Modernizing and enhancing BEA's international economic accounts: a progress report.

Howell, Kristy L.

OVER the last 3 years, the Bureau of Economic Analysis (BEA) has made several improvements to its international economic accounts as part of a multiyear effort to modernize and enhance the accounts by introducing changes recommended under new international statistical standards. BEA first described its plans for a phased approach to implementing the new standards in an article in the May 2010 Survey of Current Business. The 2010 article summarized the new international standards and provided an overview of BEA's implementation strategy, which was first to make changes that did not require extensive resources or changes in presentation, and later to introduce more complex changes and changes in presentation. (1) A second article in the May 2011 Survey provided a progress report on BEA's efforts. (2) Both introduced prototypes for several key tables that BEA will use in the future to more closely align the presentation of the U.S. international accounts with the new international standards.

This article provides an update on several major changes under consideration for implementation in the future. To assist customers with the transition to a new presentation based on the new standards, several new prototype tables are again introduced. While the tables presented in this article are a work-in-progress, they represent BEA's latest plans for the future presentation of the international accounts when implemented by 2014.

The new standards for international economic accounts are presented in the sixth edition of the International Monetary Fund's Balance of Payments and International Investment Position Manual (BPM6) and in the fourth edition of the Organisation for Economic Co-operation and Development's Benchmark Definition of Foreign Direct Investment (BD4). (3) BEA is on track to implement most of the new recommendations as well as to introduce changes in its presentation of the international accounts and related data dissemination vehicles by 2014. Important improvements have already been introduced into the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts. Certain transactions have been reclassified from services to goods to define more clearly the two categories and to improve the comparability of statistics for trade and domestic production. Migrants' transfers, a measure of the net worth of individuals who immigrate or emigrate during the period, have been removed from the ITAs because these transfers are not identified as international transactions under the new standards. Permanent debt between selected affiliated financial intermediaries has been reclassified from direct investment to other investment in accordance with the new guidelines that recognize that these transactions are more closely related to these entities' roles as intermediaries than related to any direct investment relationship. By bringing the U.S. international accounts into closer alignment with the international standards, these changes have improved the comparability of U.S. statistics with those of other countries that have implemented or are currently implementing BPM6. Most of the more straightforward changes have been implemented. The work that remains will require new source data and methodologies as well as changes in presentation.

Progress Report

Changes in methodology and new source data

This section provides an update on BEA's efforts to develop statistics consistent with some of the major changes recommended under the new international standards. These changes are generally more complex than those that BEA has already made and involve changes in definitions, classifications, methodology, or presentation. This section also provides an update on BEA's efforts to collect new source data that will be essential to implementing some of the most complex changes related to services. Specifically, BEA will use the 2011 Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons (2011 benchmark survey), which is currently being conducted, to collect new information on contract manufacturing, merchanting, and transactions related to intellectual property.

Due to the complexity of some of the new standards, it is not certain whether implementation of all standards will prove feasible even within the next 2 years. (For an introduction to these issues, see the May 2010 and May 2011 articles.)

Introduce manufacturing services on physical inputs owned by others (goods for processing). BEA continues to investigate several options for implementing the new treatment of goods for processing recommended in BPM6. According to this treatment, goods sent abroad for processing without a change in ownership should be excluded from goods trade; the processing fee charged by the manufacturing service provider should be recorded as services trade. The fee for this service is related to the difference between the value of the goods exported for processing and the value of the goods returned (imported) after processing. When goods are shipped abroad for processing and subsequently sold abroad, the processed goods should be recorded as U.S. merchandise exports at the time they are sold, and any inputs purchased abroad by the U.S. firm and processed abroad should be recorded as U.S. merchandise imports. (4) Successful implementation of this recommendation requires detailed information on not only the processing fees received and paid by U.S. firms for contract manufacturing services but also on the underlying goods transactions. Data for these transactions are currently either not available in the U.S. statistical system or not separately identifiable.

Despite these data challenges, BEA continues to investigate options for implementing this new treatment of manufacturing services. As an important step towards obtaining information on contract manufacturing fees, BEA added questions to the 2011 benchmark survey asking respondents to provide their total receipts and total payments for contract manufacturing--which is defined as processing, assembly, labeling, packing, and the like undertaken by businesses that do not own the intermediate or final goods concerned. Respondents are also asked to provide information on the destination of the goods after processing. For example, for goods processed in the United States, respondents are asked whether the goods remain in the United States after processing, whether the goods are exported from the United States, whether the goods are subject to some combination of the two, or whether the destination of the goods is unknown to the respondent. Initial contact with potential respondent companies yielded mixed results as to whether companies would be able to report this information; therefore, BEA has requested this information on a voluntary basis. BEA will evaluate the survey responses to determine whether and how the information could prove useful in developing estimates of the processing fee.

To determine the feasibility of adjusting the merchandise trade statistics to remove goods that cross the border without a change in ownership, BEA is also continuing to work with the U.S. Census Bureau, exploring options for identifying the merchandise trade transactions of U.S. firms that purchased manufacturing services from overseas contractors or provided manufacturing services to foreigners. To facilitate this work, BEA added questions to its benchmark surveys of U.S. multinational companies, both U.S. parent companies and foreign-owned U.S. companies, to identify companies that purchased or provided manufacturing services.

Reclassify merchanting transactions from services to goods and identify the underlying goods transactions. BEA currently classifies merchanting--the purchase and subsequent resale of goods abroad without substantial transformation and without the goods entering or exiting the United States--as a services transaction. BPM6 recommends classifying merchanting as a component of trade in goods under the new category "net exports of goods under merchanting," and presenting the gross transactions in goods associated with merchanting. BEA currently collects net receipts from merchanting on its surveys of selected services and records them as a component of "other" private services. However, BEA's current source data on goods do not cover gross transactions associated with merchanting because these goods do not cross the U.S. customs frontier. Therefore, BEA has added questions to its 2011 benchmark survey to identify the purchases and subsequent resales of goods under merchanting. After contacting potential survey respondents, BEA determined that some respondents may have difficulty identifying these transactions in their accounting records and accurately reporting them; therefore, BEA has requested information on the underlying goods transactions on a voluntary basis. BEA will evaluate the survey responses to determine if they can be used to develop estimates for these transactions.

Reclassify transactions related to intellectual property. BEA has also included questions related to intellectual property on the 2011 benchmark survey. To conform to BPM6 recommendations, transactions for the rights to use intellectual property, the rights to reproduce or distribute intellectual property, and the outright sale of intellectual property should each be recorded differently in the international accounts. Currently, transactions for the use of intellectual property and some transactions for the sale of intellectual property are commingled in BEA's source data and recorded under the services category "royalties and license fees." After receiving feedback from potential survey respondents, BEA has determined that respondents may be able to identify separately intellectual property transactions by the type of rights granted. On the 2011 benchmark survey, companies must provide their total receipts and total payments for rights to each of various types of intellectual property such as industrial processes and products; books and music; general use software; etc. Then, on a voluntary basis, they are asked to disaggregate these totals into three categories as appropriate: rights to use, rights to reproduce or distribute, and outright sales/purchases. BEA will evaluate the survey responses to determine if they can be used to allocate total reported receipts and payments for intellectual property across the three categories.

Present direct investment on an asset/liability basis. BPM6 and BD4 recommend that direct investment in the international accounts be reported primarily on an asset/liability basis rather than on a directional basis as recommended in earlier international guidelines. Thus, direct investment statistics are organized according to whether the investment relates to an asset or a liability, rather than organized according to whether the direct investment is inward or outward (that is, whether the investor is a domestic or foreign resident).

The implementation of the asset/liability basis means that some transactions that had been netted under the directional presentation are not netted in the new presentation. For example, on a directional basis, transactions related to investments by foreign affiliates in their U.S. parents (known as reverse investment because they represent financial obligations, or liabilities, of the parents) are subtracted from transactions related to U.S. parent companies' investments in their foreign affiliates, which are financial claims, or assets, of the parents. The net transactions are included in the financial account in the direct investment abroad account within "U.S.-owned assets abroad." (5) On an asset/liability basis, transactions related to U.S. parent companies' liabilities to their foreign affiliates are not netted against transactions related to the U.S. parent companies' investments in their foreign affiliates. Instead, all transactions related to U.S. parent companies' investments in their foreign affiliates (U.S. assets from outward direct investment) are aggregated with all transactions related to U.S. affiliates' investments in their foreign parent groups (6) (U.S. assets from inward direct investment) in the direct investment account under "net acquisition of financial assets." Similarly, all transactions related to U.S. parent companies' liabilities to their foreign affiliates and all transactions related to U.S. affiliates' liabilities to their foreign parent groups are aggregated in the direct investment account under "net incurrence of liabilities."

As recommended under the new standards, BEA plans to adopt the asset/liability basis in the main presentation of the ITAs and IIP. The asset/liability basis will be derived by reclassifying reverse intercompany debt investment. Instead of netting U.S. parents' debt liabilities to their foreign affiliates against their debt claims on these affiliates as is done currently, the former will be recorded as liabilities and the latter as assets. Similarly, U.S. affiliates' intercompany debt claims on their foreign parent groups will be recorded as assets and their debt liabilities to their foreign parent groups will be recorded as liabilities. Corresponding adjustments will be made to the interest income on direct investment in the current account.

BEA is not able to fully implement the asset/liability basis for direct investment due to limitations in the source data. Although BEA's direct investment data collection system captures reverse debt investment, it is not designed to fully capture reverse equity investment. (7) It captures some, but not all, investments between "fellow enterprises," (8) which BPM6 defines as direct investment. (9) Because this information is needed to present the direct investment accounts on an asset/ liability basis, BEA will not be able to adopt this recommendation completely. Direct investment statistics on the asset/liability basis should be interpreted with the understanding that only the intercompany debt component is on a true asset/liability basis. Direct investment income and financial flows are presented on this asset/liability basis in tables 1 and 4 of this article.

While the new standards recommend organizing direct investment statistics in the main presentation of the ITAs and IIP on an asset/liability basis, the directional basis is recommended for geographical and industry breakdowns. Therefore, statistics presented on both bases can be related to one another as shown in table 5, a prototype for a new direct investment table.

Other changes. BEA continues to make progress towards implementing other major changes discussed in the May 2011 article, including the introduction of financial intermediation services indirectly measured (FISIM) and incorporating data on credit card expenditures to improve statistics on travel. (10)

Plans to introduce quarterly international investment position (IIP) accounts

BEA has committed to report IIP statistics quarterly as prescribed by the IMF Executive Board as part of the Special Data Dissemination Standard. Currently, BEA reports IIP statistics annually. BEA plans to introduce quarterly IIP statistics by early 2013, well ahead of the IMF's target of 2014. (11) These statistics will provide users with more frequent and timely information on the U.S. external position and will also improve the comparability of the U.S. IIP statistics with those of partner countries, many of which already publish the statistics on a quarterly basis.

Quarterly positions for most types of investment will be derived from the same source data and methodologies used to compile the quarterly ITAs. However, in order to introduce this new quarterly release, BEA has developed a new estimation method for producing current-cost measures of inward and outward direct investment positions. Another challenge to introducing the quarterly series is the need for more timely data on positions in financial derivatives. This issue should be resolved when the Treasury Department accelerates collection of data on derivatives on its Treasury International Capital (TIC) Form D. (12)

The presentation of quarterly IIP statistics will be consistent with BEA's current presentation of the accounts. However, BEA is also developing a prototype IIP table based on the new BPM6 presentation recommendations that is consistent with the presentation of transactions in the prototype ITA tables presented in this article.

Changes in presentation

In the May 2010 article prototypes were presented showing new presentations for two tables: table A, a summary table of high-level aggregates with an emphasis on balances and net flows, and table 1, the main international transactions table showing additional detail for the current account, capital account, and financial account. In the May 2011 article, prototypes for several additional tables were presented that provide detail for goods trade, services trade, primary income, and portfolio investment.

In this article additional prototype tables are introduced. Three are tables that provide additional information on financial account transactions within three of the functional categories of investment--direct investment, portfolio investment, and other investment. A fourth new table compiles portfolio and other investment transactions related to U.S. liabilities to foreign official institutions, a subset of U.S. liabilities to all foreigners.

Like the prototypes presented in previous articles, these new prototype tables present the accounts essentially as they will appear in the new presentation planned for release by 2014. Whenever possible, adjustments based on current data have been made to existing statistics to align with the definitions and classifications recommended under the new standards. However, many accounts require additional methodological development or more detailed source data to fully implement BPM6 definitions and concepts. For some accounts, denoted "n.a." (not available), the required source data are not currently available, or transactions included in existing accounts cannot be separately identified. Items for which source data are not currently available include pension entitlements (the claims of pensioners on their employers or pension funds) and standardized guarantee schemes (prepayments of net fees and provisions to meet outstanding calls under standardized loan guarantees). Transactions that are included in existing accounts but cannot be separately identified include insurance technical reserves (prepayments of premiums and reserves against outstanding insurance claims) and "other" equity (equity that is not in the form of securities, such as equity in limited liability partnerships or unincorporated funds, which does not meet the definition of direct investment).

Prototype tables

Prototype tables 1-3 presented in this article are unchanged in structure from the versions presented in last year's article. However, the statistics have been updated with annual data for 2006-2010, following the June 2011 annual revision of the ITAs. These tables will replace the current ITA tables 1-3 when the new presentation is introduced. (13) Table 1 is the main table for the international transactions accounts and tables 2 and 3 present additional detail on goods trade and services trade, respectively.

Tables 4 and 6 are revised versions of prototypes that were presented in last year's article. (14) The structure of these tables has changed in format but not in content from last year's article. New prototype tables are presented here as tables 5, 7, and 8. The estimates presented in tables 1-8, while based largely on published statistics, are intended to give users a preliminary indication of the magnitude of changes to the accounts and should not at this time be viewed as official international accounts statistics.

Direct investment table. The prototype table for direct investment, table 5, will replace the current ITA table 7, which provides information on income and financial flows related to direct investment. Other private services and royalties and license fees transactions with affiliated parties, which are shown in the current direct investment table, are excluded from the new table. Current plans are to provide these affiliated services transactions in a new supplemental ITA table (a prototype of this table will be provided in the future).

The new direct investment table will present transactions according to both bases for presentation as recommended in the international standards (discussed earlier). The new table will present income and financial flows on an asset/liability basis, which corresponds with the statistics presented in table 1, as well as illustrate how income and financial flows on a directional basis are derived. Thus, table 5 will serve as a "crosswalk" between the two bases for presenting direct investment statistics. Industry detail provided in the current table with statistics reported on the directional basis will be retained. The directional basis will also be used in an ITA table that presents statistics by country of counterparty; this table is under development.

Portfolio investment table. The structure of the prototype table for portfolio investment, table 6, has been revised primarily to report transactions for U.S. Treasury securities and federally sponsored agency securities in part A of the table. The new table will provide information on transactions that are currently reported across several current ITA tables, including table 5, which covers all transactions with foreign official agencies; table 8, which covers long-term securities; table 9, which covers nonbank-reported assets and liabilities; table 10, which covers bank-reported assets; and table 11, which covers bank-reported liabilities.

The new table will introduce a nearly parallel presentation for both assets and liabilities, including detailed information by instrument (equity and debt), by maturity, and by type of debt security. Total short-term debt securities will be shown together for the first time, and U.S. liabilities to foreign official agencies and U.S. liabilities to other foreigners, which are shown separately in the current tables, will be combined. Thus, table 6 provides a complete picture of total U.S. portfolio investment transactions with foreigners. A separate series on U.S. liabilities to foreign official agencies will still be provided and shown separately in prototype table 8.

Table 6 part B shows portfolio investment assets and liabilities by U.S. sector. For assets, the sector is that of the U.S. holder, and for liabilities, the sector is that of the U.S. issuer.15 Much of the sector detail is currently unavailable. BEA expects to provide this information when new source data from the TIC system become available. The new TIC Form SLT, "Report of Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents," will provide on a quarterly basis information on cross-border portfolio investment holdings of long-term securities by sector. (16)

Other investment table. The prototype table for other investment, table 7, will provide information on transactions that are currently reported across current ITA tables 5, 9, 10, and 11. These transactions are mainly U.S. government transactions and transactions reported by U.S. banks, securities brokers and dealers, and by other nonbanking concerns. As with the new table for portfolio investment, the new other investment table will introduce a nearly parallel presentation for assets and liabilities, including information by instrument. Also, U.S. liabilities to foreign official agencies and U.S. liabilities to other foreigners, which are shown separately in the current ITA tables, will be combined. Part B of the new table also shows other investment assets and liabilities by U.S. sector.

Table 7 reflects a significant change in how transactions reported by banking and nonbank institutions will be reported in the ITAs. While aligning the U.S. ITAs with international standards will increase the comparability with other domestic statistics and with international accounts of other countries, some users may be more interested in the detailed statistics currently published on banking transactions. For example, some users may be interested in banking transactions broken down by type of U.S. reporting institution--U.S.-owned banks, foreign-owned banks, and U.S. brokers and dealers. For this reason, BEA plans to develop supplemental tables that will provide detailed information comparable with currently available detail on U.S. government, banking, and nonbanking transactions.

Liabilities to foreign official agencies table. Table 8 is a prototype table showing U.S. portfolio and other investment liabilities to foreign official agencies. In the current ITA presentation, total U.S. liabilities are classified according to the sector of the foreign counterparty, that is, whether the liability is held by a private foreign resident or a foreign official agency. This presentation is not recommended under the new international standards; therefore, prototype tables 1, 6, and 7 have been structured instead to show total U.S. liabilities. However, since information on U.S. liabilities to foreign official agencies is important for many users because the U.S. dollar is a widely held reserve currency, BEA will continue to present this information separately in table 8. The new table reflects other changes to align the presentation of foreign official liabilities with that of total liabilities in tables 6 and 7. Liabilities are presented by instrument, with additional detail on portfolio liabilities by maturity and by type of debt security. Part B of the new table also shows foreign official liabilities by the sector of the U.S. issuer. As with prototype table 6, much of the sector detail is currently unavailable, but BEA expects to provide this information when new source data from the TIC system become available.

Future Activities

The prototype tables presented in this article are part of a broader set of tables that BEA will publish when the new presentation of the international accounts is introduced by 2014. Prototypes for other tables that will provide detailed information for other accounts in ITA table 1, such as secondary income, are under development. In addition, new presentations are being developed for the IIP accounts tables and the detailed services tables published in the October Survey. Prototypes of these new presentations, which will be consistent with the prototype ITA tables, will be presented in a future Survey article or will be available on the BEA Web site for review and comment. As changes are made to the accounts, BEA regularly updates the documentation of its methodology in "U.S. International Transactions Accounts: Concepts and Estimation Methods," available at www.bea.gov. This document is a useful reference for users of the international accounts statistics.

International Cooperation

BEA continues its commitment to international cooperation by participating on committees organized by various international organizations. For example, BEA participates in the International Monetary Fund (IMF) Balance of Payments Committee and the United Nations Interagency Task Force on Statistics of International Trade in Services (TFSITS). These are the international bodies responsible for producing standards for international economic accounts including the Balance of Payments and International Investment Position Manual, 6th edition (BPM6), and the Manual on Statistics of International Trade in Services 2010 (MSITS). The IMF and the TFSITS are both currently developing compilation guides to assist nations in their efforts to implement the new guidelines introduced in the latest updates of the manuals.

BEA has provided content-related and editorial comments to the IMF on draft chapters of its BPM6 compilation guide. BEA has also commented to the TFSITS on the scope and structure for its MSITS guide and will provide content for several forthcoming chapters.

In addition, BEA is cooperating with the IMF to provide statistics on a BPM6 basis for the U.S. balance of payments and international investment position accounts to be included in IMF publications. These statistics will be consistent with those presented in the prototype tables in this article and on the BEA Web site at www.bea.gov/international/modern.htm.

Feedback on Proposed Changes

This article informs BEA's customers about changes under consideration for the international economic accounts before the changes are officially released. The prototype tables in this article provide a preview of planned major changes to the standard presentation and descriptions of how changes in definitions and classifications will affect the accounts. These prototype tables will be maintained as a work-in-progress on BEA's Web site. Customers may find the latest updates together with a table that allows users to compare the current ITA table 1 with the prototype table 1 and other background information on the modernization efforts on the BEA Web site at www.bea.gov/ international/modern.htm.

BEA will continue to provide updates on its plans and information on other developments in periodic progress reports. BEA encourages its customers to look closely at the proposed changes and to provide comments and suggestions to help guide its efforts. Comments can be directed to internationalaccounts@bea.gov.

Acknowledgments

BEA's International Economic Accounts Modernization and Enhancement Steering Committee made significant contributions to this article. Steering committee members include Sarahelen Thompson, Associate Director for International Economics, Paul W. Farello, Chief of the Balance of Payments Division (BPD), David H. Galler, Chief of the Direct Investment Division, Maria Borga (chair), Assistant BPD Chief for Research and Analysis, Jennifer A. Ribarsky, Assistant BPD Chief for Goods and Services Trade, Christopher A. Gohrband, Chief of BPD's Private Capital Branch, Daniel R. Yorgason, Chief of BPD's Methodology and Special Studies Branch, and Kristy L. Howell, Special Assistant to the Associate Director for International Economics. Other BPD staff who contributed to the article include Patricia E. Abaroa, Barbara H. Berman, Jeffrey H. Lowe, Elena L. Nguyen, Douglas B. Weinberg, Kyle L. Westmoreland, and Cavan J. Wilk.

(1.) Kristy L. Howell and Robert E. Yuskavage, "Modernizing and Enhancing BEA's International Economic Accounts: Recent Progress and Future Directions," Survey of Current Business 90 (May 2010): 6-20.

(2.) Kristy L. Howell and Ned G. Howenstine, "Modernizing and Enhancing BEA's International Economic Accounts: A Progress Report," Survey 91 (May 2011): 26-38.

(3.) Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International Monetary Fund, 2009). Benchmark Definition of Foreign Direct Investment, 4th ed. (Paris: OECD, 2008).

Additional guidance is also provided in two manuals related to statistics on merchandise and services trade: International Merchandise Trade Statistics: Concepts and Definitions 2010 and Manual on Statistics of International Trade in Services 2010, which are available at unstats.un.org.

(4.) For more information, see BPM6, chapter 10, section 10.65-10.66. For a discussion of the measurement issues related to goods for processing, see chapter 4 of Impact of Globalization on National Accounts: Practical Guidance (New York and Geneva: United Nations, 2011).

(5.) Under the standards' recommendation for the presentation of direct investment statistics on a directional basis, transactions related to a foreign affiliate's investment in its U.S. parent are included in the direct investment abroad account provided that the affiliate's equity investment in the parent is less than 10 percent. If the affiliate's equity investment is 10 percent or more, the affiliate has a direct investment in its parent and its equity and debt investment in the parent is included in the inward direct investment account.

(6.) The foreign parent group consists of 1) the foreign parent, 2) any foreign person, proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the person below it, up to and including the ultimate beneficial owner, and 3) any foreign person, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the person above it.

(7.) Reverse equity investment transactions are included in source data on portfolio investment collected by the U.S. Department of the Treasury and cannot be separately identified. BEA included questions on the 2009 Benchmark Survey of U.S. Direct Investment Abroad and the 2012 Benchmark Survey of Foreign Direct Investment in the United States to gauge the size of reverse equity investment. Initial results from the 2009 Benchmark Survey of U.S. Direct Investment Abroad confirmed that it is very small. Therefore, being unable to identify separately the associated transactions and properly classify them as direct investment should not have a significant impact on the statistics.

(8.) Fellow enterprises are defined in BPM6, chapter 6, section 6.17(c), as "enterprises" that are under the control or influence of the same immediate or indirect investor, but neither fellow enterprise controls or influences the other fellow enterprise" (BPM6, 147).

(9.) While the U.S. accounts capture investments among fellow enterprises, some investments among these enterprises are included in portfolio investment and cannot be separately identified. Because of the way that companies are required to consolidate when reporting on BEA's direct investment surveys, other transactions between fellow enterprises are captured in direct investment; however, these transactions cannot be distinguished from other direct investment transactions. Also, the coverage of fellow enterprises in BEA's direct investment data differs from the international standards because BEA's consolidation requirements are based on majority ownership (greater than 50 percent) rather than on the 10 percent ownership criteria defined in the standards.

(10.) When introduced, FISIM will be recorded under financial services (see table 3).

Data on travel expenditures using credit, debit, and charge cards will be incorporated into the methodology for measuring cross-border travel. Additionally, these data may provide information that will allow business and personal travel transactions to be identified separately. For an illustration of how travel statistics would be presented on this basis, see table 3.

(11.) In May 2011, BEA indicated that it would introduce quarterly IIP statistics by the end of 2012. However, BEA has since decided to introduce the new quarterly release in March 2013, when a complete series of quarterly statistics for 2012 will be available.

(12.) In a Federal Register notice dated September 14, 2011, the Treasury Department announced that the deadline for submitting the Form D report would be shortened from 60 days to 50 days in order to allow the United States to meet international data reporting standards. This accelerated timeframe will allow BEA to incorporate TIC Form D data into the current quarter estimates for the ITAs and, once introduced, for the quarterly IIP.

(13.) For the current or official presentation of the ITAs, see, for example, table A and tables 1-12 in Sarah P. Scott and Alexis N. Chaves, "U.S. International Transactions: Fourth Quarter and Year 2011," Survey 92 (April 2012): 22-31.

(14.) In the May 2011 article these tables were labeled table 4 and table 5.

(15.) The sectors are consistent with those defined in BPM6 and include: deposit-taking institutions, except the central bank; general government; and other sectors. "Other sectors" is further divided into other financial institutions and nonfinancial institutions. Central bank is also identified as a sector where applicable, as in table 7.

(16.) For more information on the TIC Form SLT, see www.treasury.gov/ resource-center/data-chart-center/tic/Pages/forms-slt.aspx. Table 1. U.S. International Transactions (Prototype) [Billions of dollars] Line 2006 2007 2008 Current account 1 Exports of goods and services and income receipts 2,221.7 2,570.5 2,752.2 2 Exports of goods and services 1,460.8 1,656.4 1,845.2 3 Goods, balance of payments basis 1,042.2 1,168.2 1,312.7 4 General merchandise 1,030.6 1,150.7 1,288.8 5 Foods, feeds, and beverages 66.0 84.3 108.3 6 Industrial supplies and materials 279.1 316.3 386.9 7 Capital goods 404.0 433.0 457.7 8 Automotive vehicles, parts, and engines 107.3 121.3 121.5 9 Consumer goods 129.1 146.0 161.3 10 Other goods 45.2 49.9 53.2 11 Net exports of goods under merchanting 2.8 4.2 5.2 12 Nonmonetary gold 8.8 13.3 18.7 13 Services 418.5 488.2 532.5 14 Manufacturing services on physical inputs owned by others n.a. n.a. n.a. 15 Maintenance and repair services, n.i.e 8.2 9.6 10.3 16 Transport 57.8 66.2 75.5 17 Travel 111.3 123.3 139.1 18 Construction 1.9 2.7 3.9 19 Insurance and pension services (1) 9.4 10.8 13.4 20 Financial services (2) 47.9 61.4 63.0 21 Charges for the use of intellectual property (3) 83.5 97.8 102.1 22 Telecommunications, computer, and information services 17.2 20.2 23.1 23 Other business services 61.2 74.3 82.1 24 Personal, cultural, and recreational services (4) 1.7 1.8 2.2 25 Government goods and services, n.i.e 18.4 20.0 17.8 26 Primary income receipts 693.0 843.9 823.5 27 Compensation of employees 5.0 5.1 5.2 28 Investment income 688.0 838.8 818.3 29 Direct investment 333.2 380.8 423.4 30 Portfolio investment 166.1 221.6 241.3 31 Other investment 187.5 235.0 152.1 32 Reserve assets 1.2 1.4 1.5 33 Other primary income n.a. n.a. n.a. 34 Secondary income (transfer) receipts 67.9 70.3 83.5 35 Imports of goods and services and income payments 3,022.4 3,280.8 3,429.3 36 Imports of goods and services 2,214.0 2,353.0 2,543.5 37 Goods, balance of payments basis 1,875.1 1,982.8 2,137.6 38 General merchandise 1,869.5 1,974.0 2,125.2 39 Foods, feeds, and beverages 76.1 83.0 90.4 Industrial supplies and 40 materials 613.6 648.6 799.1 41 Capital goods 422.6 449.1 458.7 42 Automotive vehicles, parts, and engines 256.0 258.5 233.2 43 Consumer goods 447.9 480.0 486.7 44 Other goods 53.4 54.8 56.9 45 Nonmonetary gold 5.6 8.8 12.5 46 Services 338.9 370.2 405.9 47 Manufacturing services on physical inputs owned by others n.a. n.a. n.a. 48 Maintenance and repair services, n.i.e 4.6 5.2 5.7 49 Transport 82.0 83.5 88.5 50 Travel 78.5 83.0 86.9 51 Construction 1.7 2.5 3.5 52 Insurance and pension services (1) 39.4 47.5 58.9 53 Financial services (2) 14.7 19.2 17.2 54 Charges for the use of intellectual property (3) 25.0 26.5 29.6 55 Telecommunications, computer, and information services 19.8 22.4 24.7 56 Other business services 41.6 47.9 57.6 57 Personal, cultural, and recreational services (4) 1.0 1.0 1.1 58 Government goods and services, n.i.e 30.7 31.5 32.2 59 Primary income payments 648.9 742.4 676.4 60 Compensation of employees 15.5 14.7 15.9 61 Investment income 633.3 727.7 660.5 62 Direct investment 159.2 136.3 139.1 63 Portfolio investment 304.9 381.8 400.0 64 Other investment 169.2 209.7 121.4 65 Other primary income n.a. n.a. n.a. 66 Secondary income (transfer) payments 159.5 185.4 209.3 Capital account 67 Credits 0.0 0.5 6.2 68 Gross disposals of nonproduced nonfinancial assets 0.0 0.5 0.0 69 Capital transfers 0.0 0.0 6.2 70 Debits 1.8 0.1 0.2 71 Gross acquisitions of nonproduced nonfinancial assets 0.1 0.0 0.0 72 Capital transfers 1.7 0.1 0.2 Financial account 73 Net acquisition of financial assets, excluding financial derivatives 1,336.9 1,572.5 -309.5 74 Direct investment 296.1 532.9 351.7 75 Equity and investment fund shares 266.3 431.4 360.1 76 Equity other than reinvestment of earnings 49.0 200.9 127.0 77 Reinvestment of earnings 217.3 230.5 233.1 78 Debt instruments 29.7 101.6 -8.4 79 U.S. parents' claims on their foreign affiliates 11.7 22.7 -29.0 80 U.S. affiliates' claims on their foreign parent groups 18.0 78.9 20.6 81 Portfolio investment 493.7 379.7 -285.7 82 Equity and investment fund shares 137.3 147.8 -38.5 83 Debt securities 356.4 231.9 -247.2 84 Short term 130.2 -4.1 -70.0 85 Long term 226.2 236.0 -177.2 86 Other investment 549.5 659.8 -380.3 87 Other equity n.a. n.a. n.a. 88 Currency and deposits 298.6 358.9 265.8 89 Loans 247.3 290.2 -642.4 90 Insurance, pension, and standardized guarantee schemes n.a. n.a. n.a. 91 Trade credits and advances 3.5 10.7 -3.7 92 Other accounts receivable n.a. n.a. n.a. 93 Reserve assets -2.4 0.1 4.8 94 Monetary gold 0.0 0.0 0.0 95 Special drawing rights 0.2 0.2 0.1 96 Reserve position in the International Monetary Fund -3.3 -1.0 3.5 97 Other reserve assets 0.7 1.0 1.3 98 Currency and deposits 0.3 0.5 0.6 99 Securities 0.3 0.3 0.4 100 Financial derivatives 0.0 0.0 0.0 101 Other claims 0.1 0.2 0.2 102 Net incurrence of liabilities, excluding financial derivatives 2,116.3 2,183.5 454.0 103 Direct investment 294.3 340.1 332.7 104 Equity and investment fund shares 184.1 190.4 294.9 105 Equity other than reinvestment of earnings 115.0 142.3 255.7 106 Reinvestment of earnings 69.1 48.2 39.1 107 Debt instruments 110.1 149.6 37.9 108 U.S. affiliates' liabilities to their foreign parent groups 77.1 109.6 35.9 109 U.S. parents' liabilities to their foreign affiliates 33.1 40.0 2.0 110 Portfolio investment 1,126.7 1,156.6 523.7 111 Equity and investment fund shares 145.5 275.6 126.8 112 Debt securities 981.3 881.0 396.9 113 Short term 25.1 156.6 307.4 114 Long term 956.2 724.4 89.5 115 Other investment 695.3 686.9 -402.4 116 Other equity n.a. n.a. n.a. 117 Currency and deposits 301.3 240.7 111.8 118 Loans 388.4 425.6 -520.9 119 Insurance, pension, and standardized guarantee schemes n.a. n.a. n.a. 120 Trade credits and advances 5.7 20.6 6.7 121 Other accounts payable n.a. n.a. n.a. 122 Special drawing rights 0.0 0.0 0.0 123 Financial derivatives and employee stock options, net (5) -29.7 -6.2 32.9 124 Net errors and omissions (line 132 - line 125 - line 131) -6.7 92.7 -59.5 Balances: 125 Current account (line 1 less line 35) -800.6 -710.3 -677.1 126 Goods and services (line 2 less line 36) -753.3 -696.7 -698.3 127 Goods (line 3 less line 37) -832.9 -814.6 -825.0 128 Services (line 13 less line 46) 79.6 118.0 126.6 129 Primary income (line 26 less line 59) 44.2 101.5 147.1 130 Secondary income (line 34 less line 66) -91.5 -115.1 -125.9 131 Capital account (line 67 less line 70) -1.8 0.4 6.0 132 Net financial flows (line 73 - line 102 + line 123) -809.1 -617.3 -730.6 Line 2009 2010 Current account 1 Exports of goods and services and income receipts 2,269.7 2,593.6 2 Exports of goods and services 1,577.7 1,839.2 3 Goods, balance of payments basis 1,072.9 1,292.4 4 General merchandise 1,055.6 1,271.1 5 Foods, feeds, and beverages 93.9 107.7 6 Industrial supplies and materials 293.7 388.7 7 Capital goods 390.5 446.6 8 Automotive vehicles, parts, and engines 81.7 112.0 9 Consumer goods 150.0 165.9 10 Other goods 45.7 50.3 11 Net exports of goods under merchanting 3.4 3.7 12 Nonmonetary gold 13.9 17.6 13 Services 504.8 546.8 14 Manufacturing services on physical inputs owned by others n.a. n.a. 15 Maintenance and repair services, n.i.e 12.5 14.0 16 Transport 62.2 71.4 17 Travel 123.9 134.8 18 Construction 4.0 2.6 19 Insurance and pension services (1) 14.4 14.6 20 Financial services (2) 62.4 66.4 21 Charges for the use of intellectual property (3) 97.2 105.6 22 Telecommunications, computer, and information services 23.5 24.9 23 Other business services 82.3 88.6 24 Personal, cultural, and recreational services (4) 2.7 2.9 25 Government goods and services, n.i.e 19.7 21.0 26 Primary income receipts 607.2 670.7 27 Compensation of employees 5.2 5.3 28 Investment income 602.1 665.4 29 Direct investment 364.0 439.4 30 Portfolio investment 184.4 189.5 31 Other investment 53.0 35.7 32 Reserve assets 0.8 0.7 33 Other primary income n.a. n.a. 34 Secondary income (transfer) receipts 84.7 83.7 35 Imports of goods and services and income payments 2,646.2 3,064.5 36 Imports of goods and services 1,959.0 2,339.2 37 Goods, balance of payments basis 1,575.4 1,934.6 38 General merchandise 1,566.6 1,922.0 39 Foods, feeds, and beverages 82.8 92.5 Industrial supplies and 40 materials 469.9 611.3 41 Capital goods 372.7 450.0 42 Automotive vehicles, parts, and engines 159.2 225.6 43 Consumer goods 432.5 486.6 44 Other goods 49.5 56.1 45 Nonmonetary gold 8.8 12.6 46 Services 383.6 404.7 47 Manufacturing services on physical inputs owned by others n.a. n.a. 48 Maintenance and repair services, n.i.e 5.9 6.5 49 Transport 67.7 78.5 50 Travel 80.8 82.7 51 Construction 3.6 2.4 52 Insurance and pension services (1) 63.6 61.8 53 Financial services (2) 13.6 13.8 54 Charges for the use of intellectual property (3) 29.8 33.5 55 Telecommunications, computer, and information services 24.5 27.4 56 Other business services 57.6 61.6 57 Personal, cultural, and recreational services (4) 1.4 1.5 58 Government goods and services, n.i.e 34.9 35.0 59 Primary income payments 479.2 505.5 60 Compensation of employees 14.2 14.5 61 Investment income 465.0 490.9 62 Direct investment 101.8 158.8 63 Portfolio investment 332.5 312.1 64 Other investment 30.7 20.0 65 Other primary income n.a. n.a. 66 Secondary income (transfer) payments 208.0 219.8 Capital account 67 Credits 0.0 0.0 68 Gross disposals of nonproduced nonfinancial assets 0.0 0.0 69 Capital transfers 0.0 0.0 70 Debits 0.1 0.2 71 Gross acquisitions of nonproduced nonfinancial assets 0.0 0.0 72 Capital transfers 0.1 0.2 Financial account 73 Net acquisition of financial assets, excluding financial derivatives 139.4 1,047.6 74 Direct investment 303.6 393.7 75 Equity and investment fund shares 262.2 368.2 76 Equity other than reinvestment of earnings 24.5 47.7 77 Reinvestment of earnings 237.7 320.5 78 Debt instruments 41.5 25.5 79 U.S. parents' claims on their foreign affiliates 39.2 24.2 80 U.S. affiliates' claims on their foreign parent groups 2.2 1.3 81 Portfolio investment 369.8 186.1 82 Equity and investment fund shares 63.6 79.1 83 Debt securities 306.2 107.0 84 Short term 110.1 39.8 85 Long term 196.1 67.2 86 Other investment -586.3 465.9 87 Other equity n.a. n.a. 88 Currency and deposits -410.4 195.6 89 Loans -175.0 263.9 90 Insurance, pension, and standardized guarantee schemes n.a. n.a. 91 Trade credits and advances -0.9 6.5 92 Other accounts receivable n.a. n.a. 93 Reserve assets 52.3 1.8 94 Monetary gold 0.0 0.0 95 Special drawing rights 48.2 (*) 96 Reserve position in the International Monetary Fund 3.4 1.3 97 Other reserve assets 0.7 0.5 98 Currency and deposits 0.1 0.1 99 Securities 0.5 0.4 100 Financial derivatives 0.0 0.0 101 Other claims 0.1 (*) 102 Net incurrence of liabilities, excluding financial derivatives 335.8 1,288.1 103 Direct investment 158.6 278.6 104 Equity and investment fund shares 147.8 208.4 105 Equity other than reinvestment of earnings 134.3 114.7 106 Reinvestment of earnings 13.5 93.7 107 Debt instruments 10.8 70.2 108 U.S. affiliates' liabilities to their foreign parent groups 13.0 29.1 109 U.S. parents' liabilities to their foreign affiliates -2.2 41.1 110 Portfolio investment 359.9 706.9 111 Equity and investment fund shares 221.0 172.4 112 Debt securities 138.9 534.5 113 Short term -123.7 -34.1 114 Long term 262.6 568.6 115 Other investment -182.7 302.6 116 Other equity n.a. n.a. 117 Currency and deposits -75.4 86.6 118 Loans -159.8 195.6 119 Insurance, pension, and standardized guarantee schemes n.a. n.a. 120 Trade credits and advances 5.0 20.4 121 Other accounts payable n.a. n.a. 122 Special drawing rights 47.6 0.0 123 Financial derivatives and employee stock options, net (5) -49.5 -13.7 124 Net errors and omissions (line 132 - line 125 - line 131) 130.8 216.8 Balances: 125 Current account (line 1 less line 35) -376.5 -470.9 126 Goods and services (line 2 less line 36) -381.2 -500.0 127 Goods (line 3 less line 37) -502.5 -642.2 128 Services (line 13 less line 46) 121.3 142.2 129 Primary income (line 26 less line 59) 128.0 165.2 130 Secondary income (line 34 less line 66) -123.3 -136.1 131 Capital account (line 67 less line 70) -0.1 -0.2 132 Net financial flows (line 73 - line 102 + line 123) -245.9 -254.2 (*) Transactions are less than $50,000,000 ([+ or -]). n.a. Data are not currently available for these transactions. n.i.e. Not included elsewhere (1.) Statistics currently cover only insurance services. (2.) Statistics currently cover only explicit charges for financial services. (3.) Statistics currently include transactions for the outright sale, rights to use, and rights to distribute intellectual property. (4.) Statistics currently cover only sports, performing arts, and training services. (5.) Statistics currently cover only financial derivatives transactions. Table 2. U.S. Trade in Goods (Prototype) [Billions of dollars] Line 2006 2007 2008 1 Exports of goods, balance of payments basis (table 1, line 3) 1,042.2 1,168.2 1,312.7 2 Exports of general merchandise, balance of payments basis 1,030.6 1,150.7 1,288.8 3 Exports of goods, Census basis 1,026.0 1,148.2 1,287.4 4 Balance of payments adjustments, net 4.7 2.5 1.4 5 Exports under U.S. military agency sales contracts 1.0 1.1 -0.3 6 Goods procured in U.S. ports by foreign carriers 11.8 13.2 17.5 7 Low-value transactions 3.5 4.4 5.7 8 Nonmonetary gold -8.8 -13.3 -18.7 9 Private gift parcel remittances 0.9 1.1 1.1 10 Repair of equipment -3.8 -4.0 -4.0 11 Other adjustments, net (*) (*) (*) 12 Net exports of goods under merchanting 2.8 4.2 5.2 13 Goods acquired under merchanting n.a. n.a. n.a. 14 Goods sold under merchanting n.a. n.a. n.a. 15 Nonmonetary gold 8.8 13.3 18.7 Exports of general merchandise by end-use commodity 16 Exports of general merchandise, balance of payments basis (line 2) 1,030.6 1,150.7 1,288.8 17 Agricultural products 72.9 92.1 118.0 18 Nonagricultural products 957.8 1,058.5 1,170.8 19 Foods, feeds, and beverages 66.0 84.3 108.3 20 Agricultural 59.6 77.6 101.5 21 Grains and preparations 18.3 26.9 35.8 22 Wheat 4.3 8.5 11.4 23 Corn 8.2 11.2 14.6 24 Soybeans 7.3 10.4 16.0 25 Meat products and poultry 7.8 9.8 13.5 26 Vegetables, fruits, nuts, and preparations 12.6 14.0 16.1 27 Other agricultural foods, feeds, and beverages 13.5 16.4 20.0 28 Nonagricultural (fish, distilled beverages, etc.) 6.4 6.7 6.9 29 Fish and shellfish 4.4 4.4 4.4 30 Industrial supplies and materials 279.1 316.3 386.9 31 Agricultural 12.9 14.1 16.1 32 Raw cotton 4.5 4.6 4.8 33 Tobacco, unmanufactured 1.1 1.2 1.2 34 Hides and skins, including furskins 2.1 2.2 2.1 35 Other agricultural industrial supplies 5.2 6.1 8.0 36 Nonagricultural 266.2 302.2 370.8 37 Energy products 52.4 62.2 101.7 38 Coal and related products 3.9 4.6 8.6 39 Petroleum and products 43.4 50.9 84.7 40 Natural gas 2.2 3.2 4.9 41 Paper and paper base stocks 16.5 18.7 20.4 42 Textile supplies and related materials 13.0 13.0 12.8 43 Chemicals, except medicinals 83.0 94.5 107.3 44 Building materials, except metals 10.5 11.4 11.8 45 Other nonmetals 26.8 27.3 28.1 46 Metals and nonmetallic products 63.9 75.3 88.7 47 Steelmaking materials 6.8 9.9 14.2 48 Iron and steel products 12.4 14.6 18.7 49 Nonferrous metals 25.6 29.9 33.0 50 Precious metals, except nonmonetary gold 7.0 8.4 10.6 51 Other nonferrous metals 18.6 21.5 22.4 52 Other metals and nonmetallic products 19.1 20.9 22.8 53 Capital goods, except automotive 404.0 433.0 457.7 54 Machinery and equipment, except consumer-type 335.2 355.3 378.3 55 Electric generating machinery, electric apparatus, and parts 39.3 41.3 43.0 56 Oil drilling, mining, and construction machinery 24.4 29.4 35.0 57 Industrial engines, pumps, and compressors 16.0 19.1 21.8 58 Machine tools and metalworking machinery 9.5 6.7 7.4 59 Measuring, testing, and control instruments 20.1 21.6 20.8 60 Other industrial, agricultural, and service industry machinery 66.1 76.2 82.6 61 Computers, peripherals, and parts 47.6 45.5 43.9 62 Semiconductors 52.4 50.4 50.6 63 Telecommunications equipment 27.2 30.3 32.9 64 Other office and business machines 2.7 2.8 4.2 65 Scientific, hospital, and medical equipment and parts 29.9 31.9 36.0 66 Civilian aircraft, engines, and parts 64.5 73.0 74.0 67 Civilian aircraft, complete, all types 30.2 34.5 31.3 68 Other transportation equipment 4.4 4.7 5.4 69 Automotive vehicles, parts, and engines 107.3 121.3 121.5 70 To Canada 57.0 60.3 53.5 71 Passenger cars, new and used 13.1 15.1 14.7 72 Trucks, buses, and special purpose vehicles 11.8 12.6 10.8 73 Engines and engine parts 6.9 6.9 6.1 74 Other parts and accessories 25.2 25.7 22.0 75 To other areas 50.3 61.0 68.0 76 Passenger cars, new and used 20.8 28.6 34.9 77 Trucks, buses, and special purpose vehicles 3.3 4.5 5.0 78 Engines and engine parts 5.5 6.6 6.8 79 Other parts and accessories 20.6 21.3 21.3 80 Consumer goods (nonfood), except automotive 129.1 146.0 161.3 81 Nondurable goods 58.0 63.2 70.6 82 Apparel, footwear, and household goods 7.6 7.3 7.8 83 Medicinal, dental, and pharmaceutical products 30.9 35.2 40.4 84 Other nondurable goods 19.4 20.8 22.4 85 Durable goods 71.1 82.7 90.7 86 Televisions, video receivers, and other video equipment 4.0 3.9 3.7 87 Radio and stereo equipment, including records, tapes, and disks 6.0 7.4 7.4 88 Toys and sporting goods, including bicycles 8.1 10.6 11.6 89 Household and kitchen appliances and other household goods 26.4 28.5 31.1 90 Household furnishings and related products 3.2 3.6 4.0 91 Household and kitchen appliances 6.6 6.8 7.2 92 Other household goods 16.5 18.1 19.8 93 Gems, jewelry, and collectibles 12.3 14.7 16.0 94 Other durable goods 14.3 17.6 20.9 95 Other goods 45.2 49.9 53.2 96 Imports of goods, balance of payments basis (table 1, line 37) 1,875.1 1,982.8 2,137.6 97 Imports of general merchandise, balance of payments basis 1,869.5 1,974.0 2,125.2 98 Imports of goods, Census basis 1,853.9 1,957.0 2,103.6 99 Balance of payments adjustments, net 15.5 17.1 21.5 100 Goods procured in foreign ports by U.S. carriers 9.6 10.0 13.8 101 Imports by U.S. military agencies 2.5 3.2 6.2 102 Inland freight in Canada and Mexico 5.2 4.8 4.6 103 Locomotives and railcars 1.7 1.5 1.5 104 Low-value transactions 1.0 1.1 0.9 105 Nonmonetary gold -5.6 -4.7 -6.1 106 Repair of equipment -2.3 -2.6 -2.6 107 Software revaluation 3.5 3.6 3.1 108 Other adjustments, net (*) (*) 0.1 109 Nonmonetary gold 5.6 8.8 12.5 Imports of general merchandise by end-use commodity 110 Imports of general merchandise, balance of payments basis (line 2) 1,869.5 1,974.0 2,125.2 111 Petroleum and products 316.7 346.7 476.1 112 Nonpetroleum products 1,552.8 1,627.3 1,649.0 113 Foods, feeds, and beverages 76.1 83.0 90.4 114 Agricultural 57.4 63.3 70.1 115 Coffee, cocoa, and sugar 4.9 4.7 5.8 116 Green coffee 2.8 3.2 3.8 117 Meat products and poultry 7.5 8.1 7.5 Vegetables, fruits, nuts, 118 and preparations 15.7 18.0 19.5 Wine, beer, and related 119 products 8.0 8.5 8.5 Other agricultural foods, 120 feeds, and beverages 21.4 24.1 28.8 Nonagricultural (fish, 121 distilled beverages, etc.) 18.7 19.7 20.4 122 Fish and shellfish 13.3 13.6 14.1 123 Whiskey and other alcoholic beverages 5.0 5.6 5.5 124 Industrial supplies and materials 613.6 648.6 799.1 125 Agricultural 8.1 8.8 10.9 126 Nonagricultural products 605.4 639.8 788.2 127 Energy products 354.4 390.2 525.6 128 Petroleum and products 316.7 346.7 476.1 129 Natural gas 28.3 31.9 34.4 130 Paper and paper base stocks 14.8 14.4 14.4 131 Textile supplies and related materials 13.0 13.2 12.6 132 Chemicals, except medicinals 54.2 56.6 68.5 133 Building materials, except metals 35.7 30.6 24.5 134 Other nonmetals 28.5 27.3 27.2 135 Metals and nonmetallic products 105.0 107.5 115.4 136 Steelmaking materials 6.6 7.3 10.8 137 Iron and steel products 38.8 35.9 40.9 138 Nonferrous metals 40.2 44.2 41.6 139 Precious metals, except nonmonetary gold 8.3 11.1 11.4 140 Bauxite and aluminum 14.6 13.5 13.1 141 Other nonferrous metals 17.3 19.6 17.1 142 Other metals and nonmetallic products 19.4 20.1 22.1 143 Capital goods, except automotive 422.6 449.1 458.7 144 Machinery and equipment, except consumer-type 389.7 410.1 418.9 145 Electric generating machinery, electric apparatus and parts 50.5 55.8 57.3 146 Oil drilling, mining, and construction machinery 19.1 19.3 23.6 147 Industrial engines, pumps, and compressors 14.2 15.9 18.5 148 Machine tools and metalworking machinery 9.6 8.7 9.6 149 Measuring, testing, and control instruments 13.8 15.1 15.0 150 Other industrial, agricultural, and service industry machinery 78.0 83.4 86.1 151 Computers, peripherals, and parts 101.6 105.5 101.2 152 Semiconductors 27.5 26.7 25.8 153 Telecommunications equipment 40.3 44.4 45.1 154 Other office and business machines 8.7 6.7 5.4 155 Scientific, hospital, and medical equipment and parts 26.4 28.6 31.3 156 Civilian aircraft, engines, and parts 28.5 34.5 35.5 157 Civilian aircraft, complete, all types 10.6 13.3 12.4 158 Other transportation equipment 4.4 4.5 4.3 159 Automotive vehicles, parts, and engines 256.0 258.5 233.2 160 From Canada 69.9 69.0 54.4 161 Passenger cars, new and used 36.7 36.8 31.5 162 Trucks, buses, and special purpose vehicles 12.6 11.4 6.1 163 Engines and engine parts 4.0 4.4 3.5 164 Other parts and accessories 16.5 16.4 13.3 165 From other areas 186.0 189.5 178.8 166 Passenger cars, new and used 99.0 97.2 94.3 167 Trucks, buses, and special purpose vehicles 11.8 12.0 10.0 168 Engines and engine parts 16.1 16.5 15.7 169 Other parts and accessories 59.2 63.8 58.8 170 Consumer goods (nonfood), except automotive 447.9 480.0 486.7 171 Nondurable goods 203.0 215.5 219.4 172 Apparel, footwear, and household goods 114.0 117.5 113.7 173 Medicinal, dental, and pharmaceutical products 64.4 71.8 78.9 174 Other nondurable goods 24.6 26.2 26.8 175 Durable goods 244.9 264.5 267.4 176 Televisions, video receivers, and other video equipment 35.9 39.8 41.0 177 Radio and stereo equipment, including records, tapes, and disks 15.2 15.1 12.7 178 Toys and sporting goods, including bicycles 33.6 38.6 40.3 179 Household and kitchen appliances and other household goods 106.5 112.4 117.1 180 Household furnishings and related products 24.7 25.2 23.8 181 Household and kitchen appliances 18.6 19.7 19.3 182 Other household goods 63.2 67.5 74.0 183 Gems, jewelry, and collectibles 22.3 24.9 22.2 184 Other durable goods 31.4 33.7 34.0 185 Other goods 53.4 54.8 56.9 186 Balance on goods, balance of payments basis (table 1, line 127) -832.9 -814.6 -825.0 Line 2009 2010 1 Exports of goods, balance of payments basis (table 1, line 3) 1,072.9 1,292.4 2 Exports of general merchandise, balance of payments basis 1,055.6 1,271.1 3 Exports of goods, Census basis 1,056.0 1,278.3 4 Balance of payments adjustments, net -0.5 -7.1 5 Exports under U.S. military agency sales contracts 0.9 -0.6 6 Goods procured in U.S. ports by foreign carriers 10.9 14.5 7 Low-value transactions 5.0 ... 8 Nonmonetary gold -13.9 -17.6 9 Private gift parcel remittances 1.0 1.1 10 Repair of equipment -4.4 -4.5 11 Other adjustments, net (*) (*) 12 Net exports of goods under merchanting 3.4 3.7 13 Goods acquired under merchanting n.a. n.a. 14 Goods sold under merchanting n.a. n.a. 15 Nonmonetary gold 13.9 17.6 Exports of general merchandise by end-use commodity 16 Exports of general merchandise, balance of payments basis (line 2) 1,055.6 1,271.1 17 Agricultural products 101.0 119.0 18 Nonagricultural products 954.6 1,152.2 19 Foods, feeds, and beverages 93.9 107.7 20 Agricultural 87.4 100.4 21 Grains and preparations 24.5 27.8 22 Wheat 5.5 6.9 23 Corn 9.7 10.9 24 Soybeans 16.9 19.0 25 Meat products and poultry 12.1 13.6 26 Vegetables, fruits, nuts, and preparations 16.0 18.1 27 Other agricultural foods, feeds, and beverages 17.9 21.8 28 Nonagricultural (fish, distilled beverages, etc.) 6.5 7.3 29 Fish and shellfish 4.1 4.6 30 Industrial supplies and materials 293.7 388.7 31 Agricultural 13.2 18.2 32 Raw cotton 3.4 5.9 33 Tobacco, unmanufactured 1.1 1.1 34 Hides and skins, including furskins 1.5 2.3 35 Other agricultural industrial supplies 7.2 8.9 36 Nonagricultural 280.5 370.5 37 Energy products 72.8 103.3 38 Coal and related products 6.5 10.5 39 Petroleum and products 60.1 85.3 40 Natural gas 3.3 4.9 41 Paper and paper base stocks 17.6 21.4 42 Textile supplies and related materials 10.0 12.5 43 Chemicals, except medicinals 84.0 108.0 44 Building materials, except metals 9.6 12.2 45 Other nonmetals 24.3 29.6 46 Metals and nonmetallic products 62.2 83.5 47 Steelmaking materials 8.5 11.1 48 Iron and steel products 12.5 16.4 49 Nonferrous metals 23.6 34.2 50 Precious metals, except nonmonetary gold 8.0 12.6 51 Other nonferrous metals 15.6 21.5 52 Other metals and nonmetallic products 17.6 21.8 53 Capital goods, except automotive 390.5 446.6 54 Machinery and equipment, except consumer-type 311.6 370.2 55 Electric generating machinery, electric apparatus, and parts 36.4 44.5 56 Oil drilling, mining, and construction machinery 24.4 27.0 57 Industrial engines, pumps, and compressors 21.9 24.4 58 Machine tools and metalworking machinery 5.3 6.5 59 Measuring, testing, and control instruments 16.9 21.2 60 Other industrial, agricultural, and service industry machinery 64.2 80.9 61 Computers, peripherals, and parts 37.7 43.8 62 Semiconductors 37.5 47.2 63 Telecommunications equipment 28.7 31.9 64 Other office and business machines 3.0 3.1 65 Scientific, hospital, and medical equipment and parts 35.6 39.8 66 Civilian aircraft, engines, and parts 74.8 72.0 67 Civilian aircraft, complete, all types 35.2 29.6 68 Other transportation equipment 4.2 4.5 69 Automotive vehicles, parts, and engines 81.7 112.0 70 To Canada 36.8 49.5 71 Passenger cars, new and used 8.4 11.3 72 Trucks, buses, and special purpose vehicles 8.8 12.4 73 Engines and engine parts 3.4 4.7 74 Other parts and accessories 16.1 21.2 75 To other areas 45.0 62.5 76 Passenger cars, new and used 19.1 27.1 77 Trucks, buses, and special purpose vehicles 3.6 4.2 78 Engines and engine parts 5.3 7.8 79 Other parts and accessories 16.9 23.3 80 Consumer goods (nonfood), except automotive 150.0 165.9 81 Nondurable goods 74.0 77.5 82 Apparel, footwear, and household goods 7.4 8.3 83 Medicinal, dental, and pharmaceutical products 46.1 46.6 84 Other nondurable goods 20.5 22.6 85 Durable goods 76.0 88.4 86 Televisions, video receivers, and other video equipment 3.9 5.2 87 Radio and stereo equipment, including records, tapes, and disks 5.8 6.1 88 Toys and sporting goods, including bicycles 9.8 10.5 89 Household and kitchen appliances and other household goods 27.9 32.0 90 Household furnishings and related products 3.2 3.8 91 Household and kitchen appliances 5.9 6.6 92 Other household goods 18.7 21.6 93 Gems, jewelry, and collectibles 14.0 15.0 94 Other durable goods 14.6 19.7 95 Other goods 45.7 50.3 96 Imports of goods, balance of payments basis (table 1, line 37) 1,575.4 1,934.6 97 Imports of general merchandise, balance of payments basis 1,566.6 1,922.0 98 Imports of goods, Census basis 1,559.6 1,913.2 99 Balance of payments adjustments, net 6.9 8.8 100 Goods procured in foreign ports by U.S. carriers 8.0 10.6 101 Imports by U.S. military agencies 2.7 3.5 102 Inland freight in Canada and Mexico 4.0 6.7 103 Locomotives and railcars 0.4 0.4 104 Low-value transactions 1.1 ... 105 Nonmonetary gold -8.8 -12.6 106 Repair of equipment -2.6 -2.4 107 Software revaluation 2.3 2.9 108 Other adjustments, net -0.2 -0.3 109 Nonmonetary gold 8.8 12.6 Imports of general merchandise by end-use commodity 110 Imports of general merchandise, balance of payments basis (line 2) 1,566.6 1,922.0 111 Petroleum and products 267.7 353.7 112 Nonpetroleum products 1,298.9 1,568.3 113 Foods, feeds, and beverages 82.8 92.5 114 Agricultural 64.0 71.5 115 Coffee, cocoa, and sugar 5.8 7.3 116 Green coffee 3.4 4.1 117 Meat products and poultry 6.4 7.2 Vegetables, fruits, nuts, 118 and preparations 18.8 21.0 Wine, beer, and related 119 products 7.6 8.0 Other agricultural foods, 120 feeds, and beverages 25.5 28.0 Nonagricultural (fish, 121 distilled beverages, etc.) 18.8 21.0 122 Fish and shellfish 13.1 14.7 123 Whiskey and other alcoholic beverages 5.1 5.7 124 Industrial supplies and materials 469.9 611.3 125 Agricultural 8.1 10.3 126 Nonagricultural products 461.8 600.9 127 Energy products 293.7 383.1 128 Petroleum and products 267.7 353.7 129 Natural gas 16.1 19.4 130 Paper and paper base stocks 10.1 12.2 131 Textile supplies and related materials 9.5 11.9 132 Chemicals, except medicinals 46.4 60.1 133 Building materials, except metals 17.3 19.5 134 Other nonmetals 22.0 26.4 135 Metals and nonmetallic products 62.7 87.8 136 Steelmaking materials 3.8 7.4 137 Iron and steel products 20.4 28.6 138 Nonferrous metals 23.8 34.0 139 Precious metals, except nonmonetary gold 5.8 9.5 140 Bauxite and aluminum 8.4 10.5 141 Other nonferrous metals 9.6 14.0 142 Other metals and nonmetallic products 14.7 17.8 143 Capital goods, except automotive 372.7 450.0 144 Machinery and equipment, except consumer-type 339.5 416.0 145 Electric generating machinery, electric apparatus and parts 45.1 55.4 146 Oil drilling, mining, and construction machinery 12.4 15.4 147 Industrial engines, pumps, and compressors 13.8 16.8 148 Machine tools and metalworking machinery 5.8 6.4 149 Measuring, testing, and control instruments 11.7 14.8 150 Other industrial, agricultural, and service industry machinery 65.3 76.5 151 Computers, peripherals, and parts 94.2 117.3 152 Semiconductors 21.4 29.4 153 Telecommunications equipment 37.6 47.6 154 Other office and business machines 4.1 4.4 155 Scientific, hospital, and medical equipment and parts 28.3 31.9 156 Civilian aircraft, engines, and parts 30.7 31.2 157 Civilian aircraft, complete, all types 9.5 8.8 158 Other transportation equipment 2.4 2.7 159 Automotive vehicles, parts, and engines 159.2 225.6 160 From Canada 36.5 52.4 161 Passenger cars, new and used 22.8 35.9 162 Trucks, buses, and special purpose vehicles 2.6 1.6 163 Engines and engine parts 2.5 3.5 164 Other parts and accessories 8.6 11.4 165 From other areas 122.7 173.2 166 Passenger cars, new and used 58.3 79.1 167 Trucks, buses, and special purpose vehicles 9.5 14.8 168 Engines and engine parts 10.6 15.7 169 Other parts and accessories 44.3 63.7 170 Consumer goods (nonfood), except automotive 432.5 486.6 171 Nondurable goods 204.8 225.9 172 Apparel, footwear, and household goods 100.4 115.5 173 Medicinal, dental, and pharmaceutical products 81.5 85.5 174 Other nondurable goods 22.9 25.0 175 Durable goods 227.6 260.6 176 Televisions, video receivers, and other video equipment 36.2 37.8 177 Radio and stereo equipment, including records, tapes, and disks 9.9 11.5 178 Toys and sporting goods, including bicycles 34.0 36.6 179 Household and kitchen appliances and other household goods 107.2 123.7 180 Household furnishings and related products 19.0 23.0 181 Household and kitchen appliances 17.3 19.9 182 Other household goods 70.8 80.7 183 Gems, jewelry, and collectibles 17.1 20.2 184 Other durable goods 23.3 30.8 185 Other goods 49.5 56.1 186 Balance on goods, balance of payments basis (table 1, line 127) -502.5 -642.2 (*) Transactions are less than $50,000,000 ([+ or -]). ... Not applicable Table 3. Services Transactions (Prototype) [Billions of dollars] Line 2006 2007 2008 1 Exports of services (table 1, line 13) 418.5 488.2 532.5 2 Manufacturing services on physical inputs owned by others n.a. n.a. n.a. 3 Maintenance and repair services, n.i.e 8.2 9.6 10.3 4 Transport 57.8 66.2 75.5 5 Sea transport 14.6 16.4 17.8 6 Passenger n.a. n.a. n.a. 7 Freight 3.4 4.2 4.9 8 Port 11.2 12.2 12.9 9 Air transport 38.9 45.3 52.8 10 Passenger 21.6 25.2 31.0 11 Freight 10.1 11.3 13.5 12 Port 7.1 8.8 8.4 13 Other modes of transport 4.0 4.2 4.5 14 Postal and courier services (1) 0.3 0.3 0.3 15 Travel (2) 111.3 123.3 139.1 16 Business n.a. n.a. n.a. 17 Expenditures by border, seasonal, and other short- term workers 8.2 7.6 8.2 18 Other business travel n.a. n.a. n.a. 19 Personal n.a. n.a. n.a. 20 Health related 2.2 2.4 2.5 21 Education related 14.6 16.0 18.0 22 Other personal travel n.a. n.a. n.a. 23 Construction 1.9 2.7 3.9 24 Construction abroad 1.9 2.7 3.9 25 Foreign contractors' expenditures in the United States n.a. n.a. n.a. 26 Insurance and pension services (3) 9.4 10.8 13.4 27 Direct insurance 3.1 3.2 3.8 28 Reinsurance 5.5 6.7 8.1 29 Auxiliary insurance services 0.9 0.9 1.5 30 Pension and standardized guarantee services n.a. n.a. n.a. 31 Financial services (4) 47.9 61.4 63.0 32 Explicitly charged and other financial services 47.9 61.4 63.0 33 Securities brokerage, underwriting, and related services 15.6 19.0 19.3 34 Financial management, financial advisory, and custody services 19.4 26.6 25.0 35 Credit card and other credit-related services 4.9 5.7 7.7 36 Securities lending, electronic funds transfer, and other services 8.0 10.0 11.1 37 Financial intermediation services indirectly measured n.a. n.a. n.a. 38 Charges for the use of intellectual property (5) 83.5 97.8 102.1 39 Industrial processes 32.4 36.2 37.7 40 Software licensing fees 22.7 29.5 31.4 41 Other charges for the use of intellectual property 28.5 32.2 33.0 42 Telecommunications, computer, and information services 17.2 20.2 23.1 43 Telecommunications services 7.1 8.2 10.0 44 Computer services 5.7 7.2 8.5 45 Information services 4.3 4.8 4.6 46 Other business services 61.2 74.3 82.1 47 Research and development services 12.8 15.6 17.3 48 Professional and management consulting services 31.2 38.9 42.7 49 Technical, trade-related, and other business services 17.2 19.8 22.0 50 Personal, cultural, and recreational services (6) 1.7 1.8 2.2 51 Government goods and services, n.i.e 18.4 20.0 17.8 52 Imports of services (table 1, line 46) 338.9 370.2 405.9 53 Manufacturing services on physical inputs owned by others n.a. n.a. n.a. 54 Maintenance and repair services, n.i.e 4.6 5.2 5.7 55 Transport 82.0 83.5 88.5 56 Sea transport 36.0 34.8 34.5 57 Passenger n.a. n.a. n.a. 58 Freight 34.3 32.9 32.5 59 Port 1.7 1.9 2.0 60 Air transport 41.9 44.6 50.0 61 Passenger 26.6 27.7 31.8 62 Freight 6.3 6.4 6.2 63 Port 9.0 10.6 12.0 64 Other modes of transport 3.4 3.5 3.4 65 Postal and courier services (1) 0.6 0.6 0.6 66 Travel (2) 78.5 83.0 86.9 67 Business n.a. n.a. n.a. 68 Expenditures by border, seasonal, and other short-term workers 0.4 0.5 0.5 69 Other business travel n.a. n.a. n.a. 70 Personal n.a. n.a. n.a. 71 Health related 0.6 0.7 0.8 72 Education related 4.5 4.7 5.1 73 Other personal travel n.a. n.a. n.a. 74 Construction 1.7 2.5 3.5 75 Construction in the United States 0.5 0.6 0.8 76 U.S. contractors' expenditures abroad 1.1 2.0 2.7 77 Insurance and pension services (3) 39.4 47.5 58.9 78 Direct insurance 4.3 4.2 3.7 79 Reinsurance 34.6 42.8 53.7 80 Auxiliary insurance services 0.5 0.5 1.5 81 Pension and standardized guarantee services n.a. n.a. n.a. 82 Financial services (4) 14.7 19.2 17.2 83 Explicitly charged and other financial services 14.7 19.2 17.2 84 Securities brokerage, underwriting, and related services 2.9 3.8 4.6 85 Financial management, financial advisory, and custody services 5.9 7.1 5.2 86 Credit card and other credit-related services 0.8 0.8 0.8 87 Securities lending, electronic funds transfer, and other services 5.1 7.5 6.6 88 Financial intermediation services indirectly measured n.a. n.a. n.a. 89 Charges for the use of intellectual property (5) 25.0 26.5 29.6 90 Industrial processes 16.5 16.7 16.2 91 Software licensing fees 3.0 4.8 6.1 92 Other charges for the use of intellectual property 5.5 5.0 7.3 93 Telecommunications, computer, and information services 19.8 22.4 24.7 94 Telecommunications services 6.3 7.3 7.8 95 Computer services 12.8 14.3 15.9 96 Information services 0.6 0.8 1.0 97 Other business services 41.6 47.9 57.6 98 Research and development services 9.3 13.0 16.3 99 Professional and management consulting services 23.2 24.9 29.1 100 Technical, trade-related, and other business services 9.1 9.9 12.1 101 Personal, cultural, and recreational services (6) 1.0 1.0 1.1 102 Government goods and services, n.i.e 30.7 31.5 32.2 103 Balance on services (table 1, line 128) 79.6 118.0 126.6 Line 2009 2010 1 Exports of services (table 1, line 13) 504.8 546.8 2 Manufacturing services on physical inputs owned by others n.a. n.a. 3 Maintenance and repair services, n.i.e 12.5 14.0 4 Transport 62.2 71.4 5 Sea transport 13.6 15.7 6 Passenger n.a. n.a. 7 Freight 3.3 4.0 8 Port 10.4 11.7 9 Air transport 44.2 51.2 10 Passenger 26.1 30.9 11 Freight 10.6 12.0 12 Port 7.5 8.3 13 Other modes of transport 4.1 4.2 14 Postal and courier services (1) 0.2 0.2 15 Travel (2) 123.9 134.8 16 Business n.a. n.a. 17 Expenditures by border, seasonal, and other short- term workers 7.0 7.2 18 Other business travel n.a. n.a. 19 Personal n.a. n.a. 20 Health related 2.7 2.9 21 Education related 19.9 21.3 22 Other personal travel n.a. n.a. 23 Construction 4.0 2.6 24 Construction abroad 4.0 2.6 25 Foreign contractors' expenditures in the United States n.a. n.a. 26 Insurance and pension services (3) 14.4 14.6 27 Direct insurance 4.1 4.2 28 Reinsurance 8.7 8.9 29 Auxiliary insurance services 1.6 1.5 30 Pension and standardized guarantee services n.a. n.a. 31 Financial services (4) 62.4 66.4 32 Explicitly charged and other financial services 62.4 66.4 33 Securities brokerage, underwriting, and related services 16.7 15.5 34 Financial management, financial advisory, and custody services 23.9 27.9 35 Credit card and other credit-related services 9.6 9.6 36 Securities lending, electronic funds transfer, and other services 12.3 13.3 37 Financial intermediation services indirectly measured n.a. n.a. 38 Charges for the use of intellectual property (5) 97.2 105.6 39 Industrial processes 33.8 35.8 40 Software licensing fees 30.9 35.0 41 Other charges for the use of intellectual property 32.5 34.7 42 Telecommunications, computer, and information services 23.5 24.9 43 Telecommunications services 10.1 11.1 44 Computer services 8.6 8.8 45 Information services 4.9 5.0 46 Other business services 82.3 88.6 47 Research and development services 18.0 21.0 48 Professional and management consulting services 41.6 43.6 49 Technical, trade-related, and other business services 22.7 24.1 50 Personal, cultural, and recreational services (6) 2.7 2.9 51 Government goods and services, n.i.e 19.7 21.0 52 Imports of services (table 1, line 46) 383.6 404.7 53 Manufacturing services on physical inputs owned by others n.a. n.a. 54 Maintenance and repair services, n.i.e 5.9 6.5 55 Transport 67.7 78.5 56 Sea transport 23.2 29.4 57 Passenger n.a. n.a. 58 Freight 21.7 27.8 59 Port 1.6 1.6 60 Air transport 41.0 45.3 61 Passenger 25.1 27.3 62 Freight 4.7 6.4 63 Port 11.2 11.6 64 Other modes of transport 3.0 3.4 65 Postal and courier services (1) 0.5 0.4 66 Travel (2) 80.8 82.7 67 Business n.a. n.a. 68 Expenditures by border, seasonal, and other short-term workers 0.5 0.5 69 Other business travel n.a. n.a. 70 Personal n.a. n.a. 71 Health related 0.9 1.0 72 Education related 5.4 5.7 73 Other personal travel n.a. n.a. 74 Construction 3.6 2.4 75 Construction in the United States 0.7 0.5 76 U.S. contractors' expenditures abroad 2.9 1.9 77 Insurance and pension services (3) 63.6 61.8 78 Direct insurance 3.4 4.4 79 Reinsurance 58.8 55.8 80 Auxiliary insurance services 1.4 1.6 81 Pension and standardized guarantee services n.a. n.a. 82 Financial services (4) 13.6 13.8 83 Explicitly charged and other financial services 13.6 13.8 84 Securities brokerage, underwriting, and related services 4.7 4.0 85 Financial management, financial advisory, and custody services 4.3 4.1 86 Credit card and other credit-related services 1.3 2.0 87 Securities lending, electronic funds transfer, and other services 3.3 3.7 88 Financial intermediation services indirectly measured n.a. n.a. 89 Charges for the use of intellectual property (5) 29.8 33.5 90 Industrial processes 16.8 19.7 91 Software licensing fees 5.9 4.9 92 Other charges for the use of intellectual property 7.2 8.8 93 Telecommunications, computer, and information services 24.5 27.4 94 Telecommunications services 7.5 8.0 95 Computer services 16.3 18.4 96 Information services 0.8 1.0 97 Other business services 57.6 61.6 98 Research and development services 16.6 18.5 99 Professional and management consulting services 28.3 30.1 100 Technical, trade-related, and other business services 12.7 13.0 101 Personal, cultural, and recreational services (6) 1.4 1.5 102 Government goods and services, n.i.e 34.9 35.0 103 Balance on services (table 1, line 128) 121.3 142.2 n.a. Data are not currently available for these transactions. n.i.e. Not included elsewhere (1.) Statistics currently cover only postal services. Courier services are included in "Air transport, freight" (lines 11 and 62) but are not separately identifiable. (2.) Total travel does not equal the sum of the components because data for "other business travel" and "other personal travel" are not separately identifiable. Data for the two components combined are included in the total. (3.) Statistics currently cover only insurance services. (4.) Statistics currently cover only explicit charges for financial services. (5.) Statistics currently include transactions for the outright sale, rights to use, and rights to distribute intellectual property. (6.) Statistics currently cover only sports, performing arts, and training services. Table 4. Primary Income (Prototype) [Billions of dollars] Line 2006 2007 2008 1 Primary income receipts (table 1, line 26) 693.0 843.9 823.5 2 Compensation of employees 5.0 5.1 5.2 3 Investment income 688.0 838.8 818.3 4 Direct investment 333.2 380.8 423.4 5 Income on equity and investment fund shares 319.0 363.4 405.5 6 Dividends and withdrawals 101.7 132.8 172.4 7 Reinvested earnings 217.3 230.5 233.1 8 Interest 14.2 17.5 17.8 9 U.S. parents' receipts from their foreign affiliates 9.6 11.3 12.2 10 U.S. affiliates' receipts from their foreign parent groups 4.6 6.2 5.6 11 Portfolio investment 166.1 221.6 241.3 12 Income on equity and investment fund shares 84.3 116.1 143.9 13 Dividends on equity excluding investment funds shares 84.3 116.1 143.9 14 Income attributable to investment fund shareholders n.a. n.a. n.a. 15 Interest 81.8 105.5 97.4 16 Short term 17.9 22.7 12.5 17 Long term 63.9 82.8 85.0 18 Other investment 187.5 235.0 152.1 19 Interest (1) 180.5 226.7 141.8 20 Income attributable to policyholders in insurance, pension, and standardized guarantee schemes (2) 6.9 8.3 10.4 21 Reserve assets 1.2 1.4 1.5 22 Income on equity and investment fund shares 0.0 0.0 0.0 23 Interest (1) 1.2 1.4 1.5 24 Other primary income n.a. n.a. n.a. 25 Primary income payments (table 1, line 59) 648.9 742.4 676.4 26 Compensation of employees 15.5 14.7 15.9 27 Investment income 633.3 727.7 660.5 28 Direct investment 159.2 136.3 139.1 29 Income on equity and investment fund shares 132.3 101.8 104.9 30 Dividends and withdrawals 63.2 53.6 65.7 31 Reinvested earnings 69.1 48.2 39.1 32 Interest 26.8 34.5 34.2 33 U.S. parents' receipts from their foreign affiliates 23.0 30.6 30.2 34 U.S. affiliates' receipts from their foreign parent groups 3.8 3.9 4.0 35 Portfolio investment 304.9 381.8 400.0 36 Income on equity and investment fund shares 44.9 54.9 70.1 37 Dividends on equity excluding investment funds shares 44.9 54.9 70.1 38 Income attributable to investment fund shareholders n.a. n.a. n.a. 39 Interest 260.1 326.9 329.9 40 Short term 28.9 34.1 22.2 41 Long term 231.2 292.7 307.7 42 Other investment 169.2 209.7 121.4 43 Interest (1) 167.1 207.7 119.2 44 Income attributable to policyholders in insurance, pension, and standardized guarantee schemes (2) 2.1 2.0 2.2 45 Other primary income n.a. n.a. n.a. 46 Balance on primary income (table 1, line 129) 44.2 101.5 147.1 Line 2009 2010 1 Primary income receipts (table 1, line 26) 607.2 670.7 2 Compensation of employees 5.2 5.3 3 Investment income 602.1 665.4 4 Direct investment 364.0 439.4 5 Income on equity and investment fund shares 349.0 426.0 6 Dividends and withdrawals 111.3 105.5 7 Reinvested earnings 237.7 320.5 8 Interest 15.0 13.4 9 U.S. parents' receipts from their foreign affiliates 10.6 9.0 10 U.S. affiliates' receipts from their foreign parent groups 4.4 4.4 11 Portfolio investment 184.4 189.5 12 Income on equity and investment fund shares 108.6 110.4 13 Dividends on equity excluding investment funds shares 108.6 110.4 14 Income attributable to investment fund shareholders n.a. n.a. 15 Interest 75.8 79.1 16 Short term 3.2 1.8 17 Long term 72.6 77.4 18 Other investment 53.0 35.7 19 Interest (1) 42.7 27.3 20 Income attributable to policyholders in insurance, pension, and standardized guarantee schemes (2) 10.3 8.5 21 Reserve assets 0.8 0.7 22 Income on equity and investment fund shares 0.0 0.0 23 Interest (1) 0.8 0.7 24 Other primary income n.a. n.a. 25 Primary income payments (table 1, line 59) 479.2 505.5 26 Compensation of employees 14.2 14.5 27 Investment income 465.0 490.9 28 Direct investment 101.8 158.8 29 Income on equity and investment fund shares 70.0 127.7 30 Dividends and withdrawals 56.5 34.0 31 Reinvested earnings 13.5 93.7 32 Interest 31.7 31.1 33 U.S. parents' receipts from their foreign affiliates 28.4 28.1 34 U.S. affiliates' receipts from their foreign parent groups 3.3 3.0 35 Portfolio investment 332.5 312.1 36 Income on equity and investment fund shares 59.7 59.9 37 Dividends on equity excluding investment funds shares 59.7 59.9 38 Income attributable to investment fund shareholders n.a. n.a. 39 Interest 272.8 252.2 40 Short term 5.9 2.1 41 Long term 266.9 250.1 42 Other investment 30.7 20.0 43 Interest (1) 28.6 18.1 44 Income attributable to policyholders in insurance, pension, and standardized guarantee schemes (2) 2.1 1.9 45 Other primary income n.a. n.a. 46 Balance on primary income (table 1, line 129) 128.0 165.2 n.a. Data are not currently available for these transactions. (1.) Interest receipts and payments are not currently adjusted to exclude interest that represents charges for services. These charges are often referred to as implicit service fees or financial intermediation services indirectly measured. BEA plans to develop estimates of the portion of interest that represents such charges and adjust the accounts to remove them from interest and include them in services. (2.) Statistics currently reflect only income attributable to insurance policyholders. Table 5. Direct Investment Income and Financial Flows (Prototype) [Billions of dollars] Line 2006 2007 2008 Current account: Primary income 1 Income receipts on direct investment assets, asset/liability basis (table 1, line 29 and table 4, line 4) (1) 333.2 380.8 423.4 2 Less: U.S. parents' interest payments to their foreign affiliates 3.8 3.9 4.0 3 Less: U.S. affiliates' interest receipts from their foreign parent groups 4.6 6.2 5.6 4 Equals: Income receipts on U.S. direct investment abroad (USDIA), directional basis (2) 324.8 370.8 413.7 5 Income on equity and investment fund shares (table 4, line 5) 319.0 363.4 405.5 6 Dividends and withdrawals 101.7 132.8 172.4 7 Reinvested earnings 217.3 230.5 233.1 8 Reinvested earnings without current-cost adjustment 196.6 210.0 212.3 9 Current-cost adjustment 20.7 20.5 20.8 10 Interest, net receipts (line 11--line 12) 5.8 7.4 8.2 11 U.S. parents' receipts from their foreign affiliates 9.6 11.3 12.2 12 U.S. parents' payments to their foreign affiliates 3.8 3.9 4.0 13 Income receipts on USDIA without current-cost adjustment (line 4--line 9) 304.1 350.2 393.0 14 Manufacturing 57.7 66.4 60.1 15 Wholesale trade 24.3 28.5 28.8 16 Finance (including depository institutions) and insurance 33.0 34.9 44.6 17 Holding companies, except bank holding companies 120.9 146.6 179.7 18 Other 68.2 73.8 79.7 19 Income on equity and investment fund shares without current-cost adjustment (line 5--line 9) 298.3 342.8 384.8 20 Manufacturing 56.2 65.3 59.1 21 Wholesale trade 23.9 28.2 28.5 22 Finance (including depository institutions) and insurance 33.3 34.6 43.8 23 Holding companies, except bank holding companies 118.9 144.1 176.4 24 Other 66.0 70.7 77.0 25 Interest, net receipts 5.8 7.4 8.2 26 Manufacturing 1.4 1.1 1.1 27 Wholesale trade 0.4 0.4 0.3 Finance (including depository 28 institutions) and insurance -0.3 0.3 0.8 Holding companies, except bank 29 holding companies 2.0 2.5 3.4 30 Other 2.2 3.1 2.7 31 Income payments on direct investment liabilities, asset/liability basis (table 1, line 62 and table 4, line 28) (1) 159.2 136.3 139.1 32 Less: U.S. parents' interest payments to their foreign affiliates 3.8 3.9 4.0 33 Less: U.S. affiliates' interest receipts from their foreign parent groups 4.6 6.2 5.6 34 Equals: Income payments on foreign direct investment in the United States (FDIUS), directional basis (3) 150.8 126.2 129.4 35 Income on equity and investment fund shares (table 4, line 29) 132.3 101.8 104.9 36 Dividends and withdrawals 63.2 53.6 65.7 37 Reinvested earnings 69.1 48.2 39.1 38 Reinvested earnings without current-cost adjustment 63.1 43.0 35.4 39 Current-cost adjustment 6.0 5.2 3.7 40 Interest, net payments (line 41--line 42) 18.4 24.4 24.6 41 U.S. affiliates' payments to their foreign parent groups 23.0 30.6 30.2 42 U.S. affiliates' receipts from their foreign parent groups 4.6 6.2 5.6 43 Income payments on FDIUS without current-cost adjustment (line 34--line 39) 144.8 121.0 125.7 44 Manufacturing 55.3 46.9 36.3 45 Wholesale trade 25.3 24.2 22.7 46 Finance (including depository institutions) and insurance 15.4 10.6 29.8 47 Other 48.8 39.3 36.9 48 Income on equity and investment fund shares without current-cost adjustment (line 35- line 39) 126.3 96.6 101.1 49 Manufacturing 46.5 36.2 27.7 50 Wholesale trade 24.3 22.9 21.1 51 Finance (including depository institutions) and insurance 14.5 8.5 27.5 52 Other 41.0 28.9 24.8 53 Interest, net payments 18.4 24.4 24.6 54 Manufacturing 8.8 10.6 8.6 55 Wholesale trade 1.0 1.4 1.6 56 Finance (including depository institutions) and insurance 0.9 2.0 2.3 57 Other 7.8 10.4 12.0 Financial account 58 Net acquisition of direct investment assets, asset/liability basis (table 1, line 74) (4) 296.1 532.9 351.7 59 Less: U.S. parents' liabilities to their foreign affiliates 33.1 40.0 2.0 60 Less: U.S. affiliates' claims on their foreign parent groups 18.0 78.9 20.6 61 Equals: Financial flows for USDIA, directional basis (5) 244.9 414.0 329.1 62 Equity and investment fund shares 266.3 431.4 360.1 63 Equity other than reinvestment of earnings 49.0 200.9 127.0 64 Increases 131.3 291.1 198.6 65 Decreases 82.4 90.3 71.6 66 Reinvestment of earnings 217.3 230.5 233.1 67 Reinvestment of earnings without current-cost adjustment 196.6 210.0 212.3 68 Current-cost adjustment 20.7 20.5 20.8 69 Debt instruments (line 70--line 71) -21.4 -17.3 -31.0 70 U.S. parents' claims on their foreign affiliates 11.7 22.7 -29.0 71 U.S. parents' liabilities to their foreign affiliates 33.1 40.0 2.0 72 Financial flows for USDIA without current-cost adjustment (line 61--line 68) 224.2 393.5 308.3 73 Manufacturing 42.4 72.0 35.9 74 Wholesale trade 14.8 12.9 31.7 75 Finance (including depository institutions) and insurance 19.4 93.0 62.9 76 Holding companies, except bank holding companies 97.5 153.6 118.6 77 Other 50.1 62.2 59.2 78 Equity other than reinvestment of earnings 49.0 200.9 127.0 79 Manufacturing 12.6 29.8 12.9 80 Wholesale trade 0.8 1.8 2.5 81 Finance (including depository institutions) and insurance 7.7 92.3 50.6 82 Holding companies, except bank holding companies 27.4 62.3 29.2 83 Other 0.5 14.7 31.8 84 Reinvestment of earnings without current-cost adjustment 196.6 210.0 212.3 85 Manufacturing 39.1 46.0 34.8 86 Wholesale trade 15.1 16.0 20.3 87 Finance (including depository institutions) and insurance 19.4 9.8 18.7 88 Holding companies, except bank holding companies 85.6 99.6 96.1 89 Other 37.5 38.5 42.5 90 Debt instruments -21.4 -17.3 -31.0 91 Manufacturing -9.3 -3.8 -11.8 92 Wholesale trade -1.1 -4.9 8.9 93 Finance (including depository institutions) and insurance -7.6 -9.2 -6.4 94 Holding companies, except bank holding companies -15.5 -8.3 -6.8 95 Other 12.2 8.9 -15.1 96 Net incurrence of direct investment liabilities, asset/liability basis (table 1, line 103) (4) 294.3 340.1 332.7 97 Less: U.S. parents' liabilities to their foreign affiliates 33.1 40.0 2.0 98 Less: U.S. affiliates' claims on their foreign parent groups 18.0 78.9 20.6 99 Equals: Financial flows for FDIUS, directional basis (6) 243.2 221.2 310.1 100 Equity and investment fund shares 184.1 190.4 294.9 101 Equity other than reinvestment of earnings 115.0 142.3 255.7 102 Increases 174.8 236.7 339.7 103 Decreases 59.8 94.4 84.0 104 Reinvestment of earnings 69.1 48.2 39.1 105 Reinvestment of earnings without current-cost adjustment 63.1 43.0 35.4 106 Current-cost adjustment 6.0 5.2 3.7 107 Debt instruments (line 108--line 109) 59.0 30.7 15.2 108 U.S. affiliates' liabilities to their foreign parent groups 77.1 109.6 35.9 109 U.S. affiliates' claims on their foreign parent groups 18.0 78.9 20.6 110 Financial flows for FDIUS without current-cost adjustment (line 99--line 106) 237.1 216.0 306.4 111 Manufacturing 98.5 102.8 77.1 112 Wholesale trade 20.9 31.8 32.9 113 Finance (including depository institutions) and insurance 51.4 8.7 120.1 114 Other 66.3 72.7 76.3 115 Equity other than reinvestment of earnings 115.0 142.3 255.7 116 Manufacturing 48.7 67.2 96.8 117 Wholesale trade 14.1 6.8 22.8 118 Finance (including depository institutions) and insurance 32.6 22.7 95.4 119 Other 19.6 45.5 40.8 120 Reinvestment of earnings without current-cost adjustment 63.1 43.0 35.4 121 Manufacturing 22.1 14.7 -0.8 122 Wholesale trade 6.7 17.4 15.5 123 Finance (including depository institutions) and insurance 5.8 -2.9 15.5 124 Other 28.5 13.7 5.2 125 Debt instruments 59.0 30.7 15.2 126 Manufacturing 27.8 20.8 -18.8 127 Wholesale trade 0.0 7.5 -5.4 128 Finance (including depository institutions) and insurance 13.0 -11.1 9.2 129 Other 18.2 13.5 30.3 Line 2009 2010 Current account: Primary income 1 Income receipts on direct investment assets, asset/liability basis (table 1, line 29 and table 4, line 4) (1) 364.0 439.4 2 Less: U.S. parents' interest payments to their foreign affiliates 3.3 3.0 3 Less: U.S. affiliates' interest receipts from their foreign parent groups 4.4 4.4 4 Equals: Income receipts on U.S. direct investment abroad (USDIA), directional basis (2) 356.2 432.0 5 Income on equity and investment fund shares (table 4, line 5) 349.0 426.0 6 Dividends and withdrawals 111.3 105.5 7 Reinvested earnings 237.7 320.5 8 Reinvested earnings without current-cost adjustment 216.7 298.1 9 Current-cost adjustment 20.9 22.4 10 Interest, net receipts (line 11--line 12) 7.2 6.0 11 U.S. parents' receipts from their foreign affiliates 10.6 9.0 12 U.S. parents' payments to their foreign affiliates 3.3 3.0 13 Income receipts on USDIA without current-cost adjustment (line 4--line 9) 335.3 409.6 14 Manufacturing 42.1 63.2 15 Wholesale trade 21.4 25.8 16 Finance (including depository institutions) and insurance 43.8 46.2 17 Holding companies, except bank holding companies 166.2 198.6 18 Other 61.7 75.7 19 Income on equity and investment fund shares without current-cost adjustment (line 5--line 9) 328.0 403.6 20 Manufacturing 41.4 62.6 21 Wholesale trade 21.1 25.5 22 Finance (including depository institutions) and insurance 43.4 45.9 23 Holding companies, except bank holding companies 163.1 196.3 24 Other 58.9 73.3 25 Interest, net receipts 7.2 6.0 26 Manufacturing 0.7 0.6 27 Wholesale trade 0.3 0.3 Finance (including depository 28 institutions) and insurance 0.4 0.3 Holding companies, except bank 29 holding companies 3.1 2.4 30 Other 2.8 2.4 31 Income payments on direct investment liabilities, asset/liability basis (table 1, line 62 and table 4, line 28) (1) 101.8 158.8 32 Less: U.S. parents' interest payments to their foreign affiliates 3.3 3.0 33 Less: U.S. affiliates' interest receipts from their foreign parent groups 4.4 4.4 34 Equals: Income payments on foreign direct investment in the United States (FDIUS), directional basis (3) 94.0 151.4 35 Income on equity and investment fund shares (table 4, line 29) 70.0 127.7 36 Dividends and withdrawals 56.5 34.0 37 Reinvested earnings 13.5 93.7 38 Reinvested earnings without current-cost adjustment 7.8 85.7 39 Current-cost adjustment 5.7 8.0 40 Interest, net payments (line 41--line 42) 24.0 23.7 41 U.S. affiliates' payments to their foreign parent groups 28.4 28.1 42 U.S. affiliates' receipts from their foreign parent groups 4.4 4.4 43 Income payments on FDIUS without current-cost adjustment (line 34--line 39) 88.3 143.4 44 Manufacturing 31.6 52.0 45 Wholesale trade 8.3 21.8 46 Finance (including depository institutions) and insurance 17.1 26.7 47 Other 31.3 42.8 48 Income on equity and investment fund shares without current-cost adjustment (line 35- line 39) 64.4 119.7 49 Manufacturing 22.6 43.8 50 Wholesale trade 7.2 20.7 51 Finance (including depository institutions) and insurance 14.7 25.1 52 Other 19.9 30.1 53 Interest, net payments 24.0 23.7 54 Manufacturing 9.1 8.2 55 Wholesale trade 1.1 1.1 56 Finance (including depository institutions) and insurance 2.4 1.6 57 Other 11.3 12.7 Financial account 58 Net acquisition of direct investment assets, asset/liability basis (table 1, line 74) (4) 303.6 393.7 59 Less: U.S. parents' liabilities to their foreign affiliates -2.2 41.1 60 Less: U.S. affiliates' claims on their foreign parent groups 2.2 1.3 61 Equals: Financial flows for USDIA, directional basis (5) 303.6 351.3 62 Equity and investment fund shares 262.2 368.2 63 Equity other than reinvestment of earnings 24.5 47.7 64 Increases 78.5 104.1 65 Decreases 54.0 56.4 66 Reinvestment of earnings 237.7 320.5 67 Reinvestment of earnings without current-cost adjustment 216.7 298.1 68 Current-cost adjustment 20.9 22.4 69 Debt instruments (line 70--line 71) 41.4 -16.9 70 U.S. parents' claims on their foreign affiliates 39.2 24.2 71 U.S. parents' liabilities to their foreign affiliates -2.2 41.1 72 Financial flows for USDIA without current-cost adjustment (line 61--line 68) 282.7 328.9 73 Manufacturing 47.1 61.1 74 Wholesale trade 15.5 17.1 75 Finance (including depository institutions) and insurance 33.3 15.7 76 Holding companies, except bank holding companies 140.9 184.3 77 Other 45.9 50.7 78 Equity other than reinvestment of earnings 24.5 47.7 79 Manufacturing 7.8 13.0 80 Wholesale trade 0.7 1.0 81 Finance (including depository institutions) and insurance -1.9 1.6 82 Holding companies, except bank holding companies 10.4 37.7 83 Other 7.5 -5.7 84 Reinvestment of earnings without current-cost adjustment 216.7 298.1 85 Manufacturing 24.7 46.5 86 Wholesale trade 14.6 20.8 87 Finance (including depository institutions) and insurance 18.8 30.7 88 Holding companies, except bank holding companies 121.2 146.1 89 Other 37.4 54.0 90 Debt instruments 41.4 -16.9 91 Manufacturing 14.6 1.6 92 Wholesale trade 0.2 -4.8 93 Finance (including depository institutions) and insurance 16.4 -16.6 94 Holding companies, except bank holding companies 9.3 0.5 95 Other 0.9 2.4 96 Net incurrence of direct investment liabilities, asset/liability basis (table 1, line 103) (4) 158.6 278.6 97 Less: U.S. parents' liabilities to their foreign affiliates -2.2 41.1 98 Less: U.S. affiliates' claims on their foreign parent groups 2.2 1.3 99 Equals: Financial flows for FDIUS, directional basis (6) 158.6 236.2 100 Equity and investment fund shares 147.8 208.4 101 Equity other than reinvestment of earnings 134.3 114.7 102 Increases 170.9 141.4 103 Decreases 36.6 26.7 104 Reinvestment of earnings 13.5 93.7 105 Reinvestment of earnings without current-cost adjustment 7.8 85.7 106 Current-cost adjustment 5.7 8.0 107 Debt instruments (line 108--line 109) 10.8 27.8 108 U.S. affiliates' liabilities to their foreign parent groups 13.0 29.1 109 U.S. affiliates' claims on their foreign parent groups 2.2 1.3 110 Financial flows for FDIUS without current-cost adjustment (line 99--line 106) 152.9 228.2 111 Manufacturing 53.5 83.2 112 Wholesale trade 17.1 45.3 113 Finance (including depository institutions) and insurance 45.5 49.5 114 Other 36.8 50.2 115 Equity other than reinvestment of earnings 134.3 114.7 116 Manufacturing 44.7 29.6 117 Wholesale trade 13.3 10.3 118 Finance (including depository institutions) and insurance 43.6 38.9 119 Other 32.7 35.9 120 Reinvestment of earnings without current-cost adjustment 7.8 85.7 121 Manufacturing 8.2 27.8 122 Wholesale trade -9.2 17.9 123 Finance (including depository institutions) and insurance 7.4 17.7 124 Other 1.4 22.3 125 Debt instruments 10.8 27.8 126 Manufacturing 0.6 25.8 127 Wholesale trade 13.0 17.1 128 Finance (including depository institutions) and insurance -5.4 -7.1 129 Other 2.6 -8.0 (1.) These income receipts (line 1) and income payments (line 31) are presented on an asset/liability basis, i.e., data are organized according to whether the investment relates to an asset or a liability regardless of whether the investment is U.S. direct investment abroad (USDIA) or foreign direct investment in the United States (FDIUS). Income receipts primarily result from USDIA, but also include interest receipts associated with U.S. affiliates' claims (assets) on their foreign parent groups. Income payments primarily result from FDIUS, but also include interest payments associated with U.S. parents' liabilities to their foreign affiliates. (2.) Compared with line 1, line 4 nets U.S. parents' interest payments to their foreign affiliates against their interest receipts from their foreign affiliates and excludes interest receipts associated with foreign direct investment in the United States by subtracting U.S. affiliates' receipts from their foreign parent groups to derive income based on the direction of the direct investment relationship. (3.) Compared with line 31, line 34 nets U.S. affiliates' interest receipts from their foreign parent groups against their interest payments to their foreign parent groups and excludes interest payments associated with U.S. direct investment abroad by subtracting U.S. parents' payments to their foreign affiliates to derive income based on the direction of the direct investment relationship. (4.) These financial flows are presented on an asset/liability basis, i.e., data are organized according to whether the investment relates to an asset or a liability regardless of whether the investment is U.S. direct investment abroad (USDIA) or foreign direct investment in the United States (FDIUS). Direct investment assets (line 58) consist primarily of transactions associated with USDIA, but also include flows associated with U.S. affiliates' claims (assets) on their foreign parent groups. Direct investment liabilities (line 96) consist primarily of transactions associated with FDIUS, but also include flows associated with U.S. parents' liabilities to their foreign affiliates. (5.) Compared with line 58, line 61 nets flows associated with U.S. parents' liabilities to their foreign affiliates against flows associated with their U.S. assets and excludes flows associated with foreign direct investment in the United States by subtracting flows associated with U.S. affiliates' claims on their foreign parent groups to derive financial flows based on the direction of the direct investment relationship. (6.) Compared with line 96, line 99 nets flows associated with U.S. affiliates' claims (assets) on their foreign parent groups against flows associated with their U.S. liabilities and excludes flows associated with U.S. direct investment abroad by subtracting flows associated with U.S. parents' liabilities to their foreign affiliates to derive financial flows based on the direction of the direct investment relationship. Table 6. Portfolio Investment (Prototype) [Billions of dollars] Line 2006 2007 2008 A1 Net acquisition of portfolio investment assets (table 1, line 81) 493.7 379.7 -285.7 2 Equity and investment fund shares 137.3 147.8 -38.5 3 Of which: Investment fund shares n.a. n.a. n.a. 4 Debt securities 356.4 231.9 -247.2 5 Short term 130.2 -4.1 -70.0 6 Negotiable certificates of deposit 80.4 -21.8 -15.8 7 Commercial paper 18.9 -1.7 -12.9 8 Other short-term securities 30.9 19.4 -41.3 9 Long term 226.2 236.0 -177.2 10 Of which: Negotiable certificates of deposit -1.6 17.2 -18.4 11 Net incurrence of portfolio investment liabilities (table 1, line 110) 1,126.7 1,156.6 523.7 12 Equity and investment fund shares 145.5 275.6 126.8 13 Of which: Investment fund shares n.a. n.a. n.a. 14 Debt securities 981.3 881.0 396.9 15 Short term 25.1 156.6 307.4 16 Treasury securities -11.4 49.4 455.3 17 Federally sponsored agency securities -22.9 87.4 -98.8 18 Negotiable certificates of deposit 10.1 18.7 13.6 19 Other securities, including commercial paper 49.3 1.1 -62.7 20 Long term 956.2 724.4 89.5 21 Treasury securities 161.7 115.9 256.3 22 Federally sponsored agency securities 245.6 162.7 -129.9 23 Negotiable certificates of deposit 2.5 10.5 -21.0 24 Corporate securities 546.3 435.3 -16.0 25 State and local government securities n.a. n.a. n.a. Assets by sector of US holder B1 Net acquisition of portfolio investment assets (table 1, line 81) 493.7 379.7 -285.7 2 Deposit-taking institutions, except the central bank n.a. n.a. n.a. 3 Equity and investment fund shares n.a. n.a. n.a. 4 Debt securities n.a. n.a. n.a. 5 Short term 3.2 30.0 -28.5 6 Long term n.a. n.a. n.a. 7 Other sectors n.a. n.a. n.a. 8 Other financial institutions n.a. n.a. n.a. 9 Equity and investment fund shares n.a. n.a. n.a. 10 Debt securities n.a. n.a. n.a. 11 Short term 118.2 -32.6 -41.4 12 Long term n.a. n.a. n.a. 13 Nonfinancial institutions n.a. n.a. n.a. 14 Equity and investment fund shares n.a. n.a. n.a. 15 Debt securities n.a. n.a. n.a. 16 Short term n.a. n.a. n.a. 17 Long term n.a. n.a. n.a. Liabilities by sector of U.S. issuer 18 Net incurrence of portfolio investment liabilities (table 1, line 110) 1,126.7 1,156.6 523.7 19 Deposit-taking institutions, except the central bank n.a. n.a. n.a. 20 Equity and investment fund shares n.a. n.a. n.a. 21 Debt securities n.a. n.a. n.a. 22 Short term 26.6 34.2 -9.7 23 Long term n.a. n.a. n.a. 24 General government 150.3 165.3 711.6 25 Debt securities 150.3 165.3 711.6 26 Short term -11.4 49.4 455.3 27 Long term 161.7 115.9 256.3 28 Other sectors n.a. n.a. n.a. 29 Other financial institutions n.a. n.a. n.a. 30 Equity and investment fund shares n.a. n.a. n.a. 31 Debt securities n.a. n.a. n.a. 32 Federally sponsored agencies 222.7 250.1 -228.6 33 Short term -22.9 87.4 -98.8 34 Long term 245.6 162.7 -129.9 35 Other n.a. n.a. n.a. 36 Short term 37.6 -11.6 -27.8 37 Long term n.a. n.a. n.a. 38 Nonfinancial institutions n.a. n.a. n.a. 39 Equity and investment fund shares n.a. n.a. n.a. 40 Debt securities n.a. n.a. n.a. 41 Short term -4.9 -2.8 -11.7 42 Long term n.a. n.a. n.a. Line 2009 2010 A1 Net acquisition of portfolio investment assets (table 1, line 81) 369.8 186.1 2 Equity and investment fund shares 63.6 79.1 3 Of which: Investment fund shares n.a. n.a. 4 Debt securities 306.2 107.0 5 Short term 110.1 39.8 6 Negotiable certificates of deposit 40.5 -23.3 7 Commercial paper 64.8 16.7 8 Other short-term securities 4.7 46.4 9 Long term 196.1 67.2 10 Of which: Negotiable certificates of deposit 32.9 -5.6 11 Net incurrence of portfolio investment liabilities (table 1, line 110) 359.9 706.9 12 Equity and investment fund shares 221.0 172.4 13 Of which: Investment fund shares n.a. n.a. 14 Debt securities 138.9 534.5 15 Short term -123.7 -34.1 16 Treasury securities -7.6 -20.5 17 Federally sponsored agency securities -19.2 -9.7 18 Negotiable certificates of deposit -18.4 -3.0 19 Other securities, including commercial paper -48.5 -0.9 20 Long term 262.6 568.6 21 Treasury securities 562.5 674.7 22 Federally sponsored agency securities -176.8 -79.3 23 Negotiable certificates of deposit -3.9 -3.4 24 Corporate securities -119.2 -23.4 25 State and local government securities n.a. n.a. Assets by sector of US holder B1 Net acquisition of portfolio investment assets (table 1, line 81) 369.8 186.1 2 Deposit-taking institutions, except the central bank n.a. n.a. 3 Equity and investment fund shares n.a. n.a. 4 Debt securities n.a. n.a. 5 Short term -1.8 5.7 6 Long term n.a. n.a. 7 Other sectors n.a. n.a. 8 Other financial institutions n.a. n.a. 9 Equity and investment fund shares n.a. n.a. 10 Debt securities n.a. n.a. 11 Short term 112.7 33.0 12 Long term n.a. n.a. 13 Nonfinancial institutions n.a. n.a. 14 Equity and investment fund shares n.a. n.a. 15 Debt securities n.a. n.a. 16 Short term n.a. n.a. 17 Long term n.a. n.a. Liabilities by sector of U.S. issuer 18 Net incurrence of portfolio investment liabilities (table 1, line 110) 359.9 706.9 19 Deposit-taking institutions, except the central bank n.a. n.a. 20 Equity and investment fund shares n.a. n.a. 21 Debt securities n.a. n.a. 22 Short term -17.6 -3.7 23 Long term n.a. n.a. 24 General government 555.0 654.2 25 Debt securities 555.0 654.2 26 Short term -7.6 -20.5 27 Long term 562.5 674.7 28 Other sectors n.a. n.a. 29 Other financial institutions n.a. n.a. 30 Equity and investment fund shares n.a. n.a. 31 Debt securities n.a. n.a. 32 Federally sponsored agencies -226.0 -89.1 33 Short term -49.2 -9.7 34 Long term -176.8 -79.3 35 Other n.a. n.a. 36 Short term -21.6 -1.2 37 Long term n.a. n.a. 38 Nonfinancial institutions n.a. n.a. 39 Equity and investment fund shares n.a. n.a. 40 Debt securities n.a. n.a. 41 Short term -27.8 1.0 42 Long term n.a. n.a. n.a. Data are not currently available for these transactions. Table 7. Other Investment (Prototype) [Billions of dollars] Line 2006 2007 2008 A1 Net acquisition of other investment assets (table 1, line 86) 549.5 659.8 -380.3 2 Other equity n.a. n.a. n.a. 3 Currency and deposits 298.6 358.9 265.8 4 Loans 247.3 290.2 -642.4 5 Insurance, pension, and standardized guarantee schemes n.a. n.a. n.a. 6 Trade credits and advances 3.5 10.7 -3.7 7 Other accounts receivable n.a. n.a. n.a. 8 Net incurrence of other investment liabilities (table 1, line 115) 695.3 686.9 -402.4 9 Other equity n.a. n.a. n.a. 10 Currency and deposits 301.3 240.7 111.8 11 Loans 388.4 425.6 -520.9 12 Insurance, pension, and standardized guarantee schemes n.a. n.a. n.a. 13 Trade credits and advances 5.7 20.6 6.7 14 Other accounts payable n.a. n.a. n.a. 15 Special drawing rights 0.0 0.0 0.0 Assets by sector of U.S. holder B1 Net acquisition of other investment assets (table 1, line 86) 549.5 659.8 -380.3 2 Central bank 0.0 24.0 529.7 3 Currency and deposits 0.0 24.0 529.7 4 Loans ... ... ... 5 Trade credits and advances ... ... ... 6 Deposit-taking institutions, except the central bank 244.7 327.0 -131.3 7 Of which: Interbank transactions 212.7 270.0 -147.5 8 Currency and deposits 176.9 38.6 33.4 9 Loans 67.8 288.4 -164.7 10 Trade credits and advances ... ... ... 11 General government -5.3 -1.7 -0.1 12 Currency and deposits ... ... ... 13 Loans -5.3 -1.7 -0.1 14 Trade credits and advances ... ... ... 15 Other sectors 310.1 310.5 -778.7 16 Currency and deposits 121.7 296.3 -297.3 17 Loans 184.9 3.5 -477.6 18 Trade credits and advances 3.5 10.7 -3.7 Liabilities by sector of U.S. issuer 19 Net incurrence of other investment liabilities (table 1, line 115) 695.3 686.9 -402.4 20 Central bank 2.2 -10.7 29.2 21 Currency and deposits 2.2 -10.7 29.2 22 Loans ... ... ... 23 Trade credits and advances ... ... ... 24 Deposit-taking institutions, except the central bank 298.5 285.3 235.5 25 Of which: Interbank transactions 235.2 206.3 267.5 26 Currency and deposits 261.6 173.1 107.4 27 Loans 36.9 112.2 128.1 28 Trade credits and advances ... ... ... 29 General government 2.8 5.4 9.0 30 Currency and deposits ... ... ... 31 Loans ... ... ... 32 Trade credits and advances 2.8 5.4 9.0 33 Special drawing rights 0.0 0.0 0.0 34 Other sectors 391.8 406.8 -676.1 35 Currency and deposits 37.5 78.3 -24.8 36 Loans 351.5 313.4 -649.0 37 Trade credits and advances 2.9 15.1 -2.3 Line 2009 2010 A1 Net acquisition of other investment assets (table 1, line 86) -586.3 465.9 2 Other equity n.a. n.a. 3 Currency and deposits -410.4 195.6 4 Loans -175.0 263.9 5 Insurance, pension, and standardized guarantee schemes n.a. n.a. 6 Trade credits and advances -0.9 6.5 7 Other accounts receivable n.a. n.a. 8 Net incurrence of other investment liabilities (table 1, line 115) -182.7 302.6 9 Other equity n.a. n.a. 10 Currency and deposits -75.4 86.6 11 Loans -159.8 195.6 12 Insurance, pension, and standardized guarantee schemes n.a. n.a. 13 Trade credits and advances 5.0 20.4 14 Other accounts payable n.a. n.a. 15 Special drawing rights 47.6 0.0 Assets by sector of U.S. holder B1 Net acquisition of other investment assets (table 1, line 86) -586.3 465.9 2 Central bank -543.5 -10.2 3 Currency and deposits -543.5 -10.2 4 Loans ... ... 5 Trade credits and advances ... ... 6 Deposit-taking institutions, except the central bank 142.6 166.5 7 Of which: Interbank transactions 195.0 142.6 8 Currency and deposits 246.2 88.1 9 Loans -103.6 78.4 10 Trade credits and advances ... ... 11 General government 2.1 2.7 12 Currency and deposits ... ... 13 Loans 2.1 2.7 14 Trade credits and advances ... ... 15 Other sectors -187.6 307.0 16 Currency and deposits -113.1 117.7 17 Loans -73.5 182.8 18 Trade credits and advances -0.9 6.5 Liabilities by sector of U.S. issuer 19 Net incurrence of other investment liabilities (table 1, line 115) -182.7 302.6 20 Central bank 12.6 28.3 21 Currency and deposits 12.6 28.3 22 Loans ... ... 23 Trade credits and advances ... ... 24 Deposit-taking institutions, except the central bank -172.8 73.4 25 Of which: Interbank transactions -51.9 113.9 26 Currency and deposits -33.8 20.0 27 Loans -139.1 53.4 28 Trade credits and advances ... ... 29 General government 58.2 12.1 30 Currency and deposits ... ... 31 Loans ... ... 32 Trade credits and advances 10.6 12.1 33 Special drawing rights 47.6 0.0 34 Other sectors -80.6 188.8 35 Currency and deposits -54.3 38.2 36 Loans -20.8 142.2 37 Trade credits and advances -5.6 8.3 n.a. Data are not currently available for these transactions. ... Not applicable Table 8. Portfolio and Other Investment Liabilities to Foreign Official Agencies (Prototype) [Billions of dollars] Line 2006 2007 2008 A1 Net incurrence of liabilities to foreign official agencies (part of table 1, line 102) 487.9 481.0 554.6 2 Portfolio investment (part of table 1, line 110) 444.0 441.9 576.9 3 Equity and investment fund shares 5.8 45.1 68.9 4 Of which: Investment fund shares n.a. n.a. n.a. 5 Debt securities 438.2 396.8 508.0 6 Short term -43.7 96.3 155.6 7 Treasury securities -25.0 21.7 272.4 8 Federally sponsored agency securities -23.0 60.2 -98.3 9 Negotiable certificates of deposit 0.2 6.5 -5.0 10 Other securities, including commercial paper 4.1 8.0 -13.6 11 Long term 481.9 300.4 352.4 12 Treasury securities 233.6 76.7 276.2 13 Federally sponsored agency securities 219.8 171.5 42.7 14 Negotiable certificates of deposit -0.1 0.7 -1.6 15 Corporate securities 28.6 51.6 35.0 16 State and local government securities n.a n.a n.a 17 Other investment (part of table 1, line 115) 43.9 39.2 -22.2 18 Currency and deposits 14.2 10.0 51.0 19 Loans 26.9 23.7 -82.2 20 Trade credit and advances 2.8 5.4 9.0 21 Special drawing rights 0.0 0.0 0.0 Liabilities by sector of U.S. issuer B1 Net incurrence of liabilities to foreign official agencies (part of table 1, line 102) 487.9 481.0 554.6 2 Portfolio investment (part of table 1, line 110) 444.0 441.9 576.9 3 Deposit-taking institutions, except the central bank n.a n.a n.a 4 Equity and investment fund shares n.a n.a n.a 5 Debt securities n.a n.a n.a 6 Short term 1.2 10.1 -8.9 7 Long term n.a n.a n.a 8 General government 208.6 98.4 548.7 9 Debt securities 208.6 98.4 548.7 10 Short term -25.0 21.7 272.4 11 Long term 233.6 76.7 276.2 12 Other sectors n.a n.a n.a 13 Other financial institutions n.a n.a n.a 14 Equity and investment fund shares n.a n.a n.a 15 Debt securities n.a n.a n.a 16 Federally sponsored agencies 196.8 231.6 -55.6 17 Short term -23.0 60.2 -98.3 18 Long term 219.8 171.5 42.7 19 Other n.a n.a n.a 20 Short term 3.1 4.4 -9.6 21 Long term n.a n.a n.a 22 Nonfinancial institutions n.a n.a n.a 23 Equity and investment fund shares n.a n.a n.a 24 Debt securities n.a n.a n.a 25 Short term n.a n.a n.a 26 Long term n.a n.a n.a 27 Other investment (part of table 1, line 115) 43.9 39.2 -22.2 28 Deposit-taking institutions, except the central bank 16.7 7.6 49.0 29 Currency and deposits 14.1 10.1 50.8 30 Loans 2.6 -2.5 -1.8 31 General government 2.8 5.4 9.0 32 Trade credit and advances 2.8 5.4 9.0 33 Special drawing rights 0.0 0.0 0.0 34 Other sectors 24.5 26.1 -80.3 35 Currency and deposits 0.2 -0.1 0.2 36 Loans 24.3 26.2 -80.4 Line 2009 2010 A1 Net incurrence of liabilities to foreign official agencies (part of table 1, line 102) 480.2 349.8 2 Portfolio investment (part of table 1, line 110) 452.9 348.6 3 Equity and investment fund shares 55.9 29.2 4 Of which: Investment fund shares n.a. n.a. 5 Debt securities 396.9 319.3 6 Short term 19.7 -63.2 7 Treasury securities 57.1 -64.9 8 Federally sponsored agency securities -30.9 1.7 9 Negotiable certificates of deposit -2.6 0.5 10 Other securities, including commercial paper -3.9 -0.4 11 Long term 377.2 382.5 12 Treasury securities 512.8 462.7 13 Federally sponsored agency securities -132.6 -80.8 14 Negotiable certificates of deposit -0.6 -0.2 15 Corporate securities -2.3 0.8 16 State and local government securities n.a n.a 17 Other investment (part of table 1, line 115) 27.4 1.2 18 Currency and deposits -22.2 -17.8 19 Loans -8.6 6.9 20 Trade credit and advances 10.6 12.1 21 Special drawing rights 47.6 0.0 Liabilities by sector of U.S. issuer B1 Net incurrence of liabilities to foreign official agencies (part of table 1, line 102) 480.2 349.8 2 Portfolio investment (part of table 1, line 110) 452.9 348.6 3 Deposit-taking institutions, except the central bank n.a n.a 4 Equity and investment fund shares n.a n.a 5 Debt securities n.a n.a 6 Short term -3.2 0.1 7 Long term n.a n.a 8 General government 569.9 397.8 9 Debt securities 569.9 397.8 10 Short term 57.1 -64.9 11 Long term 512.8 462.7 12 Other sectors n.a n.a 13 Other financial institutions n.a n.a 14 Equity and investment fund shares n.a n.a 15 Debt securities n.a n.a 16 Federally sponsored agencies -163.5 -79.1 17 Short term -30.9 1.7 18 Long term -132.6 -80.8 19 Other n.a n.a 20 Short term -3.3 -0.1 21 Long term n.a n.a 22 Nonfinancial institutions n.a n.a 23 Equity and investment fund shares n.a n.a 24 Debt securities n.a n.a 25 Short term n.a n.a 26 Long term n.a n.a 27 Other investment (part of table 1, line 115) 27.4 1.2 28 Deposit-taking institutions, except the central bank -18.0 -17.4 29 Currency and deposits -22.0 -17.9 30 Loans 4.0 0.5 31 General government 58.2 12.1 32 Trade credit and advances 10.6 12.1 33 Special drawing rights 47.6 0.0 34 Other sectors -12.8 6.5 35 Currency and deposits -0.2 0.1 36 Loans -12.6 6.4 n.a. Data are not currently available for these transactions.