EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, June 18, 2014 Sarah Scott: (202) 606-9286 (Data) BEA 14-26 Christopher Gohrband: (202) 606-9564 (Revisions) U.S. International Transactions: First Quarter 2014 and Annual Revisions Current Account The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—increased to $111.2 billion (preliminary) in the first quarter of 2014 from $87.3 billion (revised) in the fourth quarter of 2013. The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.0 percent in the fourth quarter. The increase in the current-account deficit largely reflected an increase in the deficit on goods and a decrease in the surplus on primary income. In addition, the deficit on secondary income increased and the surplus on services decreased. ______________________________________________________________________________________________ Comprehensive Restructuring of the U.S. International Economic Accounts With this release, the statistics of the U.S. International Transactions Accounts (ITAs) are revised to reflect newly available and revised source data, changes in estimation methods, and changes in definitions and classifications. The first quarter of 1999 is the earliest period that is revised. With this annual revision, BEA also introduces a new presentation of the ITAs as part of a comprehensive restructuring of BEA’s international economic accounts. This change in presentation, combined with changes in definitions and classifications, enhances the quality and usefulness of the accounts for customers and brings the statistics into closer alignment with international guidelines. Additional information on BEA’s comprehensive restructuring of the international accounts is published in the March 2014 issue of the SURVEY OF CURRENT BUSINESS (www.bea.gov/scb/toc/0314cont.htm). An article describing the revisions to the statistics will be published in the July 2014 issue of the SURVEY. The June 30 release of the U.S. International Investment Position (IIP) Accounts will also reflect restructured table presentations that are consistent with related ITA tables and revisions to the IIP statistics that result from newly available and revised source data and changes in definitions and classifications. For more information on the upcoming IIP revisions, see the box on page 10. ______________________________________________________________________________________________ Goods and services The deficit on goods and services increased to $126.8 billion in the first quarter from $112.4 billion in the fourth. Goods The deficit on goods increased to $182.3 billion in the first quarter from $169.1 billion in the fourth. Goods exports decreased to $399.7 billion from $407.1 billion. Exports decreased in five of the six major general-merchandise end-use categories. The largest decreases were in industrial supplies and materials and in foods, feeds, and beverages. Most of the decrease in industrial supplies and materials reflected a decrease in exports of petroleum and products, much of that in fuel oil. The decrease in foods, feeds, and beverages was more than accounted for by a decrease in exports of soybeans (ITA Table 2.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45#reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports increased to $582.0 billion from $576.2 billion. Imports increased in four of the six major general-merchandise end-use categories. The largest increase was in industrial supplies and materials, largely reflecting increases in petroleum and products, much of that in crude oil, and in metals and nonmetallic products. The largest decrease was in automotive vehicles, parts, and engines, a decrease more than accounted for by a decrease in passenger cars (ITA Table 2.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45#reqid=62&step=6&isuri=1&6210=1&6200=45). Services The surplus on services decreased to $55.5 billion in the first quarter from $56.6 billion in the fourth. Services exports decreased to $174.3 billion from $174.6 billion. Decreases in five of the major services categories more than offset increases in the other four. Decreases in three major categories—financial services, other business services, and government goods and services n.i.e. (not included elsewhere)—were each larger than the overall decrease in services exports. The decrease in financial services was more than accounted for by a decrease in financial management, financial advisory, and custody services. The decrease in other business services was more than accounted for by a decrease in technical, trade-related, and other business services n.i.e. These decreases were mostly offset by an increase in travel (for all purposes including education), primarily in other business travel (ITA Table 3.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51#reqid=62&step=6&isuri=1&6210=1&6200=51). Services imports increased to $118.8 billion from $117.9 billion. Five of the nine major services categories increased. The increase in services imports was more than accounted for by an increase in charges for the use of intellectual property n.i.e., reflecting payments for the rights to broadcast the 2014 Winter Olympic Games (ITA Table 3.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51#reqid=62&step=6&isuri=1&6210=1&6200=51). Primary income The surplus on primary income decreased to $46.7 billion in the first quarter from $54.6 billion in the fourth. Investment income Income receipts from foreigners on U.S. holdings of financial assets decreased to $196.5 billion from $198.8 billion. The decrease was more than accounted for by a decrease in direct investment income receipts, particularly on receipts from holding company affiliates. The decrease in direct investment income was partly offset by an increase in portfolio investment income (ITA Table 4.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56#reqid=62&step=6&isuri=1&6210=1&6200=56). Income payments to foreigners on U.S. liabilities increased to $147.7 billion from $141.9 billion. The increase reflected increases in both portfolio and direct investment income payments. For portfolio investment income, payments on equity, particularly by nonfinancial institutions, accounted for much of the increase. For direct investment income, earnings of U.S. affiliates in petroleum-related industries mostly accounted for the increase (ITA Table 4.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56#reqid=62&step=6&isuri=1&6210=1&6200=56). Compensation of employees Receipts for compensation of U.S. residents paid by nonresidents remained at $1.7 billion in the first quarter. Payments for compensation of foreign residents paid by U.S. residents decreased to $3.8 billion from $4.0 billion. Secondary income (current transfers) The deficit on secondary income increased to $31.0 billion in the first quarter from $29.5 billion in the fourth. Secondary income receipts and payments include U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers (remittances), insurance-related transfers, and other current transfers. Secondary income receipts decreased to $31.1 billion from $31.9 billion, reflecting decreases in receipts resulting from class action lawsuits (a component of private transfers) and from fines and penalties (a component of U.S. government transfers) (ITA Table 5.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62#reqid=62&step=6&isuri=1&6210=1&6200=62). Secondary income payments increased to $62.1 billion from $61.4 billion, reflecting an increase in U.S. government grants (ITA Table 5.