News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, TUESDAY, JUNE 20, 2000
BEA 00-16

U.S. International Transactions First Quarter 2000

   

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Douglas B. Weinberg:     (202) 606-9590 (Data)                                 BEA 00-16
Christopher L. Bach:           606-9545 (Revisions)
Recorded Message:              606-5362


        U.S. International Transactions: First Quarter 2000

The estimates of the international transactions accounts released today have been revised to
reflect the incorporation of improved estimating methodologies and newly available source data.
The July Survey of Current Business will contain detailed international accounts tables and an
article describing the revisions.  A summary of the revisions is provided in the section on
"Revisions" at the end of the release.

                          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 $102.3 billion in the first quarter of 2000
from $96.2 billion (revised) in the fourth quarter of 1999, according to preliminary estimates
of the Commerce Department's Bureau of Economic Analysis.

An increase in the deficit on goods and services more than offset decreases in the deficit on income
and in net unilateral current transfers.


Goods and services

     The deficit on goods and services increased to $86.2 billion in the first quarter from $76.3
billion in the fourth.

     Goods

         The deficit on goods increased to $105.8 billion in the first quarter from $96.2
billion in the fourth.

     Goods exports increased to $183.7 billion from $180.1 billion.  Both agricultural and
nonagricultural exports increased.  Within nonagricultural exports, all major commodity categories
increased, although the increase in capital goods was curtailed by a sharp drop in civilian aircraft.

     Goods imports increased to $289.6 billion from $276.3 billion. Petroleum
imports surged, largely as a result of a sharp rise in petroleum prices.  Nonpetroleum imports
increased as a result of increases in almost all major commodity categories.

     Services

         The surplus on services decreased to $19.7 billion in the first quarter from $20.0
billion in the fourth.

     Service receipts increased to $71.3 billion from $69.6 billion.  The increase was largely
accounted for by an increase in "other" private services, such as financial services and business,
professional, and technical services.  Most other service categories also increased.

     Service payments increased to $51.6 billion from $49.6 billion, as a result of increases in all
service categories.  The largest increases were in "other" private services and in travel.

Income

     The deficit on income decreased to $4.2 billion in the first quarter from $5.7 billion in the
fourth.

     Investment income

         Income receipts on U.S.-owned assets abroad increased to $79.2 billion
from $74.4 billion.  Direct investment receipts, "other" private receipts, and U.S. Government
receipts all increased.

     Income payments on foreign-owned assets in the United States increased to $82.0 billion
from $78.7 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 were unchanged at $0.6 billion.
Payments for compensation of foreign workers in the United States
increased slightly to $2.0 billion from $1.9 billion.


Unilateral current transfers

     Unilateral current transfers were net outflows of $11.9 billion in the first quarter, down from
net outflows of $14.3 billion in the fourth.  The decrease was more than accounted for by a
decrease in U.S. Government grants, which were boosted in the fourth quarter by grants to Israel.


                  Capital and financial account

                          Capital account

     Capital account transactions shifted to net inflows of $0.2 billion in the first quarter from
net outflows of $4.0 billion in the fourth.  The shift was attributable to the absence of unusually
large transactions in the first quarter, following the transfer of the U.S. Government's assets in the
Panama Canal Commission to the Republic of Panama in the fourth.  (The value of the fourth-
quarter transfer of the assets was revised from a historical-cost basis to a current-cost basis.)

                          Financial account

     Net recorded financial inflows--the difference between changes in U.S.-owned assets abroad
and changes in foreign-owned assets in the United States--were $71.7 billion in the first quarter,
compared with $69.7 billion (revised) in the fourth.  Financial outflows for U.S.-owned assets
abroad increased less than financial inflows for foreign-owned assets in the United States.

U.S.-owned assets abroad

     U.S.-owned assets abroad increased $143.3 billion in the first quarter, following an increase
of $114.9 billion in the fourth.

     U.S. claims on foreigners reported by U.S. banks increased $45.1 billion in the first quarter,
following an increase of $45.3 billion in the fourth.  The first-quarter increase was largely
attributable to lending by foreign-owned banks in the United States to their own offices in Western
Europe and in Canada and to a substantial increase in U.S. banks' domestic customers' claims.

     Net U.S. purchases of foreign securities were $27.5 billion in the first quarter, up from
$17.2 billion in the fourth.  Net U.S. transactions in foreign bonds shifted to net U.S. purchases of
$12.0 billion from net U.S. sales of $0.7 billion, partly as a result of an increase in new foreign
issues in the United States.  Net U.S. purchases of foreign stocks were $15.6 billion, down from
$17.8 billion.

     Net financial outflows for U.S. direct investment abroad were $34.8 billion in the first
quarter, up from $33.3 billion in the fourth.  Increases in net equity outflows and in reinvested
earnings more than offset a decrease in net intercompany debt outflows.

     U.S. official reserve assets increased $0.6 billion in the first quarter, in contrast to a
decrease of $1.6 billion in the fourth.


Foreign-owned assets in the United States

     Foreign-owned assets in the United States increased $215.0 billion in the first quarter,
following an increase of $184.6 billion in the fourth.

     U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities,
decreased $6.7 billion in the first quarter, in contrast to an increase of $19.6 billion in the fourth.
The shift was partly accounted for by a much smaller increase in U.S. banks' liabilities to their own
foreign offices in the first quarter than in the fourth.

     Net sales of U.S. Treasury securities by foreigners were $9.3 billion in the first quarter,
down from $17.2 billion in the fourth.  The decrease was largely accounted for by a decrease in net
sales by investors in the Caribbean.

     Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record
$133.0 billion in the first quarter, up sharply from $92.3 billion in the fourth.  Net foreign
purchases of U.S. stocks were a record $61.3 billion, up sharply from $34.4 billion; the increase
was largely accounted for by an increase in Western European purchases.  Net foreign purchases of
U.S. corporate and other bonds were a record $71.7 billion, up from $57.9 billion.

     Net financial inflows for foreign direct investment in the United States were $42.3 billion in
the first quarter, down from $49.4 billion in the fourth.  Decreases in net equity inflows and in
reinvested earnings more than offset an increase in net intercompany debt inflows.

     U.S. currency transactions reflected net shipments from foreign countries to the United
States of $6.8 billion in the first quarter, in contrast to large net shipments from the United States to
foreign countries of $12.2 billion in the fourth.

     Foreign official assets in the United States increased $20.4 billion in the first quarter,
following an increase of $27.5 billion in the fourth.

     The statistical discrepancy--errors and omissions in recorded transactions--was a positive
$30.4 billion in the first quarter, following a positive $30.5 billion in the fourth.

     In the first quarter, the U.S. dollar appreciated 2 percent on a trade-weighted quarterly
average basis against a group of 7 major currencies.


                             Revisions

     As is customary each June, estimates of U.S. international transactions are revised to
incorporate improved estimating methodologies and newly available source data.  This year a
number of changes are introduced for 1982-99; however, most changes are limited to 1995-99 and
arise mainly from newly available and updated source data.  The major changes are summarized
below.

          Direct investment income and capital flows are revised for 1982-99 to reflect revised
          estimates of the current-cost adjustment.  Revised estimates of prices for equipment
          and structures are now incorporated into the current-cost adjustment.

          Net U.S. purchases of foreign securities are revised for 1995-99 as a result of a more
          complete accounting for large-scale foreign acquisitions of U.S. companies.  Net
          U.S. purchases of foreign securities are also revised for 1995-99 to account more
          completely for transactions that are not fully captured by the statistical reporting
          system.

          "Other" private income receipts are revised for 1998-99 as a result  of the availability
          of final results of the U.S. Treasury Department's Benchmark Survey of U.S. Portfolio
          Investment Abroad as of December 31, 1997.  Previously, only preliminary results were
          available.  Revisions to "other" private income receipts also reflect the previously
          mentioned changes to net U.S. purchases of foreign securities.

           "Other" private services receipts and payments are revised for 1997-99 to reflect
          revisions made to financial services receipts and payments.  "Other" private services
          receipts are also revised for 1986-99 for improved estimates of expenditures of
          international organizations in the United States, for 1996-99 for improved estimates
          of expenditures of foreign embassies in the United States, and for 1986-99 for newly
          developed estimates of expenditures of temporary nonagricultural workers in the
          United States.

     In addition to the above improvements, all estimates have been revised as a result of newly
available or revised quarterly and annual survey results and other source data.  Most revisions
attributable to updated source data are for 1997-99.

     Revised estimates for the detailed components of the U.S. international transactions
accounts for 1998-99 are shown in table 1.  Revised estimates for the current-account balance and
its major components for 1982-99 are shown in table 2.

