FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, June 14, 2012 Sarah P. Scott: (202) 606-9286 (Data) BEA 12-25 Paul W. Farello: (202) 606-9561 (Revisions) U.S. International Transactions: First Quarter 2012 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 $137.3 billion (preliminary) in the first quarter, from $118.7 billion (revised) in the fourth quarter. Most of the increase in the current-account deficit was accounted for by a decrease in the surplus on income and an increase in the deficit on goods and services. Goods and services The deficit on goods and services increased to $151.0 billion in the first quarter from $146.3 billion in the fourth. Goods The deficit on goods increased to $194.5 billion in the first quarter from $189.3 billion in the fourth. Goods exports increased to $388.5 billion from $382.2 billion. Exports of four of the six major end-use categories increased. The increase was more than accounted for by increases in capital goods exports and in automotive vehicles, parts, and engines. The increase in capital goods resulted from increases in civilian aircraft, engines, and parts, in computers, peripherals, and parts, and in other industrial, agricultural, and service industry machinery. The increase in automotive vehicles, parts, and engines exports was largely due to increases in passenger cars and in trucks, buses, and special purpose vehicles. Changes in the other major categories were relatively small (Table 2a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=3). Goods imports increased to $583.0 billion from $571.4 billion. Imports of four of the six major end-use categories increased. The increase resulted from increases in imports of automotive vehicles, parts, and engines, of capital goods, and of industrial supplies and materials. The increase in automotive vehicles, parts, and engines was due, in part, to an increase in passenger cars from countries other than Canada. The increase in capital goods was more than accounted for by an increase in machinery and equipment, and the increase in industrial supplies and materials reflected an increase in petroleum and products. Consumer goods imports decreased; the largest decrease was in durable goods (Table 2a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=3). Services The surplus on services increased to $43.5 billion in the first quarter from $43.0 billion in the fourth. Services receipts increased to $154.4 billion from $151.0 billion. Six of the seven major services categories increased; the largest increases were in travel and in other private services, which includes items such as financial services, insurance services, and business, professional, and technical services. Services payments increased to $111.0 billion from $108.1 billion. The increase mainly reflected increases in travel and in passenger fares. Income The surplus on income decreased to $47.6 billion in the first quarter from $59.9 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad decreased to $181.0 billion from $185.4 billion. The decrease was more than accounted for by a decrease in direct investment receipts. Income payments on foreign-owned assets in the United States increased to $131.6 billion from $123.6 billion. The increase was largely due to an increase in direct investment payments. Other private payments, which consists of interest and dividends, also increased. Compensation of employees Receipts for compensation of U.S. residents paid by nonresidents remained at $1.5 billion in the first quarter.  Payments for compensation of foreign residents paid by U.S. residents remained at $3.4 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $33.9 billion in the first quarter, up from $32.2 billion in the fourth. The increase mostly reflected an increase in private remittances and other transfers; U.S. government grants and U.S. government pensions and other transfers also increased. Capital Account Net capital account transactions were not available for the first quarter because source data are not yet available. Net payments were $0.1 billion in the fourth quarter. Financial Account Net financial inflows were $156.7 billion in the first quarter, up from $63.4 billion in the fourth. U.S.-owned assets abroad decreased in the first quarter after increasing in the fourth, and foreign-owned assets in the United States increased slightly less in the first quarter than in the fourth. U.S.-owned assets abroad U.S.-owned assets abroad decreased $114.8 billion in the first quarter, following an increase of $26.2 billion in the fourth. U.S. claims on foreigners reported by U.S. banks and securities brokers decreased $220.3 billion in the first quarter, after a decrease of $86.4 billion in the fourth. Examples of these claims are U.S. banks’ deposits at foreign banks and U.S. banks’ loans to foreigners. The change from the fourth quarter reflects a $129.3 billion decrease in claims for own accounts (Table 10a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=23). U.S. sales of foreign securities exceeded purchases by $3.6 billion in the first quarter, down from a difference of $36.0 billion in the fourth. Net purchases of foreign stocks were $14.9 billion, shifting from net sales of $8.6 billion. Net sales of foreign bonds were $18.5 billion, down from $27.4 billion (Table 8a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19). U.S. direct investment abroad was $110.9 billion in the first quarter, down slightly from $111.2 billion in the fourth. The small decrease was the result of both lower equity investment and reinvested earnings that were almost completely offset by increased outflows of intercompany debt investment (Table 7a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=15). U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $49.6 billion in the first quarter after a decrease of $65.1 billion in the fourth. U.S. official reserve assets increased $1.2 billion in the first quarter, following an increase of $1.9 billion in the fourth. The first quarter increase reflected a smaller increase in the U.S. reserve position in the International Monetary Fund (IMF) associated with U.S. loans to the IMF under New Arrangements to Borrow. U.S. government assets other than official reserve assets decreased $52.7 billion in the first quarter, after an increase of $100.6 billion in the fourth. Both the first-quarter decrease and the fourth-quarter increase resulted mostly from central bank liquidity swaps between the U.S. Federal Reserve System and foreign central banks. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $41.9 billion in the first quarter, following an increase of $57.1 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks and securities brokers, other than foreign official assets, decreased $126.8 billion in the first quarter, after a decrease of $42.3 billion in the fourth. Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks in the United States. The change from the fourth quarter resulted from a $120.1 billion increase in liabilities for own accounts (Table 11a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=25). Foreign private purchases of U.S. Treasury securities exceeded sales by $34.0 billion in the first quarter, slowing from net purchases of $82.5 billion in the fourth (Table 8a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19). Foreign private purchases of U.S. securities other than U.S. Treasury securities exceeded sales by $3.2 billion in the first quarter. In the fourth quarter, foreign net sales were $35.3 billion. Net purchases of U.S. stocks were $18.7 billion, shifting from net sales of $17.1 billion. Net sales of U.S. corporate bonds decreased to $15.1 billion from $31.3 billion. Net sales of U.S. federally sponsored agency bonds were $0.4 billion in the first quarter, shifting from net purchases of $13.1 billion in the fourth (Table 8a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=19). Foreign direct investment in the United States was $28.7 billion in the first quarter, down from $76.1 billion in the fourth. The decrease was accounted for by lower equity investment and a shift from inflows to outflows of intercompany debt investment; these decreases were partly offset by an increase in reinvested earnings (Table 7a) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=15). U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $17.2 billion in the first quarter, following a decrease of $40.0 billion in the fourth. Foreign official assets in the United States increased $67.6 billion in the first quarter, shifting from a decrease of $2.9 billion in the fourth. Most of the shift was due to net purchases of U.S. Treasury securities that more than offset a decrease in U.S. liabilities reported by U.S. banks and securities brokers (Table 5) (www.bea.gov/iTable/iTableHtml.cfm?reqid=6&step=3&isuri=1&600=13). Net shipments of U.S. currency to foreign countries were $18.1 billion in the first quarter, down from $18.8 billion in the fourth. The statistical discrepancy—net errors and omissions in recorded transactions—was -$19.4 billion in the first quarter compared with $55.3 billion in the fourth. In the first quarter, the U.S. dollar appreciated 0.7 percent on a trade-weighted quarterly average basis against a group of 7 major currencies. Data are based on Federal Reserve Statistical Release H.10. Revisions Statistics from the U.S. international transactions accounts have been revised to incorporate newly available and revised source data, updated seasonal adjustments, and improved estimating methodologies. Key changes introduced in this annual revision are summarized below. * Exports and imports of goods on a balance of payments basis are revised for 2009-2011 to introduce new balance of payments adjustments to revalue exports and imports of some electronic media to reflect the value of stored content, as well as to incorporate revised source data on other adjustments. Balance of payments adjustments refer to adjustments that BEA applies to goods on a Census basis to align the data with the concepts and definitions used to prepare the international and national economic accounts. Revisions to goods exports and imports for 2011 also reflect revised Census Bureau data on goods on a Census basis. * Services receipts and income payments are revised for 2009-2011 to implement an improved method for measuring the compensation and U.S. expenditures of foreign professionals who work in the United States for less than one year. Services payments are revised for 2009-2011 to implement an improved method for measuring imports of computer services from affiliated Canadian parties. Services receipts and payments are also revised for 2009-2011 to incorporate newly available and revised data from BEA’s quarterly surveys of international services transactions. * Unilateral current transfers are revised for 2009-2011 to implement an improved method for measuring personal transfers. * For foreign securities (foreign stocks and bonds), financial flows are revised for 2009-2011 to incorporate newly available and revised data from the Treasury International Capital reporting system.  Related interest and dividend receipts are revised for 2009-2011 to incorporate results of the U.S. Treasury Department’s annual survey of securities claims for December 2010 and other revised source data. * For U.S. securities (U.S. corporate stocks and bonds, U.S. Treasury bonds, and U.S. agency bonds), financial flows and related interest and dividend payments are revised for 2009-2011 to incorporate results of the U.S. Treasury Department’s annual survey of securities liabilities for June 2011 (see FAQ) (www.bea.gov/faq/) and other revised source data. * For direct investment, financial flows and related income receipts and payments are revised for 2009-2011 to incorporate newly available and revised data from BEA’s quarterly and annual surveys of direct investment. In addition to the revisions to the historical data, the fourth-quarter 2011 international transactions are revised from previously published statistics. The current-account deficit was revised down to $118.7 billion from $124.1 billion. The goods deficit was revised up to $189.3 billion from $186.3 billion; the services surplus was revised down to $43.0 billion from $45.3 billion; the income surplus was revised up to $59.9 billion from $50.3 billion; and net outflows of unilateral current transfers were revised to $32.2 billion from $33.3 billion. Net financial inflows were revised to $63.4 billion from $48.6 billion. The U.S. net international investment position preliminary statistics for 2011 and revised statistics for earlier years will be released on June 26. Additional information on the revisions to the U.S. international transactions accounts and the U.S. international investment position will be provided in the July issue of the SURVEY OF CURRENT BUSINESS, which will be released in mid-July. * * * Release dates in 2012: Fourth quarter and year 2011....................................March 14, 2012 (Wednesday) First quarter 2012................................................June 14, 2012 (Thursday) Second quarter 2012...........................................September 18, 2012 (Tuesday) Third quarter 2012.............................................December 18, 2012 (Tuesday) * * * BEA’s national, international, regional, and industry statistics; 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. ________________ The statistics of the U.S. international transactions accounts released today have been revised for the first quarter of 2009 to the fourth quarter of 2011. The revisions reflect newly available and revised source data, updated seasonal adjustments, and improved estimating methodologies. The revisions to the current account balance mostly reflect newly available and revised data from BEA’s surveys of direct investment and international services transactions. The revisions to net financial flows mostly reflect newly available information from the Annual Survey of Foreign Portfolio Holdings of U.S. Securities at end-June 2011 conducted by the Federal Reserve Board and U.S. Treasury Department. (See the section on “Revisions” in this release.) The July SURVEY OF CURRENT BUSINESS will contain tables and an article describing revisions to the international transactions accounts. On June 26, BEA will release preliminary statistics for the U.S. international investment position for 2011 and revised statistics for 2009-2010. The release will also include a discussion of revisions to those accounts. A more detailed discussion of the U.S. international investment position and the revisions of those accounts will appear in an article in the July SURVEY OF CURRENT BUSINESS. NOTE: This news release is available on BEA’s Web site (www.bea.gov) along with Highlights (www.bea.gov/newsreleases/international/transactions/2012/pdf/trans112_fax.pdf) related to this release, the latest detailed statistics (www.bea.gov/iTable/index_ita.cfm) for U.S. international transactions, and a description of the estimation methods (www.bea.gov/methodologies/index.htm#international_meth) used to compile them. The first quarter statistics in this release are preliminary and will be revised on September 18, 2012. All links in the text of this release—including archived versions of this release—refer to the latest available revised statistics. June 14, 2012 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2010 2011 2012 Change: Amount of (Credits +, debits -)/1/ 2010 r 2011 r 2011:IV- Revision I r II r III r IV r I r II r III r IV r I p 2012:I 2011 Current account 1Exports of goods and services and income receipts............................................ 2,518,767 2,847,988 599,298 617,954 636,778 664,736 689,593 713,499 724,800 720,095 725,428 5,333 4,224 2 Exports of goods and services............................................................ 1,842,485 2,103,367 437,334 451,663 465,468 488,020 508,811 524,000 537,351 533,204 542,921 9,717 -1,678 3 Goods, balance of payments basis..................................................... 1,288,882 1,497,406 304,032 315,478 325,198 344,175 360,917 372,160 382,161 382,167 388,501 6,334 17 4 Services............................................................................. 553,603 605,961 133,302 136,184 140,271 143,845 147,894 151,839 155,190 151,037 154,420 3,383 -1,695 5 Transfers under U.S. military agency sales contracts............................. 14,752 17,946 3,601 3,791 3,898 3,462 4,122 4,545 4,664 4,615 4,404 -211 275 6 Travel........................................................................... 103,481 116,115 25,226 25,340 26,176 26,739 27,407 29,260 30,194 29,254 30,882 1,628 -164 7 Passenger fares.................................................................. 30,983 36,631 7,131 7,721 8,071 8,059 8,374 9,080 9,889 9,287 9,734 447 -86 8 Other transportation............................................................. 40,817 43,064 9,914 10,346 10,138 10,420 10,520 10,760 10,956 10,827 10,912 85 610 9 Royalties and license fees....................................................... 107,165 120,836 26,268 26,407 26,920 27,570 29,405 30,343 31,055 30,033 30,579 546 217 10 Other private services........................................................... 255,293 270,193 60,794 62,340 64,821 67,338 67,749 67,585 68,123 66,736 67,599 863 -2,556 11 U.S. government miscellaneous services........................................... 1,112 1,176 369 239 247 257 317 267 309 284 310 26 9 12 Income receipts.......................................................................... 676,282 744,621 161,964 166,292 171,310 176,716 180,781 189,499 187,449 186,891 182,506 -4,385 5,902 13 Income receipts on U.S.-owned assets abroad.......................................... 670,641 738,810 160,556 164,880 169,898 175,307 179,328 188,047 185,994 185,441 181,029 -4,412 5,528 14 Direct investment receipts....................................................... 444,044 480,238 105,412 108,759 113,421 116,452 118,621 123,417 119,106 119,094 114,276 -4,818 2,986 15 Other private receipts........................................................... 225,103 256,649 54,706 55,771 56,122 58,504 60,262 64,123 66,361 65,903 66,202 299 2,367 16 U.S. government receipts......................................................... 1,494 1,923 438 350 355 351 445 506 527 444 550 106 175 17 Compensation of employees............................................................ 5,641 5,811 1,408 1,412 1,412 1,409 1,453 1,452 1,455 1,450 1,478 28 374 18Imports of goods and services and income payments............................................ -2,829,645 -3,180,861 -675,611 -697,957 -718,137 -737,941 -774,367 -798,839 -801,143 -806,512 -828,854 -22,342 1,794 19 Imports of goods and services............................................................ -2,337,222 -2,663,247 -555,285 -579,349 -594,605 -607,983 -646,036 -665,549 -672,173 -679,489 -693,918 -14,429 1,754 20 Goods, balance of payments basis..................................................... -1,934,006 -2,235,819 -456,570 -480,118 -492,068 -505,250 -542,276 -559,344 -562,778 -571,421 -582,963 -11,542 -138 21 Services............................................................................. -403,216 -427,428 -98,716 -99,231 -102,536 -102,733 -103,761 -106,205 -109,395 -108,068 -110,955 -2,887 1,892 22 Direct defense expenditures...................................................... -30,391 -29,510 -7,721 -7,590 -7,609 -7,471 -7,570 -7,545 -7,343 -7,052 -6,986 66 71 23 Travel........................................................................... -75,510 -78,651 -18,968 -18,177 -19,093 -19,272 -19,257 -19,628 -19,895 -19,871 -20,979 -1,108 469 24 Passenger fares.................................................................. -27,256 -31,109 -6,229 -6,771 -7,022 -7,234 -7,542 -7,698 -7,946 -7,923 -8,864 -941 -5 25 Other transportation............................................................. -51,258 -54,711 -11,868 -12,916 -13,626 -12,849 -13,439 -13,736 -13,767 -13,769 -13,991 -222 -227 26 Royalties and license fees....................................................... -33,434 -36,620 -8,977 -7,855 -8,147 -8,455 -8,921 -8,543 -9,503 -9,652 -9,968 -316 -39 27 Other private services........................................................... -180,586 -191,973 -43,844 -44,776 -45,771 -46,195 -45,825 -47,916 -49,656 -48,576 -49,035 -459 2,013 28 U.S. government miscellaneous services........................................... -4,781 -4,854 -1,109 -1,146 -1,269 -1,257 -1,207 -1,138 -1,284 -1,225 -1,132 93 -389 29 Income payments.......................................................................... -492,423 -517,614 -120,325 -118,607 -123,532 -129,958 -128,330 -133,290 -128,971 -127,022 -134,936 -7,914 40 30 Income payments on foreign-owned assets in the United States......................... -479,624 -503,796 -117,166 -115,346 -120,296 -126,816 -124,863 -129,835 -125,508 -123,590 -131,576 -7,986 -518 31 Direct investment payments....................................................... -146,149 -158,559 -34,257 -32,183 -37,515 -42,194 -39,891 -43,855 -38,261 -36,552 -43,313 -6,761 1,992 32 Other private payments........................................................... -196,354 -212,506 -48,953 -49,003 -48,152 -50,246 -51,501 -53,193 -54,157 -53,655 -55,392 -1,737 -5,528 33 U.S. government payments......................................................... -137,121 -132,731 -33,956 -34,160 -34,629 -34,376 -33,471 -32,787 -33,090 -33,383 -32,871 512 3,018 34 Compensation of employees............................................................ -12,799 -13,817 -3,159 -3,261 -3,236 -3,143 -3,467 -3,455 -3,463 -3,433 -3,360 73 558 35Unilateral current transfers, net............................................................ -131,074 -133,053 -34,681 -31,710 -33,216 -31,466 -35,223 -33,777 -31,815 -32,240 -33,887 -1,647 1,497 36 U.S. government grants................................................................... -42,736 -47,350 -11,772 -9,479 -10,560 -10,925 -11,136 -13,486 -11,176 -11,551 -11,848 -297 -1,998 37 U.S. government pensions and other transfers............................................. -9,581 -8,947 -2,352 -2,394 -2,420 -2,415 -2,202 -2,227 -2,250 -2,269 -2,541 -272 1,687 38 Private remittances and other transfers.................................................. -78,757 -76,756 -20,557 -19,838 -20,236 -18,126 -21,884 -18,064 -18,389 -18,419 -19,498 -1,079 1,808 June 14, 2012 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2010 2011 2012 Change: Amount of (Credits +, debits -)/1/ 2010 r 2011 r 2011:IV- Revision I r II r III r IV r I r II r III r IV r I p 2012:I 2011 Capital account 39Capital account transactions, net............................................................ -157 -1,212 -3 -2 -146 -7 -29 -829 -300 -55 n.a. n.a. -52 Financial account 40U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))........................................................ -939,484 -483,653 -269,433 -154,408 -294,523 -221,120 -372,944 7,418 -91,896 -26,231 114,781 141,012 -87,278 41 U.S. official reserve assets............................................................. -1,834 -15,877 -773 -165 -1,096 200 -3,619 -6,267 -4,079 -1,912 -1,239 673 0 42 Gold................................................................................. 0 0 0 0 0 0 0 0 0 0 0 0 0 43 Special drawing rights............................................................... -31 1,752 -7 -6 -8 -10 1,961 -159 -27 -23 -11 12 0 44 Reserve position in the International Monetary Fund.................................. -1,293 -18,079 -581 -77 -956 321 -6,428 -5,974 -3,909 -1,768 -1,084 684 0 45 Foreign currencies................................................................... -510 450 -185 -82 -132 -111 848 -134 -143 -121 -144 -23 0 46 U.S. government assets, other than official reserve assets............................... 7,540 -103,666 9,433 -2,441 788 -240 -547 -1,358 -1,137 -100,624 52,676 153,300 -1,516 47 U.S. credits and other long-term assets.............................................. -4,976 -7,307 -1,247 -1,835 -1,027 -867 -1,307 -2,337 -1,396 -2,267 -1,091 1,176 -1,669 48 Repayments on U.S. credits and other long-term assets................................ 2,408 3,333 399 783 679 547 610 1,259 812 653 417 -236 151 49 U.S. foreign currency holdings and U.S. short-term assets............................ 10,108 -99,692 10,281 -1,389 1,136 80 150 -279 -553 -99,010 53,351 152,361 2 50 U.S. private assets...................................................................... -945,189 -364,110 -278,092 -151,802 -294,215 -221,080 -368,778 15,042 -86,679 76,305 63,343 -12,962 -85,762 51 Direct investment.................................................................... -327,877 -419,332 -109,091 -65,020 -90,647 -63,119 -104,404 -133,397 -70,323 -111,208 -110,930 278 -13,091 52 Foreign securities................................................................... -138,984 -146,797 -42,124 -15,728 -39,329 -41,803 -85,472 -57,195 -40,110 35,980 3,571 -32,409 -53,891 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.......... 32,969 -11,608 45,003 6,596 2,067 -20,697 -92,203 6,147 9,326 65,122 -49,562 -114,684 -11,215 54 U.S. claims reported by U.S. banks and securities brokers............................ -511,297 213,627 -171,880 -77,650 -166,306 -95,461 -86,699 199,487 14,428 86,411 220,264 133,853 -7,565 55Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))......................................................... 1,308,279 1,000,990 311,935 170,919 512,515 312,910 578,972 98,554 266,397 57,067 41,939 -15,128 217,253 56 Foreign official assets in the United States............................................. 398,188 211,826 89,961 65,838 168,611 73,778 72,974 121,822 19,889 -2,859 67,593 70,452 46,995 57 U.S. government securities........................................................... 353,294 158,735 84,837 43,553 151,633 73,271 67,719 97,184 11,249 -17,417 83,114 100,531 35,743 58 U.S. Treasury securities......................................................... 442,012 171,179 97,364 30,077 220,891 93,680 56,274 104,363 28,115 -17,573 82,751 100,324 47,575 59 Other............................................................................ -88,718 -12,444 -12,527 13,476 -69,258 -20,409 11,445 -7,179 -16,866 156 363 207 -11,832 60 Other U.S. government liabilities.................................................... 12,321 9,063 4,063 2,517 1,789 3,952 2,714 2,236 2,287 1,826 2,814 988 256 61 U.S. liabilities reported by U.S. banks and securities brokers....................... -7,967 30,010 -15,851 4,545 9,981 -6,642 -3,090 15,764 5,121 12,215 -19,087 -31,302 494 62 Other foreign official assets........................................................ 40,540 14,018 16,912 15,223 5,208 3,197 5,631 6,638 1,232 517 752 235 10,502 63 Other foreign assets in the United States................................................ 910,091 789,164 221,974 105,081 343,904 239,132 505,998 -23,268 246,508 59,926 -25,654 -85,580 170,258 64 Direct investment.................................................................... 205,831 233,988 40,375 23,478 79,097 62,881 33,365 61,281 63,222 76,120 28,690 -47,430 6,122 65 U.S. Treasury securities............................................................. 297,797 240,878 84,046 83,488 74,630 55,633 55,054 -17,613 120,918 82,519 33,992 -48,527 99,074 66 U.S. securities other than U.S. Treasury securities.................................. 139,316 -56,442 4,582 -16,364 92,957 58,141 4,338 -5,108 -20,396 -35,276 3,186 38,462 19,898 67 U.S. currency........................................................................ 28,319 54,996 2,265 2,100 10,514 13,440 12,576 13,989 9,614 18,817 18,057 -760 0 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..... 62,957 6,567 17,312 12,728 10,923 21,994 40,688 25,538 -19,670 -39,989 17,200 57,189 -7,296 69 U.S. liabilities reported by U.S. banks and securities brokers....................... 175,871 309,177 73,394 -349 75,783 27,043 359,977 -101,355 92,820 -42,265 -126,779 -84,514 52,460 70Financial derivatives, net................................................................... 14,076 39,010 16,152 9,980 -11,893 -163 2,927 7,419 -3,949 32,613 n.a. n.a. /4/32,235 71Statistical discrepancy (sum of above items with sign reversed).............................. 59,237 -89,208 52,342 85,224 -91,379 13,051 -88,930 6,555 -62,094 55,263/2/-19,407/3/-74,670/4/-169,672 Memoranda: 72Balance on goods (lines 3 and 20)............................................................ -645,124 -738,413 -152,538 -164,640 -166,871 -161,075 -181,358 -187,184 -180,617 -189,254 -194,462 -5,208 -121 73Balance on services (lines 4 and 21)......................................................... 150,387 178,533 34,587 36,953 37,734 41,112 44,133 45,634 45,795 42,969 43,465 496 197 74Balance on goods and services (lines 2 and 19)............................................... -494,737 -559,880 -117,952 -127,687 -129,137 -119,962 -137,225 -141,549 -134,822 -146,286 -150,997 -4,711 76 75Balance on income (lines 12 and 29).......................................................... 183,859 227,007 41,639 47,685 47,778 46,758 52,451 56,209 58,478 59,869 47,571 -12,298 5,942 76Unilateral current transfers, net (line 35).................................................. -131,074 -133,053 -34,681 -31,710 -33,216 -31,466 -35,223 -33,777 -31,815 -32,240 -33,887 -1,647 1,497 77Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76)..................... -441,951 -465,926 -110,994 -111,713 -114,574 -104,671 -119,997 -119,117 -108,158 -118,656 -137,313 -18,657 7,514 78Net financial flows (lines 40, 55, and 70)................................................... 382,871 556,347 58,654 26,491 206,099 91,627 208,955 113,391 170,552 63,449/2/156,720 /3/93,271 /4/162,210 p Preliminary r Revised n.a. Not available 1 Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S-owned assets (U.S. claims). Debits, -: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital account payments; financial outflows-decraese in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets (U.S. claims). 2 Calculated excluding capital account transactions, net (line 39) and financial derivatives, net (line 70). 3 The change shown here is calculated as the change from the prior period, not as the sum of changes in the above items. 4 The previously published statistics exclude financial derivatives, net (line 70) for the fourth quarter of 2011, which were not available. Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 14, 2012 Table 2. Revisions to U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net Balance on current account Capital account transactions, net Net financial flows income receipts income payments (inflows +, outflows -) (inflows +, outflows -) (inflows +, outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision (Credits +, debits -)/1/ published published published published published published 2006.................. 2,144,443 2,144,443 0 -2,853,549 -2,853,549 0 -91,515 -91,515 0 -800,621 -800,621 0 -1,788 -1,788 0 809,150 809,150 0 2007.................. 2,488,394 2,488,394 0 -3,083,637 -3,083,637 0 -115,061 -115,061 0 -710,303 -710,303 0 384 384 0 617,260 617,260 0 2008.................. 2,656,585 2,656,585 0 -3,207,834 -3,207,834 0 -125,885 -125,885 0 -677,135 -677,135 0 6,010 6,010 0 730,568 730,568 0 2009.................. 2,174,533 2,180,553 6,020 -2,427,804 -2,439,990 -12,186 -123,280 -122,459 821 -376,551 -381,896 -5,345 -140 -140 0 245,919 239,671 -6,248 2010.................. 2,500,817 2,518,767 17,950 -2,835,620 -2,829,645 5,975 -136,095 -131,074 5,021 -470,898 -441,951 28,947 -152 -157 -5 254,289 382,871 128,582 2011.................. 2,843,764 2,847,988 4,224 -3,182,655 -3,180,861 1,794 -134,550 -133,053 1,497 -473,440 -465,926 7,514 -1,160 -1,212 -52 /2/394,137 556,347 /2/162,210 2006: I............... 505,587 505,587 0 -682,915 -682,915 0 -20,516 -20,516 0 -197,845 -197,845 0 -1,220 -1,220 0 159,592 159,592 0 II.................... 532,230 532,230 0 -709,192 -709,192 0 -23,610 -23,610 0 -200,572 -200,572 0 -487 -487 0 197,789 197,789 0 III................... 542,555 542,555 0 -731,811 -731,811 0 -25,141 -25,141 0 -214,397 -214,397 0 -2 -2 0 245,186 245,186 0 IV.................... 564,073 564,073 0 -729,632 -729,632 0 -22,248 -22,248 0 -187,807 -187,807 0 -79 -79 0 206,583 206,583 0 2007: I............... 582,062 582,062 0 -747,524 -747,524 0 -32,211 -32,211 0 -197,673 -197,673 0 0 0 0 254,181 254,181 0 II.................... 610,791 610,791 0 -771,861 -771,861 0 -26,481 -26,481 0 -187,551 -187,551 0 443 443 0 153,165 153,165 0 III................... 638,132 638,132 0 -779,067 -779,067 0 -28,092 -28,092 0 -169,028 -169,028 0 -57 -57 0 85,857 85,857 0 IV.................... 657,411 657,411 0 -785,184 -785,184 0 -28,279 -28,279 0 -156,052 -156,052 0 -2 -2 0 124,056 124,056 0 2008: I............... 670,832 670,832 0 -814,329 -814,329 0 -33,735 -33,735 0 -177,232 -177,232 0 -8 -8 0 209,946 209,946 0 II.................... 692,907 692,907 0 -836,822 -836,822 0 -31,347 -31,347 0 -175,262 -175,262 0 -18 -18 0 155,766 155,766 0 III................... 691,564 691,564 0 -833,469 -833,469 0 -31,703 -31,703 0 -173,608 -173,608 0 6,043 6,043 0 180,675 180,675 0 IV.................... 601,284 601,284 0 -723,214 -723,214 0 -29,103 -29,103 0 -151,032 -151,032 0 -7 -7 0 184,179 184,179 0 2009: I............... 524,276 525,222 946 -589,791 -594,817 -5,026 -29,738 -28,905 833 -95,253 -98,500 -3,247 -20 -20 0 14,799 7,591 -7,208 II.................... 522,990 522,332 -658 -575,304 -578,983 -3,679 -30,497 -30,331 166 -82,811 -86,982 -4,171 -29 -29 0 10,360 26,945 16,585 III................... 545,364 546,847 1,483 -609,953 -609,608 345 -33,269 -32,935 334 -97,858 -95,697 2,161 -36 -36 0 57,915 48,445 -9,470 IV.................... 581,904 586,153 4,249 -652,756 -656,583 -3,827 -29,777 -30,289 -512 -100,629 -100,719 -90 -56 -56 0 162,844 156,691 -6,153 2010: I............... 595,359 599,298 3,939 -678,617 -675,611 3,006 -35,034 -34,681 353 -118,292 -110,994 7,298 -3 -3 0 32,482 58,654 26,172 II.................... 616,163 617,954 1,791 -703,516 -697,957 5,559 -32,947 -31,710 1,237 -120,300 -111,713 8,587 -2 -2 0 28,079 26,491 -1,588 III................... 632,309 636,778 4,469 -717,682 -718,137 -455 -34,754 -33,216 1,538 -120,127 -114,574 5,553 -146 -146 0 164,388 206,099 41,711 IV.................... 656,986 664,736 7,750 -735,804 -737,941 -2,137 -33,360 -31,466 1,894 -112,179 -104,671 7,508 -2 -7 -5 29,340 91,627 62,287 2011: I............... 687,900 689,593 1,693 -773,914 -774,367 -453 -32,263 -35,223 -2,960 -118,277 -119,997 -1,720 -29 -29 0 156,012 208,955 52,943 II.................... 715,132 713,499 -1,633 -803,056 -798,839 4,217 -35,508 -33,777 1,731 -123,431 -119,117 4,314 -829 -829 0 35,799 113,391 77,592 III................... 724,627 724,800 173 -798,764 -801,143 -2,379 -33,489 -31,815 1,674 -107,626 -108,158 -532 -300 -300 0 153,720 170,552 16,832 IV.................... 716,105 720,095 3,990 -806,921 -806,512 409 -33,290 -32,240 1,050 -124,105 -118,656 5,449 -3 -55 -52 /2/48,605 63,449 /2/14,844 1 Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S-owned assets (U.S. claims). Debits, -: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital account payments; financial outflows-decraese in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets (U.S. claims). 2 The previously published statistics exclude financial derivatives, net (table 1, line 70) for the fourth quarter of 2011, which were not available. Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis