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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor--------------------Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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U.S. International Transactions: Third Quarter 2014 [17 December 2014]

http://www.bea.gov/newsreleases/international/transactions/transnewsrelease.htm

or

http://www.bea.gov/newsreleases/international/transactions/2014/pdf/trans314.pdf

[full-text, 8 pages]

or

http://www.bea.gov/newsreleases/international/transactions/2014/xls/trans314.xls

[spreadsheet]

and

Highlights

http://www.bea.gov/newsreleases/international/transactions/2014/pdf/trans314_fax.pdf

 

 

Current Account

 

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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