     The fourth-quarter 1999 current-account balance and its components are revised from
previously published estimates.  Revisions reflect both newly available source data for the fourth
quarter and all of the above sources of revision.  The current-account deficit for the fourth quarter
of 1999 was revised to $96.2 billion from $99.8 billion.  The goods deficit was unchanged at $96.2
billion; the services surplus was revised to $20.0 billion from $20.7 billion; the deficit on income
was revised to $5.7 billion from $10.4 billion; and unilateral current transfers were revised to net
outflows of $14.3 billion from net outflows of $13.9 billion.

                     *          *          *

     Release dates for 2000:

     Second quarter 2000............................................September 13, 2000 (Wednesday)
     Third quarter 2000.............................................December 14, 2000 (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.doc.gov>

     STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases.  The information available through STAT-USA is often more
detailed than that available from other sources.  For information about STAT-USA, go to
<www.stat-usa.gov>, or call (202) 482-1986.  Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $75.00 for 3 months or $175.00 for 1 year.

     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 appear in the Survey of Current Business, BEA's
monthly journal.  The printed Survey of Current Business is available from the Superintendent of
Documents, U.S. Government Printing Office, Washington D.C. 20402.  First class mail: Annual
subscription $120.00 domestic.  Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.                                                                                                                                                                                                                                                                         June 20, 2000
    Table 1.--U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                 1998                                                    1999                                                    2000         Change:      Amount of
                                         (Credits +, debits -)                                       1998r         1999r                                                                                                                                     1999:IV -      Revision
                                                                                                                                   Ir           IIr           IIIr          IVr            Ir           IIr           IIIr          IVr            Ip          2000:I        1999

                                            Current account

     1 Exports of goods and services and income receipts.........................................    1,191,422     1,232,407       301,732       298,857       291,341       299,489       293,717       300,994       313,084       324,612       334,786        10,174        -1,537

     2      Exports of goods and services........................................................      932,977       956,242       235,736       232,351       228,872       236,015       230,321       234,297       241,969       249,653       255,037         5,384        -3,846

     3          Goods, balance of payments basis 1/..............................................      670,324       684,358       170,609       166,054       164,378       169,283       163,949       166,443       173,881       180,085       183,728         3,643         1,337

     4          Services 2/......................................................................      262,653       271,884        65,127        66,297        64,494        66,732        66,372        67,854        68,088        69,568        71,309         1,741        -5,183
     5              Transfers under U.S. military agency sales contracts.........................       17,628        16,334         4,662         4,471         4,005         4,490         4,240         4,561         3,944         3,589         3,492           -97          -354

     6              Travel.......................................................................       71,286        74,881        17,898        18,179        17,284        17,925        18,140        18,564        18,695        19,482        19,762           280           433
     7              Passenger fares..............................................................       20,098        19,776         4,960         5,179         5,078         4,881         4,814         4,902         5,105         4,955         5,001            46        -1,347
     8              Other transportation.........................................................       25,604        27,033         6,385         6,293         6,328         6,599         6,515         6,692         6,728         7,097         7,189            92          -280

     9               Royalties and license fees..................................................       36,197        36,467         8,825         8,952         8,787         9,631         9,114         9,140         9,106         9,107         9,243           136          -746
    10               Other private services......................................................       90,914        96,508        22,197        22,973        22,805        22,937        23,346        23,772        24,271        25,118        26,418         1,300        -2,849
    11               U.S. Government miscellaneous services......................................          926           885           200           250           207           269           203           223           239           220           204           -16           -40

    12      Income receipts......................................................................      258,445       276,165        65,996        66,506        62,469        63,474        63,396        66,697        71,115        74,959        79,749         4,790         2,309
    13           Income receipts on U.S.-owned assets abroad.....................................      256,511       273,957        65,531        66,031        61,979        62,970        62,861        66,149        70,556        74,393        79,177         4,784         1,985
    14               Direct investment receipts..................................................      106,407       118,802        28,213        28,011        24,025        26,159        26,946        28,804        31,361        31,691        33,911         2,220         2,119
    15               Other private receipts......................................................      146,503       151,958        36,464        37,099        37,066        35,874        35,004        36,535        38,449        41,970        44,210         2,240          -146
    16               U.S. Government receipts....................................................        3,601         3,197           854           921           888           937           911           810           746           732         1,056           324            12
    17           Compensation of employees.......................................................        1,934         2,208           465           475           490           504           535           548           559           566           572             6           324

    18 Imports of goods and services and income payments.........................................   -1,364,531    -1,515,861      -334,328      -340,233      -341,992      -347,980      -349,513      -368,439      -391,337      -406,575      -425,162       -18,587        10,420

    19      Imports of goods and services........................................................   -1,099,875    -1,221,213      -269,349      -273,959      -275,206      -281,363      -282,997      -297,597      -314,687      -325,933      -341,213       -15,280         6,423

    20          Goods, balance of payments basis 1/..............................................     -917,178    -1,029,917      -225,255      -228,675      -228,942      -234,306      -236,973      -250,427      -266,199      -276,318      -289,566       -13,248           235

    21          Services 2/......................................................................     -182,697      -191,296       -44,094       -45,284       -46,264       -47,057       -46,024       -47,170       -48,488       -49,615       -51,647        -2,032         6,188
    22              Direct defense expenditures..................................................      -12,241       -13,650        -2,934        -2,907        -3,178        -3,222        -3,293        -3,373        -3,626        -3,358        -3,410           -52           954

    23              Travel.......................................................................      -56,509       -59,351       -13,770       -14,096       -14,164       -14,479       -14,560       -14,718       -14,799       -15,274       -15,844          -570           741
    24              Passenger fares..............................................................      -19,971       -21,405        -4,650        -4,981        -5,139        -5,201        -5,215        -5,274        -5,348        -5,568        -5,821          -253          -100
    25              Other transportation.........................................................      -30,363       -34,137        -7,404        -7,456        -7,567        -7,937        -7,784        -8,187        -8,953        -9,214        -9,480          -266           363

    26               Royalties and license fees..................................................      -11,713       -13,275        -2,940        -2,735        -2,910        -3,129        -3,081        -3,224        -3,314        -3,656        -3,779          -123          -838
    27               Other private services......................................................      -49,051       -46,657       -11,724       -12,442       -12,541       -12,344       -11,401       -11,719       -11,682       -11,855       -12,599          -744         4,934
    28               U.S. Government miscellaneous services......................................       -2,849        -2,821          -672          -667          -765          -745          -690          -675          -766          -690          -714           -24           134

    29      Income payments......................................................................     -264,656      -294,648       -64,979       -66,274       -66,786       -66,617       -66,516       -70,842       -76,650       -80,642       -83,949        -3,307         3,997
    30           Income payments on foreign-owned assets in the United States....................     -257,547      -287,059       -63,244       -64,524       -64,995       -64,784       -64,636       -68,962       -74,749       -78,712       -81,997        -3,285         4,099
    31               Direct investment payments..................................................      -38,679       -56,098        -9,493        -9,915        -9,278        -9,993       -10,916       -14,106       -15,660       -15,416       -16,224          -808         2,152
    32               Other private payments......................................................     -127,749      -135,830       -31,068       -31,649       -32,940       -32,092       -31,051       -31,701       -34,942       -38,136       -39,699        -1,563         1,947
    33               U.S. Government payments....................................................      -91,119       -95,131       -22,683       -22,960       -22,777       -22,699       -22,669       -23,155       -24,147       -25,160       -26,074          -914          ....
    34           Compensation of employees.......................................................       -7,109        -7,589        -1,735        -1,750        -1,791        -1,833        -1,880        -1,880        -1,901        -1,930        -1,952           -22          -102

    35 Unilateral current transfers, net.........................................................      -44,029       -48,025        -9,794       -10,099       -10,658       -13,474       -10,831       -11,537       -11,396       -14,260       -11,925         2,335        -1,444
    36      U.S. Government grants...............................................................      -13,270       -13,774        -2,365        -2,209        -2,882        -5,814        -2,574        -3,097        -2,847        -5,256        -2,797         2,459          -949
    37      U.S. Government pensions and other transfers.........................................       -4,305        -4,401        -1,080        -1,094        -1,055        -1,075        -1,066        -1,074        -1,080        -1,181        -1,084            97            -5
    38      Private remittances and other transfers..............................................      -26,454       -29,850        -6,349        -6,796        -6,721        -6,585        -7,191        -7,366        -7,469        -7,823        -8,044          -221          -490


                                                                                                                                                                                                                                                                         June 20, 2000
    Table 1.--U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                 1998                                                    1999                                                    2000         Change:      Amount of
                                         (Credits +, debits -)                                       1998r         1999r                                                                                                                                     1999:IV -      Revision
                                                                                                                                   Ir           IIr           IIIr          IVr            Ir           IIr           IIIr          IVr            Ip          2000:I        1999

                                     Capital and financial account

                                            Capital account

    39 Capital account transactions, net.........................................................          637        -3,500           149           157           155           176           157           165           171        -3,993           166         4,159        -3,328

                                           Financial account

    40 U.S.-owned assets abroad, net (increase/financial outflow (-))............................     -335,436      -430,187       -68,887      -141,617       -53,027       -71,904       -21,555      -170,842      -122,909      -114,882      -143,283       -28,401       -57,620

    41     U.S. official reserve assets, net.....................................................       -6,783         8,747          -444        -1,945        -2,025        -2,369         4,068         1,159         1,951         1,569          -554        -2,123            -2
    42          Gold.............................................................................         ....          ....          ....          ....          ....          ....          ....          ....          ....          ....          ....          ....          ....
    43          Special drawing rights...........................................................         -147            10          -182            73           189          -227           562          -190          -184          -178          -180            -2            -2
    44          Reserve position in the International Monetary Fund..............................       -5,119         5,484           -85        -1,032        -2,078        -1,924             3         1,413         2,268         1,800          -237        -2,037            -1
    45          Foreign currencies...............................................................       -1,517         3,253          -177          -986          -136          -218         3,503           -64          -133           -53          -137           -84             1

    46     U.S. Government assets, other than official reserve assets, net.......................         -422         2,751           -80          -483           188           -47           118          -392          -686         3,711           -82        -3,793         3,116
    47          U.S. credits and other long-term assets..........................................       -4,678        -6,175        -1,192        -1,156        -1,286        -1,044        -1,314        -2,167        -1,595        -1,099        -1,561          -462           -52
    48          Repayments on U.S. credits and other long-term assets............................        4,111         9,560         1,134           699         1,336           942         1,554         1,887         1,026         5,093         1,190        -3,903         3,337
    49          U.S. foreign currency holdings and U.S. short-term assets, net...................          145          -634           -22           -26           138            55          -122          -112          -117          -283           289           572          -169

    50     U.S. private assets, net..............................................................     -328,231      -441,685       -68,363      -139,189       -51,190       -69,488       -25,741      -171,609      -124,174      -120,162      -142,647       -22,485       -60,734
    51          Direct investment................................................................     -146,052      -150,901       -47,658       -45,252       -19,483       -33,658       -41,112       -32,958       -43,552       -33,280       -34,845        -1,565         1,251
    52          Foreign securities...............................................................     -135,995      -128,594       -20,798       -44,229         6,201       -77,169         1,107       -71,131       -41,420       -17,150       -27,535       -10,385       -30,712
    53          U.S. claims on unaffiliated foreigners reported by
                     U.S. nonbanking concerns....................................................      -10,612       -92,328         4,890       -21,521        -9,579        15,598       -14,223       -25,734       -27,943       -24,428       -35,183       -10,755       -22,835
    54          U.S. claims reported by U.S. banks, not included elsewhere.......................      -35,572       -69,862        -4,797       -28,187       -28,329        25,741        28,487       -41,786       -11,259       -45,304       -45,084           220        -8,438

    55 Foreign-owned assets in the United States, net (increase/financial inflow (+))............      482,235       753,564        86,840       167,085        82,790       145,520       102,780       272,008       194,210       184,567       215,008        30,441         2,799

    56     Foreign official assets in the United States, net.....................................      -20,127        42,864        10,967       -10,235       -46,651        25,792         4,274        -1,096        12,191        27,495        20,442        -7,053        -1,706
    57          U.S. Government securities.......................................................       -3,589        32,527        13,946       -20,051       -30,917        33,433         6,793          -916        14,798        11,852        24,305        12,453           104
    58              U.S. Treasury securities.....................................................       -9,921        12,177        11,336       -20,305       -32,823        31,871           800        -6,708        12,963         5,122        16,198        11,076           104
    59              Other........................................................................        6,332        20,350         2,610           254         1,906         1,562         5,993         5,792         1,835         6,730         8,107         1,377          ....
    60          Other U.S. Government liabilities................................................       -3,550        -3,255        -1,059          -760          -292        -1,439        -1,485        -1,099          -760            89          -644          -733           443
    61          U.S. liabilities reported by U.S. banks, not included elsewhere..................       -9,501        12,692          -964         9,744       -12,948        -5,333        -1,139         1,436        -2,032        14,427        -4,150       -18,577        -2,245
    62          Other foreign official assets....................................................       -3,487           900          -956           832        -2,494          -869           105          -517           185         1,127           931          -196            -8

    63     Other foreign assets in the United States, net........................................      502,362       710,700        75,873       177,320       129,441       119,728        98,506       273,104       182,019       157,072       194,566        37,494         4,505
    64          Direct investment................................................................      186,316       275,533        21,758        19,818        23,635       121,105        26,779       143,802        55,563        49,390        42,333        -7,057        -6,974
    65          U.S. Treasury securities.........................................................       48,581       -20,464        -2,535        25,814           918        24,384        -7,505        -5,407         9,639       -17,191        -9,254         7,937         1,292
    66          U.S. securities other than U.S. Treasury securities..............................      218,075       331,523        76,983        70,552        21,136        49,404        62,815        80,838        95,620        92,250       133,000        40,750         5,610
    67          U.S. currency....................................................................       16,622        22,407           746         2,349         7,277         6,250         2,440         3,057         4,697        12,213        -6,847       -19,060          ....
    68          U.S. liabilities to unaffiliated foreigners reported by
                     U.S. nonbanking  concerns...................................................       -7,001        34,298        27,863        24,919         1,161       -60,944        27,928        13,663        -8,085           792        42,035        41,243         4,887
    69          U.S. liabilities reported by U.S. banks, not included elsewhere..................       39,769        67,403       -48,942        33,868        75,314       -20,471       -13,951        37,151        24,585        19,618        -6,701       -26,319          -310

    70 Statistical discrepancy (sum of above items with sign reversed)...........................       69,702        11,602        24,288        25,850        31,391       -11,827       -14,755       -22,349        18,177        30,531        30,410          -121        50,710

       Memoranda:
    71 Balance on goods (lines 3 and 20).........................................................     -246,854      -345,559       -54,646       -62,621       -64,564       -65,023       -73,024       -83,984       -92,318       -96,233      -105,838        -9,605         1,572
    72 Balance on services (lines 4 and 21)......................................................       79,956        80,588        21,033        21,013        18,230        19,675        20,348        20,684        19,600        19,953        19,662          -291         1,005
    73 Balance on goods and services (lines 2 and 19)............................................     -166,898      -264,971       -33,613       -41,608       -46,334       -45,348       -52,676       -63,300       -72,718       -76,280       -86,176        -9,896         2,577
    74 Balance on income (lines 12 and 29).......................................................       -6,211       -18,483         1,017           232        -4,317        -3,143        -3,120        -4,145        -5,535        -5,683        -4,200         1,483         6,306
    75 Unilateral current transfers, net (line 35)...............................................      -44,029       -48,025        -9,794       -10,099       -10,658       -13,474       -10,831       -11,537       -11,396       -14,260       -11,925         2,335        -1,444
    76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)..................     -217,138      -331,479       -42,390       -51,475       -61,309       -61,965       -66,627       -78,982       -89,649       -96,223      -102,301        -6,078         7,439

    r  Revised.  p  Preliminary.
    1.  Adjusted for timing, valuation, and coverage to balance of payments basis; excludes exports under U. S. military agency sales
    contracts and imports of U. S. military agencies.
    2.  Includes some goods that cannot be separately identified from services.

    NOTE:--Details may not add to totals because of rounding.     Source:  U. S. Department of Commerce, Bureau of Economic Analysis                                                                                                                                                                                                           June 20, 2000

    Table 2.--Revisions to the Current-Account Estimates
    [Millions of dollars; quarters seasonally adjusted]

             Exports of goods and services and income receipts  Imports of goods and services and income payments  Unilateral current transfers, net                  Balance on current account
                Previously                                         Previously                                         Previously                                         Previously
                 published         Revised         Revision         published         Revised         Revision         published         Revised         Revision         published         Revised         Revision
    1982.....         366,926          366,983               57         -355,964         -355,975              -11          -17,139          -16,544              595           -6,177           -5,536              641
    1983.....         356,156          356,106              -50         -377,577         -377,488               89          -17,778          -17,310              468          -39,198          -38,691              507
    1984.....         400,052          399,913             -139         -474,144         -473,923              221          -20,661          -20,335              326          -94,753          -94,344              409
    1985.....         387,806          387,612             -194         -484,106         -483,769              337          -22,762          -21,998              764         -119,062         -118,155              907
    1986.....         406,060          407,098            1,038         -530,478         -530,142              336          -24,818          -24,132              686         -149,236         -147,177            2,059
    1987.....         456,227          457,053              826         -594,825         -594,443              382          -24,047          -23,265              782         -162,645         -160,655            1,990
    1988.....         567,260          567,862              602         -664,167         -663,741              426          -26,139          -25,274              865         -123,046         -121,153            1,893
    1989.....         649,902          650,494              592         -721,686         -721,307              379          -27,116          -26,169              947          -98,900          -96,982            1,918
    1990.....         708,135          708,881              746         -759,646         -759,189              457          -27,821          -26,654            1,167          -79,332          -76,961            2,371

    1991.....         729,513          730,387              874         -735,048         -734,524              524            9,819           10,752              933            4,284            6,616            2,332
    1992.....         748,431          749,324              893         -763,187         -762,035            1,152          -35,873          -35,013              860          -50,629          -47,724            2,905
    1993.....         776,404          776,933              529         -823,167         -821,977            1,190          -38,522          -37,637              885          -85,286          -82,681            2,605
    1994.....         868,041          868,867              826         -950,529         -949,212            1,317          -39,192          -38,260              932         -121,680         -118,605            3,075
    1995.....       1,005,715        1,006,576              861       -1,083,844       -1,081,976            1,868          -35,437          -34,057            1,380         -113,566         -109,457            4,109
    1996.....       1,074,425        1,075,874            1,449       -1,161,533       -1,159,111            2,422          -42,187          -40,081            2,106         -129,295         -123,318            5,977
    1997.....       1,197,206        1,194,283           -2,923       -1,298,705       -1,294,029            4,676          -41,966          -40,794            1,172         -143,465         -140,540            2,925
    1998.....       1,192,231        1,191,422             -809       -1,368,718       -1,364,531            4,187          -44,075          -44,029               46         -220,562         -217,138            3,424
    1999.....       1,233,944        1,232,407           -1,537       -1,526,281       -1,515,861           10,420          -46,581          -48,025           -1,444         -338,918         -331,479            7,439

    1996: I..         262,090          262,540              450         -277,914         -277,301              613          -10,920          -10,519              401          -26,744          -25,280            1,464
                      265,687          266,135              448         -287,958         -287,269              689           -9,185           -8,744              441          -31,456          -29,878            1,578
                      266,217          266,709              492         -295,037         -294,421              616           -9,507           -8,940              567          -38,327          -36,652            1,675
                      280,425          280,484               59         -300,625         -300,121              504          -12,574          -11,878              696          -32,774          -31,515            1,259

    1997: I..         287,363          286,666             -697         -312,914         -311,988              926           -9,347           -9,054              293          -34,898          -34,376              522
                      300,113          299,955             -158         -322,090         -320,660            1,430           -9,494           -9,280              214          -31,471          -29,985            1,486
                      305,865          305,537             -328         -331,384         -329,383            2,001          -10,096           -9,561              535          -35,615          -33,407            2,208
                      303,869          302,129           -1,740         -332,317         -331,999              318          -13,030          -12,902              128          -41,478          -42,772           -1,294

    1998: I..         302,289          301,732             -557         -335,380         -334,328            1,052           -9,927           -9,794              133          -43,018          -42,390              628
                      298,463          298,857              394         -340,977         -340,233              744           -9,886          -10,099             -213          -52,400          -51,475              925
                      291,493          291,341             -152         -344,182         -341,992            2,190          -10,787          -10,658              129          -63,476          -61,309            2,167
                      299,985          299,489             -496         -348,180         -347,980              200          -13,474          -13,474                0          -61,669          -61,965             -296

    1999: I..         295,503          293,717           -1,786         -354,099         -349,513            4,586          -10,306          -10,831             -525          -68,902          -66,627            2,275
                      300,939          300,994               55         -370,921         -368,439            2,482          -11,175          -11,537             -362          -81,157          -78,982            2,175
                      313,183          313,084              -99         -391,060         -391,337             -277          -11,208          -11,396             -188          -89,085          -89,649             -564
                      324,317          324,612              295         -410,204         -406,575            3,629          -13,892          -14,260             -368          -99,779          -96,223            3,556

    Source:  U.S. Department of Commerce,  Bureau of Economic Analysis.





 


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