Annual revision of the U.S. international transactions accounts.

Bai, Helen Y. ; Hoang, Mai-Chi

IN JUNE, the Bureau of Economic Analysis (BEA) released annual revisions of the U.S international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts. (1) Through annual revisions, BEA introduces new definitions and classifications, newly available and more complete source data, improved methodologies, and new and updated presentations. Taken together, these changes improve the reliability and consistency of the statistics and address important new developments in the U.S. and international economies. This article focuses on the annual revision of the ITAs.

This annual revision introduces several significant changes in definitions and classifications in the ITAs. These changes are part of a multiyear effort to modernize and enhance BEA's international economic accounts and to align them with recently updated guidelines for international economic accounts. For additional information on these updates, see the box "Updated International Statistical Standards."

For this annual revision, changes related to the implementation of international standards include the following:

* Reclassification of certain exports and imports of military-related items from services to goods on a balance-of-payments basis, beginning with statistics for 1999. (2)

* Reclassification of air and ocean carriers' expenditures on fuel in foreign ports from services to goods, beginning with statistics for 1999.

* Exclusion of migrants' transfers, a measure of the net worth of individuals who immigrate or emigrate during a period, from the capital account, beginning with statistics for 1982.

* Reclassification of permanent debt between affiliated banks, bank holding companies, and financial holding companies from direct investment to U.S. claims and liabilities reported by U.S. banks, beginning with statistics for 2007. In addition to these changes, BEA implemented a new treatment of the allocations of special drawing rights (SDRs) recommended by the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) with the December 2009 release of the ITAs. (3) Previously, BEA followed the recommendation of the fifth edition of this manual and excluded SDR allocations from the ITAs. For additional information, see the box "Allocations of Special Drawing Rights in the ITAs."

BEA expects to implement additional BPM6-related changes in future annual revisions. These changes are generally more complex and involve changes in definitions, classifications, methodologies, or presentations. Some changes require new source data or other resources, such as new data-processing applications. Implementation will depend on several factors, including source data availability, resource requirements, consistency with BEA's national, industry, and regional accounts, and possible effects on tables and data dissemination processes. (4)

Other significant changes introduced in this annual revision include the following:

* Exports and imports of goods were revised for 2007-2009 to incorporate new balance-of-payments adjustments developed to phase in a revised Census Bureau methodology for low-value transactions that was implemented for goods on a Census basis for statistics that begin in 2010. (5)

* Imports of goods were revised, beginning with statistics for 1999, to improve the coverage of an existing balance-of-payments adjustment used to remove transactions related to repair of equipment (a component of trade in services) from Census Bureau statistics. In addition, portions of these transactions that are not covered by BEA's international services surveys were added to imports of services. This partial reclassification from goods to services resulted in partly offsetting revisions to services imports.

* Exports and imports of services (services receipts and payments) were revised to incorporate new and updated source data. The revisions resulted largely from the incorporation of newly available and updated data for 2007-2009 from BEA's quarterly international services surveys and from the initial results of BEA's benchmark survey of international insurance transactions. In addition, services exports and imports were revised for 2006-2009 to incorporate updated source data on transportation services from the U.S. Army Corps of Engineers.

* Direct investment financial flows and related income receipts and payments were revised for 2007-2009 to incorporate new quarterly and annual data from BEA's surveys of U.S. direct investment abroad and foreign direct investment in the United States.

* Foreign securities financial flows and interest receipts for foreign bonds and dividend receipts for foreign stocks were revised for 2007-2009 to incorporate the results of the U.S. Treasury Department's annual survey "U.S. Ownership of Foreign Securities" for December 2008 and other updated source data.

* U.S. securities financial flows and interest payments for U.S. bonds and dividend payments for U.S. stocks were revised for 2007-2009 to incorporate the results of the U.S. Treasury Department's benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009 and other updated source data.

* The presentation of the adjustments used to convert goods on a Census basis to goods on a balance-of-payments basis was modified, primarily to incorporate new adjustments introduced in this annual revision.

* The terminology in table 7 in the quarterly ITA article "U.S. International Transactions: First Quarter of 2010" in this issue was changed; "capital" was replaced with "financial flow" in the title and in several lines and was also dropped from several lines. (6)

Statistics on U.S. international transactions were revised for 1982-2009. (7) The revisions for 1982-98 were entirely due to the removal of migrants' transfers from the capital account. Revised statistics for the detailed components of the ITAs for 1982-2009 are shown in table 1 in the quarterly ITA article in this issue; unless otherwise specified, all line numbers noted in this article refer to this table. See summary information on revisions for 1999-2009 in table E on pages 49 and 50.

Despite several relatively large changes, this annual revision has not significantly altered the overall picture of U.S. international transactions for the past several years (charts 1 and 2). Downward revisions to the goods deficit were mostly offset by downward revisions to the services surplus for 1999-2009. The revisions to goods and services were primarily due to the reclassifications of certain transactions from services to goods that resulted in upward revisions to goods exports and imports and offsetting downward revisions to services exports and imports. These reclassifications did not affect either the combined balance on goods and services or the current-account balance. The revised statistics for the current account show nearly the same widening of the current-account deficit through 2006 and larger declines in the deficit for 2007-2009. Net financial flows were revised up considerably for 2008. The combined effects of revisions to the current, capital, and financial accounts resulted in downward revisions to the statistical discrepancy for 2008 and 2009. Despite these downward revisions, the statistical discrepancy in 2009 remains relatively large. BEA is continuing its efforts to improve the coverage of international transactions and to reduce the size of the statistical discrepancy. (8)

This article is divided into two major sections. The first section summarizes the impact of the revisions on the statistics from the current, capital, and financial accounts, including the statistical discrepancy. The second section discusses the major changes in definitions, statistical methods, and presentations that are introduced in this annual revision.

Impact of the Revisions

The revisions to the statistics mostly resulted from updated source data and the incorporation of new source data, reclassifications of certain transactions between goods and services, and new and updated methodologies. This annual revision is also the first time that statistics on financial derivatives for the fourth quarter of 2009 are available, providing the first complete picture of transactions for 2009.

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Current-account highlights

Current-account statistics were revised for 1999-2009 (table A). The revised statistics show the same trend in the current-account deficit as the previously published statistics. The deficit increased for 1999 and 2000, declined slightly for 2001, rose continuously for 20022006, and then declined again for 2007-2009. In the revised statistics, however, the declines for 2007-2009 are larger, particularly for 2008, and the deficit for 2009 is lower than the deficit for 2001. The larger decreases in the deficit for 2007 and 2008 are primarily due to larger increases in the surplus on income; the larger decrease for 2009 is due to a larger decline in the deficit on goods.

The current-account deficit was revised down for all years; the largest revisions were for 2008 and 2009. Downward revisions to the current-account deficit for 1999-2009 reflected the removal of transactions related to the repair of equipment from goods imports and the addition of the portion of these transactions not covered by BEA's international services surveys to services imports. In addition, downward revisions to the current-account deficit for 2007-2009 mostly reflected upward revisions to the income surplus resulting from new survey data on direct investment income flows.

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In addition to the sources of revisions described above for the annual statistics, the quarterly statistics incorporate revised seasonal factors for exports and imports of goods and services and for income flows. In general, the revisions to the quarterly statistics for exports, imports, income, and transfers did not significantly affect the previously published patterns of quarter-to-quarter changes in the current-account deficit (chart 3). However, some quarterly patterns were revised, mostly for 2009. For the first quarter of 2009, the surplus on services increased in the revised statistics and decreased in the preliminary statistics; in contrast, for the third quarter of 2009, it decreased in the revised statistics and increased in the preliminary statistics. For the second quarter of 2009, the surplus on income increased in the revised statistics and decreased in the preliminary statistics.

For most quarters, the revisions did not significantly affect the magnitude of change in the seasonally adjusted quarterly statistics for major current-account aggregates. The revisions to changes in the current-account deficit were largest for the fourth quarter of 2007 and the third and fourth quarters of 2009. The decrease in the current-account deficit for the fourth quarter of 2007 is now larger, primarily due to a smaller increase in the deficit on goods and a larger increase in the surplus on income. The increase in the current-account deficit for the fourth quarter of 2009 is now smaller, resulting from the combined effects of a smaller increase in the deficit on goods, a smaller decrease in the surplus on income, and a larger increase in the surplus on services.

Goods and services. The revisions to goods and services exports and imports were primarily due to the reclassifications of certain transactions from services to goods. These reclassifications resulted in upward revisions to goods exports and imports and entirely offsetting downward revisions to services exports and imports; they did not affect the combined balance on goods and services.

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The deficit on goods and services was revised down for 1999-2006 and 2009, and it was revised up for 2007 and 2008. Downward revisions for 1999-2009 reflected the removal of transactions related to the repair of equipment from goods imports and the addition of only portions of these transactions to services imports; revisions for 2007-2009 also reflected the incorporation of updated source data. The largest revision was for 2009 when the deficit on goods and services was revised down $3.7 billion--the net effect of a $10.1 billion downward revision to the deficit on goods and a $6.4 billion downward revision to the surplus on services.

Goods were revised for 1999-2009; the largest revisions were for 2006-2009 (table B). The deficit on goods was revised down for all years. These revisions largely resulted from upward revisions to goods exports related to the reclassifications of certain transactions from services to goods. Goods imports were also revised upward for all years due to the reclassifications; however, upward revisions due to reclassifications were partly offset by an upward revision to the balance-of-payments adjustment used to remove transactions related to the repair of equipment from goods imports. The revisions to goods transactions for 1999-2009 did not significantly change the trends in exports, imports, or the deficit on goods.

Services were also revised for 1999-2009. The services surplus was revised down for all years, largely as a result of downward revisions to exports. Within exports, transfers under U.S. military agency sales contracts and "other" transportation services were revised down significantly as a result of the reclassifications of certain transactions from these accounts to goods exports. For 2007-2009, the downward revisions resulting from the reclassifications were partly offset by upward revisions to exports of "other" private services--largely as a result of upward revisions to insurance services and to business, professional, and technical services--and to exports recorded under royalties and license fees. The revisions to these services transactions resulted from the initial results of BEA's benchmark survey of international insurance transactions and from updated source data from other BEA surveys. Imports of services were also revised down for all years, as a result of the reclassifications of certain transactions from "other" transportation services and from direct defense expenditures to goods imports. Downward revisions to "other" transportation services were also attributable to updated source data from BEA surveys for 2007-2009 and from the U.S. Army Corps of Engineers for 2006-2009. These downward revisions were partly offset by upward revisions to "other" private services for 1999-2009 to incorporate transactions related to repair of equipment that were previously recorded in goods imports. Within "other" private services, upward revisions also reflected upward revisions to insurance services for 2006-2009 and to business, professional, and technical services for 2007-2009. These revisions were largely due to the initial results of BEA's benchmark survey of international insurance transactions and to updated source data from other BEA surveys.

Income. The surplus on income was revised up for 2007-2009, mostly reflecting upward revisions to direct investment receipts that were due to new data on direct investment income flows. In addition, for 2009, "other" private income receipts and payments were revised down, and U.S. government payments were revised up. The revisions to "other" private income receipts and payments mostly resulted from lower estimates of income earned on foreign securities and lower estimates of interest payments on U.S. securities. The revision to U.S. government payments reflected results from the U.S. Treasury Department's benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009.

Transfers. Net outflows of unilateral current transfers were revised up slightly for 2006 and down for 2007-2009. The largest revisions were for 2008 and 2009; private remittances and other transfers were revised down, primarily reflecting the initial results of BEA's benchmark survey of international insurance transactions. (9)

Capital-account highlights

Upward revisions to net capital-account transactions for 1982-2009 resulted from the removal of migrants' transfers from the ITAs. The upward revision for 2008 was also due to updated source data on disaster-related losses from BEA's benchmark survey of international insurance transactions. Revisions for 1982-99 were less than $1 billion a year; the largest revisions were for 2006-2009.

Financial-account highlights

Financial-account statistics were revised for 2007-2009 (table A). Net financial inflows were revised down $25.4 billion for 2007 and were revised up $72.8 billion for 2008 and $18.3 billion for 2009. Revisions to net financial inflows represent the combined effects of revisions to U.S.-owned assets abroad, foreign-owned assets in the United States, and financial derivatives (which are recorded on a net basis in the ITAs). These revisions reflect the incorporation of new and updated source data from the Treasury International Capital (TIC) reporting system, the U.S. Treasury Department's surveys of securities, and BEA's surveys of direct investment.

For 2007, U.S.-owned assets abroad were revised up slightly, foreign-owned assets in the United States were revised down, and net financial derivatives were unrevised, resulting in a downward revision to net financial inflows for the year. For 2008 and 2009, both U.S. owned assets abroad and foreign-owned assets in the United States were revised down. Despite being relatively large individually, these revisions partly offset one another and produced smaller revisions to net financial inflows for 2008 and 2009. Net financial derivatives were revised down $4.0 billion for 2008. (10)

Generally, the revisions did not change the quarterly transactions trend in 2007 despite the widening of the decline in net financial inflows between the first and second quarters of 2007 due to the combination of a first-quarter upward revision and a second-quarter downward revision to net financial inflows (chart 4). For 2008, net financial inflows were revised up each quarter; the largest revisions were for the second and fourth quarters. The upward revision of $48.4 billion for the second quarter significantly leveled quarterly net financial inflows during 2008, reducing the quarter-to-quarter changes exhibited in previously published statistics. These revisions also establish a steadily declining trend for 2008.

Quarterly revisions to net financial inflows for 2009 were relatively large individually; however, because of downward revisions that were mostly offset by upward revisions, the revision for the year ($18.3 billion) was small relative to the revisions to the gross flows. Net financial inflows were revised down for the first three quarters, particularly the first and second quarters; however, a large upward revision for the fourth quarter mostly offset these downward revisions. These revisions also altered the trend for 2009. Following the steady declines in 2008, net financial inflows reached a trough in the first half of 2009 and began to increase at a fairly rapid rate in the second half of 2009.

U.S.-owned assets abroad

U.S.-owned assets abroad excluding financial derivatives represent the net acquisition of foreign financial assets by U.S. residents. These transactions in which net acquisitions are recorded as outflows with a minus sign were revised up (became more negative) $3.6 billion for 2007 and revised down (became more positive) $156.2 billion for 2008 and $97.0 billion for 2009 (table C). The downward revision for 2008 was noteworthy, both in absolute terms and because it resulted in net inflows, a deviation from persistent net outflows over several decades. The downward revision for 2009 reduced net outflows to a level not seen since the early 1990s.

U.S. direct investment abroad. The revisions largely resulted from updated data from BEA's quarterly and annual direct investment surveys. The statistics were revised up $15.4 billion for 2007, $19.1 billion for 2008, and $47.7 billion for 2009. For 2007 and 2008, the revisions reflected upward revisions to U.S. equity investment abroad and were partly offset by downward revisions to reinvested earnings and intercompany debt. For 2009, the revisions were mostly due to upward revisions to reinvested earnings and intercompany debt and were partly offset by a downward revision to equity investment.

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Foreign securities. For 2008, the $137.1 billion downward revision to foreign securities accounted for most of the total revisions to U.S.-owned assets abroad. The large downward revision resulted from the incorporation of statistics from the U.S. Treasury Department's annual survey "U.S. Ownership of Foreign Securities" for December 2008 into the ITAs. For 2009, net sales of foreign securities were revised down $13.3 billion.

Nonbank claims. The downward revisions of $17.4 billion for 2007 and $48.9 billion for 2008 and the upward revision of $11.4 billion for 2009 were mainly due to updated data on deposit claims from the TIC reporting system and on the intercompany debt claims of financial intermediaries from BEA's surveys of direct investment. (11) For 2009, the revision also reflected the impact of a delay in the availability of data for nonbank financial firms that converted to bank holding companies in late 2008.

Bank claims. Upward revisions of $5.6 billion for 2007 and $10.7 billion for 2008 were largely accounted for by updated data from BEA's annual and quarterly direct investment surveys. (12) The downward revision of $143.2 billion for 2009 reflected updated TIC system data for short-term instruments claims reported by banks for customers' accounts and the delay in the availability of TIC source data for the new bank holding companies.

Foreign-owned assets in the United States

Foreign-owned assets in the United States excluding financial derivatives represent the net acquisition of U.S. financial assets by foreign residents. In these transactions, net acquisitions are recorded as inflows with a positive sign. Net acquisition of U.S. assets by foreign residents as previously published reached a historic high in 2007, a status unaffected by the downward revision of $21.8 billion. From the 2007 high, financial inflows as previously published fell sharply in 2008 and 2009. With the downward revisions to inflows of $79.3 billion for 2008 and $129.5 billion for 2009, the declines were even steeper than previously published.

Official and private transactions in U.S. Treasury securities. For both 2008 and 2009, foreign official net purchases of U.S. Treasury securities were revised up significantly, and private net purchases were revised down. The $71.0 billion upward revision to official net purchases of U.S. Treasury securities for 2008 partly offset other sizable downward revisions to foreignowned assets in the United States. Results from the U.S. Treasury Department's benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009 drove the revisions.

Official transactions in other U.S. government securities. Official transactions in other (U.S.-government-sponsored agency) securities were revised down $23.1 billion for 2008 and $81.0 billion for 2009. The 2009 downward revision was the largest contributor to the total revision to foreign-owned assets in the United States. For both 2008 and 2009, the revisions were due to results from the U.S. Treasury Department's benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009.

Other foreign official assets and private transactions in U.S. securities other than U.S. Treasury securities. Net purchases of other foreign official assets (U.S. corporate stocks and bonds) were revised up $15.6 billion for 2008 and $12.3 billion for 2009. Private transactions in U.S. securities other than U.S. Treasury securities were revised down $39.8 billion for 2008 and revised up $6.7 billion for 2009. The revisions were largely due to results from the U.S. Treasury Department's benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009.

Nonbank liabilities. For 2007, the $19.3 billion downward revision was primarily due to the incorporation of updated data from BEA's quarterly and annual direct investment surveys. An upward revision of $8.6 billion for 2008 and a downward revision of $28.4 billion for 2009 resulted from the incorporation of updated data from the TIC reporting system and those from BEA's quarterly and annual direct investment surveys. TIC source data revisions reflected the delayed availability of data for nonbank financial firms that converted to bank holding companies in late 2008.

Bank liabilities. Downward revisions of $85.4 billion for 2008 and $78.0 billion for 2009 accounted for significant portions of the total downward revisions to foreign-owned assets in the United States for both years. Updated data from the TIC reporting system accounted for the majority of the revisions for 2008 and 2009; the revision for 2009 also partly reflected the delayed availability of TIC source data for the new bank holding companies.

Statistical discrepancy

In principle, net financial inflows should equal the combined balances on the current and capital accounts. In practice, they differ, sometimes by large amounts, because of incomplete source data, gaps in coverage, timing differences, or other errors and omissions. In certain periods, revisions to net financial inflows differed significantly from the revisions to the combined deficits on the current and capital accounts. As a result, revisions to the statistical discrepancy were relatively large for some periods.

For 1982-2009, the removal of migrants' transfers from the capital account resulted in a corresponding reduction in the statistical discrepancy. For 2007, the combined revisions to the deficits on the current and capital accounts and to net financial inflows resulted in a larger statistical discrepancy. For both 2008 and 2009, the large downward revisions to the statistical discrepancy primarily reflect the combined effects of significant downward revisions to the current-account deficit and upward revisions to net financial inflows. As described above, the downward revisions to the current-account deficit for both years were largely attributable to upward revisions to the surplus on income. For net financial inflows, the upward revision for 2008 was primarily due to U.S.-owned assets abroad excluding net financial derivatives; the upward revision for 2009 was due to upward revisions to the second and third quarters and to the inclusion of net financial derivatives in the fourth quarter. For 2008 and 2009, the combined revisions resulted in smaller statistical discrepancies. However, the discrepancies remain relatively large, and BEA continues to conduct research and work closely with its source data partners to address concerns about the size of the statistical discrepancy.

Changes in Definitions, Statistical Methods, and Presentations

This section identifies the changes in definitions and statistical methods introduced in this annual revision, describes the accounts, components, and periods affected, briefly discusses the rationale for the changes, and describes changes in presentations. Changes in definitions and classifications are discussed first, followed by changes in methodologies and source data (statistical changes). Changes in definitions and classifications represent new views of the economic accounting concepts and principles that should be measured in the accounts. Statistical changes provide better statistical measures of specific concepts or principles.

Changes in definitions and classifications

For this annual revision, all the changes in definitions and classifications reflect new treatments of certain transactions as recommended by recent international statistical standards. This year's changes affect the current account, the capital account, and the financial account.

Current account. International guidelines recommend separating goods and services transactions to the extent possible, given the nature of the source data used to compile the accounts. A clearer separation of goods and services will more closely align BEA's goods and services statistics with international economic accounting concepts and definitions and will improve comparability of statistics for trade and domestic production. This year's annual revision introduces a new treatment of several goods transactions that were previously recorded in services.

In the previously published statistics, certain exports and imports of military-related goods were recorded on a transactor basis and were combined with other services transactions in the services account. Goods exported under Foreign Military Sales (FMS) contracts were included in services as "transfers under U.S. military agency sales contracts," and military imports of goods were included in services as "direct defense expenditures." Beginning with statistics for 1999, goods exported under FMS contracts were reclassified from "transfers under U.S. military agency sales contracts" (table 1, line 5) to exports of goods (line 3), and petroleum purchases abroad by the U.S. military were reclassified from direct defense expenditures (line 22) to imports of goods (line 20). (13) For goods, these transactions were reclassified through the new adjustments "exports under U.S. military agency sales contracts" and "imports by U.S. military agencies," which will be discussed further in a later section.

In the previously published statistics, expenditures on goods and services by foreign air and ocean carriers in U.S. ports (exports) and by U.S. air and ocean carriers in foreign ports (imports) were included in "other" transportation services. Beginning with statistics for 1999, fuel expenditures by foreign and U.S. air and ocean carriers were reclassified from "other" transportation services (lines 8 and 25) to goods (lines 3 and 20). (14) For goods, these expenditures were reclassified through the new adjustments "goods procured in U.S. ports by foreign carriers" and "goods procured in foreign ports by U.S. carriers," which will be discussed further in a later section.

These reclassifications resulted in upward revisions to goods and offsetting downward revisions to services for 1999-2009. For both exports and imports, the largest revisions were for 2008 when transactions reclassified from services to goods amounted to $24.7 billion for exports and $24.3 billion for imports (table D).

Capital account. International guidelines place greater emphasis on the change-of-ownership principle in the recording of current-account and capital-account transactions in order to increase consistency with the treatment of the related financial flows. Beginning with statistics for 1982, migrants' transfers, a measure of the net worth of individuals who immigrate or emigrate during a period, were removed from the capital account (line 39). Immigration and emigration do not generate transactions between a resident and a nonresident, and international guidelines now exclude migrants' transfers from international transactions. Migrants' investments in their country of origin will continue to be recorded in the international investment position accounts when migration changes the status of these investments from domestic to international, but they will enter the position as other changes in value rather than as financial flows.

The removal of migrants' transfers from the ITAs resulted in upward revisions (larger net inflows) to net capital-account transactions. The revisions ranged from less than $1 billion a year for 1982-99 to $2.7 billion for 2009 (table D).

Financial account. As a part of its ongoing efforts to introduce new international standards, BEA has changed the treatment of "permanent" debt transactions between affiliated depository institutions--banks, bank holding companies, and financial holding companies--by removing these transactions from direct investment and recording them in other investment accounts. Permanent debt is debt that is deemed to represent a lasting interest in the institution receiving the funds, such as funding used for working capital or to finance plant and equipment. The previous treatment was consistent with the recommendations of the fifth edition of the Balance of Payments Manual and International Investment. In the sixth edition of the Balance of Payments and International Investment Manual (BPM6), the International Monetary Fund recommends that all debt between affiliated financial intermediaries be excluded from direct investment and recorded in other investment accounts. Following this recommendation, beginning with statistics for 2007, permanent debt between these affiliated financial intermediaries is excluded from direct investment, and like loans and deposits made in the ordinary course of carrying out financial intermediation, it is recorded as claims reported by U.S. banks (line 54) and liabilities reported by U.S. banks (line 69). (15)

The reclassification resulted in very small revisions to the affected ITAs; they did not affect the overall financial flows. Permanent debt transactions between affiliated banks, bank holding companies, and financial holding companies reclassified from direct investment to claims reported by U.S. banks were -$0.3 billion for 2007, $0.1 billion for 2008, and $0.1 billion for 2009. Permanent debt transactions reclassified to liabilities reported by U.S. banks were $1.1 billion for 2007, $3.2 billion for 2008, and $1.1 billion for 2009.

Statistical changes

Current account and capital account

Several changes in methodologies and source data were introduced in order to improve the statistics on goods exports and imports. In addition, source data were updated for services, income, transfers, and capital-account transactions.

For this annual revision, BEA introduced several new adjustments used to convert goods on a Census basis to goods on a balance-of-payments basis. These adjustments are itemized in table 2, part A, in the quarterly ITA article in this issue and are incorporated into the respective commodity categories in table 2, part C.

Beginning with statistics for 1999, new adjustments were introduced to reclassify the goods transactions by the U.S. military from services to goods. Census Bureau statistics include some military-type goods that are also included in the primary source data provided to BEA by the U.S. Department of Defense (DOD). To avoid duplication, the new adjustments represent the difference between transactions included in the DOD data and those included in the Census Bureau statistics. The new adjustment "exports under U.S. military agency sales contracts" is incorporated into the commodity category "exports, n.e.c." (not elsewhere classified) (table 2, part C, line 81), which includes military-type goods; the new adjustment "imports by U.S. military agencies" is incorporated into the commodity category "petroleum and products" (table 2, part C, line 100).

Beginning with statistics for 1999, new adjustments were introduced to reclassify air and ocean carriers' expenditures on fuel in foreign ports from services to goods. The new export adjustment "goods procured in U.S. ports by foreign carriers" reclassifies these goods transactions as U.S. exports of petroleum and products (table 2, part C, line 24). The new adjustment "goods procured in foreign ports by U.S. carriers" reclassifies these transactions as U.S. imports of petroleum and products (table 2, part C, line 100).

New adjustments were introduced to phase in a revised Census Bureau methodology for low-value transactions that was implemented for goods on a Census basis for statistics that begin in 2010. These adjustments were applied to "exports, n.e.c." (table 2, part C, line 81) and "imports, n.e.c. and U.S. goods returned" (table 2, part C, line 158) for 2007-2009 statistics and contributed to revisions to goods that resulted from statistical changes (table D).

An existing adjustment to remove transactions related to the repair of equipment from goods imports was expanded to improve coverage for 1999-2009 statistics. Portions of these transactions that are not covered by BEA's international services surveys were added to imports of "business, professional, and technical services," a component of "other" private services (line 27). This partial reclassification from goods to services is reflected in the revisions to goods and services that resulted from statistical changes (table D). Other changes include the following:

* The incorporation of initial results of BEA's benchmark survey of international insurance transactions, which affected "other" private services (lines 10 and 27) for 2006-2009, net unilateral current

transfers (line 38), mostly for 2008 and 2009, and net capital-account transactions (line 39), primarily for 2008. Revisions to transfers are presented in table B. Revisions to services and to capital-account transactions are reflected in the statistical changes for those accounts in table D.

* The incorporation of new and updated data from BEA surveys covering receipts and payments of private services for 2007-2009 and the incorporation of updated source data on other transportation services from the U.S. Army Corps of Engineers for 2006-2009. These revisions are reflected in the statistical changes for services (table D).

* The incorporation of annual survey data for 20072008 and quarterly survey data for 2007-2009 on direct investment financial flows and investment income.

* The incorporation of new source data on financial positions from the U.S. Treasury Department's surveys of securities that resulted in revisions to "other" private receipts (line 15) and "other" private payments (line 32) for 2007-2009. For additional information about the revisions to positions, see the following section, "Financial account."

Financial account

This annual revision introduces new and improved source data from the U.S. Treasury Department's annual survey "U.S. Ownership of Foreign Securities" for December 2008 and its benchmark survey "Foreign-Residents' Holdings of U.S. Securities" for June 2009 (June 2009 survey). The incorporation of data from these surveys led to revised transaction and income statistics for 2008 and 2009 associated with cross-border holdings of U.S. and foreign securities. The survey results are also reflected in revisions to the U.S. international investment position for 2008 and in the preliminary estimates for 2009. Below is a summary of the impact of the incorporation of these surveys.

Foreign stocks and bonds. Position and transaction statistics were revised to incorporate the results from the U.S. Treasury Department's annual survey "U.S. Ownership of Foreign Securities" for December 2008. To align BEA's statistics with the 2008 yearend survey results, positions for foreign stocks were revised down $103.0 billion, and positions for foreign bonds were revised down $155.6 billion. U.S. transactions in foreign securities (line 52) were revised down for 2008 and 2009 because the lower positions reported in the survey indicated that the actual net U.S. sales of foreign securities were larger than had been reported in the monthly TIC data.

U.S. Treasury bonds. Position and transaction statistics for private and foreign official holdings were revised to incorporate results from the U.S. Treasury Department's June 2009 survey. The survey revealed that foreign official holdings were $142.0 billion higher than estimated in June 2009 and that private holdings were $31.0 billion lower than estimated, leading to offsetting revisions to positions and transactions. As a result, for 2008, foreign official holdings of U.S. Treasury bonds were revised up $74.8 billion, and private holdings were revised down $34.0 billion. The survey results indicated that BEA estimates of net foreign official purchases had been too low and that estimates of net private purchases had been too high from mid 2008 to mid-2009. Therefore, for 2008 and 2009, foreign official net purchases of U.S. Treasury securities (line 58) were revised up, and private net purchases (line 65) were revised down.

U.S. agency bonds. The June 2009 survey revealed that foreign official holdings were $93.0 billion lower than estimated in June 2009 and that private holdings were $36.0 billion higher than estimated, leading to offsetting revisions to positions and transactions. As a result, for 2008, foreign official holdings were revised down $39.1 billion, and private holdings were revised up $15.9 billion. The survey results indicated that BEA estimates of net foreign official purchases had been too high and that estimates of net private purchases had been too low from mid-2008 to mid-2009. Therefore, for 2008 and 2009, foreign official net purchases of agency bonds securities (line 59) were revised down, and private net purchases (a component of line 66) were revised up.

U.S. corporate bonds. The June 2009 survey revealed that foreign private holdings of U.S. corporate bonds were $189.0 billion lower than estimated in June 2009 and that official holdings were $5.0 billion higher than estimated. As a result, for 2008, private holdings of U.S. corporate bonds were revised down $111.0 billion, and official holdings were revised up $3.0 billion. The survey results indicated that BEA estimates of net foreign private purchases of corporate bonds had been too high from mid-2008 to mid-2009. As a result, for 2008 and 2009, foreign private net purchases of corporate bonds (a component of line 66) were revised down.

U.S. corporate stocks. The June 2009 survey revealed that private holdings of U.S. stocks were $28.0 billion higher than estimated and that official holdings of U.S. stocks were $41.0 billion higher than estimated. As a result, for 2008, foreign official holdings were revised up $13.0 billion, and foreign private holdings were revised up $22.0 billion. The survey results indicated that BEA estimates of net foreign private purchases and net foreign official purchases of corporate stocks had been too low from mid-2008 to mid-2009. Therefore, for 2008 and 2009, foreign official net purchases of corporate stocks (a component of line 62) were revised up, explaining the total revisions to line 62. Foreign private net purchases (a component of line 66) were also revised up for both years.

Foreign private net purchases of U.S. securities, other than U.S. Treasury securities (line 66). In this line, the revisions to foreign private transactions in agency bonds, corporate bonds, and corporate stocks are combined and were revised down for 2008 and 2009. The downward revisions to corporate bonds more than offset the upward revisions to agency bonds and stocks.

Changes in presentations

Current account. Several modifications have been made to table 2, part A, in the quarterly ITA article,

which presents the adjustments made to convert exports and imports of goods on a Census basis to the balance-of-payments basis used to prepare the ITAs. Lines have been added to present new adjustments and to separately identify large adjustments that had been included in "other adjustments, net."

Lines have been added for the adjustments introduced in this annual revision to reclassify certain transactions from services to goods. For exports, the adjustments are "exports under U.S. military agency sales contracts" and "goods procured in U.S. ports by foreign carriers." For imports, the adjustments are "imports by U.S. military agencies" and "goods procured in foreign ports by U.S. carriers."

For both exports and imports, lines have been added for the adjustments "low-value transactions." These adjustments were introduced in this annual revision to phase in a revised Census Bureau methodology for low-value transactions that was implemented for goods on a Census basis for statistics that begin in 2010.

For imports, a new line has been added to identify the adjustment "repair of equipment," which was previously included in "other adjustments, net." For this year's annual revision, this adjustment, which is used to reclassify transactions related to equipment repairs included in the Census Bureau statistics from goods to services, was expanded to improve coverage.

In addition, new lines have been added to present total export and import balance-of-payments adjustments to statistics on goods.

Financial account. A term has been changed in table 7 in the quarterly ITA article to replace "capital" with "financial flows" in the title and on several relevant lines in the table. This change was made to more consistently reflect the current nomenclature used in international economic accounts and in the rest of the ITAs.

Acknowledgments

The revised statistics for the U.S. international transactions accounts were prepared under the general direction of Paul W. Farello and Christopher A. Gohrband. Robert E. Yuskavage provided overall guidance.

Revised statistics for the improved classifications of goods and services were prepared by Jeffrey R. Bogen for U.S. military agency sales contracts, Rodney D. Thorn for direct defense expenditures abroad, and Patricia A. Brown and Edward F. Dozier for fuel purchases in ports, all under the direction of Paul W. Farello and Michael A. Mann. Mai-Chi Hoang and Benjamin P. Kavanaugh prepared the related balance-of-payments adjustments for statistics on goods under the direction of John W. Rutter.

The benchmark insurance services survey was conducted by Mark P. Samuel under the direction of Christopher J. Emond. Adjustments for the exclusion of migrants' transfers from the capital account were prepared by Anne Flatness. Statistics for the reclassification of permanent debt were prepared by the staff of the Direct Investment Division under the direction of David H. Galler.

Elena L. Nguyen, Erin M. Whitaker, and Cavan J. Wilk prepared financial-account statistics based on the U.S. Treasury Department's surveys of securities under the direction of Christopher A. Gohrband. Helen Y. Bai and Barbara H. Berman prepared revised statistics for bank and nonbank claims and liabilities that reflect the reclassification of certain financial firms to bank holding companies and the reclassification of permanent debt in the banking accounts.

Updated International Statistical Standards

Last year, the International Monetary Fund released the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). This update, the first since 1993, was coordinated with an update in 2008 of the System of National Accounts (2008 SNA) in order to maximize the overall consistency between these two key sets of international standards for economic accounts. In addition, the Organisation for Economic Co-operation and Development released the fourth edition of the Benchmark Definition of Foreign Direct Investment in 2008, and the United Nations Statistical Commission approved updates of the 2010 editions of the Manual on Statistics of International Trade in Services and the International Merchandise Trade Statistics: Concepts and Definition in February of this year. Updates of these three manuals were also prepared in coordination with BPM6 and the 2008 SNA as part of a concerted effort to maximize to the extent possible consistency in definitions, concepts, principles, and recommended practices.

Allocations of Special Drawing Rights in the ITAs

The International Monetary Fund (IMF) distributed special drawing rights (SDRs) valued at more than $280 billion to the worldwide membership of the IMF, including $47.6 billion to the United States, through two allocations of SDRs in August and September of 2009. The allocations were taken as steps to help combat the global financial crisis, primarily in response to requests from the G-20 Heads of State and the IMF's International Monetary and Financial Committee at their respective meetings in April 2009. The allocations increase the reserve assets available to IMF member countries. An SDR is an asset that is created by the IMF to supplement the official reserves of members and that is readily convertible into reserve currencies, which include the U.S. dollar, the Japanese yen, the British pound, and the euro.

The Bureau of Economic Analysis (BEA) included the allocations of SDRs to the United States in the international transactions accounts (ITAs) with the December 2009 release of the ITAs; previously, such allocations had been excluded from the ITAs. Specifically, the allocations to the United States were included in the SDR component of U.S. official reserve assets in table 1 of the ITAs (line 43). The offset to these transactions is included in "other" U.S. government liabilities (line 60) in order to reflect the increase in the liabilities of the U.S. Treasury. The adoption of the new international standards for reporting the allocations of SDRs allows BEA to show the significant impact of these allocations on U.S. claims and liabilities.

In order to treat all SDR allocations consistently, BEA departed from its usual practice of making historical revisions only in the June release of the ITAs. Instead, BEA revised the ITAs in December 2009 to include allocations for the third quarter of 2009 and the six earlier allocations of SDRs. Revisions to account for these allocations were made for the first quarters of 1970, 1971, 1972, 1979, 1980, and 1981.

(1.) For a discussion of revisions to the IIP accounts and additional information, see Elena L. Nguyen, "The International Investment Position of the United States at Yearend 2009" in this issue.

(2.) Unless otherwise specified, "goods" in this article refers to goods on a balance-of-payments basis. The statistics on goods are based on Census Bureau data that are collected by the U.S. Customs and Border Protection and adjusted by BEA for coverage, timing, valuation, and classification to a balance-of-payments basis.

(3.) Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International Monetary Fund, 2009).

(4.) For additional information, see 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.

(5.) Low-value transactions in Census Bureau statistics are those that fall below the reporting threshold in customs documents. For exports, the threshold is $2,500; for imports, the threshold is $2,000 ($250 for certain quota items).

(6.) For information on U.S. international transactions tables 1-12, see Sarah Scott Thomas, Erin M. Whitaker, and Daniel R. Yorgason, "U.S. International Transactions: First Quarter of 2010" in this issue.

(7.) Statistics for 1970-72 and for 1979-81 were revised in December 2009 with the release of the ITAs. Revisions for these years reflect the new treatment of allocations of SDRs. For additional information, see the box "Allocations of Special Drawing Rights in the ITAs."

(8.) For additional information, see the box "The Statistical Discrepancy in Periods of Economic Turbulence" in Anne Flatness, Erin M. Whitaker, and Robert E. Yuskavage, "Annual Revision of the U.S. International Accounts," Survey 89 (July 2009): 42.

(9.) BEA defines and measures insurance services as premiums less "normal" losses, where normal losses are inferred from the relationship of actual losses to premiums averaged over several years. (Income on assets deemed to be the property of policyholders and services auxiliary to insurance are also reflected in the measure of insurance services.) The differences between actual losses and normal losses are accounted for with offsetting entries, which are recorded in private remittances and other transfers (line 38) in the current account for regularly occurring losses. With the annual revision for 2009, BEA began recording certain disaster-related losses recovered from international insurers in the capital account, as recommended by international statistical standards, rather than as a component of unilateral transfers in the current account. For additional information on this change in treatment, see Flatness, Whitaker, and Yuskavage, 43.

(10.) Net financial derivatives inflows were $50.8 billion in 2009. Previously published 2009 statistics were not available because data were not available for the fourth quarter of 2009.

(11.) Nonbank claims and liabilities include intercompany debt between affiliated financial intermediaries that is collected in surveys of direct investment and reclassified to the nonbank accounts, as recommended by international statistical standards.

(12.) Survey data on direct investment affect U.S. claims reported by banks because owner's equity in unincorporated affiliates is included in direct investment statistics; bank claims are adjusted to avoid duplication in the ITAs.

(13.) Other goods transactions and all goods transactions for periods before 1999 remain in lines 5 and 22 because they are commingled with services transactions in BEA's source data. In addition, BEA is maintaining these series as they were previously defined in a supplemental presentation on the BEA Web site in order to assist users who would like to obtain a more complete picture of the role of the U.S. military in international transactions.

(14.) Other goods transactions and all goods transactions for periods before 1999 remain in lines 8 and 25 because they are commingled with services transactions in BEA's source data.

(15.) In the prototype BPM6-type tables presented in Howell and Yuskavage, 17-20, these permanent debt transactions would fall under the new category "other investment." However, this change in treatment was not reflected in the data presented in those tables.

Revisions to Selected Financial-Account Transactions, 1970-81

[Millions of dollars]

(Credits +; debits -) (1) 1970 1971 1972

U.S.-owned assets abroad, excluding -9,337 -12,475 -14,497
 financial derivatives (line 40):
 Revised
 Previously published -8,470 -11,758 -13,787
 Amount of revision -867 -717 -710

 U.S. official reserve assets

 Special drawing rights (line 43):
 Revised -851 -249 -703
 Previously published 16 468 7
 Amount of revision -867 -717 -710

Foreign-owned assets in the United
 States, excluding financial
 derivatives (line 55):
 Revised 7,226 23,687 22,171
 Previously published 6,359 22,970 21,461
 Amount of revision 867 717 710

 Foreign official assets in the United
 States
 Other U.S. government liabilities
 (line 60):
 Revised 411 207 892
 Previously published -456 -510 182
 Amount of revision 867 717 710

(Credits +; debits -) (1) 1979 1980 1981

U.S.-owned assets abroad, excluding -66,054 -86,967 -114,147
 financial derivatives (line 40):
 Revised
 Previously published -64,915 -85,815 -113,054
 Amount of revision -1,139 -1,152 -1,093

 U.S. official reserve assets

 Special drawing rights (line 43):
 Revised -1,136 -16 -1,823
 Previously published 3 1,136 -730
 Amount of revision -1,139 -1,152 -1,093

Foreign-owned assets in the United
 States, excluding financial
 derivatives (line 55):
 Revised 40,693 62,037 85,684
 Previously published 39,554 60,885 84,591
 Amount of revision 1,139 1,152 1,093

 Foreign official assets in the United
 States
 Other U.S. government liabilities
 (line 60):
 Revised 1,099 1,767 755
 Previously published -40 615 -338
 Amount of revision 1,139 1,152 1,093

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities, or a
decrease in U.S. claims. Debits -; U.S. payments, an increase in
U.S. claims, or a decrease in U.S. liabilities.

NOTE. Line numbers refer to table 1 in "U.S. International
Transactions: First Quarter of 2010" in this
issue of the SURVEY OF CURRENT BUSINESS.

Table A. Revisions to Current-Account and Capital-Account Balances,
Net Financial Flows, and the Statistical Discrepancy, 1999-2009

[Billion of dollars]

(Credits +, debits -) (1) 1999 2000 2001

Balance on current account (line 77):
 Revised -300.8 -416.4 -397.2
 Previously published -301.6 -417.4 -398.3
 Amount of revision 0.9 1.1 1.1

Balance on goods (line 72):
 Revised -336.3 -446.2 -422.0
 Previously published -347.8 -454.7 -429.9
 Amount of revision 11.5 8.5 7.9

Balance on services (line 73):
 Revised 72.1 67.5 57.6
 Previously published 82.7 74.9 64.4
 Amount of revision -10.7 -7.4 -6.8

Balance on goods and services (line 74):
 Revised -264.2 -378.8 -364.4
 Previously published -265.1 -379.8 -365.5
 Amount of revision 0.9 1.1 1.1

Balance on income (line 75):
 Revised 13.9 21.1 31.7
 Previously published 13.9 21.1 31.7
 Amount of revision

Unilateral current transfers, net
 (line 76):
 Revised -50.4 -58.6 -64.5
 Previously published -50.4 -58.6 -64.5
 Amount of revision

Capital-account transactions, net
 (line 39):
 Revised -4.2 (*) 13.2
 Previously published -4.9 -1.0 11.9
 Amount of revision 0.8 1.0 1.3

Net financial flows (lines 40, 55, and
 70):
 Revised 238.1 477.7 400.3
 Previously published 238.1 477.7 400.3
 Amount of revision
Statistical discrepancy (line 71):
 Revised 66.8 -61.3 -16.3
 Previously published 68.4 -59.3 -13.9
 Amount of revision -1.6 -2.1 -2.4

(Credits +, debits -) (1) 2002 2003 2004

Balance on current account (line 77):
 Revised -458.1 -520.7 -630.5
 Previously published -459.2 -521.5 -631.1
 Amount of revision 1.1 0.9 0.6

Balance on goods (line 72):
 Revised -475.3 -541.5 -665.6
 Previously published -482.8 -549.0 -671.8
 Amount of revision 7.5 7.5 6.2

Balance on services (line 73):
 Revised 54.8 47.4 56.3
 Previously published 61.2 54.0 61.8
 Amount of revision -6.4 -6.6 -5.6

Balance on goods and services (line 74):
 Revised -420.5 -494.2 -609.3
 Previously published -421.6 -495.0 -610.0
 Amount of revision 1.1 0.9 0.6

Balance on income (line 75):
 Revised 27.4 45.3 67.2
 Previously published 27.4 45.3 67.2
 Amount of revision

Unilateral current transfers, net
 (line 76):
 Revised -64.9 -71.8 -88.4
 Previously published -64.9 -71.8 -88.4
 Amount of revision

Capital-account transactions, net
 (line 39):
 Revised -0.1 -1.8 3.0
 Previously published -1.5 -3.5 1.3
 Amount of revision 1.3 1.7 1.7

Net financial flows (lines 40, 55, and
 70):
 Revised 500.5 532.9 532.3
 Previously published 500.5 532.9 532.3
 Amount of revision
Statistical discrepancy (line 71):
 Revised -42.3 -10.4 95.1
 Previously published -39.9 -7.9 97.5
 Amount of revision -2.4 -2.5 -2.4

(Credits +, debits -) (1) 2005 2006 2007

Balance on current account (line 77):
 Revised -747.6 -802.6 -718.1
 Previously published -748.7 -803.5 -726.6
 Amount of revision 1.1 0.9 8.5

Balance on goods (line 72):
 Revised -783.8 -839.5 -823.2
 Previously published -790.9 -847.3 -831.0
 Amount of revision 7.1 7.8 7.8

Balance on services (line 73):
 Revised 69.6 80.2 121.1
 Previously published 75.6 86.9 129.6
 Amount of revision -6.0 -6.7 -8.5

Balance on goods and services (line 74):
 Revised -714.2 -759.2 -702.1
 Previously published -715.3 -760.4 -701.4
 Amount of revision 1.1 1.1 -0.7

Balance on income (line 75):
 Revised 72.4 48.1 99.6
 Previously published 72.4 48.1 90.8
 Amount of revision 8.7

Unilateral current transfers, net
 (line 76):
 Revised -105.8 -91.5 -115.5
 Previously published -105.8 -91.3 -116.0
 Amount of revision -0.2 0.4

Capital-account transactions, net
 (line 39):
 Revised 13.1 -1.8 0.4
 Previously published 11.3 -3.9 -1.9
 Amount of revision 1.8 2.1 2.3

Net financial flows (lines 40, 55, and
 70):
 Revised 700.7 809.2 638.2
 Previously published 700.7 809.2 663.6
 Amount of revision -25.4
Statistical discrepancy (line 71):
 Revised 33.8 -4.7 79.6

 Previously published 36.6 -1.7 64.9
 Amount of revision -2.9 -3.0 14.6

(Credits +, debits -) (1) 2008 2009

Balance on current account (line 77):
 Revised -668.9 -378.4
 Previously published -706.1 -419.9
 Amount of revision 37.2 41.4

Balance on goods (line 72):
 Revised -834.7 -506.9
 Previously published -840.3 -517.0
 Amount of revision 5.6 10.1

Balance on services (line 73):
 Revised 135.9 132.0
 Previously published 144.3 138.4
 Amount of revision -8.5 -6.4

Balance on goods and services (line 74):
 Revised -698.8 -374.9
 Previously published -695.9 -378.6
 Amount of revision -2.9 3.7

Balance on income (line 75):
 Revised 152.0 121.4
 Previously published 118.2 89.0
 Amount of revision 33.7 32.4

Unilateral current transfers, net
 (line 76):
 Revised -122.0 -124.9
 Previously published -128.4 -130.2
 Amount of revision 6.3 5.3

Capital-account transactions, net
 (line 39):
 Revised 6.0 -0.1
 Previously published 1.0 -2.9
 Amount of revision 5.1 2.7

Net financial flows (lines 40, 55, and
 70):
 Revised 577.9 216.1
 Previously published 505.1 197.8
 Amount of revision 72.8 18.3
Statistical discrepancy (line 71):
 Revised 85.0 162.5
 Previously published 200.1 224.9
 Amount of revision -115.1 -62.4

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities, or
a decrease in U.S. claims. Debits -; U.S. payments, an increase in
U.S. claims, or a decrease in U.S. liabilities.

NOTE. Line numbers refer to table 1 in "U.S. International
Transactions: First Quarter of 2010" in this issue of the SURVEY OF
CURRENT BUSINESS.

Table B. Revisions to Selected Current-Account and Capital-Account
Transactions, 1999-2009

[Billions of dollars]

 (Credits +, debits -) (1) 1999 2000 2001

Exports of goods and services and
 income receipts (line 1):
 Revised 1,259.8 1,421.5 1,295.7
 Previously published 1,259.8 1,421.5 1,295.7
 Amount of revision (*)

Goods, balance of payments basis
 (line 3):
 Revised 698.0 784.2 730.3
 Previously published 684.0 772.0 718.7
 Amount of revision 14.1 12.2 11.6

Services (line 4):
 Revised 267.9 286.4 274.6
 Previously published 281.9 298.6 286.2
 Amount of revision -14.1 -12.2 -11.6

Income receipts (line 12):
 Revised 293.9 350.9 290.8
 Previously published 293.9 350.9 290.8
 Amount of revision

Imports of goods and services and
 income payments (line 18):
 Revised -1,510.2 -1,779.2 -1,628.4
 Previously published -1,511.0 -1,780.3 -1,629.5
 Amount of revision 0.9 1.1 1.1
Goods, balance of payments basis
 (line 20):
 Revised -1,034.3 -1,230.4 -1,152.3
 Previously published -1,031.8 -1,226.7 -1,148.6
 Amount of revision -2.6 -3.7 -3.6
Services (line 21):
 Revised -195.8 -219.0 -217.0
 Previously published -199.2 -223.7 -221.8
 Amount of revision 3.4 4.8 4.8
Income payments (line 29):
 Revised -280.0 -329.9 -259.1
 Previously published -280.0 -329.9 -259.1
 Amount of revision
Unilateral current transfers, net
 (line 35):
 Revised -50.4 -58.6 -64.5
 Previously published -50.4 -58.6 -64.5
 Amount of revision
Capital account transactions, net
 (line 39):
 Revised -4.2 (*) 13.2
 Previously published -4.9 -1.0 11.9
 Amount of revision 0.8 1.0 1.3

 (Credits +, debits -) (1) 2002 2003 2004

Exports of goods and services and
 income receipts (line 1):
 Revised 1,258.4 1,340.4 1,572.3
 Previously published 1,258.4 1,340.6 1,573.0
 Amount of revision (*) -0.3 -0.7

Goods, balance of payments basis
 (line 3):
 Revised 696.3 728.3 819.9
 Previously published 685.2 715.8 806.2
 Amount of revision 11.1 12.4 13.7

Services (line 4):
 Revised 281.2 291.6 338.7
 Previously published 292.3 304.3 353.1
 Amount of revision -11.1 -12.7 -14.4

Income receipts (line 12):
 Revised 280.9 320.5 413.7
 Previously published 280.9 320.5 413.7
 Amount of revision

Imports of goods and services and
 income payments (line 18):
 Revised -1,651.5 -1,789.2 -2,114.4
 Previously published -1,652.6 -1,790.4 -2,115.7
 Amount of revision 1.1 1.1 1.3
Goods, balance of payments basis
 (line 20):
 Revised -1,171.6 -1,269.8 -1,485.5
 Previously published -1,168.0 -1,264.9 -1,478.0
 Amount of revision -3.6 -4.9 -7.5
Services (line 21):
 Revised -226.4 -244.3 -282.4
 Previously published -231.1 -250.4 -291.2
 Amount of revision 4.7 6.1 8.8
Income payments (line 29):
 Revised -253.5 -275.1 -346.5
 Previously published -253.5 -275.1 -346.5
 Amount of revision
Unilateral current transfers, net
 (line 35):
 Revised -64.9 -71.8 -88.4
 Previously published -64.9 -71.8 -88.4
 Amount of revision
Capital account transactions, net
 (line 39):
 Revised -0.1 -1.8 3.0
 Previously published -1.5 -3.5 1.3
 Amount of revision 1.3 1.7 1.7

 (Credits +, debits -) (1) 2005 2006 2007

Exports of goods and services and
 income receipts (line 1):
 Revised 1,816.4 2,135.0 2,478.3
 Previously published 1,816.7 2,133.9 2,462.1
 Amount of revision -0.3 1.1 16.2

Goods, balance of payments basis
 (line 3):
 Revised 909.0 1,035.9 1,160.4
 Previously published 892.3 1,015.8 1,138.4
 Amount of revision 16.7 20.1 22.0

Services (line 4):
 Revised 372.2 416.9 488.3
 Previously published 389.1 435.9 504.8
 Amount of revision -17.0 -19.0 -16.5

Income receipts (line 12):
 Revised 535.3 682.2 829.6
 Previously published 535.3 682.2 818.9
 Amount of revision 10.7

Imports of goods and services and
 income payments (line 18):
 Revised -2,458.3 -2,846.2 -3,080.8
 Previously published -2,459.6 -2,846.2 -3,072.7
 Amount of revision 1.4 -8.1
Goods, balance of payments basis
 (line 20):
 Revised -1,692.8 -1,875.3 -1,983.6
 Previously published -1,683.2 -1,863.1 -1,969.4
 Amount of revision -9.6 -12.3 -14.2
Services (line 21):
 Revised -302.5 -336.7 -367.2
 Previously published -313.5 -349.0 -375.2
 Amount of revision 11.0 12.3 8.0
Income payments (line 29):
 Revised -462.9 -634.1 -730.0
 Previously published -462.9 -634.1 -728.1
 Amount of revision -2.0
Unilateral current transfers, net
 (line 35):
 Revised -105.8 -91.5 -115.5
 Previously published -105.8 -91.3 -116.0
 Amount of revision -0.2 0.4
Capital account transactions, net
 (line 39):
 Revised 13.1 -1.8 0.4
 Previously published 11.3 -3.9 -1.9
 Amount of revision 1.8 2.1 2.3

 (Credits +, debits -) (1) 2008 2009

Exports of goods and services and
 income receipts (line 1):
 Revised 2,635.5 2,159.0
 Previously published 2,591.2 2,115.9
 Amount of revision 44.3 43.1

Goods, balance of payments basis
 (line 3):
 Revised 1,304.9 1,068.5
 Previously published 1,277.0 1,045.5
 Amount of revision 27.9 23.0

Services (line 4):
 Revised 534.1 502.3
 Previously published 549.6 509.2
 Amount of revision -15.5 -6.9

Income receipts (line 12):
 Revised 796.5 588.2
 Previously published 764.6 561.2
 Amount of revision 31.9 27.0

Imports of goods and services and
 income payments (line 18):
 Revised -3,182.4 -2,412.5
 Previously published -3,168.9 -2,405.6
 Amount of revision -13.4 -6.9
Goods, balance of payments basis
 (line 20):
 Revised -2,139.5 -1,575.4
 Previously published -2,117.2 -1,562.6
 Amount of revision -22.3 -12.9
Services (line 21):
 Revised -398.3 -370.3
 Previously published -405.3 -370.8
 Amount of revision 7.0 0.5
Income payments (line 29):
 Revised -644.6 -466.8
 Previously published -646.4 -472.2
 Amount of revision 1.9 5.4
Unilateral current transfers, net
 (line 35):
 Revised -122.0 -124.9
 Previously published -128.4 -130.2
 Amount of revision 6.3 5.3
Capital account transactions, net
 (line 39):
 Revised 6.0 -0.1
 Previously published 1.0 -2.9
 Amount of revision 5.1 2.7

(*) Less than 50,000,000 (+/-)

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities, or
a decrease in U.S. claims. Debits -; U.S. payments, an increase in
U.S. claims, or a decrease in U.S. liabilities.

NOTE. Line numbers refer to table 1 in "U.S. International
Transactions: First Quarter of 2010" in this issue of the SURVEY OF
CURRENT BUSINESS.

Table C. Revisions to Selected Financial-Account
Transactions, 2007-2009

[Billions of dollars]

(Credits +, debits -) (1) 2007 2008 2009

U.S.-owned assets abroad, excluding
 financial derivatives
 (increase/financial outflow
 (-)) (line 40):
 Revised -1,475.7 156.1 -140.5
 Previously published -1,472.1 -0.1 -237.5
 Amount of revision -3.6 156.2 97.0

U.S. private assets abroad

 Direct investment (line 51):
 Revised -414.0 -351.1 -268.7
 Previously published -398.6 -332.0 -221.0
 Amount of revision -15.4 -19.1 -47.7

 Foreign securities (line 52):
 Revised -366.5 197.9 -208.2
 Previously published -366.5 60.8 -221.5
 Amount of revision (*) 137.1 13.3

 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (line 53):
 Revised -23.1 421.2 124.4
 Previously published -40.5 372.2 135.8
 Amount of revision 17.4 48.9 -11.4

 U.S. claims reported by U.S. banks,
 not included elsewhere
 (line 54):
 Revised -649.7 422.6 -277.1
 Previously published -644.1 433.4 -420.3
 Amount of revision -5.6 -10.7 143.2

Foreign-owned assets in the United
 States, excluding
 financial derivatives (increase/
 financial inflow (+)) (line 55):
 Revised 2,107.7 454.7 305.7
 Previously published 2,129.5 534.1 435.2
 Amount of revision -21.8 -79.3 -129.5

Foreign official assets in the
 United States

 U.S. Treasury securities (line 58):
 Revised 98.4 548.7 561.1
 Previously published 98.4 477.7 490.1
 Amount of revision ... 71.0 71.0

 Other U.S. government securities
 (line 59):
 Revised 171.5 42.7 -120.1
 Previously published 171.5 65.8 -39.0
 Amount of revision ... -23.1 -81.1

 Other foreign official assets
 (line 62):
 Revised 96.7 103.9 21.9
 Previously published 96.7 88.3 9.6
 Amount of revision ... 15.6 12.3

Other foreign assets in the United
 States

 Direct investment (line 64):
 Revised 271.2 328.3 134.7
 Previously published 275.8 319.7 152.1
 Amount of revision -4.5 8.6 -17.4

 U.S. Treasury securities (line 65):
 Revised 66.8 161.4 22.8
 Previously published 66.8 196.6 37.6
 Amount of revision (*) -35.2 -14.8

 U.S. securities other than U.S.
 Treasury securities
 (line 66):
 Revised 605.4 -166.5 0.1
 Previously published 605.7 -126.7 -6.6
 Amount of revision -0.2 -39.8 6.7

 U.S. liabilities to unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (line 68):
 Revised 182.4 -36.5 -1.5
 Previously published 201.7 -45.2 27.0
 Amount of revision -19.3 8.6 -28.4

 U.S. liabilities reported by
 U.S. banks, not included
 elsewhere (line 69):
 Revised 511.5 -412.0 -313.0
 Previously published 509.3 -326.6 -235.0
 Amount of revision 2.2 -85.4 -78.0

Financial derivatives, net (line 70):
 Revised 6.2 -32.9 50.8
 Previously published 6.2 -28.9 n.a.
 Amount of revision ... -4.0 50.8

(*) Less than 50,000,000 (+/-)
n.a. Not available

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities, or
a decrease in U.S. claims. Debits -; U.S. payments, an increase in
U.S. claims, or a decrease in U.S. liabilities.

NOTE. Line numbers refer to table 1 in "U.S. International
Transactions: First Quarter of 2010" in this issue of the
SURVEY OF CURRENT BUSINESS.

Table D. Sources of Revisions for Selected Current-Account and
Capital-Account Transactions, 1999-2009

[Billions of dollars]

 (Credits +, debits -) (1) Amount of revision

 1999 2000 2001

Exports of goods and services (line 2) (*) ... (*)

Goods, balance of payments basis (line 3) 14.1 12.2 11.6
 Reclassifications from services to
 goods (2) 14.1 12.2 11.6
 Statistical changes ... ... ...

Services (line 4) -14.1 -12.2 -11.6
 Reclassifications from services to
 goods (2) -14.1 -12.2 -11.6
 Statistical changes ... ... ...
 Transfers under US military agency
 sales contracts (line 5) -10.7 -7.7 -7.4
 Reclassification from services to
 goods (2) -10.7 -7.7 -7.4
 Statistical changes ... ... ...
 Other transportation (line 8) -3.4 -4.5 -4.2
 Reclassification from services to
 goods (2) -3.4 -4.5 -4.2
 Statistical changes ... ... ...

Imports of goods and services (line 19) 0.9 1.1 1.1

Goods, balance of payments basis (line 20) -2.6 -3.7 -3.6
 Reclassifications from services to
 goods (2) -4.0 -5.5 -5.5
 Statistical changes 1.4 1.8 1.9

Services (line 21) 3.4 4.8 4.8
 Reclassifications from services to
 goods (2) 4.0 5.5 5.5
 Statistical changes -0.6 -0.7 -0.7
 Direct defense expenditures (line 22) 0.9 0.8 1.3
 Reclassification from services to
 goods (2) 0.9 0.8 1.3
 Statistical changes ... ... ...
 Other transportation (line 25) 3.1 4.7 4.2
 Reclassification from services to
 goods (2) 3.1 4.7 4.2
 Statistical changes ... ... ...

Capital account transactions, net (line 39) 0.8 1.0 1.3
Removal of migrants' transfers (2) 0.8 1.0 1.3
Statistical changes ... ... ...

 (Credits +, debits -) (1) Amount of revision

 2002 2003 2004

Exports of goods and services (line 2) (*) -0.3 -0.7

Goods, balance of payments basis (line 3) 11.1 12.4 13.7
 Reclassifications from services to
 goods (2) 11.1 12.4 13.7
 Statistical changes ... ... ...

Services (line 4) -11.1 -12.7 -14.4
 Reclassifications from services to
 goods (2) -11.1 -12.4 -13.7
 Statistical changes ... -0.3 -0.7
 Transfers under US military agency
 sales contracts (line 5) -7.3 -7.4 -6.9
 Reclassification from services to
 goods (2) -7.3 -7.4 -6.9
 Statistical changes ... ... ...
 Other transportation (line 8) -3.8 -5.3 -7.5
 Reclassification from services to
 goods (2) -3.8 -5.0 -6.8
 Statistical changes ... -0.3 -0.7

Imports of goods and services (line 19) 1.1 1.1 1.3

Goods, balance of payments basis (line 20) -3.6 -4.9 -7.5
 Reclassifications from services to
 goods (2) -5.4 -6.9 -9.5
 Statistical changes 1.8 1.9 2.0

Services (line 21) 4.7 6.1 8.8
 Reclassifications from services to
 goods (2) 5.4 6.9 9.5
 Statistical changes -0.7 -0.8 -0.7
 Direct defense expenditures (line 22) 1.7 2.3 3.2
 Reclassification from services to
 goods (2) 1.7 2.3 3.2
 Statistical changes ... ... ...
 Other transportation (line 25) 3.7 4.5 6.4
 Reclassification from services to
 goods (2) 3.7 4.5 6.3
 Statistical changes ... ... 0.1

Capital account transactions, net (line 39) 1.3 1.7 1.7
Removal of migrants' transfers (2) 1.3 1.7 1.7
Statistical changes ... ... ...

 (Credits +, debits -) (1) Amount of revision

 2005 2006 2007

Exports of goods and services (line 2) -0.3 1.1 5.5

Goods, balance of payments basis (line 3) 16.7 20.1 22.0
 Reclassifications from services to
 goods (2) 16.7 20.1 21.1
 Statistical changes ... ... 0.9

Services (line 4) -17.0 -19.0 -16.5
 Reclassifications from services to
 goods (2) -16.7 -20.1 -21.1
 Statistical changes -0.3 1.1 4.6
 Transfers under US military agency
 sales contracts (line 5) -7.4 -8.2 -8.2
 Reclassification from services to
 goods (2) -7.4 -8.2 -7.9
 Statistical changes ... ... -0.3
 Other transportation (line 8) -9.6 -10.7 -11.2
 Reclassification from services to
 goods (2) -9.3 -11.8 -13.1
 Statistical changes -0.3 1.1 1.9

Imports of goods and services (line 19) 1.4 0.0 -6.2

Goods, balance of payments basis (line 20) -9.6 -12.3 -14.2
 Reclassifications from services to
 goods (2) -11.8 -14.6 -16.6
 Statistical changes 2.2 2.3 2.4

Services (line 21) 11.0 12.3 8.0
 Reclassifications from services to
 goods (2) 11.8 14.6 16.6
 Statistical changes -0.8 -2.3 -8.6
 Direct defense expenditures (line 22) 2.4 3.7 4.9
 Reclassification from services to
 goods (2) 2.4 3.7 4.9
 Statistical changes ... ... ...
 Other transportation (line 25) 9.5 11.9 13.6
 Reclassification from services to
 goods (2) 9.4 10.9 11.7
 Statistical changes 0.1 1.0 1.9

Capital account transactions, net (line 39) 1.8 2.1 2.3
Removal of migrants' transfers (2) 1.8 2.1 2.3
Statistical changes ... ... ...

 (Credits +, debits -) (1) Amount of revision

 2008 2009

Exports of goods and services (line 2) 12.4 16.1

Goods, balance of payments basis (line 3) 27.9 23.0
 Reclassifications from services to 24.7 19.9
 goods (2)
 Statistical changes 3.2 3.1

Services (line 4) -15.5 -6.9
 Reclassifications from services to
 goods (2) -24.7 -19.9
 Statistical changes 9.2 13.0
 Transfers under US military agency
 sales contracts (line 5) -7.6 -9.0
 Reclassification from services to
 goods (2) -7.1 -9.0
 Statistical changes -0.5 (*)
 Other transportation (line 8) -15.2 -9.5
 Reclassification from services to
 goods (2) -17.5 -10.9
 Statistical changes 2.3 1.4

Imports of goods and services (line 19) -15.3 -12.4

Goods, balance of payments basis (line 20) -22.3 -12.9
 Reclassifications from services to
 goods (2) -24.3 -13.7
 Statistical changes 2.0 0.8

Services (line 21) 7.0 0.5
 Reclassifications from services to
 goods (2) 24.3 13.7
 Statistical changes -17.3 -13.2
 Direct defense expenditures (line 22) 8.1 5.2
 Reclassification from services to
 goods (2) 8.1 5.1
 Statistical changes ... 0.1
 Other transportation (line 25) 18.4 13.1
 Reclassification from services to
 goods (2) 16.2 8.5
 Statistical changes 2.2 4.6

Capital account transactions, net (line 39) 5.1 2.7
Removal of migrants' transfers (2) 2.6 2.7
Statistical changes 2.4 (*)

(*) Less than 50,000,000 (+/-)

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities or a
decrease in U.S. claims. Debits -; U.S. payments, an increase in
U.S. claims, or a decrease in U.S. liabilities.

(2.) Revision includes the effect of updated source data.

NOTE. Line numbers refer to table 1 in "U.S. International
Transactions: First Quarter of 2010" in this issue of the SURVEY OF
CURRENT BUSINESS.

Table E. Revisions to U.S. International Transactions--Continues

[Millions of dollars, quarters seasonally adjusted]

 Exports of goods and services
 and income receipts

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 1,259,809 1,259,810 1
2000 1,421,515 1,421,515 ...
2001 1,295,692 1,295,693 1
2002 1,258,411 1,258,412 1
2003 1,340,647 1,340,353 -294
2004 1,572,971 1,572,315 -656
2005 1,816,723 1,816,449 -274
2006 2,133,905 2,135,004 1,099
2007 2,462,099 2,478,267 16,168
2008 2,591,233 2,635,540 44,307
2009 2,115,929 2,159,000 43,071
1999: I 300,183 300,183 ...
 II 307,288 307,288 ...
 III 319,936 319,936 ...
 IV 332,407 332,407 ...
2000: I 341,683 341,684 1
 II 355,307 355,307 ...
 III 360,295 360,295 ...
 IV 364,231 364,231 ...
2001: I 350,489 350,489 ...
 II 334,968 334,968 ...
 III 312,093 312,094 1
 IV 298,144 298,144 ...
2002: I 303,113 303,113 ...
 II 314,893 314,894 1
 III 322,397 322,396 -1
 IV 318,013 318,013 ...
2003: I 322,280 322,251 -29
 II 325,332 325,297 -35
 III 335,764 335,696 -68
 IV 357,265 357,105 -160
2004: I 375,738 375,509 -229
 II 387,174 387,026 -148
 III 396,473 396,510 37
 IV 413,584 413,268 -316
2005: I 434,626 434,342 -284
 II 447,206 447,045 -161
 III 456,955 456,957 2
 IV 477,936 478,105 169
2006: I 503,350 503,544 194
 II 528,763 528,994 231
 III 540,184 540,586 402
 IV 561,608 561,880 272
2007: I 574,689 579,878 5,189
 II 600,300 607,461 7,161
 III 631,854 635,412 3,558
 IV 655,255 655,515 260
2008: I 654,217 667,109 12,892
 II 671,886 688,549 16,663
 III 673,383 684,836 11,453
 IV 591,747 595,046 3,299
2009: I 507,291 521,735 14,444
 II 506,204 520,110 13,906
 III 535,114 540,729 5,615
 IV 567,322 576,426 9,104

 Imports of goods and services
 and income payments

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 -1,511,011 -1,510,160 851
2000 -1,780,296 -1,779,241 1,055
2001 -1,629,475 -1,628,364 1,111
2002 -1,652,615 -1,651,538 1,077
2003 -1,790,372 -1,789,227 1,145
2004 -2,115,739 -2,114,441 1,298
2005 -2,459,633 -2,458,268 1,365
2006 -2,846,179 -2,846,159 20
2007 -3,072,675 -3,080,813 -8,138
2008 -3,168,938 -3,182,368 -13,430
2009 -2,405,555 -2,412,489 -6,934
1999: I -351,564 -351,384 180
 II -367,128 -366,942 186
 III -388,656 -388,429 227
 IV -403,662 -403,404 258
2000: I -427,646 -427,435 211
 II -441,576 -441,346 230
 III -454,243 -453,930 313
 IV -456,835 -456,532 303
2001: I -442,884 -442,651 233
 II -416,828 -416,573 255
 III -400,716 -400,408 308
 IV -369,050 -368,736 314
2002: I -388,736 -388,482 254
 II -415,445 -415,201 244
 III -123,480 -423,203 277
 IV -124,949 -424,648 301
2003: I -439,190 -438,915 275
 II -438,044 -437,795 249
 III -448,175 -447,874 301
 IV -464,962 -464,643 319
2004: I -489,332 -488,983 349
 II -521,845 -521,555 290
 III -534,397 -534,087 310
 IV -570,166 -569,815 351
2005: I -580,374 -580,106 268
 II -601,069 -600,750 319
 III -617,635 -617,365 270
 IV -660,557 -660,048 509
2006: I -681,005 -680,987 18
 II -707,132 -707,129 3
 III -730,097 -730,008 89
 IV -727,946 -728,035 -89
2007: I -742,980 -745,529 -2,549
 II -765,079 -772,733 -7,654
 III -774,912 -778,227 -3,315
 IV -789,703 -784,323 5,380
2008: I -800,185 -806,180 -5,995
 II -828,458 -835,632 -7,174
 III -825,200 -827,042 -1,842
 IV -715,096 -713,514 1,582
2009: I -581,287 -587,564 -6,277
 II -570,691 -574,265 -3,574
 III -602,438 -604,594 -2,156
 IV -651,138 -646,066 5,072

 Unilateral current transfers,
 net (inflows +, outflows -)

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 -50,428 -50,428 ...
2000 -58,645 -58,645 ...
2001 -64,487 -64,487 ...
2002 -64,948 -64,948 ...
2003 -71,794 -71,794 ...
2004 -88,362 -88,362 ...
2005 -105,772 -105,772 ...
2006 -91,273 -91,481 -208
2007 -115,996 -115,548 448
2008 -128,363 -122,026 6,337
2009 -130,243 -124,943 5,300
1999: I -11,885 -11,885 ...
 II -12,260 -12,260 ...
 III -11,987 -11,987 1
 IV -14,295 -14,295 ...
2000: I -12,859 -12,859 ...
 II -13,368 -13,368 ...
 III -14,208 -14,208 1
 IV -18,212 -18,212 ...
2001: I -15,171 -15,171 ...
 II -15,802 -15,802 ...
 III -16,134 -16,134 1
 IV -17,374 -17,374 ...
2002: I -18,542 -18,542 ...
 II -15,007 -15,007 ...
 III -15,005 -15,005 ...
 IV -16,394 -16,394 ...
2003: I -18,219 -18,219 ...
 II -17,600 -17,600 ...
 III -17,707 -17,707 ...
 IV -18,269 -18,269 ...
2004: I -22,987 -22,987 ...
 II -21,385 -21,385 ...
 III -21,141 -21,141 ...
 IV -22,850 -22,850 ...
2005: I -28,723 -28,723 ...
 II -25,196 -25,196 ...
 III -24,658 -24,658 ...
 IV -27,194 -27,194 ...
2006: I -20,995 -20,521 474
 II -23,708 -23,582 126
 III -24,876 -25,123 -247
 IV -21,693 -22,255 -562
2007: I -30,807 -32,189 -1,382
 II -25,752 -26,449 -697
 III -28,557 -28,126 431
 IV -30,883 -28,786 2,097
2008: I -33,330 -32,928 402
 II -31,147 -29,747 1,400
 III -32,361 -30,177 2,184
 IV -31,527 -29,176 2,351
2009: I -30,185 -29,747 438
 II -33,256 -30,292 2,964
 III -35,025 -33,638 1,387
 IV -31,777 -31,268 509

See the footnotes at the end of the table.

Table E. Revisions to U.S. International Transactions--Table Ends
[Millions of dollars, quarters seasonally adjusted]

 Balance on current account

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 -301,630 -300,779 851
2000 -417,426 -416,371 1,055
2001 -398,270 -397,158 1,112
2002 -459,151 -458,074 1,077
2003 -521,519 -520,668 851
2004 -631,130 -630,488 642
2005 -748,683 -747,590 1,093
2006 -803,547 -802,636 911
2007 -726,573 -718,094 8,479
2008 -706,068 -668,854 37,214
2009 -419,868 -378,432 41,436
1999: I -63,266 -63,086 180
 II -72,100 -71,914 186
 III -80,707 -80,480 227
 IV -85,550 -85,292 258
2000: I -98,822 -98,611 211
 II -99,637 -99,407 230
 III -108,156 -107,843 313
 IV -110,816 -110,514 302
2001: I -107,567 -107,333 234
 II -97,662 -97,407 255
 III -104,757 -104,448 309
 IV -88,280 -87,966 314
2002: I -104,166 -103,911 255
 II -115,559 -115,314 245
 III -116,088 -115,812 276
 IV -123,329 -123,029 300
2003: I -135,129 -134,883 246
 II -130,312 -130,098 214
 III -130,118 -129,886 232
 IV -125,966 -125,808 158
2004: I -136,581 -136,461 120
 II -156,055 -155,914 141
 III -159,066 -158,718 348
 IV -179,432 -179,398 34
2005: I -174,471 -174,486 -15
 II -179,059 -178,901 158
 III -185,339 -185,066 273
 IV -209,815 -209,137 678
2006: I -198,651 -197,964 687
 II -202,078 -201,717 361
 III -214,789 -214,545 244
 IV -188,031 -188,411 -380
2007: I -199,098 -197,840 1,258
 II -190,531 -191,720 -1,189
 III -171,614 -170,941 673
 IV -165,330 -157,593 7,737
2008: I -179,298 -171,999 7,299
 II -187,719 -176,830 10,889
 III -184,178 -172,383 11,795
 IV -154,875 -147,644 7,231
2009: I -104,182 -95,577 8,605
 II -97,743 -84,447 13,296
 III -102,348 -97,503 4,845
 IV -115,593 -100,907 14,686

 Capital account transactions,
 net (inflows +, outflows -)

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 -4,939 -4,176 763
2000 -1,010 -1 1,009
2001 11,922 13,198 1,276
2002 -1,470 -141 1,329
2003 -3,480 -1,821 1,659
2004 1,323 3,049 1,726
2005 11,344 13,116 1,772
2006 -3,906 -1,788 2,118
2007 -1,895 384 2,279
2008 953 6,010 5,057
2009 -2,859 -140 2,719
1999: I -196 -7 189
 II -191 -1 190
 III -189 -3 186
 IV -4,363 -4,165 198
2000: I -223 ... 223
 II -238 2 240
 III -270 -10 260
 IV -279 6 285
2001: I -301 ... 301
 II -313 4 317
 III 12,859 13,188 329
 IV -323 6 329
2002: I -321 7 328
 II -333 -2 331
 III -399 -69 330
 IV -417 -77 340
2003: I -489 -82 407
 II -1,663 -1,252 411
 III -909 -492 417
 IV -419 5 424
2004: I -487 -56 431
 II -427 ... 427
 III 2,739 3,173 434
 IV -503 -68 435
2005: I -2,594 -2,160 434
 II -510 -83 427
 III 14,913 15,362 449
 IV -465 -3 462
2006: I -1,721 -1,220 501
 II -1,017 -487 530
 III -539 -2 537
 IV -629 -79 550
2007: I -549 ... 549
 II -124 443 567
 III -625 -57 568
 IV -597 -2 595
2008: I -637 -8 629
 II -682 -18 664
 III 2,967 6,043 3,076
 IV -695 -7 688
2009: I -710 -20 690
 II -719 -29 690
 III -718 -36 682
 IV -713 -56 657

 Net financial flows
 (inflows +, outflows -)

(Credits +, debits -) (1) Previously Revised Revision
 published

1999 238,148 238,148 ...
2000 477,701 477,701 ...
2001 400,254 400,254 ...
2002 500,515 500,515 ...
2003 532,879 532,879 ...
2004 532,331 532,331 ...
2005 700,716 700,716 ...
2006 809,150 809,150 ...
2007 663,556 638,158 -25,398
2008 505,060 577,852 72,792
2009 2 197,782 216,075 18,293
1999: I 23,694 23,694 ...
 II 64,785 64,785 ...
 III 32,570 32,570 ...
 IV 117,099 117,099 ...
2000: I 35,176 35,176 ...
 II 139,263 139,263 ...
 III 160,217 160,217 ...
 IV 143,045 143,045 ...
2001: I 114,573 114,573 ...
 II 120,165 120,165 ...
 III 57,084 57,084 ...
 IV 108,433 108,433 ...
2002: I 88,384 88,384 ...
 II 91,613 91,613 ...
 III 161,227 161,227 ...
 IV 159,288 159,288 ...
2003: I 158,593 158,593 ...
 II 60,305 60,305 ...
 III 128,422 128,422 ...
 IV 185,563 185,563 ...
2004: I 105,507 105,507 ...
 II 161,128 161,128 ...
 III 104,685 104,685 ...
 IV 161,012 161,012 ...
2005: I 105,007 105,007 ...
 II 82,483 82,483 ...
 III 221,043 221,043 ...
 IV 292,183 292,183 ...
2006: I 159,592 159,592 ...
 II 197,789 197,789 ...
 III 245,186 245,186 ...
 IV 206,583 206,583 ...
2007: I 229,889 248,176 18,287
 II 191,292 173,465 -17,827
 III 91,836 75,364 -16,472
 IV 150,539 141,152 -9,387
2008: I 166,591 169,357 2,766
 II 106,991 155,362 48,371
 III 143,144 146,300 3,156
 IV 88,333 106,833 18,500
2009: I 34,916 8,031 -26,885
 II 62,675 14,661 -48,014
 III 85,692 77,640 -8,052
 IV 2 45,666 115,742 70,076

(1.) Credits +; U.S. receipts, an increase in U.S. liabilities,
or a decrease in U.S. claims. Debits -; U.S.
payments, an increase in U.S. claims, or a decrease in U.S. liabilities.

(2.) Excludes financial derivatives, net (table 1, line 70).
NOTE. Details may not add to totals because of rounding.