Reconciliation of the U.S.-Canadian current account, 2003 and 2004.

Sauers, Renee ; Abaroa, Patricia ; Dozier, Edward 等

ON a reconciled basis, the U.S. deficit, or Canadian surplus, is $38.3 billion for 2003 and $52.2 billion for 2004 (chart 1, table 1). (1) The U.S.-published current-account balance with Canada is a U.S. deficit of $30.4 billion for 2003 and a U.S. deficit of $42.2 billion for 2004; the corresponding Canadian-published balance is a Canadian surplus of $41.4 billion for 2003 and a Canadian surplus of $53.4 billion for 2004. (2)

[GRAPHIC OMITTED]

The results of the reconciliation of the bilateral current-account estimates of Canada and the United States for 2003 and 2004 are presented in this article. (3) The details of the current-account reconciliation for 2003 and 2004 are presented in the tables that follow this article. Tables 2.1 and 2.2 show the details of the major types of reconciliation adjustments--definitional, methodological, and statistical--that were made to the major current-account components. Tables 3.1 and 3.2 present the published estimates, the estimates on a common basis (after the estimates have been adjusted for definitional and methodological differences), the reconciled estimates, and the amounts of the adjustments for each major current-account component. Tables 4-7 present the reconciliation details for goods, services, and investment income. (4)

Reconciled Current-Account Balances

In the U.S. current account, the reconciliation adjustments result in an increase of $7.9 billion in the U.S. deficit for 2003 and an increase of $10.0 billion in the U.S. deficit for 2004. For both years, the increases reflect larger upward adjustments to the U.S. southbound estimates than to the U.S. northbound estimates (tables 2.1 and 2.2). (5) For both years, the largest increases in the U.S. southbound estimates result from the addition of Canadian reexports to U.S. goods imports (a definitional adjustment), from the valuation of U.S. natural gas imports to include inland freight (a definitional adjustment), and from statistical adjustments to southbound services. For both years, the largest increases in the U.S. northbound estimates result from upward adjustments to investment income for statistical differences in income on U.S. holdings of Canadian bonds and from adjustments for statistical differences in "other" services.

In the Canadian current account, the reconciliation adjustments result in a decrease of $3.1 billion in the Canadian surplus for 2003 and in a decrease of $1.2 billion in the Canadian surplus for 2004. For both years, the decreases in the Canadian surplus reflect larger downward adjustments to the Canadian southbound estimates than to the Canadian northbound estimates. For both years, the largest downward adjustments to the Canadian southbound estimates are from definitional adjustments to goods, from the elimination of the withholding taxes in current unilateral transfers (definitional adjustment), and from adjustments for definitional differences in "other" services. In the Canadian northbound estimates, the largest downward adjustments are to eliminate statistical differences in income on U.S. holdings of Canadian bonds and to eliminate withholding taxes from direct investment and "other" investment income (definitional adjustments).

Summary of Reconciliation Methodology

In reconciling the U.S.- and Canadian-published bilateral current-account estimates, the estimates are first restated to a common basis--that is, they are adjusted for definitional and methodological differences; the remaining adjustments that are needed to reach the reconciled values are the statistical adjustments. The framework for reconciling the U.S. and Canadian estimates to a common basis mainly follows the international standards published in the International Monetary Fund's Balance of Payments Manual (fifth edition). The U.S.- and Canadian-published estimates now largely conform to the international standards, but some differences with the international standards--and between the U.S. and Canadian estimates--remain in the published estimates because of data limitations, difficulties in determining country attribution, differences in classification, and because in a few cases, international standards provide for more than one acceptable treatment.

The definitional adjustments mainly reflect data limitations and differences in country attribution. For example, as part of the reconciliation, U.S.-published estimates of imports of goods from Canada are adjusted to include Canadian reexports to the United States (goods imported by Canada from third countries and then reexported to the United States without substantial changes) because U.S. imports of goods are recorded on a country-of-origin basis. Another example of a definitional adjustment is that the Canadian estimates, mainly investment income, are adjusted to a basis that is net of withholding taxes because the U.S. withholding tax estimates--which are included on a global basis in the U.S.-published accounts--cannot be allocated by country for comparison with the Canadian estimates. As a result, the reconciled estimates depart from the international statistical standards, but without this adjustment, the estimates could not be compared on a common basis.

The methodological adjustments mainly reflect differences in classification. For example, parts of the U.S. estimates of film rentals and courier services are recorded in various services accounts; for reconciliation, they are reclassified to a single account. A few U.S. and Canadian accounts, mainly interest income, are adjusted to a net or gross basis for comparability. Methodological adjustments do not affect the current-account balance because the northbound and the southbound methodological adjustments are offsetting.

Statistical differences reflect the use of different source data in the United States and Canada, the difficulty in determining country attribution because of insufficient data, the preliminary nature of some of the data (particularly for the most recent year), and the use of sample data between benchmarks. For both the northbound and the southbound estimates, most of the statistical differences are in the U.S. and Canadian estimates of "other" services and of investment income.

Note on the U.S.-Canadian Current-Account Reconciliation

The U.S.-Canadian current-account reconciliation, which explains the differences between the estimates of the bilateral current account published by the U.S. Bureau of Economic Analysis (BEA) and those published by Statistics Canada, is undertaken because of the extensive economic links between Canada and the United States. The reconciled estimates are intended to assist analysts who use both countries' statistics and to show how the current-account estimates would appear if both countries used common definitions, methodologies, and data sources. (1)

In principle, the bilateral current account of one country should mirror the bilateral current account of the other country. Differences occur in the published estimates of the U.S. and Canadian current accounts because of variations in the definitions, methodologies, and statistical sources that are used by each country. Some of the differences for 2004 are in components of the current account for which data are still preliminary and subject to revision; these differences may be eliminated when final data for these components become available.

The longstanding Canadian-U.S. current-account reconciliation is among the leading examples of the benefits of international data exchanges. As a part of the reconciliation process, Canada and the United States have evaluated the accuracy of each other's estimates, and as a result, each country now includes in its published estimates some data that are provided by the other country. The exchange of data between Canada and the United States for transactions such as trade in goods, travel, passenger fares, Canadian and U.S. Government transactions, and some large transportation transactions covers a substantial portion of the value of the Canadian and U.S. current account and has eliminated some of the differences in the Canadian- and U.S.-published estimates. In addition, the reconciliation process has highlighted areas where errors and omissions may exist in each country's estimates, which has helped in targeting data improvement efforts.

Although the U.S.- and Canadian-published estimates are reconciled and there is extensive exchange of data between Canada and the United States, differences in the published estimates remain. Complete substitution of the reconciled estimates for published estimates and complete exchange of data are not feasible for several reasons. For trade in goods, imports in the U.S. accounts would be affected becasue the United States attributes Canadian reexports to the country of origin rather than to Canada, the last country of shipment. For some accounts, the protection of the confidentiality of the source data bars the exchange of data. Finally, a few differences are attributable to different requirements for integrating the international and national (domestic) accounts in each country.

(1.) A detailed article on the methodology was published by BEA in "Reconciliation of the U.S.-Canadian Current Account" in the November 1992 Survey and by Statistics Canada in Reconciliation of the Canadian-United States Current Account, 1990-1991. Statistics Canada also published a shortened version in the December 1992 Canadian Economic Observer and in Canada's Balance of International Payments, Third Quarter 1992.

Acknowledgements

The reconciliations were carried out under the direction of Denis Caron, Chief, Current Account, at Statistics Canada and Patricia Abaroa, Edward Dozier, and Renee Sauers, international economists at BEA. At Statistics Canada, Angela Yuan was responsible for the production and coordination of reconciliation tables, Denis Caron was responsible for reconciling Canadian goods and services, Christian Lajule for Canadian direct investment income, and Robert Theberge for Canadian portfolio investment income, with the collaboration and assistance of Brian Andre, Heather Collier, Michael Marth, and Eric Simard. At BEA, Mai-Chi Hoang was responsible for reconciling goods; Edward Dozier and Erin Nephew, for services, with the assistance of Matthew Argersinger for financial services; Gregory Fouch, for the accounts related to Canadian direct investment in the United States; Mark New, for the accounts related to U.S. direct investment in Canada; and Kristy Howell for the portfolio income accounts.

Tables 2.1 through 7.2 follow.

(1.) The reconciled estimates are intended to show how the current-account estimates would appear if both countries used the same definitions, methodologies, and data sources. In this article, all values are expressed in U.S. dollars.

(2.) For this year's reconciliation, the U.S. deficit for 2003 is revised down from the previously published deficit of $32.1 billion used in last year's reconciliation, and the Canadian surplus for 2003 is revised down from the previously published surplus of $44.7 billion used in last year's reconciliation.

(3.) The reconciliation of the current account has been undertaken each year since 1970. Summary results of the reconciliations were published in the United States in the following issues of the SURVEY OF Of CURRENT BUSINESS: June 1975, September 1976 and 1977, December 1978 and 1979, June 1981, and each December of 1981-91. Complete details of the reconciliations were published in the following issues of the SURVEY: November 1992, each October of 1993-95, and each November of 1996-2004. In Canada, the results were published in the following issues of Canada's Balance of International Payments (catalogue 67-001), a publication of Statistics Canada: Fourth Quarter 1973, Second Quarter 1976 and 1977, Third Quarter 1978 and 1979, First Quarter 1981, and each Third Quarter of 1981-2004.

(4.) For the reconciliation, some of the details presented in the tables in this article differ from those presented in the balance-of-payments tables regularly published by the U.S. Bureau of Economic Analysis and by Statistics Canada.

(5.) In this article, the term "northbound" refers to U.S. exports of goods and services, U.S. income receipts, and current unilateral transfers to the United States, and it refers to Canadian imports of goods and services, Canadian income payments, and current unilateral transfers from Canada. The term "southbound" refers to U.S. imports of goods and services, U.S. income payments, and current unilateral transfers from the United States, and it refers to Canadian exports of goods and services, Canadian income receipts, and current unilateral transfers to Canada.

Table 1. Major U.S. Canadian Balances

[Billions of U.S. dollars]

 Published Reconciled
 estimates estimates

 United United
 States Canada States Canada
 2003

 Goods and services 46.7 59.6 -57.4 57.4
 Goods -54.3 64.3 -3.3 63.3
 Services 7.6 -4.7 5.9 -5.9

 Income 16.5 -20.6 19.4 -19.4

 Current unilateral transfers -0.2 2.4 -0.3 0.3

Current account -0.4 41.4 -38.3 38.3

 2004

 Goods and services -59.8 72.2 -73.0 73.0
 Goods -9.1 77.4 -78.9 78.9
 Services 9.2 -5.2 6.0 -6.0

 Income 18.3 -21.6 21.4 -21.4

 Current unilateral transfers -0.7 2.9 -0.7 0.7

Current account 42.2 53.4 -52.2 52.2

NOTE. A U.S. surplus (+) is a Canadian deficit (-), and a Canadian
surplus (+) is a U.S. deficit (-). Details may not add to totals
because of rounding.

Table 2.1. Summary of Reconciliation Adjustments, Northbound, 2003

[Millions of U.S. dollars]

 Definitional Methodological

 United United
 States Canada States Canada

Goods, balance-of-payments basis -38 -405 223 ...
 Definitional adjustments -38 -405 ... ...
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... 223 ...
 Statistical adjustments ... ... ... ...

Services -128 -769 -223 -99

 Travel ... ... 877 ...
 Reclassification of education
 from unaffiliated services ... ... 645 ...
 Reclassification of medical
 services from unaffiliated
 services ... ... 232 ...
 Statistical adjustments ... ... ... ...

 Passenger fares ... ... ... ...

 Other transportation ... -143 ... 168
 Definitional adjustments ... -143 ... ...
 Reclassification of
 transportation services from
 unaffiliated services ... ... ... 168
 Statistical adjustments ... ... ... ...

 Other services -128 -626 -1,100 -267

 Affiliated ... -134 -364 33
 Definitional adjustments ... -134 ... ...
 Reclassification of film
 rentals and courier
 services to unaffiliated
 services ... ... -364 ...
 Reclassification of selected
 services from unaffiliated
 services ... ... ... 33
 Statistical adjustments ... ... ... ...

 Unaffiliated ... -491 -736 -300
 Definitional adjustments ... -491 ... ...
 Reclassification of
 transactions to or from
 other accounts ... ... -736 -300
 Statistical adjustments ... ... ... ...

 U.S. military sales -128 ... ... ...
 Definitional adjustments -128 ... ... ...
 Statistical adjustments ... ... ... ...

Income 568 -2,648 -484 -660

 Direct investment -78 -1,075 ... -117
 Definitional adjustments -78 -1,075 ... ...
 Adjustment of interest income
 to a net basis ... ... ... -117
 Statistical adjustments ... ... ... ...

 Other investment 646 -1,573 -484 -642
 Definitional adjustments 646 -1,573 ... ...
 Adjustment of interest income
 to a net basis ... ... -484 -642
 Statistical adjustments ... ... ... ...

 Compensation of employees ... ... ... 99
 Reclassification from
 unaffiliated services ... ... ... 99

Current unilateral transfers ... -385 902 ...
 Definitional adjustments ... -385 ... ...
 Adjustment of U.S. transfers to
 a gross basis ... ... 902 ...
 Statistical adjustments ... ... ... ...

 Total adjustments 402 -4,207 418 -759

 Statistical Total

 United United
 States Canada States Canada

Goods, balance-of-payments basis 256 -678 441 -1,083
 Definitional adjustments ... ... -38 -405
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... 223 ...
 Statistical adjustments 256 -678 256 -678

Services 507 -87 156 -955

 Travel -119 -94 758 -94
 Reclassification of education
 from unaffiliated services ... ... 645 ...
 Reclassification of medical
 services from unaffiliated
 services ... ... 232 ...
 Statistical adjustments -119 -94 -119 -94

 Passenger fares -582 ... -582 ...

 Other transportation 29 -61 29 -36
 Definitional adjustments ... ... ... -143
 Reclassification of
 transportation services from
 unaffiliated services ... ... ... 168
 Statistical adjustments 29 -61 29 -61

 Other services 1,179 68 -49 -825

 Affiliated 200 -1,286 -164 -1,387
 Definitional adjustments ... ... ... -134
 Reclassification of film
 rentals and courier
 services to unaffiliated
 services ... ... -364 ...
 Reclassification of selected
 services from unaffiliated
 services ... ... ... 33
 Statistical adjustments 200 -1,286 200 -1,286

 Unaffiliated 979 1,304 243 513
 Definitional adjustments ... ... ... -491
 Reclassification of
 transactions to or from
 other accounts ... ... -736 -300
 Statistical adjustments 979 1,304 979 1,304

 U.S. military sales ... 50 -128 50
 Definitional adjustments ... ... -128 ...
 Statistical adjustments ... 50 ... 50

Income 1,761 3,109 1,845 -199

 Direct investment -1,561 5,570 -1,639 4,378
 Definitional adjustments ... ... -78 -1,075
 Adjustment of interest income
 to a net basis ... ... ... -117
 Statistical adjustments -1,561 5,570 -1,561 5,570

 Other investment 3,322 -2,461 3,484 -4,676
 Definitional adjustments ... ... 646 -1,573
 Adjustment of interest income
 to a net basis ... ... -484 -642
 Statistical adjustments 3,322 -2,461 3,322 -2,461

 Compensation of employees ... ... ... 99
 Reclassification from
 unaffiliated services ... ... ... 99

Current unilateral transfers -153 418 749 33
 Definitional adjustments ... ... ... -385
 Adjustment of U.S. transfers to
 a gross basis ... ... 902 ...
 Statistical adjustments -153 418 -153 418

 Total adjustments 2,371 2,762 3,191 -2,204

Table 2.1. Summary of Reconciliation Adjustments, Northbound, 2004

[Millions of U.S. dollars]

 Definitional Methodological

 United United
 States Canada States Canada

Goods, balance-of-payments basis -4 -654 152 ...
 Definitional adjustments -4 -654 ... ...
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... 152 ...
 Statistical adjustments ... ... ... ...

Services -89 -837 -152 -110

 Travel ... 917 ...
 Reclassification of education
 from unaffiliated services ... ... 671 ...
 Reclassification of medical
 services from unaffiliated
 services ... ... 246 ...
 Statistical adjustments ... ... ... ...

 Passenger fares ... ... ... ...

 Other transportation ... -163 146
 Definitional adjustments ... -163 ... ...
 Reclassification of
 transportation services from
 unaffiliated services ... ... ... 146
 Statistical adjustments ... ... ... ...

 Other services -89 -674 -1,069 -256

 Affiliated ... -161 -378 36
 Definitional adjustments ... -161 ... ...
 Reclassification of film
 rentals and courier
 services to unaffiliated
 services ... ... -378 ...
 Reclassification of selected
 services from unaffiliated
 services ... ... ... 36
 Statistical adjustments ... ... ... ...

 Unaffiliated ... -513 -691 -292
 Definitional adjustments ... -513 ... ...
 Reclassification of
 transactions to or from
 other accounts ... ... -691 -292
 Statistical adjustments ... ... ... ...

 U.S. military sales -89 ... ... ...
 Definitional adjustments -89 ... ... ...
 Statistical adjustments ... ... ... ...

Income 578 -3,110 -513 -614

 Direct investment -127 -1,375 ... -138
 Definitional adjustments -127 -1,375 ... ...
 Adjustment of interest income
 to a net basis ... ... ... -138
 Statistical adjustments ... ... ... ...

 Other investment 705 -1,735 -513 -586
 Definitional adjustments 705 -1,735 ... ...
 Adjustment of interest income
 to a net basis ... ... -513 -586
 Statistical adjustments ... ... ... ...

 Compensation of employees ... ... ... 110
 Reclassification from
 unaffiliated services ... ... ... 110

Current unilateral transfers ... -482 806 ...
 Definitional adjustments ... 482 ... ...
 Adjustment of U.S. transfers to
 a gross basis ... ... 806 ...
 Statistical adjustments ... ... ... ...

 Total adjustments 485 -5,083 293 -724

 Statistical Total

 United United
 States Canada States Canada

Goods, balance-of-payments basis 724 -628 872 -1,282
 Definitional adjustments ... ... -4 -654
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... 152 ...
 Statistical adjustments 724 -628 724 -628

Services 459 -642 218 -1,589

 Travel -699 -23 218 -23
 Reclassification of education
 from unaffiliated services ... ... 671 ...
 Reclassification of medical
 services from unaffiliated
 services ... ... 246 ...
 Statistical adjustments -699 -23 -699 -23

 Passenger fares -673 ... -673 ...

 Other transportation 35 46 35 29
 Definitional adjustments ... ... ... -163
 Reclassification of
 transportation services from
 unaffiliated services ... ... ... 146
 Statistical adjustments 35 46 35 46

 Other services 1,796 -665 638 -1,595

 Affiliated 700 -1,792 322 -1,917
 Definitional adjustments ... ... ... -161
 Reclassification of film
 rentals and courier
 services to unaffiliated
 services ... ... -378 ...
 Reclassification of selected
 services from unaffiliated
 services ... ... ... 36
 Statistical adjustments 700 -1,792 700 -1,792

 Unaffiliated 1,096 1,086 405 281
 Definitional adjustments ... ... ... -513
 Reclassification of
 transactions to or from
 other accounts ... ... -691 -292
 Statistical adjustments 1,096 1,086 1,096 1,086

 U.S. military sales ... 41 -89 41
 Definitional adjustments ... ... -89 ...
 Statistical adjustments ... 41 ... 41

Income 1,499 5,235 1,564 1,511

 Direct investment -1,301 7,185 -1,428 5,672
 Definitional adjustments ... ... -127 -1,375
 Adjustment of interest income
 to a net basis ... ... ... -138
 Statistical adjustments -1,301 7,185 -1,301 7,185

 Other investment 2,800 -1,950 2,992 -4,271
 Definitional adjustments ... ... 705 -1,735
 Adjustment of interest income
 to a net basis ... ... -513 -586
 Statistical adjustments 2,800 -1,950 2,800 -1,950

 Compensation of employees ... ... ... 110
 Reclassification from
 unaffiliated services ... ... ... 110

Current unilateral transfers -86 344 720 -138
 Definitional adjustments ... ... ... -482
 Adjustment of U.S. transfers to
 a gross basis ... ... 806 ...
 Statistical adjustments -86 344 -86 344

 Total adjustments 2,596 4,309 3,374 -1,498

Table 2.2. Summary of Reconciliation Adjustments, Southbound, 2003

[Millions of U.S. dollars]

 Definitional Methodological

 United United
 Canada States Canada States

Goods, balance-of-payments basis -2,665 9,327 ... 36
 Canadian reexports to the United
 States ... 6,617 ... ...
 Inland freight adjustment 2,151 2,419 ... ...
 Other definitional adjustments -4,816 291 ... ...
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... ... 36
 Statistical adjustments ... ... ... ...

Services -1,597 -73 -305 -36

 Travel ... ... ... 120
 Reclassification of education
 from unaffiliated services ... ... ... 58
 Reclassification of medical
 services from unaffiliated
 services ... ... ... 62
 Statistical adjustments ... ... ... ...

 Passenger fares ... ... ... ...

 Other transportation -74 -53 90 -191
 Definitional adjustments -74 -53 ... ...
 Reclassification of courier
 services to unaffiliated
 services ... ... ... -191
 Reclassification of
 transportation services from
 unaffiliated services ... ... 90 ...
 Statistical adjustments ... ... ... ...

Other services -1,523 -20 -395 35

 Affiliated -927 ... 6 -41
 Definitional adjustments -927 ... ... ...
 Reclassification of selected
 services to or from
 unaffiliated services ... ... 6 -41
 Statistical adjustments ... ... ... ...

 Unaffiliated ... -596 -401 76
 Definitional adjustments ... -596 ... ...
 Reclassification of
 transactions to or from
 other accounts ... ... -401 76
 Statistical adjustments ... ... ... ...

 U.S. defense expenditures ... -20 ... ...
 Definitional adjustments ... ... -20 ...
 Statistical adjustments ... ... ... ...

Income -794 -288 -505 -484

 Direct investment -304 -288 -117 ...
 Definitional adjustments -304 -288 ... ...
 Adjustment of interest income
 to a net basis ... ... -117 ...
 Statistical adjustments ... ... ... ...

 Other investment -490 ... -642 -484
 Definitional adjustments -490 ... ... ...
 Adjustment of interest income
 to a net basis ... ... -642 -484
 Statistical adjustments ... ... ... ...

 Compensation of employees ... ... 254 ...
 Reclassification from
 unaffiliated services ... ... 254 ...
 Statistical adjustments ... ... ... ...

 Current unilateral transfers -2,128 ... 51 902
 Definitional adjustments -2,128 ... ... ...
 Reclassification from
 unaffiliated services ... ... 51 ...
 Adjustment of U.S. transfers
 to a gross basis ... ... ... 902
 Statistical adjustments ... ... ... ...

 Total adjustments -7,184 8,966 -759 418

 Statistical Total

 United United
 Canada States Canada States

Goods, balance-of-payments basis 558 77 -2,107 9,440
 Canadian reexports to the United
 States ... ... ... 6,617
 Inland freight adjustment ... ... 2,151 2,419
 Other definitional adjustments ... ... -4,816 291
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... ... 36
 Statistical adjustments 558 77 558 77

Services -252 1,960 -2,154 1,851

 Travel ... -17 ... 10358
 Reclassification of education
 from unaffiliated services ... ... ... 62
 Reclassification of medical
 services from unaffiliated
 services ... ... ...
 Statistical adjustments ... -17 ... -17

 Passenger fares ... -1 ... -1

 Other transportation 97 -4 113 -248
 Definitional adjustments ... ... -74 -53
 Reclassification of courier
 services to unaffiliated
 services ... ... ... -191
 Reclassification of
 transportation services from
 unaffiliated services ... ... 90 0
 Statistical adjustments 97 -4 97

Other services -349 1,982 -2,267 1,997

 Affiliated -503 113 -1,424 72
 Definitional adjustments ... ... -927 ...
 Reclassification of selected
 services to or from
 unaffiliated services ... ... 6 -41
 Statistical adjustments -503 113 -503 113

 Unaffiliated 153 1,869 -844 1,945
 Definitional adjustments ... ... -596 ...
 Reclassification of
 transactions to or from
 other accounts ... ... -401 76
 Statistical adjustments 153 1,869 153 1,869

 U.S. defense expenditures 1 ... 1 -20
 Definitional adjustments ... ... ... -20
 Statistical adjustments 1 ... 1 ...

Income 2,314 -240 1,015 -1,012

 Direct investment 1,290 269 869 -19
 Definitional adjustments ... ... -304 -288
 Adjustment of interest income
 to a net basis ... ... -117 ...
 Statistical adjustments 1,290 269 1,290 269

 Other investment 933 -509 -199 -993
 Definitional adjustments ... ... -490 ...
 Adjustment of interest income
 to a net basis ... ... -642 -484
 Statistical adjustments 933 -509 933 -509

 Compensation of employees 91 ... 345 ...
 Reclassification from
 unaffiliated services ... ... 254 ...
 Statistical adjustments 91 ... 91 ...

 Current unilateral transfers -24 -76 -2,101 826
 Definitional adjustments ... ... -2,128 ...
 Reclassification from
 unaffiliated services ... ... 51 ...
 Adjustment of U.S. transfers
 to a gross basis ... ... ... 902
 Statistical adjustments -24 -76 -24 -76

 Total adjustments 2,596 1,721 -5,347 11,105

Table 2.2. Summary of Reconciliation Adjustments, Southbound, 2004

[Millions of U.S. dollars]

 Definitional Methodological

 United United
 Canada States Canada States

Goods, balance-of-payments basis -1,726 10,629 ... 33
 Canadian reexports to the United
 States ... 7,091 ... ...
 Inland freight adjustment 2,627 2,964 ... ...
 Other definitional adjustments 4,353 574 ... ...
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... ... 33
 Statistical adjustments ... ... ... ...

Services -1,677 -94 -328 -33

 Travel ... ... ... 128
 Reclassification of education
 from unaffiliated services ... ... ... 64
 Reclassification of medical
 services from unaffiliated
 services ... ... ... 64
 Statistical adjustments ... ... ... ...

 Passenger fares ... ... ... ...

 Other transportation -228 -74 108 -265
 Definitional adjustments -228 -74 ... ...
 Reclassification of courier
 services to unaffiliated
 services ... ... ... -265
 Reclassification of
 transportation services from
 unaffiliated services ... ... 108 ...
 Statistical adjustments ... ... ... ...

Other services -1,449 -20 -436 104

 Affiliated -924 -924 6 -56
 Definitional adjustments -924 ... ... ...
 Reclassification of selected
 services to or from
 unaffiliated services ... ... 6 -56
 Statistical adjustments ... ... ... ...

 Unaffiliated -525 ... -442 160
 Definitional adjustments -525 ... ... ...
 Reclassification of
 transactions to or from
 other accounts ... ... -442 160
 Statistical adjustments ... ... ... ...

 U.S. defense expenditures ... -20 ... ...
 Definitional adjustments ... -20 ... ...
 Statistical adjustments ... ... ... ...

Income -526 -204 -441 -513

 Direct investment -328 -204 -138 ...
 Definitional adjustments -328 -204 ... ...
 Adjustment of interest income
 to a net basis ... ... -138 ...
 Statistical adjustments ... ... ... ...

 Other investment -198 ... -586 -513
 Definitional adjustments -198 ... ... ...
 Adjustment of interest income
 to a net basis ... ... -586 -513
 Statistical adjustments ... ... ... ...

 Compensation of employees ... ... 283 ...
 Reclassification from
 unaffiliated services ... ... 283 ...
 Statistical adjustments ... ... ... ...

 Current unilateral transfers -2,570 ... 45 806
 Definitional adjustments -2,570 ... ... ...
 Reclassification from
 unaffiliated services ... ... 45 ...
 Adjustment of U.S. transfers
 to a gross basis ... ... ... 806
 Statistical adjustments ... ... ... ...

 Total adjustments -6,499 10,331 -724 293

 Statistical Total

 United United
 Canada States Canada States

Goods, balance-of-payments basis 1,993 83 267 10,745
 Canadian reexports to the United
 States ... ... ... 7,091
 Inland freight adjustment ... ... 2,627 2,964
 Other definitional adjustments ... ... -4,353 574
 Reclassification of equipment
 repairs from unaffiliated
 services ... ... ... 33
 Statistical adjustments 1,993 83 1,993 83

Services -341 3,589 -2,346 3,462

 Travel ... 277 ... 405
 Reclassification of education
 from unaffiliated services ... ... ... 64
 Reclassification of medical
 services from unaffiliated
 services ... ... ... 64
 Statistical adjustments ... 277 ... 277

 Passenger fares ... 3 ... 3

 Other transportation 144 -29 24 -368
 Definitional adjustments ... ... -228 -74
 Reclassification of courier
 services to unaffiliated
 services ... ... ... -265
 Reclassification of
 transportation services from
 unaffiliated services ... ... 108 ...
 Statistical adjustments 144 -29 144 -29

Other services -485 3,338 -2,370 3,422

 Affiliated -734 (D) -1,652 (D)
 Definitional adjustments ... ... -924 ...
 Reclassification of selected
 services to or from
 unaffiliated services ... ... 6 -56
 Statistical adjustments -734 (D) -734 (D)

 Unaffiliated 247 (D) -720 (D)
 Definitional adjustments ... ... -525 ...
 Reclassification of
 transactions to or from
 other accounts ... ... -442 160
 Statistical adjustments 247 (D) 247 (D)

 U.S. defense expenditures 2 ... 2 -20
 Definitional adjustments ... ... ... -20
 Statistical adjustments 2 ... 2 ...

Income 2,716 -759 1,749 -1,476

 Direct investment 1,379 -295 913 -499
 Definitional adjustments ... ... -328 -204
 Adjustment of interest income
 to a net basis ... ... -138 ...
 Statistical adjustments 1,379 -295 1,379 -295

 Other investment 1,244 -464 460 -977
 Definitional adjustments ... ... -198 ...
 Adjustment of interest income
 to a net basis ... ... -586 -513
 Statistical adjustments 1,244 -464 1,244 -464

 Compensation of employees 93 ... 376 ...
 Reclassification from
 unaffiliated services ... ... 283 ...
 Statistical adjustments 93 ... 93 ...

 Current unilateral transfers 170 -110 -2,355 696
 Definitional adjustments ... ... -2,570 ...
 Reclassification from
 unaffiliated services ... ... 45 ...
 Adjustment of U.S. transfers
 to a gross basis ... ... ... 806
 Statistical adjustments 170 -110 170 -110

 Total adjustments 4,538 2,803 -2,685 13,427

Table 3.1. U.S. Canadian Current-Account Reconciliation, Northbound

[Millions of U.S. dollars]

 Published estimates

 U.S. Canadian
 receipts payments Difference

 2003

Goods and services 197,567 200,202 -2,635

 Goods, balance-of-payments basis 169,929 171,453 -1,524

 Services 27,638 28,749 -1,111
 Travel 6,844 7,696 -852
 Passenger fares 2,114 1,532 582
 Other transportation 2,525 2,590 -65
 Other services 16,155 16,931 -776

Income 25,772 27,816 -2,044
 Investment income 25,673 27,816 -2,143
 Direct investment 17,328 11,311 6,017
 Other investment 8,345 16,505 -8,160
 Compensation of employees 99 (1) 99

Current unilateral transfers (2) 716 -716

 Current account, northbound 223,339 228,734 -5,395

 2004

Goods and services 219,898 223,859 -3,961

 Goods, balance-of-payments basis 189,982 192,136 -2,154

 Services 29,916 31,723 -1,807
 Travel 7,930 8,171 -241
 Passenger fares 2,506 1,833 673
 Other transportation 2,744 2,750 -6
 Other services 16,736 18,969 -2,233

Income 32,646 32,699 -53
 Investment income 32,536 32,699 -163
 Direct investment 22,567 15,467 7,100
 Other investment 9,969 17,232 -7,263
 Compensation of employees 110 (1) 110

Current unilateral transfers (2) 858 -858

 Current account, northbound 252,544 257,416 -4,872

 Common-basis estimates
 after definitional and
 methodological adjustments

 U.S. Canadian
 receipts payments Difference

 2003

Goods and services 197,401 198,929 -1,528

 Goods, balance-of-payments basis 170,114 171,048 -934

 Services 27,287 27,881 -594
 Travel 7,721 7,696 25
 Passenger fares 2,114 1,532 582
 Other transportation 2,525 2,615 -90
 Other services 14,927 16,038 -1,111

Income 25,856 24,508 1,348
 Investment income 25,757 24,409 1,348
 Direct investment 17,250 10,119 7,131
 Other investment 8,507 14,290 -5,783
 Compensation of employees 99 99 ...

Current unilateral transfers 902 331 571

 Current account, northbound 224,159 223,768 391

 2004

Goods and services 219,805 222,258 -2,453

 Goods, balance-of-payments basis 190,130 191,482 -1,352

 Services 29,675 30,776 -1,101
 Travel 8,847 8,171 676
 Passenger fares 2,506 1,833 673
 Other transportation 2,744 2,733 11
 Other services 15,578 18,039 -2,461

Income 32,711 28,975 3,736
 Investment income 32,601 28,865 3,736
 Direct investment 22,440 13,954 8,486
 Other investment 10,161 14,911 -4,750
 Compensation of employees 110 110 ...

Current unilateral transfers 806 376 430

 Current account, northbound 253,322 251,609 1,713

 Reconciled estimates,
 including statistical
 adjustments

 U.S. Canadian
 receipts payments

 2003

Goods and services 198,164 198,164

 Goods, balance-of-payments basis 170,370 170,370

 Services 27,794 27,794
 Travel 7,602 7,602
 Passenger fares 1,532 1,532
 Other transportation 2,554 2,554
 Other services 16,106 16,106

Income 27,617 27,617
 Investment income 27,518 27,518
 Direct investment 15,689 15,689
 Other investment 11,829 11,829
 Compensation of employees 99 99

Current unilateral transfers 749 749

 Current account, northbound 226,530 226,530

 2004

Goods and services 220,988 220,988

 Goods, balance-of-payments basis 190,854 190,854

 Services 30,134 30,134
 Travel 8,148 8,148
 Passenger fares 1,833 1,833
 Other transportation 2,779 2,779
 Other services -2,461 17,374

Income 34,210 34,210
 Investment income 34,100 34,100
 Direct investment 21,139 21,139
 Other investment 12,961 12,961
 Compensation of employees 110 110

Current unilateral transfers 720 720

 Current account, northbound 255,918 255,918

 Total adjustments
 to published
 estimates

 United
 States Canada

 2003

Goods and services 597 -2,038

 Goods, balance-of-payments basis 441 -1,083

 Services 156 -955
 Travel 758 -94
 Passenger fares -582 ...
 Other transportation 29 -36
 Other services -49 -825

Income 1,845 -199
 Investment income 1,845 -298
 Direct investment -1,639 4,378
 Other investment 3,484 -4,676
 Compensation of employees ... 99

Current unilateral transfers 749 33

 Current account, northbound 3,191 -2,204

 2004

Goods and services 1,090 -2,871

 Goods, balance-of-payments basis 872 -1,282

 Services 218 -1,589
 Travel 218 -23
 Passenger fares -673 ...
 Other transportation 35 29
 Other services 638 -1,595

Income 1,564 1,511
 Investment income 1,564 1,401
 Direct investment -1,428 5,672
 Other investment 2,992 -4,271
 Compensation of employees ... 110

Current unilateral transfers 720 -138

 Current account, northbound 3,374 -1,498

(1.) In the Canadian published accounts, compensation of
employees is included in "other" services.

(2.) Current unilateral transfers are published on a net
basis in the U.S. accounts and appear as net payments in
table 3.2.

Table 3.2. U.S. Canadian Current-Account Reconciliation, Southbound

[Millions of U.S. dollars]

 Published estimates

 Canadian U.S.
 receipts payments Difference

 2003

Goods and services 259,829 244,277 15,552

 Goods, balance-of-payments basis 235,796 224,249 11,547

 Services 24,033 20,028 4,005
 Travel 6,479 6,376 103
 Passenger fares 405 406 -1
 Other transportation 3,257 3,618 -361
 Other services 13,892 9,628 4,264

Income 7,199 9,226 -2,027
 Investment income 7,199 8,881 -1,682
 Direct investment 2,148 3,036 -888
 Other investment 5,051 5,845 -794
 Other private investment 4,146 4,885 -739
 U.S. Government liabilities 905 960 -55
 Compensation of employees (1) 345 -345

Current unilateral transfers 3,117 190 2,927

 Current account, southbound 270,145 253,693 16,452

 2004

Goods and services 296,022 279,736 16,286

 Goods, balance-of-payments basis 269,512 259,034 10,478

 Services 26,510 20,702 5,808
 Travel 7,583 7,178 405
 Passenger fares 445 442 3
 Other transportation 3,665 4,057 -392
 Other services 14,817 9,025 5,792

Income 11,079 14,304 -3,225
 Investment income 11,079 13,928 -2,849
 Direct investment 5,108 6,520 -1,412
 Other investment 5,971 7,408 -1,437
 Other private investment 5,000 6,240 -1,240
 U.S. Government liabilities 971 1,168 -197
 Compensation of employees (1) 376 -376

Current unilateral transfers 3,736 685 3,051

 Current account, southbound 310,837 294,725 16,112

 Common-basis estimates
 after definitional and
 methodological adjustments

 Canadian U.S.
 receipts payments Difference

 2003

Goods and services 255,262 253,531 1,731

 Goods, balance-of-payments basis 233,131 233,612 -481

 Services 22,131 19,919 2,212
 Travel 6,479 6,496 -17
 Passenger fares 405 406 -1
 Other transportation 3,273 3,374 -101
 Other services 11,974 9,643 2,331

Income 5,900 8,454 -2,554
 Investment income 5,646 8,109 -2,463
 Direct investment 1,727 2,748 -1,021
 Other investment 3,919 5,361 -1,442
 Other private investment 3,092 4,401 -1,309
 U.S. Government liabilities 827 960 -133
 Compensation of employees 254 345 -91

Current unilateral transfers 1,040 1,092 -52

 Current account, southbound 262,202 263,077 -875

 2004

Goods and services 292,291 290,271 2,020

 Goods, balance-of-payments basis 267,786 269,696 -1,910

 Services 24,505 20,575 3,930
 Travel 7,583 7,306 277
 Passenger fares 445 442 3
 Other transportation 3,545 3,718 -173
 Other services 12,932 9,109 3,823

Income 10,112 13,587 -3,475
 Investment income 9,829 13,211 -3,382
 Direct investment 4,642 6,316 -1,674
 Other investment 5,187 6,895 -1,708
 Other private investment 4,254 5,727 -1,473
 U.S. Government liabilities 933 1,168 -235
 Compensation of employees 283 376 -93

Current unilateral transfers 1,211 1,491 -280

 Current account, southbound 303,614 305,349 -1,735

 Reconciled estimates,
 including statistical
 adjustments

 Canadian U.S.
 receipts payments

 2003

Goods and services 255,568 255,568

 Goods, balance-of-payments basis 233,689 233,689

 Services 21,879 21,879
 Travel 6,479 6,479
 Passenger fares 405 405
 Other transportation 3,370 3,370
 Other services 11,625 11,625

Income 8,214 8,214
 Investment income 7,869 7,869
 Direct investment 3,017 3,017
 Other investment 4,852 4,852
 Other private investment 3,958 3,958
 U.S. Government liabilities 894 894
 Compensation of employees 345 345

Current unilateral transfers 1,016 1,016

 Current account, southbound 264,798 264,798

 2004

Goods and services 293,943 293,943

 Goods, balance-of-payments basis 269,779 269,779

 Services 24,164 24,164
 Travel 7,583 7,583
 Passenger fares 445 445
 Other transportation 3,689 3,689
 Other services 12,447 12,447

Income 12,828 12,828
 Investment income 12,452 12,452
 Direct investment 6,021 6,021
 Other investment 6,431 6,431
 Other private investment 5,381 5,381
 U.S. Government liabilities 1,050 1,050
 Compensation of employees 376 376

Current unilateral transfers 1,381 1,381

 Current account, southbound 308,152 308,152

 Total adjustments to
 published estimates

 United
 Canada States

 2003

Goods and services -4,261 11,291

 Goods, balance-of-payments basis -2,107 9,440

 Services -2,154 1,851
 Travel ... 103
 Passenger fares ... -1
 Other transportation 113 -248
 Other services -2,267 1,997

Income 1,015 -1,012
 Investment income 670 -1,012
 Direct investment 869 -19
 Other investment -199 -993
 Other private investment -188 -927
 U.S. Government liabilities -11 -66
 Compensation of employees 345 ...

Current unilateral transfers -2,101 826

 Current account, southbound -5,347 11,105

 2004

Goods and services -2,079 14,207

 Goods, balance-of-payments basis 267 10,745

 Services -2,346 3,462
 Travel ... 405
 Passenger fares ... 3
 Other transportation 24 -368
 Other services -2,370 3,422

Income 1,749 -1,476
 Investment income 1,373 -1,476
 Direct investment 913 499
 Other investment 460 -977
 Other private investment 381 -859
 U.S. Government liabilities 79 -118
 Compensation of employees 376 ...

Current unilateral transfers -2,355 696

 Current account, southbound -2,685 13,427

(1.) In the Canadian published accounts, compensation of
employees is included in "other" services.

Table 4.1. Trade in Goods, Northbound

[Millions of U.S. dollars]

 U.S. Canadian
 receipts payments

 2003

Balance-of-payments basis, published 169,929 171,453

 Definitional and methodological adjustments:
 Definitional adjustments -38 -405
 Reclassification of equipment repairs from
 unaffiliated services 223 ...

 Common basis after definitional and
 methodological adjustments 170,114 171,048

 Statistical adjustments 256 -678

Reconciled, including statistical adjustments 170,370 170,370

 2004

Balance-of-payments basis, published 189,982 192,136

 Definitional and methodological adjustments:
 Definitional adjustments -4 -654
 Reclassification of equipment repairs from
 unaffiliated services 152 ...

 Common basis after definitional and
 methodological adjustments 190,130 191,482

 Statistical adjustments 724 -628

Reconciled, including statistical adjustments 190,854 190,854

Table 4.2. Trade in Goods, Southbound

[Millions of U.S. dollars]

 Canadian U.S.
 receipts payments

 2003

Balance-of-Payments basis, published 235,796 224,249

 Definitional and methodological adjustments:
 Canadian reexports to the United States ... 6,617
 Inland freight adjustment 2,151 2,419
 Other definitional adjustments -4,816 291
 Reclassification of equipment repairs from
 unaffiliated services ... 36

 Common basis after definitional and
 methodological adjustments 233,131 233,612

 Statistical adjustments 558 77

Reconciled, including statistical adjustments 233,669 233,689

 2004

Balance-of-payments basis, published 269,512 259,034

 Definitional and methodological adjustments:
 Canadian reexports to the United States ... 7,091
 Inland freight adjustment 2,627 2,964
 Other definitional adjustments -4,353 574
 Reclassification of equipment repairs from
 unaffiliated services ... 33

 Common basis after definitional and
 methodological adjustments 267,786 269,696

 Statistical adjustments 1,993 83

Reconciled, including statistical adjustments 269,779 269,779

Table 5.1. Travel, Passenger Fares, and Other Transportation,
Northbound

[Millions of U.S. dollars]

 Published estimates

 U.S. Canadian
 receipts payments Difference

 2003

Travel 6,844 7,696 -852
 Business and personal 6,844 6,725 119
 Education ... 687 -687
 Medical ... 284 -284

Passenger fares 2,114 1,532 582

Other transportation 2,525 2,590 -65

 Freight 1,958 2,088 -130
 Ocean 168 36 -19
 Air 104 232 472
 Truck 1,304 1,302 2
 Other 382 392 -10

 Port services 567 465 102
 Vessel operators 64 38 26
 Airline operators 309 393 -84
 Other 194 34 160

 Other ... 37 -37

 2004

Travel 7,930 8,171 -241
 Business and personal 7,930 7,231 699
 Education ... 606 -606
 Medical ... 334 -334

Passenger fares 2,506 1,833 673

Other transportation 2,744 2,750 -6

 Freight 2,165 2,173 -8
 Ocean 204 318 -114
 Air 114 30 84
 Truck 1,429 1,429 ...
 Other 418 396 22

 Port services 579 544 35
 Vessel operators 80 22 58
 Airline operators 330 497 -167
 Other 169 25 144

 Other ... 33 -33

 Common-basis estimates
 after definitional and
 methodological adjustments

 U.S. Canadian
 receipts payments Difference

 2003

Travel 7,721 7,696 25
 Business and personal 6,844 6,725 119
 Education 645 687 -42
 Medical 232 284 -52

Passenger fares 2,114 1,532 582

Other transportation 2,525 2,615 -90

 Freight 1,951 2,031 -80
 Ocean 161 278 -117
 Air 104 59 45
 Truck 1,304 1,302 2
 Other 382 392 -10

 Port services 567 547 20
 Vessel operators 64 38 26
 Airline operators 309 307 2
 Other 194 202 -8

 Other 7 37 -30

 2004

Travel 8,847 8,171 676
 Business and personal 7,930 7,231 699
 Education 671 606 65
 Medical 246 334 -88

Passenger fares 2,506 1,833 673

Other transportation 2,744 2,733 11

 Freight 2,161 2,122 39
 Ocean 200 228 -28
 Air 114 69 45
 Truck 1,429 1,429 ...
 Other 418 396 22

 Port services 579 575 4
 Vessel operators 80 40 40
 Airline operators 330 329 1
 Other 169 206 -37

 Other 4 36 -32

 Reconciled
 estimates, Total
 including adjustments
 statistical to published
 adjustments estimates

 U.S. Canadian United
 receipts payments States Canada

 2003

Travel 7,602 7,602 758 -94
 Business and personal 6,725 6,725 -119 ...
 Education 645 645 645 -42
 Medical 232 232 232 -52

Passenger fares 1,532 1,532 -582 ...

Other transportation 2,554 2,554 29 -36

 Freight 1,976 1,976 18 -112
 Ocean 220 220 52 -142
 Air 59 59 -45 27
 Truck 1,304 1,304 ... 2
 Other 393 393 11 1

 Port services 541 541 -26 76
 Vessel operators 38 38 -26 ...
 Airline operators 309 309 ... -84
 Other 194 194 ... 160

 Other 37 37 37 ...

 2004

Travel 8,148 8,148 218 -23
 Business and personal 7,231 7,231 -699 ...
 Education 671 671 671 65
 Medical 246 246 246 -88

Passenger fares 1,833 1,833 -673 ...

Other transportation 2,779 2,779 35 29

 Freight 2,167 2,167 2 -6
 Ocean 236 236 32 -82
 Air 69 69 -45 39
 Truck 1,429 1,429 ... ...
 Other 433 433 15 37

 Port services 576 576 -3 32
 Vessel operators 40 40 -40 18
 Airline operators 330 330 ... -167
 Other 206 206 37 181

 Other 36 36 36 3

 Total adjustments to published estimates

 Type of adjustment

 2003

Travel
 Business and personal Statistical
 Education Methodological and statistical
 Medical Methodological and statistical

Passenger fares Statistical

Other transportation

 Freight
 Ocean Definitional, methodological, and statistical
 Air Definitional and statistical
 Truck Statistical
 Other Statistical

 Port services
 Vessel operators Statistical
 Airline operators Definitional and statistical
 Other Methodological and statistical

 Other Methodological and statistical

 2004

Travel
 Business and personal Statistical
 Education Methodological and statistical
 Medical Methodological and statistical

Passenger fares Statistical

Other transportation

 Freight
 Ocean Definitional, methodological, and statistical
 Air Definitional and statistical
 Truck
 Other Statistical

 Port services
 Vessel operators Definitional and statistical
 Airline operators Definitional and statistical
 Other Methodological and statistical

 Other Definitional, methodological, and statistical

Table 5.2. Travel, Passenger Fares, and Other Transportation,
Southbound

[Millions of U.S. dollars]

 Published estimates

 Canadian U.S.
 receipts payments Difference

 2003

Travel 6,479 6,376 103
 Business and personal 6,298 6,376 -78
 Education 121 ... 121
 Medical 59 ... 59

Passenger fares 405 406 -1

Other transportation 3,257 3,618 -361

 Freight 2,635 2,851 -216
 Ocean 124 291 -167
 Air 59 59 ...
 Truck 2,256 2,260 -4
 Other 196 241 -45

 Port services 504 767 -263
 Vessel operators 67 107 -40
 Airline operators 374 565 -191
 Other 63 95 -32

 Other 118 ... 118

 2004

Travel 7,583 7,178 405
 Business and personal 7,365 7,178 187
 Education 154 ... 154
 Medical 64 ... 64

Passenger fares 445 442 3

Other transportation 3,665 4,057 -392

 Freight 2,937 3,183 -246
 Ocean 180 414 -234
 Air 33 33 ...
 Truck 2,485 2,485 ...
 Other 239 251 -12

 Port services 578 874 -296
 Vessel operators 80 149 -69
 Airline operators 425 647 -222
 Other 73 78 -5

 Other 150 ... 150

 Common-basis estimates after
 definitional and methodological
 adjustments

 Canadian U.S.
 receipts payments Difference

 2003

Travel 6,479 6,496 -17
 Business and personal 6,298 6,376 -78
 Education 121 58 63
 Medical 59 62 -3

Passenger fares 405 406 -1

Other transportation 3,273 3,374 -101

 Freight 2,635 2,672 -37
 Ocean 124 251 -127
 Air 59 59 ...
 Truck 2,256 2,260 -4
 Other 196 102 94

 Port services 608 662 -54
 Vessel operators 71 54 17
 Airline operators 374 374 ...
 Other 163 234 -71

 Other 29 40 -11

 2004

Travel 7,583 7,306 277
 Business and personal 7,365 7,178 187
 Education 154 64 90
 Medical 64 64 ...

Passenger fares 445 442 3

Other transportation 3,545 3,718 -173

 Freight 2,877 2,997 -120
 Ocean 136 372 -236
 Air 33 33 ...
 Truck 2,485 2,485 ...
 Other 224 107 117

 Port services 630 679 -49
 Vessel operators 83 75 8
 Airline operators 382 382 ...
 Other 165 222 -57

 Other 38 42 4

 Reconciled
 estimates, Total
 including adjustments
 statistical to published
 adjustments estimates

 Canadian U.S. United
 receipts payments Canada States

 2003

Travel 6,479 6,479 ... 103
 Business and personal 6,298 6,298 ... -78
 Education 121 121 ... 121
 Medical 59 59 ... 59

Passenger fares 405 405 ... -1

Other transportation 3,370 3,370 113 -248

 Freight 2,703 2,703 68 -148
 Ocean 188 188 64 -103
 Air 59 59 ... ...
 Truck 2,260 2,260 4 ...
 Other 196 196 ... -45

 Port services 627 627 123 -140
 Vessel operators 54 54 -13 -53
 Airline operators 374 374 ... -191
 Other 199 199 136 104

 Other 40 40 -78 40

 2004

Travel 7,583 7,583 ... 405
 Business and personal 7,365 7,365 ... 187
 Education 154 154 ... 154
 Medical 64 64 ... 64

Passenger fares 445 445 ... 3

Other transportation 3,689 3,689 24 -368

 Freight 2,996 2,996 59 -187
 Ocean 254 254 74 -160
 Air 33 33 ... ...
 Truck 2,485 2,485 ... ...
 Other 224 224 -15 -27

 Port services 651 651 73 -223
 Vessel operators 75 75 -5 -74
 Airline operators 382 382 -43 -265
 Other 194 194 121 116

 Other 42 42 -108 42

 Total adjustments to published estimates

 Type of adjustment

 2003

Travel
 Business and personal Statistical
 Education Methodological and statistical
 Medical Methodological and statistical

Passenger fares Statistical

Other transportation

 Freight
 Ocean Methodological and statistical
 Air
 Truck Statistical
 Other Methodological and statistical

 Port services
 Vessel operators Definitional and statistical
 Airline operators Methodological
 Other Methodological and statistical

 Other Definitional, methodological, and statistical

 2004

Travel
 Business and personal Statistical
 Education Methodological and statistical
 Medical Methodological and statistical

Passenger fares Statistical

Other transportation

 Freight
 Ocean Definitional, methodological, and statistical
 Air
 Truck
 Other Methodological and statistical

 Port services
 Vessel operators Definitional and statistical
 Airline operators Definitional and methodological
 Other Methodological and statistical

 Other Definitional, methodological, and statistical

Table 6.1. Other Services, Northbound

[Millions of U.S. dollars]

 Published estimates

 U.S. Canadian
 receipts payments Difference

 2003

 Total 16,155 16,931 -776

Affiliated 7,850 9,073 -1,223

 Royalties and license fees 2,925 2,762 163
 Other services 4,925 6,312 -1,387

Unaffiliated 8,127 7,857 270

 Royalties, license fees, and
 selected services 1,385 1,609 -224
 Insurance 753 625 128
 Financial services 1,156 960 196
 Education and training 678 17 661
 Communications 684 975 -291

 Computer services 1,152 757 395
 Business services 1,533 1,071 462
 Sports and entertainment 570 1,391 -821
 Other private, ... 203 -203
 Government:
 United States 84 76 8
 Canada (nonmilitary) 132 173 41

U.S. military sales 178 ... 178

 2004

 Total 16,736 18,969 -2,233

Affiliated 8,170 10,409 -2,239

 Royalties and license fees 2,904 2,885 19
 Other services 5,266 7,524 -2,258

Unaffiliated 8,436 8,560 -124

 Royalties, license fees, and
 selected services 1,424 1,676 -252
 Insurance 751 782 -31
 Financial services 1,223 947 276
 Education and training 703 18 685
 Communications 753 958 -205
 Computer services 1,144 1,037 107
 Business services 1,528 1,162 366
 Sports and entertainment 688 1,536 -848
 Other private ... 186 -186
 Government:
 United States (nonmilitary) 90 77 13
 Canada 132 181 -49

U.S. military sales 130 ... 130

 Common-basis estimates after
 definitional and methodological
 adjustments

 U.S. Canadian
 receipts payments Difference

 2003

 Total 14,927 16,038 -1,111

Affiliated 7,486 8,972 -1,486

 Royalties and license fees 2,925 2,759 166
 Other services 4,561 6,212 -1,651

Unaffiliated 7,391 7,066 325

 Royalties, license fees, and
 selected services 1,376 1,556 -180
 Insurance 753 596 157
 Financial services 1,156 818 338
 Education and training 33 24 9
 Communications 684 555 129
 Computer services 1,152 761 391
 Business services 1,235 1,376 -141
 Sports and entertainment 786 1,195 -409
 Other private, ... ... ...
 Government:
 United States 84 76 8
 Canada (nonmilitary) 132 110 22

U.S. military sales 50 ... 50

 2004

 Total 15,578 18,039 -2,461

Affiliated 7,792 10,284 -2,492

 Royalties and license fees 2,904 2,881 23
 Other services 4,888 7,403 -2,515

Unaffiliated 7,745 7,755 -10

 Royalties, license fees, and
 selected services 1,418 1,596 -178
 Insurance 751 751 ...
 Financial services 1,223 827 396
 Education and training 32 26 6
 Communications 753 483 270
 Computer services 1,144 1,041 103
 Business services 1,301 1,511 -210
 Sports and entertainment 901 1,328 -427
 Other private ... ... ...
 Government:
 United States (nonmilitary) 90 77 13
 Canada 132 114 18

U.S. military sales 41 ... 41

 Reconciled
 estimates, Total
 including adjustments
 statistical to published
 adjustments estimates

 U.S. Canadian United
 receipts payments States Canada

 2003

 Total 16,106 16,106 -49 -825

Affiliated 7,686 7,686 -164 -1,387

 Royalties and license fees (1) (1) (1) (1)
 Other services (1) (1) (1) (1)

Unaffiliated 8,370 8,370 243 513

 Royalties, license fees, and
 selected services 1,376 1,376 -9 -233
 Insurance 753 753 128
 Financial services 1,250 1,250 94 290
 Education and training 33 33 -645 16
 Communications 684 684 ... -291
 Computer services 1,152 1,152 ... 395
 Business services 1,722 1,722 189 651
 Sports and entertainment 1,206 1,206 636 -185
 Other private, ... ... ... -203
 Government:
 United States 84 84 ... 8
 Canada (nonmilitary) 110 110 -22 -63

U.S. military sales 50 50 -128 50

 2004

 Total 17,374 17,374 638 -1,595

Affiliated 8,492 8,492 322 -1,917

 Royalties and license fees (1) (1) (1) (1)
 Other services (1) (1) (1) (1)

Unaffiliated 8,841 8,841 405 281

 Royalties, license fees, and
 selected services 1,418 1,418 -6 -258
 Insurance 751 751 ... -31
 Financial services 1,329 1,329 106 382
 Education and training 32 32 -671 14
 Communications 753 753 ... -205
 Computer services 1,144 1,144 ... 107
 Business services 1,814 1,814 286 652
 Sports and entertainment 1,396 1,396 708 -140
 Other private ... ... ... -186
 Government:
 United States (nonmilitary) 90 90 ... 13
 Canada 114 114 -18 -67

U.S. military sales 41 41 -89 41

 Total adjustments to
 published estimates

 Type of adjustment

 2003

 Total

Affiliated Definitional, methodological,
 and statistical

 Royalties and license fees
 Other services

Unaffiliated

 Royalties, license fees, and Definitional, methodological,

 selected services and statistical
 Insurance Definitional and statistical
 Financial services Definitional and statistical
 Education and training Methodological and statistical
 Communications Methodological and statistical
 Computer services Methodological and statistical
 Business services Methodological and statistical
 Sports and entertainment Definitional, methodological,
 and statistical
 Other private, Definitional and methodological
 Government:
 United States Statistical
 Canada (nonmilitary) Definitional, methodological,
 and statistical

U.S. military sales Definitional and statistical

 2004

 Total

Affiliated Definitional, methodological,
 and statistical

 Royalties and license fees
 Other services

Unaffiliated

 Royalties, license fees, and Definitional, methodological,
 selected services and statistical
 Insurance Definitional and statistical
 Financial services Definitional and statistical
 Education and training Methodological and statistical
 Communications Methodological and statistical
 Computer services Methodological and statistical
 Business services Methodological and statistical
 Sports and entertainment Definitional, methodological,
 and statistical
 Other private Definitional and methodological
 Government:
 United States (nonmilitary) Statistical
 Canada Definitional, methodological,
 and statistical

U.S. military sales Definitional and statistical

(1.) Royalties and license fees are combined with "other" services
for reconciliation.

Table 6.2. Other Services, Southbound

[Millions of U.S. dollars]

 Published estimates

 Canadian U.S.
 receipts payments Difference

 2003

 Total 13,892 9,628 4,264

Affiliated 5,901 4,405 1,496

 Royalties and license fees 1,284 533 751
 Other services 4,617 3,872 745

Unaffiliated 7,917 5,128 2,789

 Royalties, license fees, and
 selected services 2,166 990 1,176
 Insurance 200 501 -301
 Financial services 349 191 158
 Education and training 60 105 -45
 Communications 1,034 381 653
 Computer services 1,504 1,411 93
 Business services, 1,203 1,320 -117
 Sports and entertainment 1,028 39 989
 Other private 151 ... 151
 Government:
 Canada 41 ... 41
 United States (nondefense) 181 190 -9

U.S. defense expenditures 74 95 -21

 2004

 Total 14,817 9,025 5,792

Affiliated 5,774 (D) (D)

 Royalties and license fees 1,393 (D) (D)
 Other services 4,381 3,440 941

Unaffiliated 8,929 (D) (D)

 Royalties, license fees, and
 selected services 2,550 (D) (D)
 Insurance 170 644 -474
 Financial services 436 226 210
 Education and training 60 83 -23
 Communications 1,089 337 752
 Computer services 1,649 1,189 460
 Business services 1,396 1,231 165
 Sports and entertainment 1,130 45 1,085
 Other private 176 ... 176
 Government:
 Canada 44 ... 44
 United States (nondefense) 229 308 -79

U.S. defense expenditures 114 136 -22

 Common-basis estimates after
 definitional and methodological
 adjustments

 Canadian U.S.
 receipts payments Difference

 2003

 Total 11,974 9,643 2,331

Affiliated 4,980 4,364 616

 Royalties and license fees 559 533 26
 Other services 4,422 3,831 591

Unaffiliated 6,920 5,204 1,716

 Royalties, license fees, and
 selected services 1,812 989 823
 Insurance 201 501 -300
 Financial services 357 191 166
 Education and training 26 47 -21
 Communications 647 381 266
 Computer services 1,504 1,411 93
 Business services, 1,251 934 317
 Sports and entertainment 900 560 340
 Other private ... ... ...
 Government:
 Canada 41 ... 41
 United States (nondefense) 181 190 -9

U.S. defense expenditures 74 75 -1

 2004

 Total 12,932 9,109 3,823

Affiliated 4,856 (D) (D)

 Royalties and license fees 668 (D) (D)
 Other services 4,188 3,384 804

Unaffiliated 7,962 (D) (D)

 Royalties, license fees, and
 selected services 2,193 (D) (D)
 Insurance 171 644 -473
 Financial services 421 226 195
 Education and training 26 19 7
 Communications 652 337 315
 Computer services 1,649 1,189 460
 Business services 1,559 1,055 504
 Sports and entertainment 1,018 445 573
 Other private ... ... ...
 Government:
 Canada 44 ... 44
 United States (nondefense) 229 308 -79

U.S. defense expenditures 114 116 -2

 Reconciled
 estimates, Total
 including adjustments
 statistical to published
 adjustments estimates

 Canadian U.S. United
 receipts payments Canada States

 2003

 Total 11,625 11,625 -2,267 1,997

Affiliated 4,477 4,477 -1,424 72

 Royalties and license fees (1) (1) (1) (1)
 Other services (1) (1) (1) (1)

Unaffiliated 7,073 7,073 -844 1,945

 Royalties, license fees, and
 selected services 1,900 1,900 -266 910
 Insurance 501 501 301 ...
 Financial services 207 207 -142 16
 Education and training 47 47 -13 -58
 Communications 514 514 -520 133
 Computer services 1,440 1,440 -64 29
 Business services, 1,332 1,332 129 12
 Sports and entertainment 900 900 -128 861
 Other private ... ... -151 ...
 Government:
 Canada 41 41 ... 41
 United States (nondefense) 190 190 9 ...

U.S. defense expenditures 75 75 1 -20

 2004

 Total 12,447 12,447 -2,370 3,422

Affiliated 4,122 4,122 -1,652 (D)

 Royalties and license fees (1) (1) (1) (1)
 Other services (1) (1) (1) (1)

Unaffiliated 8,209 8,209 -720 (D)

 Royalties, license fees, and
 selected services 2,270 2,270 -280 (D)
 Insurance 644 644 474 ...
 Financial services 252 252 -184 26
 Education and training 26 26 -34 -57
 Communications 495 495 -594 158
 Computer services 1,593 1,593 -56 404
 Business services 1,553 1,553 157 322
 Sports and entertainment 1,024 1,024 -106 979
 Other private ... ... -176 ...
 Government:
 Canada 44 44 ... 44
 United States (nondefense) 308 308 79 ...

U.S. defense expenditures 116 116 2 -20

 Total adjustments to
 published estimates

 Type of adjustment

 2003

 Total

Affiliated Definitional, methodological,
 and statistical

 Royalties and license fees
 Other services

Unaffiliated

 Royalties, license fees, and
 selected services Definitional and statistical
 Insurance Definitional and statistical
 Financial services Definitional and statistical
 Education and training Methodological and statistical
 Communications Methodological and statistical
 Computer services Statistical
 Business services, Definitional, methodological,
 and statistical
 Sports and entertainment Definitional, methodological,
 and statistical
 Other private Definitional and methodological
 Government:
 Canada Statistical
 United States (nondefense) Statistical

U.S. defense expenditures Definitional and statistical

 2004

 Total

Affiliated Definitional, methodological,
 and statistical

 Royalties and license fees
 Other services

Unaffiliated

 Royalties, license fees, and
 selected services Definitional and statistical
 Insurance Definitional and statistical
 Financial services Definitional and statistical
 Education and training Methodological and statistical
 Communications Methodological and statistical
 Computer services Statistical
 Business services Definitional, methodological, and
 statistical
 Sports and entertainment Definitional, methodological, and
 statistical
 Other private Definitional and methodological
 Government:
 Canada Statistical
 United States (nondefense) Statistical

U.S. defense expenditures Definitional and statistical

(D) Suppressed to avoid disclosure of data of individual companies.

(1.) Royalties and license fees are combined with "other" services
for reconciliation.

Table 7.1. Investment Income, Northbound

[Millions of U.S. dollars]

 Published estimates

 U.S. Canadian
 receipts payments Difference

 2003

Investment Income 25,673 27,816 -2,143

 Direct investment income 17,328 11,311 6,017
 Earnings of incorporated
 affiliates 15,915 9,627 6,288
 Dividends 3,905 3,749 156
 Reinvested earnings 12,010 5,878 6,132
 Earnings of unincorprated
 affiliates 789 837 -48
 Interest 624 847 -223

 Other investment income 8,345 16,505 -8,160
 Securities 6,775 13,473 -6,698
 Dividends 2,450 2,106 344
 Interest 4,325 11,367 -7,042
 U.S. claims/Canadian
 liabilities 1,570 3,032 -1,462
 U.S. bank claims 1,237 1,205 32
 Other private U.S. claims 333 1,827 -1,494

 2004

Investment Income 32,536 32,699 -163

 Direct investment income 22,567 15,467 7,100
 Earnings of incorporated
 affiliates 21,172 13,197 7,975
 Dividends 2,971 5,275 -2,304
 Reinvested earnings 18,201 7,922 10,279
 Earnings of unincorporated
 affiliates 688 1,254 -566
 Interest 707 1,016 -309

 Other investment income 9,969 17,232 -7,263
 Securities 8,121 14,141 -6,020
 Dividends 3,401 2,272 1,129
 Interest 4,720 11,869 -7,149
 U.S. claims/Canadian
 liabilities 1,848 3,091 -1,243
 U.S. bank claims 1,525 980 545
 Other private U.S. claims 323 2,111 -1,788

 Common-basis estimates
 after definitional and
 methodological adjustments

 U.S. Canadian
 receipts payments Difference

 2003

Investment Income 25,757 24,409 1,348

 Direct investment income 17,250 10,119 7,131
 Earnings of incorporated
 affiliates 15,877 8,773 7,104
 Dividends 3,867 2,893 974
 Reinvested earnings 12,010 5,880 6,130
 Earnings of unincorprated
 affiliates 789 825 -36
 Interest 584 521 63

 Other investment income 8,507 14,290 -5,783
 Securities 7,422 13,208 -5,786
 Dividends 2,450 1,841 609
 Interest 4,972 11,367 -6,395
 U.S. claims/Canadian
 liabilities 1,085 1,082 3
 U.S. bank claims 502 469 33
 Other private U.S. claims 583 613 -30

 2004

Investment Income 32,601 28,865 3,736

 Direct investment income 22,440 13,954 8,486
 Earnings of incorporated
 affiliates 21,090 12,162 8,928
 Dividends 2,889 4,240 -1,351
 Reinvested earnings 18,201 7,922 10,279
 Earnings of unincorporated
 affiliates 688 1,241 -553
 Interest 662 551 111

 Other investment income 10,161 14,911 -4,750
 Securities 8,827 13,855 -5,028
 Dividends 3,402 1,986 1,416
 Interest 5,425 11,869 -6,444
 U.S. claims/Canadian
 liabilities 1,334 1,056 278
 U.S. bank claims 709 394 315
 Other private U.S. claims 625 662 -37

 Reconciled
 estimates, Total
 including adjustments
 adjustments to published
 statistical estimates

 U.S. Canadian United
 receipts payments States Canada

 2003

Investment Income 27,518 27,518 1,845 -298

 Direct investment income 15,689 15,689 -1,639 4,378
 Earnings of incorporated
 affiliates 14,298 14,298 -1,617 4,671
 Dividends 4,230 4,230 325 481
 Reinvested earnings 10,068 10,068 -1,942 4,190
 Earnings of unincorprated
 affiliates 807 807 18 -30
 Interest 584 584 -40 -263

 Other investment income 11,829 11,829 3,484 -4,676
 Securities 10,774 10,774 3,999 -2,699
 Dividends 2,146 2,146 -304 40
 Interest 8,628 8,628 4,303 -2,739
 U.S. claims/Canadian
 liabilities 1,055 1,055 -515 -1,977
 U.S. bank claims 486 486 -751 -719
 Other private U.S. claims 569 569 236 -1,258

 2004

Investment Income 34,100 34,100 1,564 1,401

 Direct investment income 21,139 21,139 -1,428 5,672
 Earnings of incorporated
 affiliates 19,512 19,512 -1,660 6,315
 Dividends 4,515 4,515 1,544 -760
 Reinvested earnings 14,997 14,997 -3,204 7,075
 Earnings of unincorporated
 affiliates 965 965 277 -289
 Interest 662 662 -45 -354

 Other investment income 12,961 12,961 2,992 -4,271
 Securities 11,740 11,710 3,619 -2,401
 Dividends 2,694 2,694 -707 422
 Interest 9,046 9,046 4,326 -2,823
 U.S. claims/Canadian
 liabilities 1,221 1,221 -627 -1,870
 U.S. bank claims 551 551 -974 -429
 Other private U.S. claims 670 670 347 -1,441

 Total adjustments to
 published estimates

 Type of adjustment

 2003

Investment Income

 Direct investment income
 Earnings of incorporated
 affiliates
 Dividends Definitional and statistical
 Reinvested earnings Statistical
 Earnings of unincorprated
 affiliates Definitional and statistical
 Interest Definitional, methodological, and
 statistical

 Other investment income
 Securities
 Dividends Definitional and statistical
 Interest Definitional and statistical
 U.S. claims/Canadian
 liabilities
 U.S. bank claims Definitional, methodological, and
 statistical
 Other private U.S. claims Definitional, methodological, and
 statistical

 2004

Investment Income

 Direct investment income
 Earnings of incorporated
 affiliates
 Dividends Definitional and statistical
 Reinvested earnings Statistical
 Earnings of unincorporated
 affiliates Definitional and statistical
 Interest Definitional, methodological, and
 statistical

 Other investment income
 Securities
 Dividends Definitional and statistical
 Interest Definitional and statistical
 U.S. claims/Canadian
 liabilities
 U.S. bank claims Methodological and statistical
 Other private U.S. claims Definitional, methodological, and
 statistical

Table 7.2. Investment Income, Southbound

[Millions of U.S. dollars]

 Published estimates

 Canadian U.S.
 receipts payments Difference

 2003

Investment Income 7,199 8,881 -1,682

 Direct investment income 2,148 3,036 -888
 Earnings of incorporated
 affiliates 1,644 2,242 -598
 Dividends 1,073 2,394 -1,351
 Reinvested earnings 601 -152 753
 Earnings of unincorporated
 affiliates 366 579 -213
 Interest 138 215 -77

 Other investment income 5,051 5,845 -794
 Securities 2,760 4,165 -1,405
 Dividends 2,198 2,568 -370
 Interest 562 1,597 -1,035
 Canadian claims/U.S.
 liabilities 1,386 720 666
 Canadian bank claims 786 376 410
 Other private Canadian
 claims 600 344 256
 U.S. Government liabilities 905 960 -55

 2004

Investment Income 11,079 13,928 -2,849

 Direct investment income 5,108 6,520 -1,412
 Earnings of incorporated
 affiliates 4,439 5,643 -1,204
 Dividends 1,382 1,837 -455
 Reinvested earnings 3,057 3,806 -749
 Earnings of unincorporated
 affiliates 352 676 -324
 Interest 317 201 116

 Other investment income 5,971 7,408 -1,437
 Securities 3,195 5,447 -2,252
 Dividends 2,536 3,570 -1,034
 Interest 659 1,877 -1,218
 Canadian claims/U.S.
 liabilities 1,805 793 1,012
 Canadian bank claims 1,187 433 754
 Other private Canadian
 claims 618 360 258
 U.S. Government liabilities 971 1,168 -197

 Common-basis estimates after
 definitional and methodological
 adjustments

 Canadian U.S.
 receipts payments Difference

 2003

Investment Income 5,646 8,109 -2,463

 Direct investment income 1,727 2,748 -1,021
 Earnings of incorporated
 affiliates 1,805 1,945 -140
 Dividends 1,285 2,097 -812
 Reinvested earnings 520 -152 672
 Earnings of unincorporated
 affiliates -92 579 -671
 Interest 14 224 -210

 Other investment income 3,919 5,361 -1,442
 Securities 2,537 4,165 -1,628
 Dividends 2,017 2,568 -551
 Interest 520 1,597 -1,077
 Canadian claims/U.S.
 liabilities 555 236 319
 Canadian bank claims -41 158 -199
 Other private Canadian
 claims 596 78 518
 U.S. Government liabilities 827 960 -133

 2004

Investment Income 9,829 13,211 -3,382

 Direct investment income 4,642 6,316 -1,674
 Earnings of incorporated
 affiliates 4,636 5,432 -796
 Dividends 1,666 1,626 40
 Reinvested earnings 2,970 3,806 -836
 Earnings of unincorporated
 affiliates -129 676 -805
 Interest 135 208 -73

 Other investment income 5,187 6,895 -1,708
 Securities 3,289 5,447 -2,158
 Dividends 2,326 3,570 -1,244
 Interest 963 1,877 -914
 Canadian claims/U.S.
 liabilities 965 280 685
 Canadian bank claims 352 161 191
 Other private Canadian
 claims 613 119 494
 U.S. Government liabilities 933 1,168 -235

 Reconciled
 estimates, Total
 including adjustments
 statistical to published
 adjustments estimates

 Canadian U.S. United
 receipts payments Canada States

 2003

Investment Income 7,869 7,869 670 -1,012

 Direct investment income 3,017 3,017 869 -19
 Earnings of incorporated
 affiliates 2,447 2,447 803 205
 Dividends 2,250 2,250 1,207 -144
 Reinvested earnings 197 197 -404 349
 Earnings of unincorporated
 affiliates 346 346 -20 -233
 Interest 224 224 86 9

 Other investment income 4,852 4,852 -199 -993
 Securities 3,400 3,400 640 -765
 Dividends 2,292 2,292 94 -276
 Interest 1,108 1,108 546 -489
 Canadian claims/U.S.
 liabilities 558 558 -828 -162
 Canadian bank claims -4 -4 -790 -380
 Other private Canadian
 claims 562 562 -38 218
 U.S. Government liabilities 894 894 -11 -66

 2004

Investment Income 12,452 12,452 1,373 -1,476

 Direct investment income 6,021 6,021 913 -499
 Earnings of incorporated
 affiliates 5,528 5,528 1,089 -115
 Dividends 1,691 1,691 309 -146
 Reinvested earnings 3,837 3,837 780 31
 Earnings of unincorporated
 affiliates 285 285 -67 -391
 Interest 208 208 -109 7

 Other investment income 6,431 6,431 460 -977
 Securities 4,719 4,719 1,524 -728
 Dividends 3,259 3,259 723 -311
 Interest 1,460 1,460 801 -417
 Canadian claims/U.S.
 liabilities 662 662 -1,143 -131
 Canadian bank claims 60 60 -1,127 -373
 Other private Canadian
 claims 602 602 -16 242
 U.S. Government liabilities 1,050 1,050 79 -118

 Total adjustments to
 published estimates

 Type of adjustment

 2003

Investment Income

 Direct investment income
 Earnings of incorporated
 affiliates
 Dividends Definitional, methodological, and
 statistical
 Reinvested earnings Definitional, methodological,
 and statistical
 Earnings of unincorporated Methodological and statistical
 affiliates
 Interest Definitional, methodological,
 and statistical

 Other investment income
 Securities
 Dividends Definitional and statistical
 Interest Definitional and statistical
 Canadian claims/U.S.
 liabilities
 Canadian bank claims Definitional, methodological, and
 statistical
 Other private Canadian Definitional, methodological, and
 claims statistical
 U.S. Government liabilities Definitional and statistical

 2004

Investment Income

 Direct investment income
 Earnings of incorporated
 affiliates
 Dividends Definitional, methodological, and
 statistical
 Reinvested earnings Definitional, methodological, and
 statistical
 Earnings of unincorporated Definitional, methodological, and
 affiliates statistical
 Interest Definitional, methodological, and
 statistical

 Other investment income
 Securities
 Dividends Definitional and statistical
 Interest Definitional and statistical
 Canadian claims/U.S.
 liabilities
 Canadian bank claims Definitional, methodological, and
 statistical
 Other private Canadian Definitional, methodological, and
 claims statistical
 U.S. Government liabilities Definitional and statistical