News Release
U.S. International Transactions: First Quarter 2007
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Douglas B. Weinberg: (202) 606-9590 (Data) BEA 07-27 Christopher L. Bach: 606-9545 (Revisions) U.S. International Transactions: First Quarter 2007 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 $192.6 billion (preliminary) in the first quarter of 2007 from $187.9 billion (revised) in the fourth quarter of 2006. The increase was more than accounted for by an increase in net unilateral current transfers to foreigners. In addition, the deficit on goods increased a small amount. These increases were partly offset by small increases in the surpluses on services and on income. Goods and services The deficit on goods and services decreased slightly to $176.8 billion in the first quarter from $176.9 billion in the fourth. Goods The deficit on goods increased to $200.9 billion in the first quarter from $200.3 billion in the fourth. Goods exports increased to $270.1 billion from $266.5 billion. The largest increases were in consumer goods, in agricultural products, and in automotive vehicles, parts, and engines. Goods imports increased to $471.0 billion from $466.8 billion. The increase largely resulted from an increase in petroleum and products. Among nonpetroleum products, increases in capital goods, in consumer goods, and in foods, feeds, and beverages were mostly offset by decreases in other major commodity categories. Services The surplus on services increased to $24.1 billion in the first quarter from $23.4 billion in the fourth. Services receipts increased to $112.8 billion from $111.1 billion. The increase was largely accounted for by increases in other private services (such as business, professional, and technical services, insurance services, and financial services), in travel, and in royalties and license fees. Services payments increased to $88.7 billion from $87.7 billion. The increase was largely accounted for by increases in other private services, in direct defense expenditures, and in passenger fares. Income The surplus on income increased to $10.4 billion in the first quarter from $9.7 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad increased to $176.8 billion from $172.3 billion. The increase was largely accounted for by an increase in other private receipts (which consists of interest and dividends). Income payments on foreign-owned assets in the United States increased to $164.8 billion from $161.0 billion. Increases in other private payments (which consists of interest and dividends) and in U.S. Government payments (which consists of interest) were partly offset by a decrease in direct investment payments. Compensation of employees Receipts for compensation of U.S. workers abroad were virtually unchanged at $0.7 billion, and payments for compensation of foreign workers in the United States were virtually unchanged at $2.4 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $26.1 billion in the first quarter, up from $20.7 billion in the fourth. The increase resulted from increases in U.S. Government grants, mostly to the Middle East, and in private remittances and other transfers. Capital Account Net capital account payments (outflows) were virtually unchanged at $0.6 billion in the first quarter. Financial Account Net financial inflows--net acquisitions by foreign residents of assets in the United States less net acquisitions by U.S. residents of assets abroad-- were $202.8 billion in the first quarter, down from $225.2 billion in the fourth. Net acquisitions by U.S. residents picked up more than net acquisitions by foreign residents. U.S.-owned assets abroad U.S.-owned assets abroad increased $420.8 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 increased $233.0 billion in the first quarter, following an increase of $123.9 billion in the fourth. Net U.S. purchases of foreign securities were $87.7 billion in the first quarter, down from $117.2 billion in the fourth. Net U.S. purchases of foreign stocks were $43.5 billion, down from $62.7 billion. Net U.S. purchases of foreign bonds were $44.2 billion, down from $54.5 billion. Net financial flows for U.S. direct investment abroad were $75.5 billion in the first quarter, up from $66.1 billion in the fourth. A pickup in net equity capital investment abroad was partly offset by a larger decrease in net intercompany debt investment abroad and a slowdown in reinvested earnings. U.S. official reserve assets increased $0.1 billion in the first quarter, following a decrease of $1.4 billion in the fourth. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $623.6 billion in the first quarter, following an increase of $516.0 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks increased $203.8 billion in the first quarter, following an increase of $172.3 billion in the fourth. Net purchases by foreigners of U.S. Treasury securities were $45.6 billion in the first quarter, up from $22.1 billion in the fourth. Net purchases by foreigners of U.S. securities other than U.S. Treasury securities were $123.4 billion in the first quarter, down from $132.7 billion in the fourth. Net purchases by foreigners of U.S. stocks were $49.1 billion, up from $26.6 billion. Net purchases by foreigners of U.S. corporate bonds were $102.1 billion, down from $112.2 billion. Net sales by foreigners of federally sponsored agency bonds were $27.7 billion, up from $6.1 billion. Net financial flows for foreign direct investment in the United States were $23.5 billion in the first quarter, down from $45.6 billion in the fourth. A shift from an increase to a decrease in net intercompany debt investment in the United States and a slowdown in net equity capital investment in the United States were partly offset by a pickup in reinvested earnings. Foreign official assets in the United States increased $147.8 billion in the first quarter, following an increase of $85.3 billion in the fourth. Transactions in U.S. currency shifted to net shipments to the United States of $1.6 billion in the first quarter from net shipments to foreign countries of $8.4 billion in the fourth. The statistical discrepancy--errors and omissions in recorded transactions--was a negative $9.6 billion in the first quarter, compared with a negative $36.6 billion in the fourth. In the first quarter, the U.S. dollar appreciated less than 1 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 updated and revised to incorporate newly available source data and improved estimating methodologies. The major changes this year are summarized below. * New and comprehensive estimates of transactions in financial derivatives are introduced for 2006. * A new methodology is introduced for 2001-2006 for estimating interest received on U.S. holdings of foreign bonds and interest paid on foreign holdings of U.S. corporate bonds, U.S. agency bonds, and U.S. Treasury bonds. * The geographic detail of the accounts is presented in an expanded format for 1999-2004; the new estimates extend to these years the same format that was introduced last year for 2005-2006. Separate estimates are now presented for Asia, for Africa, and for the Middle East; for additional countries in Asia; and for additional countries in Latin America. Some European countries previously published annually are now published quarterly. New country groupings are now presented within Europe and include first-time estimates for the euro area. (See BEAs Web site at www.bea.gov/international/bp_web for more details.) * Goods export and goods import end-use commodity classification codes have been updated for 2004-2006 to incorporate revisions made by the World Customs Organization to the international Harmonized System of commodity classification codes. * Interest receipts for foreign bonds and dividend receipts for foreign stocks are revised for 2005-2006 to incorporate results of the U.S. Treasury Departments annual survey of securities claims for December 2005. * Interest payments for U.S. corporate bonds, U.S. Treasury bonds, and U.S. agency bonds and dividend payments for U.S. stocks are revised for 2004-2006 to incorporate results from the U.S. Treasury Departments annual surveys of securities liabilities for June 2005 (revised) and for June 2006. * The statistical adjustment for re-valuing some goods imports of computer software from media to full value has been updated for 1997-2006. Revised estimates for the detailed components of the U.S. international transactions accounts for 2005-2006 are shown in table 1. Summary information on revisions for 1997-2006 is shown in table 2. Preliminary estimates for 2006 and revised estimates for 2003-2005 for the U.S. net international investment