Thursday, September 19, 2013Tweet
[IWS] BEA: U.S. International Transactions: Second Quarter 2013 [19 September 2013]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
U.S. International Transactions: Second Quarter 2013 [19 September 2013]
[full-text, 7 pages]
The U.S. current-account deficit—the combined balances on trade in goods and services,
income, and net unilateral current transfers—decreased to $98.9 billion (preliminary) in the
second quarter from $104.9 billion (revised) in the first quarter. The decrease in the current-
account deficit was accounted for by a decrease in the deficit on goods, an increase in the
surplus on income, and an increase in the surplus on services. These changes were partly offset
by an increase in net outflows of unilateral current transfers, such as government grants,
government pensions and other transfers, and private remittances.
Goods and services
The deficit on goods and services decreased to $117.8 billion in the second quarter
from $122.6 billion in the first.
The deficit on goods decreased to $175.7 billion in the second quarter from $179.5 billion
in the first.
Goods exports increased to $394.7 billion from $390.7 billion. Exports in four of the
six major end-use categories increased. The largest increases were in capital goods and in
consumer goods. The increase in capital goods was largely due to an increase in civilian
aircraft, engines, and parts. The largest decrease was in foods, feeds, and beverages and was
mostly due to a decrease in soybeans (Table 2a).
Goods imports increased to $570.4 billion from $570.2 billion. Increases in five of the
six major end-use categories were nearly offset by a substantial decrease in industrial
supplies and materials. The largest increase was in automotive vehicles, parts, and engines,
much of that in passenger cars. The decrease in industrial supplies and materials was mostly
due to a decrease in petroleum and products (Table 2a).
The surplus on services increased to $57.9 billion in the second quarter from $56.8
billion in the first.
Services exports increased to $169.2 billion from $167.2 billion. Exports increased in
five of the seven major services categories. More than half the increase was in other private
services, primarily in financial services and in business, professional, and technical
services (Table 3a).
Services imports increased to $111.3 billion from $110.4 billion. Imports increased in
six of the seven major services categories. The largest increases were in travel and in other
transportation (Table 3a).
The surplus on income increased to $53.1 billion in the second quarter from $50.9
billion in the first.
Income receipts on U.S.-owned assets abroad increased to $190.8 billion from $190.0
billion. The increase was more than accounted for by an increase in other private receipts,
which consists of interest and dividends. Direct investment receipts and U.S. government
receipts decreased (Table 4).
Income payments on foreign-owned assets in the United States decreased to $135.6 billion
from $137.1 billion. The decrease was more than accounted for by decreases in direct
investment payments and in U.S. government payments. Other private payments increased (Table 4).
Compensation of employees
Receipts for compensation of U.S. residents paid by nonresidents were $1.7 billion in
the second quarter, up from $1.6 billion in the first. Payments for compensation of foreign
residents paid by U.S. residents were $3.8 billion in the second quarter, up from $3.7 billion
in the first.
Unilateral current transfers
Net unilateral current transfers to foreigners were $34.2 billion in the second quarter,
up from $33.1 billion in the first. The increase was mostly due to an increase in net outflows
of U.S. government pensions and other transfers that resulted from a decrease in fines and
penalties received by the U.S. government from foreign corporations. U.S. government grants to
foreigners also increased.
AND MUCH MORE...including TABLES....
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Links to this post: