release.  All links in the text of this release refer to the latest available statistics. June 16, 2011 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2009 2010 2011 Change: Amount of (Credits +, debits -) 2009 r 2010 r 2010:IV- Revision I r II r III r IV r I r II r III r IV r I p 2011:I 2010 Current account 1 Exports of goods and services and income receipts........................................... 2,174,533 2,500,817 524,276 522,990 545,364 581,904 595,359 616,163 632,309 656,986 684,227 27,241 4,187 2 Exports of goods and services............................................................ 1,575,037 1,837,577 378,281 378,021 396,089 422,648 436,501 451,134 465,194 484,747 506,217 21,470 3,411 3 Goods, balance of payments basis..................................................... 1,069,491 1,288,699 254,413 253,886 270,290 290,902 304,572 315,954 325,514 342,659 361,334 18,675 36 4 Services............................................................................. 505,547 548,878 123,869 124,134 125,799 131,746 131,929 135,180 139,680 142,088 144,883 2,795 3,376 5 Transfers under U.S. military agency sales contracts............................. 16,611 17,483 3,438 4,193 5,431 3,550 4,312 4,498 4,532 4,141 4,142 1 38 6 Travel........................................................................... 94,191 103,505 23,710 23,147 23,476 23,858 25,212 25,395 26,203 26,695 27,561 866 411 7 Passenger fares.................................................................. 26,103 30,931 6,976 6,398 6,332 6,397 7,135 7,725 8,076 7,994 8,362 368 -364 8 Other transportation............................................................. 35,533 39,936 8,677 8,583 8,870 9,403 9,719 9,998 10,098 10,121 10,529 408 110 9 Royalties and license fees....................................................... 97,183 105,583 22,136 23,574 23,671 27,802 25,615 26,227 26,720 27,021 27,165 144 9,776 10 Other private services........................................................... 234,858 250,320 58,691 57,989 57,734 60,444 59,568 61,097 63,805 65,851 66,818 967 -6,250 11 U.S. government miscellaneous services........................................... 1,069 1,121 242 250 286 292 369 239 247 266 307 41 -344 12 Income receipts.......................................................................... 599,495 663,240 145,995 144,969 149,275 159,256 158,857 165,030 167,115 172,239 178,009 5,770 776 13 Income receipts on U.S.-owned assets abroad.......................................... 594,319 657,963 144,707 143,676 147,977 157,960 157,540 163,708 165,793 170,921 176,655 5,734 -1,391 14 Direct investment receipts....................................................... 356,203 432,000 77,499 84,942 91,504 102,259 102,518 107,629 109,653 112,199 115,896 3,697 5,962 15 Other private receipts........................................................... 233,324 224,469 64,732 57,617 55,734 55,241 54,584 55,729 55,785 58,371 60,301 1,930 -7,512 16 U.S. government receipts......................................................... 4,792 1,494 2,476 1,117 739 460 438 350 355 351 458 107 158 17 Compensation of employees............................................................ 5,176 5,278 1,288 1,293 1,298 1,297 1,317 1,321 1,322 1,317 1,354 37 2,168 18 Imports of goods and services and income payments........................................... -2,427,804 -2,835,620 -589,791 -575,304 -609,953 -652,756 -678,617 -703,516 -717,682 -735,804 -770,253 -34,449 -6,237 19 Imports of goods and services............................................................ -1,956,310 -2,337,604 -471,095 -459,406 -495,382 -530,427 -556,144 -581,657 -596,307 -603,496 -647,014 -43,518 -7,711 20 Goods, balance of payments basis..................................................... -1,575,400 -1,934,555 -376,727 -365,803 -399,815 -433,055 -457,404 -481,912 -493,336 -501,904 -543,786 -41,882 1,185 21 Services............................................................................. -380,909 -403,048 -94,368 -93,603 -95,566 -97,372 -98,740 -99,745 -102,971 -101,592 -103,228 -1,636 -8,895 22 Direct defense expenditures...................................................... -30,474 -30,391 -7,395 -7,662 -7,728 -7,689 -7,721 -7,590 -7,609 -7,471 -7,459 12 55 23 Travel........................................................................... -74,118 -75,507 -19,098 -17,832 -18,545 -18,643 -19,085 -18,291 -19,077 -19,054 -18,942 112 -861 24 Passenger fares.................................................................. -25,137 -27,279 -6,408 -6,024 -6,329 -6,376 -6,228 -6,770 -7,022 -7,259 -7,552 -293 807 25 Other transportation............................................................. -42,591 -51,202 -11,426 -10,394 -10,224 -10,547 -11,919 -13,018 -13,600 -12,666 -13,451 -785 -2,249 26 Royalties and license fees....................................................... -29,849 -33,450 -7,031 -7,495 -7,407 -7,915 -8,998 -7,916 -8,177 -8,359 -8,480 -121 -4,223 27 Other private services........................................................... -174,325 -180,598 -41,973 -43,164 -44,231 -44,957 -43,702 -45,045 -46,265 -45,585 -46,267 -682 -2,878 28 U.S. government miscellaneous services........................................... -4,415 -4,621 -1,037 -1,032 -1,102 -1,245 -1,087 -1,116 -1,221 -1,198 -1,077 121 454 29 Income payments.......................................................................... -471,494 -498,016 -118,696 -115,898 -114,571 -122,329 -122,473 -121,859 -121,375 -132,309 -123,239 9,070 1,475 30 Income payments on foreign-owned assets in the United States......................... -457,261 -483,504 -115,064 -112,356 -111,056 -118,785 -118,856 -118,222 -117,727 -128,700 -119,635 9,065 4,536 31 Direct investment payments....................................................... -94,025 -151,361 -12,441 -21,748 -25,473 -34,363 -35,980 -35,056 -35,465 -44,861 -34,731 10,130 -259 32 Other private payments........................................................... -218,881 -196,004 -63,699 -54,230 -50,675 -50,277 -48,916 -48,997 -48,098 -49,993 -51,060 -1,067 -876 33 U.S. government payments......................................................... -144,355 -136,139 -38,924 -36,378 -34,908 -34,145 -33,960 -34,169 -34,164 -33,846 -33,844 2 5,671 34 Compensation of employees............................................................ -14,233 -14,512 -3,632 -3,542 -3,515 -3,544 -3,617 -3,637 -3,649 -3,609 -3,604 5 -3,061 35 Unilateral current transfers, net........................................................... -123,280 -136,095 -29,738 -30,497 -33,269 -29,777 -35,034 -32,947 -34,754 -33,360 -33,248 112 1,394 36 U.S. government grants................................................................... -42,221 -44,717 -8,846 -11,054 -13,184 -9,137 -12,285 -10,005 -11,031 -11,396 -10,979 417 249 37 U.S. government pensions and other transfers............................................. -8,874 -10,365 -2,180 -2,222 -2,233 -2,241 -2,548 -2,590 -2,616 -2,611 -2,603 8 -7 38 Private remittances and other transfers.................................................. -72,185 -81,013 -18,712 -17,221 -17,852 -18,400 -20,201 -20,352 -21,107 -19,353 -19,666 -313 1,152 June 16, 2011 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2009 2010 2011 Change: Amount of (Credits +, debits -) 2009 r 2010 r 2010:IV- Revision I r II r III r IV r I r II r III r IV r I p 2011:I 2010 Capital account 39 Capital account transactions, net........................................................... -140 -152 -20 -29 -36 -56 -3 -2 -146 -2 -13 -11 -2 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))........................................................ -139,330 -1,005,182 122,132 33,471 -294,896 -38 -313,010 -168,537 -286,834 -236,802 -325,205 -88,403 19,541 41 U.S. official reserve assets............................................................. -52,256 -1,834 -982 -3,632 -49,021 1,379 -773 -165 -1,096 200 -3,619 -3,819 0 42 Gold................................................................................. 0 0 0 0 0 0 0 0 0 0 0 0 0 43 Special drawing rights............................................................... -48,230 -31 -15 -8 -47,720 -487 -7 -6 -8 -10 1,961 1,971 0 44 Reserve position in the International Monetary Fund.................................. -3,357 -1,293 -754 -3,485 -1,098 1,980 -581 -77 -956 321 -6,428 -6,749 0 45 Foreign currencies................................................................... -669 -510 -213 -139 -203 -114 -185 -82 -132 -111 848 959 0 46 U.S. government assets, other than official reserve assets............................... 541,342 7,540 244,102 193,750 57,736 45,754 9,433 -2,441 788 -240 -588 -348 58 47 U.S. credits and other long-term assets.............................................. -4,069 -4,976 -240 -1,947 -616 -1,266 -1,247 -1,835 -1,027 -867 -1,014 -147 -42 48 Repayments on U.S. credits and other long-term assets................................ 2,133 2,408 484 432 534 683 399 783 679 547 390 -157 95 49 U.S. foreign currency holdings and U.S. short-term assets............................ 543,278 10,108 243,858 195,265 57,818 46,337 10,281 -1,389 1,136 80 36 -44 5 50 U.S. private assets...................................................................... -628,417 -1,010,888 -120,988 -156,647 -303,611 -47,170 -321,669 -165,931 -286,526 -236,762 -320,998 -84,236 19,484 51 Direct investment.................................................................... -303,606 -351,350 -67,952 -67,301 -80,674 -87,678 -110,148 -69,478 -78,734 -92,990 -86,473 6,517 -5,729 52 Foreign securities................................................................... -226,813 -151,916 -36,457 -94,132 -54,167 -42,057 -47,028 -22,114 -39,336 -43,438 -58,505 -15,067 15,234 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.......... 144,867 7,421 17,717 33,152 81,399 12,599 10,932 4,382 -2,146 -5,747 -86,757 -81,010 5,874 54 U.S. claims reported by U.S. banks and securities brokers............................ -242,865 -515,043 -34,296 -28,366 -250,169 69,966 -175,425 -78,721 -166,310 -94,587 -89,263 5,324 4,105 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))......................................................... 335,793 1,245,736 -114,554 -34,386 341,315 143,418 329,340 186,636 463,115 266,646 507,059 240,413 905 56 Foreign official assets in the United States............................................. 480,237 349,754 109,438 129,251 109,108 132,440 89,751 66,736 135,477 57,790 70,906 13,116 51,712 57 U.S. government securities........................................................... 437,324 316,980 145,512 120,776 69,961 101,075 84,837 45,128 123,736 63,279 71,274 7,995 19,825 58 U.S. Treasury securities......................................................... 569,893 397,797 163,809 149,213 126,593 130,278 97,364 31,751 188,994 79,688 33,256 -46,432 23,673 59 Other............................................................................ -132,569 -80,817 -18,297 -28,437 -56,632 -29,203 -12,527 13,377 -65,258 -16,409 38,018 54,427 -3,848 60 Other U.S. government liabilities.................................................... 58,182 12,124 2,451 924 53,365 1,442 4,007 2,503 1,773 3,841 3,007 -834 -93 61 U.S. liabilities reported by U.S. banks and securities brokers....................... -68,873 -9,375 -43,319 -4,555 -33,696 12,697 -16,005 3,888 10,019 -7,277 -4,025 3,252 -35 62 Other foreign official assets........................................................ 53,604 30,025 4,794 12,106 19,478 17,226 16,912 15,217 -51 -2,053 650 2,703 32,015 63 Other foreign assets in the United States................................................ -144,444 895,982 -223,992 -163,637 232,207 10,978 239,589 119,900 327,638 208,856 436,153 227,297 -50,807 64 Direct investment.................................................................... 158,581 236,226 143 27,134 61,260 70,044 52,085 33,930 79,655 70,557 25,276 -45,281 41,762 65 U.S. Treasury securities............................................................. -14,937 256,428 45,906 -30,003 -27,893 -2,947 84,193 82,062 60,659 29,514 3,475 -26,039 -49,979 66 U.S. securities other than U.S. Treasury securities.................................. 3,955 120,453 -67,537 142 49,396 21,954 5,421 -15,475 82,076 48,431 -7,235 -55,666 -54,964 67 U.S. currency........................................................................ 12,632 28,319 11,816 -1,935 4,179 -1,428 2,265 2,100 10,514 13,440 12,576 -864 0 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..... 12,404 77,456 -8,001 20,154 18,944 -18,693 27,728 21,302 11,668 16,758 38,361 21,603 27,494 69 U.S. liabilities reported by U.S. banks and securities brokers....................... -317,079 177,100 -206,319 -179,129 126,321 -57,952 67,897 -4,019 83,066 30,156 363,700 333,544 -15,120 70 Financial derivatives, net.................................................................. 49,456 13,735 7,221 11,275 11,496 19,464 16,152 9,980 -11,893 -504 n.a. n.a. /3/ -1,408 71 Statistical discrepancy (sum of above items with sign reversed)............................. 130,773 216,761 80,475 72,479 39,979 -62,160 85,813 92,223 -44,116 82,841 1 -62,567 /2/-145,408 /3/-18,380 Memoranda: 72 Balance on goods (lines 3 and 20)........................................................... -505,910 -645,857 -122,315 -111,916 -129,525 -142,154 -152,832 -165,958 -167,822 -159,245 -182,452 -23,207 1,220 73 Balance on services (lines 4 and 21)........................................................ 124,637 145,830 29,501 30,531 30,232 34,374 33,189 35,435 36,709 40,496 41,655 1,159 -5,520 74 Balance on goods and services (lines 2 and 19).............................................. -381,272 -500,027 -92,814 -81,385 -99,293 -107,779 -119,642 -130,523 -131,113 -118,749 -140,797 -22,048 -4,300 75 Balance on income (lines 12 and 29)......................................................... 128,001 165,224 27,299 29,071 34,704 36,928 36,384 43,170 45,740 39,930 54,771 14,841 2,250 76 Unilateral current transfers, net (line 35)................................................. -123,280 -136,095 -29,738 -30,497 -33,269 -29,777 -35,034 -32,947 -34,754 -33,360 -33,248 112 1,394 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76).................... -376,551 -470,898 -95,253 -82,811 -97,858 -100,629 -118,292 -120,300 -120,127 -112,179 -119,274 -7,095 -656 78 Net financial flows (lines 40, 55, and 70).................................................. 245,919 254,289 14,799 10,360 57,915 162,844 32,482 28,079 164,388 29,340 /1/ 181,854 /2/ 152,514 /3/ 19,038 1 Calculated excluding financial derivatives, net (line 70). 2 The change shown here is calculated as the change from the prior period, not as the sum of changes in the above items. 3 The previously published statistics exclude financial derivatives, net (table 1, line 70) for the fourth quarter of 2010, which were not available. p Preliminary r Revised n.a. Not available Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 16, 2011 Table 2. Revisions to U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net Balance on current account Capital account transactions, net Net financial flows income receipts income payments (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 1999........ 1,259,810 1,262,431 2,621 -1,510,160 -1,513,659 -3,499 -50,428 -50,428 0 -300,779 -301,656 -877 -4,176 -4,176 0 238,148 238,148 0 2000........ 1,421,515 1,425,260 3,745 -1,779,241 -1,782,832 -3,591 -58,645 -58,767 -122 -416,371 -416,338 33 -1 -1 0 477,701 477,701 0 2001........ 1,295,693 1,300,156 4,463 -1,628,364 -1,632,198 -3,834 -64,487 -64,561 -74 -397,158 -396,603 555 13,198 13,198 0 400,254 400,254 0 2002........ 1,258,412 1,263,580 5,168 -1,651,538 -1,655,837 -4,299 -64,948 -64,990 -42 -458,074 -457,248 826 -141 -141 0 500,515 500,515 0 2003........ 1,340,353 1,345,930 5,577 -1,789,227 -1,793,223 -3,996 -71,794 -71,796 -2 -520,668 -519,089 1,579 -1,821 -1,821 0 532,879 532,879 0 2004........ 1,572,315 1,578,939 6,624 -2,114,441 -2,119,214 -4,773 -88,362 -88,243 119 -630,488 -628,519 1,969 3,049 3,049 0 532,331 532,331 0 2005........ 1,816,449 1,824,780 8,331 -2,458,268 -2,464,813 -6,545 -105,772 -105,741 31 -747,590 -745,774 1,816 13,116 13,116 0 700,716 700,716 0 2006........ 2,135,004 2,144,443 9,439 -2,846,159 -2,853,549 -7,390 -91,481 -91,515 -34 -802,636 -800,621 2,015 -1,788 -1,788 0 809,150 809,150 0 2007........ 2,478,267 2,488,394 10,127 -3,080,813 -3,083,637 -2,824 -115,548 -115,061 487 -718,094 -710,303 7,791 384 384 0 638,158 617,260 -20,898 2008........ 2,635,540 2,656,585 21,045 -3,182,368 -3,207,834 -25,466 -122,026 -125,885 -3,859 -668,854 -677,135 -8,281 6,010 6,010 0 577,852 730,568 152,716 2009........ 2,159,000 2,174,533 15,533 -2,412,489 -2,427,804 -15,315 -124,943 -123,280 1,663 -378,432 -376,551 1,881 -140 -140 0 216,075 245,919 29,844 2010........ 2,496,630 2,500,817 4,187 -2,829,383 -2,835,620 -6,237 -137,489 -136,095 1,394 -470,242 -470,898 -656 -150 -152 -2 /1/ 235,251 254,289 /1/ 19,038 1999: I..... 300,183 301,005 822 -351,384 -352,302 -918 -11,885 -11,885 0 -63,086 -63,182 -96 -7 -7 0 23,694 23,694 0 II.......... 307,288 307,938 650 -366,942 -367,809 -867 -12,260 -12,260 0 -71,914 -72,131 -217 -1 -1 0 64,785 64,785 0 III......... 319,936 320,396 460 -388,429 -389,266 -837 -11,987 -11,987 0 -80,480 -80,857 -377 -3 -3 0 32,570 32,570 0 IV.......... 332,407 333,095 688 -403,404 -404,283 -879 -14,295 -14,295 0 -85,292 -85,483 -191 -4,165 -4,165 0 117,099 117,099 0 2000: I..... 341,684 342,570 886 -427,435 -428,360 -925 -12,859 -12,843 16 -98,611 -98,633 -22 0 (*) (*) 35,176 35,176 0 II.......... 355,307 356,151 844 -441,346 -442,215 -869 -13,368 -13,348 20 -99,407 -99,412 -5 2 2 0 139,263 139,263 0 III......... 360,295 361,296 1,001 -453,930 -454,812 -882 -14,208 -14,387 -179 -107,843 -107,903 -60 -10 -10 0 160,217 160,217 0 IV.......... 364,231 365,246 1,015 -456,532 -457,448 -916 -18,212 -18,191 21 -110,514 -110,394 120 6 6 0 143,045 143,045 0 2001: I..... 350,489 351,600 1,111 -442,651 -443,696 -1,045 -15,171 -15,151 20 -107,333 -107,247 86 0 (*) (*) 114,573 114,573 0 II.......... 334,968 335,986 1,018 -416,573 -417,491 -918 -15,802 -15,782 20 -97,407 -97,287 120 4 4 0 120,165 120,165 0 III......... 312,094 313,257 1,163 -400,408 -401,351 -943 -16,134 -16,265 -131 -104,448 -104,359 89 13,188 13,188 0 57,084 57,084 0 IV.......... 298,144 299,313 1,169 -368,736 -369,660 -924 -17,374 -17,356 18 -87,966 -87,703 263 6 6 0 108,433 108,433 0 2002: I..... 303,113 304,361 1,248 -388,482 -389,616 -1,134 -18,542 -18,540 2 -103,911 -103,794 117 7 7 0 88,384 88,384 0 II.......... 314,894 316,088 1,194 -415,201 -416,300 -1,099 -15,007 -14,988 19 -115,314 -115,200 114 -2 -2 0 91,613 91,613 0 III......... 322,396 323,800 1,404 -423,203 -424,236 -1,033 -15,005 -15,089 -84 -115,812 -115,524 288 -69 -69 0 161,227 161,227 0 IV.......... 318,013 319,332 1,319 -424,648 -425,684 -1,036 -16,394 -16,374 20 -123,029 -122,727 302 -77 -77 0 159,288 159,288 0 2003: I..... 322,251 323,717 1,466 -438,915 -440,022 -1,107 -18,219 -18,252 -33 -134,883 -134,558 325 -82 -82 0 158,593 158,593 0 II.......... 325,297 326,636 1,339 -437,795 -438,819 -1,024 -17,600 -17,634 -34 -130,098 -129,817 281 -1,252 -1,252 0 60,305 60,305 0 III......... 335,696 337,118 1,422 -447,874 -448,830 -956 -17,707 -17,676 31 -129,886 -129,388 498 -492 -492 0 128,422 128,422 0 IV.......... 357,105 358,454 1,349 -464,643 -465,553 -910 -18,269 -18,234 35 -125,808 -125,334 474 5 5 0 185,563 185,563 0 June 16, 2011 Table 2. Revisions to U.S. International Transactions (Continued) [Millions of dollars; quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net Balance on current account Capital account transactions, net Net financial flows income receipts income payments (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..... 375,509 377,095 1,586 -488,983 -490,218 -1,235 -22,987 -22,941 46 -136,461 -136,065 396 -56 -56 0 105,507 105,507 0 II.......... 387,026 388,727 1,701 -521,555 -522,894 -1,339 -21,385 -21,367 18 -155,914 -155,534 380 0 (*) (*) 161,128 161,128 0 III......... 396,510 398,132 1,622 -534,087 -535,296 -1,209 -21,141 -21,121 20 -158,718 -158,286 432 3,173 3,173 0 104,685 104,685 0 IV.......... 413,268 414,985 1,717 -569,815 -570,807 -992 -22,850 -22,815 35 -179,398 -178,636 762 -68 -68 0 161,012 161,012 0 2005: I..... 434,342 436,444 2,102 -580,106 -581,819 -1,713 -28,723 -28,741 -18 -174,486 -174,116 370 -2,160 -2,160 0 105,007 105,007 0 II.......... 447,045 449,101 2,056 -600,750 -602,553 -1,803 -25,196 -25,175 21 -178,901 -178,627 274 -83 -83 0 82,483 82,483 0 III......... 456,957 458,956 1,999 -617,365 -618,933 -1,568 -24,658 -24,618 40 -185,066 -184,595 471 15,362 15,362 0 221,043 221,043 0 IV.......... 478,105 480,278 2,173 -660,048 -661,508 -1,460 -27,194 -27,206 -12 -209,137 -208,435 702 -3 -3 0 292,183 292,183 0 2006: I..... 503,544 505,587 2,043 -680,987 -682,915 -1,928 -20,521 -20,516 5 -197,964 -197,845 119 -1,220 -1,220 0 159,592 159,592 0 II.......... 528,994 532,230 3,236 -707,129 -709,192 -2,063 -23,582 -23,610 -28 -201,717 -200,572 1,145 -487 -487 0 197,789 197,789 0 III......... 540,586 542,555 1,969 -730,008 -731,811 -1,803 -25,123 -25,141 -18 -214,545 -214,397 148 -2 -2 0 245,186 245,186 0 IV.......... 561,880 564,073 2,193 -728,035 -729,632 -1,597 -22,255 -22,248 7 -188,411 -187,807 604 -79 -79 0 206,583 206,583 0 2007: I..... 579,878 582,062 2,184 -745,529 -747,524 -1,995 -32,189 -32,211 -22 -197,840 -197,673 167 0 0 0 248,176 254,181 6,005 II.......... 607,461 610,791 3,330 -772,733 -771,861 872 -26,449 -26,481 -32 -191,720 -187,551 4,169 443 443 0 173,465 153,165 -20,300 III......... 635,412 638,132 2,720 -778,227 -779,067 -840 -28,126 -28,092 34 -170,941 -169,028 1,913 -57 -57 0 75,364 85,857 10,493 IV.......... 655,515 657,411 1,896 -784,323 -785,184 -861 -28,786 -28,279 507 -157,593 -156,052 1,541 -2 -2 0 141,152 124,056 -17,096 2008: I..... 667,109 670,832 3,723 -806,180 -814,329 -8,149 -32,928 -33,735 -807 -171,999 -177,232 -5,233 -8 -8 0 169,357 209,946 40,589 II.......... 688,549 692,907 4,358 -835,632 -836,822 -1,190 -29,747 -31,347 -1,600 -176,830 -175,262 1,568 -18 -18 0 155,362 155,766 404 III......... 684,836 691,564 6,728 -827,042 -833,469 -6,427 -30,177 -31,703 -1,526 -172,383 -173,608 -1,225 6,043 6,043 0 146,300 180,675 34,375 IV.......... 595,046 601,284 6,238 -713,514 -723,214 -9,700 -29,176 -29,103 73 -147,644 -151,032 -3,388 -7 -7 0 106,833 184,179 77,346 2009: I..... 521,735 524,276 2,541 -587,564 -589,791 -2,227 -29,747 -29,738 9 -95,577 -95,253 324 -20 -20 0 8,031 14,799 6,768 II.......... 520,110 522,990 2,880 -574,265 -575,304 -1,039 -30,292 -30,497 -205 -84,447 -82,811 1,636 -29 -29 0 14,661 10,360 -4,301 III......... 540,729 545,364 4,635 -604,594 -609,953 -5,359 -33,638 -33,269 369 -97,503 -97,858 -355 -36 -36 0 77,640 57,915 -19,725 IV.......... 576,426 581,904 5,478 -646,066 -652,756 -6,690 -31,268 -29,777 1,491 -100,907 -100,629 278 -56 -56 0 115,742 162,844 47,102 2010: I..... 600,802 595,359 -5,443 -674,596 -678,617 -4,021 -34,889 -35,034 -145 -108,683 -118,292 -9,609 -3 -3 0 34,825 32,482 -2,343 II.......... 614,362 616,163 1,801 -703,926 -703,516 410 -33,163 -32,947 216 -122,727 -120,300 2,427 -2 -2 0 31,030 28,079 -2,951 III......... 627,201 632,309 5,108 -718,456 -717,682 774 -34,234 -34,754 -520 -125,489 -120,127 5,362 -146 -146 0 136,986 164,388 27,402 IV.......... 654,264 656,986 2,722 -732,405 -735,804 -3,399 -35,204 -33,360 1,844 -113,345 -112,179 1,166 0 -2 -2 /1/ 32,410 29,340 /1/ -3,070 Note: Details may not add to totals because of rounding. (*) Transactions are less than $500,000(±). 1 The previously published statistics exclude financial derivatives, net (table 1, line 70) for the fourth quarter of 2010, which were not available. Source: U.S. Bureau of Economic Analysis