FOR WIRE TRANSMISSION: 10:00 A.M. EDT, THURSDAY, JUNE 17, 1999 Douglas B. Weinberg: (202) 606-9590 (Data) BEA 99-18 Christopher L. Bach: 606-9545 (Revisions) Recorded Message: 606-5362 U.S. International Transactions: First Quarter 1999 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 $68.6 billion in the first quarter from $61.7 billion (revised) in the fourth quarter of 1998, according to preliminary estimates of the Commerce Department's Bureau of Economic Analysis. The tables accompanying the U.S. international transactions accounts released today have been changed to reflect the reclassification of certain transactions. In addition, the accounts have been revised to reflect the incorporation of improved methodologies and of newly available source data. The July Survey of Current Business will contain detailed international accounts tables and an article describing the revisions. A summary of the revisions is provided in the section on "Improved presentation and revisions" at the end of the release. An increase in the deficit on goods and services more than offset a decrease in the deficit on income and lower net unilateral current transfers. Goods and services The deficit on goods and services increased to $53.8 billion in the first quarter from $43.3 billion in the fourth. Goods The deficit on goods increased to $74.2 billion in the first quarter from $63.6 billion in the fourth. Goods exports decreased to $164.3 billion from $170.1 billion. Both agricultural and nonagricultural exports decreased. Within nonagricultural exports, most major commodity categories decreased. Goods imports increased to $238.5 billion from $233.7 billion. An increase in nonpetroleum imports, resulting mostly from increases in automotive products, in consumer goods, and in capital goods, more than offset a decrease in petroleum imports. Services The surplus on services edged up to $20.4 billion in the first quarter from $20.3 billion in the fourth. Service receipts increased to $67.8 billion from $66.8 billion. The largest increases were in "other" private services and in transfers under U.S. military agency sales contracts. A decrease in royalties and license fees was partly offsetting. Service payments increased to $47.4 billion from $46.5 billion. The largest increases were in travel, in royalties and license fees, and in direct defense expenditures. Other components changed little. Income The deficit on income decreased to $4.7 billion in the first quarter from $4.9 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad increased to $63.7 billion from $62.6 billion. An increase in direct investment receipts more than offset decreases in "other" private receipts and in U.S. Government receipts. Income payments on foreign-owned assets in the United States increased to $67.0 billion from $66.2 billion. An increase in direct investment payments more than offset a decrease in "other" private payments. U.S. Government payments changed little. Employee compensation Receipts for employee compensation were unchanged at $0.5 billion. Payments for employee compensation increased slightly to $1.9 billion from $1.8 billion. Unilateral current transfers1 Net unilateral current transfers were $10.1 billion in the first quarter, compared with $13.5 billion in the fourth. The decrease was more than accounted for by a decrease in U.S. Government grants, which were boosted in the fourth quarter by grants to Israel. Capital and financial account1 Capital account1 Net capital account transactions, which consist mainly of debt forgiveness and immigrants' transfers, were unchanged at $0.2 billion. (See page 6 for explanation). Financial account1 Net recorded financial inflows--the difference between changes in U.S.-owned assets abroad and changes in foreign-owned assets in the United States--were $84.1 billion in the first quarter, compared with $99.2 billion (revised) in the fourth. Transactions in U.S.-owned assets abroad shifted to financial inflows, and financial inflows for foreign-owned assets in the United States slowed sharply. U.S.-owned assets abroad U.S.-owned assets abroad decreased $9.2 billion in the first quarter, in contrast to an increase of $50.6 billion in the fourth. U.S. claims on foreigners reported by U.S. banks decreased $35.2 billion in the first quarter, following a decrease of $37.2 billion in the fourth. The first-quarter decrease was largely in U.S. bank claims on several industrial countries and on the Caribbean. U.S. transactions in foreign securities shifted to net U.S. sales of $8.5 billion in the first quarter from net U.S. purchases of $70.8 billion in the fourth. U.S. transactions in foreign stocks shifted to net U.S. sales of $8.3 billion from net U.S. purchases of $79.4 billion. Fourth- quarter transactions included two exceptionally large acquisitions of U.S. companies by foreign firms by exchanges of stock. Excluding these exchanges, net U.S. sales of foreign stocks were roughly one-third greater in the first quarter than in the fourth. Net U.S. sales of foreign bonds decreased to $0.1 billion from $8.6 billion. Net financial outflows for U.S. direct investment abroad were $38.3 billion in the first quarter, up from $30.8 billion in the fourth. Increases in net equity outflows and in reinvested earnings more than offset a decrease in net intercompany debt outflows. U.S. official reserve assets decreased $4.1 billion in the first quarter, in contrast to an increase of $2.4 billion in the fourth. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $74.9 billion in the first quarter, following an increase of $149.8 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities, decreased $14.5 billion in the first quarter, following a decrease of $21.8 billion in the fourth. The first-quarter decrease was more than accounted for by the repayment of funds by U.S. banks to their own foreign offices. Transactions in U.S. Treasury securities shifted to net foreign sales of $11.4 billion in the first quarter from net foreign purchases of $24.4 billion in the fourth. The shift partly reflected a reallocation of funds by foreigners into higher-yielding private sector assets. Net foreign purchases of U.S. securities other than U.S. Treasury securities increased to $59.5 billion in the first quarter from $49.3 billion in the fourth. Net foreign purchases of U.S. stocks increased to $9.4 billion from $8.4 billion, and net foreign purchases of U.S. corporate and other bonds increased to $50.1 billion from $40.9 billion. Net financial inflows for foreign direct investment in the United States were $19.1 billion in the first quarter, down from $120.5 billion in the fourth. Even excluding two exceptionally large fourth-quarter acquisitions of U.S. companies by foreign companies, net equity inflows decreased in the first quarter. Net intercompany debt inflows also decreased. These decreases in inflows were partly offset by an increase in reinvested earnings. Net U.S. currency shipments were $2.4 billion in the first quarter, down from $6.3 billion in the fourth. Foreign official assets in the United States increased $8.6 billion in the first quarter, following an increase of $24.4 billion in the fourth. The first-quarter increase was mostly accounted for by increases in assets of industrial countries and a few members of OPEC. The statistical discrepancy--errors and omissions in recorded transactions--was a negative $15.7 billion in the first quarter, compared with a negative $37.7 billion in the fourth. In the first quarter, the U.S. dollar was unchanged on a trade- weighted quarterly average basis against major currencies. Improved presentation and revisions As is customary each June, estimates of U.S. international transactions are revised to incorporate improved methodologies and newly available source data. This year, a number of improvements are introduced for 1982-98. In many cases, the newly available data permitted improvements to be made only for more recent years. Also this year, changes are made to the presentation of the accounts. The major improvements and the change in presentation are summarized below. The accounts are now divided into three groups--the current account, the capital account, and the financial account. Previously, the accounts were divided into the current account and the capital account. The current account is redefined by removing a small part of the previous measure of unilateral transfers and including it in the new capital account. The previous capital account transactions become the new financial account. The newly defined capital account includes capital transfers and the acquisition and disposal of nonproduced nonfinancial assets. The major types of capital transfers included in the capital account at the present time are debt forgiveness and immigrants' transfers. The acquisition and disposal of nonproduced nonfinancial assets includes the sales and purchases of nonproduced assets, such as the rights to natural resources, and the sales and purchases of intangible assets, such as patents, copyrights, trademarks, franchises, and leases. Compensation of employees, previously included in services, is now reclassified within the current account, and its coverage has been expanded for 1986-98. Revised estimates for years before 1986 are not available. In the new presentation, lines 1 and 18 have been relabeled, although their content has not changed, and the income account now consists of investment income on external assets and liabilities and the redefined account, "compensation of employees." Lines 2 and 19 have been added to the table to correspond to the memorandum item balance on goods and services (line 73), and for ease of use of the tables. The previous unilateral transfers has been split into unilateral current transfers, which remain in the current account, and unilateral capital transfers, which have been transferred to the new capital account (but which are not shown separately). Improved estimates of direct investment income and capital flows are introduced for 1982-98, reflecting improved estimates of the current-cost adjustment. Improved estimates of the current-cost adjustment reflect, in part, the introduction of measures of geometric depreciation, an improved treatment of transfers of equipment and structures by direct investment affiliates, newly available equipment and structures price indexes, and newly available data for capital investment, depreciation, depletion, and expensed exploration and development costs by direct investment affiliates. Improved estimates of income receipts are introduced for 1994- 98, reflecting the incorporation of newly available results of the U.S. Treasury Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of December 31, 1997. Improved estimates of travel payments for 1997-98 and of other private service receipts based on BEA's annual surveys are introduced for 1995-98. New estimates of immigrants' transfers are introduced for 1982- 98; these transfers are a key component of the new capital account. New estimates of the compensation and expenditures of temporary nonagricultural workers in the United States are introduced for 1986-98. In the goods account, introduction of new seasonal factors has reduced the amount of "residual" seasonality in total goods exports. In addition to the above improvements, all estimates have been revised as a result of newly available or revised quarterly and annual survey results and other source data. Most revisions attributable to updated source data are for 1995-98. Revised estimates for the detailed components of the U.S. international transactions accounts for 1997-98 are shown in the first table. Revisions to the current-account balance and its major components for 1982-98 are shown in the second table. The fourth-quarter 1998 current-account balance and its components are revised from previously published estimates. Revisions reflect both newly available source data for the fourth quarter and all of the above sources of revision. The current-account deficit for the fourth quarter of 1998 was revised to $61.7 billion from $63.8 billion. The goods deficit was revised to $63.6 billion from $62.3 billion; the services surplus was revised to $20.3 billion from $19.3 billion; the deficit on investment income was revised to $4.9 billion from $7.8 billion; and net unilateral current transfers were revised to $13.5 billion from $13.0 billion. * * * Release dates for 1999: Second quarter 1999...................September 14 (Tuesday) Third quarter 1999.....................December 14 (Tuesday) * * * 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: http://www.bea.gov STAT-USA maintains an electronic bulletin board (EBB) and an Internet site, which contain BEA estimates, BEA news releases, and the Survey of Current Business. The information available through STAT-USA is often more detailed and more timely than that available from other sources. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. 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 appear in the Survey of Current Business, BEA's monthly journal. The printed Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington D.C. 20402. First class mail: Annual subscription $104.00 domestic. Second class mail: Annual subscription $42.00 domestic, $52.50 foreign; single issue $15.00 domestic, $18.75 foreign. Table 1.--U.S. International Transactions June 17, 1999 [Millions of dollars, quarters seasonally adjusted] 1997 1998 1999 Change: Amount of (Credits +, debits -) 1997r 1998r 1998:IV - Revision Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 1999:I 1998 Current account 1 Exports of goods and services and income receipts................................. 1,197,206 1,192,231 287,363 300,113 305,865 303,869 302,289 298,463 291,493 299,985 296,227 -3,758 18,176 2 Exports of goods and services................................................ 938,543 933,907 225,760 234,683 239,285 238,819 235,831 231,889 229,284 236,904 232,095 -4,809 2,467 3 Goods, balance of payments basis 1/...................................... 679,715 670,246 162,979 169,895 173,447 173,394 170,665 165,198 164,259 170,124 164,292 -5,832 -809 4 Services 2/.............................................................. 258,828 263,661 62,781 64,788 65,838 65,425 65,166 66,691 65,025 66,780 67,803 1,023 3,276 5 Transfers under U.S. military agency sales contracts................. 17,561 17,155 4,146 4,810 4,514 4,091 4,606 4,489 3,979 4,081 4,372 291 390 6 Travel............................................................... 73,301 71,250 18,331 18,333 18,530 18,107 17,903 18,260 17,149 17,938 18,082 144 134 7 Passenger fares...................................................... 20,789 19,996 5,156 5,149 5,225 5,259 4,916 5,185 5,052 4,843 4,940 97 -141 8 Other transportation................................................. 27,006 25,518 6,701 6,761 6,691 6,855 6,338 6,268 6,339 6,575 6,614 39 -269 9 Royalties and license fees.......................................... 33,781 36,808 8,232 8,372 8,690 8,488 8,882 9,002 9,029 9,894 9,454 -440 1,745 10 Other private services.............................................. 85,566 92,116 20,021 21,141 21,970 22,435 22,302 23,296 23,278 23,240 24,136 896 1,387 11 U.S. Government miscellaneous services.............................. 824 818 194 222 218 190 219 191 199 209 205 -4 30 12 Income receipts.............................................................. 258,663 258,324 61,603 65,430 66,580 65,050 66,458 66,574 62,209 63,081 64,132 1,051 15,709 13 Income receipts on U.S.-owned assets abroad............................. 256,861 256,467 61,152 64,980 66,129 64,600 65,994 66,111 61,744 62,617 63,662 1,045 13,852 14 Direct investment receipts.......................................... 115,795 102,846 28,443 30,098 30,312 26,942 27,338 26,744 23,124 25,639 26,961 1,322 2,399 15 Other private receipts.............................................. 137,507 150,001 31,847 33,916 34,936 36,808 37,826 38,412 37,744 36,019 35,814 -205 11,401 16 U.S. Government receipts............................................ 3,559 3,620 862 966 881 850 830 955 876 959 887 -72 52 17 Compensation of employees............................................... 1,802 1,857 451 450 451 450 464 463 465 464 470 6 1,857 18 Imports of goods and services and income payments................................. -1,298,705 -1,368,718 -312,914 -322,090 -331,384 -332,317 -335,380 -340,977 -344,182 -348,180 -354,712 -6,532 -3,070 19 Imports of goods and services................................................ -1,043,273 -1,098,189 -252,372 -258,872 -265,008 -267,020 -269,169 -273,850 -275,008 -280,166 -285,856 -5,690 2,365 20 Goods, balance of payments basis 1/...................................... -876,366 -917,178 -212,187 -217,773 -222,362 -224,044 -225,541 -228,698 -229,228 -233,711 -238,495 -4,784 1,862 21 Services 2/.............................................................. -166,907 -181,011 -40,185 -41,099 -42,646 -42,976 -43,628 -45,152 -45,780 -46,455 -47,361 -906 503 22 Direct defense expenditures.......................................... -11,698 -12,841 -2,832 -2,714 -3,005 -3,147 -3,098 -3,061 -3,276 -3,406 -3,550 -144 -148 23 Travel............................................................... -52,051 -56,105 -12,901 -12,844 -13,151 -13,155 -13,736 -14,168 -14,070 -14,131 -14,628 -497 -2,377 24 Passenger fares...................................................... -18,138 -19,797 -4,295 -4,615 -4,705 -4,523 -4,629 -4,958 -5,085 -5,125 -5,186 -61 -946 25 Other transportation................................................. -28,959 -30,457 -7,036 -7,319 -7,203 -7,400 -7,321 -7,590 -7,700 -7,849 -7,764 85 -172 26 Royalties and license fees.......................................... -9,390 -11,292 -2,104 -2,138 -2,613 -2,535 -2,955 -2,694 -2,721 -2,923 -3,151 -228 -638 27 Other private services.............................................. -43,909 -47,670 -10,351 -10,773 -11,247 -11,538 -11,217 -12,014 -12,163 -12,276 -12,378 -102 4,800 28 U.S. Government miscellaneous services.............................. -2,762 -2,849 -666 -696 -722 -678 -672 -667 -765 -745 -704 41 -16 29 Income payments.............................................................. -255,432 -270,529 -60,542 -63,218 -66,376 -65,297 -66,211 -67,127 -69,174 -68,014 -68,856 -842 -5,435 30 Income payments on foreign-owned assets in the United States............ -248,676 -263,423 -58,908 -61,543 -64,673 -63,552 -64,476 -65,376 -67,381 -66,188 -66,992 -804 1,671 31 Direct investment payments.......................................... -46,575 -43,441 -11,855 -11,426 -13,001 -10,293 -10,501 -10,567 -11,290 -11,081 -12,437 -1,356 2,355 32 Other private payments.............................................. -114,051 -128,863 -26,744 -28,083 -28,818 -30,406 -31,292 -31,849 -33,314 -32,408 -31,891 517 -303 33 U.S. Government payments............................................ -88,050 -91,119 -20,309 -22,034 -22,854 -22,853 -22,683 -22,960 -22,777 -22,699 -22,664 35 -381 34 Compensation of employees............................................... -6,756 -7,106 -1,634 -1,675 -1,703 -1,745 -1,735 -1,751 -1,793 -1,826 -1,864 -38 -7,106 35 Unilateral current transfers, net................................................. -41,966 -44,075 -9,347 -9,494 -10,096 -13,030 -9,927 -9,886 -10,787 -13,474 -10,098 3,376 -2,220 36 U.S. Government grants....................................................... -12,386 -13,057 -2,306 -2,290 -2,423 -5,367 -2,340 -2,168 -2,807 -5,742 -2,135 3,607 -565 37 U.S. Government pensions and other transfers................................. -4,239 -4,350 -1,026 -1,070 -1,074 -1,069 -1,079 -1,095 -1,106 -1,071 -1,104 -33 -46 38 Private remittances and other transfers...................................... -25,341 -26,668 -6,015 -6,134 -6,599 -6,594 -6,508 -6,623 -6,874 -6,661 -6,859 -198 -1,609 Table 1.--U.S. International Transactions (Continued) June 17, 1999 [Millions of dollars, quarters seasonally adjusted] 1997 1998 1999 Change: Amount of (Credits +, debits -) 1997r 1998r 1998:IV - Revision Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 1999:I 1998 Capital and financial account Capital account **Capital account transactions, net........................................................ 292 617 135 56 19 82 143 160 148 166 170 4 617 Financial account **U.S.-owned assets abroad, net (increase/financial outflow (-))........................... -465,296 -292,818 -144,665 -91,124 -112,578 -116,929 -59,599 -120,517 -62,097 -50,607 9,227 59,834 12,567 ** U.S. official reserve assets, net.................................................... -1,010 -6,784 4,480 -236 -730 -4,524 -444 -1,945 -2,026 -2,369 4,068 6,437 .... ** Gold............................................................................ .... .... .... .... .... .... .... .... .... .... .... .... .... ** Special drawing rights.......................................................... -350 -149 72 -133 -139 -150 -182 72 188 -227 563 790 .... ** Reserve position in the International Monetary Fund............................. -3,575 -5,118 1,055 54 -463 -4,221 -85 -1,031 -2,078 -1,924 3 1,927 .... ** Foreign currencies.............................................................. 2,915 -1,517 3,353 -157 -128 -153 -177 -986 -136 -218 3,502 3,720 .... ** U.S. Government assets, other than official reserve assets, net...................... 68 -429 -76 -298 377 65 -81 -483 185 -50 147 197 407 ** U.S. credits and other long-term assets......................................... -5,417 -4,676 -1,170 -1,616 -1,426 -1,205 -1,192 -1,156 -1,285 -1,043 -1,336 -293 85 ** Repayments on U.S. credits and other long-term assets........................... 5,438 4,102 1,119 1,329 1,832 1,158 1,133 699 1,332 938 1,574 636 -109 ** U.S. foreign currency holdings and U.S. short-term assets, net.................. 47 145 -25 -11 -29 112 -22 -26 138 55 -91 -146 431 ** U.S. private assets, net............................................................. -464,354 -285,605 -149,069 -90,590 -112,225 -112,470 -59,074 -118,089 -60,256 -48,188 5,012 53,200 12,160 ** Direct investment............................................................... -109,955 -132,829 -30,726 -25,907 -22,381 -30,941 -37,300 -43,172 -21,586 -30,773 -38,297 -7,524 -896 ** Foreign securities.............................................................. -89,174 -102,817 -16,787 -23,949 -39,462 -8,976 -14,116 -32,886 14,994 -70,809 8,488 79,297 -13,465 ** U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns................................................... -120,403 -25,041 -37,880 -9,825 -24,791 -47,907 -6,596 -14,327 -20,320 16,202 -405 -16,607 20,399 ** U.S. claims reported by U.S. banks, not included elsewhere...................... -144,822 -24,918 -63,676 -30,909 -25,591 -24,646 -1,062 -27,704 -33,344 37,192 35,226 -1,966 6,122 **Foreign-owned assets in the United States, net (increase/financial inflow (+))........... 751,661 502,637 185,303 152,767 188,126 225,466 96,817 162,466 93,547 149,805 74,870 -74,935 -39,845 ** Foreign official assets in the United States, net.................................... 18,119 -21,684 27,524 -6,177 23,260 -26,488 11,004 -10,551 -46,489 24,352 8,568 -15,784 428 ** U.S. Government securities...................................................... -2,161 -3,625 23,105 -11,411 10,316 -24,171 13,946 -20,064 -30,905 33,398 9,409 -23,989 -11 ** U.S. Treasury securities.................................................... -6,690 -9,957 22,351 -12,373 7,604 -24,272 11,336 -20,318 -32,811 31,836 3,416 -28,420 -11 ** Other....................................................................... 4,529 6,332 754 962 2,712 101 2,610 254 1,906 1,562 5,993 4,431 .... ** Other U.S. Government liabilities............................................... -1,798 -3,113 -394 -444 -776 -184 -1,028 -807 -224 -1,054 -1,605 -551 -607 ** U.S. liabilities reported by U.S. banks, not included elsewhere................. 22,286 -11,469 8,123 4,643 12,817 -3,297 -958 9,488 -12,866 -7,133 666 7,799 1,046 ** Other foreign official assets................................................... -208 -3,477 -3,310 1,035 903 1,164 -956 832 -2,494 -859 98 957 .... ** Other foreign assets in the United States, net....................................... 733,542 524,321 157,779 158,944 164,866 251,954 85,813 173,017 140,036 125,453 66,302 -59,151 -40,273 ** Direct investment............................................................... 109,264 193,375 26,856 24,304 24,128 33,977 27,016 20,946 24,906 120,505 19,129 -101,376 -2,854 ** U.S. Treasury securities........................................................ 146,433 46,155 33,050 37,928 40,133 35,322 -2,557 25,759 -1,438 24,391 -11,434 -35,825 -1,905 ** U.S. securities other than U.S. Treasury securities............................. 196,258 218,026 45,015 53,890 62,673 34,680 76,810 71,785 20,103 49,328 59,507 10,179 714 ** U.S. currency................................................................... 24,782 16,622 3,484 4,822 6,576 9,900 746 2,349 7,277 6,250 2,440 -3,810 .... ** U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.................................................. 107,779 9,412 28,840 5,274 26,275 47,390 32,707 18,040 11,875 -53,210 11,205 64,415 -34,391 ** U.S. liabilities reported by U.S. banks, not included elsewhere................. 149,026 40,731 20,534 32,726 5,081 90,685 -48,909 34,138 77,313 -21,811 -14,545 7,266 -1,837 **Statistical discrepancy (sum of above items with sign reversed).......................... -143,192 10,126 -5,875 -30,228 -39,952 -67,141 5,657 10,291 31,878 -37,695 -15,684 22,011 13,775 Memoranda: **Balance on goods (lines 3 and 20)........................................................ -196,651 -246,932 -49,208 -47,878 -48,915 -50,650 -54,876 -63,500 -64,969 -63,587 -74,203 -10,616 1,053 **Balance on services (lines 4 and 21)..................................................... 91,921 82,650 22,596 23,689 23,192 22,449 21,538 21,539 19,245 20,325 20,442 117 3,779 **Balance on goods and services (lines 2 and 19)........................................... -104,730 -164,282 -26,612 -24,189 -25,723 -28,201 -33,338 -41,961 -45,724 -43,262 -53,761 -10,499 4,832 **Balance on income (lines 12 and 29)...................................................... 3,231 -12,205 1,061 2,212 204 -247 247 -553 -6,965 -4,933 -4,724 209 10,274 **Unilateral current transfers, net (line 35).............................................. -41,966 -44,075 -9,347 -9,494 -10,096 -13,030 -9,927 -9,886 -10,787 -13,474 -10,098 3,376 -2,220 **Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)................. -143,465 -220,562 -34,898 -31,471 -35,615 -41,478 -43,018 -52,400 -63,476 -61,669 -68,583 -6,914 12,886 r Revised. p Preliminary. 1. Adjusted for timing, valuation, and coverage to balance of payments basis; excludes exports under U. S. military agency sales contracts and imports of U. S. military agencies. 2. Includes some goods that cannot be separately identified from services. NOTE:--Details may not add to totals because of rounding. Source: U. S. Department of Commerce, Bureau of Economic Analysis Table 2.--Revisions to the Current-Account Estimates June 17, 1999 [Millions of dollars; quarterly data are seasonally adjusted] Exports of goods and services and income receipts Imports of goods and services and income payments Unilateral current transfers, net Balance on current account Previously Previously Previously Previously published Revised Revision published Revised Revision published Revised Revision published Revised Revision 1982..... 361,436 366,926 5,490 -355,804 -355,964 -160 -17,075 -17,075 .... -11,443 -6,113 5,330 1983..... 351,306 356,156 4,850 -377,573 -377,577 -4 -17,718 -17,718 .... -43,985 -39,138 4,847 1984..... 395,850 400,052 4,202 -474,203 -474,144 59 -20,598 -20,598 .... -98,951 -94,690 4,261 1985..... 382,749 387,806 5,057 -484,037 -484,106 -69 -22,700 -22,700 .... -123,987 -119,000 4,987 1986..... 400,881 406,060 5,179 -529,355 -530,478 -1,123 -24,679 -24,818 -139 -153,154 -149,236 3,918 1987..... 449,312 456,227 6,915 -593,416 -594,825 -1,409 -23,909 -24,047 -138 -168,013 -162,645 5,368 1988..... 560,664 567,260 6,596 -662,876 -664,167 -1,291 -25,988 -26,139 -151 -128,201 -123,046 5,155 1989..... 643,012 649,902 6,890 -720,189 -721,686 -1,497 -26,963 -27,116 -153 -104,139 -98,900 5,239 1990..... 700,552 708,135 7,583 -757,507 -759,646 -2,139 -34,669 -27,821 6,848 -91,624 -79,332 12,292 1991..... 722,653 729,513 6,860 -732,068 -735,048 -2,980 5,032 9,819 4,787 -4,383 4,284 8,667 1992..... 742,337 748,431 6,094 -758,481 -763,187 -4,706 -35,230 -35,873 -643 -51,374 -50,629 745 1993..... 769,919 776,404 6,485 -817,910 -823,167 -5,257 -38,142 -38,522 -380 -86,133 -85,286 847 1994..... 861,574 868,041 6,467 -946,008 -950,529 -4,521 -39,391 -39,192 199 -123,825 -121,680 2,145 1995..... 999,491 1,005,715 6,224 -1,080,107 -1,083,844 -3,737 -34,638 -35,437 -799 -115,254 -113,566 1,688 1996..... 1,063,971 1,074,425 10,454 -1,158,309 -1,161,533 -3,224 -40,577 -42,187 -1,610 -134,915 -129,295 5,620 1997..... 1,179,380 1,197,206 17,826 -1,294,904 -1,298,705 -3,801 -39,691 -41,966 -2,275 -155,215 -143,465 11,750 1998..... 1,174,055 1,192,231 18,176 -1,365,648 -1,368,718 -3,070 -41,855 -44,075 -2,220 -233,448 -220,562 12,886 1995: I.. 240,452 242,057 1,605 -262,749 -263,716 -967 -8,623 -8,868 -245 -30,920 -30,527 393 II.. 247,013 248,496 1,483 -272,451 -273,314 -863 -8,110 -8,397 -287 -33,548 -33,215 333 III.. 253,187 254,785 1,598 -273,127 -274,013 -886 -8,938 -8,836 102 -28,878 -28,064 814 IV.. 258,837 260,373 1,536 -271,784 -272,802 -1,018 -8,967 -9,336 -369 -21,914 -21,765 149 1996: I.. 260,386 262,090 1,704 -278,128 -277,914 214 -10,473 -10,920 -447 -28,215 -26,744 1,471 II.. 263,135 265,687 2,552 -287,364 -287,958 -594 -8,777 -9,185 -408 -33,006 -31,456 1,550 III.. 262,430 266,217 3,787 -293,777 -295,037 -1,260 -9,043 -9,507 -464 -40,390 -38,327 2,063 IV.. 278,017 280,425 2,408 -299,036 -300,625 -1,589 -12,284 -12,574 -290 -33,303 -32,774 529 1997: I.. 283,765 287,363 3,598 -311,881 -312,914 -1,033 -8,874 -9,347 -473 -36,990 -34,898 2,092 II.. 295,287 300,113 4,826 -321,342 -322,090 -748 -9,035 -9,494 -459 -35,090 -31,471 3,619 III.. 300,481 305,865 5,384 -329,130 -331,384 -2,254 -9,445 -10,096 -651 -38,094 -35,615 2,479 IV.. 299,843 303,869 4,026 -332,549 -332,317 232 -12,337 -13,030 -693 -45,043 -41,478 3,565 1998: I.. 298,740 302,289 3,549 -336,330 -335,380 950 -9,428 -9,927 -499 -47,018 -43,018 4,000 II.. 292,165 298,463 6,298 -339,746 -340,977 -1,231 -9,390 -9,886 -496 -56,971 -52,400 4,571 III.. 285,837 291,493 5,656 -341,499 -344,182 -2,683 -10,032 -10,787 -755 -65,694 -63,476 2,218 IV.. 297,312 299,985 2,673 -348,076 -348,180 -104 -13,001 -13,474 -473 -63,765 -61,669 2,096