News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, June 17, 2005
BEA 05-27

U.S. International Transactions: First Quarter 2005




The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Also available: a brief summary of highlights.

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Douglas B. Weinberg:        (202) 606-9590 (Data)
Christopher L. Bach:              606-9545 (Revisions)                BEA 05-27


The estimates of the international transactions accounts released today have
been updated and revised to reflect improved estimating methodologies and newly
available source data.  The improvements this year include estimates of
transactions between unaffiliated parties in other private services based on
newly introduced BEA quarterly surveys, the incorporation of the results of the
U.S. Treasury Department's annual survey of securities claims for December
2003, the incorporation of the U.S. Treasury Department's benchmark survey of
securities liabilities for June 2004 and annual survey of June 2003, the
incorporation of more accurate measures of foreign commercial paper issued in
the United States, and the introduction of new estimates of personal
remittances of foreign-born U.S. residents to households abroad.  The
incorporation of these data led to significant improvements in the estimates of
services receipts and services payments, income receipts and income payments,
financial flows for U.S.-owned assets abroad and for foreign-owned assets in
the United States, and private remittances and other transfers.  (See the
section on "Revisions" on page 6 of this release.)

The July Survey of Current Business will contain detailed tables and an article
describing revisions to the international transactions accounts and to the
international investment position accounts.  Also, a news release on June 30
will present BEA's preliminary estimates for 2004 and revised estimates for
1998-2003 of the U.S. net international investment position.

              U.S. International Transactions: First Quarter 2005

                                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
$195.1 billion in the first quarter of 2005 (preliminary) from $188.4 billion
(revised) in the fourth quarter of 2004.  The increase was more than accounted
for by increases in the deficit on goods and in net outflows for unilateral
current transfers.  These increases were partly offset by increases in the
surplus on services and in the surplus on income.

Goods and services

        The deficit on goods and services increased to $171.8 billion in the
first quarter from $169.2 billion in the fourth.

        Goods

        The deficit on goods increased to $186.3 billion in the first quarter
from $182.2 billion in the fourth.

        Goods exports increased to $213.8 billion from $208.9 billion.  Much of
the increase was in industrial supplies and materials, in consumer goods, and
in capital goods.

        Goods imports increased to $400.2 billion from $391.1 billion.  More
than half of the increase was accounted for by a step-up in consumer goods; all
other major commodity categories also increased.

        Services

        The surplus on services increased to $14.6 billion in the first quarter
from $13.0 billion in the fourth.

        Services receipts increased to $93.8 billion from $90.0 billion.  The
largest increases were in transfers under U.S. military agency sales contracts,
in travel, and in "other" private services (such as business, professional, and
technical services, insurance services, and financial services).

        Services payments increased to $79.3 billion from $77.1 billion.  The
largest increases were in "other" transportation (such as freight and port
services) and in "other" private services.

Income

        The surplus on income increased to $3.8 billion in the first quarter
from $3.2 billion in the fourth.

        Investment income

        Income receipts on U.S.-owned assets abroad decreased slightly to
$105.2 billion from $105.4 billion.  A decrease in direct investment receipts
more than offset an increase in "other" private receipts (which consists of
interest and dividends).

        Income payments on foreign-owned assets in the United States decreased
slightly to $100.1 billion from $100.7 billion.  A decrease in direct
investment payments more than offset increases in U.S. Government payments
(which consists of interest) and in "other" private payments (which consists of
interest and dividends).

        Compensation of employees

        Receipts for compensation of U.S. workers abroad decreased slightly to
$0.7 billion from $0.8 billion, and payments for compensation of foreign
workers in the United States decreased to $2.1 billion from $2.3 billion.

Unilateral current transfers

        Unilateral current transfers were net outflows of $27.1 billion in the
first quarter, up from net outflows of $22.4 billion in the fourth as a result
of increases in U.S. Government grants and in private remittances and other
transfers.

                        Capital and Financial Account

                                Capital Account

        Capital account transactions were net outflows of $4.5 billion in the
first quarter, up from $0.5 billion in 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 $165.4 billion in the first quarter, down from $169.0
billion in the fourth.  Financial inflows for foreign-owned assets in the
United States slowed more than financial outflows for U.S.-owned assets abroad.

U.S.-owned assets abroad

        U.S.-owned assets abroad increased $60.7 billion in the first quarter,
following an increase of $289.0 billion in the fourth.

        U.S. claims on foreigners reported by U.S. banks decreased $62.3
billion in the first quarter, in contrast to an increase of $97.3 billion in
the fourth.

        Net U.S. purchases of foreign securities were $34.8 billion in the
first quarter, up from $18.2 billion in the fourth.  Net U.S. purchases of
foreign stocks were $39.8 billion, up from $9.6 billion.  Transactions in
foreign bonds shifted to net U.S. sales of $5.0 billion from net U.S. purchases
of $8.6 billion.

        Net financial outflows for U.S. direct investment abroad were $32.2
billion in the first quarter, down from $100.0 billion in the fourth.  Large
decreases in net equity capital outflows and in reinvested earnings accounted
for nearly all of the decline.

        U.S. official reserve assets decreased $5.3 billion in the first
quarter, following a decrease of $0.7 billion in the fourth.

Foreign-owned assets in the United States

        Foreign-owned assets in the United States increased $226.1 billion in
the first quarter, following an increase of $457.9 billion in the fourth.

        U.S. liabilities to foreigners reported by U.S. banks decreased $78.3
billion in the first quarter, in contrast to an increase of $91.5 billion in
the fourth.

        Net foreign purchases of U.S. Treasury securities were $75.5 billion in
the first quarter, up from $15.7 billion in the fourth.

        Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $88.2 billion in the first quarter, down from $158.2 billion in
the fourth.  Net foreign purchases of U.S. stocks were $28.9 billion, down from
$45.7 billion.  Net foreign purchases of U.S. corporate bonds were $58.6
billion, down from $69.3 billion.  Net foreign purchases of federally sponsored
agency bonds were $0.8 billion, down from $43.2 billion.

        Net financial inflows for foreign direct investment in the United
States were $28.8 billion in the first quarter, down from $31.6 billion in the
fourth.  Decreases in reinvested earnings and in net equity capital inflows
were largely offset by a shift to net inflows on intercompany debt from net
outflows.

        Foreign official assets in the United States increased $24.7 billion in
the first quarter, following an increase of $94.5 billion in the fourth.

        Net U.S. currency shipments to foreigners were $1.1 billion in the
first quarter, down from $5.3 billion in the fourth.

        The statistical discrepancy--errors and omissions in recorded
transactions--was a positive $34.1 billion in the first quarter, compared with
a positive $19.9 billion in the fourth.

        In the first quarter, the U.S. dollar depreciated 1 percent on a trade-
weighted quarterly average basis against a group of 7 major currencies.

The American Jobs Creation Act of 2004, which was enacted on October 22, 2004,
allows U.S. companies that repatriate a historically large amount of earnings
from their foreign subsidiaries to be taxed at reduced rates on the increased
distributions.  An increase in direct investment dividends will not affect
direct investment income (table 1, line 14), because direct investment income
reflects a U.S. direct investor's share in the earnings (whether distributed
or reinvested) of its foreign affiliates, plus net interest received on
intercompany loans.  The amount of any dividends that may arise from the Act
is not separately identifiable.  More information is available on BEA's
Web site at www.bea.gov/bea/faq/international/FAQ.htm.

                                  Revisions

        As is customary each June, estimates of U.S. international transactions
are updated and revised to incorporate improved estimating methodologies and
newly available source data.  The major changes this year are summarized below.

   *    "Other" private services receipts and payments are revised for 2004 to
         incorporate estimates based on new quarterly surveys of these
         transactions with unaffiliated residents abroad; previous estimates
         were based largely on annual surveys.  The new quarterly surveys cover
         services such as insurance, telecommunications, financial, and many
         business, professional, and technical services.  The new quarterly
         surveys permit more accurate measurement of large and sometimes
         volatile transactions in these categories.  Financial services, a
         component of "other" private services receipts and payments, are
         revised for 2000-2004.  Education services, also a component of
         "other" private services receipts and payments, are revised for 2001-
         2004.  New estimates of medical services payments, a component of
         "other" private services payments, are introduced for 1991-2004.

   *    U.S. transactions in foreign stocks and bonds and related dividend and
        interest receipts are revised for 2002-2004 to incorporate results of
        the U.S. Treasury Department's annual survey of securities claims for
        December 2003. In addition, transactions and related dividend and
        interest receipts are revised for 1998-2001 to incorporate revisions to
        data from the U.S. Treasury Department's benchmark survey for December
        2001.

   *    Foreign transactions in U.S. stocks and corporate bonds and related
        dividend and interest payments are revised for 2002-2004 to incorporate
        results of the U.S. Treasury Department's benchmark survey of
        securities liabilities for June 2004 and annual survey for June 2003.
        Foreign transactions in U.S. Treasury bonds and U.S. agency bonds and
        related interest payments are revised for 2003-2004 to incorporate the
        U.S. Treasury Department's benchmark survey of securities liabilities
        for June 2004.

   *    Private remittances and other transfers are revised for 1991-2004 to
        incorporate new source data on the demographic characteristics of the
        foreign-born population residing in the United States and refined
        methods used for estimating remittances of the foreign-born population
        to households abroad.

   *    U.S. claims on foreigners reported by U.S. banks are revised for 1999-
        2004 to incorporate more accurate information on foreign commercial
        paper issued in the United States.

        Revised estimates for the detailed components of the U.S. international
transactions accounts for 2003-2004 are shown in table 1.  Summary information
on revisions for 1991-2004 is shown in table 2.

        Preliminary estimates for 2004 and revised estimates for 1998-2003 for
the U.S. net international investment position will be presented in a news
release on June 30.

        The fourth-quarter 2004 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 $188.4 billion from
$187.9 billion.  The goods deficit was revised to $182.2 billion from $183.5
billion; the services surplus was revised to $13.0 billion from $12.5 billion;
the surplus on income was revised to $3.2 billion from $2.1 billion; and
unilateral current transfers were revised to net outflows of $22.4 billion from
$19.0 billion.  Net recorded financial inflows were revised to $169.0 billion
from $183.8 billion.

                            *          *          *

	Release dates in 2005:

        Second quarter 2005.........................September 16, 2005 (Friday)
        Third quarter 2005...........................December 16, 2005 (Friday)

                            *          *          *

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

                        (202) 606-5306 Gross domestic product
                                 -5303 Personal income and outlays

         BEA's national, international, regional, and industry estimates; the
Survey of Current Business; and BEA news releases are available without charge
on BEA's Web site at www.bea.gov.  By visiting the site, you can also subscribe
to receive free e-mail summaries of BEA releases and announcements.

                                                                                                                                                                                                                    June 17, 2005
    Table 1. U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                               2003                                2004                                2005    Change:  Amount of
                        (Credits +, debits -)                                                              2003r     2004r                                                                                     2004:IV   Revision
                                                                                                                               Ir       IIr      IIIr     IVr      Ir       IIr      IIIr     IVr      Ip      -2005:I     2004

                          Current account

           1 Exports of goods and services and income receipts.......................................... 1,332,397  1,530,975  318,950  322,353  333,656  357,435  363,494  376,564  385,874  405,041  413,675    8,634    14,806

           2     Exports of goods and services.......................................................... 1,022,567  1,151,448  248,244  248,481  256,062  269,782  277,093  285,099  290,370  298,887  307,689    8,802     4,267

           3         Goods, balance of payments basis...................................................   713,421    807,536  173,167  174,696  178,186  187,372  193,789  200,072  204,801  208,874  213,840    4,966       -74

           4         Services...........................................................................   309,146    343,912   75,077   73,785   77,876   82,410   83,304   85,027   85,569   90,013   93,849    3,836     4,341
           5             Transfers under U.S. military agency sales contracts...........................    12,769     14,814    2,742    2,915    3,529    3,583    3,899    3,756    3,604    3,555    4,520      965     1,243

           6             Travel.........................................................................    64,348     74,481   15,810   14,337   16,181   18,020   17,900   18,675   18,686   19,220   20,064      844      -287
           7             Passenger fares................................................................    15,693     18,858    3,825    3,522    4,036    4,310    4,521    4,654    4,909    4,774    5,129      355       -81
           8             Other transportation...........................................................    31,329     36,862    7,558    7,653    7,816    8,302    8,907    9,188    9,124    9,643   10,132      489      -185

           9             Royalties and license fees.....................................................    48,137     52,643   11,619   11,845   12,096   12,580   12,677   12,573   12,947   14,446   14,913      467     1,302
          10             Other private services.........................................................   136,060    145,433   33,321   33,311   34,015   35,412   35,202   35,975   36,094   38,163   38,881      718     2,283
          11             U.S. Government miscellaneous services.........................................       810        821      202      202      203      203      198      206      205      212      210       -2        66

          12     Income receipts........................................................................   309,830    379,527   70,706   73,872   77,594   87,653   86,401   91,465   95,504  106,154  105,986     -168    10,539
          13         Income receipts on U.S.-owned assets abroad........................................   306,854    376,489   69,979   73,156   76,838   86,876   85,657   90,738   94,734  105,357  105,242     -115    10,603
          14             Direct investment receipts.....................................................   193,289    233,067   42,080   45,679   48,398   57,129   55,096   57,053   57,863   63,053   56,886   -6,167    -4,497
          15             Other private receipts.........................................................   108,868    140,424   27,056   26,236   27,151   28,425   29,758   32,972   36,117   41,577   47,632    6,055    15,129
          16             U.S. Government receipts.......................................................     4,697      2,998      843    1,241    1,289    1,322      803      713      754      727      724       -3       -29
          17         Compensation of employees..........................................................     2,976      3,038      727      716      756      777      744      727      770      797      744      -53       -64

          18 Imports of goods and services and income payments..........................................-1,780,907 -2,118,119 -437,867 -433,896 -445,003 -464,135 -487,324 -522,684 -537,085 -571,026 -581,655  -10,629    -8,938

          19     Imports of goods and services..........................................................-1,517,381 -1,769,031 -373,077 -371,331 -378,761 -394,209 -415,945 -437,141 -447,835 -468,108 -479,446  -11,338    -4,775

