News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EST, THURSDAY, JUNE 21, 2001
BEA 01-18

U.S. International Transactions First Quarter 2001




The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.

Douglas B. Weinberg:     (202) 606-9590 (Data)                                 BEA 01-18
Christopher L. Bach:           606-9545 (Revisions)
Recorded Message:              606-5362

         U.S. International Transactions: First Quarter 2001

     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" on
page 5 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--decreased to $109.6 billion in the first quarter of 2001 from
$116.3 billion (revised) in the fourth quarter of 2000, according to preliminary estimates of the U.S.
Bureau of Economic Analysis.  Decreases in the deficit on goods and services and in net unilateral
current transfers more than offset a shift from a small surplus to a deficit on income.

Goods and services

   The deficit on goods and services decreased to $95.0 billion in the first quarter from $100.3
billion in the fourth.

   Goods

   The deficit on goods decreased to $112.5 billion in the first quarter from $118.5 billion in
the fourth.

   Goods exports decreased to $194.9 billion from $196.2 billion.  An increase in agricultural
exports was more than offset by a decrease in nonagricultural exports.  Within nonagricultural
exports, decreases in automotive products and in industrial supplies and materials more than offset
increases in consumer goods and in capital goods.

   Goods imports decreased to $307.5 billion from $314.8 billion.  Both petroleum and
nonpetroleum imports decreased.  The decrease in petroleum imports was attributable to a decline
in petroleum prices; the volume of petroleum imports increased.  Within nonpetroleum
imports, the largest decreases were in capital goods and in automotive products.

   Services

   The surplus on services decreased to $17.5 billion in the first quarter from $18.2 billion
in the fourth.

   Services receipts increased to $74.4 billion from $73.9 billion.  The increase was more than
accounted for by increases in "other" private services (such as financial services and business,
professional, and technical services) and in royalties and license fees.

   Services payments increased to $56.9 billion from $55.7 billion.  The increase was more than
accounted for by increases in "other" private services, royalties and license fees, and travel.

Income

   The balance on income shifted to a deficit of $3.1 billion in the first quarter from a surplus of $0.6
billion in the fourth.

   Investment income

   Income receipts on U.S.-owned assets abroad decreased to $86.0 billion from $91.9 billion, largely
as a result of a decrease in "other" private receipts.  Direct investment receipts also decreased,
and U.S. Government receipts increased slightly.

   Income payments on foreign-owned assets in the United States decreased to $87.7 billion from
$89.9 billion, mostly as a result of a decrease in "other" private payments.  U.S. Government
payments also decreased, and direct investment payments 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 edged up to $2.0 billion from $1.9 billion.

Unilateral current transfers

   Unilateral current transfers were net outflows of $11.5 billion in the first quarter, down from net
outflows of $16.7 billion in the fourth.  The decrease was largely 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 were net inflows of $0.2 billion in the first quarter, unchanged from
the fourth.

                         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 $80.6 billion in the first quarter,
compared with $113.8 billion (revised) in the fourth.  Financial inflows for foreign-owned assets in
the United States decreased more than financial outflows for U.S.-owned assets abroad.

U.S.-owned assets abroad

   U.S.-owned assets abroad increased $156.9 billion in the first quarter, following an increase of
$181.5 billion in the fourth.

   U.S. claims on foreigners reported by U.S. banks increased $90.0 billion in the first quarter,
following an increase of $71.6 billion in the fourth.  The first-quarter increase was attributable to
continued strong lending by U.S. banks to foreign banks and a surge in lending by U.S. brokers and
dealers.

   Net U.S. purchases of foreign securities were $28.5 billion in the first quarter, up from $24.6
billion in the fourth.  Net U.S. purchases of foreign stocks were $25.5 billion, up from $22.4 billion;
the increase was more than accounted for by a shift to net U.S. purchases from Asia from net U.S.
sales.  Net U.S. purchases of foreign bonds were $3.0 billion, up from $2.3 billion; the increase was
more than accounted for by a shift to net U.S. purchases of outstanding bonds from Western Europe
from net U.S. sales.

   Net financial outflows for U.S. direct investment abroad were $33.0 billion in the first quarter,
down from $39.1 billion in the fourth.  The decrease was largely accounted for by a shift to net
inflows for intercompany debt from net outflows.  Both net equity capital outflows and reinvested
earnings decreased.

   U.S. official reserve assets decreased $0.2 billion in the first quarter, in contrast to an increase of
$1.4 billion in the fourth.

Foreign-owned assets in the United States

   Foreign-owned assets in the United States increased $237.5 billion in the first quarter, following
an increase of $295.3 billion in the fourth.

   U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities, decreased
$0.5 billion in the first quarter, in contrast to an increase of $43.4 billion in the fourth.  The small
first-quarter decrease was more than accounted for by a reduction in borrowing by U.S.-owned banks
from foreign banks.

   Transactions in U.S. Treasury securities shifted to net foreign purchases of $0.5 billion in the first
quarter from net foreign sales of $10.4 billion in the fourth.  The shift was more than accounted for by
a shift to net purchases by investors in Western Europe.

   Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record $147.1
billion in the first quarter, up from $126.6 billion in the fourth.  (The previous record was $136.2
billion in the first quarter of 2000.)  Net foreign purchases of U.S. stocks were $41.0 billion, up from
$39.3 billion; the increase occurred despite widespread declines in U.S. stock prices.  Net foreign
purchases of U.S. corporate and other bonds were a record $106.1 billion, up from the previous
record $87.4 billion in the fourth quarter of 2000; the increase was largely accounted for by an
increase in net purchases by investors in Western Europe.

   Net financial inflows for foreign direct investment in the United States were $41.6 billion in the
first quarter, down from $84.7 billion in the fourth.  The decrease was more than accounted for by a
decrease in net equity capital inflows, resulting from a drop in foreign acquisitions of U.S. companies
after a very strong fourth quarter.  In contrast, net intercompany debt inflows increased and
reinvested earnings edged higher.

   Net U.S. currency shipments to foreigners were $2.3 billion in the first quarter, down from $6.2
billion in the fourth.

   Foreign official assets in the United States increased $4.1 billion in the first quarter, in contrast to
a decrease of $3.6 billion in the fourth.

   The statistical discrepancy--errors and omissions in recorded transactions--was a positive $28.8
billion in the first quarter, following a positive $2.4 billion in the fourth.

   In the first quarter, the U.S. dollar was unchanged 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 1989-2000; however, most changes are limited to 1996-2000 and arise mainly from
updated source data.  The major changes are summarized below.

     - Foreign direct investment in the United States financial flows and
       related income payments are revised for 1997-2000 to incorporate the
       results of BEA's benchmark survey for 1997 and revised quarterly survey
       results for subsequent years.  Benchmark and quarterly survey results
       are also incorporated into the affiliated components of royalties and
       license fees and "other" private services.

     - "Other" private income receipts and payments for banks are
       revised for 1996-2000 to more accurately reflect current practices in
       banking markets, including a decline the use of non- interest earning
       compensating balances.

     - U.S. nonbank liabilities are revised for 1996-2000 as a result
       of the substitution of BIS data on nonbank liabilities to foreign banks
       for U.S.-source data.  The substitution significantly expands the
       coverage of these financial transactions.  Related nonbank income
       payments are also revised for 1996-2000.

     - Net foreign purchases of U.S. securities other than U.S.
       Treasury securities are revised for 1999-2000 as a result of a more
       complete accounting for large U.S. acquisitions of foreign companies,
       especially those acquisitions accomplished by an exchange of shares.

     - Goods exports and goods imports are revised for 1989-2000 to
       assure more consistency in classification by type of end-use commodity
       and to assure more consistency in application of seasonal and
       trading-day adjustment factors.

   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 1997-2000.

   Revised estimates for the detailed components of the U.S. international transactions accounts for
1999-2000 are shown in table 1.  Revised estimates for the current-account balance and its major
components for 1989-2000 are shown in table 2.

   The fourth-quarter 2000 international transactions are revised from previously published
estimates.  Revisions reflect both newly available source data for the fourth quarter and changes from
all of the above sources of revision.  The current-account deficit was revised to $116.3 billion from
$115.3 billion.  The goods deficit was revised to $118.5 billion from $118.3 billion; the services
surplus was revised to $18.2 billion from $19.4 billion; the balance on income was revised to a surplus
of $0.6 billion from a deficit of $0.5 billion; and unilateral current transfers were revised to net
outflows of $16.7 billion from net outflows of $15.9 billion.  Net recorded financial inflows were
revised to $113.8 billion from $86.6 billion.

                      *          *          *

         Release dates for 2001:

         Second quarter 2001...................................................September 12, 2001 (Wednesday)
         Third quarter 2001....................................................December 12, 2001 (Wednesday)

                      *          *          *

   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.  To subscribe to STAT-USA's World Wide Web system, 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 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: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.


                                                                                                                                                                                      June 21, 2001
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]

                                                                                         1999                                      2000                                   2001    Change: Amount of
                           (Credits +, debits -)                     1999r      2000r                                                                                            2000:IV - Revision
                                                                                            Ir        IIr      IIIr       IVr       Ir       IIr       IIIr      IVr        Ip     2001:I      2000

                              Current account

 1 Exports of goods and services and income receipts.............  1,242,655  1,418,568   296,210   302,880   315,099   328,467   339,645   355,075   361,236   362,617   355,905   -6,712    3,643

 2    Exports of goods and services..............................    957,353  1,065,702   231,317   234,177   241,593   250,265   257,256   265,822   272,497   270,131   269,297     -834   -3,829

 3       Goods, balance of payments basis........................    684,553    772,210   164,716   166,267   173,045   180,525   185,142   191,558   199,273   196,237   194,942   -1,295   -1,094

 4       Services................................................    272,800    293,492    66,601    67,910    68,548    69,740    72,114    74,264    73,224    73,894    74,355      461   -2,735
 5          Transfers under U.S. military agency sales contracts.     15,920     14,060     4,217     4,526     3,855     3,322     3,401     3,910     3,329     3,420     3,388      -32     -544

 6          Travel...............................................     74,731     82,042    18,101    18,339    18,808    19,483    20,448    20,976    20,226    20,392    20,309      -83   -3,111
 7          Passenger fares......................................     19,785     20,745     4,839     4,864     5,112     4,970     5,013     5,342     5,213     5,177     4,933     -244     -568
 8          Other transportation.................................     26,916     30,185     6,469     6,666     6,707     7,074     7,365     7,619     7,593     7,609     7,357     -252      338

 9          Royalties and license fees...........................     36,420     38,030     9,137     9,063     9,097     9,122     9,345     9,525     9,538     9,624     9,883      259       75
10          Other private services...............................     98,143    107,568    23,635    24,229    24,730    25,549    26,338    26,679    27,105    27,447    28,257      810    1,075
11          U.S. Government miscellaneous services...............        885        862       203       223       239       220       204       213       220       225       228        3     ....

12    Income receipts............................................    285,302    352,866    64,893    68,703    73,506    78,202    82,389    89,253    88,739    92,486    86,608   -5,878    7,472
13       Income receipts on U.S.-owned assets abroad.............    283,092    350,525    64,357    68,154    72,947    77,636    81,814    88,670    88,151    91,891    85,994   -5,897    7,473
14          Direct investment receipts...........................    123,718    149,240    27,557    29,994    32,469    33,698    34,734    37,591    37,335    39,581    38,349   -1,232     -219
15          Other private receipts...............................    156,177    197,440    35,889    37,350    39,732    43,206    46,014    49,941    49,971    51,514    46,752   -4,762    7,675
16          U.S. Government receipts.............................      3,197      3,845       911       810       746       732     1,066     1,138       845       796       893       97       17
17       Compensation of employees...............................      2,210      2,341       536       549       559       566       575       583       588       595       614       19       -1

18 Imports of goods and services and income payments............. -1,518,106 -1,809,099  -351,607  -368,662  -391,401  -406,437  -432,624  -450,748  -463,461  -462,268  -454,010    8,258  -12,038

19    Imports of goods and services.............................. -1,219,191 -1,441,441  -284,189  -297,043  -312,728  -325,233  -344,578  -356,606  -369,837  -370,424  -364,312    6,112   -3,430

20       Goods, balance of payments basis........................ -1,029,987 -1,224,417  -238,709  -250,557  -264,777  -275,944  -292,547  -303,229  -313,884  -314,757  -307,462    7,295   -1,645

21       Services................................................   -189,204   -217,024   -45,480   -46,486   -47,951   -49,289   -52,031   -53,377   -55,953   -55,667   -56,850   -1,183   -1,785
22          Direct defense expenditures..........................    -13,334    -13,560    -3,186    -3,306    -3,559    -3,283    -3,262    -3,382    -3,541    -3,375    -3,550     -175      324

23          Travel...............................................    -58,865    -64,537   -14,330   -14,553   -14,763   -15,219   -16,399   -16,123   -16,075   -15,940   -16,176     -236      507
24          Passenger fares......................................    -21,315    -24,197    -5,187    -5,242    -5,346    -5,540    -5,805    -6,146    -6,226    -6,020    -5,994       26     -295
25          Other transportation.................................    -34,139    -41,058    -7,784    -8,187    -8,952    -9,216    -9,693   -10,097   -10,554   -10,718   -10,527      191     -345

26          Royalties and license fees...........................    -12,613    -16,106    -2,946    -3,091    -3,149    -3,428    -3,604    -3,715    -4,535    -4,253    -4,529     -276      225
27          Other private services...............................    -46,117    -54,687   -11,357   -11,432   -11,416   -11,913   -12,554   -13,200   -14,298   -14,634   -15,339     -705   -2,201
28          U.S. Government miscellaneous services...............     -2,821     -2,879      -690      -675      -766      -690      -714      -714      -724      -727      -735       -8     ....

29    Income payments............................................   -298,915   -367,658   -67,418   -71,619   -78,673   -81,204   -88,046   -94,142   -93,624   -91,844   -89,698    2,146   -8,608
30       Income payments on foreign-owned assets in the U.S......   -291,603   -360,146   -65,654   -69,797   -76,828   -79,323   -86,194   -92,259   -91,771   -89,920   -87,724    2,196   -8,952
31          Direct investment payments...........................    -56,674    -68,009   -11,009   -14,249   -16,649   -14,766   -18,369   -19,474   -16,286   -13,878   -15,086   -1,208   -2,326
32          Other private payments...............................   -139,798   -184,465   -31,976   -32,393   -36,032   -39,397   -41,751   -45,884   -48,116   -48,714   -45,647    3,067   -6,626
33          U.S. Government payments.............................    -95,131   -107,672   -22,669   -23,155   -24,147   -25,160   -26,074   -26,901   -27,369   -27,328   -26,991      337     ....
34       Compensation of employees...............................     -7,312     -7,512    -1,764    -1,822    -1,845    -1,881    -1,852    -1,883    -1,853    -1,924    -1,974      -50      344

35 Unilateral current transfers, net.............................    -48,913    -54,136   -11,051   -11,596   -11,761   -14,504   -11,924   -12,461   -13,080   -16,673   -11,457    5,216     -895

36    U.S. Government grants.....................................    -13,774    -16,821    -2,574    -3,097    -2,847    -5,256    -2,912    -3,232    -3,634    -7,043    -2,299    4,744     -373
37    U.S. Government pensions and other transfers...............     -4,406     -4,705    -1,066    -1,074    -1,085    -1,181    -1,168    -1,179    -1,183    -1,177    -1,235      -58        6
38    Private remittances and other transfers....................    -30,733    -32,610    -7,411    -7,425    -7,829    -8,067    -7,844    -8,050    -8,263    -8,453    -7,923      530     -528


                                                                                                                                                                                      June 21, 2001
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]

                                                                                                  1999                              2000                                   2001  Change:  Amount of
                                  (Credits +, debits -)                       1999r     2000r                                                                                    2000:IV - Revision
                                                                                                   Ir      IIr     IIIr     IVr        Ir       IIr       IIIr      IVr     Ip     2001:I    2000

                              Capital and financial account

                                     Capital account

39 Capital account transactions, net.......................................   -3,491       705     158      167      173   -3,989       173       173       175      184      174      -10       25

                                    Financial account

40 U.S.-owned assets abroad, net (increase/financial outflow (-)).......... -437,067  -580,952 -43,657 -170,707 -114,931 -107,769  -198,105   -93,573  -107,727 -181,548 -156,937   24,611  -27,603

41    U.S. official reserve assets, net....................................    8,747      -290   4,068    1,159    1,951    1,569      -554     2,020      -346   -1,410      190    1,600     ....
42       Gold..............................................................     ....      ....    ....     ....     ....     ....      ....      ....      ....     ....     ....     ....     ....
43       Special drawing rights............................................       10      -722     562     -190     -184     -178      -180      -180      -182     -180     -189       -9     ....
44       Reserve position in the International Monetary Fund...............    5,484     2,308       3    1,413    2,268    1,800      -237     2,328     1,300   -1,083      574    1,657     ....
45       Foreign currencies................................................    3,253    -1,876   3,503      -64     -133      -53      -137      -128    -1,464     -147     -195      -48     ....

46    U.S. Government assets, other than official reserve assets, net......    2,751      -944     118     -392     -686    3,711      -127      -572       114     -359       68      427     -229
47       U.S. credits and other long-term assets...........................   -6,175    -5,177  -1,314   -2,167   -1,595   -1,099    -1,750    -1,368    -1,050   -1,009   -1,061      -52     -290
48       Repayments on U.S. credits and other long-term assets.............    9,560     4,257   1,554    1,887    1,026    5,093     1,329       855     1,265      808    1,029      221      193
49       U.S. foreign currency holdings and U.S. short-term assets, net....     -634       -24    -122     -112     -117     -283       294       -59      -101     -158      100      258     -132

50    U.S. private assets, net............................................. -448,565  -579,718 -47,843 -171,474 -116,196 -113,049  -197,424   -95,021  -107,495 -179,779 -157,195   22,584  -27,374
51       Direct investment................................................. -155,385  -152,437 -38,527  -36,474  -49,750  -30,631   -38,388   -33,346   -41,634  -39,070  -33,015    6,055    9,140
52       Foreign securities................................................ -131,217  -124,935     975  -71,379  -42,415  -18,398   -27,546   -39,639   -33,129  -24,621  -28,535   -3,914   -1,329
53       U.S. claims on unaffiliated foreigners reported by
            U.S. nonbanking concerns.......................................  -85,700  -163,846 -33,328  -27,605  -13,555  -11,212   -75,256   -29,491   -14,585  -44,514   -5,618   38,896   -6,858
54       U.S. claims reported by U.S. banks, not included elsewhere........  -76,263  -138,500  23,037  -36,016  -10,476  -52,808   -56,234     7,455   -18,147  -71,574  -90,027  -18,453  -28,327

55 Foreign-owned assets in the U.S., net (increase/financial inflow (+))...  813,744 1,024,218 130,758  278,047  172,119  232,820   256,782   250,007   222,108  295,321  237,503  -57,818   71,788

56    Foreign official assets in the United States, net....................   43,551    37,619   4,164     -736   12,721   27,402    22,498     6,447    12,247   -3,573    4,091    7,664    1,710
57       U.S. Government securities........................................   32,527    30,676   6,793     -916   14,798   11,852    24,311     6,334     5,271   -5,240    2,547    7,787    1,144
58          U.S. Treasury securities.......................................   12,177   -10,233     800   -6,708   12,963    5,122    16,204    -4,000    -9,001  -13,436   -1,027   12,409    1,144
59          Other..........................................................   20,350    40,909   5,993    5,792    1,835    6,730     8,107    10,334    14,272    8,196    3,574   -4,622     ....
60       Other U.S. Government liabilities.................................   -2,855    -1,987  -1,461   -1,064     -671      341      -474    -1,000      -220     -293   -1,244     -951      553
61       U.S. liabilities reported by U.S. banks, not included elsewhere...   12,964     5,803  -1,273    1,761   -1,617   14,093    -2,270       209     6,884      980    1,785      805       13
62       Other foreign official assets.....................................      915     3,127     105     -517      211    1,116       931       904       312      980    1,003       23     ....

63    Other foreign assets in the United States, net.......................  770,193   986,599 126,594  278,783  159,398  205,418   234,284   243,560   209,861  298,894  233,412  -65,482   70,078
64       Direct investment.................................................  301,006   287,655  35,221  151,354   50,803   63,628    36,508    90,394    76,046   84,707   41,638  -43,069  -28,872
65       U.S. Treasury securities..........................................  -20,490   -52,792  -7,325   -5,410    9,687  -17,442    -9,348   -20,546   -12,503  -10,395      538   10,933     -586
66       U.S. securities other than U.S. Treasury securities...............  343,963   485,644  63,430   83,903   95,412  101,218   136,208    94,400   128,393  126,643  147,132   20,489   19,786
67       U.S. currency.....................................................   22,407     1,129   2,440    3,057    4,697   12,213    -6,847       989       757    6,230    2,311   -3,919     ....
68       U.S. liabilities to unaffiliated foreigners reported by
            U.S. nonbanking concerns.......................................   69,075   177,010  46,262   16,799   -8,869   14,883    85,188    24,400    19,078   48,344   42,269   -6,075   71,282
69       U.S. liabilities reported by U.S. banks, not included elsewhere...   54,232    87,953 -13,434   29,080    7,668   30,918    -7,425    53,923    -1,910   43,365     -476  -43,841    8,468

70 Statistical discrepancy (sum of above items with sign reversed).........  -48,822       696 -20,811  -30,129   30,702  -28,588    46,053   -48,473       749    2,367   28,822   26,455  -34,920

   Memoranda:
71 Balance on goods (lines 3 and 20)....................................... -345,434  -452,207 -73,993  -84,290  -91,732  -95,419  -107,405  -111,671  -114,611 -118,520 -112,520    6,000   -2,739
72 Balance on services (lines 4 and 21)....................................   83,596    76,468  21,121   21,424   20,597   20,451    20,083    20,887    17,271   18,227   17,505     -722   -4,520
73 Balance on goods and services (lines 2 and 19).......................... -261,838  -375,739 -52,872  -62,866  -71,135  -74,968   -87,322   -90,784   -97,340 -100,293  -95,015    5,278   -7,259
74 Balance on income (lines 12 and 29).....................................  -13,613   -14,792  -2,525   -2,916   -5,167   -3,002    -5,657    -4,889    -4,885      642   -3,090   -3,732   -1,136
75 Unilateral current transfers, net (line 35).............................  -48,913   -54,136 -11,051  -11,596  -11,761  -14,504   -11,924   -12,461   -13,080  -16,673  -11,457    5,216     -895
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75) -324,364  -444,667 -66,448  -77,378  -88,063  -92,474  -104,903  -108,134  -115,305 -116,324 -109,562    6,762   -9,290
r Revised.  p  Preliminary.

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


                                                                                                                                                                 June 21, 2001
Table 2.--Revisions to the Current-Account Estimates
[Millions of dollars; quarterly data are seasonally adjusted]

                   Exports of goods and services             Imports of goods and services        Unilateral current transfers, net            Balance on current account
                         and income receipts                      and income payments
              Previously                               Previously                               Previously                               Previously
               published       Revised     Revision     published       Revised     Revision     published       Revised     Revision     published       Revised     Revision

1989........     650,494       648,290       -2,204      -721,307      -721,607         -300       -26,169       -26,169         ....       -96,982       -99,486       -2,504
1990........     708,881       706,975       -1,906      -759,189      -759,287          -98       -26,654       -26,654         ....       -76,961       -78,965       -2,004
1991........     730,387       727,557       -2,830      -734,524      -734,563          -39        10,752        10,752         ....         6,616         3,747       -2,869
1992........     749,324       748,603         -721      -762,035      -762,105          -70       -35,013       -35,013         ....       -47,724       -48,515         -791
1993........     776,933       777,044          111      -821,977      -821,930           47       -37,637       -37,637         ....       -82,681       -82,523          158
1994........     868,867       869,328          461      -949,212      -949,312         -100       -38,260       -38,260         ....      -118,605      -118,244          361

1995........   1,006,576     1,005,935         -641    -1,081,976    -1,081,776          200       -34,057       -34,057         ....      -109,457      -109,898         -441
1996........   1,075,874     1,077,966        2,092    -1,159,111    -1,158,822          289       -40,081       -40,081         ....      -123,318      -120,937        2,381
1997........   1,194,283     1,195,538        1,255    -1,294,029    -1,294,553         -524       -40,794       -40,794         ....      -140,540      -139,809          731
1998........   1,191,422     1,191,932          510    -1,364,531    -1,364,962         -431       -44,029       -44,427         -398      -217,138      -217,457         -319
1999........   1,232,407     1,242,655       10,248    -1,515,861    -1,518,106       -2,245       -48,025       -48,913         -888      -331,479      -324,364        7,115
2000........   1,414,925     1,418,568        3,643    -1,797,061    -1,809,099      -12,038       -53,241       -54,136         -895      -435,377      -444,667       -9,290

1996:    I       262,540       262,927          387      -277,301      -277,198          103       -10,519       -10,519         ....       -25,280       -24,790          490
         II      266,135       266,859          724      -287,269      -287,257           12        -8,744        -8,744         ....       -29,878       -29,142          736
         III     266,709       267,240          531      -294,421      -294,437          -16        -8,940        -8,940         ....       -36,652       -36,137          515
         IV      280,484       280,934          450      -300,121      -299,931          190       -11,878       -11,878         ....       -31,515       -30,875          640

1997:    I       286,666       287,373          707      -311,988      -312,810         -822        -9,054        -9,054         ....       -34,376       -34,491         -115
         II      299,955       300,459          504      -320,660      -321,005         -345        -9,280        -9,280         ....       -29,985       -29,826          159
         III     305,537       305,114         -423      -329,383      -328,883          500        -9,561        -9,561         ....       -33,407       -33,330           77
         IV      302,129       302,595          466      -331,999      -331,858          141       -12,902       -12,902         ....       -42,772       -42,165          607

1998:    I       301,732       301,933          201      -334,328      -335,558       -1,230        -9,794        -9,866          -72       -42,390       -43,491       -1,101
         II      298,857       298,319         -538      -340,233      -340,566         -333       -10,099       -10,154          -55       -51,475       -52,401         -926
         III     291,341       291,449          108      -341,992      -341,256          736       -10,658       -10,731          -73       -61,309       -60,538          771
         IV      299,489       300,229          740      -347,980      -347,583          397       -13,474       -13,671         -197       -61,965       -61,025          940

1999:    I       293,717       296,210        2,493      -349,513      -351,607       -2,094       -10,831       -11,051         -220       -66,627       -66,448          179
         II      300,994       302,880        1,886      -368,439      -368,662         -223       -11,537       -11,596          -59       -78,982       -77,378        1,604
         III     313,084       315,099        2,015      -391,337      -391,401          -64       -11,396       -11,761         -365       -89,649       -88,063        1,586
         IV      324,612       328,467        3,855      -406,575      -406,437          138       -14,260       -14,504         -244       -96,223       -92,474        3,749

2000:    I       336,729       339,645        2,916      -426,410      -432,624       -6,214       -12,087       -11,924          163      -101,768      -104,903       -3,135
         II      353,494       355,075        1,581      -446,399      -450,748       -4,349       -12,334       -12,461         -127      -105,239      -108,134       -2,895
         III     362,765       361,236       -1,529      -462,926      -463,461         -535       -12,949       -13,080         -131      -113,110      -115,305       -2,195
         IV      361,938       362,617          679      -461,332      -462,268         -936       -15,872       -16,673         -801      -115,266      -116,324       -1,058

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