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[IWS] BEA: U.S. International Transactions: Third Quarter 2014 [17 December 2014]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
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U.S. International Transactions: Third Quarter 2014 [17 December 2014]
[full-text, 8 pages]
The U.S. current-account deficit—a net measure of transactions between the United States and the
rest of the world in goods, services, primary income (investment income and compensation), and
secondary income (current transfers)—increased to $100.3 billion (preliminary) in the third
quarter of 2014 from $98.4 billion (revised) in the second quarter. The deficit remained at 2.3
percent of current-dollar gross domestic product (GDP). The increase in the current-account
deficit was more than accounted for by an increase in the deficit on secondary income. In
addition, the surplus on services decreased. These changes were partly offset by a decrease in
the deficit on goods and an increase in the surplus on primary income.
Goods and services
The deficit on goods and services decreased to $124.3 billion in the third quarter from
$131.2 billion in the second quarter.
Goods The deficit on goods decreased to $182.1 billion in the third quarter from $189.3
billion in the second quarter.
Goods exports increased to $414.1 billion from $408.7 billion. Exports increased in four
of the six major general-merchandise end-use categories and in nonmonetary gold. The largest
general-merchandise increases were in industrial supplies and materials; automotive vehicles,
parts, and engines; and capital goods except automotive. The largest decrease was in foods,
feeds, and beverages. The increase in industrial supplies and materials was accounted for by
increases in energy products and metals and nonmetallic products. The increase in automotive
vehicles, parts, and engines reflected increases in all subcategories. The largest increases
in capital goods except automotive were in telecommunications equipment and in other industrial
machinery, particularly in machinery for manufacture of semiconductors. Much of the decrease in
exports of foods, feeds, and beverages was due to a decrease in exports of grains and preparations
(ITA Table 2.1).
Goods imports decreased to $596.2 billion from $598.0 billion. Imports decreased in three
of the six major general-merchandise end-use categories. The largest decreases were in industrial
supplies and materials and in consumer goods except food and automotive. The largest increase
was in capital goods except automotive. Most of the decrease in industrial supplies and materials
was due to a decrease in imports of petroleum and products. The decrease in consumer goods except
food and automotive was more than accounted for by a decrease in imports of durable goods, most
of which was in cell phones. The increase in capital goods except automotive mostly reflected
increases in machinery and equipment except consumer-type and in civilian aircraft, complete,
all types (ITA Table 2.1).
Services The surplus on services decreased to $57.7 billion in the third quarter from
$58.1 billion in the second quarter.
Services exports were nearly unchanged at $177.9 billion in the third quarter. Exports
increased in five of the nine major services categories. The largest increase was in other
business services, much of which was in research and development services. The largest decrease
was in financial services, much of which was in securities brokerage, underwriting, and related
services (ITA Table 3.1).
Services imports increased to $120.1 billion from $119.8 billion. Imports increased in six
of the nine major services categories. The largest increase was in other business services,
reflecting combined increases in imports of research and development services and professional
and management consulting services (ITA Table 3.1).
AND MUCH MORE...including TABLES....
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