          20         Goods, balance of payments basis...................................................-1,260,717 -1,472,926 -311,028 -309,763 -313,476 -326,450 -345,241 -364,059 -372,576 -391,050 -400,169   -9,119       161

          21         Services...........................................................................  -256,664   -296,105  -62,049  -61,568  -65,285  -67,759  -70,704  -73,082  -75,259  -77,058  -79,277   -2,219    -4,936
          22             Direct defense expenditures....................................................   -25,296    -29,299   -5,718   -6,162   -6,389   -7,027   -7,099   -7,399   -7,433   -7,368   -7,616     -248    -1,061

          23             Travel.........................................................................   -57,444    -65,635  -14,493  -12,989  -14,638  -15,324  -15,886  -16,491  -16,603  -16,655  -16,989     -334    -1,045
          24             Passenger fares................................................................   -20,957    -23,701   -5,007   -4,875   -5,512   -5,563   -5,740   -5,882   -5,896   -6,183   -6,313     -130      -391
          25             Other transportation...........................................................   -44,705    -54,169  -10,791  -11,089  -11,294  -11,531  -12,914  -13,158  -13,614  -14,483  -15,266     -783         4

          26             Royalties and license fees.....................................................   -19,390    -23,901   -4,598   -4,718   -5,012   -5,062   -5,407   -5,731   -6,591   -6,172   -6,400     -228    -1,033
          27             Other private services.........................................................   -85,741    -95,666  -20,683  -20,961  -21,650  -22,444  -22,776  -23,492  -24,150  -25,246  -25,731     -485      -930
          28             U.S. Government miscellaneous services.........................................    -3,131     -3,734     -759     -774     -790     -808     -882     -929     -972     -951     -962      -11      -480

          29     Income payments........................................................................  -263,526   -349,088  -64,790  -62,565  -66,242  -69,926  -71,379  -85,543  -89,250 -102,918 -102,209      709    -4,163
          30         Income payments on foreign-owned assets in the United States.......................  -255,020   -340,255  -62,644  -60,496  -64,118  -67,760  -69,219  -83,331  -87,040 -100,666 -100,060      606    -4,191
          31             Direct investment payments.....................................................   -71,447   -105,146  -16,508  -16,322  -18,432  -20,183  -20,014  -27,973  -27,520  -29,640  -25,598    4,042       106
          32             Other private payments.........................................................  -110,105   -145,370  -28,059  -26,350  -27,260  -28,436  -29,040  -33,355  -36,246  -46,729  -48,441   -1,712     1,304
          33             U.S. Government payments.......................................................   -73,468    -89,739  -18,077  -17,824  -18,426  -19,141  -20,165  -22,003  -23,274  -24,297  -26,021   -1,724    -5,601
          34         Compensation of employees..........................................................    -8,506     -8,833   -2,146   -2,069   -2,124   -2,166   -2,160   -2,212   -2,210   -2,252   -2,149      103        28

          35 Unilateral current transfers, net..........................................................   -71,169    -80,930  -17,743  -17,251  -17,634  -18,543  -22,271  -20,515  -15,771  -22,374  -27,072   -4,698    -8,002
          36     U.S. Government grants.................................................................   -21,834    -23,317   -5,826   -5,855   -5,435   -4,718   -7,744   -4,961   -4,911   -5,701   -8,962   -3,261      -130
          37     U.S. Government pensions and other transfers...........................................    -5,341     -6,264   -1,320   -1,335   -1,334   -1,352   -1,554   -1,556   -1,548   -1,607   -1,603        4       -29
          38     Private remittances and other transfers................................................   -43,994    -51,349  -10,597  -10,061  -10,865  -12,473  -12,973  -13,998   -9,312  -15,066  -16,507   -1,441    -7,843


                                                                                                                                                                                                                   June 17, 2005
    Table 1. U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                                2003                               2004                                2005    Change:  Amount of
                          (Credits +, debits -)                                                            2003r      2004r                                                                                   2004:IV-  Revision
                                                                                                                                Ir       IIr      IIIr      IVr    Ir        IIr      IIIr     IVr     Ip      2005:I     2004

                      Capital and financial account

                           Capital account

          39 Capital account transactions, net..........................................................    -3,214     -1,648     -423   -1,596     -837     -358     -428     -372     -393     -455   -4,456   -4,001      -171

                          Financial account

          40 U.S.-owned assets abroad, net (increase/financial outflow (-)).............................  -328,397   -855,509  -91,631 -142,267  -25,442  -69,057 -295,140 -133,886 -137,525 -288,957  -60,686  228,271   -37,833

          41     U.S. official reserve assets, net......................................................     1,523      2,805       83     -170     -611    2,221      557    1,122      429      697    5,331    4,634      ....
          42         Gold...............................................................................      ....       ....     ....     ....     ....     ....     ....     ....     ....     ....     ....     ....      ....
          43         Special drawing rights.............................................................       601       -398      897     -102      -97      -97     -100      -90      -98     -110    1,713    1,823      ....
          44         Reserve position in the International Monetary Fund................................     1,494      3,826     -644       86     -383    2,435      815    1,345      676      990    3,763    2,773      ....
          45         Foreign currencies.................................................................      -572       -623     -170     -154     -131     -117     -158     -133     -149     -183     -145       38      ....

          46     U.S. Government assets, other than official reserve assets, net........................       537      1,215       53      310      483     -309      727       -2      -11      501    4,543    4,042       -54
          47         U.S. credits and other long-term assets............................................    -7,279     -3,044   -2,428   -1,591   -1,532   -1,728     -561     -668   -1,270     -545     -502       43       -18
          48         Repayments on U.S. credits and other long-term assets..............................     7,981      4,221    2,445    1,975    2,035    1,526    1,374      544    1,299    1,004    1,113      109       -24
          49         U.S. foreign currency holdings and U.S. short-term assets, net.....................      -165         38       36      -74      -20     -107      -86      122      -40       42    3,932    3,890       -12

          50     U.S. private assets, net...............................................................  -330,457   -859,529  -91,767 -142,407  -25,314  -70,969 -296,424 -135,006 -137,943 -290,155  -70,560  219,595   -37,779
          51         Direct investment..................................................................  -140,579   -252,012  -15,593  -43,104  -40,858  -41,024  -52,367  -58,425  -41,222  -99,997  -32,248   67,749    -3,504
          52         Foreign securities.................................................................  -156,064   -102,383  -42,099  -17,474  -47,918  -48,573  -15,532  -30,181  -38,444  -18,226  -34,808  -16,582   -11,543
          53         U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns........   -24,240   -149,001   -1,952  -16,383   21,818  -27,723  -55,452   -5,390  -13,490  -74,669  -65,757    8,912   -20,412
          54         U.S. claims reported by U.S. banks, not included elsewhere.........................    -9,574   -356,133  -32,123  -65,446   41,644   46,351 -173,073  -41,010  -44,787  -97,263   62,253  159,516    -2,320

          55 Foreign-owned assets in the United States, net (increase/financial inflow (+)).............   889,043  1,440,105  240,593  240,143  140,909  267,397  423,023  304,937  254,228  457,915  226,078 -231,837     6,934

          56     Foreign official assets in the United States, net......................................   278,275    394,710   50,622   66,889   64,595   96,169  147,401   77,039   75,792   94,478   24,730  -69,748    39,458
          57         U.S. Government securities.........................................................   224,874    311,133   41,461   47,550   41,393   94,470  124,010   63,456   66,899   56,768   40,167  -16,601    23,638
          58             U.S. Treasury securities.......................................................   184,931    272,648   30,277   42,668   33,935   78,051  112,586   62,977   55,357   41,728   15,240  -26,488    11,108
          59             Other..........................................................................    39,943     38,485   11,184    4,882    7,458   16,419   11,424      479   11,542   15,040   24,927    9,887    12,530
          60         Other U.S. Government liabilities..................................................      -517        488     -407       -5     -118       13     -109       45      710     -158     -675     -517       802
          61         U.S. liabilities reported by U.S. banks, not included elsewhere....................    48,643     70,329    8,315   18,593   21,981     -246   22,058   11,350    4,867   32,054  -17,281  -49,335    14,887
          62         Other foreign official assets......................................................     5,275     12,760    1,253      751    1,339    1,932    1,442    2,188    3,316    5,814    2,519   -3,295       131

          63     Other foreign assets in the United States, net.........................................   610,768  1,045,395  189,971  173,254   76,314  171,228  275,622  227,898  178,436  363,437  201,348 -162,089   -32,524
          64         Direct investment..................................................................    67,091    106,832   32,327      824    5,825   28,114    8,503   31,039   35,666   31,622   28,807   -2,815    -8,698
          65         U.S. Treasury securities...........................................................   104,380    106,958    7,162   58,023   39,439     -244   31,931   60,424   -1,107   15,710   75,546   59,836    -1,180
          66         U.S. securities other than U.S. Treasury securities................................   226,306    369,793   51,997   87,725   14,298   72,286   45,476   81,678   84,401  158,238   88,207  -70,031   -44,291
          67         U.S. currency......................................................................    16,640     14,827    4,927    1,458    2,768    7,487   -1,800    8,754    2,560    5,313    1,072   -4,241      ....
          68         U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns...    99,676    124,358   72,474   13,379    8,875    4,948   44,623    3,887   14,752   61,096   85,969   24,873    37,245
          69         U.S. liabilities reported by U.S. banks, not included elsewhere....................    96,675    322,627   21,084   11,845    5,109   58,637  146,889   42,116   42,164   91,458  -78,253 -169,711   -15,600

          70 Statistical discrepancy (sum of above items with sign reversed)............................   -37,753     85,126  -11,879   32,514   14,351  -72,739   18,646   -4,044   50,672   19,856   34,116   14,260    33,204

             Memoranda:
          71 Balance on goods (lines 3 and 20)..........................................................  -547,296   -665,390 -137,861 -135,067 -135,290 -139,078 -151,452 -163,987 -167,775 -182,176 -186,329   -4,153        87
          72 Balance on services (lines 4 and 21).......................................................    52,482     47,807   13,028   12,217   12,591   14,651   12,600   11,945   10,310   12,955   14,572    1,617      -595
          73 Balance on goods and services (lines 2 and 19).............................................  -494,814   -617,583 -124,833 -122,850 -122,699 -124,427 -138,852 -152,042 -157,465 -169,221 -171,757   -2,536      -508
          74 Balance on income (lines 12 and 29)........................................................    46,304     30,439    5,916   11,307   11,352   17,727   15,022    5,922    6,254    3,236    3,777      541     6,376
          75 Unilateral current transfers, net (line 35)................................................   -71,169    -80,930  -17,743  -17,251  -17,634  -18,543  -22,271  -20,515  -15,771  -22,374  -27,072   -4,698    -8,002
          76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)...................  -519,679   -668,074 -136,660 -128,794 -128,981 -125,243 -146,101 -166,635 -166,982 -188,359 -195,052   -6,693    -2,134

          r Revised.  p Preliminary.
          NOTE: Details may not add to totals because of rounding.     Source: U.S. Bureau of Economic Analysis.

                                                                                                                                                                                                                    June 17, 2005
    Table 2. Revisions to U.S. International Transactions
    [Millions of dollars; quarters seasonally adjusted]

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

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

    1991.....             727,557     727,557      ....              -734,563     -734,563      ....             10,752     9,904     -848              3,747         2,898      -849        46,420        46,420            ....
    1992.....             750,648     750,648      ....              -765,507     -765,626     -119             -33,133   -35,101   -1,968            -47,991       -50,078    -2,087        96,253        96,253            ....
    1993.....             778,920     778,920      ....              -823,799     -823,914     -115             -37,108   -39,812   -2,704            -81,987       -84,806    -2,819        81,488        81,488            ....
    1994.....             869,775     869,775      ....              -951,008     -951,122     -114             -36,799   -40,265   -3,466           -118,032      -121,612    -3,580       127,052       127,052            ....
    1995.....           1,004,631   1,004,631      ....            -1,080,005   -1,080,124     -119             -34,104   -38,177   -4,073           -109,478      -113,670    -4,192        86,298        86,298            ....
    1996.....           1,077,731   1,077,731      ....            -1,159,355   -1,159,478     -123             -38,583   -43,147   -4,564           -120,207      -124,894    -4,687       137,687       137,687            ....
    1997.....           1,191,441   1,191,441      ....            -1,287,010   -1,287,142     -132             -40,410   -45,205   -4,795           -135,979      -140,906    -4,927       221,334       221,334            ....
    1998.....           1,194,803   1,195,314      511             -1,355,917   -1,356,058     -141             -48,443   -53,320   -4,877           -209,557      -214,064    -4,507        75,740        69,740          -6,000
    1999.....           1,259,665   1,260,368      703             -1,509,732   -1,509,874     -142             -46,755   -50,554   -3,799           -296,822      -300,060    -3,238       236,570       236,148            -422
    2000.....           1,421,429   1,422,402      973             -1,779,188   -1,779,620     -432             -55,684   -58,781   -3,097           -413,443      -415,999    -2,556       477,098       486,373           9,275
    2001.....           1,293,345   1,295,441    2,096             -1,632,465   -1,632,987     -522             -46,581   -51,910   -5,329           -385,701      -389,456    -3,755       416,091       400,243         -15,848
    2002.....           1,242,739   1,248,068    5,329             -1,657,301   -1,659,233   -1,932             -59,382   -64,046   -4,664           -473,944      -475,211    -1,267       570,232       500,316         -69,916
    2003.....           1,314,888   1,332,397   17,509             -1,778,117   -1,780,907   -2,790             -67,439   -71,169   -3,730           -530,668      -519,679    10,989       545,759       560,646          14,887
    2004.....           1,516,169   1,530,975   14,806             -2,109,181   -2,118,119   -8,938             -72,928   -80,930   -8,002           -665,940      -668,074    -2,134       615,495       584,596         -30,899

    1991:   I             181,296     181,296      ....              -186,167     -186,167      ....             15,004    14,828     -176             10,133         9,957      -176        -2,223        -2,223            ....
    II.......             180,627     180,627      ....              -181,695     -181,695      ....              3,780     3,593     -187              2,712         2,525      -187        13,423        13,423            ....
    III......             181,647     181,647      ....              -182,800     -182,800      ....             -2,812    -3,033     -221             -3,965        -4,186      -221        17,336        17,336            ....
    IV.......             183,993     183,993      ....              -183,906     -183,906      ....             -5,224    -5,488     -264             -5,137        -5,401      -264        17,885        17,885            ....

    1992:   I             186,444     186,444      ....              -185,439     -185,468      -29              -6,827    -7,210     -383             -5,822        -6,234      -412        19,651        19,651            ....
    II.......             186,873     186,873      ....              -190,385     -190,414      -29              -7,887    -8,349     -462            -11,399       -11,890      -491        34,069        34,069            ....
    III......             188,127     188,127      ....              -193,285     -193,313      -28              -7,441    -7,982     -541            -12,599       -13,168      -569        21,899        21,899            ....
    IV.......             189,201     189,201      ....              -196,399     -196,427      -28             -10,980   -11,561     -581            -18,178       -18,787      -609        20,632        20,632             ....

    1993:   I             191,422     191,422      ....              -197,831     -197,860      -29              -7,732    -8,339     -607            -14,141       -14,777      -636         3,608         3,608            ....
    II.......             193,169     193,169      ....              -204,708     -204,737      -29              -8,455    -9,111     -656            -19,994       -20,679      -685        13,195        13,195            ....
    III......             194,153     194,153      ....              -205,520     -205,549      -29              -9,210    -9,906     -696            -20,577       -21,302      -725        32,719        32,719            ....
    IV.......             200,170     200,170      ....              -215,744     -215,772      -28             -11,711   -12,456     -745            -27,285       -28,058      -773        31,967        31,967            ....

    1994:   I             204,240     204,240      ....              -220,697     -220,726      -29              -7,697    -8,495     -798            -24,154       -24,981      -827        50,540        50,540            ....
    II.......             211,812     211,812      ....              -231,447     -231,476      -29              -8,067    -8,914     -847            -27,702       -28,578      -876        11,165        11,165            ....
    III......             222,795     222,795      ....              -244,291     -244,319      -28              -9,198   -10,084     -886            -30,694       -31,608      -914        49,986        49,986            ....
    IV.......             230,930     230,930      ....              -254,574     -254,602      -28             -11,837   -12,773     -936            -35,481       -36,445      -964        15,359        15,359            ....

    1995:   I             241,117     241,117      ....              -263,078     -263,108      -30              -8,502    -9,467     -965            -30,463       -31,458      -995        33,144        33,144            ....
    II.......             248,705     248,705      ....              -271,557     -271,587      -30              -8,154    -9,156   -1,002            -31,006       -32,038    -1,032         4,060         4,060            ....
    III......             255,495     255,495      ....              -272,899     -272,929      -30              -8,533    -9,570   -1,037            -25,937       -27,004    -1,067        69,055        69,055            ....
    IV.......             259,310     259,310      ....              -272,472     -272,501      -29              -8,913    -9,982   -1,069            -22,075       -23,173    -1,098       -19,959       -19,959            ....

    1996:   I             263,221     263,221      ....              -279,388     -279,419      -31             -10,169   -11,272   -1,103            -26,336       -27,470    -1,134         4,824         4,824            ....
    II.......             266,995     266,995      ....              -287,281     -287,312      -31              -8,421    -9,554   -1,133            -28,707       -29,871    -1,164        33,282        33,282            ....
    III......             266,854     266,854      ....              -293,230     -293,261      -31              -8,531    -9,686   -1,155            -34,907       -36,093    -1,186        52,529        52,529            ....
    IV.......             280,655     280,655      ....              -299,457     -299,487      -30             -11,464   -12,636   -1,172            -30,266       -31,468    -1,202        47,054        47,054            ....

                                                                                                                                                                                                                    June 17, 2005

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

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

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


    1997:   I             287,298     287,298      ....              -313,484     -313,518      -34              -8,815   -10,004   -1,189            -35,001       -36,224    -1,223        20,276        20,276            ....
    II.......             299,738     299,738      ....              -318,291     -318,324      -33              -9,103   -10,303   -1,200            -27,656       -28,889    -1,233        47,567        47,567            ....
    III......             303,592     303,592      ....              -325,603     -325,636      -33              -9,503   -10,704   -1,201            -31,514       -32,748    -1,234        47,836        47,836            ....
    IV.......             300,816     300,816      ....              -329,635     -329,667      -32             -12,988   -14,194   -1,206            -41,807       -43,045    -1,238       105,651       105,651            ....

    1998:   I             302,200     302,233       33               -333,905     -333,940      -35             -10,869   -12,088   -1,219            -42,574       -43,795    -1,221         6,232         4,732          -1,500
    II.......             298,801     298,900       99               -337,651     -337,687      -36             -11,174   -12,393   -1,219            -50,024       -51,180    -1,156        17,927        16,427          -1,500
    III......             293,039     293,199      160               -338,641     -338,677      -36             -11,956   -13,175   -1,219            -57,558       -58,653    -1,095        18,943        17,443          -1,500
    IV.......             300,761     300,980      219               -345,722     -345,756      -34             -14,443   -15,662   -1,219            -59,404       -60,438    -1,034        32,636        31,136          -1,500

    1999:   I             300,137     300,257      120               -351,303     -351,339      -36             -10,899   -11,919   -1,020            -62,065       -63,001      -936        24,993        24,660            -333
    II.......             307,252     307,426      174               -366,856     -366,892      -36             -11,316   -12,291     -975            -70,920       -71,757      -837        67,218        65,434          -1,784
    III......             319,816     320,016      200               -388,302     -388,337      -35             -11,092   -12,021     -929            -79,578       -80,342      -764        31,632        33,368           1,736
    IV.......             332,465     332,674      209               -403,270     -403,305      -35             -13,448   -14,324     -876            -84,253       -84,955      -702       112,727       112,686             -41

    2000:   I             341,606     341,910      304               -427,348     -427,456     -108             -12,129   -12,894     -765            -97,871       -98,440      -569        34,031        41,092           7,061
    II.......             355,236     355,482      246               -441,169     -441,277     -108             -12,645   -13,402     -757            -98,578       -99,197      -619       139,513       140,258             745
    III......             360,310     360,539      229               -454,026     -454,135     -109             -13,481   -14,246     -765           -107,197      -107,842      -645       159,700       161,338           1,638
    IV.......             364,277     364,471      194               -456,650     -456,757     -107             -17,435   -18,240     -805           -109,808      -110,526      -718       143,854       143,685            -169

    2001:   I             350,473     350,876      403               -443,079     -443,202     -123             -14,083   -15,268   -1,185           -106,689      -107,594      -905       120,773       115,961          -4,812
    II.......             334,755     335,316      561               -417,608     -417,729     -121             -14,690   -15,992   -1,302            -97,543       -98,405      -862       123,780       121,164          -2,616
    III......             311,400     311,942      542               -401,578     -401,689     -111              -1,719    -3,114   -1,395            -91,897       -92,861      -964        60,238        55,794          -4,444
    IV.......             296,718     297,308      590               -370,205     -370,373     -168             -16,087   -17,530   -1,443            -89,574       -90,595    -1,021       111,301       107,325          -3,976

    2002:   I             299,663     301,512    1,849               -392,457     -393,183     -726             -17,411   -18,420   -1,009           -110,205      -110,091       114       131,845        92,304         -39,541
    II.......             312,230     312,943      713               -416,557     -417,356     -799             -13,562   -14,873   -1,311           -117,889      -119,286    -1,397        95,762        90,489          -5,273
    III......             317,911     319,154    1,243               -423,484     -424,507   -1,023             -13,427   -14,726   -1,299           -119,000      -120,079    -1,079       171,649       162,492          -9,157
    IV.......             312,935     314,463    1,528               -424,804     -424,184      620             -14,980   -16,027   -1,047           -126,849      -125,748     1,101       170,978       155,026         -15,952

    2003:   I             315,676     318,950    3,274               -437,067     -437,867     -800             -16,815   -17,743     -928           -138,206      -136,660     1,546       143,440       148,962           5,522
    II.......             317,367     322,353    4,986               -434,873     -433,896      977             -16,369   -17,251     -882           -133,875      -128,794     5,081       107,591        97,876          -9,715
    III......             329,508     333,656    4,148               -444,497     -445,003     -506             -16,639   -17,634     -995           -131,628      -128,981     2,647       126,064       115,467         -10,597
    IV.......             352,336     357,435    5,099               -461,679     -464,135   -2,456             -17,617   -18,543     -926           -126,960      -125,243     1,717       168,664       198,340          29,676

    2004:   I             360,045     363,494    3,449               -486,803     -487,324     -521             -20,720   -22,271   -1,551           -147,478      -146,101     1,377       138,438       127,883         -10,555
    II.......             372,895     376,564    3,669               -519,271     -522,684   -3,413             -18,332   -20,515   -2,183           -164,708      -166,635    -1,927       164,559       171,051           6,492
    III......             382,867     385,874    3,007               -533,828     -537,085   -3,257             -14,897   -15,771     -874           -165,858      -166,982    -1,124       128,702       116,703         -11,999
    IV.......             400,363     405,041    4,678               -569,278     -571,026   -1,748             -18,983   -22,374   -3,391           -187,898      -188,359      -461       183,793       168,958         -14,835


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