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[IWS] BEA: U.S. International Transactions: Fourth Quarter and Year 2014 [19 March 2015]
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
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]
[full-text, 11 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 $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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