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U.S. Current-Account Deficit Decreases in Third Quarter 2012

Published December 18, 2012 BEA News , International Leave a Comment
Tags: BEA, Bureau of Economic Analysis, current-account deficit, U.S. international transactions

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $107.5 billion (preliminary) in the third quarter of 2012 from $118.1 billion (revised) in the second quarter of 2012. As a percentage of U.S. gross domestic product (GDP), the deficit decreased to 2.7 percent from 3.0 percent. The previously published current-account deficit for the second quarter was $117.4 billion.

The deficit on international trade in goods decreased to $173.9 billion from $185.7 billion, as goods imports decreased more than goods exports.
The surplus on international trade in services increased to $49.4 billion from $48.3 billion, as services receipts increased more than services payments.
The surplus on income decreased to $50.8 billion from $52.1 billion, as income payments increased more than income receipts.
Net unilateral current transfers to foreign residents were $33.8 billion, up from $32.7 billion.

Net financial inflows were $45.8 billion in the third quarter, down from $105.0 billion in the second.

U.S.-owned assets abroad increased $229.8 billion in the third quarter after decreasing $248.2 billion in the second.
Foreign-owned assets in the United States increased $282.0 billion in the third quarter after decreasing $143.6 billion in the second.

To find out more about U.S. international transactions, read the full report.

What is the U.S. Financial Account?

Published October 23, 2012 BEA News , International Leave a Comment
Tags: BEA, Bureau of Economic Analysis, financial account, international transactions

The U.S. financial account is a key component of the Bureau of Economic Analysis’ international transactions accounts (ITAs). The financial account presents the cross-border flows of funds generated by international financial activity. Cross-border flows of funds can be large and volatile because the financial markets are large and because the flows are influenced by changing financial market conditions as well as by changes in financial regulation. The volatile nature of financial flows, particularly on a quarterly basis, can be seen in the accompanying chart.

The financial account records transactions in financial assets such as loans, financial derivatives, and securities between the United States and the rest of the world. For example, if a U.S. company acquires a British company, the increase in U.S. equity investment abroad is recorded as a financial outflow. If a resident of France deposits funds in a U.S. bank by transferring funds on deposit in a French bank, the deposit in the U.S. bank is recorded as a financial inflow.

As the world’s largest economy and a major center of global financial activity, the United States is an attractive market for foreigners looking to acquire new assets. In recent years, transactions in foreign-owned assets in the United States have resulted in more financial inflows to the United States than financial outflows from transactions in U.S.-owned assets abroad. In 2011, financial inflows to the United States were more than $1 trillion while financial outflows were less than half of that, $483.7 billion, for net financial inflows of $556.3 billion.

When financial transactions are combined with current account transactions in goods, services, income, and unilateral transfers, the combination presents a nearly complete picture of all international transactions of the United States. The financial account and the current account are the major components of the ITAs. The ITAs are used to monitor both real and financial developments in the international sector of the U.S. economy.

You can read more detailed information about the financial account here.

U.S. Current-Account Deficit Decreases in Second Quarter 2012

Published September 18, 2012 BEA News , International Leave a Comment
Tags: BEA, Bureau of Economic Analysis, current-account deficit, U.S. international transactions

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $117.4 billion (preliminary) in the second quarter of 2012 from $133.6 billion (revised) in the first quarter of 2012. As a percentage of U.S. gross domestic product, the deficit decreased to 3.0 percent from 3.5 percent. The previously published current-account deficit for the first quarter was $137.3 billion.

The deficit on international trade in goods decreased to $185.8 billion from $194.3 billion, as goods exports increased and goods imports decreased.
The surplus on international trade in services increased to $46.5 billion from $45.9 billion, as services receipts increased more than services payments.
The surplus on income increased to $55.5 billion from $47.4 billion, as income payments decreased and income receipts increased.
Net unilateral current transfers to foreign residents were $33.6 billion, up from $32.7 billion.

Net financial inflows were $88.5 billion in the second quarter, down from $164.7 billion in the first.

U.S.-owned assets abroad decreased $206.8 billion in the second quarter after decreasing $106.5 billion in the first.
Foreign-owned assets in the United States decreased $118.7 billion in the second quarter after increasing $59.6 billion in the first.

To find out more about U.S. international transactions, read the full report.

If You Respond to BEA’s International Surveys, Please Read This!

Published July 12, 2012 BEA News , International Leave a Comment
Tags: BEA, Bureau of Economic Analysis, international surveys

New changes in the method of informing businesses about requirements for submitting Bureau of Economic Analysis (BEA) surveys will increase the efficiency of the process and reduce paperwork for both survey respondents and BEA. The new procedures involve the collection of data through BEA’s surveys of direct investment and international trade in services.

In the past, each time BEA made a change to the reporting requirements for a survey, it was also required to change the federal regulations regarding that survey. This required public notification and a period to receive comments—known as a rulemaking—before the change could go into effect. For instance, a rulemaking was required to change the reporting threshold of a survey or to add or delete certain items from the survey. Under the new procedures, BEA will directly notify survey respondents about any future changes to reporting requirements, streamlining what at times had been a cumbersome process.

For its mandatory annual and quarterly surveys, BEA will publish a notice with specific reporting requirements—including who is required to respond to the survey, the manner of reporting, identification of applicable report forms, and the time and place of filing reports—in the Federal Register. We will also directly notify survey respondents by mail that they are required to file.

BEA published its plans to make this change in the Federal Register and gave the public a chance to comment on it. The final rule establishing this new procedure can be found here.

The new rule is NOT retroactive. It does not apply to any surveys that were approved before the rule establishing the new procedure was finalized. Direct investment and international trade in services surveys that BEA is currently conducting—the 2011 BE–11, 2011 BE–15, 2012 BE–12, 2012 BE–29, 2012 BE–120, and all 2012 quarterly surveys—will continue to operate under the regulations established under the most recent relevant rulemaking action prior to April 24, 2012.

May Trade Gap is $48.7 Billion

Published July 11, 2012 BEA News , International , Trade Deficit , Trade in Goods and Services Leave a Comment
Tags: BEA, Bureau of Economic Analysis, trade deficit, U.S. international trade in goods and services

The U.S. monthly international trade deficit decreased in May, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $50.6 billion (revised) in April to $48.7 billion in May, as imports decreased and exports increased. The previously published April deficit was $50.1 billion. The goods deficit decreased $1.6 billion from April to $63.5 billion in May, and the services surplus increased $0.3 billion to $14.8 billion.

Exports of goods and services increased $0.4 billion in May to $183.1 billion, mostly reflecting an increase in exports of services. Exports of goods also increased.

The increase in exports of goods was more than accounted for by increases in foods, feeds, and beverages and capital goods. A decrease in industrial supplies and materials was partly offsetting.

The increase in exports of services was mostly accounted for by increases in other private services, which includes items such as business, professional, and technical services, insurance services, financial services, and passenger fares. Changes in the other categories of services exports were small.

Imports of goods and services decreased $1.6 billion in May to $231.8 billion, reflecting a decrease in imports of goods. Imports of services increased.

The decrease in imports of goods was more than accounted for by a decrease in industrial supplies and materials. An increase in capital goods was partly offsetting.

The increase in imports of services was more than accounted for by an increase in other private services. A decrease in passenger fares was partly offsetting. Changes in the other categories of services imports were small.

Goods by geographic area (not seasonally adjusted)
The goods deficit with Canada decreased from $3.3 billion in April to $2.2 billion in May. Exports increased $1.2 billion to $25.6 billion, while imports increased $0.1 billion to $27.8 billion.

The goods deficit with China increased from $24.6 billion in April to $26.0 billion in May. Exports increased $0.4 billion to $8.9 billion, while imports increased $1.9 billion to $34.9 billion.

The goods deficit with Mexico increased from $5.4 billion in April to $6.3 billion in May. Exports increased $1.2 billion to $18.5 billion, while imports increased $2.1 billion to $24.9 billion.

To learn more about U.S. international trade in goods and services, read the full report.

U.S. Bureau of Economic Analysis

Archive for the 'International' Category

U.S. Current-Account Deficit Decreases in Third Quarter 2012

What is the U.S. Financial Account?

U.S. Current-Account Deficit Decreases in Second Quarter 2012

If You Respond to BEA’s International Surveys, Please Read This!

May Trade Gap is $48.7 Billion

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U.S. Bureau of Economic Analysis

Archive for the 'International' Category

U.S. Current-Account Deficit Decreases in Third Quarter 2012

What is the U.S. Financial Account?

U.S. Current-Account Deficit Decreases in Second Quarter 2012

If You Respond to BEA’s International Surveys, Please Read This!

May Trade Gap is $48.7 Billion

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