News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EST, THURSDAY, JUNE 20, 2002
BEA 02-18

U.S. International Transactions: First Quarter 2002




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 02-18
Christopher L. Bach:           606-9545 (Revisions)
Recorded Message:              606-5362


         U.S. International Transactions: First Quarter 2002

                              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 $112.5
billion (preliminary) in the first quarter of2002 from $95.1 billion (revised)
in the fourth quarter of 2001, according to the U.S. Bureau of Economic Analysis.
The deficit on goods and services increased, the balance on income shifted to
a deficit from a surplus, and net outflows for unilateral current transfers
increased.

  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 revisions this year include the
incorporation of results from the U.S. Treasury Department's Benchmark Survey
of Foreign Portfolio Investment in the United States as of March 31, 2000.
The incorporation of these results led to significant improvements in the
estimates presented in this release of financial flows for foreign-owned assets
in the United States and of income payments.  (See the section on "Revisions"
on page 5 of this release.)

  The completion of portfolio benchmark surveys such as this is essential to
improving the estimates in the international accounts.  The conduct of more
frequent surveys of portfolio investment assets and liabilities is a key
objective in BEA's strategic plan for improving the international accounts
over the next several years.

  The July Survey of Current Business will contain detailed international accounts
tables and an article describing revisions to the international transactions
accounts and to the international investment position accounts.  Also, a news
release on June 28 will present BEA's revised estimates of the U.S. net
international investment position.

NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.

Goods and services

  The deficit on goods and services increased to $94.9 billion in the first
quarter from $88.0 billion in the fourth.

  Goods

  The deficit on goods increased to $106.4 billion in the first quarter from
$100.7 billion in the fourth.

  Goods exports decreased to $164.6 billion from $167.4 billion.  The largest
decreases were in capital goods, in industrial supplies and materials, and in
consumer goods.

  Goods imports increased to $271.1 billion from $268.0 billion.  A decrease in
petroleum and products, mostly resulting from a decline in the volume of imports,
was more than offset by an increase in nonpetroleum products.  Within nonpetroleum
products, the largest increases were in consumer goods, in capital goods, and
in automotive products.

  Services

  The surplus on services decreased to $11.6 billion in the first quarter from
$12.6 billion in the fourth.

  Services receipts increased to $69.0 billion from $65.6 billion.  Nearly all
services categories increased, but most the increase was attributed to travel,
passenger fares, and royalties and license fees.

  Services payments increased to $57.4 billion from $52.9 billion.  Nearly all
services categories increased, but most of the increase was attributable to
travel and "other" private services.

Income

  The balance on income shifted to a deficit of $1.8 billion in the first
quarter from a surplus of $6.5 billion in the fourth.

  Investment income

  Income receipts on U.S.-owned assets abroad decreased to $57.1 billion from
$58.1 billion.  Decreases in "other" private receipts and in U.S. Government
receipts more than offset an increase in direct investment receipts.

  Income payments on foreign-owned assets in the United States increased to
$57.2 billion from $50.0 billion.  The increase was more than accounted for by
a shift in direct investment income to profits from losses; "other" private
payments and U.S. Government payments both decreased.

  Compensation of employees

  Receipts for compensation of U.S. workers abroad were virtually unchanged at
$0.6 billion.  Payments for compensation of foreign workers in the United
States were virtually unchanged at $2.2 billion.

Unilateral current transfers

  Unilateral current transfers were net outflows of $15.9 billion in the first
quarter, up from net outflows of $13.6 billion in the fourth.  The increase was
more than accounted for by an increase in U.S. Government grants.


                   Capital and Financial Account

                           Capital Account

  Capital account transactions were net inflows of $0.2 billion in the first
quarter, virtually 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 $99.4 billion in the first quarter, compared with $150.7 billion
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 $13.9 billion in the first quarter,
following an increase of $100.1 billion in the fourth.

  U.S. claims on foreigners reported by U.S. banks decreased $10.0 billion in
the first quarter, in contrast to an increase of $83.7 billion in the fourth.
The first-quarter decrease reflects continuing weakness in foreign economic
activity.

  Transactions in foreign securities shifted to net U.S. sales of $2.0 billion
in the first quarter from net U.S. purchases of $26.1 billion in the fourth.
Transactions in foreign stocks shifted to net U.S. sales of $1.5 billion from
net U.S. purchases of $18.7 billion; transactions with several foreign countries
shifted to net U.S. sales.  Transactions in foreign bonds shifted to net U.S.
sales of $0.6 billion from net U.S. purchases of $7.4 billion, partly reflecting
a shift to net U.S. sales of outstanding Western European bonds.

  Net financial outflows for U.S. direct investment abroad were $22.5 billion
in the first quarter, down from $27.5 billion in the fourth.  The decrease was
accounted for by a decrease in net equity capital outflows and an increase in
net intercompany debt inflows; reinvested earnings changed little.

  U.S. official reserve assets decreased $0.4 billion in the first quarter, in
contrast to an increase of $0.2 billion in the fourth.

Foreign-owned assets in the United States

  Foreign-owned assets in the United States increased $113.3 billion in the
first quarter, following an increase of $250.8 billion in the fourth.

  U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury
securities, decreased $25.3 billion in the first quarter, in contrast to an
increase of $85.6 billion in the fourth.  The first-quarter decrease reflects a
moderation of bank flows after the strong inflows in the fourth quarter.

  Transactions in U.S. Treasury securities shifted to net foreign sales of $5.7
billion in the first quarter from net foreign purchases of $27.2 billion in the
fourth; in the fourth quarter, foreign investors had acquired U.S. Treasury
securities in an especially uncertain financial and economic environment.

  Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $70.3 billion in the first quarter, down from $99.3 billion in the fourth.
Net foreign purchases of U.S. stocks were $25.0 billion, down from $33.0 billion,
as U.S. stock prices were little changed by the end of the first quarter after
rising strongly in the fourth quarter.  Net foreign purchases of U.S. corporate
and other bonds were $45.4 billion, down from $66.3 billion; the decrease was
mostly attributable to a decline in net foreign purchases of U.S. federally
sponsored agency bonds, which were strong in the fourth quarter.

  Net financial inflows for foreign direct investment in the United States were
$25.7 billion in the first quarter, up from $21.9 billion in the fourth.  Net
intercompany debt inflows increased, and reinvested earnings became less
negative; in contrast, net equity capital inflows decreased.

  Net U.S. currency shipments to foreigners were $4.5 billion in the first
quarter, down from $10.5 billion in the fourth.

  Foreign official assets in the United States increased $9.0 billion in the
first quarter, following an increase of $5.1 billion in the fourth.

  The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $12.9 billion in the first quarter, in contrast to a negative
$55.8 billion in the fourth.

  In the first quarter, the U.S. dollar appreciated 3 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.  The major changes this year are summarized below.

     "Other" private service receipts and "other" private service payments are
   revised for 2001 to incorporate the results of BEA's Benchmark Survey of
   Selected Services Transactions with Unaffiliated Foreign Persons for 2001
   and BEA's annual surveys of insurance services and of construction services.

     "Other" private income payments are revised for 1995-2001 to incorporate
   results from the U.S. Treasury Department's Benchmark Survey of Foreign
   Portfolio Investment in the United States as of March 31, 2000.

      Net foreign purchases of U.S. Treasury securities and net foreign
   purchases of U.S. securities other than U.S. Treasury securities are revised
   for 1995-2001 to incorporate results from the U.S. Treasury Department's
   Benchmark Survey of Foreign Portfolio Investment in the United States as of
   March 31, 2000.

  In addition to the above improvements, estimates for 1998-2001 have been
revised as a result of other newly available or revised quarterly and annual
survey results and updated source data.

  Revisions attributable to the U.S. Treasury's Benchmark Survey of Foreign
Portfolio Investment in the United States have a significant impact on both the
current account and the financial account.  The Benchmark survey is a security
by security enumeration, provided by custodians and issuers of securities, of
foreign holdings of U.S. portfolio assets with an original maturity of more than
1 year.  The survey results indicate a significant overstatement in the
previously published estimates of foreign holdings of U.S. long-term debt
instruments.  When foreign holdings are restated to new, lower amounts,
estimates of interest payments related to them are also reduced.  This reduction
in interest payments lowers the current-account deficit for 1995-2001.  The
reduction in the current-account deficit attributable to lower interest payments
rises from $4.0 billion in 1995 to $29.3 billion in 2001.  These revisions cause
the balance on income to shift to a surplus from a deficit for each year in the
1998-2001 period, but the revisions do not alter the long-run trend in the
current-account deficit.

  The overstatement in debt positions for foreign holdings of U.S. Treasury
securities, of U.S. federally sponsored agency securities, and of U.S. corporate
bonds also indicates that the transactions reporting system used as the basis
for estimates between benchmark surveys overstated the amount of gross purchases
by foreigners relative to their gross sales.  Gross purchases may be overstated,
gross sales understated, or there may be some combination of both.  For example,
gross sales may be understated because the transactions reporting system did
not fully capture redemptions of debt that matured, was paid down, or was called
prior to maturity.  Consequently, BEA has revised transactions in the
above-mentioned instruments by an amount necessary to account for most of the
overstatement that developed over the 1995-2001 period.  The amount of the
revision varies by year but is smaller in earlier years and larger in later
years.  As a result, net financial inflows into the United States (net
acquisitions by foreign residents of assets in the United States less net
acquisitions by U.S. residents of assets abroad) are reduced for 1995-2001.
The estimates still indicate large net financial inflows to theUnited States
over the period.

  Revised position estimates for the U.S. net international
investment position will be presented in a press release on June 28.

  Revised estimates for the detailed components of the U.S. international
transactions accounts for 2000-2001 are shown in table 1.  Summary information
on revisions for 1995-2001 is shown in table 2.

  The fourth-quarter 2001 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 $95.1 billion from $98.8
billion.  The goods deficit was virtually unrevised at $100.7 billion; the
services surplus was revised to $12.6 billion from $17.5 billion; the balance
on income was revised to a surplus of $6.5 billion from a deficit of $1.7
billion; and unilateral current transfers were revised to net outflows of $13.6
billion from net outflows of $13.9 billion.  Net recorded financial inflows were
revised to $150.7 billion from $157.3 billion.

                      *          *          *

    Release dates in 2002:

    Second quarter 2002...........................September 12, 2002 (Thursday)
    Third quarter 2002............................December 12, 2002 (Thursday)

                      *          *          *

  BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on BEA's Web site:

                           <www.bea.gov>

  Summary BEA estimates are available on recorded messages at the time of public
release at the following telephone numbers:

           (202) 606-5362 U.S. international transactions
                    -5306 Gross domestic product
                    -5303 Personal income and outlays

  Most of BEA's estimates and analyses are published in the Survey of Current
Business, BEA's monthly journal.  Subscriptions and single copies of the printed
Survey are for sale by the Superintendent of Documents, U.S. Government Printing
Office.  Internet: <bookstore.gpo.gov>; phone: 202-512-1800;
fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.



                                                                                                                                                                                                                                               June 20, 2002
    Table 1.--U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                       2000                                        2001                                        2002      Change:   Amount of
                                               (Credits +, debits -)                                           2000r       2001r                                                                                                        2001:IV -  Revision
                                                                                                                                        Ir         IIr       IIIr        IVr        Ir         IIr       IIIr        IVr        Ip       2002:I      2001

                                                 Current account

     1 Exports of goods and services and income receipts....................................................  1,417,236   1,281,793    340,178    355,468    360,827    360,765    349,040    331,612    309,477    291,667    291,316       -351    -16,604

     2      Exports of goods and services...................................................................  1,064,239     998,022    256,095    265,285    272,698    270,162    266,004    256,766    242,325    232,930    233,609        679     -6,567

     3          Goods, balance of payments basis............................................................    771,994     718,762    184,486    191,411    199,641    196,456    193,284    184,846    173,274    167,358    164,649     -2,709     -2,069

     4          Services....................................................................................    292,245     279,260     71,609     73,874     73,057     73,706     72,720     71,920     69,051     65,572     68,960      3,388     -4,498
     5              Transfers under U.S. military agency sales contracts....................................     13,981      12,220      3,188      3,794      3,342      3,657      2,806      3,227      3,079      3,108      3,002       -106       -593

     6              Travel..................................................................................     82,267      73,119     20,461     21,001     20,300     20,505     20,735     19,803     17,845     14,736     17,167      2,431        824
     7              Passenger fares.........................................................................     20,760      18,007      5,013      5,342      5,213      5,192      5,007      4,849      4,522      3,629      4,171        542        273
     8              Other transportation....................................................................     30,137      28,306      7,322      7,595      7,628      7,592      7,495      7,170      6,968      6,674      6,714         40         14

     9               Royalties and license fees.............................................................     39,607      38,668      9,757      9,998      9,998      9,854      9,717      9,743      9,537      9,672     10,090        418       -207
    10               Other private services.................................................................    104,707     108,109     25,682     25,991     26,343     26,692     26,738     26,927     26,886     27,559     27,621         62     -4,783
    11               U.S. Government miscellaneous services.................................................        786         831        186        153        233        214        222        201        214        194        195          1        -26

    12      Income receipts.................................................................................    352,997     283,771     84,083     90,183     88,129     90,603     83,036     74,846     67,152     58,737     57,707     -1,030    -10,037
    13           Income receipts on U.S.-owned assets abroad................................................    350,656     281,389     83,508     89,600     87,541     90,008     82,444     74,253     66,555     58,137     57,096     -1,041     -9,953
    14               Direct investment receipts.............................................................    149,677     125,996     36,531     38,502     36,721     37,924     35,270     33,078     30,211     27,436     28,143        707     -6,655
    15               Other private receipts.................................................................    197,133     151,832     45,911     49,959     49,975     51,288     46,281     40,398     35,494     29,659     28,174     -1,485     -3,343
    16               U.S. Government receipts...............................................................      3,846       3,561      1,066      1,139        845        796        893        777        850      1,042        779       -263         45
    17           Compensation of employees..................................................................      2,341       2,382        575        583        588        595        592        593        597        600        611         11        -84

    18 Imports of goods and services and income payments.................................................... -1,774,135  -1,625,701   -422,527   -441,206   -455,079   -455,329   -445,154   -418,930   -388,448   -373,174   -387,953    -14,779     39,624

    19      Imports of goods and services................................................................... -1,442,920  -1,356,312   -343,267   -357,212   -371,024   -371,420   -363,164   -350,090   -322,103   -320,958   -328,467     -7,509     -3,913

    20          Goods, balance of payments basis............................................................ -1,224,417  -1,145,927   -290,941   -303,581   -314,779   -315,116   -306,316   -292,565   -279,025   -268,021   -271,073     -3,052      1,519

    21          Services....................................................................................   -218,503    -210,385    -52,326    -53,631    -56,245    -56,304    -56,848    -57,525    -43,078    -52,937    -57,394     -4,457     -5,432
    22              Direct defense expenditures.............................................................    -13,560     -15,198     -3,262     -3,382     -3,541     -3,375     -3,548     -3,512     -3,785     -4,353     -4,350          3       -423

    23              Travel..................................................................................    -64,788     -60,117    -16,399    -16,123    -16,075    -16,191    -16,003    -16,698    -14,468    -12,948    -14,710     -1,762     -1,196
    24              Passenger fares.........................................................................    -24,306     -22,418     -5,805     -6,146     -6,226     -6,129     -5,810     -6,213     -5,944     -4,451     -5,128       -677        989
    25              Other transportation....................................................................    -41,598     -38,823     -9,767    -10,183    -10,871    -10,780    -10,521    -10,130     -9,178     -8,997     -9,018        -21       -593

    26               Royalties and license fees.............................................................    -16,115     -16,359     -3,636     -3,763     -4,556     -4,159     -4,097     -4,038     -4,113     -4,110     -4,734       -624         40
    27               Other private services.................................................................    -55,253     -54,588    -12,747    -13,316    -14,233    -14,958    -16,146    -16,208     -4,864    -17,371    -18,713     -1,342     -4,299
    28               U.S. Government miscellaneous services.................................................     -2,883      -2,882       -710       -718       -743       -712       -723       -726       -726       -707       -741        -34         50

    29      Income payments.................................................................................   -331,215    -269,389    -79,260    -83,994    -84,055    -83,909    -81,990    -68,840    -66,345    -52,216    -59,486     -7,270     43,537
    30           Income payments on foreign-owned assets in the United States...............................   -323,005    -260,850    -77,240    -81,940    -82,028    -81,799    -79,881    -66,727    -64,210    -50,035    -57,247     -7,212     44,246
    31               Direct investment payments.............................................................    -60,815     -23,401    -16,778    -16,769    -14,430    -12,840    -13,021     -5,246     -6,303      1,166     -7,239     -8,405     14,029
    32               Other private payments.................................................................   -179,217    -156,784    -40,569    -44,614    -46,617    -47,417    -45,512    -40,886    -38,156    -32,230    -31,500        730      6,569
    33               U.S. Government payments...............................................................    -82,973     -80,665    -19,893    -20,557    -20,981    -21,542    -21,348    -20,595    -19,751    -18,971    -18,508        463     23,648
    34           Compensation of employees..................................................................     -8,210      -8,539     -2,020     -2,054     -2,027     -2,110     -2,109     -2,113     -2,135     -2,181     -2,239        -58       -709

    35 Unilateral current transfers, net....................................................................    -53,442     -49,463    -11,749    -12,349    -12,925    -16,418    -11,608    -11,916    -12,360    -13,579    -15,850     -2,271      1,038

    36      U.S. Government grants..........................................................................    -16,821     -11,628     -2,912     -3,232     -3,634     -7,043     -2,419     -2,522     -2,905     -3,782     -6,373     -2,591       -294
    37      U.S. Government pensions and other transfers....................................................     -4,705      -5,798     -1,168     -1,179     -1,183     -1,177     -1,316     -1,291     -1,305     -1,886     -1,368        518          6
    38      Private remittances and other transfers.........................................................    -31,916     -32,037     -7,669     -7,938     -8,108     -8,198     -7,873     -8,103     -8,150     -7,911     -8,109       -198      1,326


                                                                                                                                                                                                                                               June 20, 2002
    Table 1.--U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                       2000                                        2001                                        2002      Change:   Amount of
                                               (Credits +, debits -)                                           2000r       2001r                                                                                                            2001:I Revision
                                                                                                                                        Ir         IIr       IIIr        IVr        Ir         IIr       IIIr        IVr        Ip          2002:I   2001

                                           Capital and financial account

                                                  Capital account

    39 Capital account transactions, net....................................................................        837         826        210        206        207        214        208        207        206        205        201         -4        100

                                                 Financial account

    40 U.S.-owned assets abroad, net (increase/financial outflow (-)).......................................   -606,489    -370,962   -228,888   -110,470    -93,029   -174,104   -215,815    -80,036     24,978   -100,088    -13,881     86,207     68,601

    41     U.S. official reserve assets, net................................................................       -290      -4,911       -554      2,020       -346     -1,410        190     -1,343     -3,559       -199        390        589       ....
    42          Gold........................................................................................       ....        ....       ....       ....       ....       ....       ....       ....       ....       ....       ....       ....       ....
    43          Special drawing rights......................................................................       -722        -630       -180       -180       -182       -180       -189       -156       -145       -140       -109         31       ....
    44          Reserve position in the International Monetary Fund.........................................      2,308      -3,600       -237      2,328      1,300     -1,083        574     -1,015     -3,242         83        652        569       ....
    45          Foreign currencies..........................................................................     -1,876        -681       -137       -128     -1,464       -147       -195       -172       -172       -142       -153        -11       ....

    46     U.S. Government assets, other than official reserve assets, net..................................       -941        -486       -127       -570        114       -358         77       -783         77        143        239         96         87
    47          U.S. credits and other long-term assets.....................................................     -5,182      -4,431     -1,750     -1,371     -1,051     -1,010     -1,094     -1,330     -1,011       -996       -725        271         19
    48          Repayments on U.S. credits and other long-term assets.......................................      4,265       3,873      1,329        860      1,266        810      1,071        573      1,118      1,111        963       -148         72
    49          U.S. foreign currency holdings and U.S. short-term assets, net..............................        -24          72        294        -59       -101       -158        100        -26        -30         28          1        -27         -4

    50     U.S. private assets, net.........................................................................   -605,258    -365,565   -228,207   -111,920    -92,797   -172,336   -216,082    -77,910     28,460   -100,032    -14,510     85,522     68,514
    51          Direct investment...........................................................................   -178,294    -127,840    -45,532    -51,550    -41,082    -40,132    -23,514    -35,131    -41,724    -27,470    -22,533      4,937     28,179
    52          Foreign securities..........................................................................   -127,502     -94,662    -27,417    -39,744    -33,936    -26,405    -26,895    -51,764     10,087    -26,090      2,047     28,137      2,999
    53          U.S. claims on unaffiliated foreigners reported by
                     U.S. nonbanking concerns...............................................................   -150,805     -14,358    -87,048    -25,117    -16,128    -22,512    -51,759      9,670     -9,479     37,210     -4,030    -41,240     61,709
    54          U.S. claims reported by U.S. banks, not included elsewhere..................................   -148,657    -128,705    -68,210      4,491     -1,651    -83,287   -113,914       -685     69,576    -83,682     10,006     93,688    -24,373

    55 Foreign-owned assets in the United States, net (increase/financial inflow (+)).......................  1,015,986     752,806    240,723    245,787    244,933    284,544    302,510    181,610     17,889    250,797    113,315   -137,482   -142,653

    56     Foreign official assets in the United States, net................................................     37,640       5,224     22,711      6,563     12,904     -4,538      4,087    -20,831     16,882      5,086      9,034      3,948       -868
    57          U.S. Government securities..................................................................     30,676      31,665     24,311      6,334      5,271     -5,240      2,547    -10,866     15,594     24,390      6,714    -17,676        -15
    58              U.S. Treasury securities................................................................    -10,233      10,745     16,204     -4,000     -9,001    -13,436     -1,027    -20,798     15,810     16,760       -582    -17,342        -15
    59              Other...................................................................................     40,909      20,920      8,107     10,334     14,272      8,196      3,574      9,932       -216      7,630      7,296       -334       ....
    60          Other U.S. Government liabilities...........................................................     -1,909      -1,882       -261       -884       -233       -531       -676       -791         89       -504       -790       -286        600
    61          U.S. liabilities reported by U.S. banks, not included elsewhere.............................      5,746     -30,278     -2,270        209      7,554        253      1,213    -10,202       -782    -20,507      2,384     22,891     -1,453
    62          Other foreign official assets...............................................................      3,127       5,719        931        904        312        980      1,003      1,028      1,981      1,707        726       -981       ....

    63     Other foreign assets in the United States, net...................................................    978,346     747,582    218,012    239,224    232,029    289,082    298,423    202,441      1,007    245,711    104,281   -141,430   -141,785
    64          Direct investment...........................................................................    307,747     130,796     44,296     96,139     83,478     83,835     43,589     51,102     14,208     21,897     25,704      3,807    -27,140
    65          U.S. Treasury securities....................................................................    -76,965      -7,670    -15,203    -26,484    -19,013    -16,265     -4,744    -14,685    -15,470     27,229     -5,682    -32,911    -23,449
    66          U.S. securities other than U.S. Treasury securities.........................................    455,213     407,653    129,278     87,088    120,880    117,967    129,990    113,556     64,787     99,320     70,329    -28,991    -90,780
    67          U.S. currency...............................................................................      1,129      23,783     -6,847        989        757      6,230      2,311      2,772      8,203     10,497      4,525     -5,972       ....
    68          U.S. liabilities to unaffiliated foreigners reported by
                     U.S. nonbanking concerns...............................................................    174,251      82,353     76,305     27,645     17,471     52,830    111,644     -5,307    -25,154      1,170     34,704     33,534    -15,869
    69          U.S. liabilities reported by U.S. banks, not included elsewhere.............................    116,971     110,667     -9,817     53,847     28,456     44,485     15,633     55,003    -45,567     85,598    -25,299   -110,897     15,453

    70 Statistical discrepancy (sum of above items with sign reversed)......................................          7      10,701     82,053    -37,436    -44,934        328     20,819     -2,547     48,258    -55,828     12,852     68,680     49,894

       Memoranda:
    71 Balance on goods (lines 3 and 20)....................................................................   -452,423    -427,165   -106,455   -112,170   -115,138   -118,660   -113,032   -107,719   -105,751   -100,663   -106,424     -5,761       -550
    72 Balance on services (lines 4 and 21).................................................................     73,742      68,875     19,283     20,243     16,812     17,402     15,872     14,395     25,973     12,635     11,566     -1,069     -9,930
    73 Balance on goods and services (lines 2 and 19).......................................................   -378,681    -358,290    -87,172    -91,927    -98,326   -101,258    -97,160    -93,324    -79,778    -88,028    -94,858     -6,830    -10,480
    74 Balance on income (lines 12 and 29)..................................................................     21,782      14,382      4,823      6,189      4,074      6,694      1,046      6,006        807      6,521     -1,779     -8,300     33,500
    75 Unilateral current transfers, net (line 35)..........................................................    -53,442     -49,463    -11,749    -12,349    -12,925    -16,418    -11,608    -11,916    -12,360    -13,579    -15,850     -2,271      1,038
    76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).............................   -410,341    -393,371    -94,098    -98,087   -107,177   -110,982   -107,722    -99,234    -91,331    -95,086   -112,487    -17,401     24,058

    r  Revised.  p  Preliminary.

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


                                                                                                                                                                                                                                   June 20, 2002

 Table 2.--Revisions to U.S. International Transactions
 [Millions of dollars; quarters seasonally adjusted]

                Exports of goods and services           Imports of goods and services
                and income receipts                     and income payments                          Unilateral current transfers, net            Balance on current account                   Net financial flows

                Previously                              Previously                                   Previously                                   Previously                                   Previously
                published     Revised      Revision     published       Revised        Revision      published       Revised       Revision       published       Revised       Revision       published       Revised       Revision

 1995......     1,005,935     1,005,935       ....      -1,081,776      -1,077,701      4,075        -34,057        -34,057           ....       -109,898       -105,823          4,075        113,308         86,186        -27,122
 1996......     1,077,966     1,077,966       ....      -1,158,822      -1,155,706      3,116        -40,081        -40,081           ....       -120,937       -117,821          3,116        172,115        137,173        -34,942
 1997......     1,195,538     1,195,538       ....      -1,294,553      -1,283,116     11,437        -40,794        -40,794           ....       -139,809       -128,372         11,437        271,691        219,210        -52,481
 1998......     1,191,932     1,192,045        113      -1,364,962      -1,351,363     13,599        -44,427        -44,509            -82       -217,457       -203,827         13,630        144,832         63,809        -81,023
 1999......     1,242,655     1,247,682      5,027      -1,518,106      -1,491,781     26,325        -48,913        -48,757            156       -324,364       -292,856         31,508        376,677        264,910       -111,767
 2000......     1,418,568     1,417,236     -1,332      -1,809,099      -1,774,135     34,964        -54,136        -53,442            694       -444,667       -410,341         34,326        443,266        409,497        -33,769
 2001......     1,298,397     1,281,793    -16,604      -1,665,325      -1,625,701     39,624        -50,501        -49,463          1,038       -417,429       -393,371         24,058        455,896        381,844        -74,052

 1995: I...       241,599       241,599       ....        -263,058        -261,741      1,317         -8,577         -8,577           ....        -30,036        -28,719          1,317         38,300         32,965         -5,335
                  249,063       249,063       ....        -272,905        -271,787      1,118         -8,080         -8,080           ....        -31,922        -30,804          1,118         10,946          4,190         -6,756
                  255,633       255,633       ....        -273,684        -272,735        949         -8,460         -8,460           ....        -26,511        -25,562            949         77,518         69,607         -7,911
                  259,636       259,636       ....        -272,130        -271,439        691         -8,939         -8,939           ....        -21,433        -20,742            691        -13,454        -20,574         -7,120

 1996: I...       262,927       262,927       ....        -277,198        -276,913        285        -10,519        -10,519           ....        -24,790        -24,505            285         15,348          4,319        -11,029
                  266,859       266,859       ....        -287,257        -286,958        299         -8,744         -8,744           ....        -29,142        -28,843            299         41,381         32,893         -8,488
                  267,240       267,240       ....        -294,437        -293,473        964         -8,940         -8,940           ....        -36,137        -35,173            964         59,826         52,434         -7,392
                  280,934       280,934       ....        -299,931        -298,363      1,568        -11,878        -11,878           ....        -30,875        -29,307          1,568         55,562         47,529         -8,033

 1997: I...       287,373       287,373       ....        -312,810        -310,740      2,070         -9,054         -9,054           ....        -34,491        -32,421          2,070         31,663         20,792        -10,871
                  300,459       300,459       ....        -321,005        -317,828      3,177         -9,280         -9,280           ....        -29,826        -26,649          3,177         59,738         47,103        -12,635
                  305,114       305,114       ....        -328,883        -325,650      3,233         -9,561         -9,561           ....        -33,330        -30,097          3,233         62,527         47,940        -14,587
                  302,595       302,595       ....        -331,858        -328,901      2,957        -12,902        -12,902           ....        -42,165        -39,208          2,957        117,759        103,371        -14,388

 1998: I...       301,933       301,808       -125        -335,558        -332,743      2,815         -9,866         -9,900            -34        -43,491        -40,835          2,656         20,717          3,281        -17,436
                  298,319       298,310         -9        -340,566        -337,467      3,099        -10,154        -10,134             20        -52,401        -49,291          3,110         33,290         15,106        -18,184
                  291,449       291,511         62        -341,256        -338,013      3,243        -10,731        -10,775            -44        -60,538        -57,277          3,261         36,001         15,665        -20,336
                  300,229       300,414        185        -347,583        -343,142      4,441        -13,671        -13,699            -28        -61,025        -56,427          4,598         54,822         29,755        -25,067

 1999: I...       296,210       297,111        901        -351,607        -345,676      5,931        -11,051        -11,107            -56        -66,448        -59,672          6,776         87,101         35,328        -51,773
                  302,880       303,765        885        -368,662        -362,299      6,363        -11,596        -11,614            -18        -77,378        -70,148          7,230        107,340         72,003        -35,337
                  315,099       316,533      1,434        -391,401        -385,035      6,366        -11,761        -11,641            120        -88,063        -80,143          7,920         57,188         39,590        -17,598
                  328,467       330,273      1,806        -406,437        -398,776      7,661        -14,504        -14,393            111        -92,474        -82,896          9,578        125,051        117,992         -7,059

 2000: I...       339,645       340,178        533        -432,624        -422,527     10,097        -11,924        -11,749            175       -104,903        -94,098         10,805         58,677         11,835        -46,842
                  355,075       355,468        393        -450,748        -441,206      9,542        -12,461        -12,349            112       -108,134        -98,087         10,047        156,434        135,317        -21,117
                  361,236       360,827       -409        -463,461        -455,079      8,382        -13,080        -12,925            155       -115,305       -107,177          8,128        114,381        151,904         37,523
                  362,617       360,765     -1,852        -462,268        -455,329      6,939        -16,673        -16,418            255       -116,324       -110,982          5,342        113,773        110,440         -3,333

 2001: I...       354,158       349,040     -5,118        -454,461        -445,154      9,307        -11,826        -11,608            218       -112,129       -107,722          4,407        103,704         86,695        -17,009
                  335,722       331,612     -4,110        -431,524        -418,930     12,594        -12,130        -11,916            214       -107,932        -99,234          8,698        154,570        101,574        -52,996
                  312,333       309,477     -2,856        -398,195        -388,448      9,747        -12,669        -12,360            309        -98,531        -91,331          7,200         40,275         42,867          2,592
                  296,191       291,667     -4,524        -381,150        -373,174      7,976        -13,876        -13,579            297        -98,835        -95,086          3,749        157,346        150,709         -6,637

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