position will be presented in a news release on June 28. The fourth-quarter 2006 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 $187.9 billion from $195.8 billion. The goods deficit was revised to $200.3 billion from $197.9 billion; the services surplus was revised to $23.4 billion from $19.4 billion; the surplus on income was revised to $9.7 billion from $3.0 billion; and unilateral current transfers were revised to net outflows of $20.7 billion from $20.2 billion. Net financial inflows were revised to $225.2 billion from $164.6 billion. * * * Release dates in 2007: Fourth quarter and year 2006..................March 14, 2007 (Wednesday) First quarter 2007................................June 15, 2007 (Friday) Second quarter 2007..........................September 14, 2007 (Friday) Third quarter 2007............................December 17, 2007 (Monday) * * * 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 BEAs national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEAs 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 15, 2007 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2005 2006 2007 Change: Amount of (Credits +, debits -) 2005 r 2006 r 2006:IV - Revision I r II r III r IV r I r II r III r IV r I p 2007:I 2006 Current account 1 Exports of goods and services and income receipts........................................... 1,788,557 2,096,165 424,101 440,217 451,964 472,275 494,027 518,595 532,894 550,649 560,445 9,796 37,329 2 Exports of goods and services............................................................ 1,283,070 1,445,703 308,750 318,885 322,090 333,344 345,636 356,575 365,868 377,623 382,922 5,299 8,887 3 Goods, balance of payments basis..................................................... 894,631 1,023,109 214,391 223,068 224,320 232,852 243,880 252,458 260,285 266,486 270,116 3,630 -580 4 Services............................................................................. 388,439 422,594 94,359 95,817 97,770 100,492 101,756 104,117 105,583 111,137 112,806 1,669 9,467 5 Transfers under U.S. military agency sales contracts............................. 19,539 17,112 4,820 4,780 5,330 4,609 4,531 4,188 4,102 4,291 4,442 151 430 6 Travel........................................................................... 81,799 85,694 19,930 20,926 20,411 20,532 20,845 21,212 21,527 22,110 22,536 426 -3 7 Passenger fares.................................................................. 20,970 22,187 4,849 5,227 5,546 5,347 5,397 5,328 5,696 5,765 5,731 -34 127 8 Other transportation............................................................. 41,334 46,297 9,924 10,250 10,234 10,926 11,038 11,754 11,716 11,789 11,858 69 -1,911 9 Royalties and license fees....................................................... 59,409 62,378 14,783 14,568 14,836 15,222 14,923 15,196 15,815 16,444 16,762 318 327 10 Other private services........................................................... 164,301 187,771 39,779 39,803 41,123 43,596 44,745 46,153 46,433 50,441 51,181 740 10,487 11 U.S. Government miscellaneous services........................................... 1,087 1,155 274 262 291 260 277 286 294 297 296 -1 10 12 Income receipts.......................................................................... 505,488 650,462 115,351 121,333 129,873 138,931 148,391 162,020 167,026 173,025 177,523 4,498 28,442 13 Income receipts on U.S.-owned assets abroad.......................................... 502,598 647,582 114,646 120,608 129,146 138,198 147,670 161,293 166,314 172,305 176,794 4,489 28,497 14 Direct investment receipts....................................................... 269,346 310,224 63,145 65,397 68,945 71,859 73,304 77,702 78,372 80,846 81,466 620 14,340 15 Other private receipts........................................................... 230,537 334,958 50,796 54,505 59,574 65,662 73,776 83,004 87,348 90,830 94,778 3,948 14,162 16 U.S. Government receipts......................................................... 2,715 2,400 705 706 627 677 590 587 594 629 550 -79 -5 17 Compensation of employees............................................................ 2,890 2,880 705 725 727 733 721 727 712 720 729 9 -55 18 Imports of goods and services and income payments........................................... -2,454,871 -2,818,047 -578,269 -599,084 -616,350 -661,169 -673,277 -700,504 -726,352 -717,914 -726,878 -8,964 13,322 19 Imports of goods and services............................................................ -1,997,441 -2,204,225 -475,392 -489,555 -503,042 -529,453 -535,348 -549,153 -565,175 -554,549 -559,710 -5,161 -2,142 20 Goods, balance of payments basis..................................................... -1,681,780 -1,861,380 -398,781 -411,592 -423,638 -447,769 -451,637 -463,734 -479,184 -466,825 -470,983 -4,158 -1,725 21 Services............................................................................. -315,661 -342,845 -76,611 -77,963 -79,404 -81,684 -83,711 -85,419 -85,991 -87,724 -88,727 -1,003 -417 22 Direct defense expenditures...................................................... -30,075 -31,054 -7,544 -7,479 -7,541 -7,511 -7,726 -7,737 -7,990 -7,601 -7,940 -339 126 23 Travel........................................................................... -68,970 -72,029 -17,188 -17,508 -17,156 -17,118 -17,582 -18,077 -18,015 -18,355 -18,393 -38 1,270 24 Passenger fares.................................................................. -26,149 -27,503 -6,257 -6,421 -6,745 -6,726 -6,748 -6,927 -6,889 -6,939 -7,159 -220 -197 25 Other transportation............................................................. -61,929 -65,282 -15,398 -15,243 -15,148 -16,140 -16,025 -16,401 -16,491 -16,365 -16,218 147 329 26 Royalties and license fees....................................................... -24,632 -26,432 -5,976 -6,142 -6,283 -6,231 -6,767 -6,532 -6,497 -6,636 -6,737 -101 91 27 Other private services........................................................... -99,927 -116,524 -23,238 -24,208 -25,515 -26,967 -27,867 -28,728 -29,087 -30,841 -31,285 -444 -2,039 28 U.S. Government miscellaneous services........................................... -3,979 -4,021 -1,010 -962 -1,016 -991 -996 -1,016 -1,022 -987 -995 -8 3 29 Income payments.......................................................................... -457,430 -613,823 -102,877 -109,529 -113,308 -131,716 -137,929 -151,352 -161,177 -163,365 -167,167 -3,802 15,463 30 Income payments on foreign-owned assets in the United States......................... -448,139 -604,410 -100,599 -107,229 -110,943 -129,368 -135,607 -149,004 -158,823 -160,977 -164,773 -3,796 15,452 31 Direct investment payments....................................................... -116,834 -136,010 -28,033 -28,573 -24,925 -35,303 -31,299 -33,055 -37,885 -33,772 -30,153 3,619 9,551 32 Other private payments........................................................... -227,431 -334,645 -48,681 -53,544 -59,605 -65,601 -73,830 -83,037 -86,607 -91,171 -96,955 -5,784 -5,414 33 U.S. Government payments......................................................... -103,874 -133,755 -23,885 -25,112 -26,413 -28,464 -30,478 -32,912 -34,331 -36,034 -37,665 -1,631 11,315 34 Compensation of employees............................................................ -9,290 -9,412 -2,278 -2,300 -2,365 -2,348 -2,322 -2,348 -2,354 -2,388 -2,394 -6 12 35 Unilateral current transfers, net........................................................... -88,535 -89,595 -28,225 -24,372 -9,019 -26,915 -21,360 -23,686 -23,877 -20,673 -26,148 -5,475 -5,473 36 U.S. Government grants................................................................... -33,039 -27,142 -9,403 -5,893 -7,653 -10,090 -5,671 -7,226 -7,741 -6,504 -10,101 -3,597 -5,732 37 U.S. Government pensions and other transfers............................................. -6,303 -6,508 -1,558 -1,569 -1,584 -1,592 -1,614 -1,627 -1,620 -1,647 -1,692 -45 501 38 Private remittances and other transfers.................................................. -49,193 -55,945 -17,264 -16,910 218 -15,233 -14,075 -14,833 -14,516 -12,522 -14,355 -1,833 -242 June 15, 2007 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2005 2006 2007 Change: Amount of (Credits +, debits -) 2005 r 2006 r 2006:IV - Revision I r II r III r IV r I r II r III r IV r I p 2007:I 2006 Capital account 39 Capital account transactions, net........................................................... -4,054 -3,913 -2,598 -512 -473 -472 -1,724 -1,008 -545 -637 -559 78 1 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-)).. -426,875 -1,055,176 -86,619 -213,305 -141,628 14,678 -344,032 -212,218 -209,898 -289,028 -420,786 -131,758 -9,416 41 U.S. official reserve assets............................................................. 14,096 2,374 5,331 -797 4,766 4,796 513 -560 1,006 1,415 -72 -1,487 .... 42 Gold................................................................................. 0 0 0 0 0 0 0 0 0 0 0 0 .... 43 Special drawing rights............................................................... 4,511 -223 1,713 -97 2,976 -81 -67 -51 -54 -51 -43 8 .... 44 Reserve position in the International Monetary Fund.................................. 10,200 3,331 3,763 -564 1,951 5,050 729 -351 1,275 1,678 212 -1,466 .... 45 Foreign currencies................................................................... -615 -734 -145 -136 -161 -173 -149 -158 -215 -212 -241 -29 .... 46 U.S. Government assets, other than official reserve assets............................... 5,539 5,346 2,591 989 1,501 459 1,049 1,765 1,570 962 466 -496 127 47 U.S. credits and other long-term assets.............................................. -2,255 -2,992 -519 -708 -518 -509 -1,517 -376 -592 -507 -529 -22 -2 48 Repayments on U.S. credits and other long-term assets................................ 5,603 8,329 1,083 1,586 1,957 977 2,558 2,147 2,170 1,454 1,064 -390 106 49 U.S. foreign currency holdings and U.S. short-term assets............................ 2,191 9 2,027 111 62 -9 8 -6 -8 15 -69 -84 23 50 U.S. private assets...................................................................... -446,510 -1,062,896 -94,541 -213,497 -147,894 9,423 -345,594 -213,423 -212,474 -291,405 -421,180 -129,775 -9,543 51 Direct investment.................................................................... 7,662 -235,358 -23,722 -41,262 26,464 46,183 -66,502 -53,744 -49,018 -66,094 -75,464 -9,370 13,498 52 Foreign securities................................................................... -197,098 -289,422 -51,591 -49,258 -47,362 -48,887 -57,693 -59,003 -55,496 -117,230 -87,731 29,499 -11,731 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.......... -39,603 -83,531 -65,005 60,298 -30,155 -4,741 -24,302 -45,885 -29,162 15,818 -24,968 -40,786 -39,097 54 U.S. claims reported by U.S. banks, not included elsewhere........................... -217,471 -454,585 45,777 -183,275 -96,841 16,868 -197,097 -54,791 -78,798 -123,899 -233,017 -109,118 27,787 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+)).......................................................... 1,204,231 1,859,597 232,614 310,822 383,808 276,987 538,140 355,442 449,987 516,029 623,554 107,525 94,688 56 Foreign official assets in the United States............................................. 259,268 440,264 25,052 81,292 54,736 98,188 125,257 120,861 108,799 85,347 147,834 62,487 139,754 57 U.S. Government securities........................................................... 213,334 380,734 38,940 42,673 45,405 86,316 112,338 65,626 107,972 94,798 106,253 11,455 136,940 58 U.S. Treasury securities......................................................... 112,841 189,181 15,999 23,768 19,412 53,662 65,124 24,262 52,746 47,049 40,197 -6,852 70,837 59 Other............................................................................ 100,493 191,553 22,941 18,905 25,993 32,654 47,214 41,364 55,226 47,749 66,056 18,307 66,103 60 Other U.S. Government liabilities.................................................... -421 3,133 -698 120 440 -283 26 824 1,154 1,129 467 -662 -141 61 U.S. liabilities reported by U.S. banks, not included elsewhere...................... 26,260 22,040 -15,814 34,219 1,994 5,861 2,394 42,533 -7,221 -15,666 29,445 45,111 2,490 62 Other foreign official assets........................................................ 20,095 34,357 2,624 4,280 6,897 6,294 10,499 11,878 6,894 5,086 11,669 6,583 465 63 Other foreign assets in the United States................................................ 944,963 1,419,333 207,562 229,530 329,072 178,799 412,883 234,581 341,188 430,682 475,720 45,038 -45,066 64 Direct investment.................................................................... 108,996 180,580 33,985 -6,044 41,720 39,335 42,976 49,056 42,979 45,570 23,466 -22,104 -2,991 65 U.S. Treasury securities............................................................. 132,300 -35,931 78,528 -13,001 24,316 42,457 -25,274 -19,307 -13,440 22,090 45,614 23,524 -65,348 66 U.S. securities other than U.S. Treasury securities.................................. 450,386 591,951 75,631 107,694 141,900 125,161 173,213 145,750 140,243 132,745 123,428 -9,317 -29,203 67 U.S. currency........................................................................ 18,969 12,571 1,072 3,607 5,132 9,158 1,933 1,127 1,129 8,382 -1,631 -10,013 1 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..... 31,804 235,769 86,888 -26,982 13,629 -41,731 60,613 55,907 69,637 49,612 81,076 31,464 59,260 69 U.S. liabilities reported by U.S. banks, not included elsewhere...................... 202,508 434,393 -68,542 164,256 102,375 4,419 159,422 2,048 100,640 172,283 203,767 31,484 -6,785 70 Financial derivatives, net.................................................................. n.a. 28,762 n.a. n.a. n.a. n.a. 1,633 14,001 14,911 -1,783 n.a. n.a. 28,762 71 Statistical discrepancy (sum of above items with sign reversed)............................. -18,454 -17,794 38,995 86,234 -68,302 -75,384 6,593 49,378 -37,121 -36,643 -9,629 28,797 -159,213 Memoranda: 72 Balance on goods (lines 3 and 20)........................................................... -787,149 -838,271 -184,390 -188,524 -199,318 -214,917 -207,757 -211,276 -218,899 -200,339 -200,867 -528 -2,305 73 Balance on services (lines 4 and 21)........................................................ 72,778 79,749 17,749 17,854 18,366 18,808 18,045 18,699 19,592 23,414 24,079 665 9,050 74 Balance on goods and services (lines 2 and 19).............................................. -714,371 -758,522 -166,641 -170,670 -180,952 -196,109 -189,712 -192,577 -199,307 -176,926 -176,788 138 6,745 75 Balance on income (lines 12 and 29)......................................................... 48,058 36,640 12,474 11,804 16,565 7,215 10,462 10,668 5,850 9,661 10,356 695 43,906 76 Unilateral current transfers, net (line 35)................................................. -88,535 -89,595 -28,225 -24,372 -9,019 -26,915 -21,360 -23,686 -23,877 -20,673 -26,148 -5,475 -5,473 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76).................... -754,848 -811,477 -182,392 -183,238 -173,406 -215,809 -200,611 -205,595 -217,334 -187,938 -192,581 -4,643 45,178 p Preliminary r Revised n.a. Not available NOTE: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 15, 2007 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 (inflows +, outflows -) (inflows +, outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published 1997..... 1,191,257 1,191,257 .... -1,286,597 -1,286,921 -324 -45,062 -45,062 .... -140,402 -140,726 -324 221,334 221,334 .... 1998..... 1,194,993 1,194,993 .... -1,355,334 -1,356,868 -1,534 -53,187 -53,187 .... -213,528 -215,062 -1,534 69,740 69,740 .... 1999..... 1,259,809 1,259,809 .... -1,509,207 -1,511,011 -1,804 -50,428 -50,428 .... -299,826 -301,630 -1,804 236,148 236,148 .... 2000..... 1,421,515 1,421,515 .... -1,778,020 -1,780,296 -2,276 -58,645 -58,645 .... -415,150 -417,426 -2,276 486,373 486,373 .... 2001..... 1,293,147 1,295,693 2,546 -1,630,811 -1,629,097 1,714 -51,295 -51,295 .... -388,959 -384,699 4,260 400,243 400,243 .... 2002..... 1,245,373 1,255,936 10,563 -1,654,232 -1,651,990 2,242 -63,587 -63,587 .... -472,446 -459,641 12,805 503,167 503,167 .... 2003..... 1,319,158 1,338,325 19,167 -1,777,462 -1,789,819 -12,357 -69,210 -70,607 -1,397 -527,514 -522,101 5,413 538,345 538,928 583 2004..... 1,526,855 1,559,191 32,336 -2,110,559 -2,114,926 -4,367 -81,582 -84,414 -2,832 -665,286 -640,148 25,138 582,419 556,742 -25,677 2005..... 1,749,892 1,788,557 38,665 -2,455,328 -2,454,871 457 -86,072 -88,535 -2,463 -791,508 -754,848 36,660 785,449 777,356 -8,093 2006..... 2,058,836 2,096,165 37,329 -2,831,369 -2,818,047 13,322 -84,122 -89,595 -5,473 -856,655 -811,477 45,178 719,149 833,183 114,034 1997: I 287,279 287,279 .... -313,370 -313,391 -21 -9,967 -9,967 .... -36,058 -36,079 -21 20,276 20,276 .... II...... 299,679 299,679 .... -318,220 -318,210 10 -10,267 -10,267 .... -28,808 -28,798 10 47,567 47,567 .... III..... 303,542 303,542 .... -325,472 -325,593 -121 -10,666 -10,666 .... -32,596 -32,717 -121 47,836 47,836 .... IV...... 300,762 300,762 .... -329,536 -329,728 -192 -14,160 -14,160 .... -42,934 -43,126 -192 105,651 105,651 .... 1998: I 302,195 302,195 .... -333,832 -334,146 -314 -12,053 -12,053 .... -43,690 -44,004 -314 4,732 4,732 .... II...... 298,846 298,846 .... -337,534 -337,834 -300 -12,361 -12,361 .... -51,049 -51,349 -300 16,427 16,427 .... III..... 293,115 293,115 .... -338,440 -338,864 -424 -13,140 -13,140 .... -58,465 -58,889 -424 17,443 17,443 .... IV...... 300,835 300,835 .... -345,530 -346,026 -496 -15,633 -15,633 .... -60,328 -60,824 -496 31,136 31,136 .... 1999: I 300,183 300,183 .... -351,199 -351,564 -365 -11,885 -11,885 .... -62,901 -63,266 -365 24,660 24,660 .... II...... 307,288 307,288 .... -366,741 -367,128 -387 -12,260 -12,260 .... -71,713 -72,100 -387 65,434 65,434 .... III..... 319,936 319,936 .... -388,190 -388,656 -466 -11,987 -11,987 .... -80,241 -80,707 -466 33,368 33,368 .... IV...... 332,407 332,407 .... -403,076 -403,662 -586 -14,295 -14,295 .... -84,964 -85,550 -586 112,686 112,686 .... 2000: I 341,683 341,683 .... -427,173 -427,646 -473 -12,859 -12,859 .... -98,349 -98,822 -473 41,092 41,092 .... II...... 355,307 355,307 .... -440,926 -441,576 -650 -13,368 -13,368 .... -98,987 -99,637 -650 140,258 140,258 .... III..... 360,295 360,295 .... -453,693 -454,243 -550 -14,208 -14,208 .... -107,606 -108,156 -550 161,338 161,338 .... IV...... 364,231 364,231 .... -456,232 -456,835 -603 -18,212 -18,212 .... -110,213 -110,816 -603 143,685 143,685 .... June 15, 2007 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 (inflows +, outflows -) (inflows +, outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published 2001: I 350,489 350,489 .... -442,851 -442,826 25 -15,171 -15,171 .... -107,533 -107,508 25 115,961 115,961 .... II...... 334,968 334,968 .... -417,089 -416,706 383 -15,802 -15,802 .... -97,923 -97,540 383 121,164 121,164 .... III..... 311,110 312,094 984 -401,111 -400,657 454 -2,941 -2,941 .... -92,942 -91,504 1,438 55,794 55,794 .... IV...... 296,582 298,144 1,562 -369,764 -368,912 852 -17,374 -17,374 .... -90,556 -88,142 2,414 107,325 107,325 .... 2002: I 300,892 302,466 1,574 -391,610 -388,601 3,009 -18,326 -18,326 .... -109,044 -104,461 4,583 89,272 89,272 .... II...... 312,379 314,290 1,911 -416,841 -415,267 1,574 -14,764 -14,764 .... -119,226 -115,741 3,485 91,584 91,584 .... III..... 318,631 321,839 3,208 -423,115 -423,307 -192 -14,599 -14,599 .... -119,083 -116,067 3,016 162,677 162,677 .... IV...... 313,475 317,345 3,870 -422,661 -424,810 -2,149 -15,897 -15,897 .... -125,083 -123,362 1,721 159,631 159,631 .... 2003: I 316,991 321,646 4,655 -436,556 -439,095 -2,539 -17,598 -17,660 -62 -137,163 -135,109 2,054 159,784 159,729 -55 II...... 319,380 324,744 5,364 -433,578 -437,889 -4,311 -16,905 -16,962 -57 -131,103 -130,107 996 62,535 63,301 766 III..... 330,049 335,211 5,162 -444,630 -448,024 -3,394 -16,961 -17,710 -749 -131,542 -130,523 1,019 129,745 129,579 -166 IV...... 352,733 356,719 3,986 -462,697 -464,810 -2,113 -17,747 -18,277 -530 -127,711 -126,368 1,343 186,285 186,323 38 2004: I 362,895 372,271 9,376 -486,179 -489,241 -3,062 -22,554 -22,972 -418 -145,838 -139,941 5,897 129,718 121,924 -7,794 II...... 375,770 384,288 8,518 -521,646 -521,604 42 -20,895 -21,371 -476 -166,771 -158,687 8,084 178,979 165,936 -13,043 III..... 384,648 393,272 8,624 -534,451 -534,072 379 -16,524 -17,273 -749 -166,327 -158,073 8,254 115,604 103,222 -12,382 IV...... 403,536 409,357 5,821 -568,283 -570,010 -1,727 -21,609 -22,799 -1,190 -186,356 -183,452 2,904 158,122 165,659 7,537 2005: I 415,277 424,101 8,824 -579,764 -578,269 1,495 -27,237 -28,225 -988 -191,724 -182,392 9,332 136,737 145,995 9,258 II...... 429,326 440,217 10,891 -599,390 -599,084 306 -23,194 -24,372 -1,178 -193,258 -183,238 10,020 149,803 97,517 -52,286 III..... 442,935 451,964 9,029 -616,886 -616,350 536 -9,464 -9,019 445 -183,415 -173,406 10,009 256,212 242,180 -14,032 IV...... 462,357 472,275 9,918 -659,290 -661,169 -1,879 -26,176 -26,915 -739 -223,109 -215,809 7,300 242,694 291,665 48,971 2006: I 483,338 494,027 10,689 -677,571 -673,277 4,294 -19,545 -21,360 -1,815 -213,778 -200,611 13,167 171,269 195,741 24,472 II...... 510,923 518,595 7,672 -706,776 -700,504 6,272 -21,860 -23,686 -1,826 -217,713 -205,595 12,118 153,574 157,225 3,651 III..... 523,832 532,894 9,062 -730,711 -726,352 4,359 -22,498 -23,877 -1,379 -229,377 -217,334 12,043 229,710 255,000 25,290 IV...... 540,741 550,649 9,908 -716,311 -717,914 -1,603 -20,220 -20,673 -453 -195,790 -187,938 7,852 164,596 225,218 60,622 NOTE: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis.