News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EST, THURSDAY, MARCH 15, 2001
BEA 01-06

U.S. International Transactions Fourth Quarter 2000




The entire release is available in PDF format.

Christopher Bach                  (202) 606-9545                                   BEA 01-06
Recorded Message:                       606-5362
                 U.S. International Transactions: Fourth Quarter and Year 2000
                                     Fourth Quarter
                                     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 $115.3 billion in the fourth quarter
of 2000 from $113.1 billion (revised) in the third, according to preliminary estimates of the
Bureau of Economic Analysis. Increases in the goods and services deficit and in net outflows
for unilateral current transfers more than accounted for the increase.  Partly offsetting was a
decline in the deficit on investment income.
Goods and services
     The deficit on goods and services increased to $98.9 billion in the fourth quarter from
$95.6 billion in the third.
  Goods
     The deficit on goods increased to $118.3 billion in the fourth quarter from $114.7
billion in the third.
     Goods exports decreased to $197.1 billion from $200.8 billion.  Nonagricultural exports
(mainly capital goods, consumer goods, and automotive products)accounted for most of the
decrease, though agricultural exports also decreased.
     Goods imports decreased slightly to $315.4 billion from $315.6 billion.  Nonpetroleum
imports decreased a small amount (a large decline in automotive products more than offset
increases in consumer goods and nonpetroleum industrial supplies and materials) and petroleum
imports increased a small amount.
  Services
     The services surplus increased to $19.4 billion in the fourth quarter from $19.1 billion
in the third.
     Services exports increased to $75.2 billion from $74.6 billion.  Travel, royalties and
license fees, and "other" private services (such as business, professional, and technical services
and financial services) all increased.  "Other" transportation decreased.
     Services imports increased to $55.8 billion from $55.5 billion.  Travel, passenger fares,
and "other" transportation increased.  Royalties and license fees decreased.
Income
  The deficit on income decreased to $0.5 billion in the fourth quarter from $4.5 billion in
the third.
  Investment income
     Income receipts on U.S.-owned assets abroad increased to $89.1 billion from $86.8 billion.
Direct investment receipts accounted for much of the increase, though "other" private receipts
also increased.
     Income payments on foreign-owned assets in the United States decreased to $88.2 billion
from $89.9 billion.  A decrease in direct investment payments more than accounted for the
decrease.  "Other" private 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 increased to $2.0 billion
from $1.9 billion.
Unilateral current transfers
     Unilateral current transfers were net outflows of $15.9 billion in the fourth quarter, up
from $12.9 billion in the third.  The increase was more than accounted for by an increase in U.S.
Government grants, which increased as a result of cash grants to Israel.
                               Capital and Financial Account
                                      Capital Account
     Net capital account inflows were $0.2 billion in the fourth quarter, unchanged from the
third.
                                     Financial Account
     Net recorded financial inflows -- the result of combining financial flows for U.S.-owned
assets abroad with financial flows for foreign-owned assets in the United States -- were $86.6
billion in the fourth quarter, compared with $101.9 billion (revised) in the third.  Financial
outflows for U.S.-owned assets abroad increased more than financial inflows for foreign-owned
assets in the United States.
U.S.-owned assets abroad
     U.S.-owned assets abroad increased $188.6 billion in the fourth quarter, compared with
an increase of $93.4 billion in the third.
     U.S. claims on foreigners reported by U.S. banks increased $67.0 billion in the fourth
quarter, compared with an increase of $6.0 billion in the third.  Sharply higher demand for credit
in Caribbean banking centers and in Europe resulted in a sharp step-up in interbank transfers.
     Net U.S. purchases of foreign securities were $24.9 billion in the fourth quarter, down
from $33.2 billion in the third.  Net U.S. purchases of foreign stocks were $22.6 billion, up from
$15.3 billion; the increase was attributable to a step-up in exchanges of stock related to
purchases of U.S. companies by foreign companies.  Net U.S. purchases of foreign bonds were
$2.3 billion, down from $18.0 billion.
     Net financial outflows for U.S. direct investment abroad were $45.0 billion in the fourth
quarter, up from $36.2 billion in the third.  Net equity capital outflows were sharply higher, and
reinvested earnings increased.  In contrast, net intercompany debt inflows increased.
     U.S. official reserve assets increased $1.4 billion in the fourth quarter, compared with an
increase of $0.3 billion in the third.
Foreign-owned assets in the United States
     Foreign-owned assets in the United States increased $275.2 billion in the fourth quarter,
compared with an increase of $195.3 billion in the third.
     U.S. liabilities to foreigners reported by U.S. banks increased $42.8 billion in the fourth
quarter, compared with a decrease of $1.4 billion in the third.  In the fourth quarter, large
inflows from Caribbean banking centers occurred partly in response to the pickup in demand for
credit abroad and partly for yearend bookkeeping purposes.
     Net foreign purchases of U.S. securities other than U.S. Treasury securities were strong
in the fourth quarter at $123.9 billion, up slightly from $122.4 billion in the third.  Net foreign
purchases of U.S. stocks were $36.5 billion, down from $47.8 billion in the third.  Net foreign
purchases of U.S. bonds were a record $87.4 billion, up from the previous record of $74.6
billion in the third.
     Net foreign sales of U.S. Treasury securities were $9.8 billion in the fourth quarter, down
from $12.5 billion in the third.
     Net financial inflows for foreign direct investment in the United States were $94.4 billion
in the fourth quarter, up from $72.7 billion in the third.  Net equity capital inflows doubled to
$80.1 billion, as a result of numerous acquisitions of U.S. companies by foreign companies.  In
contrast, net intercompany debt inflows fell sharply and reinvested earnings decreased.
     Net U.S. currency shipments to foreigners were $6.2 billion in the fourth quarter, up
from $0.8 billion in the third.
     Foreign official assets in the United States decreased $4.4 billion in the fourth quarter, in
contrast to an $11.9 billion increase in the third.  In the fourth quarter, a reduction in assets of
industrial countries was partly offset by an increase in assets of developing countries.
     The statistical discrepancy errors and omissions in recorded transactions was a positive
$28.4 billion in the fourth quarter, compared with a positive $11.0 billion in the third.
     In the fourth quarter, the U.S. dollar appreciated 3 percent on a trade-weighted quarterly
average basis against a group of 7 major currencies.
                                     The Year 2000
                                    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 a record $435.4 billion in 2000 from
the previous record of $331.5 billion in 1999.  Most of the increase was attributable to an
increase in the deficit on goods and services, though net outflows for unilateral current transfers
also increased.  Partly offsetting was a decrease in the deficit on income.
Goods and services
     The deficit on goods and services increased to $368.5 billion in 2000 from $265.0 billion
in 1999.
  Goods
     The deficit on goods increased to $449.5 billion from $345.6 billion.
     Goods exports increased to $773.3 billion from $684.4 billion.  Nonagricultural exports
accounted for nearly all of the increase; increases were largest for capital goods, nonagricultural
industrial supplies and materials, and consumer goods.  Agricultural exports increased a small
amount.
     Goods imports increased to $1,222.8 billion from $1,029.9 billion.  Nonpetroleum
imports accounted for almost three-quarters of the increase, largely as a result of increases in
capital goods, consumer goods, and nonpetroleum industrial supplies and materials.  Petroleum
imports accounted for the rest of the increase.
  Services
     The surplus on services increased slightly to $81.0 billion in 2000 from $80.6
billion in 1999.
     Services exports increased to $296.2 billion from $271.9 billion.  Travel and "other"
private services (such as business, professional, and technical services and financial services)
accounted for much of the increase.
     Services imports increased to $215.2 billion from $191.3 billion.  All major categories
increased by substantial amounts.
Income
  The deficit on income decreased to $13.7 billion in 2000 from $18.5 billion in 1999.
  Investment income
     Income receipts on U.S.-owned assets abroad increased to $343.1 billion from $274.0
billion.  "Other" private receipts and direct investment receipts both increased strongly.
     Income payments on foreign-owned assets in the United States increased to $351.2
billion from $287.1 billion.  "Other" private payments accounted for two-thirds of the increase,
and other major categories increased strongly.
  Compensation of employees
     Receipts for compensation of U.S. workers abroad increased slightly to $2.3 billion
from $2.2 billion.  Payments for compensation of foreign workers in the United States increased
to $7.9 billion from $7.6 billion.
Unilateral current transfers
     Net outflows for unilateral current transfers increased to $53.2 billion in 2000 from $48.0
billion in 1999.  The increase was nearly all attributable to increases in U.S. Government grants
and in private remittances.
                             Capital and Financial Account
                                    Capital Account
     Net capital account transactions were net inflows of $0.7 billion in 2000, in contrast to
net outflows of $3.5 billion in 1999.  Transactions in 1999 included the transfer of the U.S.
Government's assets in the Panama Canal Commission to the Republic of Panama.
                                   Financial Account
     Net recorded financial inflows -- the result of combining financial flows for U.S.-owned
assets abroad with financial flows for foreign-owned assets in the United States -- were $399.1
billion in 2000, compared with $323.4 billion in 1999.  Financial inflows for foreign-owned
assets in the United States increased more than financial outflows for U.S.-owned assets abroad.
U.S.-owned assets abroad
     U.S.-owned assets abroad increased $553.3 billion in 2000, compared with an increase of
$430.2 billion in 1999.
     U.S. claims on foreigners reported by U.S. banks increased $110.2 billion in 2000,
following an increase of $69.9 billion in 1999.  In 2000, an expansion in economic activity
abroad and financing for mergers and acquisitions were primary factors contributing to financial
outflows.
     Net U.S. purchases of foreign securities were $123.6 billion in 2000, down from $128.6
billion in 1999.  Net U.S. purchases of foreign stocks were $98.8 billion, down from $114.4
billion; both years included numerous foreign acquisitions of U.S. companies through exchanges
of stock.  Net U.S. purchases of foreign bonds were $24.8 billion, up from $14.2 billion.
     Net financial outflows for U.S. direct investment abroad were $161.6 billion in 2000, up
from $150.9 billion in 1999.  A large increase in reinvested earnings more than accounted for the
step-up, and net equity capital outflows also increased.  In contrast, net intercompany debt
outflows dropped by a sizable amount.
     U.S. official reserve assets increased $0.3 billion in 2000, compared to a decrease of $8.7
billion in 1999.  In 2000, increases in foreign currency holdings and in special drawing rights
were nearly offset by a decrease in the U.S. reserve position with the International Monetary
Fund.
Foreign-owned assets in the United States
     Foreign-owned assets in the United States increased $952.4 billion in 2000, compared
with an increase of $753.6 billion in 1999.
     U.S. liabilities reported by U.S. banks increased $79.5 billion in 2000, following an
increase of $67.4 billion in 1999.  In 2000, U.S. banks borrowed heavily in the second and
fourth quarters to meet surges in domestic and international credit demand and to accommodate
yearend bookkeeping needs.
     Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record
$465.9 billion in 2000, up sharply from the previous record of $331.5 billion in 1999.  Net
foreign purchases of U.S. stocks were a record $171.8 billion, up from the previous record of
$98.7 billion in 1999.  Net foreign purchases of U.S. bonds were a record $294.1 billion, up
from the previous record of $232.8 billion in 1999.
     Net foreign sales of U.S. Treasury securities were $52.2 billion in 2000, up from $20.5
billion in 1999.  Foreigners shifted to high-yielding, high-grade U.S. corporate and agency
bonds.
     Net financial inflows for foreign direct investment in the United States were a record
$316.5 billion in 2000, up from the previous record of $275.5 billion in 1999.  The record in
2000 reflected a sizable increase in net intercompany debt inflows and an increase in net equity
capital inflows.  Reinvested earnings changed little.
     Net U.S. currency shipments to foreigners were $1.1 billion in 2000, down from $22.4
billion in 1999.  Supplies of U.S. currency shipped at yearend 1999 in anticipation of Y2K
problems were sufficient to meet demands for much of 2000.
     Foreign official assets in the United States increased $35.9 billion in 2000, compared
with an increase of $42.9 billion in 1999.  In 2000, assets of both industrial and developing
countries increased.
     The statistical discrepancy -- errors and omissions in recorded transactions -- was a
positive $35.6 billion in 2000, compared with a positive $11.6 billion in 1999.
     In 2000, the dollar appreciated 5 percent on a trade-weighted yearly average basis against
a group of 7 major currencies.
                                       Revisions
     The third-quarter international transactions are revised from previously published
estimates.  The current-account deficit was revised to $113.1 billion from $113.8 billion.  The
goods deficit was revised to $114.7 billion from $115.4 billion; the services surplus was revised
to $19.1 billion from $18.9 billion; the deficit on income was unchanged at $4.5 billion; and net
unilateral current transfers were revised to $12.9 billion from $12.8 billion.  Net recorded
financial inflows were revised to $101.9 billion from $123.0 billion.  Data for all quarters have
been revised to assure that seasonally adjusted estimates sum to the same annual totals as the
unadjusted estimates.
                                  *         *         *
     Release dates for 2001:
     Fourth quarter 2000...................................................March 15, 2001 (Thursday)
     First quarter 2001.....................................................June 21, 2001 (Thursday)
     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.
                                                                                                                                                                      March 15, 2001
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
                                                                                                                       1999       2000                                       Change:
                             (Credits +, debits -)                                  1999       2000p      Change:                                                             2000
                                                                                                          1999-2000    IV         Ir         IIr       IIIr        IVp       III-IV
                                Current account
 1 Exports of goods and services and income receipts.............................  1,232,407   1,414,925    182,518    324,612    336,729    353,494    362,765    361,938      -827
 2      Exports of goods and services............................................    956,242   1,069,531    113,289    249,653    255,936    265,925    275,411    272,256    -3,155
 3          Goods, balance of payments basis.....................................    684,358     773,304     88,946    180,085    183,659    191,713    200,836    197,096    -3,740
 4          Services.............................................................    271,884     296,227     24,343     69,568     72,277     74,212     74,575     75,160       585
 5              Transfers under U.S. military agency sales contracts.............     16,334      14,604     -1,730      3,589      3,574      3,699      3,710      3,621       -89
 6              Travel...........................................................     74,881      85,153     10,272     19,482     20,466     21,398     21,445     21,844       399
 7              Passenger fares..................................................     19,776      21,313      1,537      4,955      5,067      5,392      5,400      5,454        54
 8              Other transportation.............................................     27,033      29,847      2,814      7,097      7,255      7,438      7,635      7,519      -116
 9               Royalties and license fees......................................     36,467      37,955      1,488      9,107      9,348      9,577      9,424      9,605       181
10               Other private services..........................................     96,508     106,493      9,985     25,118     26,363     26,495     26,741     26,892       151
11               U.S. Government miscellaneous services..........................        885         862        -23        220        204        213        220        225         5
12      Income receipts..........................................................    276,165     345,394     69,229     74,959     80,793     87,569     87,354     89,682     2,328
13           Income receipts on U.S.-owned assets abroad.........................    273,957     343,052     69,095     74,393     80,218     86,986     86,765     89,087     2,322
14               Direct investment receipts......................................    118,802     149,459     30,657     31,691     34,053     37,835     37,857     39,716     1,859
15               Other private receipts..........................................    151,958     189,765     37,807     41,970     45,091     47,938     48,096     48,640       544
16               U.S. Government receipts........................................      3,197       3,828        631        732      1,074      1,213        812        731       -81
17           Compensation of employees...........................................      2,208       2,342        134        566        575        583        589        595         6
18 Imports of goods and services and income payments............................. -1,515,861  -1,797,061   -281,200   -406,575   -426,410   -446,399   -462,926   -461,332     1,594
19      Imports of goods and services............................................ -1,221,213  -1,438,011   -216,798   -325,933   -341,196   -354,670   -371,041   -371,109       -68
20          Goods, balance of payments basis..................................... -1,029,917  -1,222,772   -192,855   -276,318   -289,699   -302,147   -315,574   -315,352       222
21          Services.............................................................   -191,296    -215,239    -23,943    -49,615    -51,497    -52,523    -55,467    -55,757      -290
22              Direct defense expenditures......................................    -13,650     -13,884       -234     -3,358     -3,322     -3,431     -3,531     -3,600       -69
23              Travel...........................................................    -59,351     -65,044     -5,693    -15,274    -15,815    -16,022    -16,338    -16,869      -531
24              Passenger fares..................................................    -21,405     -23,902     -2,497     -5,568     -5,767     -5,934     -5,966     -6,235      -269
25              Other transportation.............................................    -34,137     -40,713     -6,576     -9,214     -9,586     -9,904    -10,554    -10,671      -117
26               Royalties and license fees......................................    -13,275     -16,331     -3,056     -3,656     -3,598     -3,669     -4,833     -4,230       603
27               Other private services..........................................    -46,657     -52,486     -5,829    -11,855    -12,695    -12,849    -13,521    -13,425        96
28               U.S. Government miscellaneous services..........................     -2,821      -2,879        -58       -690       -714       -714       -724       -727        -3
29      Income payments..........................................................   -294,648    -359,050    -64,402    -80,642    -85,214    -91,729    -91,885    -90,223     1,662
30           Income payments on foreign-owned assets in the United States........   -287,059    -351,194    -64,135    -78,712    -83,268    -89,755    -89,949    -88,223     1,726
31               Direct investment payments......................................    -56,098     -65,683     -9,585    -15,416    -17,027    -18,862    -16,320    -13,475     2,845
32               Other private payments..........................................   -135,830    -177,839    -42,009    -38,136    -40,167    -43,992    -46,260    -47,420    -1,160
33               U.S. Government payments........................................    -95,131    -107,672    -12,541    -25,160    -26,074    -26,901    -27,369    -27,328        41
34           Compensation of employees...........................................     -7,589      -7,856       -267     -1,930     -1,946     -1,974     -1,936     -2,000       -64
35 Unilateral current transfers, net.............................................    -48,025     -53,241     -5,216    -14,260    -12,087    -12,334    -12,949    -15,872    -2,923
36      U.S. Government grants...................................................    -13,774     -16,448     -2,674     -5,256     -2,912     -3,232     -3,634     -6,670    -3,036
37      U.S. Government pensions and other transfers.............................     -4,401      -4,711       -310     -1,181     -1,168     -1,179     -1,183     -1,183      ....
38      Private remittances and other transfers..................................    -29,850     -32,082     -2,232     -7,823     -8,007     -7,923     -8,132     -8,019       113
                                                                                                                                                                      March 15, 2001
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
                                                                                                                       1999       2000                                       Change:
                             (Credits +, debits -)                                  1999       2000p      Change:                                                             2000
                                                                                                          1999-2000    IV         Ir         IIr       IIIr        IVp       III-IV
                         Capital and financial account
                                Capital account
39 Capital account transactions, net.............................................     -3,500         680      4,180     -3,993        166        170        167        177        10
                               Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................   -430,187    -553,349   -123,162   -114,882   -178,947    -92,413    -93,420   -188,566   -95,146
41     U.S. official reserve assets, net.........................................      8,747        -290     -9,037      1,569       -554      2,020       -346     -1,410    -1,064
42          Gold.................................................................       ....        ....       ....       ....       ....       ....       ....       ....      ....
43          Special drawing rights...............................................         10        -722       -732       -178       -180       -180       -182       -180         2
44          Reserve position in the International Monetary Fund..................      5,484       2,308     -3,176      1,800       -237      2,328      1,300     -1,083    -2,383
45          Foreign currencies...................................................      3,253      -1,876     -5,129        -53       -137       -128     -1,464       -147     1,317
46     U.S. Government assets, other than official reserve assets, net...........      2,751        -715     -3,466      3,711       -131       -574        114       -124      -238
47          U.S. credits and other long-term assets..............................     -6,175      -4,887      1,288     -1,099     -1,750     -1,235     -1,050       -852       198
48          Repayments on U.S. credits and other long-term assets................      9,560       4,064     -5,496      5,093      1,328        720      1,265        751      -514
49          U.S. foreign currency holdings and U.S. short-term assets, net.......       -634         108        742       -283        291        -59       -101        -23        78
50     U.S. private assets, net..................................................   -441,685    -552,344   -110,659   -120,162   -178,262    -93,859    -93,188   -187,032   -93,844
51          Direct investment....................................................   -150,901    -161,577    -10,676    -33,280    -42,952    -37,476    -36,175    -44,971    -8,796
52          Foreign securities...................................................   -128,594    -123,606      4,988    -17,150    -27,236    -38,196    -33,242    -24,932     8,310
53          U.S. claims on unaffiliated foreigners reported by
                 U.S. nonbanking concerns........................................    -92,328    -156,988    -64,660    -24,428    -52,563    -36,507    -17,807    -50,111   -32,304
54          U.S. claims reported by U.S. banks, not included elsewhere...........    -69,862    -110,173    -40,311    -45,304    -55,511     18,320     -5,964    -67,018   -61,054
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))    753,564     952,430    198,866    184,567    236,638    245,252    195,325    275,211    79,886
56     Foreign official assets in the United States, net.........................     42,864      35,909     -6,955     27,495     22,015      6,346     11,901     -4,353   -16,254
57          U.S. Government securities...........................................     32,527      29,532     -2,995     11,852     24,305      6,334      5,271     -6,378   -11,649
58              U.S. Treasury securities.........................................     12,177     -11,377    -23,554      5,122     16,198     -4,000     -9,001    -14,574    -5,573
59              Other............................................................     20,350      40,909     20,559      6,730      8,107     10,334     14,272      8,196    -6,076
60          Other U.S. Government liabilities....................................     -3,255      -2,540        715         89       -644       -781       -620       -495       125
61          U.S. liabilities reported by U.S. banks, not included elsewhere......     12,692       5,790     -6,902     14,427     -2,577       -111      6,938      1,540    -5,398
62          Other foreign official assets........................................        900       3,127      2,227      1,127        931        904        312        980       668
63     Other foreign assets in the United States, net............................    710,700     916,521    205,821    157,072    214,623    238,906    183,424    279,564    96,140
64          Direct investment....................................................    275,533     316,527     40,994     49,390     49,065    100,426     72,681     94,351    21,670
65          U.S. Treasury securities.............................................    -20,464     -52,206    -31,742    -17,191     -9,248    -20,597    -12,513     -9,848     2,665
66          U.S. securities other than U.S. Treasury securities..................    331,523     465,858    134,335     92,250    132,416     87,107    122,387    123,948     1,561
67          U.S. currency........................................................     22,407       1,129    -21,278     12,213     -6,847        989        757      6,230     5,473
68          U.S. liabilities to unaffiliated foreigners reported by
                 U.S. nonbanking concerns.......................................      34,298     105,728    71,430        792     58,061     24,038      1,506     22,123     20,617
69          U.S. liabilities reported by U.S. banks, not included elsewhere......     67,403      79,485     12,082     19,618     -8,824     46,943     -1,394     42,760    44,154
70 Statistical discrepancy (sum of above items with sign reversed)...............     11,602      35,616     24,014     30,531     43,911    -47,770     11,038     28,444    17,406
   Memoranda:
71 Balance on goods (lines 3 and 20).............................................   -345,559    -449,468   -103,909    -96,233   -106,040   -110,434   -114,738   -118,256    -3,518
72 Balance on services (lines 4 and 21)..........................................     80,588      80,988        400     19,953     20,780     21,689     19,108     19,403       295
73 Balance on goods and services (lines 2 and 19)................................   -264,971    -368,480   -103,509    -76,280    -85,260    -88,745    -95,630    -98,853    -3,223
74 Balance on income (lines 12 and 29)...........................................    -18,483     -13,656      4,827     -5,683     -4,421     -4,160     -4,531       -541     3,990
75 Unilateral current transfers, net (line 35)...................................    -48,025     -53,241     -5,216    -14,260    -12,087    -12,334    -12,949    -15,872    -2,923
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......   -331,479    -435,377   -103,898    -96,223   -101,768   -105,239   -113,110   -115,266    -2,156
r  Revised.  p  Preliminary.
NOTE:--Details may not add to totals because of rounding.     Source:  U. S. Department of Commerce, Bureau of Economic Analysis