Wednesday, December 16, 2009

Trade in Goods and Services and other US international transactions in Q3 of 2009

According to the Bureau of Economic Analysis of the US Department of Commerce, these are the the stats re U.S. International Transactions in the 3rd Quarter of 2009 (July-September 2009):

Current Account

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $108.0 billion (preliminary) in the third quarter of 2009 from $98.0 billion (revised) in the second quarter. The increase was more than accounted for by an increase in the deficit on goods. A small increase in net unilateral current transfers to foreigners also contributed to the higher current-account deficit, while increases in
the surpluses on income and on services were partly offsetting.

Breakdown:

Goods and services

The deficit on goods and services increased to $97.4 billion in the third quarter from $81.2 billion in the second.

Goods

The deficit on goods increased to $132.1 billion in the third quarter from $115.5 billion in the second.

Goods exports increased to $263.9 billion from $246.1 billion. The increase was largely accounted for by increases in industrial supplies and materials and in automotive products. Capital goods and consumer goods also increased.

Goods imports increased to $396.1 billion from $361.6 billion. The increase was largely accounted for by increases in industrial supplies and materials, mostly in petroleum and products, and in automotive products. Capital goods and consumer goods also increased.

Services

The surplus on services increased to $34.8 billion in the third quarter from $34.2 billion in the second.

Services exports increased to $128.6 billion from $125.3 billion. The increase was mostly accounted for by increases in travel, in “other” private services (such as business, professional, and technical services, insurance services, and financial services), in “other” transportation (such as freight and port services), and in royalties and license fees.

Services imports increased to $93.9 billion from $91.0 billion. The increase was mostly accounted for by increases in “other” private services, in travel, in “other” transportation, and in direct defense expenditures.

Income

The surplus on income increased to $23.7 billion in the third quarter from $16.7 billion in the second.

Investment income. Income receipts on U.S.-owned assets abroad increased to $139.7 billion from $134.3 billion. An increase in direct investment receipts was partly offset by decreases in “other” private receipts (which consists of interest and dividends) and in U.S. government receipts.

Income payments on foreign-owned assets in the United States decreased to $114.2 billion from $115.9 billion. Decreases in “other” private payments (which consists of interest and dividends) and in U.S. government payments were largely offset by an increase in direct investment payments.

Compensation of employees

Receipts for compensation of U.S. workers abroad were virtually unchanged at $0.7 billion, and payments for compensation of foreign workers in the United States were virtually unchanged at $2.5 billion.

Unilateral current transfers

Net unilateral current transfers to foreigners were $34.4 billion in the third quarter, up from $33.4 billion in the second. The increase was more than accounted for by an increase in U.S. government grants.

Capital Account

Net capital account payments (outflows) were virtually unchanged at $0.7 billion in the third quarter.

Financial Account

Net financial inflows were $38.3 billion in the third quarter, down from $63.3 billion in the second. The slowdown resulted from a shift to an increase from a decrease in U.S.-owned assets abroad (a shift to outflows from inflows) that was mostly offset by a larger increase in foreign-owned assets in the United States in the third quarter than in the second quarter (larger inflows).

U.S.-owned assets abroad

U.S.-owned assets abroad increased $294.1 billion in the third quarter, following a decrease of $37.4 billion in the second.

U.S. claims on foreigners reported by U.S. banks and securities brokers increased $240.1 billion in the third quarter, following an increase of $27.2 billion in the second. (Examples of these claims are U.S. residents’ deposits at banks abroad and loans by U.S. banks and securities brokers to foreigners.)

Net U.S. purchases of foreign securities were $47.8 billion in the third quarter, down from $92.6 billion in the second. Net U.S. purchases of foreign stocks were $26.8 billion, down from $37.7 billion. Net U.S. purchases of foreign bonds were $21.0 billion, down from $54.9 billion.

U.S. direct investment abroad increased $62.7 billion in the third quarter, following an increase of $47.4 billion in the second. Shifts to increases from decreases in net equity capital investment and in net intercompany debt investment abroad were partly offset by a small reduction in reinvested earnings.

U.S. official reserve assets increased $49.0 billion in the third quarter, following an increase of $3.6 billion in the second. The pickup resulted from the allocation of $47.6 billion in special drawing rights (SDRs) to the United States as part of two new allocations of SDRs by the International Monetary Fund to its member countries.

U.S. government assets other than official reserve assets decreased $57.9 billion in the third quarter, following a decrease of $193.8 billion in the second. The decreases in each of the last three quarters resulted from the reversal of swaps initiated under temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks.

Foreign-owned assets in the United States

Foreign-owned assets in the United States increased $332.4 billion in the third quarter, following an increase of $14.6 billion in the second.

U.S. liabilities to foreigners reported by U.S. banks and securities brokers increased $127.0 billion in the third quarter, following a decrease of $178.9 billion in the second. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks and securities brokers in the United States.)

Net sales of U.S. Treasury securities by private foreigners were $9.2 billion in the third quarter, down from $22.8 billion in the second.

Net purchases of U.S. securities other than U.S. Treasury securities by private foreigners were $24.7 billion in the third quarter, up from $13.9 billion in the second. Net foreign purchases of U.S. stocks were $48.6 billion, up from $35.6 billion. Net foreign purchases of U.S. federally sponsored agency bonds were $6.6 billion, up from $0.3 billion. Net foreign sales of U.S. corporate bonds were $30.4 billion, up from $22.0 billion.

Foreign direct investment in the United States increased $40.0 billion in the third quarter, following an increase of $37.0 billion in the second. The pickup was more than accounted for by larger increases in reinvested earnings and, to a much lesser extent, in net equity capital investment in the United States. In contrast, net intercompany debt investment in the United States slowed.

Foreign official assets in the United States increased $123.6 billion in the third quarter, following an increase of $124.3 billion in the second. The third-quarter increase includes, as part of “other” U.S. government liabilities, a $47.6 billion increase associated with the allocation of SDRs to the United States.

Transactions in U.S. currency shifted to net shipments to foreign countries of $4.2 billion in the third quarter from net shipments to the United States of $1.9 billion in the second.

The statistical discrepancy—errors and omissions in recorded transactions—was $70.4 billion in the third quarter, compared with $35.4 billion in the second.

In the third quarter, the U.S. dollar depreciated 5 percent on a trade-weighted quarterly average basis against a group of 7 major currencies.

Revisions

The second-quarter international transactions are revised from previously published statistics. The current-account deficit was revised to $98.0 billion from $98.8 billion. The goods deficit was unrevised at $115.5 billion; the services surplus was revised to $34.2 billion from $32.5 billion; the income surplus was revised to $16.7 billion from $16.4 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $32.2 billion. Net financial inflows were revised to $63.3 billion from $58.3 billion.


Data Release dates in 2010:

Fourth quarter and year 2009...................March 18, 2010 (Thursday)
First quarter 2010..............................June 17, 2010 (Thursday)
Second quarter 2010........................September 16, 2010 (Thursday)
Third quarter 2010..........................December 16, 2010 (Thursday)

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