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Table 4.3A. Relation of Foreign Transactions in the National Income and Product Accounts to the Corresponding Items in the International Transactions Accounts


1. Beginning with 1967, exports and imports of gold in the NIPAs differ from those in the ITAs. ITA gold exports (line 2) and imports (line 12) are excluded from the NIPAs; imports of gold in the NIPAs (line 15) is the excess of the value of gold in gross domestic purchases over the value of U.S. production of gold.
2. ITA capital gains and losses included in U.S. direct investment income abroad (line 3) and in foreign direct investment income in the United States (line 13) are removed from the NIPAs beginning with 1974 for imports and with 1977 for exports. Beginning with 1982, U.S. direct investment income abroad in the ITAs excludes capital gains and losses associated with currency translation adjustments.
3. Consists of statistical revisions to the ITAs that have not yet been incorporated into the NIPAs and statistical revisions to the NIPAs that have not yet been incorporated into the ITAs.
4. Consists of transactions between the United States and its territories, Puerto Rico, and the Northern Mariana Islands. The treatment of U.S. territories, Puerto Rico, and the Northern Mariana Islands in the NIPAs differs from that in the ITA's. In the NIPAs, they are included in the rest of the world; in the ITAs, they are treated as part of the United States. The adjustments to exports and imports of goods and services and to receipts and payments of income are shown in lines 5 and 16, respectively. The adjustment to unilateral current transfers, net (line 30) consists only of transfer payments from persons because transfer payments, subsidies, and grants-in-aid from the Federal Government to residents of U.S. territories, Puerto Rico, and the Northern Mariana Islands are excluded from NIPA transfer payments to the rest of the world.
5. In the ITAs, income transactions between parents and affiliates are recorded on a net basis. In ITA exports, U.S. parents' receipts from foreign affiliates for interest are net of such payments by U.S. parents to foreign affiliates. In ITA imports, U.S. affiliates' payments to foreign parents for interest are net of such receipts by U.S. affiliates from foreign parents. In the NIPAs, these transactions are recorded on a gross basis beginning with 1974. The amount of adjustment is identical in income payments and in income receipts and, thus, does not affect NIPA net receipts of income or balance on current account. In addition, for 1974 through 1981, royalties and license fees and other private services are recorded on a net basis in the ITAs but on a gross basis in the NIPAs. Beginning with 1982, these transactions are recorded on a gross basis in both the ITAs and the NIPAs. The amount of adjustment is identical in exports and in imports of services and, thus, does not affect NIPA net exports of goods and services or balance on current account.
6. For 1946 through 1959, includes shipments to the United States from Alaska and Hawaii. These are added to imports for 1946 to adjust the geographic coverage of imports to the 48-State coverage used in the NIPAs prior to 1960. From 1947 through 1959, such shipments are negligible. Beginning with 1960, the adjustment is not required because Alaska and Hawaii gained statehood in 1959. For 1959 through 1981, includes withheld nonresident taxes associated with royalties and license fees, other private services, and income transactions. In the NIPAs, these transactions are recorded before the deduction of nonresident taxes withheld beginning with 1959. In the ITAs, the corresponding flows are recorded before the deduction of nonresident taxes withheld beginning with 1982.
7. Consists of a U.S. Government payment to India under the Agricultural Trade Development and Assistance Act. For 1959-81, includes withheld nonresident taxes associated with royalties and license fees, other private services, and income transactions. Beginning with 1982, these transactions are included in the ITA estimates for unilateral current transfers.
ITAs International Transactions Accounts

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