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News Release: U.S. International Transactions
The tables in this release are available in an XLS
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FOR WIRE TRANSMISSION: 8:30 A.M. EDT, TUESDAY, September 14, 2004
Douglas B. Weinberg: (202) 606-9590 BEA 04-43
Recorded Message: 606-5362
U.S. International Transactions: Second Quarter 2004
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
$166.2 billion in the second quarter of 2004 (preliminary) from $147.2 billion
(revised) in the first quarter. The increase was more than accounted for by an
increase in the deficit on goods and a decrease in the surplus on income. The
surplus on services increased, and net outflows for unilateral current
transfers decreased.
Goods and services
The deficit on goods and services increased to $150.3 billion in the second
quarter from $138.6 billion in the first.
Goods
The deficit on goods increased to $163.6 billion in the second quarter
from $150.8 billion in the first quarter.
Goods exports increased to $199.3 billion from $193.9 billion. The
increase was mostly attributable to increases in industrial supplies and
materials, in capital goods, and in consumer goods.
Goods imports increased to $362.9 billion from $344.7 billion. The
increase was mostly attributable to increases in industrial supplies and materials,
in capital goods, and in consumer goods.
Services
The surplus on services increased to $13.3 billion in the second quarter
from $12.2 billion in the first.
Services receipts increased to $85.0 billion from $82.2 billion. The
largest increases were in travel and in "other" private services (such as business,
professional, and technical services, insurance services, and financial services).
Services payments increased to $71.7 billion from $70.0 billion. The
largest increases were in travel and in "other" private services.
Income
The surplus on income decreased to $2.6 billion in the second quarter
from $12.2 billion in the first.
Investment income
Income receipts on U.S.-owned assets abroad increased to $86.1 billion
from $82.8 billion. The increase was more than accounted for by increases in
"other" private receipts (which consists of interest and dividends) and in
direct investment receipts.
Income payments on foreign-owned assets in the United States increased
to $82.0 billion from $69.2 billion. Direct investment payments, "other" private
payments and U.S. Government payments all increased.
Compensation of employees
Receipts for compensation of U.S. workers abroad decreased slightly to
$0.7 billion from $0.8 billion, and payments for compensation of foreign workers
in the United States increased slightly to $2.3 billion from $2.2 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $18.5 billion in the
second quarter, down from net outflows of $20.7 billion in the first. The
decrease was attributable to a decrease in U.S. Government grants.
Capital and Financial Account
Capital Account
Capital account transactions were net outflows of $0.3 billion in the
second quarter, down slightly from net outflows of $0.4 billion in the first.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents
of assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $146.8 billion in the second quarter, up from $138.6 billion in
the first. Financial outflows for U.S.-owned assets abroad decreased more than
financial inflows for foreign-owned assets in the United States.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $118.5 billion in the second quarter,
following an increase of $306.7 billion in the first.
U.S. claims on foreigners reported by U.S. banks increased $30.9 billion
in the second quarter, following an increase of $187.1 billion in the first.
Net U.S. purchases of foreign securities were $30.3 billion in the second
quarter, up from $16.5 billion in the first. Net U.S. purchases of foreign stocks
were $40.2 billion, up from $21.4 billion. Net U.S. sales of foreign bonds were
$9.9 billion, up from $4.9 billion.
Net financial outflows for U.S. direct investment abroad were $60.7 billion
in the second quarter, up from $47.6 billion in the first. The increase was more
than accounted for by an increase in net equity capital outflows. Reinvested
earnings also increased slightly. A small increase in net intercompany debt
inflows was partly offsetting.
U.S. official reserve assets decreased $1.1 billion in the second quarter,
following a decrease of $0.6 billion in the first.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $265.2 billion in
the second quarter, following an increase of $445.3 billion in the first.
U.S. liabilities to foreigners reported by U.S. banks increased $30.9
billion in the second quarter, following an increase of $140.8 billion in the
first.
Net foreign purchases of U.S. Treasury securities were $35.6 billion in
the second quarter, down from $65.4 billion in the first.
Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $88.6 billion in the second quarter, up from $62.1 billion in
the first. Net foreign purchases of U.S. stocks were $2.0 billion, down from
$4.2 billion. Net foreign purchases of U.S. corporate bonds were $51.5 billion,
up slightly from $51.2 billion. Net foreign purchases of federally sponsored
agency bonds were $35.1 billion, up from $6.7 billion.
Net financial inflows for foreign direct investment in the United States
were $32.7 billion in the second quarter, up from $10.2 billion in the first.
Increases in net equity capital inflows and in reinvested earnings more than
offset a shift to net outflows on intercompany debt.
Foreign official assets in the United States increased $73.9 billion
in the second quarter, following an increase of $127.9 billion in the first.
Net U.S. currency shipments to foreigners were $8.8 billion in the
second quarter, a shift from net shipments from foreigners to U.S. residents
of $1.8 billion in the first.
The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $19.7 billion in the second quarter, compared with
a positive $8.9 billion in the first.
In the second quarter, the U.S. dollar appreciated 3 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
Revisions
The first-quarter international transactions are revised from previously
published estimates. The current-account deficit was revised to $147.2 billion
from $144.9 billion. The goods deficit was unrevised at $150.8 billion; the
services surplus was revised to $12.2 billion from $13.8 billion; the surplus
on income was revised to $12.2 billion from $12.7 billion; and unilateral current
transfers were revised to net outflows of $20.7 billion from $20.6 billion.
Net recorded financial inflows were revised to $138.6 billion from $158.3 billion.
* * *
Release dates in 2004:
Third quarter 2004.........................December 16, 2004 (Thursday)
* * *
BEA's major national, regional, international, and industry estimates,
the Survey of Current Business, and BEA news releases are available on BEA's
Web site:
www.bea.gov
Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606-5362 U.S. international transactions
-5306 Gross domestic product
-5303 Personal income and outlays
Most of BEA's estimates and analyses are published in the Survey of
Current Business, BEA's monthly journal. Subscriptions and single copies of
the printed Survey are for sale by the Superintendent of Documents, U.S.
Government Printing Office. Internet:; phone:
(202) 512-1800; fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
September 14, 2004
Table 1. U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2003 2004 Change:
(Credits +, debits -) 2003 2004
I II III IV Ir IIp I-II
Current account
1 Exports of goods and services and income receipts................................ 1,314,888 315,676 317,367 329,508 352,336 359,604 371,177 11,573
2 Exports of goods and services................................................ 1,020,503 247,999 248,474 255,723 268,306 276,076 284,294 8,218
3 Goods, balance of payments basis......................................... 713,122 173,459 174,554 178,251 186,858 193,920 199,315 5,395
4 Services................................................................. 307,381 74,540 73,920 77,472 81,448 82,156 84,979 2,823
5 Transfers under U.S. military agency sales contracts................. 12,491 2,827 3,014 3,292 3,358 3,290 3,739 449
6 Travel............................................................... 64,509 15,862 14,360 16,216 18,071 17,878 18,932 1,054
7 Passenger fares...................................................... 15,693 3,825 3,522 4,036 4,310 4,527 4,690 163
8 Other transportation................................................. 31,833 7,683 7,709 7,893 8,548 9,060 9,374 314
9 Royalties and license fees........................................... 48,227 11,628 11,943 12,175 12,481 12,472 12,508 36
10 Other private services............................................... 133,818 32,513 33,170 33,657 34,477 34,745 35,549 804
11 U.S. Government miscellaneous services............................... 810 202 202 203 203 184 187 3
12 Income receipts.............................................................. 294,385 67,677 68,893 73,785 84,030 83,528 86,883 3,355
13 Income receipts on U.S.-owned assets abroad.............................. 291,354 66,936 68,163 73,016 83,239 82,769 86,140 3,371
14 Direct investment receipts........................................... 187,522 40,748 42,704 47,229 56,843 55,553 56,642 1,089
15 Other private receipts............................................... 99,135 25,345 24,218 24,498 25,074 26,433 28,878 2,445
16 U.S. Government receipts............................................. 4,697 843 1,241 1,289 1,322 783 620 -163
17 Compensation of employees................................................ 3,031 741 730 769 791 759 743 -16
18 Imports of goods and services and income payments................................-1,778,117 -437,067 -434,873 -444,497 -461,679 -486,042 -518,820 -32,778
19 Imports of goods and services................................................-1,517,011 -373,385 -371,854 -377,973 -393,800 -414,678 -434,580 -19,902
20 Goods, balance of payments basis.........................................-1,260,674 -311,402 -310,087 -312,886 -326,299 -344,688 -362,895 -18,207
21 Services................................................................. -256,337 -61,983 -61,767 -65,087 -67,501 -69,990 -71,685 -1,695
22 Direct defense expenditures.......................................... -25,117 -5,732 -6,229 -6,339 -6,817 -6,824 -6,930 -106
23 Travel............................................................... -56,613 -14,312 -12,790 -14,409 -15,102 -15,508 -16,170 -662
24 Passenger fares...................................................... -20,957 -5,007 -4,875 -5,512 -5,563 -5,574 -5,811 -237
25 Other transportation................................................. -44,768 -10,796 -11,109 -11,312 -11,551 -13,051 -12,965 86
26 Royalties and license fees........................................... -20,049 -4,629 -4,912 -5,204 -5,304 -5,223 -5,497 -274
27 Other private services............................................... -85,829 -20,762 -21,103 -21,558 -22,407 -23,026 -23,510 -484
28 U.S. Government miscellaneous services............................... -3,004 -745 -749 -753 -757 -784 -802 -18
29 Income payments.............................................................. -261,106 -63,682 -63,019 -66,524 -67,879 -71,364 -84,240 -12,876
30 Income payments on foreign-owned assets in the United States............. -252,573 -61,557 -60,899 -64,402 -65,713 -69,205 -81,964 -12,759
31 Direct investment payments........................................... -68,657 -15,415 -16,362 -18,589 -18,289 -20,787 -27,582 -6,795
32 Other private payments............................................... -111,874 -28,146 -26,785 -27,844 -29,099 -29,361 -33,877 -4,516
33 U.S. Government payments............................................. -72,042 -17,996 -17,752 -17,969 -18,325 -19,057 -20,505 -1,448
34 Compensation of employees................................................ -8,533 -2,125 -2,120 -2,122 -2,166 -2,159 -2,276 -117
35 Unilateral current transfers, net................................................ -67,439 -16,815 -16,369 -16,639 -17,617 -20,726 -18,534 2,192
36 U.S. Government grants....................................................... -21,865 -5,833 -5,832 -5,447 -4,753 -7,744 -5,051 2,693
37 U.S. Government pensions and other transfers................................. -5,341 -1,320 -1,335 -1,334 -1,352 -1,554 -1,564 -10
38 Private remittances and other transfers...................................... -40,233 -9,662 -9,202 -9,858 -11,512 -11,428 -11,919 -491
September 14, 2004
Table 1. U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2003 2004 Change:
(Credits +, debits -) 2003 2004
I II III IV Ir IIp I-II
Capital and financial account
Capital account
39 Capital account transactions, net................................................ -3,079 -406 -1,552 -821 -300 -396 -321 75
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................... -283,414 -102,665 -110,962 -8,138 -61,647 -306,729 -118,455 188,274
41 U.S. official reserve assets, net............................................ 1,523 83 -170 -611 2,221 557 1,122 565
42 Gold..................................................................... .... .... .... .... .... .... .... ....
43 Special drawing rights................................................... 601 897 -102 -97 -97 -100 -90 10
44 Reserve position in the International Monetary Fund...................... 1,494 -644 86 -383 2,435 815 1,345 530
45 Foreign currencies....................................................... -572 -170 -154 -131 -117 -158 -133 25
46 U.S. Government assets, other than official reserve assets, net.............. 537 53 310 483 -309 727 -41 -768
47 U.S. credits and other long-term assets.................................. -7,279 -2,428 -1,591 -1,532 -1,728 -561 -598 -37
48 Repayments on U.S. credits and other long-term assets.................... 7,981 2,445 1,975 2,035 1,526 1,374 572 -802
49 U.S. foreign currency holdings and U.S. short-term assets, net........... -165 36 -74 -20 -107 -86 -15 71
50 U.S. private assets, net..................................................... -285,474 -102,801 -111,102 -8,010 -63,559 -308,013 -119,536 188,477
51 Direct investment........................................................ -173,799 -40,837 -34,049 -45,206 -53,705 -47,608 -60,743 -13,135
52 Foreign securities....................................................... -72,337 -26,619 8,429 -28,312 -25,835 -16,524 -30,316 -13,792
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns............................................. -28,932 -11,207 -22,480 35,845 -31,090 -56,761 2,403 59,164
54 U.S. claims reported by U.S. banks, not included elsewhere............... -10,406 -24,138 -63,002 29,663 47,071 -187,120 -30,880 156,240
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))... 829,173 246,105 218,553 134,202 230,311 445,348 265,246 -180,102
56 Foreign official assets in the United States, net............................ 248,573 48,986 65,245 50,663 83,679 127,864 73,877 -53,987
57 U.S. Government securities............................................... 194,568 39,845 45,958 27,293 81,472 114,708 65,794 -48,914
58 U.S. Treasury securities............................................. 169,685 30,277 42,668 23,953 72,787 101,692 63,027 -38,665
59 Other................................................................ 24,883 9,568 3,290 3,340 8,685 13,016 2,767 -10,249
60 Other U.S. Government liabilities........................................ -564 -437 -16 -41 -70 -140 -158 -18
61 U.S. liabilities reported by U.S. banks, not included elsewhere.......... 49,420 8,325 18,552 22,019 524 11,854 6,237 -5,617
62 Other foreign official assets............................................ 5,149 1,253 751 1,392 1,753 1,442 2,004 562
63 Other foreign assets in the United States, net............................... 580,600 197,119 153,308 83,539 146,632 317,484 191,369 -126,115
64 Direct investment........................................................ 39,890 32,523 -544 -2,810 10,719 10,225 32,702 22,477
65 U.S. Treasury securities................................................. 113,432 8,974 53,254 46,490 4,714 65,438 35,560 -29,878
66 U.S. securities other than U.S. Treasury securities...................... 250,981 56,723 92,407 18,090 83,761 62,064 88,617 26,553
67 U.S. currency............................................................ 16,640 4,927 1,458 2,768 7,487 -1,800 8,754 10,554
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns............................................. 84,014 69,410 -2,257 12,721 4,140 40,723 -5,191 -45,914
69 U.S. liabilities reported by U.S. banks, not included elsewhere.......... 75,643 24,562 8,990 6,280 35,811 140,834 30,927 -109,907
70 Statistical discrepancy (sum of above items with sign reversed).................. -12,012 -4,828 27,836 6,385 -41,404 8,941 19,707 10,766
Memoranda:
71 Balance on goods (lines 3 and 20)................................................ -547,552 -137,943 -135,533 -134,635 -139,441 -150,768 -163,580 -12,812
72 Balance on services (lines 4 and 21)............................................. 51,044 12,557 12,153 12,385 13,947 12,166 13,294 1,128
73 Balance on goods and services (lines 2 and 19)................................... -496,508 -125,386 -123,380 -122,250 -125,494 -138,602 -150,286 -11,684
74 Balance on income (lines 12 and 29).............................................. 33,279 3,995 5,874 7,261 16,151 12,164 2,643 -9,521
75 Unilateral current transfers, net (line 35)...................................... -67,439 -16,815 -16,369 -16,639 -17,617 -20,726 -18,534 2,192
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......... -530,668 -138,206 -133,875 -131,628 -126,960 -147,164 -166,177 -19,013
r Revised. p Preliminary.
NOTE: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
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