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IWS Documented News Service

_______________________________

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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NOTE: Funding for this service ends on 31 March 2015. Postings will end on this date as well.

 

U.S. International Transactions: Fourth Quarter and Year 2014 [19 March 2015]

http://www.bea.gov/newsreleases/international/transactions/2015/trans414.htm

or

http://www.bea.gov/newsreleases/international/transactions/2015/pdf/trans414.pdf

[full-text, 11 pages]

or

http://www.bea.gov/newsreleases/international/transactions/2015/xls/trans414.xls

[spreadsheet]

and

Highlights

http://www.bea.gov/newsreleases/international/transactions/2015/pdf/trans414_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 $113.5 billion (preliminary) in the

fourth quarter of 2014 from $98.9 billion (revised) in the third quarter. The deficit increased

to 2.6 percent of current-dollar gross domestic product (GDP) from 2.2 percent in the third

quarter. The increase in the current-account deficit was primarily accounted for by a decrease

in the surplus on primary income. In addition, the deficits on goods and secondary income

increased. These changes were partly offset by an increase in the surplus on services.

 

Goods and services

 

      The deficit on goods and services increased to $127.0 billion in the fourth quarter from

$123.9 billion in the third quarter.

 

      Goods  The deficit on goods increased to $185.2 billion in the fourth quarter from

$181.1 billion in the third quarter.

 

      Goods exports decreased to $410.1 billion from $415.0 billion. Exports decreased in three

of the six major general-merchandise end-use categories. The largest decrease was in industrial

supplies and materials; exports also decreased in automotive vehicles, parts, and engines and

in consumer goods except food and automotive. The decrease in industrial supplies and

materials—which more than accounted for the total decrease in general merchandise exports—

mostly reflected a decrease in exports of petroleum and products. The decrease in automotive

vehicles, parts, and engines was more than accounted for by a decrease in exports of passenger

cars. Exports increased in nonmonetary gold and in three major general-merchandise end-use

categories. The largest general-merchandise increase was in foods, feeds, and beverages; the

increase was more than accounted for by an increase in exports of soybeans, which was partly

offset by a decrease in exports of grains and preparations (ITA Table 2.1).

 

      Goods imports decreased to $595.3 billion from $596.1 billion. Imports decreased in three

of the six major general-merchandise end-use categories and in nonmonetary gold. The largest

decrease—which more than accounted for the total decrease in goods imports—was in industrial

supplies and materials; as with exports, the decrease mostly reflected a decrease in petroleum

and products. The largest increase was in consumer goods except food and automotive, mostly

reflecting an increase in other household goods, including cell phones (ITA Table 2.1).

 

      Services  The surplus on services increased to $58.2 billion in the fourth quarter from

$57.2 billion in the third quarter.

 

      Services exports increased to $180.4 billion from $176.6 billion. Exports increased in

all nine major services categories. The largest increases were in financial services and in

travel (for all purposes including education).  The increase in financial services was largely

due to increases in financial management, financial advisory, and custody services and in

securities brokerage, underwriting, and related services.  The increase in travel (for all

purposes including education) reflected an increase in personal travel that was partly offset

by a decrease in business travel (ITA Table 3.1).

 

      Services imports increased to $122.3 billion from $119.5 billion. Imports increased in

seven of the nine major services categories. The largest increase was in travel (for all

purposes including education), mainly reflecting an increase in business travel; personal

travel also increased (ITA Table 3.1).

 

AND MUCH MORE...including TABLES....

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