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62#reqid=62&step=6&isuri=1&6210=1&6200=62). Capital Account The capital-account deficit was $0.02 billion in the first quarter, up from a deficit near zero in the fourth. The first-quarter deficit reflected capital transfer payments and other debits arising from transactions between sports franchises for rights to negotiate with professional athletes. There were no transactions recorded in capital transfer receipts and other credits (ITA Table 1.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=1#reqid=62&step=6&isuri=1&6210=1&6200=1). Financial Account Net U.S. borrowing measured by financial-account transactions was $77.5 billion in the first quarter; net U.S. incurrence of liabilities excluding financial derivatives was larger than the combination of net U.S. acquisition of financial assets excluding financial derivatives and net transactions in financial derivatives. Net borrowing was down from $143.5 billion in the fourth quarter. Both the incurrence of liabilities and the acquisition of financial assets were lower than in the fourth quarter, but the incurrence of liabilities fell more. Net transactions of financial derivatives other than reserves were up from the fourth quarter. Net U.S. acquisition of financial assets excluding financial derivatives Net U.S. acquisition of financial assets excluding financial derivatives was $144.9 billion in the first quarter, down from $195.5 billion in the fourth. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $60.2 billion in the first quarter, down from $104.3 billion in the fourth. The decrease mostly reflected lower net equity investment than in the fourth quarter, some of which was due to less reinvestment of earnings. Net acquisition of (intercompany) debt instruments was also lower (ITA Table 6.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=65#reqid=62&step=6&isuri=1&6210=1&6200=65). Portfolio investment assets (equity and investment fund shares and debt securities) Net U.S. acquisition of portfolio investment assets abroad (acquisitions in excess of sales) was $96.5 billion in the first quarter, down from $155.9 billion in the fourth. Net U.S. purchases of foreign equity and investment fund shares declined to $82.6 billion from $95.4 billion. Net U.S. purchases of foreign debt securities decreased to $13.8 billion from $60.4 billion, reflecting decreases in net purchases of corporate bonds and notes and short-term negotiable certificates of deposits (ITA Table 7.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=68#reqid=62&step=6&isuri=1&6210=1&6200=68). Other investment assets (currency and deposits, loans, insurance technical reserves, and trade credit and advances) Net U.S. sales of other investment assets abroad (sales in excess of acquisitions) were $10.8 billion in the first quarter, down from net sales of $62.0 billion in the fourth. The decrease in net sales reflected a shift to net U.S.-resident provision of loans to foreigners that more than offset an increase in net U.S.-resident withdrawals of deposits abroad and a shift to net U.S.-resident repayment of trade credit and advances (ITA Table 8.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=71#reqid=62&step=6&isuri=1&6210=1&6200=71). Reserve assets The net decrease of U.S. reserve assets abroad was $1.0 billion in the first quarter, down from $2.8 billion in the fourth. The first-quarter net decrease represents repayments of International Monetary Fund lending in dollars to other countries, which reduced the U.S. reserve position in the International Monetary Fund. Net U.S. incurrence of liabilities excluding financial derivatives Net U.S. incurrence of liabilities to foreigners excluding financial derivatives was $229.8 billion in the first quarter, down from $341.8 billion in the fourth. Direct investment liabilities (equity and debt instruments) Net repayment of direct investment liabilities to foreigners was $112.3 billion in the first quarter, a shift from net incurrence of liabilities of $97.2 billion in the fourth. Net repayment of direct investment liabilities is an atypical occurrence; this was the second such instance since the start of this series, the first quarter of 1982. The repayment primarily reflected equity disinvestment other than reinvestment of earnings. In addition, transactions in intercompany debt liabilities shifted from net incurrence to net repayment (ITA Table 6.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=65#reqid=62&step=6&isuri=1&6210=1&6200=65). Portfolio investment liabilities (equity and investment fund shares and debt securities) Net U.S. incurrence of portfolio investment liabilities to foreigners was $235.6 billion in the first quarter, up from $153.2 billion in the fourth. Net foreign purchases of U.S. equity and investment fund shares were $93.4 billion, a shift from net foreign sales of $92.0 billion. Net foreign purchases of U.S. debt securities were $142.1 billion, down from $245.2 billion, primarily reflecting decreases in net foreign purchases of long-term U.S. Treasury securities and U.S. Treasury bills and certificates (ITA Table 7.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=68#reqid=62&step=6&isuri=1&6210=1&6200=68). Other investment liabilities (currency and deposits, loans, insurance technical reserves, and trade credit and advances) Net U.S. incurrence of other investment liabilities to foreigners was $106.6 billion in the first quarter, up from $91.5 billion in the fourth. The first-quarter increase resulted from combined changes in transactions for loans, currency, and trade credit and advances that more than offset a shift to net foreign-resident withdrawals of deposits. For loans, first-quarter net foreign provision (foreign provision of loans exceeding U.S.-resident repayment) rose. Increases of net shipments of U.S. currency to foreigners and provision of trade credit and advances also contributed to the higher first-quarter net incurrence of other investment liabilities (ITA Table 8.1) (www.bea.gov/iTable/iTable.cfm?reqid=62&step=6&isuri=1&6210=1&6200=71#reqid=62&step=6&isuri=1&6210=1&6200=71). Financial derivatives other than reserves Net transactions in financial derivatives were $7.5 billion in the first quarter after net transactions of $2.9 billion in the fourth. Transactions in financial derivatives are only available as a net value equal to transactions for assets less transactions for liabilities. A positive value represents net U.S. residents’ cash payments to foreign residents from settlements of derivatives contracts and a negative value represents net U.S. cash receipts. * * * The statistical discrepancy—the difference between total debits and total credits recorded in the current, capital, and financial accounts—can be calculated as the difference between net lending or net borrowing as measured in the financial account and as measured in the current and capital accounts. The statistical discrepancy was $33.7 billion in the first quarter compared with –$56.1 billion in the fourth. In the first quarter, the U.S. dollar appreciated 1.5 percent on a trade-weighted quarterly average basis against a group of 7 major currencies, after depreciating 1.0 percent in the fourth quarter. Exchange rate data are based on Federal Reserve Statistical Release H.10. Revisions The statistics of the U.S. International Transactions Accounts (ITAs) released today have been revised for the first quarter of 1999 to the fourth quarter of 2013 to incorporate newly available and revised source data, updated seasonal adjustments, changes in definitions and classifications, and improved estimation methodologies. In addition, new table presentations of the ITAs reflecting a comprehensive restructuring of the accounts are available on the BEA Web site (www.bea.gov/iTable/index_ita.cfm). The previous table presentations are also available. See the box on the first page of this release for more information about the comprehensive restructuring of the international accounts. The revisions to the current-account balance, except for 2012 and 2013, mostly reflect refinements in the methodology for estimating travel services exports and imports and revised source data on air passenger transport imports (previously named passenger fare imports). Revisions to the current-account balance also reflect newly available and revised BEA survey data on international services and direct investment income transactions, and revised data on portfolio investment that resulted in revisions to portfolio income statistics. The revisions to portfolio income statistics and to financial-account statistics mostly reflect newly available information from three Treasury International Capital (TIC) surveys conducted by the Federal Reserve Board and the U.S. Department of the Treasury: Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT), the Benchmark Survey of U.S. Ownership of Foreign Securities at end- December 2012, and the Annual Survey of Foreign Portfolio Holdings of U.S. Securities at end- June 2013. Key changes introduced in this annual revision are summarized below. Changes in presentation, definition, and classification * The new presentation eliminates the balance of payments sign convention that used negative signs for debit entries. The presentation now uses positive signs to show exports and imports, income receipts and payments, transfers made and received, and acquisitions of assets and incurrences of liabilities. Negative signs specify negative income (losses) and net sales of assets or net repayment of liabilities. Current-account and capital- account balances indicate the difference between underlying gross credit and debit flows (for example, exports less imports). For the financial account, net lending or net borrowing is calculated as the difference between the net acquisition of financial assets excluding financial derivatives and the net incurrence of liabilities excluding financial derivatives plus net transactions in financial derivatives. * The new presentation expands the use of gross reporting, primarily of statistics on secondary income (current transfers), capital-account transactions, and direct investment income and financial flows. Under gross recording of transactions, the underlying flows are shown at their full credit or debit values rather than as the net of credits and debits. * Net exports of goods under merchanting are reclassified from services to goods. These net exports reflect the net value of goods that are purchased and subsequently sold abroad without entering the United States. * Goods exports and imports are now categorized into three major aggregates: general merchandise, net exports of goods under merchanting (exports only), and nonmonetary gold. In the table presenting U.S. trade in goods (ITA Table 2.1), end-use commodity detail (under general merchandise) is expanded from 59 to 77 categories for exports and from 56 to 69 categories for imports. * Services categories are changed with the number of major categories increasing from seven to nine. The new categories are: maintenance and repair services n.i.e. (not included elsewhere); transport; travel (for all purposes including education); insurance services; financial services; charges for the use of intellectual property n.i.e.; telecommunications, computer, and information services; other business services; and government goods and services n.i.e. o The table presenting U.S. trade in services (ITA Table 3.1) now includes all services categories, whereas the previous services table excluded transactions by the U.S. military and other government agencies. Transfers under U.S. military agency sales contracts (for exports), direct defense expenditures (for imports), and U.S. government miscellaneous services (for exports and imports) are now part of government goods and services n.i.e. o The category other transportation is renamed transport and now includes passenger fares. Passenger fares are now shown separately as air passenger transport services in ITA Table 3.1. o The definition of travel is broadened to include health-related and education-related travel along with the expenditures on goods and services by border, seasonal, and other short-term workers, all of which were previously included in other private services. To distinguish travel from the previous measure, the new measure is named travel (for all purposes including education). In ITA Table 3.1, the previous measure of travel can be derived as the sum of other personal travel and other business travel. o Maintenance and repair services n.i.e., financial services, and insurance services, all of which were previously included in other private services, are now shown as separate categories. Other business services, which consists of the remaining components of other private services, is classified into three categories: research and development services, professional and management consulting services, and technical, trade-related, and other business services. * Quarterly statistics for goods and services exports and imports are presented on a seasonally adjusted basis for selected major trading partner countries and areas in two new tables (ITA Tables 2.2 and 3.2). * Primary income, which includes investment income and compensation of employees, replaces the previous category of income. * Transactions in primary investment income are classified into four functional categories: direct investment, portfolio investment, other investment, and reserve assets (receipts only). The functional categories differ by the motivation behind the investment and the relationship between the parties to the transactions. o Direct investment income is now featured on a gross basis according to whether the income is derived from an asset or a liability. In the previous presentation, direct investment income was featured on a directional basis by whether the direct investment was outward or inward, that is, whether the investor was a domestic resident or a foreign resident. The directional basis is still available in ITA Table 4.2 and is the basis used for the country and area statistics in ITA Table 1.3. o Investment income receipts on portfolio investment includes dividend and income receipts from the previous category of other private receipts. o Investment income payments on portfolio investment includes dividend payments from the previous category of other private payments and interest payments from the previous categories of other private payments and U.S. government payments. o Investment income receipts on other investment includes interest receipts from the previous income categories of other private receipts and U.S. government receipts. o Investment income payments on other investment includes interest payments from the previous income categories of other private payments and U.S. government payments. o Investment income on reserve assets includes interest receipts from the previous category of U.S. government receipts. * Secondary income (current transfer) receipts and payments replace the previous net measure of unilateral current transfers. Secondary income transactions include, for example, U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers (remittances), insurance-related transfers, and other current transfers. * Capital-account transactions are now presented on a gross basis rather than on a net basis. * The presentation of the financial account is significantly restructured. The two major categories of transactions are renamed. Net U.S. acquisition of financial assets excluding financial derivatives replaces U.S.-owned assets abroad excluding financial derivatives, and net U.S. incurrence of liabilities excluding financial derivatives replaces foreign- owned assets in the United States excluding financial derivatives. * Financial-account transactions are classified into five functional categories: direct investment, portfolio investment, other investment, reserve assets (assets only), and financial derivatives. o Direct investment is now presented on a gross basis by whether the investment reflects an asset or a liability. In the previous presentation, direct investment was classified on a directional basis by whether the direct investment was outward or inward, that is, whether the investor was a domestic resident or a foreign resident. The directional basis is still available in ITA Table 6.1 and is the basis used for the country and area statistics in ITA Table 1.3. o Net acquisition of portfolio investment assets (equity and debt securities issued by foreign residents) includes transactions from the previous category of U.S. private assets. o Net acquisition of other investment assets (currencies, deposits, loans, and trade credit and advances that are debts of foreign residents to U.S. residents) includes transactions from the previous categories of U.S. government assets, other than official reserve assets, and U.S. private assets. o Net incurrence of portfolio investment liabilities (equity and debt securities issued by U.S. residents) includes transactions from the previous categories of foreign official assets in the United States and other foreign assets in the United States. o Net incurrence of other investment liabilities (currencies, deposits, loans, and trade credit and advances that are debts of U.S. residents to foreign residents) includes transactions from the previous categories of foreign official assets in the United States and other foreign assets in the United States. * Financial-account transactions are classified by instrument (e.g., equity, debt securities, loans) within each functional category in the new presentation. * The sectors associated with financial-account transactions—central bank, deposit-taking corporations except the central bank, general government, and other sectors—and maturity of the instruments involved in these transactions—short-term and long-term—are also provided in the new presentation. Newly available and revised source data and changes in estimation methodology * Goods exports and imports are revised for 2009-2013 to reflect revised Census Bureau data on goods exports and imports on a Census basis and revised balance of payments adjustments. * Services exports and imports are revised for 2011-2013, and services exports are also revised for 2006-2008, to reflect newly available and revised data from BEA’s quarterly services surveys. * Travel services exports and imports are revised for 1999-2013 to implement an improved methodology for estimating average expenditures by travelers. * Travel services imports and air passenger transport services (previously passenger fares) are revised for 1999-2013 to reflect revised data from the U.S. Department of Homeland Security on the number of U.S. travelers abroad and to reflect an improved methodology for measuring travel expenditures by country of destination. * Secondary income (current transfers) receipts are revised for 1999-2013 to incorporate source data on receipts from foreign residents for contributing to military operations. * Financial transactions and primary income related to direct investment are revised for 2011-2013 to incorporate newly available and revised data from BEA’s quarterly and annual direct investment surveys.  * Financial transactions and primary income related to portfolio investment are revised for 2011-2013 to incorporate newly available and revised data from the U.S. Department of the Treasury. The data on long-term securities are from the TIC survey Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-slt.aspx) (SLT). * Financial transactions and primary income related to other investment are revised for 2009-2013 to incorporate revisions from several sources. o Revisions for 2011-2013 incorporate newly available and revised data from these TIC surveys: * Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-b.aspx) (BC, BL-1, BL-2 BQ-1, and BQ-2), covering debt claims and liabilities, excluding long-term debt securities. * Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-c.aspx) (CQ-1 and CQ-2), covering debt claims and liabilities, excluding long-term debt securities. o Revisions for 2011-2013 also incorporate newly available and revised data on transactions of U.S. financial intermediaries with foreign financial intermediaries from BEA’s quarterly and annual direct investment surveys that are reclassified from direct investment to other investment. o Revisions for 2009-2013 incorporate newly available and revised U.S. government administrative data.  * Financial transactions in financial derivatives are revised for 2013 to incorporate newly available and revised data from the TIC survey Report of Holdings of and Transactions in Financial Derivatives Contracts (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-d.aspx) (D). Additional information on the revisions to the U.S. International Transactions Accounts and the U.S. International Investment Position Accounts will be provided in the July issue of the SURVEY OF CURRENT BUSINESS. Revisions to fourth quarter 2013 The current-account deficit in the fourth quarter of 2013 is revised upward to $87.3 billion from $81.1 billion. The goods deficit is revised downward to $169.1 billion from $171.8 billion. The services surplus is revised downward to $56.6 billion from $57.9 billion. The primary income surplus (previously income surplus) is revised downward to $54.6 billion from $64.4 billion. The secondary income deficit (previously net outflows of unilateral current transfers) is revised downward to $29.5 billion from $31.6 billion. Fourth-quarter net borrowing from financial-account transactions (previously net financial inflows) is revised downward to $143.5 billion from $173.7 billion. Net U.S. acquisition of financial assets excluding financial derivatives (previously net outflows of U.S.-owned assets abroad) is revised upward to $195.5 billion from $148.6 billion, and net U.S. incurrence of liabilities excluding financial derivatives (previously net inflows of foreign-owned assets in the United States) is revised upward to $341.8 billion from $325.0 billion. * * * Release dates in 2014: Fourth Quarter and Year 2013.................................March 19, 2014 (Wednesday) First Quarter 2014 and Annual Revisions.......................June 18, 2014 (Wednesday) Second Quarter 2014......................................September 17, 2014 (Wednesday) Third Quarter 2014........................................December 17, 2014 (Wednesday) * * * BEA’s national, international, regional, and industry statistics; the SURVEY OF CURRENT BUSINESS; and BEA news releases are available without charge on BEA’s Web site at (www.bea.gov). By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. ________________ On June 30, BEA will introduce a new presentation of the U.S. International Investment Position (IIP) Accounts as part of the comprehensive restructuring of BEA’s international economic accounts. The June 30 release will include preliminary statistics of the IIP Accounts for the first quarter of 2014 and revised statistics for 2009-2013, including revised detailed annual statistics for 2009-2013 that present changes in positions resulting from financial transactions and valuation changes such as price, exchange-rate, and other changes. The release will also include a brief discussion of revisions to the IIP Accounts. A more detailed discussion of the IIP Accounts and the revisions to those accounts will appear in an article in the July issue of the SURVEY OF CURRENT BUSINESS. NOTE: This news release is available on BEA's Web site along with Highlights (www.bea.gov/newsreleases/international/transactions/2014/pdf/trans114_fax.pdf) related to this release, the latest detailed statistics (www.bea.gov/iTable/index_ita.cfm) for U.S. international transactions, and a description of the estimation methods (www.bea.gov/international/concepts_methods.htm) used to compile them. The first-quarter statistics in this release are preliminary and will be revised on September 17, 2014. All links in the text of this release—including archived versions of this release—refer to the latest available statistics. June 18, 2014 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2012 r 2013 r Change: Seasonally adjusted Change: 2012 to 2013 2014 2013:IV to 2013 I r II r III r IV r I p 2014:I   Current account       1 Exports of goods and services and income receipts (credits)................ 3,085,260 3,178,744 93,484 780,878 786,909 796,943 814,014 803,262 -10,752 2 Exports of goods and services............................................ 2,216,540 2,280,194 63,654 562,411 565,335 570,756 581,692 573,989 -7,703 3 Goods.................................................................. 1,561,689 1,592,784 31,095 392,605 394,988 398,088 407,103 399,680 -7,423 4 General merchandise.................................................. 1,523,835 1,557,445 33,610 380,865 385,325 389,954 401,300 392,684 -8,616 5 Foods, feeds, and beverages........................................ 132,905 136,184 3,279 33,903 31,192 33,292 37,797 35,764 -2,033 6 Industrial supplies and materials.................................. 482,423 492,050 9,627 119,811 119,474 123,932 128,833 123,150 -5,683 7 Capital goods except automotive.................................... 527,524 534,552 7,028 130,948 134,781 133,946 134,877 134,523 -354 8 Automotive vehicles, parts, and engines............................ 146,150 152,556 6,406 36,927 38,327 38,710 38,593 37,270 -1,323 9 Consumer goods except food and automotive.......................... 180,967 188,359 7,392 45,550 48,579 46,858 47,373 48,314 941 10 Other general merchandise.......................................... 53,865 53,744 -121 13,726 12,973 13,216 13,828 13,664 -164 11 Net exports of goods under merchanting............................... 566 616 50 149 169 150 149 167 18 12 Nonmonetary gold..................................................... 37,289 34,724 -2,565 11,591 9,494 7,984 5,654 6,829 1,175 13 Services............................................................... 654,850 687,410 32,560 169,806 170,347 172,668 174,589 174,309 -280 14 Maintenance and repair services n.i.e. .............................. 15,115 16,295 1,180 3,441 3,527 4,525 4,802 4,610 -192 15 Transport............................................................ 83,592 87,267 3,675 21,873 21,879 21,335 22,180 22,385 205 16 Travel (for all purposes including education) /1/.................... 161,249 173,131 11,882 42,700 42,637 43,741 44,054 44,719 665 17 Insurance services................................................... 16,534 16,096 -438 4,010 3,960 4,045 4,080 4,078 -2 18 Financial services................................................... 76,605 84,066 7,461 20,393 20,859 20,734 22,081 21,387 -694 19 Charges for the use of intellectual property n.i.e. ................. 125,492 129,178 3,686 32,248 32,483 32,581 31,866 32,223 357 20 Telecommunications, computer, and information services............... 32,103 33,409 1,306 8,283 8,427 8,396 8,303 8,426 123 21 Other business services.............................................. 119,892 123,447 3,555 30,555 30,352 30,970 31,570 31,136 -434 22 Government goods and services n.i.e. ................................ 24,267 24,522 255 6,303 6,224 6,343 5,653 5,346 -307 23 Primary income receipts ............................................... 762,885 780,120 17,235 190,175 193,497 196,002 200,446 198,198 -2,248 24 Investment income.................................................... 756,531 773,425 16,894 188,515 191,826 194,324 198,759 196,491 -2,268 25 Direct investment income........................................... 460,329 466,706 6,377 113,660 115,441 117,248 120,357 114,973 -5,384 26 Portfolio investment income........................................ 260,081 275,704 15,623 66,767 68,496 69,473 70,968 74,293 3,325 27 Other investment income............................................ 35,648 30,637 -5,011 7,958 7,786 7,525 7,368 7,129 -239 28 Reserve asset income............................................... 474 377 -97 130 103 78 66 96 30 29 Compensation of employees............................................ 6,354 6,695 341 1,660 1,671 1,678 1,686 1,707 21 30 Secondary income (current transfer) receipts /2/....................... 105,835 118,429 12,594 28,292 28,078 30,184 31,876 31,075 -801 31 Imports of goods and services and income payments (debits)................. 3,546,009 3,578,998 32,989 886,365 893,055 898,247 901,330 914,418 13,088 32 Imports of goods and services............................................ 2,754,145 2,756,586 2,441 683,359 687,134 691,953 694,140 700,804 6,664 33 Goods.................................................................. 2,303,785 2,294,453 -9,332 570,164 572,071 576,024 576,193 581,998 5,805 34 General merchandise.................................................. 2,284,570 2,276,712 -7,858 565,338 567,376 571,971 572,027 578,178 6,151 35 Foods, feeds, and beverages........................................ 111,129 116,024 4,895 28,619 29,276 28,986 29,143 30,106 963 36 Industrial supplies and materials.................................. 734,820 686,594 -48,226 176,925 170,269 171,747 167,653 174,822 7,169 37 Capital goods except automotive.................................... 551,781 557,839 6,058 137,445 137,923 140,189 142,281 143,064 783 38 Automotive vehicles, parts, and engines............................ 298,504 309,571 11,067 73,468 77,109 79,187 79,808 77,464 -2,344 39 Consumer goods except food and automotive.......................... 518,829 533,946 15,117 131,088 133,686 133,757 135,414 134,964 -450 40 Other general merchandise.......................................... 69,508 72,738 3,230 17,793 19,112 18,105 17,728 17,758 30 41 Nonmonetary gold..................................................... 19,214 17,741 -1,473 4,827 4,695 4,053 4,166 3,820 -346 42 Services............................................................... 450,360 462,134 11,774 113,195 115,063 115,929 117,947 118,806 859 43 Maintenance and repair services n.i.e. .............................. 7,970 7,620 -350 1,870 1,960 1,993 1,797 1,866 69 44 Transport............................................................ 85,029 90,754 5,725 22,457 22,477 22,521 23,299 23,070 -229 45 Travel (for all purposes including education) /1/.................... 100,317 104,677 4,360 25,664 26,101 26,146 26,766 26,994 228 46 Insurance services................................................... 53,203 50,454 -2,749 12,507 12,680 12,920 12,348 12,104 -244 47 Financial services................................................... 16,975 18,683 1,708 4,378 4,620 4,626 5,058 4,929 -129 48 Charges for the use of intellectual property n.i.e. ................. 39,502 39,015 -487 10,003 9,720 9,438 9,855 10,779 924 49 Telecommunications, computer, and information services............... 32,156 32,877 721 7,845 8,322 8,295 8,415 8,470 55 50 Other business services.............................................. 87,347 92,710 5,363 22,106 22,787 23,633 24,183 24,518 335 51 Government goods and services n.i.e. ................................ 27,861 25,343 -2,518 6,364 6,396 6,357 6,227 6,075 -152 52 Primary income payments................................................ 559,892 580,466 20,574 144,192 145,990 144,478 145,806 151,496 5,690 53 Investment income.................................................... 545,088 564,897 19,809 140,431 142,053 140,557 141,857 147,652 5,795 54 Direct investment income........................................... 178,712 175,830 -2,882 44,052 44,894 43,217 43,667 45,526 1,859 55 Portfolio investment income........................................ 345,251 372,738 27,487 91,911 93,019 93,434 94,374 98,747 4,373 56 Other investment income............................................ 21,125 16,329 -4,796 4,468 4,140 3,905 3,815 3,379 -436 57 Compensation of employees............................................ 14,804 15,569 765 3,761 3,937 3,922 3,950 3,844 -106 58 Secondary income (current transfer) payments /2/....................... 231,972 241,945 9,973 58,813 59,931 61,816 61,384 62,118 734   Capital account 59 Capital transfer receipts and other credits................................ 7,668 0 -7,668 0 0 0 0 0 0 60 Capital transfer payments and other debits................................. 764 412 -352 40 227 146 (*) 20 20 June 18, 2014 Table 1. U.S. International Transactions--Table Ends [Millions of dollars] Line 2012 r 2013 r Change: Seasonally adjusted Change: 2012 to 2013 2014 2013:IV to 2013 I r II r III r IV r I p 2014:I   Financial account           61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+))............... 171,418 644,763 473,345 221,653 143,657 83,999 195,454 144,923 -50,531 62 Direct investment assets................................................. 375,537 408,243 32,706 77,992 120,947 105,008 104,296 60,155 -44,141 63 Equity................................................................. 319,024 352,106 33,082 79,387 87,046 99,586 86,087 51,978 -34,109 64 Debt instruments....................................................... 56,513 56,137 -376 -1,395 33,900 5,422 18,210 8,177 -10,033 65 Portfolio investment assets.............................................. 239,773 489,877 250,104 157,860 115,004 61,121 155,892 96,491 -59,401 66 Equity and investment fund shares...................................... 103,254 275,244 171,990 67,295 92,820 19,686 95,443 82,648 -12,795 67 Debt securities........................................................ 136,519 214,633 78,114 90,565 22,184 41,435 60,449 13,843 -46,606 68 Short term........................................................... -6,598 45,373 51,971 22,289 20,489 17,508 -14,913 -13,486 1,427 69 Long term............................................................ 143,117 169,260 26,143 68,276 1,695 23,927 75,362 27,330 -48,032 70 Other investment assets.................................................. -448,352 -250,260 198,092 -15,074 -92,105 -81,129 -61,952 -10,767 51,185 71 Currency and deposits.................................................. -515,933 -115,641 400,292 -39,132 -38,151 -37,055 -1,305 -49,733 -48,428 72 Loans.................................................................. 66,892 -137,978 -204,870 25,742 -57,810 -44,021 -61,889 50,750 112,639 73 Insurance technical reserves........................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 74 Trade credit and advances.............................................. 689 3,359 2,670 -1,684 3,855 -53 1,242 -11,783 -13,025 75 Reserve assets........................................................... 4,460 -3,097 -7,557 875 -189 -1,001 -2,782 -956 1,826 76 Monetary gold.......................................................... 0 0 0 0 0 0 0 0 0 77 Special drawing rights................................................. 37 22 -15 5 6 5 6 8 2 78 Reserve position in the International Monetary Fund.................... 4,032 -3,438 -7,470 755 -287 -1,071 -2,835 -1,040 1,795 79 Other reserve assets................................................... 391 319 -72 115 92 65 47 76 29 80 Currency and deposits................................................ 24 3 -21 1 1 1 1 2 1 81 Securities........................................................... 365 315 -50 115 91 64 45 72 27 82 Financial derivatives................................................ 0 0 0 0 0 0 0 0 0 83 Other claims......................................................... 3 1 -2 0 (*) (*) 1 2 1 84 Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities / financial inflow (+))....................... 601,973 1,017,669 415,696 285,407 224,716 165,707 341,838 229,833 -112,005 85 Direct investment liabilities............................................ 217,777 294,972 77,195 44,526 82,156 71,130 97,161 -112,333 -209,494 86 Equity................................................................. 191,427 226,834 35,407 39,788 61,980 55,579 69,487 -94,699 -164,186 87 Debt instruments....................................................... 26,349 68,138 41,789 4,739 20,175 15,551 27,673 -17,635 -45,308 88 Portfolio investment liabilities......................................... 746,996 490,943 -256,053 155,583 -25,746 207,881 153,226 235,562 82,336 89 Equity and investment fund shares...................................... 239,060 -85,407 -324,467 -22,550 -32,706 61,828 -91,980 93,441 185,421 90 Debt securities........................................................ 507,936 576,351 68,415 178,132 6,960 146,052 245,207 142,121 -103,086 91 Short term........................................................... 16,281 46,718 30,437 69,180 -32,741 -52,805 63,085 10,850 -52,235 92 Long term............................................................ 491,655 529,632 37,977 108,952 39,701 198,857 182,122 131,271 -50,851 93 Other investment liabilities............................................. -362,799 231,753 594,552 85,298 168,307 -113,303 91,451 106,605 15,154 94 Currency and deposits.................................................. -245,009 172,286 417,295 6,687 103,956 -21,130 82,773 -1,596 -84,369 95 Loans.................................................................. -129,409 47,606 177,015 76,171 61,347 -94,906 4,994 97,688 92,694 96 Insurance technical reserves........................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 97 Trade credit and advances.............................................. 11,619 11,861 242 2,439 3,004 2,733 3,684 10,513 6,829 98 Special drawing rights allocations..................................... 0 0 0 0 0 0 0 0 0 99 Financial derivatives other than reserves, net transactions /3/............ 7,064 2,248 -4,816 -3,948 -3,302 6,569 2,929 7,459 4,530   Statistical discrepancy                   100 Statistical discrepancy /4/................................................ 30,353 30,008 -345 37,825 22,011 26,311 -56,138 33,725 89,863   Balances                   101 Balance on current account (line 1 less line 31) /5/....................... -460,749 -400,254 60,495 -105,487 -106,146 -101,305 -87,317 -111,156 -23,839 102 Balance on goods and services (line 2 less line 32)...................... -537,605 -476,392 61,213 -120,948 -121,799 -121,197 -112,448 -126,815 -14,367 103 Balance on goods (line 3 less line 33)................................. -742,095 -701,669 40,426 -177,560 -177,083 -177,936 -169,090 -182,317 -13,227 104 Balance on services (line 13 less line 42)............................. 204,490 225,276 20,786 56,611 55,284 56,739 56,642 55,503 -1,139 105 Balance on primary income (line 23 less line 52)......................... 202,993 199,654 -3,339 45,983 47,507 51,524 54,639 46,702 -7,937 106 Balance on secondary income (line 30 less line 58)....................... -126,138 -123,515 2,623 -30,522 -31,854 -31,632 -29,508 -31,043 -1,535 107 Balance on capital account (line 59 less line 60) /5/...................... 6,904 -412 -7,316 -40 -227 -146 (*) -20 -20 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/.......................... -453,845 -400,666 53,179 -105,527 -106,372 -101,450 -87,317 -111,176 -23,859 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/....................... -423,492 -370,658 52,834 -67,702 -84,362 -75,140 -143,455 -77,452 66,003 p Preliminary r Revised n.a. Not available (*) Transactions are between zero and +/- $500,000 1 All travel purposes include 1) business travel, including expenditures by border, seasonal, and other short-term workers and 2) personal travel, including health-related and education-related travel. 2 Secondary income (current transfer) receipts and payments include U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers (remittances), insurance-related transfers, and other transfers. 3 Transactions for financial derivatives are only available as a net value equal to transactions for assets less transactions for liabilities. A positive value represents net U.S. cash payments arising from derivatives contracts, and a negative value represents net U.S. cash receipts. 4 The statistical discrepancy, which can be calculated as line 109 less line 108, is the difference between total debits and total credits recorded in the current, capital, and financial accounts. In the current and capital accounts, credits and debits are labeled in the table. In the financial account, an acquisiton of an asset or a repayment of a liability is a debit, and an inccurrence of a liability or a disposal of an asset is a credit. 5 Current- and capital-account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international transactions statistics to national economic accounting concepts. A reconciliation between annual statistics in the two sets of accounts appears in NIPA table 4.3B. 6 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Net lending or net borrowing can be computed from current- and capital-account transactions or from financial-account transactions. The two amounts differ by the statistical discrepancy. Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 18, 2014 Table 2. Revisions to U.S. International Transactions--Continues [Millions of dollars, quarters seasonally adjusted] Balance on Goods and Services Balance on Primary Income Balance on Secondary Income Balance on Current Account Balance on Capital Account Net Lending (+) or Net Borrowing (-) from Financial-Account Transactions Previously Revised Revision Previously Revised Revision/1/ Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision/1/ published published published published published published/2/ Years 1999....... -263,755 -258,617 5,138 11,931 11,935 4 -48,954 -48,846 108 -300,778 -295,528 5,250 -4,176 -4,176 0 -238,148 -238,148 0 2000....... -377,337 -372,517 4,820 19,178 19,178 0 -58,159 -57,418 741 -416,317 -410,756 5,561 -1 -1 0 -477,701 -477,701 0 2001....... -362,339 -361,511 828 29,728 29,730 2 -64,086 -63,545 541 -396,697 -395,327 1,370 13,198 13,198 0 -400,254 -400,254 0 2002....... -418,165 -418,955 -790 25,175 25,174 -1 -64,810 -64,307 503 -457,800 -458,087 -287 -141 -141 0 -500,515 -500,515 0 2003....... -490,545 -493,890 -3,345 42,760 42,760 0 -70,873 -70,212 661 -518,657 -521,342 -2,685 -1,821 -1,821 0 -532,879 -532,883 -4 2004....... -604,897 -609,883 -4,986 64,129 64,127 -2 -88,559 -88,012 547 -629,327 -633,768 -4,441 3,049 3,049 0 -532,331 -532,334 -3 2005....... -707,914 -714,245 -6,331 67,630 67,632 2 -99,512 -98,822 690 -739,796 -745,434 -5,638 13,116 13,116 0 -700,716 -700,721 -5 2006....... -752,399 -761,716 -9,317 43,338 43,337 -1 -89,417 -88,347 1,070 -798,478 -806,726 -8,248 -1,788 -1,788 0 -809,150 -809,148 2 2007....... -699,065 -705,375 -6,310 100,606 100,604 -2 -114,929 -113,872 1,057 -713,389 -718,643 -5,254 384 384 0 -617,260 -617,251 9 2008....... -702,302 -708,726 -6,424 146,144 146,146 2 -125,185 -124,061 1,124 -681,343 -686,641 -5,298 6,010 6,010 0 -730,568 -730,572 -4 2009....... -383,657 -383,774 -117 123,580 123,584 4 -121,559 -120,602 957 -381,636 -380,792 844 -140 -140 0 -231,019 -230,962 57 2010....... -499,379 -494,658 4,721 177,659 177,661 2 -127,751 -126,934 817 -449,471 -443,930 5,541 -157 -157 0 -438,044 -436,972 1,072 2011....... -556,838 -548,625 8,213 232,648 220,961 -11,687 -133,535 -131,680 1,855 -457,725 -459,344 -1,619 -1,212 -1,186 26 -551,708 -515,759 35,949 2012....... -534,656 -537,605 -2,949 223,928 202,993 -20,935 -129,688 -126,138 3,550 -440,416 -460,749 -20,333 6,956 6,904 -52 -439,351 -423,492 15,859 2013....... -474,864 -476,392 -1,528 228,765 199,654 -29,111 -133,179 -123,515 9,664 -379,278 -400,254 -20,976 -412 -412 0 -351,233 -370,658 -19,425 Quarters 1999: I.... -53,308 -52,634 674 1,859 1,860 1 -11,892 -11,892 0 -63,341 -62,666 675 -7 -7 0 -23,694 -23,694 0 II......... -63,096 -61,598 1,498 3,075 3,075 0 -11,352 -11,352 0 -71,373 -69,875 1,498 -1 -1 0 -64,785 -64,785 0 III........ -71,286 -69,298 1,988 2,300 2,301 1 -11,813 -11,705 108 -80,799 -78,703 2,096 -3 -3 0 -32,570 -32,570 0 IV......... -76,069 -75,090 979 4,703 4,703 0 -13,895 -13,895 0 -85,261 -84,282 979 -4,165 -4,165 0 -117,099 -117,099 0 2000: I.... -89,530 -88,171 1,359 3,599 3,600 1 -12,711 -12,240 471 -98,641 -96,811 1,830 (*) (*) 0 -35,176 -35,176 0 II......... -90,380 -89,579 801 4,169 4,168 -1 -13,367 -13,355 12 -99,578 -98,765 813 2 2 0 -139,263 -139,263 0 III........ -96,393 -95,480 913 2,752 2,752 0 -14,194 -13,989 205 -107,835 -106,717 1,118 -10 -10 0 -160,217 -160,217 0 IV......... -101,036 -99,287 1,749 8,659 8,659 0 -17,889 -17,836 53 -110,266 -108,464 1,802 6 6 0 -143,045 -143,045 0 2001: I.... -97,167 -96,898 269 4,911 4,911 0 -15,075 -14,892 183 -107,331 -106,879 452 (*) (*) 0 -114,573 -114,573 0 II......... -88,610 -87,800 810 6,964 6,965 1 -15,392 -15,297 95 -97,038 -96,133 905 4 4 0 -120,165 -120,165 0 III........ -89,282 -89,394 -112 1,076 1,076 0 -16,316 -16,150 166 -104,521 -104,468 53 13,188 13,188 0 -57,084 -57,084 0 IV......... -87,279 -87,415 -136 16,776 16,775 -1 -17,298 -17,201 97 -87,801 -87,840 -39 6 6 0 -108,433 -108,433 0 2002: I.... -92,332 -92,466 -134 6,953 6,953 0 -18,538 -18,479 59 -103,916 -103,992 -76 7 7 0 -88,384 -88,384 0 II......... -102,681 -102,488 193 2,305 2,305 0 -14,988 -14,831 157 -115,363 -115,013 350 -2 -2 0 -91,613 -91,613 0 III........ -106,506 -105,913 593 5,841 5,842 1 -15,040 -14,797 243 -115,706 -114,869 837 -69 -69 0 -161,227 -161,227 0 IV......... -116,649 -118,090 -1,441 10,081 10,081 0 -16,244 -16,200 44 -122,812 -124,209 -1,397 -77 -77 0 -159,288 -159,288 0 2003: I.... -122,944 -123,459 -515 6,569 6,569 0 -18,245 -18,097 148 -134,619 -134,986 -367 -82 -82 0 -158,593 -158,597 -4 II......... -122,286 -122,384 -98 9,926 9,928 2 -17,080 -16,813 267 -129,440 -129,269 171 -1,252 -1,252 0 -60,305 -60,305 0 III........ -121,691 -122,872 -1,181 9,858 9,855 -3 -17,500 -17,358 142 -129,332 -130,374 -1,042 -492 -492 0 -128,422 -128,423 -1 IV......... -123,624 -125,175 -1,551 16,401 16,401 0 -18,049 -17,945 104 -125,272 -126,719 -1,447 5 5 0 -185,563 -185,563 0 2004: I.... -134,162 -135,158 -996 20,982 20,980 -2 -23,514 -23,408 106 -136,695 -137,586 -891 -56 -56 0 -105,507 -105,505 2 II......... -149,083 -150,348 -1,265 14,700 14,699 -1 -21,351 -21,166 185 -155,734 -156,815 -1,081 (*) (*) 0 -161,128 -161,130 -2 III........ -154,720 -156,097 -1,377 17,414 17,413 -1 -21,106 -20,860 246 -158,413 -159,544 -1,131 3,173 3,173 0 -104,685 -104,688 -3 IV......... -166,932 -168,281 -1,349 11,033 11,034 1 -22,588 -22,578 10 -178,487 -179,825 -1,338 -68 -68 0 -161,012 -161,011 1 June 18, 2014 Table 2. Revisions to U.S. International Transactions--Table Ends [Millions of dollars, quarters seasonally adjusted] Balance on Goods and Services Balance on Primary Income Balance on Secondary Income Balance on Current Account Balance on Capital Account Net Lending (+) or Net Borrowing (-) from Financial-Account Transactions Previously Revised Revision Previously Revised Revision/1/ Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision/1/ published published published published published published/2/ 2005: I.... -164,831 -165,634 -803 19,456 19,458 2 -23,842 -23,632 210 -169,216 -169,807 -591 -2,160 -2,160 0 -105,007 -105,011 -4 II......... -170,269 -171,639 -1,370 16,666 16,666 0 -24,774 -24,507 267 -178,377 -179,480 -1,103 -83 -83 0 -82,483 -82,485 -2 III........ -179,366 -181,376 -2,010 19,354 19,355 1 -24,505 -24,306 199 -184,517 -186,327 -1,810 15,362 15,362 0 -221,043 -221,042 1 IV......... -193,448 -195,596 -2,148 12,153 12,153 0 -26,390 -26,376 14 -207,685 -209,820 -2,135 -3 -3 0 -292,183 -292,184 -1 2006: I.... -189,989 -192,106 -2,117 12,812 12,810 -2 -19,023 -18,763 260 -196,200 -198,058 -1,858 -1,220 -1,220 0 -159,592 -159,592 0 II......... -188,706 -191,169 -2,463 11,566 11,565 -1 -23,192 -22,768 424 -200,333 -202,372 -2,039 -487 -487 0 -197,789 -197,787 2 III........ -197,378 -199,284 -1,906 8,198 8,197 -1 -25,320 -24,976 344 -214,501 -216,063 -1,562 -2 -2 0 -245,186 -245,186 0 IV......... -176,325 -179,157 -2,832 10,763 10,765 2 -21,882 -21,840 42 -187,444 -190,233 -2,789 -79 -79 0 -206,583 -206,583 0 2007: I.... -177,129 -177,931 -802 11,014 11,013 -1 -32,456 -32,175 281 -198,571 -199,093 -522 0 0 0 -254,181 -254,176 5 II......... -178,245 -179,322 -1,077 16,385 16,384 -1 -26,448 -26,179 269 -188,308 -189,117 -809 443 443 0 -153,165 -153,165 0 III........ -172,382 -174,713 -2,331 30,832 30,833 1 -27,496 -27,074 422 -169,046 -170,954 -1,908 -57 -57 0 -85,857 -85,852 5 IV......... -171,308 -173,409 -2,101 42,375 42,374 -1 -28,532 -28,447 85 -157,465 -159,481 -2,016 -2 -2 0 -124,056 -124,058 -2 2008: I.... -183,334 -185,551 -2,217 38,670 38,670 0 -34,868 -34,749 119 -179,532 -181,630 -2,098 -8 -8 0 -209,946 -209,950 -4 II......... -185,113 -186,349 -1,236 39,734 39,734 0 -31,204 -30,598 606 -176,583 -177,213 -630 -18 -18 0 -155,766 -155,765 1 III........ -187,622 -189,449 -1,827 44,041 44,041 0 -31,207 -30,926 281 -174,788 -176,334 -1,546 6,043 6,043 0 -180,675 -180,677 -2 IV......... -146,233 -147,376 -1,143 23,700 23,701 1 -27,908 -27,790 118 -150,440 -151,465 -1,025 -7 -7 0 -184,179 -184,180 -1 2009: I.... -94,074 -94,771 -697 25,317 25,319 2 -27,476 -27,330 146 -96,233 -96,782 -549 -20 -20 0 -13,454 -13,453 1 II......... -81,126 -81,444 -318 24,364 24,366 2 -31,439 -30,962 477 -88,201 -88,040 161 -29 -29 0 -17,947 -17,948 -1 III........ -98,735 -98,547 188 37,922 37,922 0 -32,943 -32,753 190 -93,756 -93,378 378 -36 -36 0 -37,031 -37,032 -1 IV......... -109,722 -109,012 710 35,977 35,977 0 -29,704 -29,560 144 -103,449 -102,595 854 -56 -56 0 -162,588 -162,530 58 2010: I.... -118,275 -117,954 321 43,786 43,785 -1 -34,906 -34,803 103 -109,395 -108,972 423 -3 -3 0 -77,131 -76,790 341 II......... -129,150 -128,754 396 44,230 44,232 2 -30,438 -30,028 410 -115,357 -114,550 807 -2 -2 0 -32,459 -32,404 55 III........ -131,274 -129,376 1,898 42,827 42,828 1 -32,045 -31,828 217 -120,492 -118,375 2,117 -146 -146 0 -236,348 -235,953 395 IV......... -120,682 -118,575 2,107 46,817 46,816 -1 -30,362 -30,275 87 -104,228 -102,033 2,195 -7 -7 0 -92,106 -91,825 281 2011: I.... -136,385 -134,319 2,066 55,085 50,302 -4,783 -35,343 -34,564 779 -116,643 -118,581 -1,938 -29 -29 0 -208,146 -206,609 1,537 II......... -140,551 -138,879 1,672 55,435 51,219 -4,216 -33,788 -32,948 840 -118,903 -120,608 -1,705 -829 -854 -25 -143,110 -135,929 7,181 III........ -134,689 -133,962 727 61,068 57,613 -3,455 -32,005 -31,630 375 -105,626 -107,979 -2,353 -300 -300 0 -170,122 -162,945 7,177 IV......... -145,214 -141,466 3,748 61,061 61,827 766 -32,401 -32,538 -137 -116,554 -112,177 4,377 -55 -3 52 -30,330 -10,276 20,054 2012: I.... -142,947 -144,454 -1,507 54,876 53,532 -1,344 -32,771 -33,040 -269 -120,842 -123,962 -3,120 -1 -53 -52 -263,561 -250,671 12,890 II......... -135,302 -138,036 -2,734 57,457 51,490 -5,967 -32,668 -32,329 339 -110,513 -118,875 -8,362 -241 -241 0 -18,013 -35,660 -17,647 III........ -129,029 -128,519 510 54,630 47,680 -6,950 -32,343 -31,293 1,050 -106,742 -112,132 -5,390 -470 -470 0 -28,387 414 28,801 IV......... -127,378 -126,596 782 56,965 50,291 -6,674 -31,906 -29,477 2,429 -102,320 -105,781 -3,461 7,668 7,668 0 -129,390 -137,574 -8,184 2013: I.... -121,958 -120,948 1,010 50,053 45,983 -4,070 -33,140 -30,522 2,618 -105,045 -105,487 -442 -40 -40 0 -42,621 -67,702 -25,081 II......... -117,449 -121,799 -4,350 55,183 47,507 -7,676 -34,484 -31,854 2,630 -96,750 -106,146 -9,396 -227 -227 0 -66,721 -84,362 -17,641 III........ -121,541 -121,197 344 59,136 51,524 -7,612 -33,960 -31,632 2,328 -96,365 -101,305 -4,940 -146 -146 0 -68,198 -75,140 -6,942 IV......... -113,915 -112,448 1,467 64,393 54,639 -9,754 -31,595 -29,508 2,087 -81,118 -87,317 -6,199 n.a. (*) n.a. -173,694 -143,455 30,239 (*) Transactions between zero and +/- $500,000 n.a. Not available 1 Small revisions to the balance on primary income before the first quarter of 2011 and to net lending or borrowing before the fourth quarter of 2009 result from enhanced rounding precision available from a new processing system. 2 Previously published values for net lending or borrowing reflect the previously published values for net financial flows with the sign reversed. Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis