U.S. international transactions: first quarter of 2011.

Scott, Sarah P.

THE U.S. CURRENT-ACCOUNT deficit--a net measure of transactions between the United States and the rest of the world in goods, services, income, and net unilateral current transfers--increased to $119.3 billion (preliminary) in the first quarter of 2011 from $112.2 billion (revised) in the fourth quarter of 2010 (see pages 64-67). (1) The deficit increased to 3.2 percent of current-dollar gross domestic product (GDP) from 3.0 percent in the fourth quarter of 2010, but it was still smaller as a percent of GDP than in each of the first three quarters of 2010. (2) The increase in the deficit resulted from an increase in the deficit on goods that was partly offset by increases in the surpluses on income and services and a decrease in net unilateral current transfers.

In the financial account, net financial inflows to the United States increased to $181.9 billion in the first quarter from $29.3 billion in the fourth quarter (see pages 68 and 69). Net financial flows reflect combined transactions in U.S.-owned assets abroad, foreign-owned assets in the United States, and financial derivatives. However, the preliminary statistics for the first quarter exclude transactions for financial derivatives because the data are not yet available. Both U.S.-owned assets abroad and foreign-owned assets in the United States grew considerably in the first quarter; however, the growth in foreign-owned assets in the United States was larger than that in U.S.-owned assets abroad.

The statistical discrepancy--net errors and omissions in recorded transactions--was -$62.6 billion in the first quarter, compared with $82.8 billion in the fourth quarter.

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Overview

Current-account highlights

* The deficit on goods increased considerably in the first quarter after decreasing in the fourth quarter, as imports grew faster than exports.

* The surplus on services rose, as growth in services exports outpaced growth in services imports.

* The surplus on income rose sharply as a result of a rise in income receipts and a fall in income payments.

Financial-account highlights

* U.S.-owned assets abroad and foreign-owned assets in the United States both rose in the first quarter after smaller increases in the fourth quarter. The pickup in foreign-owned assets in the United States was greater than that in U.S.-owned assets abroad, mainly as a result of U.S. liabilities reported by U.S. banks and securities brokers.

* The increase in U.S.-owned assets abroad was the seventh consecutive quarter of net outflows, following five quarters of net inflows.

* The increase in foreign-owned assets in the United States was the largest since the second quarter of 2007. This was the seventh straight increase after a stretch of five quarters of net outflows.

Current Account--Goods

Goods exports increased for the seventh consecutive quarter. Exports grew 5.5 percent, which was stronger than the growth in any of the four previous quarters. Most major end-use categories rose in the first quarter; nearly 80 percent of the increase was in industrial supplies and materials.

Foods, feeds, and beverages rose, but less than in the fourth quarter. Nearly all commodities increased, led by strong growth in wheat exports that was partly offset by lower exports of soybeans.

Industrial supplies and materials grew strongly after slower growth in the seven previous quarters. Increases in petroleum and products and in metals and nonmetallic products--mainly in nonmonetary gold--contributed to the growth.

Capital goods growth has decelerated over the last three quarters. The largest first-quarter increase was in telecommunications equipment; the increase was partly offset by a drop in civilian aircraft, engines, and parts.

Automotive vehicles, parts, and engines rose as a result of increases in all subcategories. Trucks, buses, and special purpose vehicles sent to Canada rose 27 percent after declining for three quarters.

Consumer goods decreased; a decrease in nondurable goods was partly offset by a smaller rise in durable goods. The decrease in nondurable goods was concentrated in medicinal, dental, and pharmaceutical products. Durable goods increased for a seventh quarter; its first-quarter increase was accounted for by "other" durable goods.

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Data Availability

Detailed statistics for U.S. international transactions are presented in tables 1-12 after this article. The statistics are also available to view interactively and download from BEA's Web site. To access these files, go to www.bea.gov and, under "Interactive Data,' click on "International Transactions," then click on "Begin using the data...;' and select from the "Table List" to navigate through the options.

Revisions

Many of the statistics presented in this article for periods before the first quarter of 2011 have been revised to incorporate changes in definitions, classifications, and methodologies and to incorporate newly available source data. For more information, see "Annual Revision of the U.S. International Transactions Accounts" in this issue.

For the fourth quarter of 2010, the current-account deficit was revised down to $112.2 billion from $113.3 billion. The goods deficit was revised up to $159.2 billion from $156.2 billion; the services surplus was revised up to $40.5 billion from $39.5 billion; the income surplus was revised up to $39.9 billion from $38.6 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $35.2 billion. Net financial inflows were revised to $29.3 billion from $32.4 billion.

Trends in the Trade in Goods

The deficit on goods rose strongly in the first quarter of 2011 after decreasing in the fourth quarter. Current-dollar imports increased at a faster pace than current-dollar exports. The goods deficit increased faster than current-dollar GDP in the first quarter. As a result, the goods deficit increased to 4.9 percent of current-dollar GDP in the first quarter from 4.3 percent in the fourth quarter.

Both real imports and exports rose at similar rates in the first quarter (table C); real imports shifted to growth in the first quarter after a decrease in the previous quarter.

Current Account--Goods

Goods imports increased 8.3 percent after rising in each of the prior six quarters. Most major end-use categories increased in the first quarter; two-thirds of the increase was in industrial supplies and materials.

Growth in foods, feeds, and beverages picked up after rising at a slower pace in the previous five quarters; all commodities contributed to the increase.

Industrial supplies and materials increased substantially after slower growth in the fourth quarter. An increase of 24 percent in petroleum and products was the main driver of the major category's increase.

Capital goods grew after similar growth in the fourth quarter, but at a slower rate than in the previous two quarters. The growth was led by an increase in industrial, agricultural, and service machinery and partly offset by a decrease in computers, peripherals, and parts.

Automotive vehicles, parts, and engines rose strongly in the first quarter after a modest decrease in the fourth quarter. The growth was mostly in engines, parts, and accessories and in passenger cars.

Consumer goods increased after a slight decrease in the fourth quarter; both durable and nondurable goods grew. The growth in durable goods was accounted for by an increase in household appliances and other household goods. The largest increase in nondurable goods was in medicinal, dental, and pharmaceutical products.

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Current Account--Services

Travel receipts--purchases of goods and services by foreign travelers in the United States--grew for a seventh consecutive quarter. The first-quarter growth resulted from increases in the number of foreign visitors and their average expenditures in the United States.

Passenger fare receipts increased after decreasing in the fourth quarter.

"Other" transportation receipts rose, mostly because of increases in port services, after slower growth in the previous four quarters.

"Other" private services receipts trended upwards for a third straight quarter. The largest contributor to the first-quarter rise was business, professional, and technical services.

Travel payments--purchases of goods and services by U.S. travelers abroad--decreased slightly for a second straight quarter; the first-quarter decrease resulted from fewer U.S. travelers abroad.

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Passenger fare payments increased for the fourth straight quarter.

"Other" transportation payments turned up after a decrease of similar magnitude in the fourth quarter. The growth reflected increases in freight and port services.

"Other" private services payments increased in the first quarter after decreasing in the fourth quarter, mostly because of higher payments for business, professional, and technical services.

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Current Account--Income

Income receipts on U.S. direct investment abroad rose for the fourth consecutive quarter to a level 50 percent higher than the recent low point in the first quarter of 2009. Earnings increased in holding companies, notably among affiliates of petroleum companies. Earnings were also up in wholesale trade and in chemicals manufacturing.

"Other" private income receipts increased in the first quarter and added to a four-quarter rise. The first-quarter increase was due to dividend income on foreign securities.

U.S. government receipts increased strongly, resulting mostly from an increase in interest receipts on U.S. reserve assets.

Income payments on foreign direct investment in the United States decreased strongly in the first quarter after a similar increase in the fourth quarter. The first-quarter decrease was dominated by a decrease in earnings that was spread among several industries, including telecommunications and chemicals manufacturing.

"Other" private income payments rose in the first quarter after a larger rise in the fourth quarter. The first-quarter increase was more than accounted for by dividend payments.

U.S. government payments decreased somewhat, continuing the trend of small decreases in the three previous quarters.

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Financial Account--U.S.-Owned Assets Abroad

U.S. official reserve assets increased in the first quarter after decreasing in the fourth quarter. The upturn resulted from a record increase in the U.S. reserve position in the International Monetary Fund that was partly offset by the sale of U.S. yen reserves in coordination with the Group of Seven efforts to stabilize the yen after Japan's earthquake disaster.

U.S. direct investment abroad slowed in the first quarter after strong growth in the fourth quarter. The decrease resulted from reduced reinvested earnings and net intercompany debt investment.

U.S. net purchases of foreign securities increased in the first quarter, as net purchases of foreign stocks--particularly European stocks--were stronger than in any other quarter since the third quarter of 2007.

U.S. claims on foreigners reported by U.S. nonbanking concerns increased strongly in the first quarter after smaller increases in the previous two quarters. Most of the first-quarter increase was accounted for by increases in deposits and other financial claims that were partly offset by decreases in commercial claims.

U.S. claims on foreigners reported by U.S. banks and securities brokers--such as U.S. residents' deposits at foreign banks and loans to foreigners--slowed, but by less than in the fourth quarter. The slowdown was more than accounted for by a sizable slowdown in claims for customer accounts that more than offset a speedup in claims for own accounts.

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Financial Account--Foreign-Owned Assets in the United States

Foreign official assets in the United States increased more than the fourth quarter. Most of the first-quarter growth resulted from a shift to net purchases of "other" U.S. government securities, specifically U.S. agency bonds.

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Foreign direct investment in the United States dropped sharply as a result of a shift from inflows to outflows of intercompany debt investment in the United States and slower equity inflows. Lower reinvested earnings also contributed to the drop.

Net purchases by private foreigners of U.S. Treasury securities continued to slow from the high levels of the first three quarters of 2010. The slowdown resulted from a shift to net sales of short-term Treasury bills and was partly offset by a slight increase in net purchases of long-term securities such as bonds and notes.

Net transactions of "other" U.S. securities by private foreigners shifted to net sales as a result of a shift to large net sales of U.S. agency bonds; net purchases of stocks remained robust, similar to growth in the previous two quarters, but they were more than offset by net sales of bonds.

The increase in U.S. liabilities to foreigners reported by U.S. banks and securities brokers--such as foreign residents' deposits at U.S. banks and loans to U.S. residents-reached a record high after more moderate increases in the previous two quarters. Most of the first-quarter increase resulted from increased liabilities for own accounts. Foreign banks' deposits at their affiliated banks in the United States increased significantly. Repurchase agreements--mainly liabilities of U.S. securities brokers and dealers to foreign nonbanks--increased much more than in the fourth quarter. Liabilities for customers' accounts increased after decreasing; the borrowing was mostly in the form of negotiable CDs and other short-term instruments.

Goods Deficit by Area and Type of Product

The goods deficit increased $23.2 billion in the first quarter after decreasing in the fourth quarter. The deficit with Latin America and Other Western Hemisphere rose, mostly because of deficit increases with Venezuela and Mexico. The deficits with Canada and Europe also increased. In addition, the deficits with Africa and the Middle East increased, reflecting a large increase in the deficit with OPEC member countries. In contrast, the deficit with Asia and Pacific decreased, a decrease that was more than accounted for by China.

Petroleum products. The deficit on petroleum products increased substantially after three quarters of decreases. The average price per barrel of petroleum rose 15 percent in the first quarter, and the average number of barrels imported daily increased 8 percent.

Trends in Income

The surplus on income increased to $54.8 billion in the first quarter. The surplus increased to 1.5 percent, relative to U.S. current-dollar GDP, from 1.1 percent in the fourth quarter.

Income receipts increased for a fourth straight quarter; since the first quarter of 2009 the cumulative growth of income receipts was 22 percent. Income payments decreased in the first quarter after increasing strongly in the fourth quarter; the cumulative growth of income payments from the first quarter of 2009 was 4 percent.

Direct investment receipts grew in the first quarter, continuing increases that started in the second quarter of 2009. Direct investment payments decreased substantially in the first quarter but returned to a level similar to that of the fourth quarter of 2009 and the first three quarters of 2010.

"Other" private receipts increased for a fourth straight quarter to the highest level since the first quarter of 2009. "Other" private payments, which increased slightly, have remained between $48.1 billion and $54.2 billion for the past eight quarters.

Trends in the Financial Account

The first quarter growth in increases in both U.S.-owned assets abroad and foreign-owned assets in the United States continued an irregular pattern of growth that began in the middle of 2009.

U.S. direct investment abroad decreased in the first quarter after a gradual incline over the last two quarters of 2010; growth since a recent low in the third quarter of 2008 has been uneven. Over that same period, the more erratic pattern of foreign direct investment in the United States continued in the first quarter.

Net purchases by private foreigners of U.S. Treasury securities declined for a fourth consecutive quarter from the peak in the first quarter of 2010.

Transactions by private foreigners in U.S. securities other than U.S. Treasury securities shifted to net sales in the first quarter after net purchases peaked in the third quarter of 2010 and slowed in the fourth quarter of 2010.

The increase in U.S. claims reported by banks and brokers was slower in the first quarter of 2011 than in prior quarters and was the eighth increase in the last nine quarters since the first quarter of 2009. U.S. liabilities by banks and brokers soared in the first quarter of 2011 and registered net inflows over five of the last nine quarters.

(1). Quarterly statistics are seasonally adjusted when series demonstrate statistically significant seasonal patterns; seasonally adjusted statistics are cited in this article when available.

(2.) Current-dollar GDP is used to provide a consistently scaled comparison across time. In this context, its use does not imply that these international transactions accounts statistics are components of GDE

Sarah P. Scott prepared this article.

Table A. U.S. International Transactions

[Millions of dollars, seasonally adjusted]

                                                     2010

       (Credits +; debits -)              II (r)    III (r)     IV (r)

          Current account

Exports of goods and services
    and income receipts                  616,163    632,309    656,986
  Goods, balance of payments basis       315,954    325,514    342,659
  Services                               135,180    139,680    142,088
  Income receipts                        165,030    167,115    172,239

Imports of goods and services
    and income payments                 -703,516   -717,682   -735,804
  Goods, balance of payments basis      -481,912   -493,336   -501,904
  Services                               -99,745   -102,971   -101,592
  Income payments                       -121,859   -121,375   -132,309

Unilateral current transfers, net        -32,947    -34,754    -33,360
  U.S. government grants                 -10,005    -11,031    -11,396
  U.S. government pensions and
    other transfers                       -2,590     -2,616     -2,611
  Private remittances and other
    transfers                            -20,352    -21,107    -19,353

         Capital account

Capital account transactions, net             -2       -146         -2

         Financial account

U.S. owned assets abroad
    (increase/financial
    outflow (-)) (1)                    -168,537   -286,834   -236,802
  U.S. official reserve assets              -165     -1,096        200
  U.S. government assets,
    other than official
    reserve assets                        -2,441        788       -240
  U.S. private assets                   -165,931   -286,526   -236,762
  Direct investment                      -69,478    -78,734    -92,990
  Foreign securities                     -22,114    -39,336    -43,438
  U.S. claims on unaffiliated
    foreigners reported by
    nonbanking concerns                    4,382     -2,146     -5,747
  U.S. claims reported by banks
    and brokers                          -78,721   -166,310    -94,587

Foreign-owned assets in the
    United States (increase/
    financial inflow (+)) (1)            186,636    463,115    266,646
  Foreign official assets in the
    United States                         66,736    135,477     57,790
  Other foreign assets in the
      United States                      119,900    327,638    208,856
    Direct investment                     33,930     79,655     70,557
    U.S. Treasury securities              82,062     60,659     29,514
    U.S. securities other than
      U.S. Treasury securities           -15,475     82,076     48,431
    U.S. currency                          2,100     10,514     13,440
    U.S. liabilities to
      unaffiliated foreigners
      reported by nonbanking
      concerns                            21,302     11,668     16,758
    U.S. liabilities reported
      by banks and brokers                -4,019     83,066     30,156

Financial derivatives, net                 9,980    -11,893       -504

Statistical discrepancy
  (sum of the bold lines
  above with sign reversed)               92,223    -44,116     82,841

Memoranda:
Balance on goods                        -165,958   -167,822   -159,245
Balance on services                       35,435     36,709     40,496
Balance on goods and services           -130,523   -131,113   -118,749
Balance on income                         43,170     45,740     39,930
Unilateral current transfers, net        -32,947    -34,754    -33,360
Balance on current account              -120,300   -120,127   -112,179
Net financial flows (3)                   28,079    164,388     29,340

                                             2011          Change
                                                          2010:IV-
       (Credits +; debits -)                 I (p)         2011:1

          Current account

Exports of goods and services
    and income receipts                     684,227         27,241
  Goods, balance of payments basis          361,334         18,675
  Services                                  144,883          2,795
  Income receipts                           178,009          5,770

Imports of goods and services
    and income payments                    -770,253        -34,449
  Goods, balance of payments basis         -543,786        -41,882
  Services                                 -103,228         -1,636
  Income payments                          -123,239          9,070

Unilateral current transfers, net           -33,248            112
  U.S. government grants                    -10,979            417
  U.S. government pensions and
    other transfers                          -2,603              8
  Private remittances and other
    transfers                               -19,666           -313

         Capital account

Capital account transactions, net               -13            -11

         Financial account

U.S. owned assets abroad
    (increase/financial
    outflow (-)) (1)                       -325,205        -88,403
  U.S. official reserve assets                3,619         -3,819
  U.S. government assets,
    other than official
    reserve assets                             -588           -348
  U.S. private assets                      -320,998        -84,236
  Direct investment                         -86,473          6,517
  Foreign securities                        -58,505        -15,067
  U.S. claims on unaffiliated
    foreigners reported by
    nonbanking concerns                     -86,757        -81,010
  U.S. claims reported by banks
    and brokers                             -89,263          5,324

Foreign-owned assets in the
    United States (increase/
    financial inflow (+)) (1)               507,059        240,413
  Foreign official assets in the
    United States                            70,906         13,116
  Other foreign assets in the
      United States                         436,153        227,297
    Direct investment                        25,276        -45,281
    U.S. Treasury securities                  3,475        -26,039
    U.S. securities other than
      U.S. Treasury securities               -7,235        -55,666
    U.S. currency                            12,576           -864
    U.S. liabilities to
      unaffiliated foreigners
      reported by nonbanking
      concerns                               38,361         21,603
    U.S. liabilities reported
      by banks and brokers                  363,700        333,544

Financial derivatives, net                     n.a.           n.a.

Statistical discrepancy
  (sum of the bold lines
  above with sign reversed)             (1) -62,567    (2) 145,408

Memoranda:
Balance on goods                           -182,452        -23,207
Balance on services                          41,655          1,159
Balance on goods and services              -140,797        -22,048
Balance on income                            54,771         14,841
Unilateral current transfers, net           -33,248            112
Balance on current account                 -119,274         -7,095
Net financial flows (3)                 (1) 181,854    (2) 152,514

(p) Preliminary (r) Revised n.a. Not available

(1.) Excludes transactions in financial derivatives.

(2.) Change from prior period, not the sum of changes
in components.

(3.) Sum of U.S.-owned assets abroad, foreign-owned assets
in the United States, and financial derivatives.

NOTE. The statistics except for net financial flows
are from table 1.

Table B. Goods Exports

[Millions of dollars, seasonally adjusted]

                                                    2010

                                         II (r)    III (r)     IV (r)

      Exports, balance of
          payments basis                 315,954    325,514    342,659
        Agricultural products             27,140     29,023     34,008
        Nonagricultural products         288,814    296,491    308,651

Foods, feeds, and beverages               24,444     26,469     30,594
  Grains and preparations                  6,542      6,819      7,658
  Other                                   17,902     19,650     22,936

Industrial supplies and materials        100,720    102,027    109,711
  Petroleum and products                  21,397     21,285     24,139
  Nonpetroleum products.                  79,323     80,742     85,572
    Chemicals, excluding medicinals       26,326     27,156     29,198
    Metals and nonmetallic products       24,892     25,643     27,110
      Nonferrous metals                   12,254     13,356     14,030
      Other                               12,638     12,287     13,080
    Other                                 28,105     27,943     29,264

Capital goods, except automotive         110,369    114,100    116,571
  Electric generating machinery,
    apparatus, and parts                  11,440     11,197     11,424
  Oil drilling, mining, and
    construction machinery                 6,723      6,887      7,294
  Industrial engines, pumps,
    and compressors                        6,106      5,916      6,424
  Industrial, agricultural, and
    service machinery, n.e.c.             26,107     28,370     29,532
  Computers, peripherals, and parts       10,967     11,118     11,363
  Semiconductors                          12,067     11,875     11,639
  Telecommunications equipment             7,802      8,057      8,242
  Scientific, hospital, and medical
    equipment                              9,796     10,074     10,324
  Civilian aircraft, engines,
    and parts                             17,371     18,571     18,451
  Other                                    1,990      2,035      1,878

Automotive vehicles, parts,
    and engines                           27,811     28,428     28,958
  Passenger cars                           9,524      9,616     10,268
  Trucks, buses, and special
    purpose vehicles                       4,179      4,043      3,926
  Engines, parts, and accessories         14,109     14,771     14,763

Consumer goods, except automotive         40,338     41,316     43,648
  Nondurablegoods                         18,481     18,863     20,181
  Medicinal, dental, and
    pharmaceutical products               10,733     11,103     12,284
  Other                                    7,748      7,760      7,897
  Durable goods                           21,857     22,452     23,467
  Household appliances and other
    household goods                        7,898      8,081      8,224
  Other                                   13,959     14,371     15,243

Other exports                             12,271     13,174     13,178

                                          2011      Change
                                                   2010:IV
                                         I (p)      2011:I

      Exports, balance of
          payments basis                 361,334     18,675
        Agricultural products             37,146      3,138
        Nonagricultural products         324,188     15,537

Foods, feeds, and beverages               32,048      1,454
  Grains and preparations                  9,276      1,618
  Other                                   22,772       -164

Industrial supplies and materials        124,309     14,598
  Petroleum and products                  28,473      4,334
  Nonpetroleum products.                  95,836     10,264
    Chemicals, excluding medicinals       29,937        739
    Metals and nonmetallic products       31,055      3,945
      Nonferrous metals                   17,006      2,976
      Other                               14,049        969
    Other                                 34,844      5,580

Capital goods, except automotive         117,600    1,029,
  Electric generating machinery,
    apparatus, and parts                  11,533        109
  Oil drilling, mining, and
    construction machinery                 7,260        -34
  Industrial engines, pumps,
    and compressors                        6,561        137
  Industrial, agricultural, and
    service machinery, n.e.c.             29,316       -216
  Computers, peripherals, and parts       11,670        307
  Semiconductors                          11,800        161
  Telecommunications equipment             8,824        582
  Scientific, hospital, and medical
    equipment                             10,438        114
  Civilian aircraft, engines,
    and parts                             18,170       -281
  Other                                    2,028        150

Automotive vehicles, parts,
    and engines                           32,044      3,086
  Passenger cars                          11,073        805
  Trucks, buses, and special
    purpose vehicles                       4,691        765
  Engines, parts, and accessories         16,281      1,518

Consumer goods, except automotive         42,381     -1,267
  Nondurablegoods                         18,528     -1,653
  Medicinal, dental, and
    pharmaceutical products               10,577     -1,707
  Other                                    7,951         54
  Durable goods                           23,853        386
  Household appliances and other
    household goods                        8,169        -55
  Other                                   15,684        441

Other exports                             12,952       -226

(p) Preliminary (r) Revised

NOTE. The statistics are from table 2. For additional statistics
on goods exports, see BEA's Web site.

Table C. Real Goods Exports and Imports

[Percent change from preceding period in chained-dollar exports
and imports, seasonally adjusted]

                                        2009          2010

                                       IV (r)     I (r)    II (r)

Exports, balance of payments basis        6.4       3.2       2.4
Imports, balance of payments basis        2.5       2.1       8.0

                                           2010              2011

                                       III (r)    IV (r)     I (p)

Exports, balance of payments basis         2.9       2.5       2.2
Imports, balance of payments basis         4.9      -3.1       2.3

(p) Preliminary (r) Revised

Table D. Goods Imports

[Millions of dollars, seasonally adjusted]

                                                      2010

                                            II (r)   III (r)    IV (r)

    Imports, balance of payments basis     481,912   493,336   501,904
      Petroleum and products                89,070    86,906    89,492
      Nonpetroleum products                392,842   406,430   412,412

Foods, feeds, and beverages                 22,969    23,531    23,920

Industrial supplies and materials          156,638   155,103   159,754
  Petroleum and products                    89,070    86,906    89,492
  Nonpetroleum products                     67,568    68,197    70,262
    Natural gas                              4,621     4,882     3,744
    Chemicals, excluding medicinals         14,649    15,250    16,272
    Building materials, except metals        5,148     4,886     4,723
    Metals and nonmetallic products         25,249    24,708    27,471
      Iron and steel products                7,277     7,639     7,403
      Nonferrous metals                     11,462    10,784    13,561
      Other                                  6,510     6,285     6,507
    Other                                   17,901    18,471    18,052

Capital goods, except automotive           111,533   116,197   119,876
  Electric generating machinery,
    apparatus, and parts                    13,711    14,092    14,828
  Oil drilling, mining, and
    construction machinery                   3,858     4,242     4,538
  Industrial engines, pumps,
    and compressors                          4,100     4,379     4,683
  Industrial, agricultural, and
    service machinery, n.e.c.               23,758    25,584    26,931
  Computers, peripherals, and parts         30,757    29,423    28,757
  Semiconductors                             6,559     8,004     8,914
  Telecommunications equipment              11,645    12,506    12,680
  Scientific, hospital, and medical
    equipment                                7,777     8,154     8,459
  Civilian aircraft, engines,
    and parts                                7,622     7,998     8,174
  Other                                      1,746     1,815     1,912

Automotive vehicles, parts, and engines     56,234    59,070    58,585
  Passenger cars                            29,006    30,137    29,590
  Trucks, buses, and special purpose
    vehicles                                 4,095     4,191     4,187
  Engines, parts, and accessories           23,135    24,741    24,807

Consumer goods, except automotive          121,174   125,432   125,161
  Nondurable goods                          56,002    58,332    58,021
    Apparel, footwear, and household
      goods                                 28,754    29,815    30,061
    Medicinal, dental, and
      pharmaceutical products               21,092    22,139    21,666
    Other                                    6,156     6,378     6,294
  Durable goods                             65,172    67,101    67,140
    Televisions and other video
      equipment                              9,651     9,657     9,487
    Toys and sporting goods,
      including bicycles                     8,997     9,192     9,602
    Household appliances and other
      household goods                       30,629    32,559    31,766
    Other                                   15,895    15,693    16,285

Other imports and U.S. goods returned       13,364    14,002    14,608

                                            2011      Change
                                                     2010:IV
                                            I (p)     2011:I

    Imports, balance of payments basis     543,786    41,882
      Petroleum and products               111,369    21,877
      Nonpetroleum products                432,417    20,005

Foods, feeds, and beverages                 25,880     1,960

Industrial supplies and materials          187,961    28,207
  Petroleum and products                   111,369    21,877
  Nonpetroleum products                     76,592     6,330
    Natural gas                              4,055       311
    Chemicals, excluding medicinals         17,583     1,311
    Building materials, except metals        4,997       274
    Metals and nonmetallic products         30,963     3,492
      Iron and steel products                8,603     1,200
      Nonferrous metals                     15,060     1,499
      Other                                  7,300       793
    Other                                   18,994       942

Capital goods, except automotive           123,394     3,518
  Electric generating machinery,
    apparatus, and parts                    15,181       353
  Oil drilling, mining, and
    construction machinery                   4,703       165
  Industrial engines, pumps,
    and compressors                          5,184       501
  Industrial, agricultural, and
    service machinery, n.e.c.               29,077     2,146
  Computers, peripherals, and parts         28,233      -524
  Semiconductors                             9,579       665
  Telecommunications equipment              12,478      -202
  Scientific, hospital, and medical
    equipment                                8,730       271
  Civilian aircraft, engines,
    and parts                                8,260        86
  Other                                      1,969        57

Automotive vehicles, parts, and engines     64,036     5,451
  Passenger cars                            31,766     2,176
  Trucks, buses, and special purpose
    vehicles                                 4,661       474
  Engines, parts, and accessories           27,609     2,802

Consumer goods, except automotive          128,737     3,576
  Nondurable goods                          59,716     1,695
    Apparel, footwear, and household
      goods                                 30,464       403
    Medicinal, dental, and
      pharmaceutical products               22,688     1,022
    Other                                    6,564       270
  Durable goods                             69,020     1,880
    Televisions and other video
      equipment                              8,942      -545
    Toys and sporting goods,
      including bicycles                     9,103      -499
    Household appliances and other
      household goods                       33,736     1,970
    Other                                   17,239       954

Other imports and U.S. goods returned       13,778      -830

(p) Preliminary (r) Revised

NOTE. The statistics are from table 2. For additional statistics
on goods imports, see BEA's Web site.

Table E. Services Exports and Imports

[Millions of dollars, seasonally adjusted]

                                                      2010

                                            II (r)   III (r)    IV (r)

     Services exports                      135,180   139,680   142,088

Travel                                      25,395    26,203    26,695

Passenger fares                              7,725     8,076     7,994

Other transportation                         9,998    10,098    10,121
  Freight                                    4,978     4,920     5,000
  Port services                              5,020     5,178     5,121
Royalties and license fees                  26,227    26,720    27,021
Other private services                      61,097    63,805    65,851
  Education                                  5,275     5,373     5,458
  Financial services                        15,699    16,785    18,252
  Insurance services                         3,487     3,729     3,968
  Telecommunications                         2,664     2,818     2,934
  Business, professional, and
    technical services                      31,287    32,425    32,553
  Other services                             2,685     2,675     2,686
Transfers under U.S. military agency
  sales contracts                            4,498     4,532     4,141
U.S. government miscellaneous services         239       247       266

     Services imports                       99,745   102,971   101,592

Travel                                      18,291    19,077    19,054

Passenger fares                              6,770     7,022     7,259

Other transportation                        13,018    13,600    12,666
  Freight                                    9,577    10,197     9,488
  Port services                              3,441     3,403     3,178
Royalties and license fees                   7,916     8,177     8,359
Other private services                      45,045    46,265    45,585
  Education                                  1,414     1,429     1,440
  Financial services                         3,387     3,291     3,828
  Insurance services                        15,718    16,066    15,113
  Telecommunications                         1,920     2,049     2,007
  Business, professional, and
    technical services                      22,416    23,240    23,006
  Other services                               190       190       191
Direct defense expenditures                  7,590     7,609     7,471
U.S. government miscellaneous services       1,116     1,221     1,198

                                             2011     Change
                                                     2010:IV
                                            I (p)     2011:I

     Services exports                      144,883     2,795

Travel                                      27,561       866

Passenger fares                              8,362       368

Other transportation                        10,529       408
  Freight                                    5,137       137
  Port services                              5,392       271
Royalties and license fees                  27,165       144
Other private services                      66,818       967
  Education                                  5,549        91
  Financial services                        18,305        53
  Insurance services                         4,106       138
  Telecommunications                         3,046       112
  Business, professional, and
    technical services                      33,116       563
  Other services                             2,696        10
Transfers under U.S. military agency
  sales contracts                            4,142         1
U.S. government miscellaneous services         307        41

     Services imports                      103,228     1,636

Travel                                      18,942      -112

Passenger fares                              7,552       293

Other transportation                        13,451       785
  Freight                                    9,936       448
  Port services                              3,514       336
Royalties and license fees                   8,480       121
Other private services                      46,267       682
  Education                                  1,462        22
  Financial services                         3,842        14
  Insurance services                        15,372       259
  Telecommunications                         1,990       -17
  Business, professional, and
    technical services                      23,411       405
  Other services                               190        -1
Direct defense expenditures                  7,459       -12
U.S. government miscellaneous services       1,077      -121

(p) Preliminary (r) Revised

NOTE. The statistics are from tables 1 and 3. For additional
information on services, including definitions, see Jennifer
Koncz-Bruner and Anne Flatness, "U.S. International Services:
Cross-Border Trade in 2009 and Services Supplied Through Affiliates
in 2008," SURVEY OF CURRENT BUSINESS 90 (October 2010); 18-60.

Table F. Income Receipts and Payments

[Millions of dollars, seasonally adjusted]

                                                      2010

                                            II (r)   III (r)    IV (r)

      Income receipts                      165,030   167,115   172,239
Income on U.S.-owned assets abroad         163,708   165,793   170,921
  Direct investment receipts               107,629   109,653   112,199
    Earnings                               106,153   108,132   110,689
    Interest                                 1,476     1,521     1,511
  Other private receipts                    55,729    55,785    58,371
    Income on foreign securities            46,307    46,337    49,105
      Dividends                             27,012    27,429    28,883
      Interest                              19,295    18,908    20,222
    Interest on claims reported by
        banks and brokers                    6,000     5,996     5,870
      For own claims                         5,076     5,061     4,998
      For customers' claims                    924       935       872
    Interest on claims reported by
      nonbanking concerns                    3,423     3,453     3,396
  U.S. government receipts                     350       355       351
Compensation of employees                    1,321     1,322     1,317

      Income payments                      121,859   121,375   132,309
Income on foreign-owned assets
    in the United States                   118,222   117,727   128,700
  Direct investment payments                35,056    35,465    44,861
    Earnings                                28,888    30,109    38,737
    Interest                                 6,168     5,355     6,123
  Other private payments                    48,997    48,098    49,993
    Income on U.S. corporate
        securities                          43,548    42,692    44,932
      Dividends                             14,879    14,919    15,908
      Interest                              28,669    27,773    29,024
    Interest on liabilities reported
        by banks and brokers                 3,668     3,619     3,367
      For own liabilities                    2,124     2,231     2,066
      For customers' liabilities             1,544     1,388     1,301
  Interest on liabilities reported
    by nonbanking concerns                   1,781     1,788     1,695
  U.S. government payments                  34,169    34,164    33,846
Compensation of employees                    3,637     3,649     3,609

                                            2011      Change
                                                     2010:IV
                                            I (p)     2011:I

      Income receipts                      178,009     5,770
Income on U.S.-owned assets abroad         176,655     5,734
  Direct investment receipts               115,896     3,697
    Earnings                               114,351     3,662
    Interest                                 1,545        34
  Other private receipts                    60,301     1,930
    Income on foreign securities            50,611     1,506
      Dividends                             30,263     1,380
      Interest                              20,348       126
    Interest on claims reported by
        banks and brokers                    5,899        29
      For own claims                         5,012        14
      For customers' claims                    887        15
    Interest on claims reported by
      nonbanking concerns                    3,791       395
  U.S. government receipts                     458       107
Compensation of employees                    1,354        37

      Income payments                      123,239    -9,070
Income on foreign-owned assets
    in the United States                   119,635    -9,065
  Direct investment payments                34,731   -10,130
    Earnings                                28,765    -9,972
    Interest                                 5,965      -158
  Other private payments                    51,060     1,067
    Income on U.S. corporate
        securities                          45,975     1,043
      Dividends                             17,388     1,480
      Interest                              28,587      -437
    Interest on liabilities reported
        by banks and brokers                 3,264      -103
      For own liabilities                    2,040       -26
      For customers' liabilities             1,223       -78
  Interest on liabilities reported
    by nonbanking concerns                   1,822       127
  U.S. government payments                  33,844        -2
Compensation of employees                   3,604         -5

(p) Preliminary (r) Revised

NOTE. The statistics are from tables 1, 4, and 7.

Table G. U.S.-Owned Assets Abroad

[Millions of dollars, seasonally adjusted]

                                                   2010
(Increase/financial outflow (-),
 decrease/financial inflow (+))        II (r)     III (r)     IV (r)

    U.S.-owned assets abroad (1)     -168,537    -286,834    -236,802
U.S. official reserve assets             -165      -1,096         200
U.S. government assets, other
  than official reserve assets         -2,441         788        -240
U.S. private assets                  -165,931    -286,526    -236,762
  Direct investment                   -69,478     -78,734     -92,990
    Equity                            -10,780      -3,559         682
    Reinvested earnings               -76,104     -79,569     -86,854
    Intercompany debt                  17,407       4,394      -6,818
  Foreign securities                  -22,114     -39,336     -43,438
    Stocks                            -22,254     -16,893     -28,706
    Bonds                                 140     -22,443     -14,732
U.S. claims on unaffiliated
  foreigners reported
  by nonbanking concerns                4,382      -2,146      -5,747
U.S. claims reported by banks         -78,721    -166,310     -94,587
   and brokers
  For own accounts                    -68,831    -152,264     -44,813
  For customers' accounts              -9,890     -14,046     -49,774

                                       2011       Change
(Increase/financial outflow (-),                 2011:IV-
 decrease/financial inflow (+))        I (p)      2011:I

    U.S.-owned assets abroad (1)     -325,205     -88,403
U.S. official reserve assets           -3,619      -3,819
U.S. government assets, other
  than official reserve assets           -588        -348
U.S. private assets                  -320,998     -84,236
  Direct investment                   -86,473       6,517
    Equity                                 82        -600
    Reinvested earnings               -82,582       4,272
    Intercompany debt                  -3,973       2,845
  Foreign securities                  -58,505     -15,067
    Stocks                            -48,983     -20,277
    Bonds                              -9,522       5,210
U.S. claims on unaffiliated
  foreigners reported
  by nonbanking concerns              -86,757     -81,010
U.S. claims reported by banks         -89,263       5,324
   and brokers
  For own accounts                    -90,179     -45,366
  For customers' accounts                 916      50,690

(p) Preliminary (r) Revised

(1.) Excludes transactions in financial derivatives,
which are not available separately for U.S.-owned assets abroad.

NOTE. Under balance-of-payments conventions, increases in U.S.
owned assets abroad are shown with a negative sign, and decreases
are shown with a positive sign. The statistics are from tables 1,
7, 8, and 10.

Table H. Foreign-Owned Assets in the United States

[Millions of dollars, seasonally adjusted]

                                                      2010
    (Increase/financial inflow (+),
    decrease/financial outflow (-))        II (r)   III (r)    IV (r)

    Foreign-owned assets in the United
      States (1)                           186,636   463,115   266,646
Foreign official assets                     66,736   135,477    57,790
  U.S. government securities                45,128   123,736    63,279
    U.S. Treasury securities                31,751   188,994    79,688
    Other                                   13,377   -65,258   -16,409
  Other U.S. government liabilities          2,503     1,773     3,841
  U.S. liabilities reported by banks
    and brokers                              3,888    10,019    -7,277
  Other foreign official assets             15,217       -51    -2,053
Other foreign assets                       119,900   327,638   208,856
  Direct investment                         33,930    79,655    70,557
    Equity                                  15,370    53,509    24,172
    Reinvested earnings                     21,436    21,826    30,673
    Intercompany debt                       -2,876     4,320    15,712
  U.S. Treasury securities                  82,062    60,659    29,514
  U.S. securities other than U.S.
      Treasury securities                  -15,475    82,076    48,431
    Stocks                                  18,848    37,144    37,100
    Corporate bonds                        -21,348    11,628     8,160
    Federally sponsored agency bonds       -12,975    33,304     3,171
  U.S. currency                              2,100    10,514    13,440
  U.S. liabilities to unaffiliated
    foreigners reported by nonbanking
    concerns                                21,302    11,668    16,758
  U.S. liabilities reported by banks
      and brokers                           -4,019    83,066    30,156
    For own accounts                            41    81,477    53,864
    For customers' accounts                 -4,060     1,589   -23,708

                                            2011      Change
    (Increase/financial inflow (+),                  2010:IV
    decrease/financial outflow (-))         I (p)     2011:I

    Foreign-owned assets in the United
      States (1)                           507,059   240,413
Foreign official assets                     70,906    13,116
  U.S. government securities                71,274     7,995
    U.S. Treasury securities                33,256   -46,432
    Other                                   38,018    54,427
  Other U.S. government liabilities          3,007      -834
  U.S. liabilities reported by banks
    and brokers                             -4,025     3,252
  Other foreign official assets                650     2,703
Other foreign assets                       436,153   227,297
  Direct investment                         25,276   -45,281
    Equity                                   7,584   -16,588
    Reinvested earnings                     21,531    -9,142
    Intercompany debt                       -3,840   -19,552
  U.S. Treasury securities                   3,475   -26,039
  U.S. securities other than U.S.
      Treasury securities                   -7,235   -55,666
    Stocks                                  33,889    -3,211
    Corporate bonds                         -4,568   -12,728
    Federally sponsored agency bonds       -36,556   -39,727
  U.S. currency                             12,576      -864
  U.S. liabilities to unaffiliated
    foreigners reported by nonbanking
    concerns                                38,361    21,603
  U.S. liabilities reported by banks
      and brokers                          363,700   333,544
    For own accounts                       339,180   285,316
    For customers' accounts                 24,520    48,228

(p) Preliminary (r) Revised

(1.) Excludes transactions in financial derivatives, which are not
available separately for foreign-owned assets in the United States.

NOTE. The statistics are from tables 1, 7, 8, and 11.