Magazine article Economic Trends

U.S. International Transactions

Magazine article Economic Trends

U.S. International Transactions

Article excerpt

Data for 2002:IQ show a sizeable increase in the U.S. current account deficit, from $95.1 billion in 2001:IVQ to $112.5 billion. This movement can be attributed mainly to a deterioration in the goods deficit--from $100.7 billion to $106.4 billion--resulting from both declines in exports and increases in imports.

Net financial inflows into the U.S--that is, the difference between the net acquisition of assets in the U.S. by foreigners and the net acquisition of assets abroad by U.S. residents--declined from $150.7 billion to $99.4 billion. Growth in U.S.-owned assets abroad slowed significantly, from a $100.1 billion increase in 2001:IVQ to an increase of only $13.9 billion in 2002:IQ. This was largely the result of declining U.S. claims on foreigners reported by U.S. banks. Foreign-owned assets in the U.S. rose $113.3 billion in 2002:IQ after increasing $250.8 billion during 2001:IVQ, due partly to a swing from positive net foreign purchases of Treasury securities to net foreign sales. …

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