U.S. International Transactions, by Area by StLouisFed

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									March 1970

44                                                                    SURVEY OF CURRENT BUSINESS                                                                                                                               March 1970

                                                                                                                                                                                                  Table 8.—U.S. International
                                                                                                                                                                                                                                      [Millions of

                                                                                                                     United Kingdom                                                      European Economic Community

Line                           (Credits +; debits -)                                                                                         1969                                                                      1969
                                                                                            1968*       IQfiQ                                                               1968         IQfiQ
                                                                                                                      I'              II'           III'         IV P                                I           II            IIP        IV *


  1     Exports of goods &nd services                                                        3,519      3,823              819          969           936        1,098      8,165        n.a.        1,827       2,415         2,302      n.a.
  2             Excluding transfers under military grants                                    3,519      3,823              819          969           936        1,098      8,167        9,096       1,827       2,416         2,303       2,550
  3         Merchandise adjusted excluding military                                          1,959      2,024              396          526           499          603      6,068        6,865       1,316       1,851         1,704       1,994
  4         Transfers under military sales contracts                       -- -                322        331              103           86            70           72        363          345         112         104            70           59
  5         Transfers under military grants net                                              (*)                                                                              -2         n.a.                                             n.a.
  6         Transportation                   _. ..   .                -              --        278        305               51              83         93           78        479          542            97       139           164          143
                                                                                                                                                                                                                     9
   7        Travel              - --- - ---          -                                          49         49               8               12         19           10        115           138           23        36               46       33
   8        Fees and royalties from direct investments                                         176        183              41               43         51           48        281           291           69        64               72       85
   9        Other private services                                                             147        148              37               37         37           37        237           239           58        61               58       62
  10        Other U S Government services                                                       19         16               4                4          4            4         27            23            5         6                7        5
            Income on U.S. investments abroad:
  11            Direct investments 2                                                           281        324              105              78         80           61        439           457          107       106           129          115
  12            Other private assets                          -           - --                 159        192               43              49         48           52        113           128           28        32            32           37
  13            U S Government assets                                                          130        250               31              51         35          133         45            67           12        17            20           18
  14    Imports of goods and services                    ...                                -3,686     -4,414          -804          -1,183      -1,255         -1,171     -8,840       -9,154     -1,700       -2,563        -2,557      -2,333
  15        Merchandise adjusted excluding military                              - -        -2,053     -2, 055         -372           -594          -542         -547      -5, 918      -5,835     -1,025       -1,710        -1, 561     -1, 539
  16        Military expenditures                --                                           -172       -207           -60            -46           -48          -53      -1, 082      -1, 169      -290         -280          -298        -302
  17        Transportation                                  . _ -                             -467       -482           -86           -144          -142         -110        -675         -714       -140         -206          -218        -149

 18         Travel                              -..-                  -                      -198        -224           -16            -71          -100          -37        -400         -443        -40        -126           -215         -62
 19         Private payments for other services                                              -198        -224           -57            -57           -54          -56         -79          -90        -21         -22            -22         -25
 20         U S Government payments for other services            _              _            -14         -14            -3             -4            -3           -4         -67          -71        -17         -17            -20         -17
            Income on foreign investments in the United States:
 21             Private payments 2                  -           ___                          -534      -1, 174         -202           -259          -357         -356        -355         -570       -113        -138           -156        -163
 22             U S Government payments                                                       -49         -34            -9             -9            -8           -8        -265         -262        -55         -64            -66         -77

 23     Balance on moods and services (lines 1 and 14)                                       -167       -591                15        -214          -319          -73        -675          n.a.          127     -148           -255          n.a.
 24             Excluding transfers under military grants (lines 2 and                       -166       -591                15        -214          -319          -73        -673          -58           127     -148           -255          217
                  H).
 25     Unilateral transfers net ; transfers to foreigners (— )        _                      -60         -58          -12             -16           -15          -15         -84          n.a.            3       -3             -2          n.a.
 26             Excluding military grants       _ .                                           -61         -58          -12             -16           -15          -15         -86           -5             3       -3             -3          -2

 27         Private remittances                                                               -43         -40              -8          -11           -11          -10           8             91          26          21             21        22
 28         Miilitarv grants of goods and services                                           (*)                                                                                2          n.a.                                              n.a.
 29                                                                                          (*)                                                                               -1         (*)
 30         U S Government pensions and other transfers                                       -17         -18              -4           -5            -4           -5         -93          -95        -23         -24            -24         -24

 31     Balance on goods, services, and unilateral transfers (lines 23 and                   -227        -649                 2       -230          -334          -87        -759          -63           130      -151          -258          215
         25, or 24 and 26).
 32     Transactions in U.S. private assets, net; increase in assets (-).. -1,087                        -276          -279            -53          -100           157       -399         -537           -84      -567          -183          297

 33         Direct investments 2                                                             -375        -278          -131            -61           -79           -7        -425         -710       -280         -381          -237          187
 34         Foreign securities newly issued in the United States                                                                                                                           -14                                   -14
 35         Redemptions               .                                                         16          10            5              1             1            3           23           45            5           3            2            35
 36         O ther transactions in foreign securities                                         -95        -173           -32            -66           -29          -46           41          224           70          30           47            77

            Claims reported by U.S. banks:
 37             Long-term       .                                                             -12           12            1              13           -1           -1          121         -30           -4        -1              18        -43
 38             Short-term                        -                                           -74        -100           -10            -17           -38          -35           22        -120            44      -99            -28         -37

           Claims reported by U.S. residents other than banks:
  39           Long-term                                                                      -99          -8           -27                  7          1           11         -3            11           12       -16                1          14
  40           Short-term                      - -                                           -448          262          -85                 70         45          232       -178            57           69      -103               27          64

  41    Transactions in U.S. Government assets, excluding official re-                       -174           12          -44             -1           -29            87             72     -207           -17           4        -189          -6
         serve assets, net; increase in assets (-).
  42        Loans and other long-term assets                                                  -255       -178           -86            -42           -10           -40       -101         -126           -25       -40           -40         -20
  43        Foreign currencies and other assets                                                  11       -29            -1             -3           -20            -5         -7          -10             1         3            -9          -4

            Repayments on credits:
  44            Scheduled                                           - --                        70         173                              41         (*)          132         40          59              7         18           16            18
  45            Nonscheduled (including sales of foreign obligations to                                     46              43               3                                 139       «-131            (*)         24       3-155
                  foreigners)
  46    Transactions in U.S. official reserve assets, net; increase in
          assets (—*)                                        -                                -126         662              84          138           -65           505      -755         -517           -75      -174          -379             111

  47        Gold                                                  -                    --       835                                                                          -315         -749          26        -275                       -500
  48        Convertible currencies                                                            -961         662              84          138           -65           505      -440           232      -101           101         -379           611
  49        Gold tranche position in IIVtF
  50    Transactions in foreign assets in the United States, net; increase
          in foreign assets (U S liabilities) (+)                                             2,512      5,407         2,845           3,378           489      -1,304       1,272        1,532     -1,075        1,668         2,823      -1,884

  51         Direct investments                        -                                        114             84            32        -40            104         -12         212          333           24          160          27            123
  52         U S securities other than Treasury issues                                          528             84            67          17          -39            40      1,287        1,351         381           189         367            414
  53                                                                                           -16              45      (*)               13            23            9        -3           -1        (*)                                        -1

             Other liabilities reported by U.S. private residents other
              than banks:                                                                                                                                                                                                                        135
   54           Long-term                              - --                                     294          67                  3      -14                52        26        271           330           76         49             70
   55           Short-term                                       - - --                         117        -82                   8      -37                15      -68         356           149           13          6             68           62

             Nonmarketable liabilities of U.S. Government, including
              medium-term securities and long-term obligations payable
              prior to maturity only under special conditions:
   56           Associated with specific transactions          __ _ _                           -42       -153             -20          -38           -57          -38        -119           217         -54       -66             44            293
   57           Other medium-term securities and long-term obligations                                    (*)                          (*)                                      758          224          125       124         -100              75

   58        U.S. Treasury marketable or convertible bonds and notes. _                           52         56            19           -35             72         (*)        -115         -317        -51         -49                       -217
   59        Deposits and money market paper held in the United States                         1,465      5,305         2,736          3,512           318       -1, 261    -1, 375        -754     -1,589        1,255         2,347      -2, 767

   60    Errors and omissions, and transfers of funds between foreign
          areas, net; receipts by foreign areas ( — )    _ _                                   -898     -5,156        -2,607          -3,231               40       643         570        -207       1,122       -780        -1,815         1,266
March 1970
March 1970                                                           SURVEY OF CUERENT BUSINESS                                                                                                                                  45
Transactions, by Area
dollars]

                          Other Western Europe                                           Eastern Europe                                                                          Canada                                          Line

                                             1969                                                                1969                                                                           1969
  1968          1969 »                                               1968        1969 P                                                             1968     1969 P
                           I           II           IIP      IV P                              I           II           III'           IV P                               I'              IP           III'         IV P

    4,237         n.a.    1,025       1,227         1,127     n.a.        254          294          48          72            77              97    10,910    12,169       2,903          3,189         2,916        3,162          1
    3,865        4,329      943       1,132         1,030    1,224        254          294          48          72            77              97    10,910    12,169       2,903          3,189         2,916        3,162          2
    2,516        2,744      582         730          649       783        222          253          40          64            64              85     8,141     9,187       2,235          2,412         2,128        2,412          3
      124          174       40          45           37        52                                                                                      39        46           8             10             9           19          4
      371         n.a.       82          95           97      n.a.                                                                                                                                                                  5
      495          539       93         150          150       146           3           3    (*)                1             1               1       161       162             34            41             45            43      6
       69           83         15           18        24        26                                                                                     638       811            184         230               272          125      7
       78           93         26           22        20        24                                                                                     268       265             65          63                62           75      8
      119          117         28           30        29        30          15          19           5           5             5               5       166       168             41          41                42           44      9
       47           68         14           20        17        17           2           2     (*)       (*)                   1               1         8         6              1           1                 2            2     10

      196          274         86           60        47        81                                                                                     849       794            175          200          182          237         11
      112          123         28           31        31        34           3           4           1           1             1               1       634       730            160          191          174          205         12
      110          114         33           25        25        30           9          13           1           1             6               5         7         1      (*)         O                 (*)          (*)           13
  -4,035        -4,321    -827       -1,234      -1,188     -1,073    -234        -230         -48         -66              -63            -53     -10,510   -12,023      -2,627      -3,069           -3,097       -3,229         14
  -2, 216       -2, 271   -425        -685          -566     -595     -206        -199         -44         -57           -49               -49     -8, 594   -9, 999      -2,288      -2, 574          -2,330       -2,807         15
    -279          -248     -62         -60           -66      -61       -1          -1        (*)         (*)           (*)                 -1       -285      -293          -78         —77              -62          -75         16
    -617          -644    -120        -202          -179     -143       -3          -3                                                      -1       -208      -187          -39        -48               -50          -50         17
    -327          -402     -47        -110          -189      -56      -15            -19          -1          -6           -11            -1        -820      -890         -70           -215          -490         -115          18
     -43           -48     -13         -11           -12      -12     (*)                                                                            -136      -121         -32            -30           -30          -30          19
     -43           -53     -12         -12           -13      -16       -8             -7      -2              -2           -2             -2         -66       -10          -2             -3            -3           -3          20

    -413          -657    -121        -130          -142     -163       -1          -1       (*)          (*)           (*)            (*)           -313      -423         -91            -99          -109         -124          21
     -98           -97     -26         -24           -20      -27     (*)         (*)        (*)          (*)           (*)            (*)            -89       -99         -27            -23           -24          -25          22
      201          n.a.     199         -7           -60      n.a.        20            63   (*)                6             14              44       400       146            276         119         -181          -67          23
    -170              8     117       -102          -157       151        20            63   (*)                6             14              44       400       146            276         119         -181          -67          24

    -667          n.a.    -146        -183          -163      n.a.       -30          -23       -4             -6           -5             -8         -11       -67               1       -18            -23          -28          25
    -295         -280      -64         -88           -66      -63        -30          -23       -4             -6           -5             -8         -11       -67               1       -18            -23          -28          26
    -169         -167      -40         -46          -42       -38         -9          -11       -2             -3           -3             -3           27      -26              11        -8            -13          -17          27
    -371          n.a.     -82         -95          -97       n.a.                                                                                                                                                                 28
     -35          -34       —4         -22           -3        -5        -15          -6        -1             -2       (                  -3                                                                                      29
     -91          -79      -19         -20          -21       -20         -6          -7        -2             -1        '12               -2         -37       -41         -10           -10            -10          -10          30
    -465         -272          53     -190          -223        88       -10            40      -4             -1              9              36       389        79            276        102          -204          -95          31

     -74         -158      -37        -162            28        14           o         -8            3         -5                          -6      -1,365    -2,122        -778           -353          -358         -633          32
                                                                                                                        (*)
    -195         -257      -13         -81          -84       -80                                                                                    -594      -624        -187            -77          -161         -199          33
                                                                                                                                                     -946    -1,232        -386           -184          -403         -259          34
       20           13          5        4             1         3                                                                                     190       230          35             60            40           95         35
     -20            39          5      -29            33        30                                                                                      35      —94           26          -130           -29            40         36

      121           90          6      -10            48        46                      6            4    (*)                2         (               -1         25          28            2             -5         (*)           37
       88         -29           7      -29             4      -11    (
                                                                      *>-3            -12            3      -5              -4          *L6             74     -285        -149           -57             105        -184          38

     -47          -50      -49          -9             4         4                (                                                                   -61       -73         -13            -15           -17          -28          39
     -42            37       1          -9            22        23   "l           *L2        (<)
                                                                                                   -4
                                                                                                          (*)
                                                                                                          (*)
                                                                                                                        (*)
                                                                                                                               2       <*)            -62       -70        -132              48           112         -98          40
    -117          -86      -23         -55           -4        -4           10          34           5          8             14              7         24       -4             -4              1             -1     (*)           41

    -249         -232      -49         -91          -48       -43        -20          -10       -5             -2           -1             -3          -4        -5             -3          -3                                     42
       4          -14       -7          -7            3        -3          12           18       4              7            2              5          -3         2             -1           4                -1     (*)           43

      128           156        33        40           41        43        18            26           6          2             13               5        31                                                                         44
        1             4        (*)        4                                                                                                                                                                                        45


      367        -305      -32         -12           -7      -254                                                                                     -50             4           2            2        0            (*)           46
      149        -221        26        -17           -9      -221                                                                                      -50                                                                         47
      218         -84      -58           5            2       -33                                                                                    (*)              4           2            2        (*)          (*)           48
                                                                                                                                                                                                                                   49

    1,854        2,126      289       -435           263     2,008           3           8      -12              4                 8           8     1,221     1,247            504       -103            313          533         50
      -29            74      15           7            6        46                (*)                     (*)                                         -26        211          141              71          33          -34         51
     1,617         805      509          19           30       247                                                                                     473       174          141              40        -19             11        52
    (*)             -8     -10          -1             1         2                                                                                       1                 (*)         (*)              C)           (*)           53


      108           164      62             27        16        59                                                                                     -7        -1           1              -5            2                1      54
      174          -54     -55              10        12      -21            1         -1     <*)               -1      (*)            (*)              21      -26         -49               1           -4               26      55



           29      -17     -19              20         11     -28     (*)         (*)                                   (*)             (*)           -35       -17               1          19               —4      -33          56
           20      -20     -20        (*)                                                                                                            1,050     -175                       — 250                         75         57
       50           148     31           39            76        2    (*)         (>)                     W
                                                                                                                                                     -343      -113               4          -1             2        -118          58
    -115          1,033   -225        -556            112    1,702           2           9     -12              6              8               8        87     1,194            264           22          303          605         59

  -1,565        -1,305    -250          854          -56    -1,853        -1          -75            8         -7           -31            -45       -219        796       (*)             351            250              195     60
March 1970

46                                                                 SUEVEY OF CUEEENT BUSINESS                                                                                                                       March 1970

                                                                                                                                                                                   Table 8.—U.S. International
                                                                                                                                                                                                                           [Millions of

                                                                                   Latin American Republics and other Western                                                                Japan
                                                                                                  Hemisphere
Line                           (Credits -f ; debits -)
                                                                                                                           1969                                                                              1969
                                                                                1968       1969 9                                                           1968         1969 9
                                                                                                          I          II           III'         IV »                                     I            II r           III-        IV 9




      1 Exports of goods and services                                           8,952        n.a.        1,922       2,517        2,428          n.a.        3,789         n.a.             905      1,093          1,143        iuu
      2         Excluding transfers under military grants                       8,887       9,315        1,913       2,507        2,413         2,481        3,789        4,431             905      1,093          1,143        1,290
      3    Merchandise, adjusted, excluding military                            5,275       5,533        1,067       1,518        1,420         1,528        2,959        3,510             692        862            909        1,047
      4    Transfers under military sales contracts                                63          29            8           6            9             7            31          18               4          4              5             5
      5    Transfers under military grants, net                                    65        n.a.            9          10           15          n.a.        (*)           n.a.        (*)                          (*)          n.a.
      6    Transportation                                                         451         468           90         121          134           122          227          229              48             62            61        58
   7         Travel                                                               755         799             173      224          212           190           51           67              13             17            19        18
   8         Fees and royalties from direct investments                           228         241              45       60           62            74           41           49              12             14            12        11
   9         Other private services                                               267         281              65       71           73            72          148          178              44             44            44        46
  10         Other U S Government services                                         74          72              17       20           16            18           11           26               3             12             4         6
             Income on U.S. investments abroad:
  11             Direct investments 2          .                   ..           1,232       1,284          314         327          345           298           60           60              23              8            13        17
  12             Other private assets                                             406         456          102         117          113           125          227          263              58             63            68        74
  13             U S Government assets                                            137         151           32          43           30            46           36           32               9              9             7         8
  14     Imports of goods and services                                         -7,206      -7,552       -1,797      -1,950      -1,873         -1,933       -5,156       -6,223       -1,192       -1,649        -1,731         -1,652
  15         Merchandise adjusted, excluding military                          -5, 155     -5, 217      -1,201      -1,376      -1,271         -1,369       -4,071       -4,897        -901        -1,314        -1,386         -1,296
  16         IWEilitary expenditures                                             -188        -178          -50         -43         -41            -44         -581         -658        -151          -169          -162           -176
  17         Transportation                                                      -276        -321          -74         -82         -83            -81         -210         -245         -52           -65           -65            -63
  18         Travel                                                            -1,042      -1,140        -322        -283          -291         -244          -60           -73         -12            -20            -24         -17
  19         Private payments for other services                         ..      -132        -137         -32         -37           -36          -32          -18           -19          -5             -5             -5          -5
  20         U S Government payments for other services                          -163        -167         -41         -38           -45          -44          -16           -19          -3             -5             -5          -5
             Income on foreign investments in the United States:
  21             Private payments 2                                              -234        -375         -72         -86          -102         -115         -164         -235          -47            -51            -66         -71
  22             U S Government payments                                          -17         -18          -6          -5            -4           -3          -37          -78          -20            -20            -17         -21
  23     Balance on (foods and services (lines 1 and 14)                         1,746        n.a.            125      567          555          n.a.       -1,368          n.a.       -287          -556            -588         n.a.
  24            Excluding transfers under military grants (lines 2 and 14) „     1,681       1,763            116      557          540           549       -1,367       -1,793        -287          -556            -588        -362
  25     Unilateral transfers net* transfers to foreigners ( — )                 -494         n.a.       -108        -134          -112          n.a.         -36           n.a.            -8          -8            -8          n.a.
  26             Excluding military grants            --                         -429        -432         -99        -124           -97         -113          -36           -34             -8          -8            -9           -9
  27         Private remittances                                                 -149        -173         -41         -44          -45           -43          -28           -25             -6          -6            -6           -7
  28         Military grants of goods and services   -                            -65         n.a.         -9         -10          -15           n.a.          (*)          n.a.            (*)                       (*)         n.a.
  29         Other U S Government grants                                         -245        -220         -47         -70          -43           -60           (*)
  30         U S Government pensions and other transfers                          -35         -40         -11         -11           -9            -9           -8            -9             -2          -2            -2            -2

  31     Balance on goods, services, and unilateral transfers (lines 23 and
            25 or 24 and 26)                        -       --                   1,253       1,330             18      434          443           436       -1,403       -1,826        -295           -564           -596        -371
  32     Transactions in U.S. private assets, net; increase in assets (-)— -     -820        -338              75    -199           -27         -187                7      -481               51      -209            -70        -252
  33         Direct investments 2                        --                      -572        -302         -58        -160          -160            77         -77           -52         -27              16           -43               2
             Foreign securities newly issued in the United States                -144         -30         -16          -3            (           -11           -3            -9                         -9
  34
  35         Redemptions                                                            30
                                                                                  -85
                                                                                                24
                                                                                              -70
                                                                                                            9
                                                                                                          -30
                                                                                                                        5
                                                                                                                      -19
                                                                                                                                     *1
                                                                                                                                    -23
                                                                                                                                                    7
                                                                                                                                                    2
                                                                                                                                                                6
                                                                                                                                                                6          -204
                                                                                                                                                                               6
                                                                                                                                                                                            -2         -22
                                                                                                                                                                                                                        3
                                                                                                                                                                                                                      -93
                                                                                                                                                                                                                                    3
                                                                                                                                                                                                                                  -86
  36         Other transactions in foreign securities
             Claims reported by U.S. banks:
  37             Long-term                                                         181          40             39       5           -3            -1            58            36               8         13                8        7
  38             Short-term                          - --                        -176           96             99     -19            94          -78            41         -226               61      -171                59     -175
             Claims reported by U.S. residents other than banks:
  39
  40
                 Long-term
                 Short-term
                                                                                    75
                                                                                 -129
                                                                                             -136
                                                                                                39
                                                                                                                7
                                                                                                               25
                                                                                                                        4
                                                                                                                      -13
                                                                                                                                     27
                                                                                                                                     35
                                                                                                                                                -174
                                                                                                                                                  -8           -(2          -13
                                                                                                                                                                            -19
                                                                                                                                                                                              3
                                                                                                                                                                                              8
                                                                                                                                                                                                       -17
                                                                                                                                                                                                       -19
                                                                                                                                                                                                                       -1
                                                                                                                                                                                                                       -3
                                                                                                                                                                                                                                     2
                                                                                                                                                                                                                                    -5

  41     Transactions in U.S. Government assets, excluding official re-
          serve assets net* increase in assets (— )                              -678        -561         -93        -135          -168         -165          101                 6           29        -8                 5       -20

  42        Loans and other long-term assets             - -                     -992        -877        -164        -224          -236         -252         -133          -140          -29           -47            -30          -34
  43        Foreisn currencies and other assets                                     22         -2           1            2           -2           -3          -12             16           9             4              3         (*)
             Repayments on credits:
  44            Scheduled                                                          288         316             71         86             70            90       146          130              49            36            33            14
  45            Nonscheduled (including sales of foreign obligations to
                                                                                       3            2                      2                                    100

  46      Transactions in U.S. official reserve assets, net; increase in
                                                                                    65          44              7                         15           22

  47          Gold                                                                  65          44              7                        15            22
  48
  49
  50      Transactions in foreign assets in the United States, net; increase
           in foreign assets (U S liabilities)(-H                      - --       821          762            141         78        -23           566        1,005           587            260        -93             168          252

  51         Direct investments 2                        -                        -10          -9          -1         -28          (*)             20            60          -8               23        -1            -31         (*)
  52         U S securities other than Treasury issues                             186         150          55          68          -35            62             2           5                          1              3
  53         Long-term liabilities reported by U S banks                            95       -330         -17        -119          -153          -41            214          -2         (*)              1              1           -4
              Other liabilities reported by U.S. private residents other
               than banks:
  54             Long-term                                                           7          13       (*)               1             17        -5         (*)             11        (*)           (*)                               11
                                                                                                                                                                                                                     W
  55             Short-term                                                         57         -7                          9              7       -16               25        39              10            14             4            11
              Nonmarketable liabilities of U.S. Government, including
               medium-term securities and long-term obligations pay-
               able prior to maturity only under special conditions:
  56             Associated with specific transactions                            -27           12            -9          22         -2          (*)            -5            22            -1               3             22      -2
  57             Other medium-term securities and long-term obligations.
  58         U.S. Treasury marketable or convertible bonds and notes.             -18            4              1         -2           2             3            1           52        (             (*)            (*)             52
  59         Deposits and money market paper held in the United States             531         929            118         127        141           543          707          468            'L        -111             169          183
  60      Errors and omissions, and transfers of funds between foreign
           areas net; receipts by foreign areas ( — )     -                       -641 -1,237             -147        -178         -240          -672           290        1,713         -44            873            494          391

  T
    Revised.      9 Preliminary.     n.a. Not available.    * Less than $500,000 (±).                       1. Includes transactions with shipping companies operating under the flags of Honduras,
  t Lines 50, 59, and 60 for 1968, include revisions made in September 1969 Survey.                       Liberia, and Panama.
  March 1970
March 1970                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                          47
Transactions, by Area—Continued
dollars]

  Australia, New Zealand, and South Africa                                           Other countries in Asia and Africa                                     International organizations and unallocated *

                                                                                                                                                                                                                               Line
                                             1969                                                                 1969                                                                          1969
   1968         1969P                                                       1968     1969*                                                      1968 1          1969P
                            I         II            III'       IV P                             I'         II '          III'        IV P                                    I          II             III'        IV P


    2,099       2,052        413        528           531        579        9,049      n.a.    1,848       2,690         2,423        n.a.         459             752           142         164         137         308          1
    2,099       2,052        413        528           531        579        8,645     9,128    1,779       2,568         2,286       2,495         459             752           142         164         137         308          2
    1,384       1,356        250        356           360        390        5,074     5,015      867        1,566        1,231       1,351                                                                                        3
       179        104         39         32            16         16          306       457       95          109          144         109                                                                                        4
                                                                              404      n.a.       69          122          136        n.a.                                                                                        5
          91          98         19         27            27         26       511       538       96          152          149         142         231             237            43          62             65          68       6
          40         36           6          8            13          9        53        69          10       15               25       19                                                                                        7
          81         88          18         21            15         33       113       121          26       33               29       33          13              11             2           4              3           3       8
          96         91          22         24            23         23       236       240          58       59               60       62         116             130            30          33             33          33       9
           1          1    (*)        (*)           (*)        (*)            164       161          39       44               39       39                                                                                       10

      160            204         46         36            64         58     1,730     2,017      471         463           479         604            38           293            42          52              7       192        11
       49             50         11         14            11         14       185       232       55          54            62          62            61            79            24          13             28        13        12
       18             24          1         10             1         11       273       280       63          74            69          74             1             1             1                               (*)           13
  -1,103       -1,273      -252       -329          -375       -317       -6,565    -7,324    -1,580      -1,912       -1,933       -1,899       -744            -800       -140        -169            -228        -263         14
    -923       -1,055      -198       -274          -319       -264       -3, 784   -4,269     -881       -1, 148      -1, 126      -1,114        -52                                                                            15
     -33          -42       -11        -10           -10        -11       -1,910    -2,085     -503         -522         -532         -528                                                                                       16
     -74          -87       -20        -25           -22        -20         -254      -272      -49          -74          -80          -69       -464            -510        -97        -124           -122         -167         17
     -25            -28      -9         -5            -7         -7         -135      -153      -25         -36           -56         -36                                                                                        18
      -2             -3      -1         -1            -1         -1          -17       -15       -4          -4            -4          -4                                                                                        19
     -25            -26      -7         -6            -8         -6         -241      -246      -59         -60           -61         -66        -108             -98            -5       -1            -50         -43          20

     -13            -24      -4         -6            -7         -6         -164      -212      -44         -49           -55         -65         -41             -84        -14         -18            -28         -24          21
      -7             -8      -2         -2            -2         -2          -61       -74      -17         -19           -19         -19         -80            -108        -25         -26            -28         -29          22
      996            778     161        199           156        262       2,484      n.a.       268         778           490        n.a.       -285            -48               2      ~~5           -90              45      23
      996            778     161        199           156        262       2,080     1,804       198         656           354         596       -285            -48               2      -5            -90              45      24
     -20            -19      -5         -5            -5         -5       -2,178       n.a.    -472        -655          -530         n.a.       -124            -135        -35         -59            -11         -31          25
     -20            -19      —5         -5            -5         -5       -1,773    -1,758     -403        -533          -394        -428        -124            -135        -35         -59            -11         -31          26
     -17            -16      -4         -4            -4         -4         -371      -389      -96         -97           -94        -101          -1              -2            -1       -1              (*)        '(*)        27
                                                                            -404       n.a.     -69        -122          -136         n.a.                                                                                       28
                                                                          -1, 287   -1, 256    -280        -409          -270        -297       -123            -133         -34         -58            -11         -30          29
      -3             -3      -1         -1            -1         -1         -116      -113      -27         -28           -29         -30                                                                                        30

      976            759     156        195           150        258         307        47     -205          123          -40          169       -409            -183        -33         -64           -102              15      31
    -184            -56          14    -15           -17        -38         -888      -693     -184        -520                10      (*)       -346            -341        -80         -56            -62         -144         32
    -168        -129        -17        -27           -33        -53         -462     -413      -205        -247           -73          112      -158             -295        -40         -70            -33         -152         33
                                                                            -176     -179       -47         -53           -31         -47       -390             -165       -115          -2            -49                      34
       12            22           4                       3       15           22       41        11          5             12          13        176               88         56          7              15           10        35
      -9              1         (*)          2            2      -3           -2        14        17         -6              2           1         26               32         20          9               5          -2         36

       34             54         11      23               13      7         -144         96          40     -14                51       19                                                                                       37
     -21               3         17    -18                 9     -5          -40      -184            5    -173                54     -70             (*)             (*)         (*)         (*)            <*)         (*)     38

     -23             -2      -3              2        -1                     -16       -75      -12          -37          -17          -9                                                                                        39
      -9             -5       2              2        -9         (*)         -70         7        8            5            13        -19             (*)          -1             -1          (*)            (*)                 40

    -168            -46     -37       (*)            -28             20   -1,272    -1,325     -274        -520          -248        -283         -48             -40        -10         -22                 3       -12         41
    -224        -115        -40        -26           -29        -21       -1,681    -1,746     -579        -487          -308        -372         -53             -48        -12         -24                         -12         42
      -2          -6          1         -5            -2       (*)             46        77      224       -118           -32           3                           3                      3                                     43

          58          74          2         31             2         40       337       352          81       83               91       98              5               5           3                          3                 44
    (*)                                                                        26     3 -9            1           1      (*)         3 -11                                                                                       45
           2           1          1                                           432      -32       -3         -24            -9            4       -815          -1,044        -32        -229            -241        -542         46

           2           1          1                                           432      -32       -3          -24           -9            4             55         -10             -1          -1             -8                  47
                                                                                                                                                                                                                                 48
                                                                                                                                                 —870          -1,034        -31        -228            -233        -542         49

          24         170     139            8        -79         102          363     -117     -196         -165          -47          291         204             392            75           66            150         102     50
                      61   (>)                      (*)           61          -2          1        3          -2             1         -1                                                                                        51
           8          15         u    "12            -16           8          129        70       21           15           27          7          130             379           187     -24                  76      140        52
          17         -2          39    -9            -14        -18           271     -508      -60          -89         -213        -146           11             131           -1        28                 90       14        53


      -2                      2         -2                                      2         9           4        3           -6           8                                                                                        54
                (
     -13            *>14     -2          7          °9         (*)             12        16           6       40           -6         -24       (*)             (*)         (*)         (*)            (*)                       55



          34          47          9          4            11         23        2f        52       16           63         -28               1                                                                                    56
                                                                              18:      -70      -10          -45          -15                                                                                                    57
   (*)                     w                                                  1         -3       -2             1                      -2        -139                6        -1               8                     -1          58
     -21              35         »    °-S           <•->«      (*)
                                                                     27     -27         316    -174         -151
                                                                                                                          (*)
                                                                                                                           193         448         202           -123       -110              54
                                                                                                                                                                                                       (*)
                                                                                                                                                                                                         -16        -51          59

     -650        -827      -273       -187           -27       -341         1,05      2,120      862        1,106          334       -181        1,414           1,216            78      305            253         581         60

  2. Excludes undistributed profits of subsidiaries.                                                                  NOTE.—Details may not add to totals because of rounding.
  3. Negative entry reflects repurchase of foreign obligations previously sold.                                       Source: U.S. Department of Commerce, Office of Business Economics.
September 1970

44                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                    September 1970

                                                                                                                                                                                    Table 8.—U.S. International
                                                                                                                                                                                                        [Millions

                                                                                                           United Kingdom                                                European Economic Community

Line                       (Credits +: debits -)                            1969f                      1969                               1970                                            1969                                  1970
                                                                                                                                                          1969f
                                                                                      I          II           III        IV t        Ir          11"                    I           II           III          IV f        Ir           HP

  1    Exports of goods and services _ _                                    3,831     817         969          942       1,103        968        1,113    9,153        1,839       2,430         2,344       2,540       2,663         2,922
  2       Excluding transfers under military grants-                        3,832     817         969          942       1,103        968        1,113    9,155        1,839       2,431         2,344       2,540       2,663         2,922
  3      Merchandise, adjusted, excluding military                          2,026     396          528         499        603         585          682    6,861        1,315       1,849         1,702        1,995      1,999         2,249
  4      Transfers under military sales contracts                             293      85           71          65          72         31           49      395           112         104          120            59         41          117
  5      Transfers under military grants, net      . .                        (*)                (*)                     (*)                                -2          (*)                        -1          (*)        (*)           (*)
  6      Transportation                                                       325         62        86         102          75         79          105      518           103        141           157           118       131            160
  7      Travel                                                                43          7       10           17           9          9           13      138             23           36         46           33            28         47
  8      Fees and royalties from direct investments                           186         41       46           49          50         40           58      299             69           74         70           85            74         80
  9      Other private services                                               172         43       43           43          43         48           49      270             67           69         66           68            78         79
 10      Other U.S. Government services                                        16          4        4            4           4          5            4       23              6            6          7            5             8          6
         Income on U.S. investments abroad:
 11        Direct investments 2 _._                                           327     105          81           80          61         87           67      453          105         104           125          120        241           107
 12        Other private assets _ _                                           194      43          49           48          53         54           59      130           28          32            32           38         42            44
 13        U.S. Government assets                                             250      31          51           35         133         30           27       67           12          17            20           18         21            32
 14    Imports of goods and services                                       -4,543    -822 -1,211 -1,290 -1,221 -1,154 -1,237 -9,226 -1,711 -2,575 -2,584 -2,357 -2,351 -2,686
 15      Merchandise, adjusted, excluding military                         -2, 112   -378       -608          -561       -565        -541        -553 -5,830 -1,023 -1,708 -1,562 -1,537 -1,546 -1,664
 16      Military expenditures                                               -208     -60        -46           -49        -53         -65         -53 -1,172   -290   -281   -300   -301   -290   -327
 17      Transportation.                                                     -517     -94       -154          -153       -115        -115        -170   -762   -150   -216   -237   -159   -180   -240
 18      Travel                                                             -229     -16         -71          -101        -41        -23          -85     -454          -40        -127          -218          -69        -46          -148
 19      Private payments for other services                                -234     -59         -59           -57        -59        -66          -66      -95          -23         -23           -24          -25        -26           -28
 20      U.S. Government payments for other services                         -14      -3          -4            -3         -4         -3           -3      -71          -17         -17           -20          -16        -16           -19
         Income on foreign investments in the United States:
 21        Private payments 2_ .                                           -1,196    -203       -260          -358       -375        -331        -299     -582         -114        -139          -157         -172       -188          -174
 22        U.S. Government payments...                                        -34      -9         -9            -8         -8          -9          -8     -262          -55         -64           -66          -77        -57           -87
 23    Balance on goods and services (lines 1 and 14)                   -712          -4        -242          -347       -118        -186        -123       -73          128       -145          -241           183        312           236
 24        Excluding transfers under military grants (lines 2 and 14) _ -712          -4        -242          -347       -118        -186        -123       -72          129       -144          -240           184        312           236
 25    Unilateral transfers, net; transfers to foreigners (— )     .          -44    -10         -12          -11         -11         -8          -17             9            8     -1                  1           1          7       -11
 26       Excluding military grants. _                                        -44    -10         -12          -11         -12         -8          -17             7            7     -1           (*)                1          6       -10
 27      Private remittances                                                  -27     -5           -7          -7          -7         -4          -11       102            31            23         24            24         29            17
 28      Military grants of goods and services                                 (*)               (*)                      (*)                                  2        (*)                          1         (*)        (*)           (*)
 29      Other U.S. Government grants.                                                                                                                     (*)
 30      U.S. Government pensions and other transfers                         -18     -4          -5           -4          -5          -4           -6     -95          -23         -24           -24          -24        <?,           -27
 31    Balance on goods, services, and unilateral transfers (lines
        23 and 25, or 24 and 26)                                             -756     -14       -254          -359       -129        -195        -140       -65             136    -145          -240            184       318            225
 32    Transactions in U.S. private assets, net; increase in assets (—).     -250    -294        -55          -102         200       -624        -102      -510          -67       -626          -197           380      -598           -261
 33      Direct investments 2                                                -284    -150        -63           -77               5   -329        -168      -648        -273        -445          -244            313     -464          -294
 34      Foreign securities newly issued in the United States-                                                                                              -14                                   -14
 35      Redemptions .                                                          10      5          1             1          3           4            2        45             5            3           2           35            7            8
 36      Other transactions in foreign securities                            -173     -32        -66           -29        -46         -11           -9       222            69           29         47            77           44           32
         Claims reported by U.S. banks:
 37       Long-term.. _                                                         13      1          13          (*)         -1          -1          -10        23            -4        -1             18           10       -25            -4
 38       Short-term.       ..                                               -100     -10        -17           -38        -35         -10            15    -120              44      -99           -28          -37          49            38
         Claims reported by U.S. residents other than banks:
 39       Long-term                                                            -4     -28              7          2         15         -3             2     -74              13      -16            -6          -65      -283            -17
 40        Short-term.                                                         289    -80             70         39        260       -273            67       56             79      -97             27           47        74           -24
 41    Transactions in U.S. Government assets, excluding official
          reserve assets, net; increase in assets (— )                          13    -44          -1          -29           87       -15            36    -193          -17              4      -189                9          2         138
 42      Loans and other long-term assets                                    -178     -86         -42          -10         -40        -10          -17     -126          -25         -41           -40          -20        -22           -14
 43      Foreign currencies and other assets                                  -29      -1          -3          -20                                  -7        6            1           3            -9            12         5             13
         Repayments on credits:
 44       Scheduled                                                            173                    41       (*)          132                      59       59               7         18            16         18           19           40
 45       Nonscheduled (including sales of foreign obligations to
            foreigners)                                                         46        43          3                                                    —131                          24      3-155                                      99
 46    Transactions in U.S. official reserve assets, net; increase in
           assets (— )                                                         662        84       138         -65         505       1,459          296    -517          -75       -174          -379            111     -532             476
 47      Gold                                                                                                                                              -749              26     -275                       -500
 48      SDR
 49      Convertible currencies .                                              662        84       138         -65          505      1,459          296      232        -101          101        -379            611      -532            476
 50      Gold tranche position in IMF
  51   Transactions in foreign assets in the United State?, net; in-
          crease in foreign assets (U.S. liabilities) (+)                    5,471   2,867      3,411           474 -1,280 -1,059                -248      1,626      -1,073       1,687         2,817       -1,804        844         1,481
  52     D irect investments 2                                                  86      32        -41           103         -9         324         -21       363           28         161            28          145       -25             87
  53     U.S. securities other than Treasury issues                             82      67          17         -39           37        128         -95     1,392          382         213           367          430         78           148
  54     Long-term liabilities reported by U S banks                            46    (*)           13           23          10          1           1       -1          (*)                       (*)           -1          14            56

         Other liabilities reported by U.S. private residents other
            than banks:
  55      Long-term                                                            112        12      -14               29       85         67          124      401             76        49           109          167         75           115
  56      Short-term                                                          -50          8      -18               19     -59         110           85      151             10       -1             72           70       -37            -1
         Nonmarketable liabilities of U.S. Government, including
            medium-term securities and long-term obligations pay-
            able prior to maturity only under special conditions:
  57     Associated with specific transactions                               -120         -8      -23          -51         -37        -21          -47       169         -54         -66           -6            294      -19          -125
  58     Other medium-term securities and long-term obligations. .            (*)                 (*)                                                        224          125         124        -100             75     -542           (*)
  59      U.S. Treasury marketable or convertible bonds and notes .             56        19      -35               72     (*)        -57            46    -316          -50         -49           (*)        -217       -126                 1
  60      Deposits and money market paper held in the United
           States . . .                                                      5,259   2,736       3,512          318 -1,307 -1,612                 -341     -755 -1, 589            1,255         2,347 -2,768            1,425         1.200
  61    Balance on transactions in U.S and foreign liquid and non-
         liquid assets, including reserves (lines 32, 41, 46, and 51).. .. 5,895 2,613     3,493                278       -487       -239          -18       407 -1,232               890        2,052 -1,304            -284          1,834
  62    Allocations of special drawing rights (SDR)
  63    Errors and omissions, and transfers of funds between
         foreign areas, net ; receipts by foreign areas (— )               -5,139 -2,599 -3,238                     81      617        433          158    -343         1,096       -745 -1,812               1,120        -34 -2,059

  t Lines 32, 40, 51, 55, 56, 60, 61, and 63 have been revised.        ' Revised.              1. Includes transactions with shipping companies operating under the flags of Honduras, Liberia, and
  September 1970

September 1970                                                              SURVEY OF CURRENT BUSINESS                                                                                                                                      45
Transactions, by Area
of dollars]

                       Other Western Europe                                                          Eastern Europe                                                                    Canada

                              1969                                  1970                                   1969                      1970                                          1969                                   1970              Line
 1969f                                                                              1969                                                          1969f
             I          II           III         IV f         Ir           HP               I         II      III       IV     Ir        HP                     I           II            III         ivt          Ir            UP

  4,625     1,040      1,220         1,145       1,220       1,295         1,340     296    49        71          78     98    101          99    12,145       2,893       3,173          2,919       3,159       3,048          3,343         1
  4,319       943      1,125         1,040       1,212       1,257         1,256     296    49        71          78     98    101          99    12,145       2,893       3,173          2,919       3,159       3,048          3,343         2
  2,751       582        737           649         783         854          839     253     41        63          64     85     92          89     9,179       2,235       2,403          2,129       2,412       2,256          2,526         3
    175        40         45            37          52          44           35                                                                       45           8          10              9          19           6             13         4
    305        97         95           105           8          38           84                                                                                                                                                                5
    531       103        142           151         136         140          165        7         1     2           2      2         1        2       161            34            40            45          42           39            45      6
     83          15          18            24       26             21        27                                                                      815            185       230           275         125          190           236         7
    103          26          27            24       26             24        30                                                                      268             61        65            70          72           74            68         8
    128          31          32            32       33             36        36       18      4         4          4      4       5          5       177             44        44            44          46           45            47         9
     68          14          20            17       17             17        16        2   (*)       (*)           1      1    (*)           1         6              1         1             2           2            1             1        10

    246          74          48            49       75             66         46                                                                     762         165          189           172         235          243           192        11
    123          28          31            31       34             32         36       4        1       1          1      1         2        2       731         160          191           174         207          195           215        12
    113          33          25            25       30             22         26      13        2       1          6      5         1        1         1       (*)          (*)           (*)         (*)          (*)           (*)          13
-4,337      -830      -1,238      -1,192        -1,078      -1,094      -1,264 -234        -49       -67      -65       -54    -65       -64 -12,047          -2,631      -3,074       -3,112        -3,231      -2,938       -3,351          14
-2, 272    -425        -685          -566        -596        -571          -604 -199       -44       -57     -49        -49    -59       -52      -9, 994     -2,289      -2, 571      -2, 330       -2,804      -2, 555      -2,800          15
  -247      -62         -59           -66         -60         -68           -67   -1        (*)       (*)     (*)        (*)    (*)       (*)       -295         -78         -77         -65            -76         -60          -72          16
  -656     -120        -205          -186        -145        -156          -228   -7                  -2       -2        -2      -3        -2       -210         -43          -55         -58           -55         -48          -56          17
  -392      -47        -110          -185         -50         -54          -127     -19    -1         -6     -11        -1      -1        -7       -900         -70        -217           -495        -118          -87          -240         18
   -56      -15         -12           -13         -16         -12           -14      (*)   (*)       (*)                       (*)       (*)       -136         -35         -33            -33         -34          -36           -37         19
   -53      -13         -12           -13         -15         -12           -14       -7   -2        -2            2    -2      -2          2       -10          -2          -3             -3          -3           -3            -3         20

  -564     -122        -131          -143        -169        -191          -184      -1    (*)       (*)      (*)       (*)    (*)       (*)       -402         -87          -95          -105        -116        -118           -101         21
   -97      -26         -24           -20         -27         -31           -26     (*)    (*)       (*)      (*)       (*)    (*)       (*)        -99         -27          -23           -24         -25         -30            -43         22
    288      211        -18           -47          142         200            76      62        1      4          13     43     36          35        98         263              99      -193         -71           111           -8         23
   -18       113       -113          -152          134         162           -9       62        1      4          13     43     36          35        98         263              99      -193         -71           111           -8         24
  -563     -157        -176          -165         -65         -90          -156     -21    -4        -6       -5        -6     -6        -7         -70                      -18           -23         -29          -14           -23         25
  -258      -60         -81           -60         -57         -52           -71     -21    -4        -6       -5        -6     -6        -7         -70                      -18           -23         -29          -14           -23         26
  -143      -36         -38           -36         -33         -26          -32      -11    -2        -3       -3        -3     -4           -4      -29             10        -8           -13         -19           -3            -9         27
  -305      -97         -95          -105          -8         -38          -84                                                                                                                                                                28
   -35       -5         -23            -3          -5          -7          -15       -3    -1        -2       (*)       -1     -1        -1                                                                                                   29
   -80      -19         -20           -21         -20         -19          -24       -7    -2        -1        -2       -2     -2        -2         -41         -10          -10           -10         -10          —11           -14         30

 -276            54    -194          -212           77         110         -80       41    -4        -2            8     38     30          28        28         263              82      -216        -101               97       -31         31
  -158      -26        -145                27     -13         -58          -15      -17         3    -5      (*)        -15    -5            2    -2,192       -778         -408          -348        -658           -6          -495         32
  -226        -2        -76           -90         -58        -104               2                                                                   -619       -166          -82          -154        -217        -185           -292         33
                                                                                                                                                  -1,270       -382         -211          -420        -257        -329            -58         34
    13            5       4                 1        3              4         5                                                                       230         35           60            40          95          70             68        35
    41            6     -27                33       30             32        12                                                                      -82          27        -135           -11           37          51             25        36

     38           6     -10                48      -6           18          -2        6         4    (*)       2        (*)    -1           (*)        20         28           2            -5          -5             2          -10         37
   -29            7     -29                 4     -11         -15          -66      -12         3    -5       -4        -6     -9             2     -286       -149          -57            105       -185           174         -163         38
                                                       *
   -53      -49          -9                 4        1        -10            40      (*)   (*)       (*)      (*)       (*)    (*)          (*)      -77        -13          -15           -18         -31           -9             4         39
     59       1           2                28       28          17          -5      -11              (*)         2      -9        5         (*)     -108       -158            31           115        -96           221          -69         40

   -81      -23         -52            -5          -1         -48          -28       32         5      8          14      5         3       -4        -4            -4             1        -1        (*)            -4                 1     41
  -232      -49         -91           -48         -44         -80          -75      -10    -5        -2       -1        -3     -10       -15          -5            -3        -3                                     -3            -5         42
    -9       -7          -4             2        (*)           -5           -4        16    4         7        2         3       5         8           2            -1         4            -1        (*)            -3             6         43

   156           33          39            41       43             37        47      26         6      2          13      5         8        3                                                                                                44
     4                       4                                                  3                                                                                                                                         2                   45

  -304      -32         -11            -7        -254        -100            47                                                                           4          2             2      (*)         (*)          (*)           (*)          46
  -220           26     -16            -9        -221          -4               1                                                                                                                                                             47
                                                                                                                                                                                                                                              48
   -84      -58               5            2      -33         -96            46                                                                           4          2             2      (*)         (*)          (*)           (*)          49
                                                                                                                                                                                                                                              50

 2,097       288       -428            230       2,007         569         -398       8    -13         5           9      7    -15          22      1,293           521      -98            314         556          -2            692        51
   100         20         12               10       59             24          8    (*)              (*)                                              243        143              71          32        -3           152               58     52
   807        505         22               30      251             16        109                                                                      197        161              40       -16            12        -57                23     53
   -8        -10         -1                 1        2       (*)               5                                                         (*)        (*)        (*)          (*)           (*)         (*)          (*)                  3     54


    124        62            27       -23           58         -9            34                                                                       -7          1           -4             1          -5            5             2         55
   -68       -55             10         12        -35         -41            25      -1     -I       (*)            1    -1          1   (*)         -30        -53            5            -5           23         -16           -10         56


   -19       -19             20            12     -32         -11            -1     (*)    (*)       (*)      (*)        (*)             (*)         -16             1       19             -4         -32          —1               8        57
   -20       -20       (*)           (*)         (*)                       (*)                                                                      —175                   —250                          75         300            800        58
    147          30          39            76           2           1        -1     (*)              (*)                                 (*)        -112             4      (*)                 2     -118           -1                15     59
  1,033     -225       -556            112       1,702         588         -577        9   -12         5           8      8    -16          22     1,194         264              22        303         605       -384           -207         60

  1,554       207      -636            245       1,739         363         -393      23    -5          8          23     -3    -17          21     -899        -259        -502            -36        -102         -12             198        61
                                                                                                                                                                                                                                              62
  1,278     -260         830          -33       -1,816       -472            473    -64         8     -6      -31       -35    -12       -49         871         -4           421          251          203        -85           -167         63

2. Excludes undistributed profits of subsidiaries.                                                                       NOTE.—Details may not add to totals because of rounding.
3. Negative entry reflects reourchase of foreign obligations nrp.vinnslv sni
September 1970

 46                                                                         SURVEY OF CUEEENT BUSINESS                                                                                                                        September 1970

                                                                                                                                                                                                Table 8.—U.S. International

                                                                                 Latin American Republics and Other Western Hemisphere                                                                      Japan

Line                                                                                                            1969                                 1970                                             1969                                  1970
                           (Credits +; debits -)                                 1969 f                                                                                 1969 t
                                                                                                I          II          III         IV f         I'          UP                       I          II           III         IV t          Ir          HP

  1 Exports of goods and services                                                 9,368        1,928       2,531       2,419       2,490       2,465        2,706       4,500         920       1,107        1,161       1,313       1,398         1,414
  2     Excluding transfers under military grants                                 9,332        1,917       2,522       2,411       2,482       2,459        2,700       4,500         920       1,107        1,161       1,313       1,398         1,414
  3      Merchandise, adjusted, excluding military                          ..    5, 532       1,066       1,518       1,420       1,528       1,502        1,638       3,503         691        856           909       1,047       1,106         1,126
  4      Transfers under military sales contracts                                     29           8           6           9           7          10           11          18            4         4              5           5           6            4
  5      Transfers under military grants, net                                         37          11          10           8           8           6            6        (*)         (*)                      (*)         (*)         (*)
  6      Transportation                                                              465          91         123         135         117         117          134         263          54            73         72          64          73              78
  7      Travel    ..                           .                                   807         178         224          212         193         198          233           67           13          17            19         18        21              26
  8      Fees and royalties from direct investments                -                239          46          68           60          65          59           68           49           12          14            12         12        13              16
  9      Other private services                                                     298          72          75           76          75          82           85          210           53          52            52         53        58              59
 10      Other U.S. Government services                                              71          17          20           16          18          17           21           26            3          12             4          6         4               5
         Income on U.S. investments abroad:
 11        Direct investments2                                                    1,277         305          327        339          305         307          325           70           23           9            13         26        33              17
 12        Other private assets                                                     462         102          117        114          129         132          141          264           58          63            68         75        77              75
 13        U.S. Government assets                                                   152          33           43         30           47          35           45           32            8           9             7          8         7               8
 14    Imports of goods and services         -    _ •          -                 -7,566 -1,807 -1,948 -1,870 -1,941 -2,213 -2, 156 -6,227 -1,192 -1,642 -1,738 -1,655 -1,607 -1,783
 15      Merchandise, adjusted, excluding military                               -5, 217 -1, 201 -1,376 -1,271 -1,369 -1, 530 -1,525 -4, 893                                         -898 -1, 314 -1,386 -1,295 -1,268 -1, 408
 16      Military expenditures                                                     -176     -51     -43    -41    -42    -38     -45   -651                                          -152   -160    -162   -178   -156   -179
 17      Transportation.                                                           -313     -71     -81    -86    -76     -88    -91   -260                                           -54     -67    -72    -68    -66    -72
 18      Travel                                                                  -1, 145       -330        -278        -281        -256        -348         -290          -70        -11         -20          -24         -15         -14           -25
 19      Private payments for other services                                       -143         -34         -38         -38         -33         -39          -43          -23         -6          -6           -6          -6          -7            -7
 20      U.S. Government payments for other services                               -166         -41         -38         -45         -43         -40          -35          -19         -4          -5                       -5          -5            -6
         Income on foreign investments in the United States:
 21        Private payments 2                                                      -387         -75         -89        -105        -118        -127         -123         -233        -48         -51          -66         -68         -67           -65
 22        U.S. Government payments                                                 -18          -6          -5          -4            3         -3           -3          -78        -20         -20          -17         -21         -25           -23
 23    Balance on goods and services (lines 1 and 14)                              1,803         121         584         549         549         252          550 -1,727             -273       -535         -577        -342        -209          -369
 24        Excluding transfers under military grants (lines 2 and 14) .            1,766         110         574         541         541         246          544 -1,727             -273       -535         -577        -343        -209          -369
 25    Unilateral transfers, net; transfers to foreigners (— )                     -478        -109        -138        -108        -123        -135         -129          -36            -8       -9           -9         -10         -10           -11
 26       Excluding military grants.                       --                      -441         -98        -128        -100        -115        -129         -123          -36            -8       -9           -9         -10         -10           -11
 27      Private remittances                                                       -181         -40         -47         -48          -46        -48          -53          -27         -6          -7           -7          -7          -8            -8
 28      Military grants of goods and services                                      -37         -11         -10          -8           -8         -6           -6          (*)        (*)                      (*)         (*)         (*)
                                                                                   -221                                                                                                                                   (
 29
 30
         Other U S Government grants
         U.S. Government pensions and other transfers.                 ..   ..      -40
                                                                                                -47
                                                                                                -11
                                                                                                            -71
                                                                                                            -11
                                                                                                                        -43
                                                                                                                         -9
                                                                                                                                     -60
                                                                                                                                      -9
                                                                                                                                                -70
                                                                                                                                                -11
                                                                                                                                                             -59
                                                                                                                                                             -11
                                                                                                                                                                          (*)
                                                                                                                                                                           -9               2     -2
                                                                                                                                                                                                              (*)
                                                                                                                                                                                                               -2             22       -2            -3

 31    Balance on goods, services, and unilateral transfers (lines 23              1,325            12       445         441         426         118          421 -1,763             -281       -545         -586        -352        -219          -380
        and 25, or 24 and 26)
 32    Transactions in U.S. private assets, net; increase in assets (— ) _         -384             41     -209         -33        -182        -273         -233         -592            39     -284          -74        -273           88         -235

 33      Direct investments 2                                                      -344         -95        -173        -164            88      -131         -168          -63         -29          11         -43             -2      -22           -46
 34      Foreign securities newly issued in the United States                       -32         -16          -4          -1          -11         -8           -1           -9                     -9
 35      Redemptions                                                                  24          9           5           3             7         15            9            6                                  3           3
 36      Other transactions in foreign securities                                   -65         -30         -17         -22             5        -1           -3         -294         -12        -94          -97         -92            11             22

         Claims reported by U.S. ban^s:
 37       Long-term                                                                   47            39        5          -3            6         -6            7           34             8        13               8       5             1          -5
 38        Short-term                            ..                                   85            99      -19           94         -89        -36         -106         -228            61     -171               59    -177           157        -192
         Claims reported by U.S. residents other than banks:
  39       Long-term                                                               -134              7           4        25        -170        -39            12         -13               3    -17               -1        2        -16             4
  40       Short-term                                                                 35            27          -9        35         -18        -67            17         -25               7    -17               -3      -12        -43           -18

  41   Transactions in U.S. Government assets, excluding official
          reserve assets net; increase in assets ( — )                             -554         -93        -131        -169         -163       -123         -162                 6       29       -8                 5     -20           52         -23

  42     Loans and other long-term assets                                          -876        -164        -224        -236         -251       -200         -242         -140         -29        -47           -30         -34         -54          -48
  43     Foreign currencies and other assets .             .       ...                3           1            6         -2           -1         -1          -11            16          9          4             3        (*)         (*)             4

         Repayments on credits:
  44      Scheduled                                                                  316            71          86           70           90         78          91        130           49          36            33           14       25             21
  45      Nonscheduled (including sales of foreign obligations to
            foreigners)                     -       ...     ...                           2                      2                                           (*)                                                                         81

  46   Transactions in U.S. official reserve assets, net; increase in
          assets ( — )                                                                44              7                      15           22          7            9
  47     Gold                                                                         44              7                      15           22          7            9
  48     SDR
  49     Convertible currencies
  50     Gold tranche position in IMF
  51   Transactions in foreign assets in the United States, net; in-
          crease in foreign assets (U S liabilities) (+)                             829            151         82        -8          604        318          232           569          247    -106               173        254        80          -14

  52     Direct investments    2
                                                                                      11           10        -24           4           21         -9            5          -34            10     -13           -26            -5       -10           -36
  53     U S securities other than Treasury issues                                   165           55          68        -35           77          20         -32            5                     1             3             1         1             3
  54     Long-term liabilities reported by U.S. banks                              -332          -17        -119        -154         -42         -42          -24           -2        (*)          1             1            -4       -19           -60

         Other liabilities reported by U.S. private residents other
            than banks:                                                                                                                                                                                                                             (
  55
  56
          Long-term
          Short-term                                   .
                                                         -
         Nonmarketable liabilities of U.S. Government, including
                                                                                      40
                                                                                       2        (*)               1
                                                                                                                  9
                                                                                                                             35
                                                                                                                              7
                                                                                                                                       4
                                                                                                                                      -7
                                                                                                                                                  -6
                                                                                                                                                   1
                                                                                                                                                               -8
                                                                                                                                                                22
                                                                                                                                                                             11
                                                                                                                                                                             46
                                                                                                                                                                                      (*)
                                                                                                                                                                                         10
                                                                                                                                                                                                 (*)
                                                                                                                                                                                                    14
                                                                                                                                                                                                               (*)              11
                                                                                                                                                                                                                                18
                                                                                                                                                                                                                                       (*)
                                                                                                                                                                                                                                        -10          :\s
            medium-term securities and long-term obligations
            payable prior to maturity only under special conditions:
  57      Associated with specific transactions                                        12           -9          22        -7               6      -5                         22          -1             3           22        _2        -3                   6
  58      Other medium-term securities and long-term obliga-
            tions
  59     U.S. Treasury marketable or convertible bonds and notes.                          3           1        -3             2           3           1            2        52       (*)        (*)           (*)              52                  (*)
  60     Deposits and money market paper held in the United
           States                                                                     928           117         127       141         543         358          267          469          228     -111              169        183           12               85

  61   Balance on transactions in U.S. and foreign liquid and non-
        liquid assets, including reserves (lines 32, 41, 46, and 51)..    -65                       106     -258        -194          281        -72         -154          -17           214     -398              105        -38       221         -272
  62   Allocations of special drawing rights (SDR)
  63   Errors and ommissions, and transfers of funds between for-
           eign areas net* receipts by foreign areas ( — )             -1,260                   -118        -188        -247        -708         -46         -268         1,780          -33         942           481        390        -2             652
   September 1970

September 1970                                                                    SUEVEY OF CURRENT BUSINESS                                                                                                                                                    47
Transactions, by Area—Continued
          Australia, New Zealand and South Africa                                             Other countries in Asia and Africa                                                International organizations and unallocated 1

                                1969                                1970                                    1969                                     1970                                              1969                                    1970             Line
  1969                                                                            1969 f                                                                              1969
                 I     II               III        IV         Ir           UP                 I      II             III        IV f         If               UP                     I         II               III         IV         I'               UP

  2,048      417        527              529        575        569          584   9,541     1,869   2,689          2,319       2,663       2,524            2,839       767          151       164                  137     315            144          135           1
  2,048      417        527              529        575        569          584   9,121     1,781   2,567          2,284       2,488       2,419            2,707       767          151       164                  137     315            144          135           2
  1,354      250        354              360        390        359          391   5,014      862    1,564          1,233       1,355       1,376            1,487                                                                                                     3
    103       39         32               16         16         18           22     457       95      109            144         109          98              236                                                                                                     4
                                                                                    420       88      122             35         175         105              132                                                                                                     5
    93           18         26               26         23      25           30     533       95      152            147         139         143              160       236             46         61               63          66         62           67            6
    36          6          8              13           9          8          11      69       10       15                25          19          15            24                                                                                                  7
    85        18         21               15         30         22           26     121       24       33                29          36          26            36        20              5          5                5           5          5             4        8
    94        24         24               23         23         27           26     255       63       63                64          65          65            65       133             33         33               33          33         37            37        9
     1      (*)        (*)              (*)        (')        (*)          (*)      163       39       45                39          40          35            45                                                                                                 10

   209           50         37               63         59      96           52   1,997      475      461            473         589         515              512       298             42         52                7      197            10             5       11
    50           11         14               11         14      12           14     232       55       54             62          62          69               66        79             24         13               28       13            29            13       12
    24            1         10                1         11       2           11     280       63       73             69          75          78               76         1              1                                 (*)              1             9       13
-1,268     -250       -325         -376           -317       -339      -313 -7,296 -1,577 -1,898 -1,931 -1,891 -1,858 -1,919                                          -820         -144      -174             -233        -268       -218             -202        14
-1,055    -198        -274         -318           -265       -279      -255 -4, 263        -877 -1, 146 -1, 126 -1,114 -1, 109 -1,154                                                                                                                             15
   -42     -11         -10          -10            -11        -13       -12 -2,058         -495   -511    -528    -524   -488    -493                                                                                                                             16
   -80     -18         -20          -23            -19        -22       -25   -274          -55    -72     -81     -66    -73     -81                                 -530        -100       -130             -128        -172       -140             -146        17
  -28        -9         -5                          -7        -10           -6    -153      -25      -36            -56         -36         -35              -42                                                                                                  18
   -4        -1         -1               -1         -1         -2           -2     -17       -4       -4             -4          -4          -6               -6                                                                                                  19
  -26        -7         -6               -8         -6         -5           -6    -245      -60      -60            -61         -64         -59              -62       -98          -5         -1              -50         -43        -12              -1         20

  -24        -5        -6               -7         -6         -6            -6    -213      -45      -49            -55         -65         -70              -64       -84         -14        -18              -28         -24        -32             -26         21
   -8        -2        -2               -2         -2         -2            -2     -74      -17      -19            -19         -19         -18              -17      -108         -25        -26              -28         -29        -33             -30         22
   780      167        202              154        258        230          271    2,245      293      792           388         772          666              919      -53               7    -10              -96              46    -74             -67         23
   780      167        202              154        258        230          271    1,825      204      670           354         597          561              787      -53               7    -10              -96              46    -74             -67         24
  -22        -6        -5               -6         -5         -4            -6 -2,234      -504     -685       -450           -595        -607          -642          -135         -36        -58              -11         -30        -36             -49         25
  -22        -6        -5               -6         -5                       -6 -1,814      -416     -563       -415           -420        -502          -510          -135         -36        -58              -11         -30        -36             -49         26
  -18        -5        -4               -5         -4         -3            -5   -449      -103     -118       -115           -113        -144          -157            -2          -1        (*)              (*)          -1         -1             (*)         27
                                                                                 -420       -88     -122        -35           -175        -105          -132                                                                                                      28
                                                                               -1, 251     -286     -417       -270           -278        -331          -323          -134         -35        -58              -11         -30        -35             -49         29
   -3       -1         -1               -1         -1         -1             i   -115       -27      -28        -30            -30         -28           -31                                                                                                      30
   758      161        197              148        253        226          265       11    -212       107          -61          177             59           277      -188         -29        -68             -107              16   -110             -116        31

  -71            6    -17              -19        -41        -100      -142       -699     -186     -521             10         -1        -241          -490          -362         -84        -56             -56         -165             10         -10         32
 -153      -25        -29              -35        -64        -124      -125       -415     -207     -247           -73          112       -173          -384         -316          -46        -70             -28         -173          40            -35         33
                                                                                  -179      -47      -53           -32         -47         -47           -40         -164         -115                        -49                     -49                         34
   22            4                           3      15                               41       11        5            12          13          7             6            88           56             7           15           10         20              27        35
    1      (*)              2                2     -3           4            3       14       17      -6              2           1         -1            -2            31           20             7            5          -2           1             -3         36

    53       11         23               12         7          31           13       96       40     -14             51          19          7                58                                                                                                  37
     3       17       -18                 9        -5        -13           -6     -184         5    -173             54        -70         -30              -87       (*)          (*)        (*)              (*)         (*)         -1                   1     38

   -1       -3              3           -1        (*)         -1            -7    -68       -12     -37            -18          -1         -14               -3                                                                                                   39
    4        2              2           -9           9         3           -20     -3         8       3              14        -28           10             -38       (*)          (*)        (*)              (*)         (*)         -1                         40

  -44      -37              2          -28          20       -15            10 -1,316      -276     -514       -249           -278        -307          -417          -43          -10       -24                    3      -12       -29              -12         41
 -115      -40        -26              -29        -21        -19        -28 -1,748         -580     -487       -308           -373        -446          -464          -48          -12       -24                           -12       -32              -12         42
   -3        1         -3               -2        (*)          1       (*)      88           223    -111        -31              7           22          -68                                                                                                      43

   74            2      31                   2      40          3           38     352       80       83             90          99         111              104            5           3                           3                      3                     44
                                                                                   -9         1         1           (*)       3-11              6             11                                                                                                 45

     1           1                                                                -33        -3     -25             -9               4     -23                 4 -1,044            -32       -229         -241            —542 -1,197                  190       46
     1           1                                                                -33        -3     -25             -9               4     -23                 4      -10           -1        -1               -8                     -24                        47
                                                                                                                                                                                                                                     -920             -37        48
                                                                                                                                                                                                                                                                 49
                                                                                                                                                                    -1,034         -31       -228         -233            -542       -253             227        50

   172      140             9          -86         108         37           43    -123     -203     -162           -42          284         510         -264           389          75         66              150          98        208             -58        51
    61                                              61         3           -3         1        3     -2            1            -1         (*)              1                                                                                                    52
    15       11         12             -16           8        -1           -7        72       21      17          27             7            12           36          379          187      -24                76         140        100               96       53
   -1        39        -9              -14        -17         -6           -4     -505      -60     -87        -212           -146        -128          -192           127          -1         28               90          10         32              -2        54


     3       2         -2          (
                                       *>9              3       2            6        7       3        2            -6           8               1          (*)                                                                                                   55
    18      -3          7                               5       9            2        8       8       39            -6         -33                             40                                                                                                 56
                                                                                                                                          (*)                         (*)         (*)        (*)              (*)         (*)        (*)

    46           9          5                7      26        -7             5       44       11      64           -27          -4           22         -133                                                                                                      57
                                                                                   -70      -10      -45           — 15                                                                                                                                          58
           (*)        (*)              (*)        (*)                               -3       -2           1        (*>          -2               1            16            6       -1             8          (*)          -1         -1                         59
    29           82    -3              -72          22         37           44     323     -176     —151            196         454         603             -31      -123        —110          54             -16          -51         77         -152           60

    58       110       -6          -133             87       -78           -90 -2,170      -668 -1,222         -290                  9     -61 -1,167 -1,060                       -50       -243         -145            -621 -1,008                 110        61
                                                                                                                                                                                                                                      867                        62
  -816    -271        -191             -15        -339       -148      -176       2,160      879    1,115           351       -186               2           889     1,248           79       312              252         605        251               6        63
December 1970

    38                                                                    SUEVEY OF CUEEENT BUSINESS                                                                                                                     December 1970
                                                                                                                                                                                             Table 8.—U.S. International
                                                                                                                                                                                                                                         [Millions

                                                                                                            United Kingdom                                                       European Economic Community

   Line                       (Credits+; debits-)                           1969                     1969                                     1970                                         1969                                   1970
                                                                                                                                                                1969
                                                                                      I         II          III          IV         It        IF        III"               I          II          III        IV         It        II'        III"

     1 Exports of goods and services                                ...     3,831      817        969         942        1,103        968     1,109       982   9,153      1,839      2,430       2,344      2,540      2,663     2,919      2,736
     2    Excluding transfers under military grants                         3,832      817        969         942        1,103        968     1,109       982   9,155      1,839      2,431       2,344      2,540      2,663     2,919      2,736
     3      Merchandise, adjusted, excluding military _         _ ..        2,026      396        528         499          603        585       682       588   6,861      1,315      1,849       1,702      1,995      1,999     2,248      1,995
     4      Transfers under military sales contracts                          293       85          71         65            72        31        49        16     395        112        104         120          59         41      118         43
     5      Transfers under military grants, net                            (*)                 (*)                      (*)                                       -2      (*)                       -1      (*)        (*)       (*)        0
     6      Transportation                                                    325          62       86        102            75          79     100       111     518        103        141         157        118        131       157       182
     7      Travel                                                              43          7        10           17            9         9        13      22     138            23        36           46         33        28         47          49
     8      Fees and royalties from direct investments .                       186         41        46           49           50        40        59      50     299            69        74           70         85        74         82          78
     9      Other private services. _           ..                             172         43        43           43           43        48        49      48     270            67        69           66         68        78         81          77
    10      Other U.S. Government services                                      16          4         4            4            4         5         4       5      23             6         6            7          5         8          6           8
            Income on U.S. investments abroad:
    11        Direct investments 2 _ _                                        327      105           81           80        61           87        68      83     453          105      104         125        120        241        102       237
    12        Other private assets                                            194       43           49           48        53           54        57      50     130           28       32          32         38         42         45        44
    13        U.S. Government assets                                          250       31           51           35       133           30        28       9      67           12       17          20         18         21         33        24
    14    Imports of goods and services                                    -4, 543   -822 -1,211 -1,290 -1,221 -1, 154 -1,230 -1, 187 -9,226 -1,711 -2,575 -2,584 -2,357 -2,351 -2,685 -2,816
    15      Merchandise, adjusted, excluding military                      -2, 112   -378       -608        -561         -565       -541      -553      -515 -5, 830 -1,023 -1,708 -1, 562 -1, 537 -1, 546 -1,663 -1,640
    16      Military expenditures                                            -208     -60        -46         -49          -53        -65       -53       -52 -1, 172 -290 -281 -300 -301 -290 -328 -331
    17      Transportation                                                   -517     -94       -154        -153         -115       -115      -164      -160 -762 -150 -216 -237 -159 -180 -233 -249
    18      Travel                                                           -229     -16        -71        -101          -41        -23       -90      -120    -454        -40       -127        -218        -69        -46      -155        -265
    19      Private payments for other services                              -234     -59        -59         -57          -59        -66       -68       -66     -95        -23        -23         -24        -25        -26       -28         -26
    20      U.S. Government payments for other services .. ..                 -14      -3         -4          -3           -4         -3        -4        -3     -71        -17        -17         -20        -16        -16       -20         -18
            Income on foreign investments in the United States:
    21        Private payments 2                                           -1, 196   -203       -260        -358         -375       -331      -290      -262    -582       -114       -139        -157       -172       -188      -171        -176
    22        U.S. Government payments                                        -34      -9         -9          -8           -8         -9        -8       -10    -262        -55        -64         -66        -77        -57       -87        -112
    23    Balance on goods and services (lines 1 and 14)                    -712       -4       -242        -347         -118       -186      -121      -205     -73           128    -145        -241         183        312        234      -80
    24        Excluding transfers under military grants (lines 2 and        -712       -4       -242        -347         -118       -186      -121      -205     -72           129    -144        -240         184        312        234      -80
                14).
    25    Unilateral transfers, net; transfers to foreigners (— )            -44      -10        -12        -11           -11         -8       -17       -13           9         8      -1               1          1        7       -9         -9
    26       Excluding military grants                                       -44      -10        -12        -11           -12         -8       -17       -13           7         7      -1         (*)              1        6       -9         -9
    27      Private remittances                                               -27      -5         -7          -7           -7         -4       -11        -8      102            31        23           24         24       29         19           20
    28      Military grants of goods and services                            (*)                (*)                      (*)                                        2      (*)                           1   (*)        (*)        (*)        (*)
    29      Other U.S. Government grants                                                                                                                        (*)                                                                (*)
    30      U.S. Government pensions and other transfers                                                                                                                                                                (*)
                                                                             -18       -4         -5          -4           -5         -4        -6        -5     -95        -23        -24         -24        -24        -23        -27        -30
    31    Balance on goods, services, and unilateral transfers (lines       -756      -14       -254        -359         -129       -195      -138      -218     -65         136      -145        -240         184        318        225       -89
           23 and 25, or 24 and 26).
    32    Transactions in U.S. private assets, net; increase in assets      -250     -294        -55        -102           200      -624         83     -187    -510        -67       -626        -197         380      -598      -421        -316

                                 2
    33      Direct investments                                              -284     -150        -63         -77               5    -329      -147       -96    -648       -273       -445        -244         313      -464      -394        -242
    34      Foreign securities newly issued in the United States                                                                                        -130     -14                               — 14
    35      Redemptions.        ..,                                            10       5          1           1            3          4         2          4      45             5         3         2            35         7          8       5
    36      Other transactions in foreign securities                        -173      -32        -66         -29          -46        -11        -9         10     222            69        29       47             77        44         32      -8
            Claims reported by U.S. banks:
    37       Long-term                                                          13      1          13       (*)            -1         -1            2       3      23          -4       -1           18         10       -25         -4        -5
    38        Short-term                                                     -100     -10        -17         -38          -35        -10           15      21   -120            44     -99         -28        -37          49         38      -72
            Claims reported by U.S. residents other than banks:
    39       Long-term                                                        -4      -28           7           2           15        -3                  -5     -74          13       -16          -6        -65       -283       -16
    40        Short-term                                                      289     -80          70          39          260      -273        220        7       56         79       -97           27         47         74      -85               6
    41    Transactions in U.S. Government assets, excluding official           13     -44         -1         -29            87       -15         62      -11    -193        -17          4        -189           9          2       127             30
             reserve assets, net; increase in assets (— )
    42      Loans and other long-term assets                                 -178     -86        -42         -10          -40        -10       -17       -18    -126        -25        -41         -40        -20        -22       -14        -15
    43     Foreign currencies and other short-term assets -_                  -29      -1         -3         -20           -5         -5         19        8       6          1          3          -9          12         5         2          1
           Repayments on credits:
    44       Scheduled                                                        173                    41     (*)            132                     59              59            7         18     16               18        19         40          44
    45       Nonscheduled (including sales of foreign obligations              46          43         3                                                         -131                       24 3 -155                                    99
               to foreigners)
    46    Transactions in U.S. official reserve assets, net; increase in      662          84     138        -65           505      1,459       296     -377    -517        -75       -174        -379         111      -532        476        432
           assets (— ).
    47      Gold.                                                                                                                                               -749             26   -275                   —500                                   20
    48      SDR
    49      Convertible currencies                                            662          84     138        -65           505      1,459       296     -377      232      -101         101       -379         611      -532         476        412
    50      Gold tranche position inlMF
    51    Transactions in foreign assets in the United States, net;         5,471    2,867      3,411         474 -1,280            -989      -200        100   1,626 -1,073          1,687       2,817 -1,804            825     1,600      3,012
             increase in foreign assets (U.S. liabilities) (+).
    52      Direct investments 2                                               86          32    -41          103          -9        324       -24        159     363 .  28            161            28       145       -25          89       -3
    53      U.S. securities other than Treasury issues                         82          67      17        -39            37       128       -95         95   1,392   382            213          367        430         78        247       240
    54      Long-term liabilities reported by U.S. banks                       46    (*)           13          23           10         1         1          1     -1 (*)                          (*)          -1          14         56         2
           Other liabilities reported by U.S. private residents other
              than banks:
    55      Long-term                                                          112         12    -14              29        85         67       123       119     401            76      49         109        167         75        114       -70
    56      Short-term                  ...    .                              -50           8    -18              19      -59         110       121        68     151            10     -1           72         70       -37          18         89
           Nonmarketable liabilities of U.S. Government, including
              medium-term securities and long-term obligations
              payable prior to maturity only under special con-
              ditions:
    57      Associated with specific transactions                           -120          -8     -23         -51          -37        -21       -47         19     169       -54        -66          -6         294       -19      -125         -22
    58      Other medium-term securities and long-term obliga-              (*)                 (*)                                                               224        125        124       -100          75      -542      (*)            75
              tions.
    59     U.S. Treasury marketable or convertible bonds and                    56         19    -35              72     (*)         -57           46      27   -316        -50        -49        (*)        -217       -126             1   (*)
            notes.
    60     Deposits and money market paper held in the United               5,259    2,736      3,512         318 -1,307 -1, 542              -326      -388    -755 -1,589           1,255       2,347 -2,768          1,406     1,201      2,701
            States.
    61    Balance on transactions in U.S. and foreign liquid and non- 5,895 2,613 3,493                       278        -487       -169        240     -474      407 -1,232            890       2,052 -1,304          -303      1,783      3,159
           liquid assets, including reserves (lines 32. 41, 46, and 51).
    62    Allocations of special drawing rights (SDR)
    63    Errors and omissions, and transfers of funds between -5, 139 -2,599 -3,238                              81       617        363     -102        692   -343       1,096      -745 -1,812            1,120       -15 -2,008 -3,070
           foreign areas, net; receipts by foreign areas (— ).

    t Lines 32, 37, 51, 54, 60, 61 and 63 have been revised.                                                           _ 1. Includes transactions with shipping companies operating under the flags of Honduras,
    December 1970

December 1970                                                             SUKVEY OF CUKKENT BUSINESS                                                                                                                                                 39
Transactions, by Area
of dollars]

                         Other Western Europe                                                          Eastern Europe                                                                            Canada
                                                                                                                                                                                                                                                    Line
                         1969                                 1970                                     1969                              1970                                           1969                                   1970
 1969                                                                               1969                                                                    1969
          I        II         III         IV        i         II'        III*                I        II       III      IV       I       II' III*                       I         II           III        IV          I        II'        III"

  4,625 1,04C      1,220        1,145     1,220     1,295     1,345      1,170       296      49       71          78    98      101       99      96       12,145     2,893      3,173        2,919      3,159      3,048     3,364      3,015        1
  4,319   943      1,125        1,040     1,212     1,257     1,260      1,137       296      49       71          78    98      101       99      96       12,145     2,893      3,173        2,919      3,159      3,048     3,364      3,015        2
  2,751    582      737          649       783          854     838        726       253      41       63          64    85       92       89      83        9,179     2,235      2,403        2,12*      2,41       2,256     2,529      2,100        3
    175     40       45           37        52           44      35         26                                                                                  45         8         10                                  (        13         10        4
    305     97       95          105         8           38      84         33                                                                                                                                                                         5
    531    103      142          151       136          140     164        171         7          1        2        <        2       1        2        1       161          34         40            45         4         39         50        53      6
     83     15          18          24         26       21          27        26                                                                               815          185     230          275           12      190       236        315        7
    103     26          27          24         26       24          30        28                                                                               268           61      65           70            72      74        73         76        8
    128     31          32          32         33       36          35        34      18    4   4                   4     4                    i    5          177           *       4-           4             44      45        49         50        9
     68     14          20          17         17       17          16        26       2 () ()
                                                                                          *   *                     1        *5
                                                                                                                          1 ()                 1 ()
                                                                                                                                                  *              6                                                                 ]          3       10

    246    74           48          49         75       66       54           40                                                                               762       165        189          172        235         243       199       203       11
    123    28           31          31         34       32       35           31       4         1         1        1        1
                                                                                                                             r
                                                                                                                                     2                         73:       160        191          174        207         195       215       206       12
    113    33           25          25         30       22       26           28      13         2         1        6                1        1     5                  ()
                                                                                                                                                                        *         ()
                                                                                                                                                                                   *           ()
                                                                                                                                                                                                *         ()
                                                                                                                                                                                                           *          ()
                                                                                                                                                                                                                       *         *
                                                                                                                                                                                                                                ()                    13
-4,337 -830 -1,238 -1,192 -1,078 -1,094 -1,257 -1,299 -234 -49 -67 -65 -54 -65 -63 -65 -12,047 -2,631 -3,074 -3,112 -3,23 -2,938 -3,354 -3,382                                                                                                        14
-2, 272 -425  -685   -566   -596   -571   -604   -576 -199    44 -57 -49 -49 -59 -52 -49 -9, 994 -2, 289 -2,571 -2,330 -2,804 -2, 555 -2, 802 -2,509                                                                                                  15
  -247 -62     -59    -66    -60    -68    -64    -67        * ()
                                                        -rl ( )   *      (           ()
                                                                                      *    -295    -78      -77
                                                                                                               <2 2 <2,
                                                                                                                   -65    -76    -60    -72      -63                                                                                                  16
  -656 -120   -205   -186   -145   -156   -213   -191   -7        —2   2 2       (
                                                                                           -210    -43      -55    -58    -55    -48    -56      -58                                                                                                  17
                                                                                  ^2
  -392 -47    -110   -185    -50    -54                           -6 -11 -1 _1 -6 -12       (      -70            -495           -87 -237       -560                                                                                                  18
   -56 -15
   -53 -13
               -12
               -12
                      -13
                      -13
                             -16
                             -15
                                    -12
                                    -12
                                          -135
                                           -16
                                           -14
                                                 -230 -19
                                                  -18 w
                                                  -15
                                                                  *
                                                                 ()
                                                                  —2   r     (*)
                                                                          —2 —2    2 (*)
                                                                                     -,       S
                                                                                           -900
                                                                                           -136
                                                                                            -10
                                                                                                   -35e
                                                                                                           -217
                                                                                                            -3J    -3J
                                                                                                                         -118
                                                                                                                          ~3'    -(
                                                                                                                                  3
                                                                                                                                         <2
                                                                                                                                        -37
                                                                                                                                         —J
                                                                                                                                                 -3*                                                                                                  19
                                                                                                                                                                                                                                                      20

  -564 -122
   -97 -26
                   -131
                    -24
                                -143
                                 -20
                                          -169
                                           -27
                                                    -191
                                                     -31
                                                              -185
                                                               -26
                                                                         -171
                                                                          -30 ( )
                                                                               *
                                                                                -1          (*)
                                                                                            (*)
                                                                                                      ()
                                                                                                       *
                                                                                                       *
                                                                                                      ()
                                                                                                               ()
                                                                                                                *
                                                                                                               ()
                                                                                                                *
                                                                                                                        () ()
                                                                                                                         *
                                                                                                                        0 ()
                                                                                                                            *
                                                                                                                            *
                                                                                                                                         c*)
                                                                                                                                         (*)      ()
                                                                                                                                                   *
                                                                                                                                                  ()
                                                                                                                                                   *
                                                                                                                                                             -402
                                                                                                                                                              -99
                                                                                                                                                                        -87
                                                                                                                                                                        -27
                                                                                                                                                                                   -95
                                                                                                                                                                                   -23
                                                                                                                                                                                               -105
                                                                                                                                                                                                -24
                                                                                                                                                                                                          -116
                                                                                                                                                                                                           -25
                                                                                                                                                                                                                     -118
                                                                                                                                                                                                                      -30
                                                                                                                                                                                                                               -103
                                                                                                                                                                                                                                -43
                                                                                                                                                                                                                                          -101
                                                                                                                                                                                                                                           -50
                                                                                                                                                                                                                                                      21
                                                                                                                                                                                                                                                      22
    288   211       -18          -47       142       200         88      -129         62         1         4       13    43       36       36      30           98       263           99      -193        -71         111          10    -366        23
   -18    113      -113         -152       134       162          3      -162         62         1         4       13    43       36       36      30           98       263           99      -193        -71         111          10    -366        24

  -563 -157        -176         -165      -65       -90       -150        -93       -21      -4       -6       -5       -6       -6       -6      -7          -70                  -18          -23        -29        -14       -25        -21        25
  -258 -60          -81          -60      -57       -52        -66        -60       -21      -4       -6       -5       -6       -6       -6      -7          -70                  -18          -23        -29        -14       -25        -21        26
  -143    -36      -38           -36      -33       -26        -35        -33       -11      -2       -3       -3       -3       -4       -3      -3          -29           10     -8           -13        -19         -3       -11         -8        27
  -305    -97      -95          -105       -8       -38        -84        -33                                                                                                                                                                         28
   -35             -23            -3       -5                              -4                                  (        -1                -1      -2                                                                                                  29
   -80    -19      -20           -21      -20
                                                     -7
                                                    -19
                                                                -7
                                                               -24        -24
                                                                                     -3
                                                                                     -7
                                                                                             -1       -2
                                                                                                      -1        22      -2
                                                                                                                                 -1
                                                                                                                                 2-       -2      -2          -41       -10       -10           -10        -10        -11       -14        -14        30
  -276      54     -194         -212           77    110       -63       -222         41     -4       -2           8     38       30      30      23            28       263           82      -216       -101            97    -14       -388        31

  -158    -26      -145             27    -13       -58        -20        -21       -17          3    -5 ( )
                                                                                                          *             -15      -5       -1       2 -2, 192           -778       -408         -348       -658         -6      -465       -381        32

  -226     -2       -76          -90      -58       -104       -15       -120                                                                                -619      -166        -82         -154       -217       -185      -279       -180       33
                                                                                                                                                           -1,270      -382       -211         -420       -257       -329       -58       -249       34
     13       5       4              1          3        4        5          5                                                                                 230        35        60            40         95         70        68         55      35
     41       6     -27             33         30       32       12         11                                                                                -82         27      -135          -11         37          51        27         25      36

              6                                                                                                                                                                                                                           (
    38
   -29        7
                    -10
                    -29
                                    48
                                     4
                                            -6
                                           -11
                                                      18
                                                    -15
                                                                -2
                                                               -66
                                                                            34
                                                                            59
                                                                                      6
                                                                                    -12
                                                                                                 4 ()
                                                                                                    *
                                                                                                 3 -5
                                                                                                                2
                                                                                                               -4
                                                                                                                        ^6
                                                                                                                                 -1
                                                                                                                                 -9      ()
                                                                                                                                          <
                                                                                                                                           2 ()
                                                                                                                                              *
                                                                                                                                                2              20
                                                                                                                                                            -286
                                                                                                                                                                          28
                                                                                                                                                                       -149
                                                                                                                                                                                    2
                                                                                                                                                                                  -57
                                                                                                                                                                                                -5
                                                                                                                                                                                                105
                                                                                                                                                                                                            -5
                                                                                                                                                                                                          -185
                                                                                                                                                                                                                         2
                                                                                                                                                                                                                       174
                                                                                                                                                                                                                                -10
                                                                                                                                                                                                                               -163         % 37
                                                                                                                                                                                                                                              38

   -53    -49        -9             4         1      -10        39         -5 ( )
                                                                               *      ()
                                                                                       *                       ( ) *)
                                                                                                                *                                            -77        -13       -15           -18        -31         -9        -8        -42       39
     59     1         2            28        28        17        7         -5 -11 " (
                                                                                    4                             2 -9             5     -3 ~~~4            -108       -158        31            115       -96         221      -42                  40
   -81    -23       -52           -5        -1       -48       -35         -7    32 5                  \         14   5            3     -5                   -4         -4         1            -1        *
                                                                                                                                                                                                          ()           -4         1                  41
  -232    -49       -91          -48      -44        -80       -75        -40       -10      -5 -2 -1 -3 -10 -15 -13                                           -5        -3        -3                                  -3        -5         -1        42
    -9     -7        -4            2      ()
                                           *          -5        -7        -15         16      4  7  2  3   5   7 ()
                                                                                                                  *                                             2        -1         4            -1       ()
                                                                                                                                                                                                           *           -3         6         -1        43
    156       33        39          41         43        37      44         48        26         6     2           13     5        8          3   16                                                                                                 44
      4                  4                                        3                                                                                                                                                       2                          45

  -304    -32       -11           -7      -254      -100            47          6                                                                                  4         2          2      ()
                                                                                                                                                                                                *          *
                                                                                                                                                                                                          ()         ()
                                                                                                                                                                                                                      *        C)         ()
                                                                                                                                                                                                                                           *          46

  -220        26    -16           -9      -221          -4           1          7                                                                                                                                                                     47
                                                                                                                                                                                                                                                      48
   -84    -58         f              2     -33       -96            46     -1                                                                                      4         2          2                                      ()
                                                                                                                                                                                                                                *                     49
                                                                                                                                                                                               (*)         *
                                                                                                                                                                                                          ()         ()
                                                                                                                                                                                                                      *                   0
                                                                                                                                                                                                                                                     .5
                                                                                                                                                                                                                                                    ..0
  2,097    288     -428           230     2,007         569    -385      -359         8     -13            5        9     7 -15           23 -18             1,293       521       -98           314        556        -2        713        433       51
    100     20           12         10       59          24      10        -2 ( )
                                                                               *                      ()
                                                                                                       *                                                       243       143           71         32         -3         152         70      36        52
    807    505           22         30      251          16     110        176                                                                                  197       161          40       -16           12      -57           23       46       53
    -8    -10           -1           1        2     ()
                                                     *            5          2                                                            *
                                                                                                                                         () ()
                                                                                                                                             *               ()
                                                                                                                                                              *        ()
                                                                                                                                                                        *          *
                                                                                                                                                                                  ()            *
                                                                                                                                                                                               ()         ()
                                                                                                                                                                                                           *          *
                                                                                                                                                                                                                     ()              3      -1        54


    124    62           27       -23        58         c            67        10                                                                                          1         —i                          i          c
                                                                                                                                                                                                                                  10         4        55
   -68    -55           10         12      -35       -41             2        10      -1     -1 ( )
                                                                                                 *                  1    -1          1        1               -30       -53           t                        23     -16        -9         -3        56



   -19    -19           20           12    -32       -11         -1           12 ( )
                                                                                  *          *
                                                                                            ()        ()
                                                                                                       *           *
                                                                                                               C) ( )                     *
                                                                                                                                         ()        *
                                                                                                                                                  ()          -16                   19                     -32         -1          8       -14        57
   -20    -20       *
                   ()           ()
                                 *        ()
                                           *                   *
                                                              ()         ()
                                                                          *                                                                                  —175                 —250                      75         300       800                  58

    147       30        39           76                   1      -1             4 ()
                                                                                   *                  ()
                                                                                                       *                                 ()
                                                                                                                                          *       ()
                                                                                                                                                   *         -112                  *
                                                                                                                                                                                  ()                      -118                      15      -1        59
  1,033 -225       -556           112     1,702         588    -577       -571             9 -12           5                 8 -16         22 -18            1,194          264        22        303           605   -384       -207        366       60

  1,554    207     -636           245     1,739         363    -392       -382         23    -5            8       23            -17          17 -13         -899      -259       -502           -36       -102        -12       249           50     61
                                                                                                                                                                                                                                                      62
 -1,278 -260            830      -33 -1,816         -472         455       604       -64          " — ( -31 -35 -12 -47 -11                                     87          -4         421       25            203     -85      -235        337       63


 2. Excludes undistributed profits of subsidiaries.                                                                              NOTE.—Details may not add to totals because of rounding.
December 1970

    40                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                  December 1970
                                                                                                                                                                                       TableS.—U.S. International
                                                                                                                                                                                                                                   [Millions

                                                                             Latin American Republics and other Western Hemisphere                                                              Japan

    Line                       (Credits +; debits-)                                                   1969                                1970                                         1969                                  1970
                                                                             1969                                                                            1969
                                                                                       I         II          III       IV       It        II '       III"              I         II           III        IV         I        II'        III"

      1 Exports of goods and services                                         9,368   1,928      2,531       2,419     2,490    2,465     2,712      2,593   4,500      920      1,107        1,161      1,313     1,398     1,426      1,454
      2    Excluding transfers under military grants...                       9,332   1,917      2,522       2,411     2,482    2,459     2,706      2,587   4,500      920      1,107        1,161      1,313     1,398     1,426      1,454
      3      Merchandise, adjusted excluding military                        5,532    1,066      1,518       1,420     1,528    1,502     1,637      1,595   3,503      691        856          909      1,047     1,106     1,127      1,176
      4      Transfers under military sales contracts                           29        8          6           9                 10        11         12       18       4          4                        5         6        4         10
      5      Transfers under military grants, net                               37       11         10           8         8        6         6          6      (*)     (*)                     (*)         (*)       (*)
      6      Transportation                                                    465       91        123         135       117      117       137        151     263       54            73        72          64        73          87         73
      7      Travel                                                            807      178        224        212        193     198        233        225      67          13         17           19        18        21         26         21
      8      Fees and royalties from direct investments                        239       46         68         60         65      59         69         73      49          12         14           12        12        13         17         15
      9      Other private services _                                          298       72         75         76         75      82         85         86     210          53         52           52        53        58         60         60
     10      Other U.S. Government services                                     71       17         20         16         18      17         17         17      26           3         12            4         6         4          4          7
             Income on U.S. investments abroad:
     11        Direct investments 2 .                                        1,277      305        327        339       305      307        331        262      70          23          9           13        26        33         18         13
     12        Other private assets                                            462      102        117        114       129      132        142        135     264          58         63           68        75        77         75         72
     13        U.S. Government assets                                          152       33         43         30        47       35         45         32      32           8          9            7         8         7          8          7
     14    Imports of goods and services      -.         . .                -7,566 -1,807 -1,948 -1,870 -1,941 -2,213 -2,163 -2,046 -6,227 -1,192 -1,642 -1,738 -1,655 -1,607 -1,801 -2,010
     15      Merchandise, adjusted excluding military                       -5, 217 -1, 201 -1,376 -1, 271 -1, 369 -1, 530 -1, 529 -1,407 -4, 893                     -898 -1, 314 -1, 386 -1, 295 -1,268 -1,408 -1,630
     16      Military expenditures                                            -176     -51     -43    -41     -42     -38     -46     -42 -651                        -152   -160    -162    -178    -156   -179   -156
     17      Transportation                                                   -313     -71     -81    -86     -76     -88     -87     -87 -260                         -54     -67    -72     -68     -66    -79    -89
     18      Travel                                                         -1, 145   -330       -278        -281      -256     -348      -294       -305     -70      -11        -20          -24           -15    -14       -32        -35
     19      Private payments for other services                              -143     -34        -38         -38       -33      -39       -44        -44     -23       -6         -6           -6            -6     -7        -7         -7
     20      U.S. Government payments for other services                      -166     -41        -38         -45       -43      -40       -36        -44     -19       -4         -5           -5            -5     -5        -5         -5
             Income on foreign investments in the United States:
     21        Private payments 2 , _                                        -387      -75        -89        -105      -118     -127      -124       -112    -233      -48        -51          -66           -68    -67       -68        -70
     22        U.S. Government payments                                       -18       -6         -5          -4         -3      -3        -3                -78      -20        -20          -17           -21    -25       -23        -19
     23    Balance on goods and services (lines 1 and 14) _.                 1,803      121        584        549       549      252        549        547 -1,727     -273       -535         -577       -342      -209      -375       -557
     24        Excluding transfers under military grants (lines 2 and 14)    1,766      110        574        541       541      246        543        541 -1,727     -273       -535         -577       -343      -209      -375       -557
     25    Unilateral transfers, net; transfers to foreigners (— )            -478    -109       -138        -108      -123     -135      -132       -117     -36          -8      -9           -9           -10    -10       -11         -9
     26       Excluding military grants                                       -441     -98       -128        -100      -115     -129      -126       -111     -36          -8      -9           -9           -10    -10       -11         -9
    27       Private remittances                                             -181      -40        -47         -48       -46      -48       -52        -52     -27       -6         -7           -7         -7       -8         -8         -7
    28
    29
    30
             Military grants of goods and services
             Other U.S. Government grants
             U.S. Government pensions and other transfers
                                                                              -37
                                                                             -221
                                                                              -40
                                                                                       -11
                                                                                       -47
                                                                                       -11
                                                                                                  -10
                                                                                                  -71
                                                                                                  -11
                                                                                                               -8
                                                                                                              -43
                                                                                                               -9
                                                                                                                         -8
                                                                                                                        -60
                                                                                                                         -9
                                                                                                                                  -6
                                                                                                                                 -70
                                                                                                                                 -11
                                                                                                                                            -6
                                                                                                                                           -63
                                                                                                                                           -11
                                                                                                                                                       -6
                                                                                                                                                      -49
                                                                                                                                                      -11
                                                                                                                                                             8 -9
                                                                                                                                                                      (*)
                                                                                                                                                                           -2      -2
                                                                                                                                                                                              (*)
                                                                                                                                                                                              (*)
                                                                                                                                                                                                -2
                                                                                                                                                                                                         (*)
                                                                                                                                                                                                         (
                                                                                                                                                                                                         *>-2
                                                                                                                                                                                                                   C)
                                                                                                                                                                                                                        -2     -3         -2
    31     Balance on goods, services, and unilateral transfers (lines       1,325          12     445        441       426      118        417        430 -1,763     -281       -545         -586       -352      -219      -386       -566
            23 and 25, or 24 and 26).
    32     Transactions in U.S. private assets, net; increase in             -384           41   -209         -33      -182     -275      -307       -356    -592           39   -284          -74       -273           88   -239         178
            assets (-).
    33       Direct investments 2                                             -344     -95       -173        -164        88     -131      -160       -151     -63      -29         11          -43           -2     -22       -43              6
    34       Foreign securities newly issued in the United States              —32     —16         —4          —1       —11       —8        —1        — 16     —9                  —9
    35       Redemptions                                                         24      9           t           3        7        15         9         18      6                                3             3
    36       Other transactions in foreign securities                          -65     -30        -17         -22           r     -1        -3        -48    -294      -12        -94          -97           -92        11         22          5
             Claims reported by U.S. banks:
    37        Long-term. _                                                      47          39          K
                                                                                                               -3         6       -8          9       -18       34           8      13               8       5         1       -5        -16
    38        Short-term                                                        85          99    -19           94      -89      -36      -106        -18    -228           61   -171               59   -177        157     -192         182
             Claims reported by U.S. residents other than banks:
    39         Long-term                                                      -134           7      4          25      -170      -39        -8       -105     -13           3     -17           -1             2    -16        -8          6
                                                                                                                                                                                                 0
    40        Short-term                                                         35         27     -9          35       -18      -67       -47        -18     -25           7     -17           —o           -12    -43       -13         -4
    41     Transactions in U.S. Government assets, excluding official
              reserve assets, net; increase in assets ( — ) _ _ _             -554     -93       -131        -169      -163     -123      -157       -103        6       29        -8            5        -20          52     -23          4
    42       Loans and other long-term assets .                               -876    -164       -224        -236      -251     -200      -245       -172    -140      -29        -47          -30        -34       -54       -48        -23
    43       Foreign currencies and other short-term assets                       3       1          6         -2        -1       -1        -5         -3       16        9         4            3       C)        (*)          5         -2
             Repayments on credits:
    44         Scheduled                                                       316          71        se       70        90          78         93     72      130          49         36           33        14        25         21         29
    45        Nonscheduled (including sales of foreign obligations to            2                                                        (*)                                                                           81
                 foreigners) .
    46     Transactions in U.S. official reserve assets, net; increase in       44          7                  15        22          7           9      4
            assets (-).
    47       Gold                                                               44           7                 15        22          7           9      4
    48       SDR                     . .
    49       Convertible currencies
    50       Gold tranche position in IMF-
    51     Transactions in foreign assets in the United States, net;           829      151        82         -8        604      318        238      -934      569      247      -106           173          254        80    -28             43
              increase in foreign assets (U.S. liabilities) (+).
    52      Direct investments 2 ..                                             11       10       -24           4        21      -9          6           4    -34           10    -13          -26           -5     -10       -47          7
    53      U.S. securities other than Treasury issues.                        165       55         68       -35         77       20       -32          16      5                   1            3            1       1         2          4
    54       Long-term liabilities reported by U.S. banks.                   -332      -17       -119       -154       -42      -42        -22        -91      -2     (*)""         1            1           -4     -19       -60        -93
            Other liabilities reported by U.S. private residents other
               than banks:
    55       Long-term ..                                                       40    (*)             1        35        4       -6        -11         13       11    (*)        (*)          (*)             11   (*)              a
    56       Short-term               .                                          2                    9         7       -7        1          37        45       46          10         14                     18    -10       -18             8
            Nonmarketable liabilities of U.S. Government, includ-
               ing medium-term securities and long-term obliga-
               tions payable prior to maturity only under special
               conditions:
    57       Associated with specific transactions                              12      -9         22         -7            6    -5        -10        -12       22      -1              3           22       -2         -3          6     -5
    58       Other medium-term securities and long-term obliga-
               tions.
    59      U.S. Treasury marketable or convertible bonds and
             notes.
                                                                                 3          1      -3              2        3        1           2      3       52    (*)        (*)          (*)             52             (*)        (*)
    60      Deposits and money market paper held in the United                 928      117        127        141       543      358       267       -911      469      228      -111           169          183     121           85     123
              States.
    61     Balance on transactions in U.S. and foreign liquid and non-    -65           106      -258       -194        281     -74       -217 -1,389         -17       314      -398           105          -38     221     -289         225
            liquid assets, including reserves (lines 32, 41, 46, and 51).
    62     Allocations of special drawing rights (SDR)
    63     Errors and omissions, and transfers of funds between -1,260                -118       -188        -247      -708     -44       -201        959    1,780     -33         942          481          390     -2        675        341
            foreign areas, net; receipts by foreign areas (— ).
      December 1970

December 1970                                                                             SURVEY OF CURRENT BUSINESS                                                                                                                                                          41
Transactions, by Area—Continued
of dollars]

           Australia, New Zealand, and South Africa                                                        Other countries in Asia and Africa                                              International organizations and unallocated 1

                               1969                                 1970                                             1969                                   1970                                              1969                                    1970                    Line
  1969                                                                                    1969                                                                                  1969
              I          II        III        IV         I          II'        III'                   I         II          III        IV        It         II '       III"                  I          II         III          IV         I          II '        III"

   2,048       417        527         529         575     569         589        683      9,541      1,869      2,689       2,319      2,663     2,524      2,840      2,412       767           151         164       137        315          144      134          148         1
   2,048       417        527         529         575     569         589        683      9,121      1,781      2,567       2,284      2,488     2,419      2,708      2,364       767           151         164       137        315          144      134          148         2
   1,354       250        354         360         390     359         391        433      5,014        862      1,564       1,233      1,355     1,376      1,491      1,324                                                                                                     3
     103        39         32          16          16      18          22         89        457         95        109         144        109        98        236         98                                                                                                     4
                                                                                            420         88        122          35        175       105        132         48                                                                                                     5
       93         18       26            26        23        25        32            28     533         95        152         147        139       143        157        167       236             46         61           63         66         62      65              70      6
      36         6          8           13           9         8       11         15         69           10         15           25        19         15      24         30                                                                                                     7
      85        18         21           15          30        22       26         22        121           24                                           26                           20                         5            5          5          5       4               c      8
                                                                                                                     33           29        36                 37         28                        5
      94        24         24           23          23        27       28         24        255           63         63           64        65         65      65         64       133             33         33           33         33         37      37              37      9
       1       (*)        (*)          (•)         (*)       (*)      (*)        (•)        163           39         45           39        40         35      38         38                                                                                                    10

     209          50       37            63        59        96        54            58   1,997        475       461          473        589       515        514        479       298             42         52            7     197            10           5           2     11
      50          11       14            11        14        12        15            12     232         55        54           62         62        69         66         69        79             24         13           28      13            29          13          30     12
      24           1       10             1        11         2        11             2     280         63        73           69         75        78         80         69         1              1                             (*)             1           9           4     13
 -1,268 -250 -325                  -376       -317       -339       -310       -364 -7,296 -1,577 -1,898 -1,931 -1,891 -1,858 -1,928 -2,013                                      -820        -144       -174         -233       -268       -218       -207         -270         14
 -1, 055 -198 -274                 -318       -265       -279       -255       -306 -4,263           -877 -1, 146 -1, 126 -1,114 -1,109 -1,158 -1,223                                                                                                                           15
    -42 -11 -10                     -10        -11        -13        -12        -11 -2, 058          -495 -511 -528 -524           -488 -500 -491                                                                                                                               16
    -80 -18 -20                     -23        -19        -22        -23        -23 -274              -55    -72    -81      -66    -73    -76    -88                            -530        -100       -130         -128       -172       -140       -151         -156         17
    -28        -9         -5          -7          -7     -10          -6         -8       -153        -25        -36         -56        -36       -35        -45        -65                                                                                                     18
                                                                                                                                                                                                                                                                                19
    -26        -7         -6          -8          -6      -5          -6         -5       -245        -60        -60         -61        -64       -59        -61        -64       -98            -5          -1       -50        -43        -12          -1         -53         20

    -24        -5        -6           -7          -6      -6          -6         -7       -213        -45        -49         -55        -65       -70        -64        -57      -84          -14        -18          -28        -24        -32        -26          -30         21
     -8        -2        -2           -2          -2      •*-2        -2         -3        -74        -17        -19         -19        -19       -18        -17        -19     -108          -25        -26          -28        -29        -33        -30          -30         22
     780       167       202          154         258     230         278        318      2,245       293        792         388         772      666         912        399      -53              7     -10          -96             46    -74        -74         -122         23
     780       167       202          154         258     230         278        318      1,825       204        670         354         597      561         780        351      -53              7     -10          -96             46    -74        -74         -122         24
    -22        -6         -5          -6          -5      -4          -6         -6 -2,234           -504       -685        -450       -595      -607       -606       -486     -135          -36        -58          -11        -30        -36        -54          -27         25
    -22        -6         -5          -6          -5      -4          -6         -6 -1,814           -416       -563        -415       -420      -502       -474       -438     -135          -36        -58          -11        -30        -36        -54          -27         26
    -18        -5         -4          -5          -4      -3          -5         -5  -449            -103       -118        -115       -113      -144       -156       -138        -2            -1     (*)          (*)          -1           -1        -1          -1         27
                                                                                     -420             —88       -122         -35       -175      -105       -132        —48                                                                                                     28
                                                                                   -1,251            -286       -417        -270       -278      -331       -287       -267     -134          -35        -58          -11        -30        -35        -54          -27         29
     -3        -1         -1                      -1      -1          -1         -1 -115              -27        -28         -30        -30       -28        -31        -33                                                                                                     30
     758       161       197          148         253     226         272        312         11      -212         107        -61         177           59     306       -87     -188          -29        -68         -107             16   -110       -128         -150         31

    -71             6    -17          -19     -41        -100       -146             14   -699       -186       -521              10     -1      -241       -514         149    -362          -84        -56          -56       -165             10    -10        -246          32

   -153       -25        -29          -35     -64        -124       -122             10   -415       -207       -247         -73         112 -173           -390          38    -316         -46         -70          -28       -173          40       -35         -65          33
                                                                                          -179        -47        -53         -32        -47   -47            -40        -28     -164        -115                      -49                   -49                   -194          34
      22            4                    3         15                                        41         11          5          12         13    7              6           4       88          56             7         15            io      20         27          11         35
       1      (*)              2         2        -3           4           3         4       14         17        -6            2          1   -1             -2           2       31          20             7          5        -2           1        -3            3         36

      53          11       23            12        7       31          13        -4          96           40     -14          51          19        7          58        27                                                                                                     37
       3          17     -18              9       -5     -13          -6         -4       -184             5    -173          54        -70       -30        -87         80      (*)         (*)        (*)          (*)        (*)            -1            1     (*)          38

     .-1       -3              3              (           -1          -8         -3        -68        -12       -37          -18         -1       -14         -3          6                                                                                                     39
       4        2              2      -9          '' 9     3         -26          12        -3          8         3            14       -28         10       -56         20     (*)          (*)        (*)          (*)        (*)            -1                               40
    -44       -37   2                 -28         20     -15            10      -71 -1,316           -276       -514        -249       -278      -307       -404       -210      -43         -10         -24               3     -12        -29        -12                3     41
   -115       -40 -26                 -29      -21       -19         -28        -74 -1,748           -580       -487        -308       -373      -446       -462       -341      -48         -12         -24                     -12        -32        -12                      42
     -3         1 -3                   -2     (*)          1        (*)        (*)       88            223      -111         -31          7         22       -65          39                                                                                                    43
      74            2      31            2         40          3       38            4      352           80         83        90         99       111        113         90           5           3                       3                     3                        3     44
                                                                                            -9             1          1       (*)      3-11          6         11          2                                                                                                    45

         1          1                                                                      -33            -3     -25          -9            4     -23              4      42 -1,044           -32       -229         -241       -542 -1, 197            190          694        46

         1          1                                                                      -33            -3     -25          -9            4     -23              4      42      -10            -1          -1        -8                   -24                      322        47
                                                                                                                                                                                                                                           -920        -37          -34         48
                                                                                                                                                                                                                                                                                49
                                                                                                                                                                               -1, 034        -31       -228         -233       -542       -253         227         406         50
      172      140             9      -86         108        37        46             6   -123       -203       -162         -42         284       512      -276       -115        389             75         66       150            98       208     -58        -252          51
       61                                           61        3       -3       (*)            1          3                      1        -1      (*)            1          3                                                                                                    52
       15         11       12         -16            8       -1       -7                     72         21         17          27         7         12         36         32       379           187     -24               76     140          100       96              91     53
      -1          39      -9          -14         -17        -6       -4              6   -505        -60        -87        -212       -146      -127       -192        -70        127           -1        28              90      10           32                       29     54


        3       2         —2       (*)              3          2           6          4          7         3          2       -6          8             1                  5                                                                                                    55
       18      -3                                              g           5          1          8         8         39       -6        -33                    41         37                                                                                                    56
                                                                                                                                                 (*)                             (*)         (*)        (*)          (*)        (*)        (*)



       46           .9         5                    26       .—•7          4    -11          44         11         64        -27         ^.4          ,22   .-147       .-10                                                                                                    57
                                                                                           -70        -10        -45         -15                                                                                                                                                58

                                                                                                           g
              (*)        (*)       (*)        (*)                                           -3                        1     (*)          —2             1      16         20           6         -1           8      (*)                       -1                    -8         59
         29       82      — 'i        -72           22        37       44             9     323      -176       -151          196        454       604       -30       -132      -123        -no              54      -16        -51             77   -154        -364          60

         58    110        —|       -133             87    -78        -90        -51 -2, 170          -668 -1,222            -290             9    -59 -1,190           -134 -1,060            -50       -243         -145       -621 -1,008             110         199         61
                                                                                                                                                                                                                                             867                                62
    -816 -271 -191                    -15     -339       -148       -182        -262      2,160           879   1,115         351      -186      (*)          884        222     1,248             79        312       252        605        251         17        -49          63
March 1971

      52                                                                SURVEY OF CURRENT BUSINESS                                                                                                        March 1971

                                                                                                                                                                            Table 8.—U.S. International
                                                                                                                                                                                                                     Millions

                                                                                                         United Kingdom                                            European Economic Community

      Line                          (Credits +; debits -)                                                                    1970                                                                 1970
                                                                                   1969        1970 9                                                   1969       1970 9
                                                                                                           It         lit           III'      IV*                              It          lit           III'          IV*


        1 Exports of goods and services                                             3,831       4,290       968       1,109           978     1,235     9,153      11,176      2,663       2,919          2,748         2,847
        2         Excluding transfers under military grants                         3,832       4,290       968       1,109           978     1,235     9,155      11,177      2,663       2,919          2,748         2,847
        3        Merchandise, adjusted, excluding military                          2,026       2,524       585         682           586       671     6,861       8,392      1,999       2,248          1,991         2,154
        4        Transfers under military sales contracts. __                         293         177        31          49            16        81       395         270          41        118              43            68
        5        Transfers under military grants, net.                              (*)                                                                   -2           -1      (*)         (*)            (*)           (*)
        6        Transportation                                                       325         370           79      100           109        83       518         614        131         157            182           145
        7        Travel                                                                43          54            9          13         20        12       138         167           28           47             50            42
        8        Fees and royalties from direct investments .                         186         211           40          59         57        55       299         338           74           82             89            92
        9        Other private services                                               172         195           48          49         47        51       270         314           78           81             78            78
       10        Other U.S. Government services                                        16          18            5           4          5         4        23          28            8            6              8             6
                 Income on U.S. investments abroad:
       11            Direct investments 2. .                                          327         365           87          68         80       130       453         790        241         102            240           207
       12            Other private assets..        .                                  194         209           54          57         50        48       130         176         42          45             44            45
       13            U S Government assets                                            250         167           30          28          9       100        67          90         21          33             24            12
       14    Imports of goods and services                                         -4,543      -4,718    -1,154      -1,230      -1,196      -1,138    -9,226 -10,646        -2,351       -2,685       -2,832         -2,778
       15        Merchandise, adjusted, excluding military                         -2, 112     -2, 217     -541       -553          -516      -607     -5,830      -6, 652    -1,546      -1,663       -1,641         -1,802
       16        Military expenditures _ .                                           -208        -228       -65        -53           -53       -57     -1,172      -1,287       -290        -328         -330           -339
       17        Transportation                                                      -517        -572      -115       -164          -165      -127       -762        -849       -180        -233         -261           -174
       18        Travel                                                              -229        -285      -23         -90          -123       -49      -454         -551       -46        -155           -267           -83
       19        Private payments for other services                                 -234        -265      -66         -68           -66       -65       -95         -106       -26         -28            -26           -26
       20        U.S. Government payments for other services                          -14         -14       -3          -4            -4        -3       -71          -71       -16         -20            -18           -16
                 Income on foreign investments in the United States:
       21            Private payments 2                                            -1, 196     -1,100      -331       -290          -260      -219      -582         -710      -188        -171           -177          -174
       22            U.S. Government payments                                         -34         -38        -9         -8           -10       -11      -262         -421       -57         -87           -112          -165
       23    Balance on goods and services (lines 1 and 14) ...                      -712        -428      -186       -121          -217         97      -73          530        312         234           -84                69
       24           Excluding transfers under military grants (lines 2 and 14).      -712        -428      -186       -121          -217         97      -72          531        312         234           -84                69
       25    Unilateral transfers, net; transfers to foreigners ( — )                 -44         -49        -8        -17           -13       -12             9      -14            7        -9            -8            -4
       26            Excluding military grants                                        -44         -49        -8        -17           -13       -12             7      -15            6        -9            -8            -4
       27        Private remittances                                                  -27         -29        -4        -11            -7        -6         102          93          29          19              21            23
       28        Military grants of goods and services                               (*)                                                                     2           1      (*)         (*)           (*)           (*)
       29        Other U.S. Government grants        .                                                                                                   (*)         (*)        (*)         (*)
       30        U.S . Government pensions and other transfers                        -18         -21        -4         -6            -5        -6        -95        -107        -23         -27           -30           -28
       31    Balance on goods, services, and unilateral transfers (lines 23 and
              25, or 24 and 26). .                    .                 .            -756        -478      -195       -138          -230         85      -65           516          318       225          -92                65
       32    Transactions in U.S. private assets, net; increase in assets (—)...     -250        -485      -545        -12          -143        214      -510      -1,123       -638        -362          -314            190
       33        Direct investments 2                                                -284        -587      -329        -147         -100       -11       -648        -857       -464        -394          -255            255
       34        Foreign securities newly issued in the United States                              130                                130                   14
       35        Redemptions                                                            10          10        4          2              4                   45          20            7           8          5
       36        Other transactions in foreign securities                            -173         -55       -11         -9            -2       -33         222          34           44          32        -11           -31

                 Claims reported by U.S. banks:
       37            Long-term                                                          13         -2        -1              2          2        -5         23        —52        -25             -4         -5            -18
       38            Short-term                                                      -100           29      -10             15         18         6      -120          29          49             38       -72              14

                 Claims reported by U.S. residents other than banks:
       39            Long-term..                                                      -4            7        -7         -2              4        12       -74        -306       -283         -16           -10             3
       40            Short-term                                                       289         243      -190         127            61       245         56           9         34        -26             34          -33
       41    Transactions in U.S. Government assets, excluding official re-
               serve assets, net; increase in assets (— )                               13         130      -15          62          -11         94      -193          167         2          127            35            3
       42        Loans and other long-term assets                                    -178         -52       -10        -17           -18        -7       -126         -67        -22         -14           -15           -16
       43        Foreign currencies and other short-term assets                       -29         -11        -5          19            7       -32           6          17         5            2             6            4
                 Repayments on credits:
        44           Scheduled                                                         173         193                      59                  134        59          118           19          40             44            16
        45           Nonscheduled (including sales of foreign obligations to
                       foreigners)                                                        46                                                           3-131            99                       99
        46   Transactions in U.S. official reserve assets, net; increase in
               assets (— )                                         . . . . .           662       1,847     1,459        296         -377        469      -517          534      -532          476           432            158
       47        Gold                                                                                                                                    -749          179                                      20         159
       48        SDR
       49        Convertible currencies                                                662       1,847     1,459        296         -377        469       232          355      -532          476           412            -1
       50        Gold tranche position in I1V1F
        51   Transactions in foreign assets in the United States, net; increase
              in foreign assets (U.S.2liabilities) (+)__   . . .                     5,471     -4,079      -971        -192           123    -3,038     1,626        8,420        833      1,611          2,978         2,998
        52      Direct investments                                                      86         490       324        -24           164         26      363           98       -25          89             11            24
        53      U.S. securities other than Treasury issues                              82         230       128        -95            94        102    1,392          940         78        247            242           373
        54      Long-term liabilities reported by U.S. banks                            46         -9          1           1            1       -12        -1          126         14          56             2            54

                 Other liabilities reported by U.S. private residents other
                  than banks:
        55          Long-term                                                          112         528        39        134           168       187       401           70           51          136        -66           -51
        56          Short-term                                                        -50          545       156        118            19       252       151           59          -5             7          55            2
                 Nonmarketable liabilities of U.S. Government, including
                  medium-term securities and long-term obligations payable
                  prior to maturity only under special conditions:
        57          Associated with specific transactions                            -120        -112       -21         -47            18       -63       169        -159        -19        -125            -25               10
        58          Other medium-term securities and long-term obligations.          (*)                                                                  224        -467       -542        (*)               75
        59       U.S. Treasury marketable or convertible bonds and notes...             56         92       -57           46            27        76     -316        -126       -126            1         (*)              -1
        60       Deposits and money market paper held in the United States.          5,259     -5,843    -1, 542       -326          -368    -3,607      -755        7,879      1,406       1,201         2,685         2,587
        61   Balance on transactions in U.S. and foreign liquid and nonliquid
              assets, including reserves (lines 32, 41, 46, and 51)             5,895          -2,587       -72          153         -407    -2,261       407        7,998      -335        1,853         3,132         3,349
        62   Allocations of special drawing rights (SDR)
        63   Errors and omissions, and transfers of funds between foreign
              areas, net; receipts by foreign areas (— )                   . . -5. 139           3.064       266        -15           637     2.176      -343      -8,514            17   -2,078         -3,040        -3,414
  March 1971

March 1971                                                                        SURVEY OF CURRENT BUSINESS                                                                                                                                   53
Transactions, by Area
of dollars]

                        Other Western Europe                                                               Eastern Europe                                                                      Canada

                                                  1970                                                                        1970                                                                             1970                            Line
   1969         1970P                                                             1969        1970P                                                           1969          1970P
                               It          lit           IIP          IVp                                    I         II            IIP         IVp                                      It            lit           IIP         IVp

    4,625        5,190        1,295        1,345         1,173        1,378         296          406             101        99             96      111        12,145        12,452        3,048         3,364          3,022       3,017            1
    4,319        4,976        1,257        1,260         1,141        1,318         296          406             101        99             %       111        12,145        12,452        3,048         3,364          3,022       3,017            2
    2,751        3,289          854          838           726          871         253          366              92        89             83      102         9,179         9,057        2,256         2,529          2,100       2,172            3
      175          152           44           35            26           47                                                                                       45            35            6            13             10           7            4
      305          214           38           84            32           60                                                                                                                                                                         5
      531          634          140          164           174          155              7            4            1          2             1           1        161           196              39            50            55           53         6
       83          110              21        27            30           32                                                                                      815           885             190        236            315         144            7
      103          108              24        30            27           28                                                                                      268           304              74         73             79          79            8
      128          140              36        35            33           36          18           19              5           5             5           5        177           192              45         49             51          48            9
       68           70              17        16            25           11           2            2        (*)               1      (*)                1          6             7               1          1              3           2           10

      246          244              66           54         40           84                                                                                      762           939           243           199            203        294           11
      123          131              32           35         31           32           4               7            2          2             2           2        731           836           195           215            207        219           12
      113           99              22           26         28           23          13               8            1          1             5           1          1             1        (*)           (*)            (*)             1           13
  -4,337        -4,830       -1,094       -1,257       -1,320        -1,159       -234         -257          -65        -63           -65         -64        -12,047       -12,983       -2,938       -3,354          -3,391      -3,300           14
  -2, 272       -2, 407       -571         -604          -575         -657        -199         -218          -59        -52           -49         -58        -9, 994       -10, 702      -2, 555      -2, 802         -2, 516     -2,829           15
    -247          -258         -68          -64           -66          -60          -1           -1         (*)        (*)           (*)         (*)           -295           -256          -60          -72              -63        -60           16
    -656          -742        -156         -213          -214         -160          -7           -8           -3         -2            -2          -2          -210           -224          -48          -56              -62        -58           17
    -392          -478         -54         -135          -232          -57         -19          -20           -1         -6           -12                      -900         -1,035          -87         -237            -560       -151            18
     -56
     -53
                   -66
                   -56
                               -12
                               -12
                                            -16
                                            -14
                                                          -18
                                                          -15
                                                                       -20
                                                                       -15
                                                                                  (*)            -1
                                                                                                 -8
                                                                                                            (*)
                                                                                                              -2
                                                                                                                       (*)
                                                                                                                         -2
                                                                                                                                     (*)
                                                                                                                                       -2
                                                                                                                                                 c*)"1
                                                                                                                                                   -2
                                                                                                                                                               -136
                                                                                                                                                                -10
                                                                                                                                                                              -150
                                                                                                                                                                               -10
                                                                                                                                                                                            -36
                                                                                                                                                                                             -3
                                                                                                                                                                                                         -37
                                                                                                                                                                                                          -3
                                                                                                                                                                                                                         -38
                                                                                                                                                                                                                          -2
                                                                                                                                                                                                                                    -38
                                                                                                                                                                                                                                     -2
                                                                                                                                                                                                                                                   19
                                                                                                                                                                                                                                                   20

    -564          -707        -191         -185          -171         -160          -1           -1         (*)                      (*)         (*)           -402           -432         -118         -103            -100       -112            21
     -97          -118         -31          -26           -30          -31        (*)          (*)          (*)        8             (*)         (*)            -99           -174          -30          -43             -50        -51            22
       288          360         200              88      -147           219          62          149              36        36             31           47           98         531            111            10        -369       -283            23
      -18           146         162               3      -179           159          62          149              36        36             31           47           98         531            111            10        -369       -283            24
    -563          -461         -90         -150           -97         -124         -21          -28              -6         -6          -8          -7          -70            -94          -14          -25             -33        -23            25
    -258          -247         -52          -66           -65          -64         -21          -28              -6         -6          -8          -7          -70            -94          -14          -25             -33        -23            26
     -143         -128         -26          -35           -34          -33         -11          -13              -4         -3          -3          -3          -29            -41             -3         -11            -20             -8        27
     -305         -214         -38          -84           -32          -60                                                                                                                                                                         28
      -35          -28          -7           -7            -7           -6          -3           -7              -1         -1          -3          -2                                                                                             29
      -80          -91         -19          -24           -24          -24          -7           -8              -2         -2          -2          -2          -41            -53          -11           -14            -13         -15           30

     -276         -102          110         -63          -244               95       41          121              30         30             22          40           28       -625              97        -14           -402        -306           31
     -158         -247         -88          -16           -24          -120         -17          -9              -5         -1          -7               4    -2,192        -1,394          -24         -472            -332        -567           32
     -226         -290         -104         -15          -122          -49                                                                                      -619          -757         -185          -279           -120       -174            33
                                                                                                                                                              -1, 270         -776         -329           -58           -241       -148            34
          13         14              4            5             5                                                                                                 230           248           70            68             55         55           35
          41         56             32           12            11           2                                                                                    -82             76           51            27             17       -18            36

        38           51          18                            33        2            6           1              -1                          2    (*)              20            96              2        -10           (*)           104          37
      -29                      -15          -66                                                                        (*)
                   -53                                         58      -30          -12          -3              -9           2       (*)                       -286          -234             174       -163                 9     -254           38

      -53            14         -10              39        -2          -13         (*)                                                                           -77          -102             -11         -8            -40         -43           39
        59         -40          -13              11        -7          -31          -11           -7               5                    -9                      -108             55             205       -49            -12         -89           40
      -81          -93          -48          -35            13          -23           32           6            3        -5              10         -2               -4         -7              -4             1            -2           -2        41
     -232         -262          -80          -75          -40           -67         -10         -48           -10       -15            -13         -11               -5        -10                            -5            -1     (*)             42
       -9           -7                        -7             5         (*)            16          20            5         7               7          2                2       (*)               -3             6            -1           -2        43
          156       173             37           44            48           44           26           34           8          3             16           7                    (*)                                                   (*)            44
           4            3                         3                                                                                                                                 2            2                                                 45

     -304          -24         -100              47             6           23                                                                                        4       (*)          (*)           (*)            (*)         (*)            46
     -220               26          -4            1             7           22                                                                                                                                                                     47
                                                                                                                                                                                                                                                   48
      -84          -50          -96              46         -1               1                                                                                        4       (*)          (*)           (*)            (*)         (*)            49
                                                                                                                                                                                                                                                   50

     2,097        -560           585        -396          -348         -401               8           10      -16             22       -16              20      1,293         1,432         -19               707         437            306       51
       100           54            24           10            7          12                                                                                       243           245          152               70          29            -6        52
       807          393            16         110                                  (*)
                                                            170          96                                                                                       197           129         -57                23          52            111       53
        -8            3        (*)          (*)               2           1                                                                                     (*)               2        (*)                  3         -2               1       54
                                                                                                (*)                     (*)           (*)         (*)

       124            93         -9               67            30            5                                                                                   -7             15              3             4              4           4        55
      -68           -11         -25              -8             19            3      -1                3                       1             2                   -30           -32             -31            -9              4           4        56


      -19           -19         -11           -1                12      -19                                                                                      -16           -41               i           8           -14         -34           57
      -20                                                                          (*)          (*)                     (*)           (*)         (*)                                                                                              58
                  (*)                       (*)           (*)                                                                                                   -175          1,190            300         800                         90
       147            1               1       -1             4           -3                                                                                     -112           -80           -1                15         -1         -93           59
     1,033                          588                                            (*)          (*)                    ( *)           (*)         (*)
                 -1,073                     -572          -592         -497               9                      -16          21       -18              20      1,194            4         -384               207         366         229          60

     1,554         -924             349     -399          -353         -521              23            7         -18          16       -13              22      -899                30         -47            236           104     -263            61
                                                                                                                                                                                                                                               ....62
   -1,278          1,026       -458              462        597          426        -64         -128             -11     -46           -10         -61               871        594            -50       -222             298            568       63
March 1971

                                                                                                                                                                                            Table 8.—U.S. International
                                                                                                                                                                                                                                     [Millions

                                                                                                       Latin American Republics and                                                                 Japan
                                                                                                        other Western Hemisphere

       Line                            (Credits +; debits -)                                                                            1970                                                                       1970
                                                                                          1969        1970^                                                           1969     1970P
                                                                                                                     It          lit           IIP        IV *                                 It           Ht            IIP          IV*

             1   Exports of goods and services                                            9,368       10,527        2,465        2,712         2,587      2,763       4,500     5,821         1,398         1,426         1,468         1,529
             2           Excluding transfers under military grants)                       9,332       10,502        2,459        2,706         2,581      2,756       4,500     5,821         1,398         1,426         1,468         1,529
             3       Merchandise, adjusted, excluding military                            5,532        6,495        1,502        1,637         1,595      1,761       3,503     4,654         1,106         1,127         1,176         1,245
             4       Transfers under military sales contracts                                29           41           10           11            12          8           18        25             6            4            10             5
             5       Transfers under military grants, net                                    37           25            6            6             6          7       (*)       (*)           (*)
             6       Transportation                                                         465          537          117          137           145        139         263       311             73             87          84            67
          7          Travel                                                                 807          866          198          233           227        208          67        98               21            26         27            24
          8          Fees and royalties from direct investments                             239          261           59           69            66         68          49        59               13            17         15            14
          9          Other private services      - -                                        298          337           82           85            85         85         210       237               58            60         60            59
         10          Other U.S. Government services                                          71           68           17           17            16         18          26        20                4             4          7             5
                     Income on U.S. investments abroad:
         11              Direct investments 2 -- . - -             -           ..         1,277        1,180          307          331           267        274          70        92               33            18          9            32
         12              Other private assets                                               462          553          132          142           135        144         264       296               77            75         72            73
         13              U.S. Government assets                                             152          164           35           45            32         51          32        29                7             8          7             7
         14      Imports of goods and services                                           -7,566       -8,460       -2,213       -2,163      -2,048       -2,036      -6,227    -7,389        -1,607       -1,801       -2,015         -1,966
         15          Merchandise, adjusted, excluding military                           -5, 217      -5,919       -1,530       -1,529      -1,400       -1,460      -4, 893   -5, 894       -1,268       -1,408       -1, 630        -1,588
         16          Military expenditures                                                 -176         -169          -38          -46         -43          -42        -651      -669          -156         -179         -159           -175
         17          Transportation                                                        -313         -348          -88          -87         -90          -83        -260      -308           -66          -79          -89            -75
         18         Travel                                                               -1,145       -1,222        -348         -294          -310       -270          -70      -106          -14           -32           -35           -25
         19         Private payments for other services        - -                         -143         -166         -39          -44           -44        -39          -23       -28           -7            -7            -7            -8
         20         U.S. Government payments for other services                     ..     -166         -167         -40          -36           -44        -47          -19       -21           -5            -5            -5            -5
                     Income on foreign investments in the United States:
         21              Private payments 2             - -. -        -- -- - -            -387        -455         -127         -124          -112        -91         -233      -275           -67          -68           -71           -69
         22              U S Government payments                                            -18         -15           -3           -3            -4         -5          -78       -88           -25          -23           -19           -22
         23      Balance on goods and services (lines 1 and 14) _ .                        1,803       2,067          252          549           539        727      -1,727    -1,568         -209          -375          -547          -437
         24             Excluding transfers under military grants (lines 2 and 14) _       1,766       2,042          246          543           533        720      -1,727    -1,568         -209          -375          -547          -437
         25      Unilateral transters, net; transfers to foreigners (— ) _ .               -478        -506         -135         -132          -117       -123          -36       -41          -10           -11           -11           -10
         26              Excluding military grants                                         -441        -480         -129         -126          -111       -116          -36       -42          -10           -11           -11           -10
         27          Private remittances       -         .- .-    -_ - - - - - - -         -181        -195          -48          -52           -45        -50          -27       -32            -8           -8            -8            -8
         28          Military grants of goods and services     - -. - ..     -..            -37         -25           -6           -6            -6         -7         (*)       (*)           (*)
         29          Other U S Government grants                                           -221        -242          -70          -63           -55        -55         (*)
         30          U S Government pensions and other transfers             - -            -40         -43          -11          -11           -11        -11           -9       -10               -2        -3                0
                                                                                                                                                                                                                                          -2
         31      Balance on goods, services, and unilateral transfers (lines 23 and        1,325       1,561              118      417           422        604      -1,763    -1,610          -219         -386          -558          -448
                      25, or 24 and 26).
         32      Transactions in U.S. private assets, net; increase in assets (-).._       -384       -1,282        -273         -308          -305        -397        -592      -622               76      -271            199         -627
         33          Direct investments 2                                                  -344         -555        -131         -160          -143       -121          -63       -91           -22          -43                10       -36
         34          Foreign securities newly issued in the United States                   -32         -118          -8           -1           -16        -94           -9
         35          Redemptions                                                              24           48          15            9            18         6             6
         36          Other transactions in foreign securities    ..                         -65          -32          -1           -3           -24         -5         -294            31           11            22             5        -6
                     Claims reported by U.S. banks:
         37              Long-term              . ..                -.                        47          28          -8            9           -16          43           34      -26                 1       -5           -16            -6
         38              Short-term.                                                          85       -359          -36         -106             2       -219         -228      -458               144     -224            182         -560
                    Claims reported by U.S. residents other than banks:
         39             Long-term                  .     _     .               .           -134        -173          -39           -7          -109         -18         -13        -1           -16           -8             22
         40             Short-term                       __             -.                    35       -121          -65          -49           -18           11        -25       -78           -42          -13            -3            -20
         41      Transactions in U.S. Government assets, excluding official re-
                  serve assets, net; increase in assets (— ) .                             -554         -511         -123        -157          -100        -130            6        62             52        -23             9             23
         42         Loans and other long-term assets         .               . .           -876         -844         -200        -245          -172        -227        -140      -161           -54          -48           -23           -36
         43         Foreign currencies and other short-term assets                             3         -11           —1          -5          (*)           -4           16         9         (*)             5             3              2
                    Repayments on credits:
         44             Scheduled                                     ---                    316          343             78           93         72        100          130           92           25            21            29            18
         45            Nonscheduled (including sales of foreign obligations to
                          foreigners)                             _. ..                          2      (*)                      (*)                                               121              81                                        40
         46      Transactions in U.S. official reserve assets, net; increase in
                  assets (— )                                                                    44       131               7           9            4      111                    119                                                    119
         47          Gold                                                                     44          131               7           9            4      111                    119                                                    119
         48          SDR
         49          Convertible currencies       . _.            . .. .
         50          Gold tranche position in IMF
         51      Transactions in foreign assets in the United States, net; increase
                    in foreign assets (U 2 liabilities) (+)
                                         S.                                                  829        -668           319         241         -940        -288          569     1,078            80         -26             53            971
         52         Direct investments                   .     ....:..                        11          -2           -9            6             4         -4         -34       -10           -10          -47            -2              48
         53         U S. securities other than Treasury issues                               165           66           20        -32             16          62           5         12            1           2              4              6
         54         Long-term liabilities reported by U.S. banks..                         -332         -112          -42         -16           -91           37         -2      -269           -19          -60           -98            -92
                     Other liabilities reported by U.S. private residents other
                      than banks:
         55             Long-term.. _                    ._ . .                                  40           36          -8       -6             18          32          11        15                         3                 2            10
         56             Short-term                                                                2           54                    32            38        -16           46       -5           -11          -18                22             2
                     Nonmarketable liabilities of U.S. Government, including
                      medium-term securities and long-term obligations pay-
                      able prior to maturity only under special conditions:
         57                                                                                                                                                                             9                                   -5             -1
                        Associated with specific transactions . _ .       ... ..                 12      -21              -5      -10           -11              4        22                        -3             6
         58             Other medium-term securities and long-term obliga-
                          tions..
         59          U.S. Treasury marketable or convertible bonds and notes ..                   3            8            1           2            3           2        52     (*)                        (*)           (*)           (*)
         60          Deposits and money market paper held in the United
                      States.                                                                928        -696              362      264         -917        -405          469     1,338              122           87        131           998
         61      Balance on transactions in U.S. and foreign liquid and non-
                  liquid assets, including reserves (lines 32, 41, 46, and 51)              -65       -2,330          -71         -215      -1,341         -704         -17        637           209        -319            262           486
         62      Allocations of special drawing rights (SDR)
         63      Errors and omissions, and transfers of funds between foreign
                  areas, net; receipts by foreign areas (— )                             -1,260           769         -47         -203           919         100       1,780       973               10       705           296          -38

         t Lines 32, 38, 39, 40, 54, 55, 56, 60, 61, and 63 have been revised.
         r
                                                                                                                        1. Includes transactions with shipping companies operating under flags of Honduras-
           Revised.      p Preliminary.       * Less than $500,000 (±).                                               Liberia, and Panama.
                                                                                                                       2. Excludes undistributed profits of subsidiaries.
                    54
  March 1971
Transactions, by Area—Continued
of dollars]

                                                                                                                                                                                                                             l
           Australia, New Zealand and South Africa                                              Other countries in Asia and Africa                                     International organizations and unallocated


                                                1970                                                                              1970                                                                    1970
   1969         1970*                                                               1969        1970"                                                          1969        1970P                                                             Line
                             It          lit            III'           IVp                                     It          lit           IIP        IV*                                 It         lit           IIP             IV*

    2,048        2,457         569        589             683               617     9,541       10,520        2,524        2,840          2,406      2,750        767         739            144     134           153             309          1
    2,048        2,457         569        589             683               617     9,121       10,143        2,419        2,708          2,354      2,662        767         739            144     134           153             309          2
    1,354        1,581        359         391             433               398     5,014        5,683        1,376        1,491          1,330      1,486                                                                                      3
       103         167         18          22              89                37       457          613            98         236             97        181                                                                                      4
                                                                                      420          377           105         132             52         88                                                                                      5
          93       116             25          32             32             26       533          614           143         157            162        151        236         270             62         65            72              70       6
       36           44              8          11             14             11        69           94              15           24            33       22                                                                                      7
       85           99             22          26             19             33       121          136              26           37            35       38         20          22             5           4             7               6       8
       94          105             27          28             25             25       255          259              65           65            63       66        133         146            37          37            37              37       9
        1            1       (*)         (*)            (*)            (*)            163          150              35           38            38       39                                                                                     10

      209          269             96          54             57             62     1,997        2,015              515      514            459        528        298         201             10          5             3          183         11
       50           52             12          15             12             14       232          266               69       66             69         62         79          85             29         13            30           13         12
       24           25              2          11              2             11       280          314               78       80             68         88          1          15              1          9             4                      13
  -1,268        -1,356       -339        -310           -364           -343        -7,296       -7,722       -1,858       -1,928         -2,001     -1,935      -820         -928       -218       -207          -272            -232          14
  -1,055        -1,125       -279        -255           -306           -285        -4,263       -4, 722      — 1, 109     -1, 158        -1,221     -1,234                                                                                     15
     -42           -47        -13         -12            -11            -12        -2, 058      -1, 924        -488         -500           -486       -449                                                                                     16
     -80           -88        -22         -23            -23            -21          -274         -308          -73          -76            -84        -75      -530         — 586      -140       -151          -158            -136          17
     -28          -32         -10          -6             -8                -8       -153         -187          -35          -45           -65        -42                                                                                      18
      -4           -7          -2          -2             -2                -2        -17          -26           -6           -6            -6         -7                                                                                      19
     -26          -23          -5          -6             -5                -7       -245         -249          -59          -61           -65        -65        -98         -110        -12             -1       -53             -44          20

     -24          -25          -6          -6             -7                -6       -213         -237          -70          -64           -56        -46        -84         -113        -32         -26          -30             -25          21
      -8          -10          -2          -2             -3                -3        -74          -71          -18          -17           -19        -17       -108         -120        -33         -30          -30             -27          22
      780        1,101         230         278            318               274     2,245        2,798              666      912            405        815       -53         -190        -74         -74         -120                  77      23
      780        1,101         230         278            318               274     1,825        2,421              561      780            353        727       -53         -190        -74         -74         -120                  77      24
     -22          -23          -4          -6             -6                -7     -2,234       -2,278         -607         -606          -522       -543       -135         -155        -36         -54          -27             -38          25
                                                                              rj
     -22          -23          -4          -6             -6                       -1,814       -1,901         -502         -474          -470       -455       -135         -155        -36         -54          -27             -38          26
     -18          -19          -3          -5             -5                -6       -449         -560         -144         -156          -137       -123         -2           -2            -1          -1      (*)                           27
                                                                                     -420         -377         -105         -132           -52        -88                                                                                      28
                                                                                   -1,251       -1,217         -331         -287          -300       -299       -134         -153        -35         -54          -27             -38          29
       -3          -4             -1       -1              -1               -1       -115         -125          -28          -31           -33        -33                                                                                      30
      758        1,078         226         272            313               267            11       519              59       306         -117         272      -188         -345       -110        -128          -146                 39      31

      -71         -274       -104        -147                  25       -47          -699         -608         -242         -514            142           6     -362         -305             11     -11          -243            -63           32
     -153         -288       -124        -122                  13       -55          -415         -398         -173         -390             42        123      -316         -145          40        -35           -77            -73           33
                                                                                     -179         -191          -47          -40           -28        -76       -164         -241        -49                      -192                          34
          22            3                                                    3          41           23            7           6              4          6         88           69         20             27         11             11          35
           1            9           4           3              4            -1          14           12          -1           -2              1         14         31           14          1            -3          16            -1           36

          53         53         31          13             -4                13         96           52           7            58              27     -40                                                                                       37
           3       -32        -13          -6              -4               -9       -184           -3          -30          -87               80       34      (*)                      -1               1      (*)             (*)            38

       -1           -2             -1      -8                 -4             11       -68          -26          -14           -3                7     -16                                                                                       39
        4          -17             -1     -27                  20           -9         -3          -77            9          -56                9     -39       (*)            -1                        -1                                     40
      -44          -55        -15            10           -71                 21   -1,316       -1,234         -307         -404           -251       -272       -43          -53        -29         -12                3         -15           41
     -115         -143        -19         -28             -74               -21    -1, 748      -1, 640        -446         -462           -350       -382       -48          -58        -32         -12                          -15           42
       -3             2         1        (*)             (*)                   1        88         -42            22         -65              7         -6                                                                                      43
          74            86          3          38               4             42       352          430             111          113           90      116            5            5           3                        3                       44
                                                                                     3 _9            19               6           11            2                                                                                               45

           1            11                                                    11      -33           165          -23              4            42      142     -1,044        -306      -1, 197           190           694              7       46
            1           11                                                    11      -33           165          -23              4            42      142        -10          156        -24                       322          4_H2           47
                                                                                                                                                                             -851        -920        -37           -34             140          48
                                                                                                                                                                                                                                                49
                                                                                                                                                               -1, 034         389       -253            227           406             <9       50

          172        93             37          45           9                 3     -123         -397            512       -280           -103       -527        389         -98            208     -58          -249                  2       51
           61         1              3         -3                       (                1            2                         1              3        -1                                                                                      52
           15
          -1
                   -14
                    -8
                                   -1
                                   -6
                                               -7
                                                    A
                                                         (*)
                                                            -4
                                                             6
                                                                        *U
                                                                         -4
                                                                                        72
                                                                                     -505
                                                                                                    101
                                                                                                  -454
                                                                                                                (*)
                                                                                                                -127
                                                                                                                    12         36
                                                                                                                            -194
                                                                                                                                              32
                                                                                                                                            -68
                                                                                                                                                         21
                                                                                                                                                       -65
                                                                                                                                                                  379
                                                                                                                                                                  127
                                                                                                                                                                               346
                                                                                                                                                                              -73
                                                                                                                                                                                             100
                                                                                                                                                                                              32
                                                                                                                                                                                                          96
                                                                                                                                                                                                         -1
                                                                                                                                                                                                                        91
                                                                                                                                                                                                                        37
                                                                                                                                                                                                                                     59
                                                                                                                                                                                                                                  -141
                                                                                                                                                                                                                                                53
                                                                                                                                                                                                                                                54


            3           11           2              5              4                        7            7            1                         5        1                                                                                      55
           18           17           9              5              9         -6             8           74                        37           43       -6      (*)                                                                             56


           46      -40             -7               4     -16               -22            44     -231               22     -147               -4     -101                                                                                      57
                                                                                       -70                                                                                                                                                      58
                 (*)                                                    (*)             -3              56            1           16           20         19           6      -31            -1                        -8          -22          59
           29          126          37          44                 9          36       323              48          604      -28           -134       -394       -123        -339             77    -153          -369                 106      60

           58     -225            -82      -92            -38               -13     -2, 170      -2,074             -60   -1, 194          -170       -651     -1, 060       -762      -1,007            109           205         -69          61
                                                                                                                                                                               867         867                                                  62
      -816        -853        -144        -180           -275           -254         2,160        1,555               1          888        287        379       1,248         240           250          18       -58                 30       63

  3. Negative entry reflects repurchase of foreign obligations previously sold.                                                        NOTE.—Details may not add to totals because of rounding.
  4. Reflects $385 million payment of gold portion of increased U.S. subscription to the IMF
in the 4th quarter of 1970.                                                                                                            Source: U.S. Department of Commerce, Office of Business Economics.
                                                                                                                                                                                                                                  55
December 1971


   50                                                              SUEVEY OF GUI-RENT BUSINESS                                                                                                                                December 1971

                                                                                                                                                                                                 Table 9.—U.S. International
                                                                                                                                                                                                                                                [Millions

                                                                                                       United Kingdom                                                                  European Economic Community

   Line                     (Credits +; debits -)i                                                   1970                                  1971                                                  1970                                    1971
                                                                         1970                                                                                      1970
                                                                                       I        II          III        IV        I'        II '        III'                      I          II          III        IV         I'         II'           III*

      1 Exports of goods and services 2                                   4,289         967     1,106         978      1,239     1,033       998          990      11, 125       2,653 2,923 2,738                 2,811      2,879       2,974        2,858
      2     Merchandise, adjusted, excluding military 3              2,518              584      681          586        667       691       562          558        8,369       1,989 2,247 1,991 2,142 2,061 2,110 2,089
      3     Transfers under U.S. military agency sales contracts. _    177               31       49           16         81         9        48           41          270          41   118    43    68   177   178   173
      4     Travel                                   __..__._ _         51                c       13           20          9        13        14           21          166          28    47    50    41    32    52    55
      5     Passenger fares.- . _ _                                     70               12       18           27         13        13        17           26           95          16    24    36    19    19    25    37
      6     Other transportation                                       305               68       82           85         70        68        87           91          485         105   129   137   113   114   139   146
      7     Fees and royalties from unaffiliated foreigners. .._ . .    67               17       17           17         17        17        17           17          168          42    42    42    42    51    51    51
      8     Other private services                                      92               23
                                                                                          t       23           23         23        26        26           26          118          30    30    30    30    35    35    35
      9     U S Government miscellaneous services _                     18                         4            5          4         4         4            5           27           8     6     8     6     c    14     8
            Receipts of income on U.S. investments abroad:
     10      Direct investment fees and royalties ._ _ _                        249        48        68           60        73        55          65          66          393          87     101             95     110        104             120         104
     11      Direct investment interest, dividends and branch
               earnings *                                                       375        88        68           82     136          88          93          90          774        246         102      241        186        225             200         104
     12      Other private assets                                               200        52        55           48      45          41          49          45          169         41          44       42         43         39              39          39
     13      U S Government assets                                              167        30        28            c     100           8          17           3           90         21          33       24         12         14              12          19
     14   Transfers of goods and services under U.S. military grant
           programs net                                                                                                      (*)     (*)           (*)    (*)
     15   Imports of goods and services          - - 3 - -         -1,715 -1,154 -1,230 -1,198 -1,134 -1,029 -1,281 -1,323 -10,607 -2,337 -2,690 -2,820 -2,760 -2,766 -3,184 -3,474
     16     Merchandise adjusted excluding military                -2, 216 -541 -553 -515 -607          -557 -682 -699 -6, 651 -1,544 -1,663 -1,641 -1,803 -1,834 -1,997 -2, 122
     17     Direct defense expenditures                              -228    -66    -53    -53    -56    -63    -60    -69 -1,285 -288 -328 -330 -340 -338 -371 -377
     18     Travel                                        _- -- -    -293    -23 -98 -126         -46    -20 -115     -140    -542    -48 -162 -261        -71 -51 -175 -285
     19     Passenger fares         _ _ _ __ _               _       -282    -48    -93    -90    -51    -42 -101      -87    -395    -71 -119 -145        -60    -63 -134 -139
     20     Other transportation                                     -272    -63    -68    -73    -69    -68    -78    -83    -446 -104 -111 -117 -114 -114 -126 -142
     21     Fees and royalties to unaffiliated foreigners             -38      g     —S     -c      5    -10    -10    -10     -54    -14    -14    -14    -14    -15 -15 -15
     22     Private payments for other services                      -215    -54    -54           -54    -58    -58    -58     -51 -13 -13 -13             -13 -14       -14    -14
     23     U.S. Government payments for miscellaneous services...      14     q      A             g      3      g              71      •J7   10      18     17    17     10     21
            Payments of income on foreign investments in the
               United States:
     24      Direct investment fees and royalties      _                    -19         -6        -6          -4         -3        -5         -2          -2               —2    (*)                    (*)                     -1
     25      Direct investment interest, dividends and branch
               earnings 4                                                 -164         -55       -33         -37        -39       -60        -35         -35          -132        -35        -29         -34        -34        -32          -26          -42
     26      Other private liabilities                                    -937        -277      -251        -223       -185      -123        -89         -92          -585       -153       -142        -143       -146       -136         -128         -129
     27       U S Government liabilities                                   -37          -9        -8         -10        -11       -22        -48         -45          -393        -51        -89        -105       -149       -150         -178         -188
     28   U S military grants of goods and services net                                                                                                              (*)         (*)                    (*)        (*)
                                                                                                                                                                                                               9
    29
    30
    31
          Unilateral transfers (excluding military grants), net
           U S Government grants (excluding military)
           U S Government pensions and other transfers
                                                                            -49
                                                                            -22
                                                                                        -9
                                                                                           A
                                                                                                 -14
                                                                                                 -6
                                                                                                             -13
                                                                                                              -5
                                                                                                                        -14
                                                                                                                         -6
                                                                                                                                  -11
                                                                                                                                   -6
                                                                                                                                             -14
                                                                                                                                              -7
                                                                                                                                                         -12
                                                                                                                                                          -7
                                                                                                                                                                       -21
                                                                                                                                                                     (*)
                                                                                                                                                                      -107
                                                                                                                                                                                 (
                                                                                                                                                                                     223
                                                                                                                                                                                                 -6
                                                                                                                                                                                                 07     c*r
                                                                                                                                                                                                         -30       %           -27
                                                                                                                                                                                                                                     8
                                                                                                                                                                                                                                                -33
                                                                                                                                                                                                                                                   1        -3
                                                                                                                                                                                                                                                          -32
    32     Private remittances and other transfers                          -28         -4       -8           -8         -7        -6         -7          -5             87           27         22        20       18           35               33        30
    33    U S. Government capital flows, net                                 131       -14        62         -11          95      -43          80          1               165                125          45                  -10                69        10
    34     Loans and other long-term assets                                 -52        -10      -17          -18         -7       -38        -11          -8              -67        -22     -14         -15        -16        -27              -31         27
    35     Foreign currencies and other short-term assets, net              -11         -5        19           7        -32        -8          32          6                15                             16        -6         -4                 c      -15
            Repayments on credits:
    36        Scheduled                                                         193                  59                  134          3           60          3   118                  19      40             44         16         22        36                52
    37        Nonscheduled 5                                                                                                                                       99                          99                                             73
    38    U.S. private capital pows, net 4                                -498        -567       -72        -133         273     -732      -173           208 -1,235             -680       -445        -273         163      -610         -647         -450
    39      Direct investments abroad                                     -642        -352      -150        -102        -38      -257       -92         -109    -971             -476       -410        -262         177      -570         —444         -380
    40      Foreign securities        __         .                        -175          -7        -7        -128        -33       -38       -61          -11       48               51         34         -6        -31         -5             5           31
            Claims reported by U.S. banks:
    41       Long-term                                                          -4      -1            2        2         -7       -40        -1          -14              -52        -25      -4          -5        -18        -23              -42       -46
    42       Short-term, nonliquid                                               13    -40           37       13          3       -72       -70            66               19          7    -35         -30          77       -36              -82         14
    43       Short-term, liquid                                                  16      30     -22            5          3        -4       -10            11               10         42      12       (*)         -44          20             -12       -63
            Claims reported by U.S. nonbanking concerns:                                                                                                                                                      c
    44        Long-term                                                        6        -7       -2             4         11       -8          3            3        -265        -283        -16                      40         16
    45       Short-term, nonliquid                 _______ .                -20          8        10         -22        -16         20      -15           141         -36           11       -14              23    -56        -17              -16       -1(
    46       Short-term, liquid                                              308      -198        61           95        350     -333         73          120           12         -7        -12              13      18                        -63         14
    47    Foreign capital flows, net                                    -3,845        -970      -190         224 -2,910          -755      1,305          429        8,576            823   1,612       2,979 3,163           2,758              653    1,420
    48      Direct investments in the United States 4                       512         326      -22         166      42          -42       -19           170          109           -21       89          11    30              79             -27          48
    49      U.S. securities other than Treasury issues                      253         128      -95         119     101            68        40          167          887             78     247         242   320             191              119        165
            U.S. nonliquid liabilities to private foreigners reported
               by U.S. nonbanking concerns'
     50      Long-term         ... . .                 __________            773         39      134         242         358      -49         40         -48              133         51      136        -66          12         91             -56         —8
     51      Short-term                                                      487        156      118          20         193      -59       -14          -19              207        -5         7          55        150      -202              -42         108
  52-53     Long-term liabilities to all foreigners reported by
               U S banks                                                          Q
                                                                                           1          1           1     -12           9     -32         (*)               127          14        56           2          55     —7               52
            Nonliquid liabilities reported by U.S. Government:
     54      To foreign official reserve agencies                                                                                                                    -621        -556        -57          -3     -5                              —i
     55      To other official and private foreigners                     -112     -21           -47           18   -63             10      -36          -27          -19         -18        -69           53     15          -147              -13     -149
  56-57     U.S. liquid liabilities to all foreigners                   -5, 749 -1, 599         -280        -341 -3, 529         -692      1,326          184        7,753       1,280      1,202       2,685 2,586           2,754              624    1,257
     58   Transactions in U.S. official reserve assets, net              1,847        1,459      296        -377         469       306                                    535    -532        476          433        158            25          331        251
     59     Gold                                                                                                                                                          179                              20        159            25          392        191
     60     SDR
     61     Convertible currencies                                       1,847        1,459      296        -377         469       306                                    356    -532        476          413        -1       (*)               -61             60
     62
     63   Allocations of special drawing rights (SDR)
     64   Errors and omissions, and transfers of funds between
           foreign areaa, net                                             2,841         288          42      529       1,982     1,232     -917         -293 -8,538                    67 -1,994 -3,093 -3,518 -2,284                      -197         -612

      Footnotes at end of table.
  December 1971


December 1971                                                                   SURVEY OF CURRENT BUSINESS                                                                                                                                                              51
 Transactions, by Area
 of dollars]

                          Other Western Europe                                                                  Eastern Europe                                                                                       Canada

                              1970                              1971                                            1970                                    1971                                                 1970                                 1971                 Line
 1970                                                                           1970                                                                                            1970
           I             II          III       IV        I"     II'     III*                 I             II          III        IV         I'         II'         III*                     I         II           III        IV       I'        II'         III*

  4,979   1,254      1,257           1,147     1,321    1,352   1,309   1,183        419         105         101             99     114          129          104      104      12,491      3,065      3,369        3,035      3,022    3,283     3,725        3,417          1
  3,287        852        837         726        872      895     843     765        368          93            89           83     103          116          92           88    9,044      2,256      2,529        2,100      2,159    2,459     2,845       2,448       2
    152         44         35          26         47       27      47      21                                                                                                       35          6         13           10                  18        16          14       3
    101         21         27          30         23       17      30      35                                                                                                      885        19(        23<          315        144      21j       23?         311       4
     49          (         13          16         11       10      14      17                                                                                                        8                                  •5
                                                                                                                                                                                                                                   2                              3       5
    595        1&         155         162        144      139     167     173         li                        J     /                                        4                   191            42         4(           52      52         48          55      59       6
     35          9          <           9          9        9       (       9          'i         1             1                                              1                    30             8          8            8       8          8           8       8       7
     70         18         18          18         18       19      19      19         li                        5                        5          I          5                      12          31         3:           31      31         36          3(      36       8
     91         17         16          25         33       26      19      27               (*)   5             1 (*) 5                  1                     1 (*)              • ;              ]                       3       2          1                   2       9

   140         31             38       33         39       29      36      32                                                                                                         357         82      84           96         95       88         96         100      10
   229         67             50       42         70      126      69      38                                                                                                         972        254     204          211        303      195        212         224      11
   131         32         35           31         33       31      33      31                                                                       1          1                      836   195          215          207        219   214           211         214      12
    99         22         26           28         23       24      23      16          8          1             1             5          1                     1           />           1 (*)          (*)          (*)            1 (*)                       (*)        13
   231         55         85           32         59       93      68      55                                                                                                                                                                                             14

-4,872 -1,101 -1,287 -1,325 -1,160 -1, 136 -1,423 -1,531                        -259         -64        -63             -67        -65           -64     -78         -83 -12,999 -2,941 -3,345 -3,398 -3,315 -3,253 -3,812 -3,859                                         15
-2,408 -571 -604 -576 -657 -647 -721 -755                                       -218         -59        -52             -49        -58           -57     -65         -61 -10,720 -2,565 -2,801 -2, 520 -2,834 -2,860 -3,28( -2, 972                                       16
  -261    -71    -64    -66    -60    -75     -64    -63                          -1                   (*)             (*)          -]            -]      -1          — 1 -253      -61    -72    -60     -60    -52           -40                                        17
  -475
  -265
          -54 -148 -226
          -40 -101      -82
                               -47
                               -42
                                     -56 -170 -245
                                     -38 -116        -78
                                                                                 -24        "-i                         -14         —2                    -8         -16 -1,049     -85 -233 -571 -160 -103 -25J              -610                                        18
                                                                                                                                                                                                                                                                          19
                                                                                                                                                                           r
  -512 -117 -126 -138 -130 -124 -151 -140                                         -6          -1         -1              -2         -1   -2               -2                    -201         -42        -50          -55        -54      -45        -51         -64       20
   -13     -3     -3     -3     -3     -4      -4     -4                        (*)         (*)        (*)             (*)        (*)  (*)              (*)          (*)          -4          -1         -1           -1         —1                              -1       21
   -30     -8     -8     -8     -8     -9      -9     -9                                                                                                                        -110         -27        -28          -28                 -31        —31         -31       22
   -57    -11    -14    -16    -16   -11      -18    -18                             -8       -2            -2           -2         -2   -2               -2          -2         -10          -3         -3           -2        ~2r       -3                     -2       23
                                                                                                                                                                                                                                 —^

  -21       -2            -5          -7         -7       -2      -2      -4    (*)                    (*)                                                                       -62         -14        -15          -16        -17      -16        -15         -15       24
  -67      -16           -17         -15        -19      -16     -20     -28                                                                                                     -39         -11         -8           -3        -17      -21        -10         -10       25
 -647     -177       -170          -159        -142     -126    -119    -140      -1                                                                                            -378        -103        -91          -92        -93      -72        -61         -62       26
 -117      -31        -27           -30         -28      -28     -31     -48    (*)
                                                                                            (*)
                                                                                            (*)        8               (*)
                                                                                                                       (*)        8          (*)
                                                                                                                                             (*)
                                                                                                                                                        (*)
                                                                                                                                                        C)
                                                                                                                                                                    (*)
                                                                                                                                                                    (*)         -174         -30        -43          -50        -50      -50        -49         -51       27
 -231      -55           -85         -32        -59      -93     -68     -55                                                                                                                                                                                              28
 -247      -55           -64         -65        -63      -60     -73     -77        -30       -6            -6           -8        -10           -6       -9          -5         -88         -11        -22          -33        -22      -19        -28         -42       29
  -29       -8            -7          -6         -8       -6      -8     -12         -9       -1            -1           -3         -4           -1       -4                                                                                                              30
  -91      -19           -24         -24        -24      -24     -29     -27         -8       -2            -2           -2         -2           -2       -2        <*ia         -53         -11        —14          -13        -14      -14        —16         -16       31
 -128      -28           -33         -35        -32      -30     -36     -37        -13       -4            -3           -3         -4           -3       -3          -2         -35        (*)          -8          -20         -7       -5        -11         -27       32
  -94      -49           -35           13       -23      -16     -47     -26           6       3            -5            10        -2 (*)                -6           13          -7         -4          1           -2                 -10         —i
                                                                                                                                                                                                                                                                 -2       33
 -262      -80           -75         -40        -67      -70     -98     -69        -48      -10           -15          -13        -11 -19               -21         -11          -10         -3         -5           -1       (*f2       -9                     -2       34
   -7       -6            -7            5         1        8       3       4          20       5             7             7         2     7               8            7       (*)           -3          6           -1         —2       -1                      1       35

   173         37      44              48        44       47      47      40          34          8             3            16          7         12          7       17                                                      (*)                 (*)                   36
     3                  3                                                                                                                                                  "i                  2                                                                         37
 -237      -73         32           -79        -117     -388    -173     -79        -14       -5            -1           -2         -6             7           3      —4 -1,572              -35       -493       -318         -725     -31        -96        -360       38
 -291     -118       -28           -128         -17     -251     -82     -74                                                                                               -915             -192       -301       -105         -317     -97                     -8       39
    69       36        16             16          2        39      17    -11                                                                                               -475             -214          37      -169         -129     -77       -143         -36       40

    51      18        -2               33          2        9   -53         4       1         -1       (
                                                                                                                             2    (*)      2              -1          -9           96           2       -10         (*)          104         44          e
                                                                                                                                                                                                                                                                  2      41
  -35     -17         -4               25       -39     -141    -59        68    -12          -9        *}2          (*)            -5 (*)                 3           6        -134           27       -46            15      -130          10    -20           35      42
   -7        2       C)               -9       (*)       -13      16     -13    (*)         (*)        (*)           (*)          (*)    -2                1          -1        -123          147      -117           -6       -147          56      35       -159       43

   -3      -10            39          -2        -30       3     -11        6         •t                                             —1                                          —108         —11         —8          —40        —49                  —4         -6       44
  -15        17           11          -6        -37     -31      -3      -42        -2            5         -3           -4                        7                            -19          -14          13           46       -64     -11           19       -74       45
   -5       —1                        -7          3      -3       2      -17                                                                                                     106          219       -61          -59          7       44           8      -115       46
 -527      609       -392          -354        -390      180    1,011   2,595         12    -15              23        -16              20       —4            9      -5        1,413        -30         697          424        321    -618      -131           173     47
    70      29          14            11          17      42       58    -86                                                                                                      233         143         61           19         11       26        44           15     48
   414      24         109           170         110     118       69     133                                                                                                     123        -58          22           51        109       19      -26             4     49


   113      -9           67            20         35       45      32      4                                                                                                       9            3         4            1             1               t          -6    50
  -49      -27         -8              19       -33       -9     -26      —4     4                1             1            2                                                   -29         -31         -9            4             7             -33         -17    51
     1    (*)        (*)                2        -1         9     -2       1 (*)                       (*)             (*)        (*)        (*)        (*)          (*)           2        (*)           3           -2             1 (*)           1          -1 52-53

                     (
    -4
    -1
-1,071
            -2
              5
            589
                     *L!
                     -573
                                     -2
                                      14
                                   -588
                                                -19
                                               -499
                                                          —2
                                                        "23      -9
                                                                 888
                                                                          -2
                                                                           16
                                                                        2,534   (
                                                                                    *>8     -16
                                                                                                       (*)
                                                                                                             22        V*         (*)
                                                                                                                                        20
                                                                                                                                             (
                                                                                                                                              'U          -2
                                                                                                                                                           11
                                                                                                                                                                     (*)
                                                                                                                                                                      -5
                                                                                                                                                                                1,160
                                                                                                                                                                                 -11
                                                                                                                                                                                 -75
                                                                                                                                                                                              300
                                                                                                                                                                                              -1
                                                                                                                                                                                            -385
                                                                                                                                                                                                         800
                                                                                                                                                                                                       -192
                                                                                                                                                                                                           8        -14
                                                                                                                                                                                                                     365
                                                                                                                                                                                                                                  60
                                                                                                                                                                                                                                 -4
                                                                                                                                                                                                                                 137
                                                                                                                                                                                                                                         -5
                                                                                                                                                                                                                                       -658
                                                                                                                                                                                                                                                    -6
                                                                                                                                                                                                                                                  -109
                                                                                                                                                                                                                                                                 -3
                                                                                                                                                                                                                                                                        54
                                                                                                                                                                                                                                                                        55
                                                                                                                                                                                                                                                                 181 56-57
  -25     -100            47               5     23       127     50      84                                                                                                    (*)         (*)        (*)          (*)        (*)                (*)          (*)       58
    26      -4             1               7     22        60     55      72                                                                                                                                                                                             59
                                                                                                                                                                                                                                                                         60
  -51      -96            46          -2            1     67     -5       12                                                                                                    (*)         (*)        <*)          (*)        (*)                (*)          (*)       61
                                                                                                                                                                                                                                                                         62
                                                                                                                                                                                                                                                                         63
 1,023    -485           442          657        408     -58    -654 -2,150     -133        -18            -48         -17        -51        -62        -24          -20          763       -43        -206          292        720      648        344         673      64
December 1971


     52                                                              SURVEY OF CURRENT BUSINESS                                                                                                                            December 1971

                                                                                                                                                                                               Table 9.—U.S. International
                                                                                                                                                                                                                                           [Millions

                                                                            Latin American Republics and other Western Hemisphere                                                                           Japan

     Line                    (Credits-t-; debits-) 1                                                1970                                    1971                    1970                       1970                                  1971
                                                                            1970
                                                                                     I        II           III         IV        I"          II r        III*                   I         II          III        IV        I'        II'        III"

        1 Exports of goods and services 2                              10,395       2,452     2,707      2,565        2,672      2,503       2,682       2,729      5,914      1,422      1,441       1,489      1,561     1,457     1,352      1,304
        2     Merchandise, adjusted, excluding military 3               6,494       1,502     1,637      1,594        1,761      1,595       1,644       1,795      4,648      1,106      1,128       1,176      1,238     1,093     1,003        930
        3     Transfers under U.S. military agency sales contracts- ..     41          10        11         12            8          9           9           9         25          6          4          10          5         7         5         13
        4     Travel                                                      879         198       233        227          221        197         225         240        101         21         26          27         27        27        35         40
        5     Passenger fares                                             156          33        41         47           35         38          41          37         70         15         17          18         20        21        24         34
        6     Other transportation       ._....            _.             360          80        93         97           89         84          95         104        303         69         78          82         74        71        82         86
        7     Fees and royalties from unaffiliated foreigners              48          12        12         12           12         13          13          13        201         50         50          50         50        63        63         63
        8     Other private services                                      232          57        58         59           57         64          65          66         36          9          9           9          9        10        10         10
        9     U.S. Government miscellaneous services . . . . _             67          16        17         16           17         17          19          15         23          4          4           7          8        11         7         14
              Receipts of income on U.S. investments abroad:
       10      Direct investment fees and royalties                           321        75         89       78          79        74              91      77             87         22        24        22           20        18         32         27
       11      Direct investment interest, dividends and branch
                 earnings 4                                                 1,081    301        329         254         197       251          302        226          94            36        18            9        32        57         23         15
       12      Other private assets                                           553    132        142         135         144       131          131        119         297            77        75           72        73        71         61         64
       13      U.S. GoveKiment assets                                         164     35         45          32          51        31           48         29          29             7         8            7         6         9          8          7
       14   Transfers of goods and services under U.S. military grant
             programs, net     _.                                              25        6          6            6          7          7            7          6    (*)        (")
       15   Imports of goods and services       _ _                -8,407 -2,188 -2,148 -2,028 -2,043 -2,147 -2,182 -2,243 -7,415 -1,619 -1,805 -2,021 -1,971 -1,957 -2,246 -2,111
       16     Merchandise, adjusted, excluding military 3          -5, 913 -1, 522 -1,529 -1,400 -1, 462 -1, 524 -1, 612 -1,629 -5,894 -1,268 -1, 408 -1, 630 -1,588 -1, 599 -1,878 -1, 674
       17     Direct defense expenditures                            -169     -38     -46    -43    -43     -41     -39     -36 -670 -156 -179 -159 -177 -158 -150 -150
       18     Travel                             _           _     -1,200 -340 -285         -298   -277 -340       -293    -320    -97    -14    -32     -36     -15    -16     -24    -30
       19     Passenger fares                                         -70     -21     -18    -16    -15     -19     -18     -18    -70    -14    -17     -23     -16    -13     -12    -21
       20     Other transportation _                                 -236     -54     -60    -63    -59     -60     -64     -73 -271      -63   -66      -71     -71    -74     -77    -71
       21     Fees and royalties to unaffiliated foreigners            -4       -1     -1     -1     -1      -1      -1      -1     -4     -1     -1       -1     -1      -1     -1     -1
       22     Private payments for other services                    -164     -39     -43    -44    -38     -44     -48     -50    -19     -5     -5       -5     -5      -6     -6     -6
       23     U.S. Government payments for miscellaneous services - -169      -41     -36    -45    -47     -41     -40     -50    -21     -5     -5       -5     -6      -5     -4     -5
              Payments of income on foreign investments in the
                 United States:
       24      Direct investment fees and royalties .        __ _                                                                                                     -4         -1         -1          -1          -1       -1      (*)        (')
       25      Direct investment interest, dividends and branch
       26       Other private liabilities                                   -446    -125      -121         -109        -91        -67         -53         -58       -261        -64        -65         -67        -66       -51       -46        -53
       27       U.S. Government liabilities                                  -14      -3        -3           -4         -4         -5          -8          -3        -87        -25        -24         -19        -20       -26       -37        -89
       28   U.S. military grants of goods and services, net                  —25      —6        —6          —6          _7         _7          —7          —6       (*)        (*)
       29   Unilateral transfers (excluding military grants), net           -522    -137      -132         -118       -135       -132        -139        -131        -43        -10        -11         -11        -10        -9        -9        -13
       30    U.S. Government grants (excluding military)                    —262     —71       —66          — 59       —66        —66         —71         —69
       31    U.S. Government pensions and other transfers                    -43     -11       -11          -11        -11        -13         -14         -13        -10         -2          3          -3          -2       -2        -3         -3
       32    Private remittances and other transfers         _ _ _ _ .      -217     -55       -56          -49        -57        -52         -54         -49        -33         -8         -9          -9          -8       -7        -7        -11
       33   U.S. Government capital flows, net                              -507    -121      -157         -100       -129       - 74        -100         -86          62         53       -23           8          23      -31        -2          84
       34    Loans and other long-term assets          -.        - -        -844    -200      -245         -172       -228       -154        -191        -160       -161        -54        -48         -23        -36       -81       -58        -29
       35     Foreign currencies and other short-term assets net              -6    (*)         -5         (*)          -1                     -7          -1           9          1         5           2           2        3      (*)            4
              Repayments on credits:
      36       Scheduled                                                      343        78         93       72         100            76           98         74      92            25        21       29            18        47         27         27
      37       Nonscheduled 5        _    _                                 (*)               (*)                                       4                             121            81                               40                   29         82
      38    U.S. private capital flows, net                                -1,477   -303      -335         -304       -535        -15        -383        -630       -650          62      -279         199       -632        257     -293       -754
      39      Direct investments abroad *                                    -601   -135      -168         -128       -170        -66        -345        -205       -132        -36        -50           9        -55       -41       -31       -170
      40      Foreign securities                                             -135    -20         2          -21        -95          18           2           1         31         10         22          5         -6       -53      -139        -20
              Claims reported by U.S. banks:
      41       Long-term.                                                      12     -7        -4          -17          40         54          43       -114        -26           1        -5         -16         -6       -10      -100         -i
      42        Short-term, nonliquid                                       -377     -51      -109           -1       -216          31          34       -129       -466         143      -221          179      -567        403      -46       -399
      43        Short-term liquid                                            -11       15        2           -1        -27        -39         -23         -20           8          1        -3            3         7          5        26      -139
              Claims reported by U.S. nonbanking concerns:
      44       Long-term                       .                            -177     -40        -7         -110        -20          2         -15           30          2       -16         -8           22         4       -21         23         2
      45       Short-term, nonliquid                                                                                                                                            -42        -13          -5        -13       -10       -21        -22
      46       Short-term, liquid- _        _ _                        _. • -188     -65       -50          -26        -47        -15         -80        -192 f       -73
                                                                                                                                                                                  1         -1            2         4       -16        -5         -5
                                                                                                                                                               I        6
      47    Foreign capitalflows,net                                   .    -520     345        237        -936       -166       -320          382       -463       1,101         80       -26           54       993      1,045     2,239      5,174
      48      Direct investments in the Unites States 4                        39     17         12           10          1         16         -5            4          3       -10        -47          -2         61       -31       -69       -473
      49      U.S. securities other than Treasury issues                       66     20       -36            16         67         22          13          32         12          1         2            4         6          2        13         21
              U.S. nonliquid liabilities to private foreigners reported
                 by U.S. nonbanking concerns:
       50      Long-term                                                       84     -8        -6           19             79      47          14        -25             18                 3           2            13         1                     1
       51      Short-term...                                                  106                32          37             37    -18         -19           60             1    -11        -18          22             8        22     -4             18
    52-53     Long-term liabilities to all foreigners reported by U.S.
               banks                                                        -114     -42       -18          -91             37    -91         -42         -89       -269        -19        -60         -98        -92      -124      -132       -118
              Nonliquid liabilities reported by U.S. Government:
       54      To foreign official reserve agencies
       55      To other official and private foreigners                      -22      -5        -9          -11           3          4          -9          4         -2         -3             6       -5          -1       -1      (*)          -8
    56-57     U.S. liquid liabilities to all foreigners-                    -679      363       2,3        -916        -389      -300           431      -449       1,338        122           87       131         998    1,176     2,431      5,734
      58    Transactions in U.S. official reserve assets, net                 131         7          9           4      111      (*)                 4   (*)          119                                           119
      59      Gold...                                                         131                    9           4      111      (*)                 4   (*)          119                                           119
      60      SDR
      61      Convertible currencies
      62      Gold tranche position in IM F
      63    Allocations of special drawing rights (SDR)
      64    Errors and omissions, and transfers of funds between
             foreign areas, net                *                              907    -54      -181           919        223        186       -264          824        913            11     702         282       -83      -762 -1,041 -3,984

     r
       Revised.    » Preliminary.       *Less than $500,000 (±).                                                                        outflows (decrease in U.S. liabilities or increase in U.S. assets); increase
     1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows                                       in U.S. official reserve assets.
                      (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.                      2. Excludes transfers of goods and services under U.S. military grant programs.
                      official reserve assets.                                                                         3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
        Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital                        export documents, and imports of goods included under direct defense expenditures identified
              December 1971


    December 1971                                                                                SURVEY OF CURRENT BUSINESS                                                                                                                                                   53
Transactions, by Area—Continued
    of dollars]

               Australia, New Zealand, and South Africa                                                        Other Countries in Asia and Africa                                            International Organizations and Unallocated

                                   1970                                    1971                                            1970                                1971                                              1970                                      1971               Line
      1970                                                                                       1970                                                                                 1970

j
                   I         II           III        IV         I'         II'        m.                  I         II         III        IV        I'         II'        III *                  I          II          III        IV         "            II '       III"

      2,475         573        588          685        629        595        5%         663 10,136 2,408            2,701      2,353      2,675     2,793      3,159      2,861         681        137       128          143       273          160        280        172        1
      1,581         359        391          433        398        423        379        477 5,671 1,376             1,488      1,329      1,478     1,570      1,687      1,575                                                                                                   2
        168           20         22           89         37          9         38         14   612     98              236         97       181       220        281         143                                                                                                  3
         41            8         11           14          8          7         11         15    95     15               24         33        23        17         26          35                                                                                                  4
         48           10         15           15          8         10         14         20    56      9               15         21        11        11         18          28                                                                           (*)                    5
         61           14         15           17         15         15         16         17   572    131              144        147       150       137        145         156        221            51        54           58         57       55         58         61        6
         24            6          6            6          6          7          7          7    24      6                6          6         6         7          7           7                                                                                                  7
         36            9          9            9          9         10         10         10   179     45               45         45        45        50         50          50        163            41        41           41         41       47              7     47        8
          1       (*)        (*)          (*)        (*)        (*)        (*)        (*)      151     36               38         38        39        37         41          35                                                                                                  9

        145             36         39           28         42         41         41         31     165      33         45          41        47        37         54           51        23             5         6            7       6               5       7         4       10
        293             99         54           60         80         61         54         58   2,034     513        514         459       548       557        694          639       174            10         5            4     155              14     145        16       11
         53             12         15           12         15         12         15         13     266         69         66         69        63         66      60             65         85         29        13           30         13       38          13        44       12
         25              2         11            2         11          1         12          1     310         78         80         68        84         85      97             78         15          1         9            4                   1           9                 13

                                                                                                   358         86     131          52          88     110        115          144                                                                                                14
    -1,367        -339       -317         -370       -341       -278       -364       -418 -7,754 -1,857 -1,932 -2,015 -1,950 -1,849 -2, 188 -2,339                                   -915       -2C1       -204        -281       -229       -191 -193 -299                     15
    -1, 125       -278       -257         -306       -284       -221       -302       -347 -4, 725 -1, 110 -1, 157 -1, 221 -1, 237 -1, 179 -1, 465 -1, 605                                                                                                                     -.16
       -48         -13        -12          -12        -12         -9        -10         -9 -1, 936 -491 -500 -490 -455 -436 -469 -435                                                                                                                                            17
       -40         -11        -10          -11         -8        -15        -11        -14 -233       -41     -55     -81     -56     -50      -68 -100                                                                                                                          18
       -55         -13        -14          -16        -12        -12        -15        -18    -47      -8     -11     -18     -10      -8     -13     -23                              -31         -9         -9          -8         -5        -io -10 -8                         19
       ~34          -8         -9                Q
                                                       -8         -5         -9         -9 -234       -53     -59     -60     -62     -63     -65     -67                             -578       -126       -146        -168       -139       -138 -143 -178                     20
                  (*)        (*)          (*)
                                                     (*)        (*)        (*) 2      (*) 2 (*)      (*)     (*)     (*)     (*)     (*)     (*)     (*)                                                                                                                         21
                    -2         -2           -2         -2         -2                          -24      -6      -6       -6      -6     —7       -7      -7                                                                                                                       22
       -23          -5         -6           -5         -7         -5         -7         -6 -247       -60     -61     -64     -62     -64     -66     -66                             -110       -12         -1          -53       -44           -5          -2        -67       23


                                                                                                   -2    (*)        (*)           -1        -1      (*)          -1        (*)                                                                                                   24
        -1        (*)        (*)          (*)        (*)        (*)        (*)        (*)        (*)                                      (*)                  (*)                                                                                                               25
       -25          -6         -6           -7         -6         -5                    -7       -237     -70        -64          -56      -47       -31        -23           -25      -75       -20        -18          -18       -18         -13          -13        -15       26
       -10          -2         _2           -3         -3          2                    -5        -70     -19        -18          -18      -16       -11        -11           -11     -121       -34        -30          -33       -24         -26          -25        -30       27
                                                                                                 —358     -86       -131          -52      —88      -110       -115        —144                                                                                                  28
       -23          -5         -6                K
                                                       -7         -6         -5         -6 -1,971        -506       -499       -478       -488      -494       -592        -528       -155        -35       -54          -27        -40        -51          -30        -65       29
                                                                                           -1, 283       -332       -311       -308       -332      -332       -417        -341       -155        -35       -54          -27        -40        -51          -30        -65       30
        -4                                                                                   -125         -28        -31        -33        -33       -34        -37         -37                                                                                                  31
       -19          -4         -5           -4         -6         -5         -4         -5 -563          -145       -157       -137       -124      -128       -138        -151                                                                                                  32
       -56         -16           10        -71          21       -35          12       -23 -1, 240       -308       -404       -252       -275      -431       -645        -242        -53        -29        -12               3    -15        -11           -9        -47       33
      -143         -19        -28          -74        -21        -37        -29        -27 -1, 640       -446       -462       -350       -382      -725       -836          342       -58        -32        -12                    -15        -13           -9        -49       34
         1        (*)        (*)          (*)            1        -1         -2         -1    -48           21       -66           6            Q
                                                                                                                                                       76         53         -7                                                                                                  35

         86             3          38           4          42         3          44         5      430     111        113          90       116       217        138          119            5         3                       3                      3                  3       36
                                                                                                                                                                          7
                                                                                                    19       6         11           2                                          11                                                                                                37
      -272        -108       -148               27    -43       -111       -194       -147       -573    -244       -518           131       57     -327       -584        -271       -386          10       -11        -244       -141       -250 -302 -372                     38
      -270        -128       -122               13    -34        -72       -147        -37       -397    -176       -397            33      142     -134       -306         -79       -226          38       -35         -77       -152        -59 -321 -226                     39
         12          4          3                4      2           2         18         3       -157     -41        -37          -23      -57       -47       -106         -37       -159        -28          24       -166          10      -191    18 -144                    40

         53          31         13          -4          13            A
                                                                            -28        -26          52      6          59            27    -40         i          6          -8                                                                                                  41
       -27          -9         -5           -6         -7        -15        -30        -81           4    -38        -81             81      42      -78        -94        -105                                   1                (*)        "(*)"        (*)          -2       42
                                                                                                                                      i                                               (*)        (*)                      -1
        -5          -4         -2            3         -2         -3         -2              0
                                                                                                   -7       7         -5                        0
                                                                                                                                                     -10         -4           29                                                                                                 43

                                                                                                                                                                      7
       -16                     -8           -4         -4         -9                  (*)         -15     -14         -3              7     -5       -15                      -13                                                                                                44
                                                                                                                                                                                                                                                                                 45
                    -2        -27            21       -11        -11                    -3        -53       11       -54              7    -17       -42        -73           -57 f         -1                    ^                                                              46
        119          37         45              11                  60       286            53   -414      513      -279 -107             -541      -257        -82 -260               -90           208     -57        -249              8      267          41        102      47
          1           3        -3                     * 27                                           2                  1    3              -1         3          1     2                                                                                                        48
                                                                (*)                                        (*)
       -14          -1         -7           -4                   -13         -5       (*)          102      12         36   32               22        7         -4    15               346          100         96           91         59      145        -23          28      49


         13          2          5                4      2             9       10        -2          10       1                       5       4         2         -2            -1                                                                                             50
         32          9          5                9      9             5       15       -14          71       1    38                41      -9         5          53            25                                                                                            51
        -8          -6         -4                6     -4       (*)         -18        -34       -458    -127  -194               -68      -69       -40           5             3     -66             32                     37   -135       -110          -54        -13 52-53


                                                                                                                                                                                                                                                                               54
       -38          -7              4      -16        -19             19    -23         -6       -230       22      -148         -4       -100         52       -20         -35                                                                                                55
        133          37            44        11         41            40     307        108         89     605       -12       -116       -388      -282       -115        -270       -370             76   -153        -377             84      232         118         87 56-57
         11                                                11                                      165    -23              4         42     142           17     -6              33   -306 —1,197             190         694          7      -330           459 1,005           58
         11                                                11                                      165    -23              4         42     142           17     -6              33     156  -24                          322      -142           7           11      4          59
                                                                                                                                                                                      -851 -920              -37         -34         140      -592           196    150          60
                                                                                                                                                                                                                                                                                 61
                                                                                                                                                                                        389      -253         227         406             9      255         252        851      62
                                                                                                                                                                                        867          867                                         717                             63
      -889        -143       -172         -276       -298       -225       -330       -122       1,651         17     928         326       381       548        937          746       358          240         20      -40         138      -310 -246               -496       64


in Census import documents, and reflects various other balance-of-payments adjustments                                                       6. Includes transactions with shipping companies operating under the flags of Honduras,
(for valuation, coverage, and timing) to Census statistics; see table 4.                                                                   Liberia, and Panama.
   4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.                                               7. Negative entry reflects repurchases of foreign obligations previously sold.
incorporated affiliates of foreign firms.
   5. Includes sales of foreign obligations to foreigners.                                                                                   NOTE.—Details may not add to totals because of rounding.
                                                                                                                                             Source: U.S. Department of Commerce, Office of Business Economics.
March 1972


    52                                                               SUBVEY OF CURRENT BUSINESS                                                                                                        March 1972

                                                                                                                                                                      Table 9.—U.S. International
                                                                                                                                                                                                                 [Millions

                                                                                                               United Kingdom                                      European Economic Community

    Line                                (Credits +; debits -) *                                                                 1971                                                              1971
                                                                                            1970      1971 v                                             1970       1971 v
                                                                                                                 Ir       II'      III'        IV v                             I          II r        III'        IV v

       1 Exports of goods and services 2'                                                   4,289     4,081     1,033      998          998    1,053    11,125      11,479     2,879      2,974          2,886      2,739
       2       Merchandise, adjusted, excluding military 3 _ _ _ __ _ . . _                 2,518     2,348       691      562          555      540     8,369       8,069     2,061       2, 110        2,104      1,794
       3       Transfers under U.S. military agency sales contracts                           177       105         9       48           41        7       270         688       177          178          172        161
       4       Travel                        . _ _ _ •_        _    -                          51        67        13       14           28       12       166         199        32           52           65         50
       5       Passenger fares _                      _     -                         _-       70        67        13       17           22       15        95          99        19           25           34         22
       6       Other transportation                     _        _                            305       310        68       87           89       66       485         505       114          139          144        108
       7       Fees and royalties from unaffiliated foreigners                         -       67        67        17       17           17       17       168         202        51           51           51         51
       8       Other private services          ._ .._ _ - .                                    92       105        26       26           26       26       118         139        35           35           35         35
       9       U.S. Government miscellaneous services                                          18        19         4        4            7        5        27          40         9           14            7          9
               Receipts of income on U.S. investments abroad:
      10        Direct investment fees and royalties                                          249       264        55       65           69       75       3S3         458       104         120           108        126
      11        Direct investment interest, dividends and branch earnings 4                   375       431        88       93           96      154       774         870       225         200           111        334
      12        Other private assets                                                          200       184        41       49           45       49       169         157        39          39            38         41
      13        U.S. Government assets                                                        167       115         8       17            3       87        90          54        14          12            19          9
      14                                                                                                                                (*)
      15     Imports of goods and services                                                 -4,715 -4,716 -1,029 -1,281 -1,345 -1,062 -10,607 -12,123 -2,766 -3,184 -3,437 -2,736
      16       Merchandise, adjusted, excluding military 3                                 -2, 216 -2,470        -557     -682         -699    -532     -6, 651     -7,549 -1,834 -1,997 -2, 122 -1,596
      17       Direct defense expenditures                                                   -228    -258         -63      -60          -69     -65     -1,285      -1,497   -338   -371   -377    -410
      18       Travel                                                                        -293    -322         -20     -115         -134     -53       -542        -551    -51   -175   -242     -83
      19       Passenger fares                                             -- _ _            -282    -283         -42     -101          -87     -53       -395        -396    -63   -134   -137     -62
      20       Other transportation                                                          -272    -304         -68      -78          -83     -75       -446        -524   -114   -126   -141    -143
      21       Fees and royalties to unaffiliated foreigners -    _-        - _               -38     -38         -10      -10          -10     -10        -54         -58    -15    -15    -15     -15
      22       Private payments for other services              -      - -                   -215    -230         -58      -58          -58     -58        -51         -57    -14    -14    -14     -14
      23       U . S . G overnment payments for miscellaneous services                        -14     -14          -3       -3           -5      -4        -71         -75    -17    -19    -20     -19

               Payments of income on foreign investments in the United States:
      24        D irect investment fees and royalties                                        -19        -13        -5      -2           -3       -2                    -3        -1          -1            -1         -1
      25         Direct investment interest, dividends and branch earnings 4     ._ -       -164       -172       -60     -35          -36      -42       -132       -134       -32         -26           -43        -32
      26         O ther private liabilities                                                 -937       -401      -123     -89          -91      -98       -585       -530      -136        -128          -130       -137
      27        U.S. Government liabilities                                    --- -         -37       -212       -22     -48          -71      -70       -393       -747      -150        -178          -195       -224

      28                                                                                                                                                  (*)
      29     Unilateral transfers (excluding military grants), net                           -49        -54      -11      -14          -11      -18        -21           10          8            1        -4             5

      30       U S Government grants (excluding military)                                                                                                 (*)
      31       U.S. Government pensions and other transfers                                  -22        -25       -6       -7           -7       -7       -107       -123       -27         -33           -32        -31
      32       Private remittances and other transfers                                       -28        -28       -6       -7           -5      -11           87       134        35          33            29         37

      33     U.S. Government capital flows, net                                               131        166      -43       80            1      128        165         52      -10           69            10       -18

      34                                                                                     -52        -65       -38      -11            o      -8        -67       -121       -27         -31           -27        -36
               Loans and other long-term assets                               -- -
      35       Foreign currencies and other short-term assets net                            -11          28       -8        32           6      -3          15       -26        -4          -9           -15          2

               Repayments on credits:
      36        Scheduled                                                            - -      193        204          3     60            3      139        118         126         22            36        52         17
      37        Nonscheduled ^                                                                                                                               99          73                       73
      38     U.S. private capital flows, net -                                               -498 -1, 201        -738     -182           97    -378     -1,235      -1,655     -610        -646          -443          44

      39      Direct investments abroad     4
                                                                                             -642      -640      -257      -92         -116    -176       -971      -1,202     -570        -444          -390         202
      40       Foreign secutities                                                            -175       -86       -38      -61          -11       23         48          66      -5            5            31         35

               Claims reported by U.S. banks:                                                                                                                                                             -47        -27
      41        Long-term                                                                      _4       -57       -40       -1          -14      -2        -52        -138      -23         -41
      42        Short-term, nonliquid                                                           13     -128       -72      -75            84    -65          19       -241      -36         -82             12      -135
      43        Short-term liquid                                                               16      -58       -10      -14            11    -45          10        -72        20        -12           -63        -17

               Claims reported by U.S. nonbanking concerns:                                                                                                                                                  4       -10
      44        Long-term              __     . ._      __                                       6        19       -8         3          16       8       -265           17       16           7
      45         Short-term, nonliquid                                                        -20       -63         20     -15           12     -80        -36         -76      -17          -16           -6        -37
      46        Short-term, liquid                                                             308     -187      -333        73         114     -41          12         -9         5         -63            16         33

      47     Foreign capital flows net                                                     -3,845      2,130     -755     1,306         311    1, 268     8,576       5,754    2,758          663        1,441        892

      48       Direct investments in the United States *                                       512       151      -42      -19          172       40        109          49          79      -27            69       -72
      49       U.S. securities other than Treasury issues                                      253       536        68       40         174      254        887         891         191       119          170        411

               U.S. nonliquid liabilities to private foreigners reported by U.S. non-
                  banking concerns:                                                                                                                                                                                   114
       50       Long-term                                                                      773     -172       -49        40        -115     -48         133         123       91         -56          -26
       51       Short-term                                                                     487      -63       -59      -14          -56       66        207       -121     -202          -42           109         14
    52-53       Long-term liabilities to all foreigners reported by U.S. banks                 -9          5        9      -32         (*)        28        127          52      -7            52            1          6

                Nonliouid liabilities reported by U.S. Government:                                                                                                                                                     -1
       54        To foreign official reserve agencies                                                                                                     -621           -6               .. -4            -1
       55        To other official and private foreigners                                   -112        -48         10     -36          -27        6       -19        -355     -147          -13         -147         -48
    56-57       U.S. liquid liabilities to all foreigners                            - -- -5, 749      1,721     -692     1,327          163     923      7, 753      5, 121   2,754          634        1,265         468

       58     Transactions in U.S official reserve assets net                                1,847       303       306                           -3         535         604          25       331          251         -3

       59       Gold       .._.        .                                                                                                                     179        608          25       392          191
       60       SDR                                                                                                                                                                                         60         -3
       61       Convertible currencies                                                       1, 847      303       306                            -3        356         -4          (*)      -61
       62
       63     Allocations of special drawing rights (SDR)
       64     Errors and omissions, and transfers of funds between foreign areas, net__      2,841     -709      1,238    -909          -50     -988    -8,538      -4,120 -2,284           -208          -705       -924

           See footnotes at end of table.
March 1972


  March 1972                                                          SURVEY OF CURRENT BUSINESS                                                                                                                                      53
  Transactions, by Area
  of dollars]

                         Other Western Europe                                                          Eastern Europe                                                                 Canada

                                              1971                                                                            1971                                                                    1971                           Line
     1970        1971 v                                                1970                1971 v                                                          1970       1971 *
                              I'       II'           III'    IV P                                        I           II              III'      IV 9                              I'            II            III'       IV P

      4,979       4,915       1,352    1,309         1,163    1,092        419                   461        129          104           104       124       12,491     14, 141     3,283        3,725          3,423      3,710              1
      3,287       3,151        895       843           763      650        368                   408        116           92            88       112       9,044      10, 472     2,459        2, 845         2,444      2,724              2
        152         147         27        47            21       52                                                                                           35           76        18            16            14         28              3
        101         101         17        30            27       27                                                                                          885         925        21(           23£           317        154              4
         49          51         10        14            16       12                                                                                            8            9                       4             3             2.          5
        595         600        139                                                                                         4                         2




                                                                             COCO 00 <M
                                         167           166      128                              13             3                          4                 191         222          48           55            61         58              6
         35          35          9         9             9        9                               3             1          1               1         1        30          30           8            8             8          8              7
         70          76         19        19            19       19                              19             5          5               5         5       124         144          36           36            36         36              8
         91          86         26        19            27       14                               2             1          1               1         1         7            7          1            2             2          2              9

        140         141         29       36            29       46                                                                                              357      392         88          96             100        108          10
        229         316        126       69            39       82                                                                                              972    1,002        195         212             224        371          11
        131         127         31       33            31       32           7                    5             1          1            1            1          836      871        214         215             213        229          12
         99          83         24       23            16       21           8                   10             2          1            5            1            1      -8      ()
                                                                                                                                                                                  *               1           *
                                                                                                                                                                                                             ()            -9           13
        231         272         93       68            55       56                                                                                                                                                                      14
     482
    -,7          -5,242     -1, 136 -1,423      -1, 517 -1,166         -259                 -274        -64          -78              -82       -50      -12, 999 -14,605       -3,253     -3,812        -3,830         -3,711          15
    -2, 408     -2, 739      -647     -721           -756    -615      -218                 -226        -57          -65              -61       -43      -10, 720 -12, 352      -2, 860    -3, 286       -2, 959        -3, 247         16
      -261        -266        -75      -64            -61     -66        -1                   -4         -1           -1               -1        -1         -253     -193          -52        -49           -39            -53          17
      -475        -510        -56     -170           -230     -54       -24                  -27         -2           -8              -15        -2       -1, 049 -1,117          -103       -252          -593           -169          18
      -265        -276        -38     -116            -78     -44                                                                                                                                                                       19
      -512        -555       -124     -151           -143    -137        -6                               -2          -2               -2        -2        -201        -229       -45          -55             -67        -62           20
       -13         -14         -4       -4             -4      -4       *
                                                                       ()                   ()7
                                                                                             *~          *
                                                                                                        ()          ()
                                                                                                                     *                *
                                                                                                                                     ()        ()
                                                                                                                                                *            -4          -5        -1           -1              -1         -1           21
       -30         -35         -9       -9             -9      -9                                                                                          -110        -123       -31          -31             -31        -31           22
       -57         -62        -11      -18            -18     -16       -8                   -9          -2           -2              -3         -2         -10         -10        -3           -2              -3         -3           23

       -21         -12         -2       -2              A
                                                               -4     ()
                                                                       *                                                                                    -62         -60       -16          -15            -15         -14           24
       -67         -81        -16      -20            -29     -17                                                                                           -39         -51       -21          -10             -9         -10           25
      -647        -522       -126     -119           -139    -137            i               -1        ()
                                                                                                        *           (*)                                    -378        -258       -72          -61            -62         -63           26
                                                                                                                                   ()
                                                                                                                                  "*           (*)
      -117        -171        -28      -31            -48     -64     (*)                  ()
                                                                                            *          (*)          ()
                                                                                                                     *           '(*)          ()
                                                                                                                                                *          -174        -207       -50          -49            -51         -58           27
     -231         -272        -93      -68           -55      -56                                                                                                                                                                       28
     -247         -284        -60      -73           -80      -71      -30                  -25          -6          -9               -5        -5          -88        -122       -19          -28            -41         -35           29
      -29          -30         -6       -8           -11                -9                        A
                                                                                                         -1          -4                                                                                                                 30
      -91         -107        -24      -29           -27      -27       -8                  -10          -2          -2               -3        -3          -53         -63       -14          -16            -16         -16           31
     -128         -147        -30      -36           -42      -38      -13                  -10          -3          -3               -2        -2          -35         -59        -5          -11            -25         -18           32
      -94          -97        -16      -47           -24      -10           6                     5    ()
                                                                                                        *            -6                13       -2           -7         -25       -10           -3             -2         -10           33
     -262         -319        -70      -98           -68      -83      -48                  -62         -19         -21              -11       -12          -10         -28        -9           -7             -2         -10           34
       -7            21         8        3             5        5       20                   23           7           8                7         1        ()
                                                                                                                                                           *              3        -1            3              1          -1           35

       173
         3
                   201         47        47            39       68         34                    44         12            7            17            8     *
                                                                                                                                                          ()               1                ()
                                                                                                                                                                                             *                              1           36
                                                                                                                                                                 2                                                                      37
     -237         -391       -389     —173           -78       248     -14                  -12             7             3           -3       -19       -1,572       -991        -30          -96           -242        -624           38
     -291         -146       -251      -82           -90       276                                                                                         -915       -143        -97          7                13        -67          39
        69           70        39       17           -11        25                                                                                         -475       -292        -77       -143              -46         -26          40

        51        -37           9      -53              4       3        1                   -4            2         -1               -9         4           96          93        44            2              2           45         41
      -35        -144        -142      -59             71     -14      -12                  -12          (*).         3                6       -21        -134        -109         10          -20             34        -133          42
       -7         -12         -13        16          -15      *
                                                             ()        *
                                                                      ()                     -4            2          1               -1        -2        -123        -386         57           35           -159        -319          43

       -3         -21          3       -11             12     -25      -1                                                                                 -108          -6                      -4            -10           8          44
      -15         -75        -31        -3            -6      -35      -2                        8           7                          1                  -19         -12        -11            19            36         -56          45
       -5         -26         -3         2           -43       18                                                                                           106       -136         44             8          -112         -76          46
     -527
        70
                 4,211
                  -51
                              180
                               42
                                      1,000
                                        58
                                                 2,641
                                                     -95
                                                              391
                                                              -56
                                                                        12                   -5         -4                9           -5
                                                                                                                                                ~5        1,413       -306
                                                                                                                                                                         55
                                                                                                                                                                                 -618
                                                                                                                                                                                   26
                                                                                                                                                                                            -131
                                                                                                                                                                                                44
                                                                                                                                                                                                               170
                                                                                                                                                                                                                   15
                                                                                                                                                                                                                          273          47
                                                                                                                                                                                                                                       48
                                                                                                                                                            233                                                           -31
       414         637        118       69            138      311                                                                                          123        -45         19          -26                  4     -43          49


       113         108         45       32          12        19                                                                                             9           2                      -2             -7          11    50
      -49         -43         -9      -26           16       -24           4                                                                               -29         -24                     -33            -19          28    51
         1          17          9      -2         *
                                                 ()           10       *
                                                                      ()                  .(*)          *
                                                                                                       ()           ()
                                                                                                                     *           *
                                                                                                                                ()                           2           1       ()
                                                                                                                                                                                  *              1             -1           1 52-53

      _4           -4          -2                   -2                                                                                                    1,160         351                                               351           54
      -1          -15         *
                             ()        -9            16      -21      ()
                                                                       *                    _2         ()
                                                                                                        *            -2          ()
                                                                                                                                  *                        -11         -33        -5          -6               -4        -18            55
  -1,071         3,563        -23      877       2, 556       153          8                -3                        11           -5           -5         -75        -613      -658        -109               181       -27         56-57
      -25          269        127       50            84        8                                                                                         ()
                                                                                                                                                           *          ()
                                                                                                                                                                       *                   ()
                                                                                                                                                                                            *                (*)                       58
        26         187         60       55            72                                                                                                                                                                               59
                                                                                                                                                                                                                                       60
      -51           82         67      -5             12        8                                                                                         (*)         ()
                                                                                                                                                                       *                    *
                                                                                                                                                                                           ()            .(*)                          61
                                                                                                                                                                                                                                       62
                                                                                                                                                                                                                                       63
    1,023       -3,381       -57      -643     -2,189        -492     -133                -149         -62          -24              -22       -42          763       1,908       647          344            521         396          64
March 1972


    54                                                                   SURVEY OF CURRENT BUSINESS                                                                                                                            March 1972

                                                                                                                                                                                               Table 9.—U.S. International
                                                                                                                                                                                                                                           [Millions

                                                                                                                 Latin American Republics and other Western                                                 Japan
                                                                                                                                Hemisphere

    Line                                 (Credits +; debits -) 1                                                                                          1971                                                              1971
                                                                                                                1970        1971*                                                 1970        1971"
                                                                                                                                        I'        II r           III'    IV »                           I           II «•          III'      IV P

       1 Exports of goods and services 2             -.                                                        10,395       10,347      2,503     2,682          2,723   2,439    5,914       5,528    1,457     1,352             1,311      1,408
       2      Merchandise, adjusted, excluding military 3                                                       6,494       6,439       1,595     1,644          1,794   1,406    4,648       4,067    1,093     1,003               931      1,040
       3      Transfers under U.S. military agency sales contracts                                                 41          34           9         9              9       8       25          42        7         5                14         17
       4      Travel                                                                                              879         890         197       225            237     231      101         134       27        35                35         37
       5      Passenger fares                                                                                     156         163          38        41             45      39       70          94       21        24                27         22
       6      Other transportation _                                                                              360         358          84        95             97      82      303         300       71        82                82         65
       7      Fees and royalties from unaffiliated foreigners                                                      48          52          13        13             13      13      201         252       63        63                63         63
       8      Other private services—                 _- .._       __                      .                      232         259          64        65             66      65       36          39       10        10               <10         10
       9      U.S. Government miscellaneous services                                                               67          67          17        19             14      17       23          36       11         7                14          4
              Receipts of income on U.S. investments abroad:
      10       Direct investment fees and royalties                                                                321          325       74         91             70      91       87          98         18          32            26         22
      11       Direct investment interest, dividends and branch earnings 4.                                     1, 081       1,094       251        302            232     310       94         168         57          23            39         48
      12       Other private assets.—                                                                              553          513      131        131            118     134      297         267         71          61            63         72
      13       U.S. Government assets                                                                              164          154       31         48             29      45       29          33          9           8             7          8
      14    Transfers of goods and services under U.S. military grant programs, net 7                              25      21     7      7      6      1    (*)
      15    Imports of goods and services                                                                      -8,407 -8,514 -2,147 -2,182 -2,254 -1,931 -7,415 -8,910 -1,957 -2,246 -2,102 -2,605
      16      Merchandise, adjusted, excluding military 3 ___                                          -5,913 -6, 116 -1,524 -1,612 -1, 629 -1, 351 -5,894 -7, 281 -1,599 -1,878 -1, 675 -2, 129
      17      Direct defense expenditures                                                                -169   -155     -41    -39    -38     -37    -670   -610    -158   -150   -145    -158
      18      Travel                                                                                   -1,200 -1,253 -340      -293   -320    -300     -97    -88     -16    -24    -30     -18
      19      Passenger fares                                                                             -70    -71     -19    -18    -18     -16     -70    -58     -13    -12    -16     -17
      20      Other transportation                                                                       -236   -264     -60    -64    -74     -66    -271   -292     -74    -77    -71     -71
      21      Fees and royalties to unaffiliated f oreingers                                               -4     -5      -1     -1     -1      -1      -4     -4      -1     -1     -1      -1
      22      Private payments for other services          -_          ._                     .. .       -164   -184     -44    -48    -50     -43     -19    -23      -6     -6     -6      -6
      23      U . S . G overrun ent paym ents f or miscellaneous services _                _ . .„.....„ -169    -176     -41    -40    -49     -46     -21    -18      -5     -4     -5      -3
              Payments of income on foreign investments in the United States:
      24        Direct investment fees and royalties                                                                                                                               -4                               .(*)            (*)
      25        Direct investment interest, dividends and branch earnings *                                      -22          -21         -5        -5             -6      -6     -17          -35       -7          -12            -12         -4
      26        Other private liabilities                                                                       -446         -242        -67       -53            -58     -63     —261        -195      -51          -46            -52        -46
      27       U.S. Government liabilities                                                                       -14          -27         -5        -8            -11      -2     -87         -306      -26          -37            -89       -153
      28    U.S. military grants of goods and services, net 7                                                    -25          -21         -7        -7             -6       -1     o
      29    Unilateral transfers (excluding military grants), net                                               -522         -519       -132      -139           -127    -120      -43         -43       -9            -9           -12        -12
      30      U.S Government grants (excluding military)                                                        —262         —262        —66       —71            —66     —59
      31      U.S. Government pensions and other transfers                                                       -43          -55        -13       -14            -13     -14      -10         -10       -2                          -3         -3
      32      Private remittances and other transfers                                                           -217         -202        -52       -54            -48     -47      -33         -32       -7            —7           -10         -9
      33    U.S. Government capital flows, net                                                                  -507         -352        -74      -100            -77    -101            62      73     -31            -2             84         22
      34      Loans and other long-term assets     _ .                             .                            -844         -692       -154      -191           -154    -194     -161        -217      -81           -58           -29        -49
      35      Foreign currencies and other short-term assets net                                                  -6           -8                   -7                     -1         9           6       3           (*)             4         -2
              Repayments on credits:
      36       Scheduled                                  _                                                       343          345           76       98            77       94       92        126         47          27            27         25
      37       Nonscheduled 5                                                                                    (*)             4            4                                      121        159                     29            82         48
      38    U.S. private capital flows, net.                                                                   -1,477 -1,391             -17      -390           -529    -455     -650        -938       257        -293           -768       -135
      39      Direct investments abroad 4                                _         -   .       _     .   _      -601         -686        -66      -345           -197     -79     -132        -177      -41          -31           —172          67
      40      Foreign securities                                  __ _                                    ..    -135          -41          18         2           -16     -45        31       -126      -53         -139           -20           85
              Claims reported by U.S. banks:
      41       Long-term _ _ _ .                                             ..                    . _ __          12        -113          48       43           -117     -87      -26        -132      -10         -100             -1        -21
      42       Short-term nonliquid                                                                             -377         -224          35        27          -103    -183     -466        -386       403         -46           -404       -339
      43       Short-term, liquid                                                                                -11          -51        -39       -23            -22       33        8        -17         5           26          -139          91
              Claims reported by U.S. nonbanking concerns:
      44       Long-term                        _ .                                                             -177          -32          2       -15              36    -55          2         -1     -21             23            5         -8
      45                                                                                                                                                                                        -80     -10           -21           -31        -18
      46
               Short-term, nonliquid
                Short-term, liquid                                                                             ] -188        -244        -15       -80           -110     -39 J
                                                                                                                                                                              I
                                                                                                                                                                                     -73
                                                                                                                                                                                       6        -19     -16            -5            -6          8
      47    Foreign capital flows, net                                                                          -520         -114       -319        382          -466       289   1,101       10,073   1,045        2,242          5,085      1,701
                                                              4                                                                                                                                                       -69          -559         222
      48      Direct investments in the United States                                                                  39       37           16      -5              9       17           3    -438     -31
      49      U.S. securities other than Treasury issues .                                                             66       58           22       13            31      -8           12       54      2             13            21         19
              U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking
                 concerns:
       50      Long-term                                                                                           84           52         47         14          -46        37      18            9       1                             1        7
       51       Short-term                                                    _                                   106           73       -18        -19             80       30       1           29      22           -4              15        -4
    52-53     Long-term liabilities to all foreigners reported by U.S. banks                                    -114         -247        -90        -42           -88      -27    -269         -383    -124          -132           -117        -10
              Nonliquid liabilities reported by U.S. Government:
       54      To foreign official reserve agencies
       55      To other official and private foreigners -                     -_                                 -22          -12           4        -9            -3       -5       -2          -5      -1                          -8            4
    56-57     U.S. liquid liabilities to all foreigners                                                         -679          -74       -300         431         -449       244   1,338       10,807   1,176        2,434          5,733      1,464
      58    Transactions in U S official reserve assets net                                                        131              4    (*)              4       (*)                119
       59     Gold                                                                                                 131              4    (*)              4       (*)                119
       60     SDR
       61     Convertible currencies
       62     Gold tranche position in IMF
       63    Allocations of special drawing rights (SDR)
       64    Errors and omissions, and transfers of funds between foreign areas, net                               907         538        187      -257            730    -122       913 -5,784        -762      -1,044 -3,599                 -380

                         r
      v Preliminary.       Revised.      *Less than $500,000 (±).                                                                  Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
      1. Credits, +": Exports of goods and services; unilateral transfers to U.S.; capital inflows                                               outflows (decrease in U.S. liabilities or increase in U.S. assets); increase
                       (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.                                               in U.S. official reserve assets.
                       official reserve assets.                                                                                 2. Excludes transfers of goods and services under U.S. military grant programs.
                                                                                                                                3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
March 1972

 Mardh 1972                                                              SURVEY OF CURRENT BUSINESS                                                                                                                  55
 Transactions, by Area—Continued
 of dollars]

             Australia, New Zealand, and South Africa                                  Other Countries in Asia and Africa                                 International Organizations and Unallocated

                                                                                                                                                                                                                    Line
                                              1971                                                                 1971                                                                   1971
    1970         1971 v                                                   1970     1971 9                                                      1970          1971 »
                             I        II '           111'       IV *                           I'          II '           •III'     IV 9                                I'         II            III'.   IV 9




     2,475        2,526      595        596            661        675     10,136    11,483     2,793       3,159           2,874     2,657       681            969       160        280           169     361          1
     1,581        1,691      423        379            478        411      5,671     6,124     1,570       1,687           1,579     1,288                                                                              2
       168           75         9         38             14         13       612       775       220         281             144       131                                                                              3
        41           41         7         11             14          9        95        98        17          26              29        26                                                                              4
        48           47        10         14             15          9        56        68        11          18              27        13                    (*)                  (*)                                  5
        61           62        15         16             17         13       572       560       137         145             153       125       221            217           55         58         58      46          6
        24           26         7          7              7          7        24        28         7           7               7         7                                                                              7
        36           38        10         10             10         10       179       199        50          50              50        50       163           190            47         47         47      47          8
         1            1    (*)        (*)            (*)        (*)          151       149        37          41              32        39                                                                              9

       145          163          41      41                33      49        165       188        37          54              51        47        23            13             5       7             2                 10
       293          299          61      54                59     125      2,034     2,650       557         694             661       738       174           428            14     145            17     252         11
        53           57          12      15                13      17        266       257        66          60              65        66        85           108            38      13            44      13         12
        25           27           1      12                 1      12        310       388        85          97              78       128        15            13             1       9                     3         13
                                                                             358       436       110         115             144        67                                                                             14
   -1,367       -1,391     -278       -364           -419       -331     -7,754    -8,574    -1,849       -2,188      -2,348        -2,189     -915           -882      -191       -193          -271    -228          15
  -1,125        -1, 139    -221       -302           -347       -269     -4,725    -5,776    -1,179       -1,465      -1,605        -1,527                                                                             16
      -48          -38        -9       -10            -11          -8    -1,936    -1, 775     -436         -469        -450          -420                                                                             17
      -40          -50      -15        -11            -14         -10      -233      -283       -50          -68        -100           -65                                                                             18
      -55          -58      -12        -15            -18        -13        -47       -55        -8          -13         -23           -11      -31            -33        -10       -10            -8      -5          19
      -34          -33       -5         -9             -9          -9      -234      -247       -63          -65         -64           -56     -578           -561       -138      -143          -150    -132          20
    (*)           ( }      (*)        (*)            (*)        (*)        (*)       (*)       (*)         ( }          (*)           (*)                                                                              21
       -6         * -8       -2         -2             -2          -2       -24       -28                   * -7                        -7                                                                             22
      -23         -25        -5         -7             -6          -7      -247      -261       -64         -66             -64        -68     -110           -116        -5         -2           -67     -41          23

                                                                             -2         -2     (*)           -1              -1        -1                                                                              24
       -1         (*)      (*)                                             (*)       (*)                   (*)                                                                                                         25
                                                     (<)
      -25          -23       -5       " ,
                                       -               -7         -6       -237      -103       -31         -23             -24       -25       -75            -58       -13        -13           -15     -17          26
      -10          -17       -2        -3              -5         -6        -70       -43       -11         -11             -11       -10      -121           -114       -26        -25           -30     -34          27
                                                                           -358      -436      -110        -115            -144       -67                                                                              28
      -23          -24       -6         -5             -6        -6      -1,971    -2,240      -494        -592            -552      -602      -155          -174        -51        -30           -54     -39          29
                                                                         -1, 283   -1, 543     -332        -417            -369      -424      -155          -174        -51        -30           -54     -39          30
       -4           -5       -1         -1             -1        -1        -125      -142       —34         -37             -37       -35                                                                              31
      -19          -19       -5         -4             -5        -5        -563      -554      -128        -138            -146      -143                                                                              32
      -56          -21      -35         12            -23         24     -1,240    -1,580      -431        -645            -245      -259       -53           -66        -11         -9           -47               .. 33
    -143          -120      -37        -29            -27       -27      -1,640    -2, 340     -725        -836            -349      -431       -58           -71        -13         -9           -49                 34
        1           -2       -1         -2             —1         2         -48        142       76           53             —2         14                                                                            35

        86          100          3      44                 5      49        430       629       217          138             116       158           5              5         3                      3                 36
                                                                             19     5-11                                   5 — 11                                                                                      37
    -272          -571     -111       -196           -152       -112      -573     -1,676      -317        -585            -252      -523      -386          -758       -250       -302          -370      164         38
    -270          -283      -72       -147            -39       -26       -397      -767       -134        -306             -79      -249      -226          -482        -59       -321          -226      123        39
       12            30       2          18             3         6       -157      -254        -47        -106             -37       -63      -159          -276       -191          18         -142       39        40

        53        -111       -4        -28            -26       -53          52      -42         -1           6              -9       -38                                                                             41
      -27         -163      -15        -32            -84       -32           4     -441        -78         -95            -104      -164      (*)           (*)        (*)        (*)             -2           2     42
       -5          -10       -3          o             -3        -2         -7         30     (*)            -4               31        3                                                                             43

      -16          -22       -9         -5                       -8        -15       -48        -15          -7              -9       -17                                                                              44
      -19          -12      -11          0             -4                  -53      -154        -42         -73             -45           (
                                                                                                                                        5 \          -1                                                                45
                                                                  3                                                                                                                                                    46
       119          443          60    286                 52     46      -414       -577      -258         -78            -248            7    -90            410       266             41        102          1      47
        1        (*)       (*)                       (*)                      2         6            3        1                2       -1                                                                              48
      -14          -24      -13         -5           (*)         -6         102        53            7       -4               15        34       346               92     145       -23             28    -58          49


        13           24          9       10            -2         7          10        -4        -2          -2                      (*)                                                                         50
        32         -18           5       15           -15       -23          71         62        5           53              30       -26                                                                       51
       -8          -55     (*)         -18            -36        -1       -458        -45       -39            6               3       —15     -66           -139       -111       -54            -13      39 52-53
                                                                                                                                                                                                                 54
      -38          -11           19    -23             -5        -1       -230        -56        52         -20             -26       -61                                                                         55
       133          526          40     307            110        69         89      -593      -284        -112            -272         75     -370            457       232         118            87     20 56-57
        11                                                                  165        45            17      -6               33           1   -306          1,123      -330        459          1,005    -11          58
        11                                                                  165        45            17      -6               33           1     156           22          7         11              4                59
                                                                                                                                               -851          -249       -592        196            150     -3         ^0
                                                                                                                                                                                                                      61
                                                                                                                                                 389         1,350       255        252            851     -8         62
                                                                                                                                                 867           717       717                                           63
     -889         -962     -225       -328           -113       -2%        1,651    3,120        539         934             738       908       358       -1,338       -309       -246          -534    -249         64

export documents, and imports of goods included under direct defense expenditures identified                6. Includes transactions with shipping companies operating under the flags of Honduras,
in Census import documents, and reflects various other balance-of-payments adjustments                     Liberia, and Panama.
(for valuation, coverage, and timing) to Census statistics; see table 4.                                     7. These data are incomplete. See note on p. 42.
  4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.                                                                    NOTE.—Details may not add to total because of rounding.
   5. Includes sales of foreign obligations to foreigners.                                                   Source: U.S. Department of Commerce, Bureau of Economic Analysis.
June 1972



    46                                                                   SURVEY OF CURRENT BUSINESS                                                                                                         June 1972

                                                                                                                                                                              Table 9.—U.S. International
                                                                                                                                                                                                                   [Millions

                                                                                                          United Kingdom                            European Economic                         Other Western Europe
    Line                                    (Credits-}-; debits-) »                                                                                    Community

                                                                                                 1968      1969        1970     1971    1968          1969        1970      1971       1968       1969     1970      1971

       1 Exports of goods and services 2                                                         3,521     3,853       4,305    4,150   8,132         9,134      11,105    11,465      3,850      4,331    4,927      4,937
       2   Merchandise, adjusted, excluding military 3                                           1,989     2,043       2,519    2,348   6,048         6,847       8,361     8,063      2,508      2,741    3,287      3,156
       3  Transfers under U.S. military agency sales contracts                                     287       290         175      105      363           395         270      687        124         175     152        147
       4  Travel.                                                                                   42        43          51       67      115           138         166      199         69          83     101        101
       5  Passenger fares                                                                           59        64          69       69       73            83          93      100         37          45      48         -51
       6  Other transportation                                                                     230       257         319      314      401           406        463       491        457        507      535        600
       7  Fees and royalties from unaffiliated foreigners                                           56        58          58       67      115           135         157      154         30          35      36          46
       8  Other private services ..                                                                 62        79          88      108       79            97         111      137         60          66      80          88
       9   U.S. Government miscellaneous services                                                   19        16          18       19       27            23          27       39         47          68      91          86
                  Receipts of income on U.S. investments abroad:
      10           Direct investment fees and royalties.                                           213       227        255       282     317           353         413       506         99        130     143         148
      11           Direct investment interest, dividends and branch earnings 4                     275       332        386       472     435           460         785       886        196        246     219         300
      12           Other private assets                   -      _ ._                              159       194        200       184     113           130         169       158        112        123     131         128
      13           U.S. Government assets            ..                                            130       250        167       115      45            67          90        45        110        113     104          85
      14        Transfers of goods and services under U.S. military grant programs, net..          (*)    (*)           <*)     -2     -2      -1      -1     305    297    232                                         272
      15        Imports of goods and services                                                   -3,723 -4,555 -4,701 -4,792 -8,854 -9,206 -10,598 -12,095 -4,044 -4,370 -4,895                                      -5,322
      16          Merchandise, adjusted, excluding military 3 .   ___                       -2,075 -2, 112 -2, 214 -2,470 -5,916 -5,828                          -6,649    -7,549 -2, 212 -2, 272 -2,406            -2,739
      17          Direct defense expenditures                                                 -173   -208    -228    -258 -1,087 -1, 172                         -1,285    -1,495   -277    -249    -262              -268
      18          Travel.               . _                                                   -198 -229      -293    -324   -400   -454                            -546      -539   -327    -392    -471              -510
      19          Passenger fares                                                             -222   -260    -282    -288   -285   -349                            -395      -418   -188    -232    -265              -280
      20          Other transportation                                                        -237   -238    -287    -310   -393   -389                            -434      -496   -439    -459    -534              -591
      21          Fees and royalties to unaffiliated foreigners                                -35    -41     -35     -35    -47    -52                             -52       -55    -12     -14     -13               -19
      22          Private payments for other services                                   . .. -165    -198    -192    -227    -41    -45                             -54       -52    -26     -25     -35               -54
      23          U.S. Government payments for miscellaneous services.                         -14    -14     -14     -14    -67    -69                             -71       -73    -44     -55     -58               -62
                  Payments of income on foreign investments in the United States:
      24            Direct investment fees and royalties                                          -21    -26            -19      -11     (*)            -2          -2        -3         -9        -13      -21        -12
      25            Direct investment interest, dividends and branch earnings 4 _ _ _            -149   -159           -164     -236    -111          -132        -132      -134        -48        -57      -67        -96
      26            Other private liabilities                                                    -385 -1,038           -937     -407    -244          -450        -585      -533       -364       -507     -647       -522
      27            U.S. Government liabilities                                                   -49    -34            -37     -212    -265          -262        -393      -747        -98        -97     -117       -171
      28        U.S. military grants of goods and services, net                                   (*)       (*)                  (*)        2                2       1             1   -305       -297     -232       -272
      29        Unilateral transfers (excluding military grants) , net                             -46      -51         -48      -54     -35           -45         -40       -35       -266       -247     -246       -281
      30          U.S. Government grants (excluding military) _                                   (*)                                     -1                                (*)         -37        -35      -29        -28
      31
      32
                  U.S. Government pensions and other transfers
                  Private remittances and other transfers
                                                                                                   -17
                                                                                                   -28
                                                                                                            -18
                                                                                                            -33
                                                                                                                        -22
                                                                                                                        -27
                                                                                                                                 -25
                                                                                                                                 -28
                                                                                                                                         -93
                                                                                                                                           59
                                                                                                                                                       (*)
                                                                                                                                                        -95
                                                                                                                                                          50
                                                                                                                                                                  <3»
                                                                                                                                                                    67
                                                                                                                                                                            -123
                                                                                                                                                                                88
                                                                                                                                                                                        -91
                                                                                                                                                                                       -138
                                                                                                                                                                                                   -80
                                                                                                                                                                                                  -132
                                                                                                                                                                                                            -91
                                                                                                                                                                                                           -126
                                                                                                                                                                                                                      -107
                                                                                                                                                                                                                      -145
      33        U.S. Government capital flows, net                                               -174         13         129      165      70         -193          161        54      -117        -81      -80         -96
      34          Loans and other long-term assets                                                -255     -178         -52      -66    -101          -126         -67      -119       -249       -232     -282       -318
      35          Foreign currencies and other short-term assets, net                                11     -29         -13        27     -8             6           11      -27              3     -9       -7          18

                  Repayments on credits:
       36          Scheduled- -          -                                                          70       173         194      204      40            59         118       127        128        156      186        204
       37          Nonscheduled 5 _ .                                                                         46                          139         -131           99        73          1          4        3
       38         U.S. private capital flows, net                                               -1,096      -292       -502    -1,215   -412          -518       -1,260    -1,765       -74       -165     -217       -369
       39         Direct investments abroad *                                                     -363      -316       -645     -646    -438          -660        -994     -1,305      -200       -233     -275      -131
       40         Foreign securities                                                               -79      -164       -175      -86       64           254          48         65       -1          54      69         67

                   Claims reported by U.S. banks:
       41           Long-term                                                                      -12         1         -4      -59       121           23        -52       -139        121         38       51      -38
       42           Short-term, nonliquid                                                          -75       -58          14    -137        52        -128           17      -238         89       -32      -35      -146
       43           Short-term, liquid                                                               1       -42          15     -48      -30            11          10       -74        -1           3      -7       -12

                   Claims reported by U.S. nonbanking concerns:
       44           Long-term                                                                     -104        -4           6       18      -5          -74         -265        17       -39        -53                -21
       45            Short-term, nonliquid                                                         -97       -83        -20      -45      -68          -65          -36      -77        -31          33     -14       -88
       46            Short-term, liquid                                                           -367        373        308    -211     -108           121           12     -14        -12          25      -5

       47        Foreign capitalflows,net       .        _   -       .                      .    2,575     5,444 -3,816         2,204   1,302         1,630       8,616     5,713      1,861      2,097    -553      4,356
                                                                 4                                                                                                                                  100       65       -35
         48        Direct investments in the United States .             _.                        114            86     529      203      212           363        136        60        -29
         49        U.S. securities other than Treasury issues                                      528            82     253      548   1,302         1,392         908       884      1,618        807      393        663

                   U.S. nonliquid liabilities to private foreigners reported by U.S. non-
                      banking concerns:
         50    Long-term                                                                            319       112        698    -141       271          411         127         66       118        124      125        187
         51    Short-term                                                                           120      -36         564     -89       363          152         188      -112        170       -68      -57        -16
         52                                                                                                                                     q                                                   -8         1         17
         53 \ Long-term liabilities to all foreigners reported by U.S. banks                       -16         46        -4        10                   -1          127         51      (*)
                  Nonliquid liabilities reported by U.S. Government:                                                                                                                                                   -4
         54        To foreign official reserve agencies                                                                                   602     138             -621        -6          16       -25      -4
         55        To other official and private foreigners                                          -7     -117    -111         -48       44     254              -19      -360          33       -13      -4        -17
         56                                                                                                                                                                 5,130       -65       1,179 -1,072       3,561
         57     > U.S. liquid liabilities to all foreigners                                       1,517     5,271 -5, 745       1,721 -1, 489 -1, 077             7,771

         58      Transactions in U.S. official reserve assets, net                                -126        662      1,847      303   -755           -517         535       604        367      -304      -25         270

         59        Gold                                                                             835                                  -315          -749          179      608        149      -220        26        188
         60        SDR                                                                                                                                                                                                   82
         61        Convertible currencies            .                                            -961        662      1,847      303    -440            232        356        -4        218       -84      -51
         62
           63    Allocations of special drawing rights (SDR)
         64      Errors and omissions, and transfers of funds between foreign areas, net_-        -932    -5,072       2,787    -762       551         -287      -8,519    -3,940 -1,576          -1,261   1,088    -3,49f>


       See footnotes at end of table.
June 1972


   June 1972                                                             SURVEY OF CURRENT BUSINESS                                                                                                               47
   Transactions, by Area
   of dollars]

                    Eastern Europe                                               Canada                               Latin American Republics and                                 Japan
                                                                                                                       Other Western Hemisphere
                                                                                                                                                                                                                  Line
       1968        1969          1970         1971          1968           1969           1970          1971        1968      1969       1970      1971        1968         1969           1970        1971


             265          301           421          466     10,945        12,141         12,468        14,178      8,922     9,349      10,394    10,426      3,837        4,500          5,892       5,497         1
             220          252           368          408      8,150         9,174          9,040        10,476      5,290     5, 538                6,432      2,949        3,475          4,648       4,069         2
                                                                 39            45             35            76         63         29      6,50^        34         31           18             25          42         3
                                                                650           815            885           927        755        807        879       890         51           67            101         134         4
                                                                  7             7              8            10        135        144        153       159         34           37             70         104         5
              11           11            14          13         170           163            194           217        336        312        388       360        215          250            270         285         6
               4            2             4           8          33            30             34            37         44         42         46        45        133          157            202         221         7
              16           17            18          20         102           105            127           158        181        212        232       307         27           33             38          54         8
               2            2             2           2           8             6              7             .7        74         72         67        67         11           26             23          35         9

                                                                   294           302            357        397        283       302        318       336          64           73             91          101       10
                                                                   851           762            944      1,000      1,218     1,277      1,057     1,124          60           70            101          151       11
               3            4             7           5            634           731            836        873        406       462        553        517        227          264            297          267       12
               9           13             8          10              7             1              1          2         137      152         160       156         36           32             29           33       13
                                                                                                                       64        36         25        21             -1     (*)            (*)         (*)           14
        -240         -234          -263         -279       -10,539        -12,040      -12,967        -14,505      -7,211    -7,545     -8,432    -8,577      -5,183       -6,263       -7,423        -8,932         15
        -205         -199          -218         -225       -8, 592        -9, 958      -10,653        -12, 166     -5, 137   -5,215     -5,912    -6, 117     -4,069       -4, 893      -5, 894       -7,280        16
          -1           -1            -2           -4         -285           -296          -253           -193        -187      -177       -169      -152        -580         -651         -670          -614        17
         -15          -19           -24          -29         -820           -900        -1,049         -1, 127     -1,050    -1, 162    -1,220    -1,322         -60          -70          -97           -88        18
                                                                                                                      -60       -65        -70       -71         -45          -54          -70           -50        19
             -9           -6            -9        -11         -203          -I§3          -213           -231        -227      -202       -240      -257        -194         -241         -277          -308        20
       (*)
       (*)
             -8
                   (*)
                   (*)
                          -8
                                 8      -8
                                              (*)
                                              (*)
                                                   -9
                                                                -4
                                                              -121
                                                               -66
                                                                              -4
                                                                            -133
                                                                             -10
                                                                                            -4
                                                                                          -132
                                                                                           -10
                                                                                                           —5
                                                                                                         -157
                                                                                                          -10
                                                                                                                       -3
                                                                                                                     -134
                                                                                                                     -163
                                                                                                                                 -4
                                                                                                                               -146
                                                                                                                               -171
                                                                                                                                            -5
                                                                                                                                          -165
                                                                                                                                          -170
                                                                                                                                                      -3
                                                                                                                                                    -184
                                                                                                                                                    -174
                                                                                                                                                                  -4
                                                                                                                                                                 -11
                                                                                                                                                                 -16
                                                                                                                                                                               -4
                                                                                                                                                                              -16
                                                                                                                                                                              -19
                                                                                                                                                                                            -4
                                                                                                                                                                                           -22
                                                                                                                                                                                           -21
                                                                                                                                                                                                          -5
                                                                                                                                                                                                         -24
                                                                                                                                                                                                         -18
                                                                                                                                                                                                                    21
                                                                                                                                                                                                                    22
                                                                                                                                                                                                                    23


                                 (*).                          -47           -56           -62           -64                                                     -3           -4             -4           -1        24
                                                               -63           -48           -39           -88         (*)       -12        -22        -28        -15           -9            -17          -40        25
             -1           -1            -1           -1       -249          -355          -378          -258        -234      -375       -446       -243       -149         -225           -261         -197        26
       (*)         (*)           (*)          (*)              -89           -99          -174          -207          -17      -18        -14        -27        -37          -78            -87         -306        27
                                                                                                                     -64       -36        -25        -21              1     (*)            (*)         (*)          28
            -30          -21           -30       -24              -33            -67      -105          -120        -472      -466       -532      -538         -38          -39            -44          -46        29
            -15           -3            -9        -4                                                                -254      -221       -261      -270        (*)                                                  30
             -6           -7            -8       -10              -37            -41       -53            -63        -35       -40        -43       -55          -8         °-9             -10          -10        31
            -10          -11           -13       -10                4            -26       -52            -58       -183      -205       -227      -214         -30          -30            -34          -35        32
              10          32             4            6            24            -4             -7        -25       -681      -554       -517      -357          101               6             55          68     33
            -20          -10           -48       -62               -4            -5         -10           -28       -992      -876       -849      -696        -133         -140           -161         -217        34
              12           16            20        24              -3             2       (*)               3          20        3         -4        -7         -12            16             2        (*)          35

             18           26            33           44            31                     (*)                  1      289       316         336      343         146          130             92          126       36
                                                                                                 2                      3         2      (*)           4         100                         121          159       37
             -3          -17           -15       -28       -1,415         -2,243       -1,524         -1,066        -918      -417      -1,504    -1,332              7     -616           -647         -947        38
                                                             -625           -671          -908          -226        -677      -375       -568      -668         -78          -89           -128         -211        39
                                                             -692         -1, 122         -475          -279        -186       -72       -135       -40           8         -297              31        -126        40

      (*)                  6             1       -4               -1           20            96            84         181        47         4      -114               58       34           -26         -132        41
             -3          -12           -12      -12                 8        -85          -134          -100        -144         67      -408      —213               50    -244           -466         -371        42
       (*)         (*)          .(*)             -4                56       -201           -82'         -386         -38         17       -15       -45              -9        16             8          -17        43

      (*)                              -1                         -98        -77          -107           -15           79     -134       -187       -30        (*)           -13              2                     44
      (*)          N-ii                -3            -8           -83          70          -18           -12        -100         18                -221 (         -31        -32            -73          -69        45
                                                                    20      -177            104         -132         -33         16 J    -195
                                                                                                                                                                * 9            9              5          -20        46
              3            8             8          -5       1,239          1,286         1,442         -267          832       830      -469        -24       1,005          569          1,101       10,058       47
                   (*)                                        -26                243        238             85       -10         11         59        60             60      -34             —1         -456        48
                                                               486               197        123           -45         186       165         66        57              2        5             12            54       49


                                                                  -7          -7             20             5          14        40       103         87       (*)                 11         19            9   50
              1          -1                                        25        -30           -22            -20          55         2       117        103          25               46          2           32   51
                                                                    1                         2             2                 -330       -1
                                                                                                                                         11        -247          214              -2       -270         -383  | 524-
                                (*)           (»)•                         (*)                                         95                                                                                     l 53
                                                             1,020          -205          1,160           351                                                                                                     54
      (*)          (*)          (*)                 -2          -5              6          -11           -33         -27         11       -24         -6         —4            22             -2          -5      55
              2            9             8          -3       -255           1,082          -69          -612          520       931      -680        -77         708          521          1,341       10,807 / 56-f-
                                                                                                                                                                                                              l 57
                                                              -50                  4      (*)           (*)            65        44        131            4                                  119                    58
                                                                  -50                                                  65        44        131            4                                  119                    59
                                                                                                                                                                                                                    60
                                                            (*)                    4      (*)           (*)                                                                                                         61
                                                                                                                                                                                                                    62
                                                                                                                                                                                                                    63
             -5          -70      -124         -136          -171                923        694         1,805       -537     -1,241        929       397         270        1,843            946      -5,699        64
June 1972



   48                                                                  SURVEY OF CURRENT BUSINESS                                                                                                                     June 1972

                                                                                                                                                                                Table 9.—U.S. International
                                                                                                                                                                                                                            [Millions

                                                                                                Australia, New Zealand and                      Other countries in Asia and                 International organizations
                                                                                                        South Africa                                      Africa                                 and unallocated 6
    Line                                  (Credits+; debits-)i
                                                                                                1968          1969        1970        1971     1968      1969        1970      1971        1968         1969        1970        1971



        1 Exports of goods and services 2 _ _              _     _                              2,097         2,054       2,485       2,524    8,600     9,108       10, 165   11,509        435          731         709         981
        2     Merchandise, adjusted, excluding military 3                                       1,384         1,354       1,581       1,694    5,038     4,993        5,658    6,124
        3     Transfers under U.S. military agency sales contracts                 _              179           103         168          53      306       457          612      778
        4     Travel                                                                               40            36          41          41       53        69           95       98
        5     Passenger fares                                                                      37            36          47          49       29        34           56       73                                 (*)
        6     Other transportation                                                                 60            51          74          68      464       508          582      536         192          197         245         209
        7     Fees and royalties from unaffiliated foreigners                                      20            22          23          24       18        19           20       18
        8     Other private services                                                               31            36          29          40      199       207          209      252         116          133         163         190
        9     U.S. Government miscellaneous services                                                1             1           1           1      165       165          147      149
               Eeceipts of income on U.S. investments abroad:
      10        Direct investment fees and royalties                                              118           128         145         165       141      147          173       206          17          20          24          28
      11        Direct investment interest, dividends and branch earnings 4                       160           214         299         304     1,730    1,997        2,036     2,616          48         301         176         433
      12        Other private assets          .                       __ _                         49            50          53          57       185      232          266       259          61          79          85         108
      13        U.S. Government assets ._                             .                            18            24          25          27       272      280          311       401           1           1          15         13
      14     Transfers of goods and services under U.S. military grant programs, net                                                            2,503    2,525        2,331     2,861
      15     Imports of goods and services                                                     -1,101 -1,273 -1,375 -1,401 -6,567 -7,281 -7,769 -8,627                                     -714         -825        -883        -876
      16       Merchandise, adjusted, excluding military 3                                      -924 -1, 059 -1, 129 -1, 139 -3, 782 -4, 260 -4, 724 -5, 774                                -52
      17       Direct defense expenditures                                                       -33    -42     -48     -38 -1,913 -2, 061 -1,935 -1,794
      18       Travel                                                                            -25    -28     -40     -50    -135    -153    -233    -305
      19       Passenger fares—                                                                  -41    -50     -55     -57     -29     -44     -47     -65                                 -16          -26         -31         -35
      20       Other transportation...     .        _                                            -30    -30     -38     -42    -222    -212    -240    -241                                -418         -508        -546        -553
      21       Fees and royalties to unaffiliated foreigners                                    (*)      -1    (*)     (*)      (*)     (*)      -2      -3
      22       Private payments for other services                                                -3     -5      -8      -9      -13    -19     -27     -37
      23       U.S. Government payments for miscellaneous service                                -25    -26     -23     -25    -249    -245    -252    -259                                -108           -98       -110        -116
               Payments of income on foreign investments in the United States:
      24        Direct investment fees and royalties                                                                                                                    -2         -2
      25        Direct investment interest dividends and branch earnings 4                      (*)            (*)          -1         (*)        -1        -2        (*)        (*)
      26         Other private liabilities. .                                                    -13            -24        -25          -24     -163      -211        -237      -104         -41          -84         -75        -58
                                                                                                       n                   -10                             -74         -70        -43        -80                     -121       -114
      27        U.S. Government liabilities—                                                                     -8                     -17      -61                                                     -108
      28     U.S. military grants of goods and services, net                                                                                   -2,503 -2,525 -2,331 -2,861
      29     Unilateral transfers (excluding military grants) , net                              -18           -22          -23         -24 -1,848 -1,854 -1,984 -2,264                     -123         -134        -155       -188
      30       U.S. Government grants (excluding military)                                                                                  -1, 277 -1, 251 -1, 279 -1, 554                 -123         -134        -155       -188
      31       U S Government pensions and other transfers                                         -3            -3          -4          -5   -116    -115    -125    -143
      32       Private remittances and other transfers                                            -15           -19         -19         -19   -455    -489    -580    -567
      33     U.S. Government capital flows, net                                                 -168            -44         -56         -21 -1,285 -1,325 -1,221 -1,621                      -48          -43         -53         -66
      34       Loans and other long-term assets .                                                -224          -115        -143        -120 -1,681 -1, 748 -1, 637 -2, 480                   -53          -48         -58         -71
      35       Foreign currencies and other short-term assets net                                  -2            -3            1         -1     42      88    -26      144
               Repayments on credits:
      36        Scheduled— 8                                                                           58            74          86      100      328       343          423       727             5            5           5          5
      37        Nonscheduled                                                                     /*\                                               26       -9            19      -11
      38     U.S. private capital flows, net    --   - -                                         -186           -79        -292        -598     -908      -712         -538    -1,644       -380         -365        -387       -819
      39       Direct investments abroad 4                                                       -169          -160        -288        -304     -468      -430         -367      -729       -191         -320        -227       -543
      40       Foreign securities                                                                    3            23          12          30    -156      -124         -157      -263       -188          -45        -159       -276
               Claims reported by U.S. banks:
      41        Long-term                                                                           34            53          53       -110     -144         95           52      -53
      42         Short-term, nonliquid   _ _ _ _ _             _ _ _ _ _   _   _   _ _ _ _ _      -16            -1         -27        -163       -5      -165            28     -427        (*)          (*)         (*)        (*)
      43         Short-term liquid                                                                 -5              4         -5         -12      -35       -17          -23         32
               Claims reported by U.S. nonbanking concerns:
      44        Long-term                                                                         -23            -1   -18               -23   -30          -68   -16              -55
                 Short-term nonliquid                                                                                                                        3                                -1                       -1
      45
      46         Short-term liquid
                                                                                                   -3
                                                                                                        1"!
                                                                                                                 -6 [ -19
                                                                                                                  10                    -15 ( -71
                                                                                                                                            I   1           -6 } -55             -149 /
                                                                                                                                                                                      {
        47   Foreign capital flows, net                                                                25        169         123         447      358     -108         -416      -514         213          384        -90          412
        48     Direct investments in the United States 4                                                             61       1           11      -2             1         2           6
        49     U.S. securities other than Treasury issues                                               8            15     -14         -24       129           72       102          53      130          379         346             92
           U.S. nonliquid liabilities to private foreigners reported by U.S. non-
              banking concerns:
      50    Long-term                                                                              -2              3          15          24        2         7            5       -4
      51    Short-term                                                                            -12             18          34        -31        12         8           76        75       (*)          (*)
      52                                                                                                         -1          -8         -55       270     -505         -458       -43           28          125       -66        -140
     +53 [ Long-term liabilities to all foreigners reported by U S banks                            17
           Nonliquid liabilities reported by U.S. Government:
      54     To foreign official reserve agencies                                                 —15                                              183     -70
      55                                                                                           48                44     -38            3        28       59        -223       -18
      56                                                                                          -21                29      133         519     -263       320           80     -582              55    -120        -370          460
     +57 } U S liquid liabilities to all foreigners
        58    Transactions in U. S. officialreserve assets, net ._                                      2             1          11                432     -33           165          44    -815        -1,044       -306        1,123

        59      Gold                                                                                    2             1          11                432     -33           165          44           55     -10          156          22
        60      SDR                                                                                                                                                                                                  -851        -249
        61      Convertible currencies
        62      Gold tranche position in IM!F                                                                                                                                                -870       -1,034         389       1,350
        63    Allocations of special drawing rights (SDR)                                                                                                                                                              867         717
        64    Errors and omissions, and transfers of funds between foreign areas, net- _ _       -651            OAf
                                                                                                                           -874         -928     1,218    2,205        1,599     3,116      1,432        1,295         300 -1,284

      See footnotes at end of table.
June 1972


    June 1972                                                                     SURVEY OF CURRENT BUSINESS                                                                                                                         49
   Transactions, by Area—Continued
    of dollars]

                         United Kingdom                                      European Economic Community                             Other Western Europe                                     Eastern Europe

                                                                                                                                                                                                                                    Line
                           1971                          1972                            1971                   1972                       1971                       1972                     1971                       1972

        I           II            III          IV         Ip            I          II           III     IV       IP         I         II          III        IV       IP       I        II            III        IV       IP

       1,053        1,011          1,000        1,086     1,118        2,867      2,972     2,863       2,763   2,899      1,359     1,320        1,172      1,086    1,388     129       107           105       125       179         1
         691          561               555      541           709     2,059      2,110     2,105       1,789   2,149        897       844          764        651      910     115           93            88    112      162          2
           9           48                41        7            11       177        178       172         161     108         27        47           21         52       35                                                             3
          13           14                28       12            15        32         52        65          50      37         17        30           27         27       18                                                             4
          13           18                23       15            13        20         25        34          21      20         10        14           16         11       10                                                             5
          69           89                88       68            82       114        137       135         105     139      • 140       170          165        124      160         3         3             3         3         4       6
          17           17                17       17            19        39         39        39          39      39         12        12           12         12       13         2         2             2         2         3       7
          27           27                27       27            32        34         34        34          34      40         22        22           22         22       26         5         5             5         5         5       8
           4            4                 7        5             5         9         14         7           9       8         26        19           27         14       21         1         1             1         1         1       9

            64        66                 68       85            71      115         126          109     156      124         31        38              30      50       33                                                            10
            97       102                100      173           115      216         205          107     359      185        123        69              41      67      106                                                            11
            41        49                 45       49            44       39          39           38      42       42         31        33              31      33       31         1         1              1        1         2      12
             8        17                  3       87             4       15          12           19                9         24        23              16      23       25         2     1                  5        1         2      13

      (*)                                                 (*)           (*)         -1          (*)              (*)            92      68              56      56      83                                                             14
    -1,041        -1,299      -1,358          -1,095    -1,301 -2,760 -3, 184 -3,417 -2, 734 -3,404 -1,162 -1,423 -1,545 -1,193 -1,544                                        -65       -79           -83        -52       -81         15
      -557         -682           -699         -532      -736 -1,834 -1,998 -2, 121 -1, 596 -2,263                         -647      -720         -757       -615     -917    -57       -65           -61        -42       -72         16
       -63          -60            -70          -66       -82   -340   -371   -375    -409    -412                          -74       -64          -64        -67      -83     -1        -1            -1         -1        -1         17
       -20         -117           -131          -56       -26    -51   -177   -236     -75     -62                          -59      -163         -228        -60      -77     -2        -8           -15         -4        -2         18
       -42         -101            -87          -58       -52    -63   -134   -137     -84     -77                          -38      -116          -78        -48      -43                                                             19
       -70          -81            -86          -74       -84   -107   -125   -134    -130    -138                         -132      -152         -162       -144     -172     -3         -3            -3        -3        -3         20
        -9           -9             -9           -9        -9    -14    -14    -14     -14     -15                           -5        -5           -5         -5       -6              (*)           (*)                 (*)          21
       -57          -57            -57          -57       -65    -13    -13    -13     -13     -15                          -13       -13          -13        -13      -16    (*)       (*)                               (*)          22
        -3           -3             -5           -4        -3    -18    -19    -19     -18     -19                          -11       -18          -17        -17      -16      -2        -2            -3        -2        -3         23

        -3           -2             -3           -4        -5           -1          —1        -1          -1     (*)         -2        -2           -4         -4       -3                                                             24
       -74          -50            -50          -62       -73          -33         -27       -43         -32      -41       -27       -21          -30        -19      -16                                                             25
      -123
       -22
                    -90
                    -48
                                   -91
                                   -71
                                               -104
                                                -70
                                                          -91
                                                          -74
                                                                      -136
                                                                      -150
                                                                                  -128
                                                                                  -178
                                                                                            -130
                                                                                            -196
                                                                                                        -139
                                                                                                        -224
                                                                                                                -140
                                                                                                                -221
                                                                                                                           -126
                                                                                                                            -28
                                                                                                                                     -119
                                                                                                                                      -31
                                                                                                                                                  -139
                                                                                                                                                   -48
                                                                                                                                                             -137
                                                                                                                                                              -64
                                                                                                                                                                      -138
                                                                                                                                                                       -57
                                                                                                                                                                              (*)
                                                                                                                                                                              (*)
                                                                                                                                                                                        (*)
                                                                                                                                                                                        (*)
                                                                                                                                                                                                      (*)
                                                                                                                                                                                                      (*)        R        (*)
                                                                                                                                                                                                                          (*)
                                                                                                                                                                                                                                       26
                                                                                                                                                                                                                                       27

      (*)                                                (*)           (*)              1       (*)             (*)         -92       -68         -56         -56     -83                                                              28
       -11          -12            -12          -18       -14                 4   -13           -18      -8            3    -61       -68         -81         -71     -73      -5        -9            -5         -5       -6          29
                                                                       (*)                      (*)                          -7        -4         - 1
                                                                                                                                                   1           -6      -8      -1        -4                               (*)          30
        -6           -7             -7           -7        -7          -27         -33           -32    -31      -32        -24       -29         -27         -27     -27      -2                      -3         -3        -3         31
        -6           -5             -6          -12        -7             31         20            15     23       35       -30       -35         -43         -38     -38      -2        -3            -2         -2        -3         32
       -44            80                 1       127           36       -9          69            10    -16       -7        -17       -46         -21         -12     -11     (*)        -6                 13    -1       -2          33
       -38          -11             -8           -8       -19          -27        -31           -27     -34      -60        -70       -98         -66         -85     -79     -19       -21           -11        -12      -21          34
        -8            32             6           -3         10          -4         -9           -15       1        29         6         3           4           4       1       7         8             7          3        5          35

            3         60                 3       139           45        23         36            52      17       24        46        49           40          68      52         12         7         17            8     14         36
                                                                                    73                                                                                  15                                                             37
      -730         -184                 88     -390      -195         -631        -628      -472        -34     -614       -394      -157         -85          267    -347          8         3        -4        -35       -41         38
      -249          -93           -115         -189      -171         -592        -423      -417         126    -495       -252       -65         -98          285    -253                                                             39
       -38          -61            -11            23      -23           -5           5         31         34      71          36        17        -11           25       52                                                            40

       -40           -1            -14           -4        -1          -23        -42           -46      -28       3          9       -53            4          2      -9         2      -1            -9          4        -7         41
       -71          -75              84         -75       -16          -36        -82             12    -132    -203       -142       -59           71        -16     -63     (*)         3             6        -21       -36         42
       -10          -14               8         -32         22           20       -12           -66      -16       4        -14         15        -15           2     -30       -2        1            -1         -2         2         43

        —8             3             16           7                      16         7              4    -10         2         3       -11           12        -25     -10                                                              44
         21
      -334
                    -17
                      74
                                     11
                                    109
                                                -60
                                                -60
                                                         °%
                                                          -67
                                                                       -17
                                                                          5
                                                                                  -18
                                                                                  -63
                                                                                                 -6
                                                                                                  16
                                                                                                        -36
                                                                                                          28
                                                                                                                 -16
                                                                                                                   19
                                                                                                                            -33
                                                                                                                             -1
                                                                                                                                       -2
                                                                                                                                        1
                                                                                                                                                   —4
                                                                                                                                                  -43
                                                                                                                                                              -49
                                                                                                                                                                43
                                                                                                                                                                      -32
                                                                                                                                                                       -2
                                                                                                                                                                                    8                            -16                   45
                                                                                                                                                                                                                                       46
      -765         1,305            326        1,338       998        2,764        654      1,422        873    1,825       190      1,014    2,642           511       97     -4             9        -5         -5       -1          47
       -33          -10             186           60        15           80       -26             71    -65       59         44        60         -93         -46       27                                                             48
         68           40            174          266       322          191        119           171     403     385        118        69          164         312     278                                                             49


       -35            40          -125          -21       -19            93       -70           -36       79     -42         52         42        -13         106      -7                                                              50
       -92          -26            -43            72         5        -200        -42            103      27     -18        -8        -25           15          2     -20                                                              51
         9          -32           (*)             33        16          -7          52             1       5       2          9        -2                      10       11                                                          ( 52
                                                                                                                                                  (*)                         (*)       (*)           (*)                           1 +53
                                                                                   -4         -1         -1        82        -2                 —2                      —2                                                        54
         10         -36            -27             6         4        -147        -13       -147        -53     -103       (*)        -8         16           -24        9    (*)        -2           (*)        (*)      (*)     55
      -692         1,329            161          923       655        2,755        638      1,260        477    1,461       -23                                                 -4        11            -5         -5       -1 f  56
                                                                                                                                      877     2,556            151    -199                                                     [ +57
        306                                      -3      (*)             25        331           251     -3     (*)         128        50           84            8     64                                                             58
                                                                         25        392           191                         61        55           72                                                                                59
                                                                                                                                                                                                                                      60
        306                                      -3      (*)           (*)        -61             60     -3     (*)          67        -5           12            8     64                                                            61
                                                                                                                                                                                                                                      62
                                                                                                                                                                                                                                      63
      1,231        -902            -46        -1,046     -642        -2,260       -202      -638        -841    -702       -41       -691 -2, 168            -596      425    -63       -25           -21        -28      -48         64
June 1972



   50                                                               SURVEY OF CURRENT BUSINESS                                                                                                           June 1972

                                                                                                                                                                         Table 9.—U.S. International
                                                                                                                                                                                                               [Millions

                                                                                                                     Canada                                  Latin American Republics and Other Western
                                                                                                                                                                              Hemisphere
   Line                               (Credits-H debits-) 1
                                                                                                                1971                             1972                           1971                            1972

                                                                                              I          II             III          IV           IP          I           II           III          IV           IP

        1 Exports of goods and services 2                                                    3,274       3,747          3,403        3,754        3,736       2,525       2,698         2,747       2,457        2,663
        2    Merchandise, adjusted, excluding military 3                                     2,460       2,847          2,444        2,725        2,884       1,595       1,644         1,794       1,399        1,716
        3    Transfers under U.S. military agency sales contracts                               18          16             14           28                        9            9             9           8           15
        4    Travel                                                                            211         243            312          161          220         197          225          237          231          208
        5    Passenger fares .                                                                   2           2              3            2            2          39           41           44           35           37
        6    Other transportation                                                               47          54             61           56           49          88           93           95           83           97
        7    Fees and royalties from unaffiliated foreigners                                     9           9              9            9           10          11           11            11          11           11
        8    Other private services _.                                                          39          40             39           39           44          76           77            78          77           87
        9    U.S. Government miscellaneous services                                              1           2              2            2            1          18           19            14          16           16
              Receipts of income on U.S. investments abroad:
     10        Direct investment fees and royalties                                              88         98              94         116            87           79        96            83          79           75
     11        Direct investment interest, dividends and branch earnings 4                      185        220             211         383           198          252       304           232         335          247
     12        Other private assets.                  _                               __.       214        215             213         231           231          131       131           118         138          124
     13        U.S. Government assets                                                        (*)             1          (*)              1        (*)              31        48            32          45           31
     14     Transfers of goods and services under U.S. military grant programs* net                                                                                 7           7             6           1            6
     15     Imports of goods and services                                                   -3,224      -3,779         -3,822       -3,680       -3,808      -2,192      -2,207        -2,257      -1,921       -2,558
     16       Merchandise, adjusted excluding military 3 _                                  -2,813      -3,227         -2,922       -3,204       -3,421      -1,524      -1, 612       -1,630      -1,351       -1, 857
     17       Direct defense expenditures . _ _ _                                              -52         -49            -39          -53          -47         -41         -39           -39         -32          -37
     18       Travel           _                                                               -99        -254           -611         -163          -91        -384        -315          -326        -297         -415
     19       Passenger fares               _        .                            _ .                                                                           -19         -18           -18         -16          -23
     20       Other transportation.                    _    _                                 -50         -60            -62          -59          -53          -61         -67           -69         -61          -64
     21       Fees and royalties to unaffiliated foreigners                                    -1          -1             -1           -1           -2           -1          -1            -1          -1           -1
     22       Private payments for other services                                             -38         -40            -37          -41          -42          -44         -48           -50         -43          -48
     23       U.S. Government payments for miscellaneous services                              -3          -2             -3           -3           -3          -40         -40           -48         -47          -46

              Payments of income on foreign investments in the United States:
     24         Direct investment fees and royalties                                          -16         -16            -16          -16          -14
     25         Direct investment interest, dividends and branch earnings *                   -30         -19            -18          -20          -23          -7          -7            -8           -7           -7
     26         Other private liabilities                                                     -72         -61            -62          -62          -54         -67         -53           -58          -64          -59
     27         U.S. Government liabilities                                                   -50         -49            -51          -58          -58          -5          -8           -11           -2           -2

     28     U.S. military grants of goods and services* net                                                                                                       -7           -7            -6          -1           -6

     29     Unilateral transfers (excluding military grants), net                             -20         -25            -41          -35          -23        -139         -134         -130         -134         -136

     30       U.S. Government grants (excluding military)           _                                                                                          -70          -66           -66         -68          -66
     31       U.S. Government pensions and other transfers-                                   -14         -16            -16          -16          -17         -13          —14           -13         -14          -16
     32       Private remittances and other transfers                      .                   -6          -8            -25          -18           -7         -56          -54           -51         -52          -55

     33     U.S. Government capital flows* net                                                -10             -3          -2          -10           -6         -73         -100           -82        -103          -65

     34       Loans and other long-term assets _                                                  -9          -7           -2         -10              -8      -154        -191         -154         -197         -142
     35       Foreign currencies and other short-term assets, net                                 —1           3            1             -1            2     (*)            -6         (*)         (*)           (*)

              Eepayments on credits:
     36        Scheduled                                                                                 (*)                                 1    (*)               78          98           73          95            77
     37        Nonscheduled '                                                                                                                                        4
     38     U.S. private capital flows, net                                                    -41        -68            -303         -654        -923              44     -380          -533        -463             -32
                                              4                                                                                                                            -336          -192       -103                25
     39       Direct investments abroad                                                        -80           17             12        -176        -104            -38
     40       Foreign securities                                                               -82        -125            -46          -26        -171              18        2           -16        -45              -14

              Claims reported by U.S. banks:                                                                                                                                                                          -60
     41        Long-term                                                                          44          2              2           36         -5           48           43        -117          -88
     42         Short-term, nonliquid                                                             15       -21              34        -128        -132           34           27        -102         -172             -64
     43         Short-term, liquid                                                                23         35          -136         -308        -281         -21          -24          -19            19            -11

              Claims reported by U.S. nonbanking concerns:
     44        Long-term                                                                        -1             -7         -76            69        -19               2      -15             33        -50
     45         Short-term, nonliquid                                                          —15              15          26         -38           66)             1      -77          -121         -24               96
     46         Short-term, liquid.                                                              55             16       -120          -83        -276)
      47    Foreign capital flows, net                                                        -598        -128             164            296          246     -296            387       -459            344       -440

      48  Direct investments in the United States 4                     _                         40         44               10        -9           57             21    (*)                14           25          -12
      49  U.S. securities other than Treasury issues                                              19       -26                 4       -42         -39              22          13           30          -7
          U.S. nonliquid liabilities to private foreigners reported by U.S.
              nonbanking concerns:                                                                                                                                                                                    -16
     50     Long-term..                                                                            3        -2             -7              11       -5              42        14          -35           66
     51     Short-term           _                                                                 1       -30            -19              28      -11               6      -19             71          45              77
     521                                                                                                                                                          -91       -42           -88         -26             -22
    +53/ Long-term liabilities to all foreigners reported by U.S. banks                            1         1             -1               1        3

              Nonliquid liabilities reported by U.S. Government:
      54       To foreign official reserve agencies                                                                                     351            200
                                                                                                                                                                                                           1        -10
      55       To other official and private foreigners                                         -5          -6                -3       -18             -3         4            -9          -2
     561                                                                                                                                                       -300            431       -449            241       -465
    +57J      U.S. liquid liabilities to all foreigners                                       -658        -109                181      -26              43

      58
      59
      60
            Transactions in U.S. official reserve assets, net..
              Gold
              SDR
                                                                                                         (*)            (*)                       (*)         (*)
                                                                                                                                                              (*)
                                                                                                                                                                                4
                                                                                                                                                                                4       8
      61
      62
              Convertible currencies. ._
              Gold tranche position in IMF
                                                                                                         (*)            n                         (*)

      63
      64                                                                                                                                  328          778        132      -268              714     -181              567
            Errors and omissions, and transfers of funds between foreign areas, net.              620         257          601

    » Preliminary.      *Less than $500,000 (d=).                                                                 Debits,-: Imports of goods and services; unilateral transfers to foreigners; capitalou^-
    1. Credits,+: Exports of goods and services; unilateral transfers to U.S.; capital inflows                              flows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.b.
                   (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.                              official reserve assets.                ,.    .,.A        .     „ wo
                   official reserve assets.                                                                   2. Excludes transfers of goods and services under U.S. military grant Programs.
                                                                                                              3. Excludes exports of goods under U.S. military agency sales contracts identified m Census
June 1972



     June 1972                                                                      SURVEY OF CURRENT BUSINESS                                                                                                                             51
    Transactions, by Area—Continued
    of dollars]

                                     Japan                                 Australia, New Zealand and South                        Other countries in Asia and Africa                    International organizations and
                                                                                          Africa                                                                                                   unallocated «
                                                                                                                                                                                                                                           Line
                              1971                            1972                          1971                   1972                            1971                   1972                      1971                       1972

        I           II               III          IV           IP          I         II        III         IV       IP            I         II            III     IV       IP       I         II           III        IV        IP

       1,447        1,345                1,305     1,400       1,588       601        577          664      682      612        2,796      3,168      2,894       2,650   3,034     157        279          172        374        196            1
       1,094        1,003                  931     1,041       1,200       423        379          478      414      395        1,571      1,688          1,580   1,285   1,668                                                                  2
           7            5                   14        17          12         9         17           14       13       15          220        281            144     133     125                                                                  3
          27           35                   35        37          34         7         11           14        9        8           17         26             29      26      20                                                                  4
          21           24                   27        32          25        10         14           15       11       11           11         18             28      17      12                                                                  5
          67           79                   78        60          79        18         17           19       14       21          132        145            148     110     140         53         56        56         44            64         6
          55           55                   55        55          63         6          6            6        6        7            5          5              5       5       5                                                                  7
          14           14                   14        14          16        10         10           10       10       12           63         63             63      63      65         47         47        47         47            55         8
          11            7                   14         3           5                                                               37         41             32      39      34                                                                  9

             18          32                27           24          27         43      42            34      46          44        36         56            53       61      37          5       7            7          9             5      10
             54          22                40           35          48         62      56            59     128          83       552        690           663      710     753         13     146           17        258            24      11
             71          61                63           73          71         12      15            13      18          15        66         60            65       67      71         38      13           44         13            47      12
             10           8                 7            8           9          1      12             2      13           2        87         96            84      134     105          1       9                       3             1      13
       (*)                           (*)          (*)         (*)                                                                 636        704           639      882     844                                                              14
     -1,952       -2,252         -2,115          -2,614      -2,577      -282       -366       -421       -332     -341 -1,844 -2,188 -2,355 -2,240 -2,391                        -177       -197          -282      -221       -192         15
     -1,598       -1,878         -1, 675         -2, 129     -2, 088     -221       -302       -347       -269     -270 -1, 179 -1,463 -1,604 -1, 528 -1, 735                                                                                16
       -158         -150           -145            -161        -151         -9        -10        -11         -8       -7  -436    -469   -455   -434    -402                                                                                 17
        -16          -24            -30             -18         -20        -15        -11        -14        -10      -18   -47     -69    -99    -90     -60                                                                                 18
        -13          -12            -16              -9         -15        -12        -15        -18        -12      -13    -8     -13    -23    -21     -10                       -10        -10         -8           -7       -12          19
        -69          -79            -84             -76         -97        -10        -11        -11        -10      -10   -59     -64    -65    -53     -63                      -123       -147       -161         -123      -126          20
         __1          -1             -1              -1          -1       (*)        (*)        (*)        (*) 0    (*)     -1      -1     -1     -1      -1                                                                                 21
         -6           -6             -6              -6                                                                                                                                                                                      22
         -4           -4             -5              -5         -4         -5         -7           -6       -7       -6          -63        -65            -63     -67     -67      -5         -2          -67        -41       -10          23

         -1                          (                          -1                                                                                         -1               -1                                                               24
                                                                                                                                            o"1
                   (*)
         -7
        -51
                     -15
                     -46
                                      *112
                                       -52
                                                    -7
                                                   -48
                                                                -3
                                                               -37
                                                                          (*)
                                                                            -5
                                                                                     (*)
                                                                                       -5
                                                                                               (*)
                                                                                                 -7         -7       -6
                                                                                                                                 (*)
                                                                                                                                 -31
                                                                                                                                                                    -1
                                                                                                                                                                                                                                             25
                                                                                                                                                                                                                                             26
                                                                                                                                            -23           -24      -25     -27     -13        -13          -15        -17       -16
        -26          -37                 -89      -153        -152          -2         -3        -5         -6       -7          -11        -11           -11      -10     -14     -26        -25          -30        -34       -28          27
       (*)                           (*)          (*)         (*)                                                               -636       -704       -639        -882    -844                                                               28
         -9         -10                  -13       -13          -9         -5         -6           -7       -6       -5         -499       -595       -549        -621    -647     -52        -35          -60        -41       -46          29
                                                                                                                                -335       -416       -366        -438    -470     -52        -35          -60        -41       -46          30
         -2          -3                   -3        -3          -3         -1         -1           -1       -1       -1          -34        -37       -37          -35     -37                                                               31
         -7              O
                          0
                                         -11       -10          -6         -4         -4           -5       -5       -4         -130       -142       -147        -148    -141                                                               32
       -32           -1                    85           16           2    -35          12      -23           24     -28         -437       -655       -254        -274    -210     -11         -9          -47                  -14          33
       -81          -58                  -29       -49         -89        -37        -29       -27         -27      -31         -809       -841       -357        -473    -447     -13         -9          -49                  -17          34
         3            1                    5        -8           3         -1         -2        -1           2        1            78         50        -1           18      54                                                              35

             47          27                27           25          58         4      44             5      49           2        294       137           115      181     183          3                        3                    3      36
                         29                82           48          30                                                                                    —11                                                                                37
        262        -299              -760         -150               6   -119       -199      -154        -125      -37         -335       -533       -285        -491    -401    -274       -301       -368           124     -324          38
       -43          -29              -177               37     -71        -80       -152       -39         -33      -46         -144       -286           -81     -219    -94      -83       -319       -224           84       -80          39
       -53         -139               -20               85     -23          2          18        3           6        12         -47       -108           -38      -70    -48     -191          18      -142           39      -244          40

       -10         -100                -1          -21         -32         -4        -28       -27         -51      -11           -1          27          -29      -50    -76                                                                41
        403         -46              -405         -323          304       -15        -32       -84         -32       -4          -77        -92           -95     -163    -96      (*)       (*)            -2             2    (*)          42
          5           26             -140            92       -125         -3         -1        -3          -5        8         (*)          -4             31       5    -13                                                                43

       -21            23                   5        -7            i        -9        -4                    -10      -1           -15         —7           —25        0
                                                                                                                                                                          —41                                                                44
      / -2          -29                  -17       -21         -341                                                                                                                                                                          45
      1-17           -5                   -6         8                    -11                        A
                                                                                                                     6           -51        -63           -48       13    -33
                                                               -13/                                                                                                                                                                          46
      1,047        2,242             5,081        1,688         943        55        305           58       30      351         -254       -77        -257          75     194     266         41           101            4   -274          47
       -31          -69              -562           206       -478       (*)                   (*)          11     (*)                 3     1               2     -1      -3                                                                48
         2            13               21            19         27       -13         -5        (*)         -6      (*)                 7    -4              15      34      36     145        -23           28        -58         50         49

          2                                          7                         9      10        -2          7            1       -2         -2                             —2                                                           50
         22          -4                 15          -1           11            5      14       -15        -35            9        4          53             29    -11     -51                                                           51
      -124         -132              -117          -10          -2                  -18        -36         -1            7      -39           6              3            -16                 -54                                    / 52
                                                                                                                                                                                                                                 201 1 +53
                                                                         (*)                                                                                      -13             -111                      -6         31

                                                                                                                                                                                                                                            54
         -1        (*)                 -8             4          -7        19        -3            -5      -8       -2            51        -19        -27        -23     -14                                                               55
      1,176        2,434             5,733        1,464       1,393        35        307           116      61      335        -279        -112       -279          88             232                                         -524         56
                                                                                                                                                                           243                118           79         31                  +57
                                                                                                                                  16        -6             33        1            -330        459       1,005         -11      -167         58
                                                                                                                                  16        -6             33        1               7         11           4                    544        59
                                                                                                                                                                                  -592        196         150         -3       -710         60
                                                                                                                                                                                                                                            61
                                                                                                                                                                                   255        252          851        -8        -1          62
                                                                                                                                                                                   717                                          710         63
      -763        -1,025        -3,583            -328              47   -214       -323      -117        -272     -552          558        885           774      900     421    -296       -237       -522         -230       110         64

          documents, and imports of goods included under direct defense expenditures identified
   export sus                                                                                                                   5. Includes sales of foreign obligations to foreigners.
   /n Uen, ^Port documents, and reflects various other balance-of-payments adjustments                                          6. Includes transactions with shipping companies operating under the flags of Honduras,
   (for valuation, coverage, and timing) to Census statistics; see table 4.                                                   Liberia, and Panama.
     4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
   incorporated affiliates of foreign firms.                                                                                   NOTE.—Details may not add to total because of rounding.
                                                                                                                               Source: U.S. Department of Commerce, Bureau of Economic Analysis.
September 1972



       40                                                               SUEVEY OF CUKRENT BUSINESS                                                                                                                 September 1972

                                                                                                                                                                                        Table 9.—U.S. International
                                                                                                                                                                                                                                      [Millions

                                                                                                     United Kingdom:                                                         European Economic Community

       Line                    (Credits +; debits -)i                                                           1971                            1972                                          1971                                1972
                                                                                1971                                                                             1971
                                                                                          I           II           III        IV         I'          UP                       I         II           III         IV         I'          HP

          1 Exports of goods and serivces 2 _ _ _                       ...     4,150    1,053       1,011        1,000       1,086      1,124         1,081    11,465       2,867      2,972        2,863       2,763      2,904        2,866
         2       Merchandise adjusted, excluding military 3                     2,348     691          561             555      541        709           597     8,063       2,059      2,110        2,105       1,789      2,149        2,095
         3       Transfers under U.S. military agency sales contracts.. _         105       9           48              41        7         11            14       687         177        178          172         161         84           89
         4       Travel                                                            67      13           14              28       12         16            18       199          32         52           65          50         32           66
         5       Passenger fares                                                   69      13           18              23       15         13            20       100          20         25           34          21         19           30
         6       Other transportation                                             314      69           89              88       68         84            98       491         114        137          135         105        139          157
         7       Fees and royalties from unaffiliated foreigners                   67      17           17              17       17         19            19       154          39         39           39          39         39           39
         8       Other private services                                           108      27           27              27       27         32            32       137          34         34           34          34         40           39
         9       U.S. Government miscellaneous services          ,. _              19       4            4               7        5          5             5        39           9         14            7           9          8            9
                 Keceipts of income on U.S. investments abroad:
         10       Direct investment fees and royalties                            282      64           66              68       85         73            71       506         115        126          109        156         128          136
         11       Direct investment interest, dividends and branch                472      97          102             100      173        115           137       886         216        205          107        359         211          156
                    earnings 4.
         12       Other private assets .                                          184      41              49           45       49         44            44       158            39         39            38       42         42           39
         13       U.S. Government assets           _          •-                  115       8              17            3       87          4            28        45            15         12            19      -1          14           12
         14    Transfers of goods and services under U.S. military grant          (*)      (*)                                             (*)                     -1          (*)        -1           (*)                    O            (*)
                programs, net.
         15    Imports of goods and services                                   -4,792 -1,041 -1,299 -1,358 -1,095 -1,323 -1,489 -12,095 -2,760 -3, 184 -3,417 -2,734 -3,391 -3,575
        16       Merchandise, adjusted, excluding military 3          -2, 470            -557        -682         -699        -532       -736          -746     -7, 549 -1, 834 -1,998 -2, 121 -1,596 -2,263 -2, 184
        17       Direct defense expenditures                            -258              -63         -60          -70         -66        -88          -110     —1, 495   -340    -371   -375    -409   -406   -418
        18       Travel                                                 -324              -20        -117         -131         -56       ,-26          -146       -539     -51    -177   -236     -75    -59   -220
        19       Passenger fares                                        -288              -42        -101           -87        -58        -66          -117       -418     -63    -134   -137     -84    -81   -153
        20       Other transportation                                   -310              -70         -81          -86         -74        -79           -79       -496    -107    -125   -134    -130   -129   -130
        21       Fees and royalties to unaffiliated foreigners.          -35               -9          -9            -9            Q         q           -9        -55     -14     -14    -14     -14    -15    -15
        22       Private payments for other services                    -227              -57         -57          -57         -57        -65           -65        -52     -13     -13    -13     -13    -15    -15
        23       U.S. Government payments for miscellaneous services . -14                 -3          -3            -5         -4         -3             -3        -73    -18     -19    -19     -18    -18    -18

                Payments of income on foreign investments in the United
                   States:                                                                                                                                                                              -i
        24        Direct investment fees and royalties                           -11       -3           o                o      -4         -4            -2        -3          -1         -1                       -1         -3           -1
        25        Direct investment interest, dividends and branch              -236      -74         -50          -50         -62        -74           -49      -134         -33        -27          -43         -32        -42          -42
                   earnings.4
        26        Other private liabilities. _                                  -407     -123         -90          -91        -104       -100           -99      -533        -136       -128         -130        -139       -140         -133
        27        U.S. Government liabilities                                   -212      -22         -48          -71         -70        -74           -64      -747        -150       -178         -195        -224       -221         -247

        28     U.S. military grants of goods and services, net                    (*)      (*)                                            (*)                           1      (*)           1             (*)                (*)          (*)
                                                                                                                                                                                                      -18          -8            16          i
        29     Unilateral transfers (excluding military grants), net             -54      -11         -12          -12         -18        -14           -12       -35              4     -13
        30       U.S. Government grants (excluding military)                                                                                                       (*)         (*)                     (*)                    (*)          (*)
        31       U.S. Government pensions and other transfers                    -25       -6          -7              -7       -7         -7            -7      -123         -27        -33          -32         -31        -32          -33
        32       Private remittances and other transfers                         -28       -6          -5              -6      -12         -7            -6         88          31         20           15          23         48           32

         33    U.S. Government capital flows, net                                 165     -44              80            1      127           36          55        54         -9            69            10     -16         -7            34

         34      Loans and other long-term assets                                -66      -38         -11              -8       -8        -19            -8      -119         -27        -31          -27         -34        -60          -25
         35      Foreign currencies and other short-term assets, net               27      -8           32              6       -3          10            4        -27         -4         -9          -15           1          29           6

                 ^Repayments on credits:
         36        Scheduled.                                                     204         3            60            3      139            3           59      127            23         36            52         17         24          46
         37       Nonscheduled ^                                                                                                              43                    73                       73                                               7

         38    U.S. private capital flows, net                                 -1,215    -730        -184               88    -390       -222             61    -1,765       -631       -628          -472        -34       -770         -233

         39      Direct investments abroad     4
                                                                                -646     -249         -93         -115        -189       -187             80    -1, 305      -592       -423          -417         126      -644          -273
         40      Foreign securities                                              -86      -38         -61          -11           23       -23             17         65        -5           5            31         34         72           108

                 Claims reported by U.S. banks:
         41       Long-term __                                                   -59      -40          -1              -14      -4         -1            -8       -139        -23        -42           -46        -28           3          -10
         42       Short-term, nonliquid ._                                      -137      -71         -75                84    -75        -16           -21       -238        -36        -82             12      -132       -203             83
         43       Short-term, liquid                                             -48      -10         -14                 8    -32          21            16       -74          20       -12           -66        -16           4          -86-

                 Claims reported by U.S. nonbanking concerns:
         44       Long-term                                                         18     -8             3             16       7         (*)            20         17         16         7                 4    -10            3          -9
         45        Short-term, nonliquid ._ _                                     -45       21         -17              11     -60          56           -3        -77        -17        -18               -6     -36         -23          -49
         46        Short-term, liquid                                            -211    -334            74            109     -60        -73           -40        -14           5       -63                16      28          17           3

         47    Foreign capital flows, net._                                     2,204    -765        1,305             326    1,338      1,061            22      5,713      2,764           654      1,422        873      1,862         2,099

         48      Direct investments in the United States 4                         203    -33          -10              186      60          5           -23         60            80    -26                71     -65         63            90
         49      U.S. securities other than Treasury issues         _   _ ..       548      68           40             174     266        322            129       884           191     119              171      403       391           417

                 U.S. nonliquid liabilities to private foreigners reported
                     by U.S. nonbanking concerns:
         50        Long-term                                                     -141     -35            40        -125        -21         -40            90         66          93       -70          -36            79      -49          -12
         51        Short-term. _ _                                                -89     -92          -26          -43          72          99           13      -112        -200        -42           103           27        2            5

      S2&53      Long-term liabilities to all foreigners reported by U.S.           10           9     -32                         33         15          -1            51        -7          52             1          5          2             2
                                                                                                                        (*)
                   banks.
                  Nonliquid liabilities reported by U.S. Government:
         54        To foreign official reserve agencies                                                                                                             -6                           A      -1          -1          82          -4
         55                                                                                                                                                                               -13         -147         -53        -79          -22
                   To other official and private foreigners                       -48      ,10         -36             -27           6           4        -6      -360        -147
      56&S7       U.S. liquid liabilities to all foreigners. .                   1,721    -692        1,329             161     923        655          -180      5,130      2,755           638      1,260        477       1,450        1,622

         58     Transactions in U.S. official reserve assets, net                  303     306                                  -3                      -241        604            25        331           251      -3           (*)             1
                                                                                                                                              (*)
         59       Gold                                                                                                                                              608            25        392           191
         60       SDR                       _              _
         61       Convertible currencies                                           303     306                                  -3            (*)       -241        -4            (*)     -61               60      -3           (*)             1
         62       Gold tranche position in IMF
          63    Allocations of special drawing rights (SDR)
          64    Errors and omissions, and transfers of funds between             -762    1,231        -902             -46 -1,046         -661           523    -3,940 -2,260            -202         -638        -841       -615       -1, 192
                 foreign areas, net.

        See footnotes at end of table.
September 1972



     September 1972                                                            SUKVEY OF CURRENT BUSINESS                                                                                                                          41
    Transactions, by Area
     of dollars]

                           Other Western Europe                                                      Eastern Europe                                                               Canada

                                     1971                              1972                               1971                      1972                                        1971                             1972              Line
        1971                                                                          1971                                                        1971
                      I       II            III       IV       !«•            UP               I     II          III    IV     I'      UP                      I         II            III      rv        I'             UP

        4,937      1,359     1,320          1,172    1,086     1,404          1,367    466    129    107         105    125    179         148    14, 178     3,274     3,747          3,403    3,754     3,729          4,289           1
        3,156        897      844            764       651       910           880     408    115     93         88     112    162         130    10, 476     2,460     2,847          2,444    2,725     2,884          3,370           2
          147         27       47             21        52        35            28                                                                     76        18        16             14       28        10             11           3
          101         17       30             27        27        20            38                                                                   927        211       243            312      161       226            22£           4
           51         10       14             16        11         9            16                                                                     10         2         2              3        2         2              £           5
          600        140      170            165       124       158           182     13      3      3           3      3      4           4        217         47        54             61       56        48             59           6
           46         12       12             12        12        13            13      8      2      2           2      2      3           3         37          9         9              9        9        10             10           7
           88         22       22             22        22        26            26     20      5      5           5      5      5           5        158         39        40             39       39        44             44           8
           86         26       19             27        14        21            22      2      1      1           1      1      1           1           7         1         2              2        2         1              8           9

          148         31       38             30        50        43            42                                                                  397          88        98             94      116        86            95        10
          300        123       69             41        67       108            84                                                                1,000         185       220            211      383       187           221        11
          128         31       33             31        33        31            30      5      1      1           1      1      2           2       873         214       215            213      231       232           239        12
           85         24       23             16        23        31             7     10      2      1           5      1      2           4         2          *
                                                                                                                                                                ()          1             *
                                                                                                                                                                                         ()         1       ()
                                                                                                                                                                                                             *              1        13
          272         92       68             56        56        83            60                                                                                                                                                   14

     -5,322 -1,162         -1,423     -1,545        -1, 193 -1,550       -1,695 -279         -65    -79      -83       -52    -81      -87 -14,505           -3,224    -3,779     -3,822       -3, 680 -3,807       -4,357           15
     -2, 739       -647     -720        -757         -615      -917           -864 -225      -57    -65      -61       -42    -72      -71 -12, 166 -2, 813 -3, 227 -2, 922 -3, 204 -3,422                          -3, 798          16
       -268         -74      -64         -64          -67       -76            -77   -4       -1     -1       -1        -1     -1       ()
                                                                                                                                         *    -193    -52      -49     -39     -53     -47                             -46           17
       -510         -59     -163        -228          -60       -75           -204 -29        -2     -8      -15        -4     -2      -10 -1,127     -99     -254    -611    -163     -85                            -252           18
       -280         -38     -116         -78          -48       -61           -138                                                                                                                                                   19
       -591        -132     -152        -162         -144      -163           -158 -11        -3     -3          -3     -3     -3          -3     -231         -50       -60            -62      -59       -54           -59         20
        -19          -5       -5          -5           -5        -6             -6   ()
                                                                                      *              ()
                                                                                                      *           *
                                                                                                                 ()             *
                                                                                                                               ()          ()
                                                                                                                                            *       -5          -1        -1             -1       -1         2             o         21
        -54
        -62
                    -13
                    -11
                             -13
                             -18
                                         -13
                                         -17
                                                      -13
                                                      -17
                                                                -16
                                                                -16
                                                                               -16
                                                                               -16
                                                                                      *
                                                                                     ()
                                                                                     -9
                                                                                              ()
                                                                                               *
                                                                                              -2
                                                                                                     C)
                                                                                                      o          -3     -2
                                                                                                                               ()
                                                                                                                                *
                                                                                                                               -3          il     -157
                                                                                                                                                   -10
                                                                                                                                                               -38
                                                                                                                                                                -3
                                                                                                                                                                         -40
                                                                                                                                                                          -2
                                                                                                                                                                                        -37
                                                                                                                                                                                         -3
                                                                                                                                                                                                 -41
                                                                                                                                                                                                  -3
                                                                                                                                                                                                           -44
                                                                                                                                                                                                            -3
                                                                                                                                                                                                                         -44
                                                                                                                                                                                                                          -3
                                                                                                                                                                                                                                     22
                                                                                                                                                                                                                                     23


         -12         -2       -2             -4        -4        -3            -2                                                                   -64        -16       -16            -16      -16       -12           -12         24
         -96        -27      -21            -30       -19       -23           -22                                                                   -88        -30       -19            -18      -20       -24           -26         25
                                                                                      -1
       -522
       -171
                   -126
                    -28
                            -119
                             -31
                                        -139
                                         -48
                                                     -137
                                                      -64
                                                               -138
                                                                -57
                                                                          -139
                                                                           -53         *
                                                                                      ()
                                                                                              ()
                                                                                               *
                                                                                              ()
                                                                                               *     8            *
                                                                                                                 ()
                                                                                                                  *
                                                                                                                 ()
                                                                                                                        ()
                                                                                                                         *
                                                                                                                         *
                                                                                                                        ()
                                                                                                                               ()
                                                                                                                                *
                                                                                                                               ()
                                                                                                                                *          8      -258
                                                                                                                                                  -207
                                                                                                                                                               -72
                                                                                                                                                               -50
                                                                                                                                                                         -61
                                                                                                                                                                         -49
                                                                                                                                                                                        -62
                                                                                                                                                                                        -51
                                                                                                                                                                                                 -62
                                                                                                                                                                                                 -58
                                                                                                                                                                                                           -57
                                                                                                                                                                                                           -58
                                                                                                                                                                                                                         -55
                                                                                                                                                                                                                         -60
                                                                                                                                                                                                                                     26
                                                                                                                                                                                                                                     27
       -272         -92      -68            -56       -56       -83           -60                                                                                                                                                    28
       -281         -61      -68            -81       -71       -79           -75     -24     -5     -9      -5         -5     -6          -6     -120         -20       -25            -41      -35       -23           -26         29
        -28          -7       -4            -11        -6       -15            -8      -4      i     -4                        ()
                                                                                                                                *                                                                                                    30
       -107         -24      -29            -27       -27       -27           -27     -10     -2     -2      -3         -3     -3          -3      -63         -14       -16            -16      -16       -17           -17         31
       -145         -30      -35            -43       -38       -38           -40     -10     -2     -3      -2         -2     -2          -4      -58          -6        -8            -25      -18        -6           -10         32
        -96         -17      -46            -21       -12       -11           -14       6      *
                                                                                              ()     -6          13     -1     -2          29      -25         -10        -3             -2      -10        -6           -12         33
       -318         -70      -98            -66       -85       -79           -80     -62    -19    -21     -11 -12           -21      -4          -28          -9        -7             -2      -10        -8           -12         34
          18          6        3              4         4         1             3      24      7      8       7   3             5       10           3          -1                        1          1                    -1         35
                                                                                                                                                                           3                                 2

         204         46        49             40       68        52             53     44     12      7          17      8     14          24            1                 *
                                                                                                                                                                          ()                         1       *
                                                                                                                                                                                                            ()                 1     36
                                                                 15             10                                                                                                                                                   37
       -369        -394     -157            -85       267      -375            175    -28      8      3      -4        -35    -39     -15        -1,066        -41       -68           -303     -654     -1,064            43        38
       -131        -252      -65            -98       285      -293             87                                                                -226         -80         17             12    -176      -143             76        39
          67          36      17            -11        25         54            45                                                                -279         -82      -125            -46      -26      -178          -348         40

        -38            9     -53               4        2       -9             -4      -4      2      i      -9          4     -7     -12            84         44         2               2       36                    -51         41
       -146        -142      -59              71      -16      -63              20    -12    ()
                                                                                              *       3       6        -21    -36      -2         -100          15       -21              34    -128      —132          -122         42
        -12         -14        15           -15         2      -30               7     -4    -2       1      -1         -2      2      -1         -386          23        35           -136     -308      -280            327        43

        -21          3       -11              12      -25       -6               7                                             -4                  -15          -1        -7            -76       69       -19              3        44
        -88        -33        -2             -4       -49      -24              13    -8       8                       -16      6                  -12         -15         15             26     -38       -37           -38         45
                    -1         1            -43        43       -3             -1                                               ()
                                                                                                                                 *                -132           55        16          -120      -83      -270            196        46
       4,356        190     1,014      2,642          511        54             39    -5     -4       9      -5        -5       1          11     -267        -598      -128            164      296       236            674        47
        -35          44       60            -93      -46         22             26                                                                  85          40        44             10       -9        42             88        48
         663        118       69             164      312       267            118                                                                 -45          19       -26              4      -42       -39            -7         49


         187         52       42            -13       106        1              3                                                                    5             3      -2            -7        11        -1            -1         50
        -16         -8       -25             15         2      -44             27                                               2                  -20             1     -30           -19        28       -11           -19         51
          17          9       -2              *
                                             ()        10       _1              2     ()
                                                                                       *     (*)    ()
                                                                                                     *        *
                                                                                                             ()                                          2         1       1            -1           1         3          -1 52 & 53


         -4         -2                       -2                 -2                                                                                  351                                          351       200                   54
        -17                    P              16      -24        9              17    -2            -2                                             -33                                                     -1                    55
                     *
                    ()                                                                       C)              ()
                                                                                                              *         ()
                                                                                                                         *     ()
                                                                                                                                *       *
                                                                                                                                       ()                      -5        -6             -3      -18                        *
                                                                                                                                                                                                                          ()
       3,561       -23       877       2,556          151      -198       -154        -3     -4      11      -5        -5     -1           11     -612        -658      -109            181     -26         43            615 S6&57
         270        128       50             84            8     64            -5                                                                   ()
                                                                                                                                                     *                    *
                                                                                                                                                                         ()              *
                                                                                                                                                                                        ()                 ()
                                                                                                                                                                                                            *                        58
         188         61        55             72                                                                                                                                                                                    59
                                                                                                                                                                                                                                    60
          82         67       -5              12           8     64            -5                                                                    *
                                                                                                                                                    ()                    *
                                                                                                                                                                         ()             ()
                                                                                                                                                                                         *                 ()
                                                                                                                                                                                                            *                       61
                                                                                                                                                                                                                                    62
                                                                                                                                                                                                                                    63
     -3,496         -41     -691      -2, 168        -596       492            210 -136      -63    -25     -21        -28    -53     -80         1,805        620       257            601      328       935          -611        64
September 1972



        42                                                                  SUEVEY OF"CURRENT BUSINESS                                                                                                           September 1972

                                                                                                                                                                Table 9.—U.S. International Transactions,
                                                                                                                                                                                                  [Millions

                                                                                 Latin American Republics and Other Western Hemisphere                                                           Japan6

       Line                         (Credits +; debits ~)i                                                   1971                              1972                                         1971                             1972
                                                                                  1971                                                                          1971
                                                                                              I         II          III        IV        I'           HP                   I          II           III        IV        I'          11*

              1 Exports of goods and services 2 _                                10,426      2,525      2,698       2,747      2,457     2,648        2,757     5,497     1,447      1,345         1,305      1,400     1,637       1,529
              2      Merchandise, adjusted, excluding military 3 _                6,432      1,595      1,644       1,794      1,399     1,716        1,744     4,069     1,094      1,003          931       1,041     1,212       1,127
              3      Transfers under U.S. military agency sales contracts            34          9          9           9          8        15           15        42         7          5           14          17        20           9
              4      Travel                                                         890        197        225         237        231       208          232       134        27         35           35          37        45          48
              5      Passenger fares                                                159         39         41          44         35        35           45       104        21         24           27          32        32          29
              6      Other transportation                                           360         88         93          95         83        89          103       285        67         79           78          60        88         101
              7      Fees and royalties fromunaffiliated foreigners                  45         11         11          11         11        11           11       221        55         55           55          55        63          63
              8      Other private services                                         307         76         77          78         77        87           88        54        14         14           14          14        16          16
              9      U S Government miscellaneous services                           67         18         19          14         16        16           17        35        11          7           14           3         5           8
                     Receipts of income on U.S. investments abroad:
          10          Direct investment fees and royalties                          336         79         96          83         79        69           93       101          18          32        27          24       28           31
          11          Direct investment interest, dividends and branch            i,124        252        304         232        335       248          238       151          54          22        40          35       49           31
                        earnings.4
          12          Other private assets.           _                             517        131        131         118        138       123          127       267          71          61         63         73       72           60
          13          U.S. Government assets                                        156         31         48          32         45        31           44        33          10           8          7          8        9            7
          14       Transfers of goods and services under U.S. military grant         21            7         7            6         1          6           6       (*)     '(*)                      (*)        (*)       (*)
                    programs, net.
          15       Imports of goods and services                                 -8,577 -2,192 -2,207 -2,257 -1,921 -2,587 -2,343 -8,932 -1,952 -2,252 -2,115 -2,614 -2,624 -2,727
          16         Merchandise adjusted, excluding military 3           -6,717 -1,524 -1, 612 -1,630 -1,351 -1, 857 -1, 688 -7, 280 -1, 598 -1,878 -1,675 -2, 129 -2, 090 -2, 175
          17         Direct defense expenditures                            -152    -41    -39     -39    -32    -38     -47    -614    -158    -150   -145   -161    -204    -215
          18         Travel                                     -         -1,322   -384   -315    -326   -297   -435    -345     -88     -16     -24    -30    -18     -17     -28
          19         Passenger fares .                                       -71    -19    -18     -18    -16    -22     -24     -50     -13     -12    -16     -9     -15     -15
          20         Other transportation                                   -257    -61    -67     -69    -61    -73     -71    -308     -69     -79    -84    -76     -87     -82
          21                                                                           i      i       i      •i             i                                     i       i       j
          22         Private payments for other services                    -184           -48     -50    -43    -48     -53     -24      -6      -6      ^
                                                                                                                                                         -6     -6      -7        rr

          23         U.S. Government payments for miscellaneous services.. -174            -40iS   -48    -47    -45     -45     -18      -4      -4     -5     -5      -5      -5
                     Payments of income on foreign investments in the
                        United States:
          24           Direct investment fees and royalties                                                                                                       -1           -1       (*)          (*)                  -1
          25           Direct investment interest, dividends and branch            -28            -7      -7          -8         -7        -8          -12       -40           -7      -15          -12         -7        -3          -7
                        earnings.4
          26           Other private liabilities _                                -243        -67        -53         -58        -64       -59          -55      -197       -51         -46          -52        -48       -42         -38
          27           U.S. Government liabilities          _                      -27         -5         -8         -11         -2        -2           -2      -306       -26         -37          -89       -153      -152        -153
          28       U.S. military grants of goods and services, net                 -21            -7      -7          -6         -1        -6           -6         (*)         (*)                   (*)        (*)       (*)
          29       Unilateral transfers (excluding military grants), net.         -538       -139       -134        -130       -134      -134         -139       -46           -9      -10          -13        -13       -10          -8
          30         U.S. Government grants (excluding military)         _ _.     -270        -70        -66         -66        -68       -62          -74                                                                -1           1
          31         U.S. Government pensions and, other transfers _ _ _           -55        -13        -14         -13        -14       -16          -15       -10           -2       -3           -3         -3        -4          -3
          32         Private remittances and other transfers                      -214        -56                    -51        -52       -55          -50       -35           -7       -8          -11        -10        -6          -6
          33       U.S. Government capital flows, net                             -357        -73       -100         -82       -103       -69         -104          68     -32          -1               85        16        2         63
          34         Loans and other long-term assets                       _.    -696       -154       -191        -154       -197      -140         -181      -217       -81         -58          -29        -49       -89         -56
          35         Foreign currencies and other short-term assets, net            -7         (*)        -6          (*)        (*)       -2           -7        (*)        3           1            5         -8         3          -3
                     Repayments on credits:
              36      Scheduled                                                     343           78         98           73        95        73           83      126          47         27            27        25        58       123
              37      Nonscheduled 5                                                  4            4                                                               159                     29            82        48        30
              38   U S. private capital flows, net                               -1,332           44    -380        -533       -463        -5         -651      -947           262    -299         -760       -150       -26          446
              39     Direct investments abroad 4                                  -668        -38       -336        -192       -103         25           2      -211       -43         -29         -177            37    -76           6
              40     Foreign securities                                            -40          18          2        -16        -45       -12          -29      -126       -53        -139          -20            85    -23         -77
                     Claims reported by U.S. banks:
              41      Long-t erm                                                  -114          48         43       -117        -88       -40         -146      -132       -10        -100           -1        -21       -32         -33
              42      Short-term, nonliquid                                       -213          34         27       -102       -172       -70         -273      -371        403        -46         -405       -323        288         478
              43      Short-term liquid                                            -45        -21        -24         -19          19      -11          -28       -17          5          26        ^-140         92     -125           61
                     Claims reported by U.S. nonbanking concerns:
              44      Long-term                        -                            -30             2    -15           33       -50        -7           -6                 -21           23           5         -7        -1          -5
              45       Short-term nonliquid                                                                                                                                 -2         -29          -17        -21       -43           24)
              46       Short-term, liquid                    -                   • -221             1    -77        -121        -24        110        -171 fI -69
                                                                                                                                                               -20         -17          -5           -6          8       -15          ~8
              47   Foreign capital flows, net                    -                 -24       -296         387       -459         344     -477           685     10,058    1,047       2,242        5,081      1,688       985         115
              48     Direct investments in the United States 4—                      60           21      (*)             14      25      -12          -22       -456      -31         -69         -562         206     -478          188
              49     U S securities other than Treasury issues                       57           22       13             30     -7         13         -25          54       2           13           21         19        27          99
                     U.S. nonliquid liabilities to private foreigners reported
                        by U.S. nonbanking concerns:
              50      Long-term                                  -                   87           42       14        -35            66    -34              64        9           2                               7            4           1
              51       Short-term                         ..-                       103            6     -19           71           45      69                      32          22      -4               15     -1           17           3
       52 & 53       Long-term liabilities to all foreigners reported by U.S.
                        banks                                                      -247       -91        -42         -88        -26       -22              34    -383     -124        -132         -117        -10        -2          (*)
                     Nonliquid liabilities reported by U.S. Government:
              54      To foreign official reserve agencies
              55      To other official and private foreigners                      -6              4        -9            2         1     -10          -3         -5          -1          (*)       -8             4     -7          -2
       56 &57        U.S. liquid liabilities to all foreigners   -                  -77      -300         431       -449         241      -482          637     10, 807   1,176       2,434        5,733      1,464     1,425       -175
              58    Transactions in U S official reserve assets net                      4        (*)          4      (*)
              59      Gold                                                               4        (*)          4      (*)
              60      SDR
              61      Convertible currencies
              62      Gold tranche position in IM!F
              63    Allocations of special drawing rights (SDR)
              64Errors and omissions, and transfers of funds between                397       132    -268             714       -181          624      -206     -5,699     -763      -1,025 -3,583             -328          36       581
                  foreign areas, net.
          r
           Revised.     » Preliminary.       * Less than $500,000 (d=).                                                2. Excludes transfers of goods and services under U.S. military grant programs.
          1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows                  3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
                         (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.                 export documents, and imports of goods included under direct defense expenditures identified
                         official reserve assets.                                                                    in Census import documents, and reflects various other balance-of-payments adjustments
             Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital out-              (for valuation, coverage, and timing) to Census statistics; see table 4.
                         flows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.S.
                         official reserve assets.
September 1972




          September 1972                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                            43
         by Area—Continued
          of dollars]

                       Australia, New Zealand and South Africa                                     Other countries in Asia and Africa 6                                   International organizations and Unallocated 7

                                            1971                          1972                                    1971                            1972                                        1971                             1972            Line
             1971                                                                         1971                                                                    1971
                           I         II            III    IV        I'           II v              I         II           III      IV        lr          UP                    I        II            III       IV        I'          HP

              2,524       601        577            664    682      604           539    11,509   2,796     3,168        2,894    2,650     3,061        3,169      981        157       279           172       374       198         146            1
              1,694       423        379            478    414      395           330    6,124    1,571     1,688        1,580    1,285     1, 656       1,662                                                                                        2
                 53         9         17             14     13       15             15     778      220       281          144      133        122         193                                                                                        3
                 41         7         11             14      9        9              9      98       17        26           29       26         20          20                                                                                        4
                 49        10         14             15     11        9             13      73       11        18           28       17         16          14                                                                                        5
                 68        18         17             19     14       18             18     536      132       145          148      110        168         172      209         53           56         56        44        64          65            6
                 24         6          6              6      6        7              7      18        5         5            5        5          5           5                                                                                        7
                 40        10         10             10     10       12             12     252       63        63           63       63         65          65      190         47           47         47        47        55          55            8
                  1       (*)        (*)            (*)    (*)      (*)           (*)      149       37        41           32       39         34          35                                                                                        9

                 165        43        42             34     46       42            40      206       36        56           53       61        38           63       28             5       7             7        9         7           7        10
                 304        62        56             59    128       80            66    2,616      552       690          663      710       760          782      433            13     146            17      258        24          14        11
                 57         12        15             13     18       15            17       259        66       60          65       67        71           65      108         38           13         44        13        47          12        12
                 27          1        12              2     13        2            12       401        87       96          84      134       105           93       13          1            9                    3         1         -7         13
                                                                                         2,861      636       704          639      882     1,117          732                                                                                    14

           -1,401       -282       -366        -421       -332     -346          -420 -8,627 -1,844 -2,188 -2,355 -2,240 -2,371 -2,412                            -876       -177       -197         -282       -221     -199         -208        15
           —1, 139      -221       -302        -347       -269     -270          -351 -5, 774 -1, 179 -1,463 -1,604 -1,528 -1, 732 -1,807                                                                                                         16
             -38          -9        -10         -11            o     -7            -6 -1,794    -436    -469   —455   -434   -351    -312                                                                                                         17
             -50         -15        -11         -14        -10      -22           -12   -305     -47     -69    -99    -90    -76     -80                                                                                                         18
             -57         -12        -15         -18        -12      -14           -15    -65      -8     -13    -23    -21    -13     -17                          -35         -10       -10           -8         -7      -11          -10        19
             -42         -10        -11         -11        -10      -10           -11   -241     -59     -64    -65    -53    -79     -79                         -553        -123      -147         -161       -123     -134         -142        20
                          (*)                                        (*)                  -3      -1       i     -1     -1     -1      -1                                                                                                         21
               (*)
               -9
             -25
                          -2
                          -5
                                     1*>2
                                     -7
                                                    11
                                                    -6
                                                            (*)
                                                            -2
                                                            -7
                                                                     -3
                                                                     -6
                                                                                  11
                                                                                   -6
                                                                                         -37
                                                                                        -259
                                                                                                  -9
                                                                                                 -63
                                                                                                          —9
                                                                                                         -65
                                                                                                                  Q

                                                                                                                -63
                                                                                                                        -9
                                                                                                                       -67
                                                                                                                              -12
                                                                                                                              -66
                                                                                                                                      -12
                                                                                                                                      -65                         -116         -5         -2                     -41      -10          —9
                                                                                                                                                                                                                                                  22
                                                                                                                                                                                                                                                  23
                                                                                                                                                                                                      -67


                                                                                            -2      (*)        -1          -1       -1        -1           (*)                                                                                    24
                (*)       (*)        (*)            (*)                                     (*)                (*)                                         (*)                                                                                    25
              -24         -5         -5             -7     -7       -6             -6    -104      -31       -23          -24      -25       -26          -25      -58        -13        -13          -15        -17      -16         -16         26
              -17         -2         -3             -5     -6       —7            -10     -43      -11       -11          -11      -10       -14          -14     -114        -26        -25          -30        -34      -28         -32         27
                                                                                         2,861      636     -704         -639       882 -1,117           —732                                                                                     28
              -24         -5         -6             -7     -6       -5            -6 -2,264       -499      -595         -549     -621      -698         -612     -188        -52        -35          -60        -41      -46          -69        29
                                                                                     -1, 554      -335      -416         -366     -438      -506         -415     -188        -52        -35          -60        -41      -46          -69        30
               -5         -1         -1             -1     -1                     -1   -143        -34       -37          -37      -35       -36          -37                                                                                     31
              -19         -4         -4             -5     -5       -4            -5   -567       -130      -142         -147     -148      -156         -160                                                                                     32
              -21        -35          12           -23      24      -28            25 -1,621      -437      -655         -254     -274      -206         -394      -66        -11         -9          -47                 -14          -13        33
             -120        -37        -29            -27    -27       -31          -23 -2, 480      -809      -841         -357     -473      -445         -548      -71        -13         -9          -49                 -17          -13        34
               -1         -1         -2             ~1      2         1           -2     144        78         50          -1        18       56            11                                                                                    35

               100             4     44              5      49           2         49      727     294        137          115      181       183          144          5          3                        3                  3                  36
                                                                                         5 —11                           5 —11                                                                                                                    37
             -598       -119       -199        -154       -125     -74           -113 -1,644      -335      -533         -285     -491      -397         -573     -819       -274       -301         -368        124     -319           14        38
             -304        -80       -152            -39    -33      -71           -59     -729     -144      -286          -81     -219      -100         -428     -543        -83       -319         -224         84      -74          -1         39
               30          2          18             3      6        12            6     -263      -47      -108          -38      -70       -50          -81     -276       -191          18        -142         39     -245           15        40

             -110         -4       -28             -27    -51      -11           -10      -53      -1          27         -29      -50      -75           -81                                                                                     41
             -163        -15       -32             -84    -32       -5           -14     -427     -77        -92          -95     -163      -95             13      (*)        (*)       (*)           -2            2     (*)         (*)        42
              —12         -3        -1              -3     -5        8           -10        32     (*)        -4            31       5      -13             21                                                                         (*)        43

              -23        -9         -4                    -10       -2           -10      -55     -15         -7          -25       -8      -43            -5                                                                                     44
              -15       -11                          4              -5           -16     -149     -51        -63          -48        13     -21           -11 f                                                                                   45
                                                                                                                                                              I    --                                                                             46
               447        55        305             58      30      347           454    -514     -254       -77         -257        75      215          365      412         266           41        101           4   -281          123        47
                11       (*)                       (*)      11      (*)                      6         3       1            2       -1        -3          (•*)                                                                                    48
              -24       -13         -5             (*)     -6                     (*)       53         7      -4           15        34        36           31          92     145       -23            28       -58        50         177        49


                24          9        10             -2                   2          7      -4      -2         -2                             -2             1                                                                                     50
              -31           5        14            -15    -35            3          4       75      4          53          29      -11      -41            -1                                                                                     51

              -55         (*),'    -18             -36     -1            7        -3      -43     -39             6         3      -13      -16           -13     -140       -111       -54            -6         31      200           60     52&S3
                                                                                                                                                                                                                                                  54
                  3        19       -3                     -8       -1              5     -18       51       -19          -27      -23       -3            66                                                                                     55
               519         35       307            116      61      335           441    -582     -279      -112         -279        88      243          281      460         232       118            79        31     -530         -114     56&S7
                                                                                            44      16          /»         33           1                         1,123      -330        459         1,005      -11      -167          192        58
                                                                                            44      16        -6           33           1                           22          7         11             4                 544                    59
                                                                                                                                                                  -249       -592        196           150       -3      -710              7      60
                                                                                                                                                                                                                                                  61
                                                                                                                                                                  1,350        255       252           851       -8        -1          185        62
                                                                                                                                                                   717         717                                        710                     63
             -928       -214       -323        -117       -272     -498          -478    3,116     558        885         774       900      397          457 -1,284         -296       -237         -522       -230      117         -185        64

            4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
         incorporated affiliates of foreign firms.                                                                                 7. Includes transactions with shipping companies operating under the flags of Honduras,
            5. Includes sales of foreign obligations to foreigners.                                                              Liberia and Panama.
            6. Transactions with the Ryukyu Islands that were under U.S. military administration
         from the end of World War II until May 15,1972, are included with Japan beginning in the                                  NOTE.—Details may not add to total because of rounding.
         first quarter 1972; in previous periods they are included with "other countries in Asia and                               Source: U.S. Department of Commerce, Bureau of Economic Analysis.
         Africa".
December 1972



   50                                                                 SUEVEY OF CUEEENT BUSINESS                                                                                                                                        December 1972

                                                                                                                                                                                                           Table 9.—U.S. International
                                                                                                                                                                                                                                                           [Millions

                                                                                                               United Kingdom                                                                 European Economic Community

   Line                    (Credits-}-; debits-)*                                                         1971                                      1972                                                   1971                                     1972
                                                                            1971'                                                                                         1971'
                                                                                         I           II          III         IV,        I'          II'         m,                      I           II          III         TV-         I'          II'         III*

      1 Exports of goods and services 2                                      4,150       1,053       1,011       1,000       1,086      1,124       1,076       1,061     11,465       2,867        2,972       2,863 2,763             2,904 2,828             2,806
      2     Merchandise, adjusted, excluding military 3                      2,348         691         561         555         541        709         597         615      8,063       2,059        2,110       2,105 1,789             2,149 2,095             1,961
      3     Transfers under U.S. military agency sales contracts. _            105           9          48          41           7         11                      15        687         177          178         172   161                84    67                56
      4
      5
            Travel..
            Passenger fares-
                                                      _ .                       67
                                                                                69
                                                                                            13
                                                                                            13
                                                                                                        14
                                                                                                        18
                                                                                                                    28
                                                                                                                    23
                                                                                                                                12
                                                                                                                                15
                                                                                                                                           16
                                                                                                                                           13
                                                                                                                                                          £
                                                                                                                                                          21
                                                                                                                                                                   35
                                                                                                                                                                   30
                                                                                                                                                                             199
                                                                                                                                                                             100
                                                                                                                                                                                          32
                                                                                                                                                                                          20
                                                                                                                                                                                                       52
                                                                                                                                                                                                       25
                                                                                                                                                                                                                   65
                                                                                                                                                                                                                   34
                                                                                                                                                                                                                         50
                                                                                                                                                                                                                         21
                                                                                                                                                                                                                                           32
                                                                                                                                                                                                                                           19
                                                                                                                                                                                                                                                 71
                                                                                                                                                                                                                                                 31
                                                                                                                                                                                                                                                                   68
                                                                                                                                                                                                                                                                   41
      6     Other transportation                                               314          69          89          88          68         84             96      100        491         114          137         135   105               139   154               158
      7     Fees and royalties from unaffiliated foreigners                     67          17          17          17          17         19             19       19        154          39           39          39    39                39    39                39
      8     Other private services.                                            108          27          27          27          27         32             32       32        137          34           34          34    34                40    39                40
      9     U.S. Government miscellaneous services                              19           4           4           7           5          5              5        6         39           9           14           7     9                 8     9                 9
             Receipts of income on U.S. investments abroad:
     10       Direct investment fees and royalties                             282             64      66           68          85         73          76         77         506            115          126       109        156            128      119         134
     11       Direct investment interest, dividends and branch                 472             97     102          100         173        115         124        106         886            216          205       107        359            211      154         262
                earnings.4
     12       Other private assets .                                           184             41         49           45       49            44          44       44        158             39           39          38       42             42          39       38
     13       U.S. Government assets. .                                        115              8         17            3       87             4          28     -17          45             15           12          19      -1              14          12        1
     14    Transfers of goods and services under U.S. military               (*)         (*)                                            (*)                                  -1        (*)               -1     (*>                     (*)         (*)
             grant programs, net.
     15    Imports of goods and services                                    -4,792 -1,041 -1,299 -1,358 -1,095 -1,323 -1,469 -1,297 -12,095 -2,760 -3,184 -3,417 -2,734 -3,391 -3,558 -3,717
     16      Merchandise, adjusted, excluding military 3          -2,470                  -57 -682 -699                      -532       -736         -751       -624 -7, 549 -1,834 -1, 998 -2, 121 -1, 596 -2,263 -2,173 -2, 236
     17      Direct defense expenditures                            -258                  -63 -60    -70                      -66        -88         -111        -61 -1, 495 -340     -371    -375    -409 -406 -419        -377
     18      Travel                                                 -324                  -20 -117  -131                      -56        -26         -122       -148   -539     -51 -177      -236     -75     -59 -218     -267
     19      Passenger fares-                                       -288                  -42 -101   -87                      -58        -66         -109        -98   -418     -63 -134      -137     -84     -81 -157     -152
     20      Other transportation...               ___              -310                  -70  -81 -86                        -74        -79           -78       -94   -496 -107      -125    -134    -130    -129   -129   -159
     21      Fees and royalties to unaffiliated foreigners           -35                   -9    -9   -9                       -9         -9            -9        -9    -55     -14    -14     —14     -14     -15    -15    -15
     22      Private payments for other services                    -227                  -57   -57  -57                      -57        -65           -65       -65    -52     -13    -13     -13     -13     -15    -15    -15
     23      U.S. Government payments for miscellaneous services.    -14                   -3    -3    -5                      -4         -3            -3        -4    -73     -18    -19     -19     -18     -18    -18    -19
           Payments of income on foreign investments in the United
              States:                                                                                                                                                                                                                                                  o
     24                                                                                                                                                                                                                                     3
     25      Direct investment interest, dividends and branch                -236         -74         -50         -50         -62        -74          -51        -34        -134         -33             -27      -43         -32         -42         -32         -35
              earnings *
     26      Other private liabilities...                                    -407        -123         -90         -91        -104       -100         -105       -113        -533        -136         -128         -130       -139       -140         -135        -139
     27      U S Government liabilities                                      -212         -22         -48         -71         -70        -74          -64        -44        -747        -150         -^178        -195       -224       -221         -247        -301
     28    U.S. military grants of goods and services, net                    (*). .     (*)                                            (*)                                       1     (*)               1     .(*).                    (*)         (*)
     29    Unilateral transfers (excluding military grants), net               -54        -11         -12         -12         -18        -14          -11        -12         -35               4         -13       -18            -8           16                   36
     30     U.S. Government grants (excluding military)                                                                                                                      (*)                                   (*)                                            (*)
     31
     32      Private remittances and other transfers                           -28           -6        -5                     -12                         —4                      88          31          20          15          23           48          41          42
     33    U.S. Government capital flows, net     - -                           165       -44           80              1      127         36              55    -14           54            -9            69        10       -16                       38        -26
     34     Loans and other long-term assets .                                 -66        -38         -11               q
                                                                                                                               -8        -19              -8                -119            -27          -31       -27        -34            -60      -25         -30
     35     Foreign currencies and other short-term assets ..                    27        -8           32              e      -3          10               i    -12         -27             —4             (      -15          1              29        6
             Repayments on credits:
     36       Scheduled....                                                     204                       60            3      139             3           59        3        127             23          36          52          17           24          50          11
     37       Nonscheduled 5                                                                                                                  43                               73                         73
     38    U.S. private capital flows, net                                  -1,215       -730        -184            88       -390      -205              131   -102 -1,765             -631         -628         -472        -34        -751        -213        -187
     39     Direct investments abroad *                                       -646       -249         -93         -115        -189      -187              145    -63 -1, 305            -592         —423         -417         126       -644        -281        -312
     40     Foreign securities*                                                -86        -38         —61          -11           23      -23               17      26     65              -5             i           3          34          72         108          69
             Claims reported by U.S. banks:
     41       Long-term                                                        -59           -40                   -14                                             11       -139            -23          -42                  -28                     -10         ^28
     42       Short-term, nonliquid-                               _ _._.     -137           -71      -75            84        -7\        -16         -21         -5        -238            -36          -82          1'     -132        -205           83         32
     43       Short-term liquid                                                -48           —10      —14             8        -32          32          13       -70         -74              20         -12                  -16           10        -92          47
             Claims reported by U.S. nonbanking concerns:
      44       Long-term                                                        18         -8                           16                 (*)          21       -20           17             16                              -10                      -8
      45       Short-term, nonliquid                                          -45           21                          11     -60          60          32                   -77            -17          -18      • • —i      -36            -1!        11          41
      46       Short-term liquid                                              —211       -334             7-           109     -60        -71         -68            39      -14               5         -63           16       28             25     -24         -38
      47   Foreign capital flows, net.                                        2,237      -765        1,305             326    1,371     1,061              71 -2,028        5,812       2,764             654     1,422           972    1,862       2,115       4,831
      48     U.S. Government nonliquid liabilities to other than                                                                                                                                                                                         «         _i
               foreign official reserve agencies                               -48             10     -36          -27              (                                       -360        -147             -13      -147        -53            -79
              Other foreign private capital:
      49       Direct investments in the United States *                           203       -33      -10              186       60                   -32          33          60             80         -26           71     -65              63          91       28
      50       U.S. securities other than Treasury issues                          548         68       40             174      266           322      13         137         884            191          119         17       403            39          417      122
      51       Other long-term, reported by U.S. nonbanking
                 concerns                                                     -14            -35        40        -125         -21           -40          11        38        164          93            -70       -3             17         -41                  -94
      52       Short-term, reported by U.S. nonbanking concerns ,              -56           -92      -26          -43          105            99          42     -46       -111        -200             -42        103            28                 -19           44
      34       Long-term, reported by U.S. banks _           ...
      55       U.S. liquid liabilities to private foreigners
                                                                              1,73        -683       1,29              161      956           670     -18 -2, 191           5,18        2,748             690     1,26            482    1,45        1,627       4,655
      55      U.S. liquid liabilities to foreign official agencies
      56      Other readily marketable liabilities to foreign official
               agencies.
      57      Nonliquid liabilities to foreign official reserve agencies                                                                                                                                                                       8                       80
               reported by U.S. Government.
      58    Transactions in U.S. official reserve assets, net                      30          30                                  —3    (*)          -24         245         60              25          33          25                 (*)
      59      Gold                                                                                                                                                            60              25          39          19
      60      SDR
      61      Convertible currencies                                               30          soe                                 -3    (*)          -24         242                         (*)        -6             6         -      (*)                       —3
      62      Gold tranche position in IMF
      63    Allocations of special drawing rights (SDR)
      64    Errors and omissions, and transfers of funds between               -79        1,23        -90          -4 -1,07              -678             38     2,14      -4,03       -2,26         -20          -63        -94         -63 -1,21              -3,740
              foreign areas, net.

           See footnotes at end of table.
December 1972



    December 1972                                                                       SURVEY OF CURRENT BUSINESS                                                                                                                                51
   Transactions, by Area
   of dollars]

                            Other "Western Europe                                                             Eastern Europe                                                                       Canada

                                1971                                1972                                      1971                                  1972                                    1971                           1972                   Line
    1971r                                                                               1971'                                                                      1971
                 I         II          III     IV r        I'       •IIr        III>            i        II          III       IV r       Ir        II r III*                  I       II          HI     IV      I'       IIr       III*

     4,937   1,359        1,320        1,172   1,086      1,404 1,373           1,336     466    129      107          105       125      179        148    259    14,178 3,274 3,747 3,403 3,754 3,729 4,30 3,98                                    1
               897          844          764     651        910   880             839     408    115       93           88       112      162        130    243    10,476 2,460 2,847 2,44- 2,725 2,884 3,37 3,00                                    2
    A$          27           47           21      52         35    30              42                                                                                  76    18    16            28  10    14                                        3
       101
        51
                17
                10
                             30
                             14
                                          27
                                          16
                                                  27
                                                  11
                                                             20    37              33                                                                                 927   211   24<   31; 16: 226 221 30                                           4
                                                                                                                                                                                                                                                     5
                                                              9    16              19                                                                                  10
       600     140          170          165     124        158   181             183      13       <                                          ,4                     217    47    5?     61 ' • 5   48    5    6:                                   6
        46                                                                                                                                                                    (     (
        88
        86
                12
                22
                26
                             12
                             22
                             19
                                          12
                                          22
                                          27
                                                  12
                                                  22
                                                  14
                                                             13
                                                             26
                                                             21
                                                                   13
                                                                   26
                                                                   22
                                                                                   13
                                                                                   27
                                                                                   24
                                                                                            8
                                                                                           2(       5
                                                                                                    1
                                                                                                              (            t          t
                                                                                                                                               i
                                                                                                                                               5
                                                                                                                                               1
                                                                                                                                                       i       i
                                                                                                                                                           . ' t
                                                                                                                                                               ]
                                                                                                                                                                       37
                                                                                                                                                                      158    39    40
                                                                                                                                                                                    c
                                                                                                                                                                                         3
                                                                                                                                                                                           9
                                                                                                                                                                                           ;     3
                                                                                                                                                                                                     10
                                                                                                                                                                                                     4<
                                                                                                                                                                                                           10
                                                                                                                                                                                                           4<
                                                                                                                                                                                                                10
                                                                                                                                                                                                                4
                                                                                                                                                                                                                 ;
                                                                                                                                                                                                                                                     7
                                                                                                                                                                                                                                                     8
                                                                                                                                                                                                                                                     9

      148         31         38          30       50         43            43      40                                                                                397         88      98          94     116      86       96       114          10
      300        123         69          41       67        108            89      70                                                                              1,000        185     220         211     383     187      230       18           11
      128            31      33          31       33         31        30          30       5       1         1            1      1            £       r
                                                                                                                                                                        87?     214     215         213     23      232      238       24;          12
       85            24      23          16       23         31         7          18      10       *         1            e
                                                                                                                                  1            2       4      1               ()
                                                                                                                                                                               *          1         *
                                                                                                                                                                                                   ()             ()
                                                                                                                                                                                                                   *                                13
      272            92      68          56       56         83        60          30                                                                                                                                                               14

   -5,322 -1,162 -1,423 -1,545 -1,193 -1,550 -1,696 -1,694                               -279   -65     -79          -83        -52 -81             -91 -126 -14,505 3,224 -3,779 -3,822 -3,680 -3,807 -4,397 -4,048                                15
   -2, 739 -647           -720     -757        -615 -917            -862 -860            -225   -57     -65          -61        -42 -72             -75 -103 -12, 166 -2, 813 -3,227 -2,922 -3, 204-3, 422-3,846 -3,181                             16
     -268   -74            -64      -64         -67 -76              -80 -77               -4    -1      -1           -1         -1 -1               -1         -193      g2 -49 -39 -53 -47 — 4i                   — 3i                            17
     -510
     -280
            -59
            -38
                          -163
                          -116
                                   -228
                                    -78
                                                -60 -75
                                                -48 -61
                                                                    -208 -258
                                                                    -130 -90
                                                                                          -29    -2      -8          -15         ~4 -2                e    %  -1, 127 -99 -254 -611 -163             -85 -239 -563                                  18
                                                                                                                                                                                                                                                    19
     -591 -132            -152
      -19    -5             -5
                                   -162
                                     -5
                                               -144 -163
                                                 -5   -6
                                                                    -157 -146
                                                                      -6   -6
                                                                                         -11     -3       -3
                                                                                                        (*)
                                                                                                                    -3
                                                                                                                  (*)
                                                                                                                                -3         -3 -3
                                                                                                                                          (*) (*)
                                                                                                                                                            — j.   -231        -50
                                                                                                                                                                                -1
                                                                                                                                                                                        -60
                                                                                                                                                                                         -1
                                                                                                                                                                                                   -62
                                                                                                                                                                                                    -1
                                                                                                                                                                                                           -59     -&       ~5;       -6*           20
                                                                                                                                                                                                                                                    21
      -54 -13
      -62 -11
                           -13
                           -18
                                    -13
                                    -17
                                                -13 -16
                                                -17 -16
                                                                     -16 -16
                                                                     -16 -19
                                                                                        ,P>-9 C)-2 (*L2               -3        -2
                                                                                                                                          (
                                                                                                                                          2s        (*)
                                                                                                                                                     -3     -3
                                                                                                                                                                   -157
                                                                                                                                                                    -10
                                                                                                                                                                               -3*
                                                                                                                                                                                —i
                                                                                                                                                                                         4
                                                                                                                                                                                        -(         -37
                                                                                                                                                                                                    -3
                                                                                                                                                                                                           —41     -44      -4;       -4:           22
                                                                                                                                                                                                                                                    23

     -12      -2            -2          -4      -4          -3        -2          -1                                                                                -64        -16      -16        -16     -16     -12      -12       ---12         24
     -96     -27           -21         -30     -19         -23       -23         -13                                                                                -88        -30      -19        -18     -20     -24      -27       -17           25
    -522     -126         -119     -139        -137       -138      -142        -147      -1                           *
                                                                                                                      ()          *
                                                                                                                                 ()       (*)        ()
                                                                                                                                                      *      *
                                                                                                                                                            ()     -258        -72      -61        -62     -62     -57      -59       -60           26
    -171      -28          -31      -48         -64        -57       -53         -62     ()
                                                                                          *      R 8                  ()
                                                                                                                       *          *
                                                                                                                                 ()       (*)         *
                                                                                                                                                     ()      *
                                                                                                                                                            ()     -207        -50      -49        -51     -58     -58      -60       -63           27
    -272     -92           -68         -56     -56        -83       -60         -30                                                                                                                                                                 28
    -281     -61          -68          -81     -71        -79       -82          -81     -24    -5       -9           -5        -5                   -6     -7     -120        -20      -25        -41     -35     -23      -26       -40           29
     -28
    -107
    -145
              -7
             -24
             -30
                           -4
                          -29
                          -35
                                       -11
                                       -27
                                       -43
                                                -6
                                               -27
                                               -38
                                                          -15
                                                          -27
                                                          -38
                                                                    -14
                                                                    -27
                                                                    -41
                                                                                 -15
                                                                                 -30
                                                                                 -36
                                                                                          -4
                                                                                         -10
                                                                                         -10
                                                                                                -1
                                                                                                -2
                                                                                                -2
                                                                                                         -2
                                                                                                         -3
                                                                                                                      -3
                                                                                                                      -2
                                                                                                                                -3
                                                                                                                                -2
                                                                                                                                          .3
                                                                                                                                          -2
                                                                                                                                                     -3
                                                                                                                                                     -4
                                                                                                                                                            -3
                                                                                                                                                             4      -63
                                                                                                                                                                    -58
                                                                                                                                                                               -14
                                                                                                                                                                                -6
                                                                                                                                                                                        -16
                                                                                                                                                                                          0
                                                                                                                                                                                                   -16
                                                                                                                                                                                                   -25
                                                                                                                                                                                                           -16
                                                                                                                                                                                                           -18
                                                                                                                                                                                                                   -17
                                                                                                                                                                                                                    -6
                                                                                                                                                                                                                            -17
                                                                                                                                                                                                                             __{
                                                                                                                                                                                                                                      -18
                                                                                                                                                                                                                                      -22
                                                                                                                                                                                                                                                    30
                                                                                                                                                                                                                                                    31
                                                                                                                                                                                                                                                    32
     -96     -17          -46          -21     -12        -11        -6 -77                6     ()
                                                                                                  *      -6            13       -1 -2                 30   -71      -25        -10      -3          -2    -10       -6      -12                     33
    -318     -70          -98          -66     -85        -79       -72 -101             -62    -19     -21          -11       -12 -21               -4    -84      -28         -9      —7          -2    -10               -12        —]           34
       18      6            3            4       4          1         3   -9              24       7      8             7        3   5                11     5        3         -1       3           1      -1      "r
                                                                                                                                                                                                                       2               -1           35

      204         46        49           40      68         52         53         34       44    12           7        17         8           14      24      8           1             *
                                                                                                                                                                                       ()                    1     ()
                                                                                                                                                                                                                    *            1     *
                                                                                                                                                                                                                                      ()            36
                                                            15         10                                                                                                                                                                           37
    -369     -394         -157         -85      267       -391        163       -140     -28        8         3       -4       -35 -30              -11       2 -1,066        -41       -68    -303       -654 -1,066         74 -539               38
    -131     -252          -65         -98      285       -293         81        -40                                                                               -226       -80        17       12      -176 -143          116 -361               39
      .67      36            17        -11       25          54        42         42                                                                               -279       -82      -125     -46        -26 -178        -348     76              40

     -38        9          -53           4       2          -9        -3         -23      -4        2    -1           -9         4 -7 -12                   -5       84         44       2    2   36                  g     -51        —4           41
    -146     -142          -59          71     -16         -63         19       -107     -12              3            6       -21 -36 -2                    6     -100         15     -21   34 -128              -131     -123         19          42
     -12      -14            15        -15       2         -30         11        -11      -4    11        1           -1        -2   2 -1                    1     -386         23      35 -136 -308              -328       354     -188           43

     -21       3           -11           12    -25          -6          7   30                                                            -4          1             -15        -1       -7      -76        69      -19      -9       -15            44
     -88     -33            -2          -4     -49         -40            -36             -8        8                          -16         15         3             -12       -15        15      26       -38      -39       27      -30            45
              -1             .1        -43       43         -4        ()
                                                                       *     5                                                                                     -132         55       16    -120       -83     -224      109      -36            46
    4,314        190      1,014    2,642        469         49        58 1,812            -4     -4           9       -5        -4            1       9       7    -267       -598     -128        164     296     236      686      -91            47
     -17          *
                 ()         -8           16    -24              9          4      20      -2      *
                                                                                                 ()      -2           (*)         *
                                                                                                                                 ()        *
                                                                                                                                          ()                        -33        -5       -6         -3     -18      -1        -3        14           48

     -35          44         60        -93     -46          22         23         13                                                                                 85         40      44          10     -9      42        103        1           49
      663        118         69         164     312        267        137        424                                                                                -45         19     -26           4    -42     -39        —7        23           50
      146         52        42         -13       65          1         11        -31                                                                                  5            3    -2          -7       11    -1        -1       -4            51
     -17         -8        -25           15       1        -44         29          19       1                                     1           2      -2             -20            1   -30         -19       28   -11       -19       -8            52
                                                                                                                                                                                                                                              f     53
                                                                                                                                                                                                                                                    54
    3,578        -14        875    2,556        161       -204      -146        1,370     -3     -4       11          -5        -5        -1          11      7    -610       -657     -108        180    -25       46      613      -116           55
                                                                                                                                                                                                                                                    56
      -4                                                        g
                                        —9                                        -2                                                                                 351                                    351    200                             57

      270        128         50          84       8          64       -5        -105                                                                               ()
                                                                                                                                                                    *                   *
                                                                                                                                                                                       ()       *
                                                                                                                                                                                               ()                 ()
                                                                                                                                                                                                                   *                               58
      188         61         55          72                                                                                                                                                                                                        59
                                                                                                                                                                                                                                                   60
       82            67     -5           12           8      64       -5        -105                                                                                *
                                                                                                                                                                   ()                  ()
                                                                                                                                                                                        *       *
                                                                                                                                                                                               ()                  *
                                                                                                                                                                                                                  ()                               61
                                                                                                                                                                                                                                                   62
                                                                                                                                                                                                                                                   63
   -3,454        -41      -691 -2,168          -554         514       194 -1,050         -137   -63     -25          -21        -29 -62             -79    -64     1,805       620      257        601     328     937     -627       739          64
December 1972



     52                                                                    SUEVEY OF CUKRENT BUSINESS                                                                                                                                  December 1972

                                                                                                                                                                                                        Table 9.—U.S. International
                                                                                                                                                                                                                                                         [Millions

                                                                                Latin .America nRepu blics an d Other Westei nHem sphere                                                                        Japsm e

    Line                       (Credits +; debits -)i                                                      19 71                                   1972                                                19 71                                     1972
                                                                                 1971 r                                                                                   1971 r
                                                                                           I         II            III          IV'       P        IP          III*                   I           II           III        IV'         P          IP          III*

       1 Exports of goods and services 2                            10 426 2 525 2 698 2 747 2 457 2 648 2 766 2 791 5 497                                                            1 447       1 345 1,305              1 400      1,637      1 530 1,569
       2  Merchandise, adjusted, excluding military 3                6 432 1,595 1 644 1 794 1 399 1 716 1 744 1 796 4 069                                                            1 094       1 003   931              1,041      1,212      1 127 1,164
       3  Transfers under U.S. military agency sales contracts. _ _     34     9     9     9     8 ' 15     16     7    42                                                                7           5    14                 17         20          8       6
       4  Travel                                                       890   197   225   237   231   208   250   267   134                                                               27          35    35                 37         45         50     51
       5  Passenger fares                                              159    39    41    44    35    35    45    55   104                                                               21          24    27                 32         32         31     27
       6  Other transportation.       . ._ .                           360    88    93    95    83    89   101   101   285                                                               67          79    78                 60         88         99     95
       7  Fees and royalties from unaffiliated foreigners _             45    11    11    11    11    11    11    11   221                                                               55          55    55                 55         63         63     63
       g  Other private services                                       307    76    77    78    77    87    88    88    54                                                               14          14    14                 14         16         16     16
       9  U.S. Government miscellaneous services                        67    18    19    14    16    16    17    18    35                                                               11           7    14                  3          5          8     12
              Keceipts of income on U.S. investments abroad:
     10        Direct investment fees and royalties                                336       79         96            83           79       69        85          87         101            18         32            27          24         28          30      30
     11        Direct investment interest, dividends and branch                  1,124      252        304           232          335      248       239         204         151            54         22            40          35         49          32      47
                 earnings.4
     12        Other private assets                                                 517     131        131           118          138      123       127         129         267            71         61            63          73         72          60      55
     13        U.S. Government assets ..                                            156      31         48            32           45       31        44          27          33            10          8             7           g          9           7       6
     14     Transfers of goods and services under U.S. military grant                21          7          7             6           1       6           6           6    (*)        (*)                      (*)        (*)         (*)
             programs, net
     15     Imports Of goods and services                                       -8,577 -2, 192 -2,207 -2,257 -1,921 -2,587 -2,326 -2,423 -8,932 -1,952 -2,252 -2, 115 -2,614 -2,624 -2,754 -3,006
     16       Merchandise, adjusted, excluding military 3           -6, 117 -1, 524 -1, 612 -1,630 -1, 351 —1, 857 -1, 675 -1, 711 -7, 280 -1, 598 -1, 878 -1, 675 -2, 129 -2,090 -2, 174 -2, 410
     17       Direct defense expenditures. .                          -152     -41     -39     -39    -32    -38      -48     -37 -614       -158    -150    -145    -161 -204 -215         -207
     18       Travel                                                -1,322 -384       —315 —326 —297 —435 -345 —395                   -88     -16     -24     -30     -18     -17   -35      -40
     19       Passenger fares                                          —71     —19     -18     -18    —16    —22      -26     -27     -50     -13     -12     -16      -9     -15    -19     -21
     20       Other transportation         .                          -257     -61     -67     -69    -61    -73      -69     -77    -308     -69     -79     -84     -76     -87    -82     -83
     21       Fees and royalties to unaffiliated foreigners             —3      —1       —1     —1     —1      —1      —1              —5      —1      —1      —1              —1     —1
     ?,?,     Private payments for other services _ _ _ _             -184     -44     -48     -50    -43    -48      -53     -55     -24      -6      -6      -6      -6
                                                                                                                                                                       _B
                                                                                                                                                                               -7     -7      -7
     23       U.S. Government payments for miscellaneous services. _ -174      -40     -40     -48    -47    -45      -43     -51     -18      -4      -4      -5              -5     -6      -6
              Payments of income on foreign investments in the
                United States:
     24        Direct investment fees and royalties                                                                                                                          -1           -1       (*)          (*)                     -1
     25        Direct investment interest, dividends and branch                    -28      -7         -7            -8           -7       -8         -8         -6         -40           -7       -15          -12             —7                -15         -20
                 earnings 4
     26        Other private liabilities   _           .                         -243      -67        -53           -58          -64      -59       -56         -61        -197        -51         -46          -52         -48        -42        -48         -56
     27        U.S. Government liabilities                                        -27       —5         -8           -11           -2       -2        -2          -2        -306        -26         —37          -89        -153       -152       -153        -155
     28     U.S. military grants of goods and services, net                        -21      —7         —7            —6           —1       —6         —6         —6        (*)        (*)                      (*)         (*)        (*)
     29     Unilateral transfers (exclu ding military grants) , net -            —538     —139       —134       —130            -134      -134     -134        — 123        -46           —9       -10          -13         -13        -10          -7        -13
     30      U S Government grants (excluding military)                          —270      —70        —66        —66             —68       —62      —69         —56                                                                     -1           2
     31      U. S * Government pensions and other transfers                       -55      -13        -14        —13             -14       —16      -15         -16         -10           —2        -3           -3          -3         -4          -3         -4
     3?,     Private remittances and other transfers _ . . _                     -214      -56        —54        -51             -52       -55      -51         -51         -35           —7        -8          -11         -10        .-6          -6         -9
     33     U.S. Government capital flows, net                                   —357     —73        —100          —82          -103       -69     -106        -113            68      -32          -1            85          16         2           63         14
     34      Loans and other long-term assets                                    -696     —154       —191          —154         —197      -140     -182        -175        -217        -81         -58          -29         -49        -89         -56        -19
     35      Foreign currencies and other short-term assets .                      -7      (*)        -6           (*)           (*)        —2       -7        (*)         (*)           3           1             5         -8          3          -4           1
              Repayments on credits:
     36        Scheduled                                                           343          78         98            73        95         73          83      62         126            47         27            27          25         58      123         25
     37        Nonscheduled *                                                        4           4                                                                           159                       29            82          48         30                   7
     38     U S private capital flows, net4                                     -1,332      44       -380       —533            —463         1 —629            -495        -947         262       —299         -760        —150         -5          407         26
     39      Direct investments abroad                                            —668    -38        -336       —192            —103        25    39            —26        —211        -43         -29         -177          37        -76          -4        -53
     40      Foreign securities             ___       _ _ . - _         _ _ .      -40      18           2       -16             -45      -12   -42               16       —126        -53        -139          -20          85        -23         -75        -54
              Claims reported by U.S. banks:
     41        Long-term                                                         —114       48         43          -117          —88      -40      -146        -215        —132        —10        -100           -1         -21        -32         -31          20
     42         Short-term nonliquid                                             —213       34         27          —102         —172      -70      -271        -150        -371        403         -46         -405        -323         288         484        207
     43         Short-term, liquid                                 -- .          -45      -21         —24           —19           19      -11       -37         -58         -17          5           26        -140           92      -125           60       -96
              Claims reported by U.S. nonbanking concerns:
     44         Long-term                                                         -30           2     -15            33          —50       -7       -14          15                    —21           23           5          -7         -1         -24          2
     45         Short-term, nonliquid                                                                                                                               f -69               -2         -29          -17         -21        -22           24         5
     46         Short-term liquid                                               J —221          1     —77          —121          —24       116     —159         —76 \ -20              —17          -5           -6           8        -15         -27         -4
     47     Foreign capital flows, net                                             -11    -296        387          -459           357 —477           653       -193 10,059            1,047  2,242             5,081       1,689        985        119       1,326
     48       U.S. Government nonliquid liabilities to other than                   -6        4       -9             -2             1 t -10          -2            1   -5                — 1 (*)                 -8            4        -7        (*)             3
                foreign official reserve agencies.
              Other foreign private capital:
     49        Direct investments in the United States 4 _                           60         21   (*)             14            25     -12       -27            7       -456        -31         -69         -562             206   -478          191        177
     50        U S. securities other than Treasury issues                            57         22         13        30           -7        13      -25         -39           54         2           13           21             19      27          99         21
     51        Other long-term reported by U S nonbanking con-                      100         42         14       —35            79     —34         63          17           9         2                                        7       4           1        212
                 cerns.
     52        Short-term reported by U S nonbanking concerns                       103          6    —19                71        45         69     —18        —67              33         22      -4               15                     17           2      24
     53        Long-term, reported bv U.S. banks
     54        U.S. liquid liabilities to private foreigners _
                                                                                  -324    -391         389         -537           215     -504        661      -112       10, 424     1,052       2,302        5,616       1,454      1,423       -174         889
     55       U.S. liquid liabilities to foreign official agencies
     56       Other readily marketable liabilities to foreign official
               agencies.
     57       Nonliquid liabilities to foreign official reserve agencies
               reported by U.S. Government.
     58     Transactions in U S official reserve assets net                           4   (*)               4      (*)
     59       Gold                                                                    4   (*)               4      (*)
     60       SDR
     61       Convertible currencies
     62       Gold tranche position in lAf F
     63     Allocations of special drawing rights (SDR)
     64     Errors and omissions, and transfers of funds between                    384        132   -268            714        -194       619      -224         557 -5,700 -763                 -1,025 -3,583             -329             15      643         83
             foreign areas, net.

     ' Revised.     » Preliminary.       * Less than $500,000 (±).                                                               2. Excludes transfers of goods and services under U.S. military grant programs.
     1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows                                 3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
                      (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.                             export documents, and imports of goods included under direct defense expenditures identified
                      official reserve assets.                                                                                in Census import documents, and reflects various other balance-of-payments adjustments
        Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital                                 (for valuation, coverage, and timing) to Census statistics; see table 4.
                      outflows (decrease in U.S. liabilities or increase in U.S. assets); increase                              4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
                      in U.S. official reserve assets.                                                                        incorporated affiliates of foreign firms.
December 1972



    December 1972                                                                              SUEVEY OF CUEEENT BUSINESS                                                                                                                                                   53
    Transactions, by Area—Continued
    of dollars]

                 Australia, New Zealand and South Africa                                                   Other countries in Asia and Africa •                                             International organizations and Unallocated 7

                                   1971                                1972                                              1971                                1972                                               1971                                 1972                   Line
     1971 *                                                                                    1971                                                                                1971
                   I         II           III       IV'      I'        II '       III"                    I         II          III       IV       Ir        II r       III"                    I         II           III       IV        Ir        II r    III"

      2,524           601         577         664     682     604          543       619 11,509          2,796     3,168        2,894     2,650    3,061     3,156      2,926         981           15     279          172        374      198        146     193             1
      1,694           42J         379         478     414     395          330       405 6,124           1,571     1,688        1,580     1,285    1,656     1,662      1,490                                                                                                  2
         53                        17          14      13      1!           17          9   778            220        281          144      133       122       163         87                                                                                                 3
            4:                     i:          14       9                   11         19    98              17        26           29       26        20        36         35                                                                                                 4
            49         10         14           15      11                   17         13    73              11        18           28       17        16        18         24                                                                                                 5
            68         18         17           19      14         lj        17         21   536             132       145          148      110       168       165        157        209           53         56        56         44          64      65         66          6
            24          (          6            6       6                                    18               5         5            5        5                                                                                                                                7
            40         10         10           10      10         12         12        12   252              63        63           63       63         ei         ei         ft      190           47         47        47        47           55      55         55          8
                 (*)                                                              (. )      149              37        41           32       39         34         36         38                                                                                               9

        165            43         42           34      46         42         41          40      206        36        56           53        61       38        73         56          28                                            (                                        10
        304            62         56           59     128         80         62          76    2,616       552       690          663       710      760       776        811         433           ii     146           ii        258          2<      I-         1<         11
            57         12         15           13     18          15         17          15      259          66         60        65        67       71           65         72      108           38         li        44         1J          47      12         55         12
            27          1         12            r     13                     12                  401          87         96        84       134      105           93         87       13                                                                                     13
                                                                                               2,861       636       704          639       882    1,117       732      1,287                                                                                                 14

    -1,401       -282       -366        -421        -332    -346       -416       -510 -8,627 -1,844 -2,188 -2,355 -2,240 -2,371 -2,405 -2,651                                     -876        -177      -197          -282      -221     -199 -215 -296                      15
    -1,139       -221       -302        -347        -269    -270       -343       -421 -5, 774 -1, 179 -1,463 -1,604 -1, 528 -1, 732 -1, 790 -2,039                                                                                                                           16
       -38         -9        -10         -11          -8                 -6         -6 -1,794 -436 -469 -455 -434 -351 -313 -276                                                                                                                                              17
       -50        -15        -11         -14         -10     -22        -14        -16 -305      -47      -69    -99    -90     -76    -94 -115                                                                                                                               18
       -57        -12        -15         -18         -12     -14        -17        -22    -65      -8     -13    -23   -21     -13     -17      -33                                 -35         -10       -10            -8                -11 -12 -10                        19
       -42        -10        -11         -11         -10     -10        -11        -11 -241      -59      -64    -65   -53     -79     -78      -68                                -553        -123      -147          -161      -12J     -134 -142 -164                      20
                                          (                                                -3      -1      -1     -1     -1      -1      -1      —1                                                                                                                           21
                                                                                    -si 1




                  l          l
       -9          -2            -2        L2        -2                U
                                                                         -3                                        c       c                                                                                                                                                  22
                                                                                     CO !>•




                                                                                          -37      —9      -9                  -12     -12      -12
      -25          -5            —7        -6        -7       -e         -6              -259    -63      -65    -63   -67     -66     -60      -62                                -116         —5                     -67        -41      -10        -17     -77             23


                                                                                                     2    (*}            1            I        1        I               t*\                                                                                                   24
      (*)        (*)        (*)         (*).                                        -1         C)                  (*)                                       (*)        (*)                                                                                                   25
      -24          -5            -5           -7     -7       -6         -6         -8         -104       -31       -23         -24        -25     -26        -26        -29        -58        -13        -13          -15        -17      -16        -16     -17             26
      -17          -2            -3           -5     -6       -7        -10        -16          -43       -11       -11         -11        -10     -14        -14        -16       -114        -26        -25          -30        -34      -28        -28     -29             27
                                                                                              -2,861     —636      -704       -639        -882 -1,117          732      1 287                                                                                                 28
      -24          -5            -6           -7     -6       -5         -6         -6 -2,264            -499      -595       -549        -621     -698      -583       -544       -188        -52        -35          -60        -41      -46 -131           -76             29
                                                                                       -1, 554           -335      -416       -366        -438     -506      -370       -350       -188        -52        -35          -60        -41      -46 -131           -76             30
       -5          -1            -1           -1     -1       -1         -1         -2 -143               -34       -37        -37         -35      -36       -37        -37                                                                                                  31
      -19          -4            -4           -5     -5       -4         -5         -4 -567              -130      -142       -147        -148     -156      -176       -158                                                                                                  32
      -21        -35           12         -23         24     -28          25       -17 -1,621            -437      -655       -254        -274     -206      -405       -112        -66        -11         -9          -47                 -14        -13       1             33
     -120        -37         -29          -27       -27      -31        -23        -22 -2,480            -809      -841       -357        -473     -445      -554       -355        -71        -13         -9          -49                 -17        -13      -1             34
       -1         -1          _2           -1          2       1         -2          1     144              78        50        -1           18      56         5          50                                                                                                 35

       100             4          44           5      49          2          49          5      727       294       137        115         181      183       144         192             5          3                       3                   3                 3          36
                                                                                                —11                           —11                                                                                                                                             37
     -598        -119       -199        -154        -125     -74       -132        -67 -1,644            -335      -533       -285        -491     -381      -606       -230       -819       -274       -301       -368          124     -318           5      16            38
     -304         -80       -152         -39         -33     -71        -76        -66 -729              -144      -286        -81        -219     -100      -417        -94       -543        -83       -319       -224           84      -74        -14     -66             39
        30          2          18          3           6       12         6          4 -263               -47      -108        -38         -70      -50       -82        -32       -276       -191          18      -142           39     -245          20     81             40

     -110         -4         -28          -27       -51      -11         -8         -1          -53       -1         27         -29        -50     -76       -83         -92                                                                                            ....41
     -163        -15         -32          -84       -32       -5        -14         -4         -427      -77       -92          -95       -163     -95         20          11       (*)       (*)        (*)            —2            2    (*)         -1          1         42
      -12         -3          -1           -3        -5        8        -10         -4            32     (*)        -4            31         5       3          2        -15                                                                                 (*)             43

      -23         -9             -4                 -10       -2        -13        (*)          -55      -15        -7          -25        -8      -43       -33         -19                                                                                                  44
      -15        -11                           4              -5        -17              5     -149      -51       — 63         -48         13     —20       -14           11                                                                    1     -1                     45
                                                                                                                                                                                                                                                                              46
       446             55     305              58     29     347         467        679        -514      -254      -77        -257          75      215       394         562        412        266            41       101           4   -281        120 -118                47
         3             19     -3              -5     -8      -]            4        -4          -18         51     -19         -27        -23       -3        101         124                                                                                                 48


        11       (*)                    (*)           11    (*)                                    6       3         1             2       -1       -3                  (*)                                                                                                   49
      -24         -13            -5     (*)          -6                (*)                        53       7        -4            15        34       36        31                     92        145      -23             28      -58         50       172     -19             50
        24           9            10      -2           7          2               °5             -4       -2        -2                              -2          2              1                                                                                              51
      -32               5         14      -15       -36           3          15     -6              75        4      53           29      -11      -41        -8              24                                                                                              52
                                                                                                                                                                                                                                                                        '     53

       464             35        289          80      60      342        441        684 • -625           -318      -106       -276          75      227       269         406        320        121            64        73        62     -330       -52      -99             54
                                                                                                                                                                                                                                                                              55
                                                                                                                                                                                                                                                                              56
                                                                                                                                                                                                                                                                              57

                                                                                                    44        16    -6            33           1                                   1,123      -330        459       1,005   -11           -167      192      -15             58
                                                                                                    44        16    -6            33           1                                       22        7         11           4                   544 .....                        59
                                                                                                                                                                                   -249       -592        196         150 ~~~-3           -710                               60
                                                                                                                                                                                                                                                                             61
                                                                                                                                                                                   1,350        255       252           851       -8        -1        185    -15             62
                                                                                                                                                                                     717        717                                        710                               63
     -927        -214       -323        -117        -271    -498       -481       -699         3,116      558       885          774       900      380       449             49 -1,284       -296       -237       -522         -230       116 -103          295            64


      5. Includes sales of foreign obligations to foreigners.                                                                                ..      ^w Uiwiikj<
                                                                                                                                            7. Includes transactions with shipping companies operating under the flags of Honduras,
      6. Transactions with the Ryukyu Islands that were under U.S. military administration                                                 Liberia and Panama,
   from the end of W9rld War II until May 15,1972, are included with Japan beginning in the
   first quarter 1972; in previous periods they are included with "other countries in Asia and                                               NOTE.—Details may not add to total because of rounding.
   Africa"                                                                                                                                   Source: U.S. Department of Commerce, Bureau of Economic Analysis.
March 1973


  40                                                                 SURVEY OF CURRENT BUSINESS                                                                                                                    March 1973

                                                                                                                                                                                  Table 9.—U.S. International
                                                                                                                                                                                                                             [Millions

                                                                                                               United Kingdom                                                European Economic Community (6)

  Line                                    (Credit+; debits-)»                                                                        1972                                                                     1972
                                                                                            1971     1972 P                                                       1971         1972 P

                                                                                                                               II           III'                                                                     III"       IV P

           Exports of goods and services 2                                                  4,160    4,584       1,124        1,078         1,050       1,332     11,467       11,930     2,903       2,828          2,799      3,401
             Merchandise, adjusted, excluding military 3                                    2,358     2,653         709                       612         733      8,065        8,728     2,148       2,095          1,978      2,507
             Transfers under U.S. military agency sales contracts_.                           105        55          11                        15          17        687          276        84          67             56         69
             Travel                                                                            67        96          16                        35          22        199          231        32          71             68         60
             Passenger fares._-                                                                69        74          13                        26          13        100          104        19          31             35         20
             Other transportation                                                             314       369          84                       101          88        491          603       139         154            162        148
             Fees and royalties from unaffiliated foreigners                                   67        74          19                        19          19        154          156        39          39             39         39
             Other private services                                                           108       127          32                        32          32        137          158        40          39             40         40
             U.S. Government miscellaneous services__                                          19        21           5                         6                     39                                                 9          7
             Receipts of income on U.S. investments abroad:
              Direct investment fees and royalties                                            282       306          73          76            75          82         506          545       128        119            123        175
              Direct investment interest, dividends and branch earnings *                     472       530         115         124           103         188         886          915       211        154            250        299
              O ther private assets                                                           184       180          44          44            44          48         158          159        42         39                        41
              U.S. Government assets                                                          115        99           4          28          -17           84          45           23        14         12                       -4

           Transfers of goods and services under U.S. military grant programs, net..         C)       C)          C)                                                  -1           -1      (*)         C)                        (*)
           Imports of goods and services                                                   -4,792    -5,511 - 1 , 3 2 3 - 1 , 4 6 9 - 1 , 2 8 1 - 1 , 4 3 7 - 1 2 , 0 9 4 - 1 4 , 3 6 9   •3,391 - 3 , 5 5 7      -3,760      -3,661

             Merchandise, adjusted, excluding military 3                                    -2,470   -2,944       -736        -751          -624        -833     - 7 , 548     -9,025     •2,263      •2,172       -2,236       2,354
             Direct defense expenditures                                                     -258     -331         -88        -111           -61         -70     -1,495        -1,620      -406        -419         -381        -414
             Travel                                                                          -324     -341         -26        -122          -128         -65        -539         -659       -59        -218         -292         -90
             Passenger fares                                                                 -288     -337         -66        -109           -94         -68        -418         -493       -81        -157         -160         -95
             Other transportation                                                            -310     -350         -79         -78           -96         -97        -496         -584      -129        -129         -161        -166
             Fees and royalties to unaffiliated foreigners                                    -35      -36          -9          -9            -9          -9          -55         -60       -15         -15          -15         -15
             Private payments for other services                                             -227     -260         -65         -65           -65         -65          -52         -58       -15         -15          -15         -15
             U.S. Government payments for miscellaneous services                              -14      -14                                    -4          -4          -73         -70       -18         -18          -18         -16

             Payments of income on foreign investments in the United States:
              Direct investment fees and royalties                                            -11      -20          -4          -1           -10          -5         -3                      -3          -2            -2
              Direct investment interest, dividends and branch earnings 4                    -236     -203         -74         -51           -33         -46       -134         -149        -42         -32           -39
              Other private liabilities...:                                                  -407     -449        -100        -105          -114        -131       -533         -555       -140        -135          -142       -139
              U.S. Government liabilities                                                    -212     -225         -74         -64           -44         -43       -747        -1,089      -221        -247          -301       -321

           U.S. military grants of goods and services, net                                   C)        O           (*)                                                                1    C)          (*)
           Unilateral transfers (excluding military grants), net                              -54      -50         -14         -11           -13         -13         -35            62           16                     36

             U.S. Government grants (excluding military)                                                                                                           (*)           (*)                                            (*)
             U.S. Government pensions and other transfers                                     -25      -29           -7          -7                                -123          -110                                             -40
                                                                                              -28      -20           -7          -4           -5          -5                       172           48          41         41          42
             Private remittances and other transfers                                                                                                                                                                  -27         -22
                                                                                               165       204          36            55       -14          127          54         -18        -7              38
           U.S. Government capital flows, net                                                                                                                                                                         -30         -47
                                                                                              -66      -36         -19                        -5          -5       -119          -163       -60         -25
            Loans and other long-term assets                                                    27      -4           10                      -12          -5        -27            28         29                                     1
            Foreign currencies and other short-term assets, net..                                                                                                                                                      -8
            Repayments on credits:                                                             204       201                        59                    137         127          110           24          50                        24
    37        Scheduled                                                                                                                                                73                                     7
              Nonscheduled 8                                                                                                                                                          7                                 11
           U.S. private capital flows, net..                                                -1,215    -388        -205           131        -106        -208     -1,765                    -751        -213                            32
                                                                                                                                                                                -1,125
             Direct investments abroad 4 .                                                   -646      -80        -187           145         -47           8     -1,305                    -644        -281          -193          166
             Foreign securities                                                                          14        -23            17           26         -7         65         -1,087        72         108                        58

             Claims reported by U.S. banks:
              Long-term                                                                                  -7          -1                        11                   -139          -41         3         -10           -28          -6
               Short-term, nonliquid                                                         -137        109        -16        -20            -5                    -238         -276      -203           83            32         188
               Short-term, liquid _                                                           -48        188          32         13                     -145         -74          -40        10         -92             47         -5

             Claims reported by U.S. nonbanking concerns:
              Long-term                                                                         18      -15                                  -20         -15           17           43         3                       -3           50
               Short-term, nonliquid     _                                                    -45         89          60                      -4            1        -77          -49       -18           11            55        -97
               Short-term, liquid                                      _                     -211       -92         -71                        21          26        -14                      25        -24           -37           54
                                                                                                                                                                                     18
           Foreign capital flows, net                                                        2,237                1,061             71    -2,026         -66       5,812                   1,862       2,115         4,751        -32
                                                                                                                                                                                 8,697
             U.S. Government nonliquid liabilities to other than foreign official                        -1               4      -5                2                                        -79               3                  -111
              reserve agencies.                                                                                                                                                  -193

              Other foreign private capital:
               Direct investments in the United States *                                       203       -7            5        -32             56       -37             60        151         63         91             37       -41
               U. S. securities other than Treasury issues                                     548     1,113         322         131           149        511                    1,735        391        417            123        804
               Other long-term, reported by U.S. nonbanking concerns                         -141        263        -40          115                      183         164        -110        -49                      -126          65
               Short-term, reported by U.S. nonbanking concerns                               -56         26                      42                     -67        -111            45          2       -19            -12          74
               Long-term, reported by U.S. banks
               U.S. liquid liabilities to private foreigners
                                                                                             1,731   -2,353          670       -180       -2,191        -652        5,181        7,076     1,452       1,627         4,655       -658
              U. S. liquid liabilities to foreign official agencies
              Other readily marketable liabilities to foreign official agencies..
              Nonliquid liabilities to foreign official reserve agencies reported by JJA
                Government                                              ._                                                                                                          -7           82                              -165

            Transactions in U.S. official reserve assets, net                                  303                             -241            245       C)            604         -23      (*)                         -3        -21
              Gold                                                                                                                                  3
              SDR
              Convertible currencies                                                           303                  (*)        -241            242       O                         -23                                  -3        -21
              Gold tranche position in IMF.>..._.
            Allocations of special drawing rights (SDR)
            Errors and omissions, and transfers of funds between foreign areas, net..        -805      2,117       -678             386     2,145          264    -4,042        -5,155      -632      -1,220      -3,603           300


         See footnotes at end of table.
    March 1973


March 1973                                                              SURVEY OF CURRENT BUSINESS                                                                                                                     41
Transactions, by Area
of dollars]

                      Other Western Europe                                                   Eastern Europe                                                               Canada

                                               1972                                                           1972                                                                      1972                           Line
    1971        1972 P                                                  1971       1972 P                                                   1971        1972 P
                              I          II           III'     IV P                            I         II          III'       IV P                                  I            II          III'        IV P


     4,937        5,592      1,402       1,373        1,319    1,498      466         929       179       150          255        345       14,177       16,415       3,730        4,300        3,969        4,416          1
     3,156        3,584        908         880          820      976      408         857       162       132          239        324       10,475       12,629       2,885        3,369        3,000        3,375          2
       147          130         35          30           42       24                                                                            76           37          10           14            6            8          3
       101          125           20        37           33       35                                                                           927          914           226       229           305          154          4
        51           53          9          16           17       11                                                                            10            9             2            2             3           2        5
       600          707        158         181          187      182       13          20           4         4             4          8       217          235            48           59            63          65        6
        46           50         13          13           13       13        8          10           3         3             3          3        37           40            10           10            10          10        7
        88          106         26          26           27       27       20          22           5         5             5          6       158          175            44           44            44          44        8
        86           91         21          22           24       25        2           3           1         1             1          1         7           13             1            8             2           2        9


       148          184         43          43           40       59                                                                           397          421           86         96           105          134        10
       300          375        108          89           72      107                                                                         1,000          967          187        230           188          363        11
       128          124         31          30           29       34        5          10           2         2             3          3       873          971          232        238           243          259        12
        85           63         31           7           18        7       10           8           2         4             1          1         2            4       ()
                                                                                                                                                                       *              1             1            1        13

       272          246           83          60         30       74                                                                                                                                                      14
   -5,319       -6,543      -1,550      -1,696     -1,717     -1,581    -279        -431       -81       -91         -131       -128       -14,507     -16,739       -3,807     -4,391         -4,036      -4,505         15
   - 2 , 736    - 3 , 588    -917        -862         -860     -949     -225        -364       -72       -75         -103       -114       -12,168     -14,468       -3,422     -3,840         -3,181      - 4 , 025      16
      -268         -296       -76         -80          -73      -66       -4          -4        -1        -1           -1         -1          -193         -166         -47        -46            -38           -34       17
      -510         -613       -75        -208         -260      -70      -29         -38        -2        -9          -22         -5        -1,127      - 1 , 034       -85       -239           -553         -157        18
      -280         -358       -61        -130         -110      -57                                                                                                                                                       19
      -591         -627      -163        -157         -150     -157      -11         -11         -3        -3          -2         -4         -231         -252         -54          -59          -69          -70         20
        -19          -22       -6          -6           -6       -6     ()
                                                                         *           *
                                                                                    ()         *
                                                                                              ()         ()
                                                                                                          *                                    -5           -6          -2           -2           -2           -2         21
      -54          -64        -16         -16          -16      —16     ()
                                                                         *           *
                                                                                    ()        ()
                                                                                               *         ()
                                                                                                          *                                  —157         —174         -44          -44          -41          -44         22
      -62          -69        -16         -16          -18      -19       -9         -12        -3         -3          -3         -3          -10          -12          -3           -3           -3           -3         23

      -12           -9         -3          -2           -1       -3                                                                           -64          -49         -12          -12          -10          -15         24
      -96          -75        -23         -23          -13      -16                                                                           -88          -91         -24          -27          -15          -26         25
     -522         -586       -138        -142         -148     -158        -1         -1       *
                                                                                              ()         ()
                                                                                                          *          ()
                                                                                                                      *          *
                                                                                                                                ()           -258         -243         -57          -59          -62          -66         26
     -171         -236        -57         -53          -62      -64      *
                                                                        ()           *
                                                                                    ()         *
                                                                                              ()         ()
                                                                                                          *           *
                                                                                                                     ()         ()
                                                                                                                                 *           -207         -244         -58          -60          -63          -63         27

     -272         -246        -83         -60          -30      —74                                                                                                                                                       28
     -281         -206        -79         -82          -80        36     -24         -26        -6        -6           -7         -7         -120         -120         -23          -26          -40          -31         29
      -28            62       -15         -14          -15       106      —4          —1      ()
                                                                                               *                                 *
                                                                                                                                ()                                                                                        30
     -107         -118        -27         -27          -30      -34      -10         -12        -3        -3           -3         -3          -63          -72         -17          -17          -18          -20         31
     -145         -150        -38         -41          -35      -37      -10         -13        -2                     -4         -3          -58          -48          -6           -9          -22          -10         32
                                                                                                          -4
      -96         -228        -11          -6          -62     -149            6     -68        -2         30         -69        -27          -25          -29            -6        -12           -2           -9         33
     -318         -481        -79         -72         -101     -228      -62        -157       -21        -4          -84        -48          -28           -32           -8        -12           -1          -12         34
       18           12          1           3            8      *
                                                               ()         24          27         5         11           7          4            3         ()
                                                                                                                                                           *               2         -1           -1        ()
                                                                                                                                                                                                             *            35


       204          217           52          53         32       80       44          62          14         24            8      16              1             4     *
                                                                                                                                                                      ()                1       C)                3       36
                     25           15          10                                                                                                                                                                          37

     -369         -268       -391          163        -122        82     -28         -63       -30       -11          -24              1   -1,066       -1,645       -1,066             74      -522         -131         38
     -131          -76       -293             81       -32       168                                                                         -226         -271        -143           116        -329              84      39
           67       162           54          42        42        24                                                                         —279         —689        —178         -348               60     -222         40

      -38          -47         -9          -3          -23      -12       -4         -26        -7       -12           -5         -2           84         -154          -5          -51           -4          -94         41
     -146         -164        -63           19        -107      -13      -12         -30       -36        -2            6          2         -100         -265        -131         -123            19         -30         42
      -12           -5        -30           11         -11       25       -4           3         2        -1            1          1         -386          -34        -328           354        -188           128        43


       -21            13       -6              7        21       —8                   -3           —4         1        —1                     —15          —52         —19           -9          -18            -6        44
       -88        -149        -40              7       -17      -99        —8         —7            15        3       -25                     -12         -151         -39            27         -30         -109         45
                     -2        —4          *
                                          ()             5       —3                  *
                                                                                    ()                                *
                                                                                                                     ()                      —132          —29        —224           109         -33           119        46
     4,314        2,470           49          58      1,791      570      -4           30           1         9         13             7     -267           721           236        686        -128          -73         47
       -17           100           9           4         21       67      -2         *
                                                                                    ()          *
                                                                                               ()                                             -33              13         —1         -3               14          4       48


       -35            79        22          23            5       28                                                                           85             97         42          103         -35          -13         49
        663       1,136        267         137          345      387                                                                          —45              6       -39           -7            25          28         5C
        146         -25          1          11         -35       -1                                                                             5            -9         -1           -1           -7         ()
                                                                                                                                                                                                              •           51
       -17           41       -44           29           22       34           1         6          2     -2                6                 —20            —5        -11          -19           -8              33      52
                                                                                                                                                                                                                          53
                                                                                                                                                                                                                          54
     3,578        1,143       -204        -146        1,437       56       -3          24          -1         11            7          7     -610           419            46        613        -116         -124
                                                                                                                                                                                                                          55
                                                                                                                                                                                                                          56
        -4           -4           -2                    -2                                                                                     351           200          200                                             57
        270           57          64       -5          -105      103                                                                         ()
                                                                                                                                              *           ()
                                                                                                                                                           *          ()
                                                                                                                                                                       *                                      *
                                                                                                                                                                                                             ()           58
        188                                                                                                                                                                                                               59
                                                                                                                                                                                                                          60
           82         57          64       -5          -105       103                                                                        ()
                                                                                                                                              *            *
                                                                                                                                                          ()          ()
                                                                                                                                                                       *                                     ()
                                                                                                                                                                                                              *           61
                                                                                                                                                                                                                          62
                                                                                                                                                                                                                          63
    -3,457         -875           516      194 -1,025           -559     -137       -372       -62       -81          -38       -191         1,808        1,396           936      -632           760          332        64
March 1973


 42                                                               SUEVEY OF CUREENT BUSINESS                                                                                                                   March 1973
                                                                                                                                                                            Table 9.—U.S. International
                                                                                                                                                                                                                           [Millions

                                                                                               Latin American Kepublics and Other Western                                               Japan»
                                                                                                              Hemisphere
 Line                                (Credits + ; debits - ) *
                                                                                                                                   1972                                                                 1972
                                                                                               1971       1972 *                                                 1971     1972 P
                                                                                                                             II           IIIr       IV P                                         II           III           IV

        Exports of goods and services 2                                                       10,427      11,262   2,644    2,765         2,809      3,044       5,497     6,672      1,637      1,530         1,595         1,911
          Merchandise, adjusted, excluding military 3                                          6,433      7,238    1,712    1,743         1,804      1,979       4,069                1,212      1,127         1,170         1,469
          Transfers under U.S. military agency sales contracts.                                   34         54       15       16             7         15          42                   20          8             6             8
          Travel...                                                                              890        970      208      250           267        245         134       205         45         50            51            59
          Passenger fares                                                                        159        160       35       45            50         31         104       144                    31            37            44
          Other transportation                                                                   360        400       89      101           104        106         285       393                    99           104           103
          Fees and royalties from unafnliated foreigners                                          45         44       11       11            11         11         221       250                    63            63            63
          Other private services                                                                 307        351       87       88            88         88          54        62                    16            16            16
          U. S. Government miscellaneous services                                                 67         67       16       17            16         17          35        41                                  12            16
           Receipts of income on U.S. investments abroad:
   10       Direct investment fees and royalties                                                            327                85            89         85         101       123
   11       Direct investment interest, dividends and branch earnings *                        1,124        974      248      239           216        272         151       160
   12       Other private assets                                                                 517        532      123      127           129        152         267       244
   13       U.S. Government assets                                                               156        146       31       44            27         44                    30
   14   Transfers of goods and services under U.S. military grant programs, n e t . . .          21          24                                          7                             C)                                     (*)
   15   Imports of goods and services                                                         -8,575 -9,778 -2,587 -2,326 -2,418                     -2,446 -8,929 -11,434 -2,624 -2,753 -3,012 -3,045
   16    Merchandise, adjusted, excluding military 3.                                         -6,115      -7,068   -1,857   -1,675     -1,711        1,825 -7,277         -9,079      •2,090     -2,173      -2,410          -2,406
   17    Direct defense expenditures                                                           -152        -156      -38      -48        -37          -33    -614           -838       -204       -215        -205            -214
   18    Travel                                                                               -1,322      -1,488    -435     -345       -388         -320     -88           -116        -17        -35         -44             -20
   19    Passenger fares                                                                        -71         -95      -22      -26        -29          -18         -50        -72        -15        -19         -26             -12
   20    Other transportation                                                                  -257        -296      -73      -69        -77          -77        -308       -345        -87        -82         -85             -91
   21    Fees and royalties to unaffiliated foreigners                                                o      -4       -1       -1         -1           -1          -5         -6          -1        -1           -1             -1
   22    Private payments for other services                                                   -184        -205      -48      -53        -55          -49         -24        -28         -7         -7           -7              -7
   23    U.S. Government payments for miscellaneous services                                   -174        -184      -45      -43                     -46         -18        -22         -5                      -6
         Payments of income on foreign investments in the United States:
           Direct investment fees and royalties                                                                                                                    -1        -2         -1                                      -1
           Direct investment interest, dividends and branch earnings i                          -28         -28                             -7                    -40       -56         -3        -15           -13            -25
           Other private liabilities                                                           -243        -247     -59       -56          -62        -70        -197      -226        -42        -48           -61            -75
           U.S. Government liabilities                                                          -27                  -2        -2           -2         -3        -306      -646       -152       -153          -155           -186
        U.S. military grants of goods and services, net                                         -21         -24       -6       -6           -6         -7                   C)         O                                      C)
        Unilateral transfers (excluding military grants), net..                                -538        -531    -134      -134         -126       -137         -46        -40        -10            -7        -13              -9

          U.S. Government grants (excluding military)                                          -270        -256      -62                   -56        -70                      2         -1             2                     (*)_
                                                                                                -55         -64      -16     -15           -16        -17         -10        -14         -4                       -4
          U.S. Government pensions and other transfers                                         -214                  -55     -51           -54        -51         -35        -27         -6                      -10              -5
                                                                                                           -211
          Private remittances and other transfers                                                                    -69     -106         -124       -142           68                                               14
                                                                                               -357        -441                                                                  40
        U.S. Government capital flows, net                                                     -696        -736     -140                  -187       -227         -217      -223        -89        -56           -19           -59
                                                                                                                             -182
         Loans and other long-term assets                                                        -7         -13       -2       -7            1         -5                    -17          3         -4          (*)            -16
         Foreign currencies and other short-term assets
         Repayments on credits:                                                                  343        308        73         83         62         89         126       227                    123
   37      Scheduled...                                                                            4                                                               159        53
           Nonscheduled 5
        U.S. private capital flows, net..                                                     -1,332 -1,831                               -468       -735         -947      -272         -5         407              27       -701
                                        4
          Direct investments abroad .                                                          -668        -106        25                  -15        -156        -211      -191        -76         -4           -53           -59
   40     Foreign securities                                                                    -40         -41      -12      -42            16        -2         -126       -28        -23        -75           -54            124
          Claims reported by U.S. banks:
            Long-term                                                                          -114        -533      -40     -146          -215      -132         -132                  -32        -31             20          -26
            Short-term, nonliquid                                                              -213        -813      -70     -271          -119      -353         -371                   288        484           207         -613
           Short-term, liquid                                                                   -45        -138      -11      -37                     -30          -17      -258       -125          60          -96           -97
          Claims reported b y U.S. nonbanking concerns:
            Long-term                 _                                                                     -15       -7      -14                      -3                    -62         -1        -24                 4       -40
            Short-term, nonliquid                                                                                                                            f     -69         22       -22          24              -3          23
           Short-term, liquid.                                                            -    -221        -185       116    -159                            { -20           -53        -15        -27                 2       -12
        Foreign capital flows, net                                                              -11          797    -477       653         -180        801       10,059     5,093        985           119      1,401         2,587
          U.S. Government nonliquid liabilities to other than foreign official reserve
           agencies                                                                                         -15      -10       -2                1     -5           -5                   -7       (*)                             -4

          Other foreign private capital:
           Direct investments in the United States «                                              60        -24      -12      -27            11          3        -456         28      -478            191           163           153
           U.S. securities other than Treasury issues                                             57         -9        13     -25          -39          42          54        178        27             99            21            31
           Other long-term, reported by U.S. nonbanking concerns.                                100           1     -34        63           17       -45            9        412         4              1           279           128
           Short-term, reported by U.S. nonbanking concerns                                      103        -27               -18                     -15           33          9        17              2            40          -50
           Long-term, reported by U.S. banks           _
           U.S. liquid liabilities to private foreigners
                                                                                               -324          872    -504       661        -107         822       10,424     4,474      1,423      -174               896      2,329
          U.S. liquid liabilities to foreign official agencies
          Other readily marketable liabilities to foreign official agencies
          Nonliquid liabilities to foreign official reserve agencies reported by U.S.
            Government
        Transactions in U.S. official reserve assets, net
          Gold.
          SDR
          Convertible currencies
          Gold tranche position in I M F
        Allocations of special drawing rights ( S D R ) .
        Errors and omissions, and transfers of funds between foreign areas, net...               381         521      623    -223           506       -385 -5,703            -59            15         642       -12          -704

   v Preliminary.      ' Revised.      *Less than $500,000 ( ± ) .                                             2. Excludes transfers of goods and services under U.S. military grant programs.
   I. Credits, + : Exports of goods and services; unilateral transfers to U.S.; capital inflows                3. Excludes exports of goods under U.S. military agency sales contracts identified in Cen-
                   (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.               sus export documents, and imports of goods included under direct defense expenditures
                   official reserve assets.                                                                  identified in Census import documents, and reflects various other balance-of-payments
      Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital                  adjustments (for valuation, coverage, and timing) to Census statistics; see table 4.
                  outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in              4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U . S .
                   U.S. official reserve assets.                                                             incorporated affiliates of foreign firms.
     March 1973


March 1973                                                                       SUEVEY OF CURRENT BUSINESS                                                                                                                        43
Transactions, by Area—Continued
of dollars]

              Australia, New Zealand and South Africa                                       Other Countries in Asia and Africa 6                              International Organizations and Unallocated 7

                                                                                                                                                                                                                                   Line
                                                    1972                                                                   1972                                                                   1972
    1971          1972 »                                                          1971      1972 *                                                          1971       1972 *
                               I          II               III"       IV >                              I          II              III'      IV *                                 I         II           III'           IV

      2,524        2,447        602           541               615     689      11,514     12,700     3,058       3,158           2,941     3,544            981       1,015         198    146           195            476           1
      1,694        1,546        393           328               403     422       6,129      6,627     1,653       1,664           1,482     1,828                                                                                    2
         53           60         15            17                 9       19        778        513       122         163              88       140                                                                                    3
         41           53          9            11                19       14          98       114        20          36              35        23                                                                                    4
         49           60          9            17                18       16          73        89        16          18              30        25                                                                                    5
         68           72         18            17                19       18        536        659       168         165             159       167            209         274          64        65            69             76      6
         24           26          7             7                 7        7          18        20         5           5               5         5                                                                                    7
         40           49         12            12                12       12        252        262        65          65              65        65            190         220          55        55            55             55      8
          1            1      C)                                      (*)            149       142        34          36              39        35                          1                                                  1      9

        165             174         42         41                37      53         206        236           38          73           66        59             28          30           7      7                5          11        10
        304             322         80         62                74     105       2,616      3,335          760         776          814       985            433         370          24     14               11         322        11
         57              66         15         17                15      19         259        282           71          65           71        75            108         126          47     12               55          12        12
         27              20          2         12                 2       5         401        421          105          93                    136             13         -5            1    -7                                      13
                                                                                                                                       87
                                                                                  2,861      4,015     1,117         732                       879                                                                                   14
                                                                                                                                   1,287
    -1,401       -1,727       -346       -416              -507       -457       -8,628    -10,245    -2,372      -2,409                    -2,791          -876        -990      -199      -215         -304           -272         15
                                                                                                                                  -2,673
    -1,139       -1,406       -270       -343              -422       -371       -5,775    -7,714     -1,733      -1,794          -2,040    -2,147                                                                                   16
       -38           -24        -7         -6                -6         -5       -1,794    - 1 273      —351        -313            -297      -312                                                                                   17
       -50           -61       -22            -14           -15        -10         -305       -390      —76          -94            -110      -110                                                                                   18
       -57           -67       -14        -17               -19        -17          -65        -90      -13          -17             -36       -24           -35         -43       -11       -12          -12             -8         19
       -42           -41       -10        -11               -10        -10         -241       -297      -79          -78             -69       -71          -553        -619      -134      -142         -169           -173         20
     (*)           (*)        (*)        (*)               (*)        (*)           -3          —4       -1           -1              -1        -1                                                                                   21
         -9          -13        -3         -3                -3          -3         -37        —48      -12          -12             -12       —12                                                                                   22
       -25           -25        -6          -6                  -7       -6        -259       -249      -66          -60            -63        -60          -116        -150       -10       -17          -77            -45         23



     (*)
       -24
                      -2
                     -28           -6          -6
                                                                 -1
                                                                 -8
                                                                        -1
                                                                        -8
                                                                                  (*)
                                                                                      -2

                                                                                   -104
                                                                                                -1

                                                                                              -116       -26
                                                                                                            -1
                                                                                                                   (*)
                                                                                                                     -26
                                                                                                                                   R-29
                                                                                                                                             (*)
                                                                                                                                               -35           -58         -65       -16       -16          -17            -17
                                                                                                                                                                                                                                     24
                                                                                                                                                                                                                                     25
                                                                                                                                                                                                                                     25
       -17           -59           -7         -10               -16    -26          -43        -64       -14         -14            -16        -19          -114        -113       -28       -28          -29            -28         27

                                                                                 -2,861     —4 015    —1,117       —732           —1 287     —879                                                                                    28
       -24           -23           -5         -6                -6      -6       -2,264     -2,536      -698       -583            -552      -704           -188        -297       -46      -131          -76            -44         29

                                     i
                                                                                 -1,554     -1,717     -506        -370            -350      -491           -188        -297       -46      -131          -76            -44         30
        -5            -6                      -1                -2      -2         -143       -148      -36         -37             -37       —38                                                                                    31
       -19           -17           -4         -5                -5      -4         -567       -671     -156        -176            -165      -175                                                                                    32
       -21           -29       -28             25               -17    -10       -1,621       -944      -206       -405            -150      -182            -66         -69       -14      -13                 1        -44         33

      -120           -94       -31            -23               -22    -19       -2,480     -1,819      -445       -554            -355      -465            -71         -74       -17       -13           -1            -44         34
        -1            -1         1             -2                 1     —1           144        130        56         5               13        56                                                                                   35


        100              66          2         49                 5      10          727       745          183         144          192       227                 5          5         3                       3                    36
                                                                                    -11                                                                                                                                              37
      -598          -380       -74       -132                   -87    -88       -1,644     -1,849      -381       -606            -228      -634           -819        -519      -318           5              7       -213         38
      -304          -224       -71            -76               -86          8     -729       -915     -100        -417            -104      -294           -543        -389       -74      -14           -74           -228         39
        30            23         12             6                 4          2     -263       -240      -50         -82             -32       -76           -276        -129      -245        20            81             15        40

      -110           -25       -11             -8          (*)          -6          -53       —348       —76        —83             —91       —98                       (*)                                         -   (*)          41
      -163          -105        -5            -14             -8       -78         -427       -134       -95         20               22      -81           (*)                   C)         -1                 1                    42
       -12           -13          8           -10             -4        -7            32       -60         3          2             -15       -50                                                        (*)            (*)          43

       -23           -26           -2         -13                 1    -13          -55       -102      -43         -33             -21        -7                                                                                    44
}      -15                                                                                                                                                                -1            1    -1            -1                        45
                        -9         -5         -17                 7       6        -149        -50      -20         -14               13      -29       {                                                                            46
        446        2,183           347        467               657     712        -514      2,031          215         394          576       847            412        -95      -281       120         -116             182        47

           3            -9         -1           4               -4      -9          -18        328          -3          101          113       117                                                                                   48

         11       (*)         (*)                                                      6       -2        —3                                         1                                                                                49
       -24                                                              -2            53       107        36             31             7          34             92      237          50        172      -19                 35     50
                                         C)                 (
         24            29            2          7               *}5      15          -4          1       -2               2             1    (*)                                                                                     51
       -32           -13             3         15               -29     -2            75        57      —41             -8             46          60                                                                                52


} -                2,177           342        441               684     710        -625      1,540          227         269          409       635            320       -332      -330      -52           -97             147
                                                                                                                                                                                                                                   f 53
                                                                                                                                                                                                                                   1 54
                                                                                                                                                                                                                                   1 55
                                                                                                                                                                                                                                   156

                                                                                                                                                                                                                                     57

                                                                                     44                                                                     1 123         —6      —167       192          —15            -16         58

                                                                                     44                                                                        22         544       544                                              59
                                                                                                                                                            -249        -703      -710           7                                   60
                                                                                                                                                                                                                                     61
                                                                                                                                                            1,350         153         -1     185          -15            -16         62
                                                                                                                                                              717         710         710                                            63
      -927        -2,471      -496       -479              -655       -842        3,112        842          384         451            86     -79       -1,284            250         116   -103           307           -70         64

   5. Includes sales of foreign obligations to foreigners.                                                           7. Includes transactions with shipping companies operating under theflagsof Honduras,
   6. Transactions with the Ryukyu Islands that were under U.S. military administration                            Liberia and Panama.
from the end of World War II until May 15, 1972, are included with Japan beginning in the
first quarter 1972; in previous periods they are included with "other countries in Asia and                          NOTE.—Details may not add to total because of rounding.
Africa".                                                                                                             Source: U.S. Department of Commerce, Bureau of Economic Analysis.
September 1973


 50                                                               SUEVEY OF CUREENT BUSINESS                                                                                                                               September 1973

                                                                                                                                                                                            Table 9.—U.S. International
                                                                                                                                                                                                                                          [Millions

                                                                         E E C (9)6                                 United Kingdom                                                   European Economic Community (6)?

 Line                     (Credits -f; debits - ) 1                         1973                                         1972                             1973                                         1972                              1973
                                                                                              1972                                                                         1972

                                                                                                                    II          III         IV                   UP                               II          III          IV

         xports of goods and services 2 ._.                             5,398      5,708      4,610     1,111       1,074       1,049       1,375      1,417     1,429     11,819       2,850    2,840        2,786        3,343      3,809     4,094

          Merchandise, adjusted, excluding military 3_.                            4,116      2,729       722         612         640         755        795       890      8,657       2,133    2,080        1,965        2,479      2,929     3,092
          Transfers under U.S. military agency sales contracts              73       133         55        11          12          15          17         13        24        276          84       67           56           69         58       105
          Travel                                                            81       114         96        16          23          35          22         19        25        231          32       71           68           60         58        84
          Passenger fares                                                   45        64         77        13          21          26          16         18        25        107          19       31           35           23         25        38
          Other transportation              _       _                      242       304        294        63          76          78          77         78        95        540         109      144          146          141        145       186
          Fees and royalties from unaffiliated foreigners                   59        59         64        16          16          16          16         17        17        162          41       41           40           41         41        41
          Other private services.._                                         76        79        101        26          26          25          25         26        28        174          40       42           45           48         48        49
          U.S. Government miscellaneous services                            14        15         20         5           5           6           5          5         5         35                                10            9          7         9

          Receipts of income on U.S. investments abroad:
           Direct investment fees and royalties                            254        259       323        75             83        75         91         82        78        585         136       150         130          170        167       176
           Direct investment interest, dividends and branch                585        420       572       116            132       107        218        307       169        861         185       157         253          267        280       246
             earnings.4
           Other private assets                                            104        123        180                                44                                         161                     39           38          4:                 58
           U.S. Government assets                                            9         23         97                              -1                                            31                     11                                          11
                                                                                                                                                                                                                             -4
        Transfers of goods and services under U.S. military grant           -1        (*)        C)        (*)                                                                 (*)                     (*)      (*)                      -1        C)
         programs, net.                                                                                                                                                                                                         C)
         mports of goods and services.                                   5,620     6,601       5,574    1,326       1,483 - 1 , 3 0 4 - 1 , 4 6 2 - 1 , 4 6 2    1,737     14,497 - 3 , 3 9 1 - 3 , 5 6 2                 -3,731 -3,967 -4,610

          Merchandise, adjusted, excluding military 3                    3,602     3,89:      •2,945    -736        -752         -624       -833       -823      -904      -9,116 -2,263 -2,172 -2,282                     •2,399      2,636    2,834
          Direct defense expenditures                                    -508      -531        -331      -88        -111          -62        -70         Qg       -85      -1,622   -407   -419   -382                      -415       -401     -433
          Travel                                           —.            -113      -426        -342      -26        -122         -129        -65                 -144        -666    -60   -219   -291                       -96        -71     -252
          Passenger fares                                                -169      -339        -339      -64        -114          -94        -67                 -130        -493    -79   -160   -160                       -94        -89     -181
          Other transportation                                           -291      -287        -376      -84         -85         -105       -102       -108      -110        -586   -130   -128   -163                      -165       -174     -161
          Fees and royalties to unaffiliated foreigners                     2'      -28         -47      -10         -11          -12        -13        -13       -13         -54    -14    -14    -13                       -13        -14      -14
          Private payments for other services                             -75        -81       -214      -59         -55          -51        -48        -52       -58         -81    -17    -19    -22                       -24        -23      -22
          U.S. Government payments for miscellaneous services.-           -23        -26        -1-                   -3                      -4                              -70    -18    -17    -18                       -17        -18      -21

          Payments of income of foreign investments in the
             United States:
           Direct investment fees and royalties           .-              -11                   -15                    - 1        -10         -3          -5                   —6                                                        -5
           Direct investment interest, dividends and branch              -109                  -27'       -82         -59         -55        -77         -80       -74       -16          -42       -3          -38          -5C        -29      -38
             earnings.4
            Other private liabilities                     ..                278     -323       -455     -100        -105         -114       -137       -136       -155       -554        -14C      -135        -142         -138       -14      -166
           U.S. Government liabilities                                      41      -544       -225      -74         -64          -44        -43        -4-                -1,089        -22:      -24'        -30          -32:       -366

        U.S. military grants of goods and services, net                                C         0         (                                                                               (*)         (*)          (*:
        Unilateral transfers (excluding military grants), net                        -36        -55       -16         -12                     -14        -15       -1          35           H                       25

          U.S. Government grants (excluding military)                                                                                                                             (*:      (*                       (*:      _(*:
                                                                            (:                                                                                                            -32
                                                                           -54                  -28                                              -8                          -IK                    -32             —i                            -41
          U.S. Government pensions and other transfers                                                                   -5           —6         —6                -1                       4:        4(                        32        4'        34
                                                                             4                  -2e                                                                            14,
                                                                                                                                                                                                                     3
          Private remittances and other transfers                                                                                                                                                                            -23        -71
                                                                                                                          55      -13            127                  4       -18
                                                                                                                                                                                                                -27
        U.S. Government capital flows, net                                                                                                                                                -6C       -21                      -4"        -71
                                                                                                                         - 8                             -15       -22       -162
                                                                                                                                                                                            2c                  -3C
          Loans and other long-term assets
          Foreign currencies and other short-term assets, net
          Repayments on credits:                                                                                                                 137
            Scheduled                                                                                          4!
            Nonscheduled s
   38    U.S. private capital flows, net..                              -1,84'                 —36       -21             147     -122        -171       -481      -242     -1,14'        -74       -243        -184                   -1,343     -24
                                         4                                                                                                                                                                     -31'             194    -96;
           Direct investment abroad _.                                    1,202     -517                 -19C                     -40                   -21€               -1,068                  -31C
           Foreign securities                                                 1,       22                 -23                       26                   -52                   333                   108                         83

           Claims reported by U.S. banks;
            Long-term...                                                   -4'        - 3                                                     -II                             -37                               -28                     -61
             Short-term, nonliquid                                                  -2U         -10*      -II         -2C                     -74                  -8:       -27         -202                     30        —18€          33
             Short-term, liquid                                           -15;          15*     -188        3           1-                   -m                              -40            1C                    47                   -182

           Claims reported by U.S. nonbanking concerns:
            Long-term                                                                 - I        -1C                              -2C                                          -1                                                       -4:
             Short-term, nonliquid                                                       8         33       6C                                                                 -6*        -1'                     54
             Short-term, liquid                                                           i     -147      -71                                 -2C                     6!                             -2'        -36                               -5:
                                                                                                                                                                                            2J
         Foreign capital flows, net                                       9,64      1,60!     -1,095     1,006                  -2,01!                   - 4      1,65!      8,32                  1,81!       4,64                    9,56;     -15'
                                                                                                                                                                                         1,89C
           U.S. Government nonliquid liabilities to other than               123                                                                           3C                -193                                                                 - 3
                                                                                                                                                                                          - 7
            foreign official reserve agencies.
           Other foreign private capital:
            Direct investments in the United States 4                         61       24C                               -22                                                  -61           6:         -82                               -H
            U.S. securities other than Treasury issues                       82(        62      l,05i      33             192                                                1,56<         40'          29C       6J            80        4'
                                                                              45                                                                                             -14:         -4:                  -11'              \
            Other long-term, reported by U.S. nonbanking con                                       25                     14C
              cerns.
            Short-term, reported by U.S. nonbanking concerns.                       -10.         -5                                                                                                             -l:                      -61
                                                                                                                                                                                                                                10
            Long-term, reported by U.S. banks
            U.S. liquid liabilities to private foreigners
                                                                          8,76"     1,241     -2,35                  -18!       -2,18'       -65        -40;      1,66        7.08C      1,44!      1,62!      4,65                     9,05     -511
           U.S. liquid liabilities to foreign official agencies                                                                                                                                                             -65
           Other readily marketable liabilities to foreign official
            agencies.                                                                                                                                                                                                                               17J
           Nonliquid liabilities to foreign official reserve agencies                   1'
                                                                                                                                                                                                                            -16
            reported by U.S. Government.
         Transactions in U.S. official reserve assets, net                            (*)                 (*)         -24                     (*)        (*)       (*)                    C)                                                      (*)

           Gold
           SDR
           Convertible currencies                                                     (*)                 (*)         -24             24!     (*)        (*)       (*)                    (*)                                                     (*)
           Gold tranche position in I M F
          Allocations of special drawing rights (SDR)
          Errors and omissions, and transfers of funds between - 7 , 5 5              -26       2,27:     -60                     2,1                      59 - 1 , 1       -4,49:                  -90       -3,428                  -8,06
           foreign areas, net.

        See footnotes at end of table.
  September 1973


September 1973                                                              SUEVEY OF CURRENT BUSINESS                                                                                                                                    51
Transactions, by Areas
of dollars]

                        Other Western Europe 8                                                       Eastern Europe                                                                   Canada

                              1972                                1973                                 1972                            1973                                      1972                                 1973               Line
 1972                                                                               1972                                                            1972
              I         II           III        IV          Ir           II*                I        II       III       IV       Ir        UP                    I          II          III         IV          Ir            UP


  5,524       1,356      1,352        1,308      1,508      1,543         1,646      928    178       150      255      345       502         606   16,398       3,734      4,306        3,948      4,410       4,609         5,343             1
  3,603           912        883       826           982    1,079         1,082      857    162       132      239      324       474         575   12, 506      2,866      3,337        2,960      3,343       3,554         4,227             2
    130            35         30        42            24       30            48                                                                         37          10         14            6          8          17            19             3
    125            20         37        33            35       19            40                                                                        922         225        238          305        154         277           278             4
     54             9         16        17            12       12            17                                                                           9          2          2            3          2           3             3             5
    614           129        157       165           163      145           174       21        4         4     5            8     13          15      284          61         73           75         75          70            80             6
     50            12         12        13            13       13            13        8        2         2     2            2      2           2       41           9         10           11         11          11            11             7
    107            24         26        27            30       28            29       23        5         5     6            6      6           6      194          43         47           50         55          54            54             8
     92            21         22        24            25       21            29        3        1         1     1            1      1           1        12          1          8            2          2           1             8             9


    186            42        44            41         59          33         49                                                                        434            99      103          104        128         108           106         10
    387           101        89            74        124         107        120                                                                        984           187      235          188        373         259           258         11

     124          31         30            29        34          36            43      9        2         2     3            3         3        5      972           232      238          243        259         255           298         12
      52          21          6            18         7          19             2      7        2         4     1            1         3        2        4           ()
                                                                                                                                                                      •         1            1          1           1             1         13

     246          83          60           30        74          90            16                                                                                                                                                           14

 -6,660 -1,564          -1,725      -1,740      -1,632     -1,575        -1,976 -432        -80      -93 -131 -128 -136 -169 -16,696                            -3,789     -4,368       -4,034     -4,506      -4,602        -5,231         15
 -3,587       -917       -862         -859       -949       -879          -971 -363         -71      -75 -103 -114 -123                    -146 -14,403         -3,406     -3,814      -3,167      -4,016      -4,173        -4,615         16
                                                                                                            i
   -299        -77        -80          -75        -67        -70           -70   -4          -1       -1        -1   -1                      -1    -168            -47        -46         -39         -36         -40           -44         17
   -637        -78       -203         -258        -98        -78          -210 -39           -2      -10 -22    -5   -2                     -11 -1,036             -86       -243        -553        -154         -96          -269         18
   -369        -60       -141         -110        -58        -59          -130                                                                                                                                                              19
   -640       -167       -161         -157       -156       -150          -190 -11          -3        -3       -2       -4        -5          -6     -257         -54        -60          -71        -72         -63           -71          20
    -20         -5         -5           -5         -5         -5            -5   -1                                                                    -7          -2         -2           -2         -2          -2            -2          21
                                                                                                                                   *
                                                                                                                                  ()
    —68
    -70
               —14
               -16
                          —16
                          -16
                                       —18
                                       -19
                                                  —20
                                                  -19
                                                             —19
                                                             -20
                                                                           —19   —1
                                                                           -19 -13          -3        -3
                                                                                                               o        -3        -5          -4
                                                                                                                                                     —166
                                                                                                                                                      -11
                                                                                                                                                                  —40
                                                                                                                                                                   -3
                                                                                                                                                                             —42
                                                                                                                                                                              -3
                                                                                                                                                                                          —40
                                                                                                                                                                                           -3
                                                                                                                                                                                                     —44
                                                                                                                                                                                                      -3
                                                                                                                                                                                                                 —43
                                                                                                                                                                                                                  -4
                                                                                                                                                                                                                               —43
                                                                                                                                                                                                                                -3
                                                                                                                                                                                                                                            22
                                                                                                                                                                                                                                            23


   -72        -14         -22          -16        -19        -28           -32                                                                        -45         -11        -11          -11        -11         -16           -14          24
   -75        —22         -22          -13        —18        -24           —39                                                                       —115         —25        —28          -25        -39         -35           -29          25

  -588
  -236
              -138
               -57
                         -142
                          -53
                                     -148
                                      -62
                                                 -160
                                                  -64
                                                            -179
                                                             -66
                                                                          -212
                                                                           -79
                                                                                     -1
                                                                                      *
                                                                                     ()
                                                                                                              (•)
                                                                                                              o         R         *
                                                                                                                                 ()
                                                                                                                                 (*)
                                                                                                                                              -1
                                                                                                                                               *
                                                                                                                                              ()
                                                                                                                                                     -243
                                                                                                                                                     -244
                                                                                                                                                                  -57
                                                                                                                                                                  -58
                                                                                                                                                                             -59
                                                                                                                                                                             -60
                                                                                                                                                                                          -62
                                                                                                                                                                                          -63
                                                                                                                                                                                                     -66
                                                                                                                                                                                                     -63
                                                                                                                                                                                                                 -66
                                                                                                                                                                                                                 -63
                                                                                                                                                                                                                               -78
                                                                                                                                                                                                                               -64
                                                                                                                                                                                                                                            26
                                                                                                                                                                                                                                            27

  -246        -83         -60         -30         -74        -90           -16                                                                                                                                                              28
  -215        -78         -87         -82            32          45        -80       -26    -6        -7       -7       -7        -6          -8     -120         -22        -26          -40        -32          -8           -15          29
     59       -14         -17         -15            105         110        -8        —1    ()
                                                                                             *                           ()
                                                                                                                          *       ()
                                                                                                                                   *          —1                                                                                            30
                                                                                                                o
  -118        -27         -27         -30         -34        -28           -27       -12    -3        -3                -3        -4          -4      -72         -17        -17          -18        -20         -21           -21          31
  -157        -37         -43         -38         -39        -37           -45       -13    -3        -4       -4       -3        -2          -3      -48          -6         -9          -22        -12          13             6          32

  -231        -11         -10          -59       -151        -69           -19       -68    -2         30     -69       -27 -165 -180                 -29            -6      -12           -2         -9          -4           -26          33
  -482        -79         -73         -101       -229       -125           -73      -157    -21       -5      -84       - 4 8 -191 -222               -32            -8      -12           -1        -12          -5           -27          34
    10          1           3            8         -2          *
                                                              ()            -1        27      5        11                   4    5    6                               2       -1           -1         ()
                                                                                                                                                                                                       *           1            -2          35
                                                                                                                7                                       *
                                                                                                                                                       ()

    213           52         50            34        77          55            55     62     14        24       8        16        21          37          4          *
                                                                                                                                                                     ()           1        ()
                                                                                                                                                                                            *             3           1             3       36
     28           15         10                       3                                                                                                                                                                                     37

  -230        -394           168      -129           126    -550          -221       -70    -43      -11      -23            7   -69 -117           -1,697      -1,118        108        -531       -156       -1,026              148      38
    -24       -306           78        -37           240    -364           -73                                                                       —380        —188         150        -331        -11         -41          -115          39
     156          54         42         42            18         29         -6                                                                       —679        -173       -343            60      -222           7          -201          40

    -48         -9           -3        -23        -13        -26           -41       -26     -7      -12       -5       -2       -54          -94    -175         -15        -51          -14        -95         -48           -67          41
   -163        -63            19      -107        -12       -189          -188       -30    -36       -2        6        2       -16          -23    -259        -132       -122           19        -24         -24           -75          42
     -5        -30            11       -12         26         -6             3         4      2       -1        2        1        ()
                                                                                                                                   *           ()
                                                                                                                                                *     -34        -328         354        -190         130       -540            515         43

                                                                                „
        10      —8            13        20        -15        —14                      -3     -4           1    -1            1                        —65         —19        -10          -12        -24         -21               -5       44
   -133        -28             7       -17        -95         20            101      -15      2           3   -25            5         1              —70         -39          27         -30        -28          45                15      45
    -22         -4                       5        -23                      -19                                                                        —35         —224        104         -33         118       -404                81      46
  2,551            15        117      1,782          638    1,867         2,018        24 ( )
                                                                                           *              9     13           2    -1          -1       756           238      689         -125       -46             32             92      47
        93         4           c           19                      9       -14                                                                                       -1       -3              14          4          -5            -9       48
                                                      67                             ()
                                                                                      *     *
                                                                                            ()                                   ()
                                                                                                                                  *           ()
                                                                                                                                               *           13


        66         17         17                      35         166         28                                                                        123          44        106         -33             6           56            22      49
   1,177          244        203        343          386         597        222                                                                          6        —39            —7        25            28          124            65      50
        31          1         11       -36            55          37         13                                                                        -8          -1            -1           g           3            2           -1       51
        50     -44            28           22         44          27                             1    -2            6        -         c
                                                                                                                                                                  -11        -19           -4            37          40             6       52
                                                                                     ()
                                                                                      *                                                                    3
                                                                                                                                                                                                                                            53
   1,138      -204        -147        1,438           51     1,033         1,766       24    -1        11                    7     -6          -1      419            46      614         -117       -124        -185               8       54
                                                                                                                                                                                                                                            55
                                                                                                                                                                                                                                            56
     —4             o                                                                                                                                                                                                                       57
                                                                                                                                                       200           200

        57         64        -5       -105           103         170                                                                                 C)          C)                                 C)           *
                                                                                                                                                                                                                ()                          58
                                                                                                                                                                                                                                            59
                                                                                                                                                                                                                                            6C
        57         64        -5       -105           103         170                                                                                 C)          ()
                                                                                                                                                                  *                                 C)           *
                                                                                                                                                                                                                ()                          61
                                                                                                                                                                                                                                            62
                                                                                                                                                                                                                                            63
   -796           612        19(1     -975        -623     -1,430        -1,368 -356        -47 -79            -38 -191 -125 -132                     1,388        963       -699          785           339         999       -310         64
September 1973


  52                                                                 SURVEY OF CURRENT BUSINESS                                                                                                              September 1973

                                                                                                                                                                                  Table 9.—U.S. International
                                                                                                                                                                                                                                  [Millions
                                                                                     Latin American Republics and other                                                                    Japan»
                                                                                            Western Hemisphere
  Line                      (Credits +; debits - ) *                                                1972                               1973                                            1972                                   1973
                                                                          1972                                                                             1972
                                                                                               II          III         IV                                                        II           III          IV                          II v
                                          2
         Exports of goods a n d services .                               11,200     2,644     2,752                   3,007     2,996         3,528         8,577      1,632     1,548        1,607       3,790         2,445        2,644
           Merchandise, adjusted, excluding military 3                    7,241     1,713     1,743        1,803      1,982     1,965         2,281         4,978      1,212     1,127        1,170       1,469         1,881        2,068
           Transfers under U.S. military agency sales contracts              54        15        16            7         15        12            22            41         20         8            6           8             7           23
           Travel                                                           960       208       250          267        235       220           289           205         45        50           51          59            86           67
           Passenger fares                                 _     _.         166        35        45           50         37        44            49           138         32        31           38          37            61           48
           Other transportation.       ._                                   416        90       105          112        109       103           120           424         86       118          116         105           113          148
           Fees and royalties from unaffiliated foreigners                   48        12        12           12         12        12            13           245         59        61           62          63            65           66
           Other private services                                           289        77        74           70         68        72            77            66         14        16           17          19            19           19
           U.S. Government miscellaneous services                                      16        17           16         16        17            18            42          5                     12          17            18            9
           Receipts of income on U.S. investments abroad:
             Direct investment fees and royalties                           326        72         80                                             82            123        29                                     35          40         40
             Direct investment interest, dividends and branch               962       253        242          219       249       277           346            163        50                        46           35          74         62
               earnings.*
             Other private assets..                                         532       123        127          129        153      158           186            244        72                                     59          71         87
             U.S. Government assets                                         141        30         40           27         44       34            45             30                                                8           9
         Transfers of goods and services under U.S. military grant           25                    6                                                        (*)                                            (*)
           programs, net.
         Imports of goods and services                                  -9,859     -2,590    -2,359 -2,426           -2,484    -3,002 -3,020              -14,496     -2,617    -2,756     -3,012        -6,111       - 2 , 9 5 7 -3,107
           Merchandise, adjusted, excluding military 3                   -7, 068   -1, 857   - 1 , 675 - 1 , 7 1 1   -1,825    -2, 202 - 2 , 248          - 9 , 079   -2, 090   -2,173      -2,410       -2,406        -2, 313 - 2 , 4 0 3
           Direct defense expenditures                                    -156        -39         -48        -37        -32       -37       -33              -839      -204      -216        -205          -215          -219       -230
           Travel                                                        -1,567     -443       -376       -395         -353     -483      -427               -121        -17      -35         -44           -25             -16      -35
           Passenger fares                                                -104        -24         -31        -30        -19       -24       -27                -76       -15      -23         -26           -12             -18      -30
           Other transportation.                                          -307        -73         -70        -80        -83       -79       -87              -343        -84      -83         -87           -90             -89     -101
           Fees and royalties to unamliated foreigners                       -4        -1          -1         -1         -1        -1        -1                 -6        -1        -1         -2            -2              -2       -2
           Private payments for other services                            -188        -43         -49        -51        -45      -46        -52                -19        -4       -4          -5            -5              -5       -5
           U.S. Government payments for miscellaneous services...         -181        -42         -43        -49        -47       -45       -41                -22        -5                                 -6                       -6
           Payments of income on foreign investments in the United
               States:
             Direct investment fees and royalties                                                                                                           (*)                                            (*)
             Direct investment interest, dividends and branch
                 earnings *                                                -30        -7        -7                      -7        -7            -7           -64         -3      -15           -13         -33           -10          -21
             Other private liabilities                                    -246       -59       -56          -62        -70       -75           -93          -227        -42      -48           -61         -77           -76          -89
             U.S. Government liabilities                                              -2        -2           -2         -3        -4            -5          -646       -152     -153          -155                      -203         -185

         U.S. military grants of goods and services, net                   -25                               -6         -7        -7                        C)                                             (*)
         Unilateral transfers (excluding military grants), n e t .        -520      -131      -139         -136       -114      -149          -147           -46        -11                    -13         -15                        -10

           U.S. Government grants (excluding military)                    -234       -56       -72          -64        -41       -58           -66              1        -1         2                                       2
           U.S. Government pensions and other transfers...                 -64       -16       -15          -16        -17       -20           -19           -14         -4       -3                        -4            -4           -4
           Private remittances and other transfers                        -223       -58       -52          -57        -55       -71           -63          -29          -7                     -9          -7                         -6

         U.S. Government capitalflows,net                                 -458       -70      -122         -124       -142     -115           -120           -19                      63                                  115          210

           Loans and other long-term assets                               -748      -137      -195         -188       -230     -195           -217          -223                 -56          -19          -59           -53          -47
           Foreign currencies and other short-term assets, net..                      -1        -7            1         -2        1              2           -17                  -4          (*)          -16            -6

           Repayments on credits:
            Scheduled                                                       299         68          79        62          90       79            96           227                 123                                      63           76
            Nonscheduled 6                                                (*)        (*)                               (*)                                     53                                                         111          174

         U.S. private capitalflows,net..                                -2,038       -82      -646         -520       -790     -332           -646          -341        -12       433           30        -792        -1,431         -131

          Direct investments abroad 4.                                    -279       -42         16         -49       -204       -82          -283          -200        -85            Q
                                                                                                                                                                                                           -64          -101
          Foreign securities                                               -45       -13       -43            13        -2       -72            25           -29        -23      -72                        119

           Claims reported by U.S. banks:
             Long-term                                                    -533       -41      -146         -217       -129                     -21                      -32      -31             20        -26            12            25
             Short-term, nonliquid                                        -805       -67      -267         -120       -351     -166           -313            376        288      486           206       -604        -1,021         -423
             Short-term, liquid                                           -142       -20       -37          -59        -26      -44                         -258       -125                    -96         -97         -390            235
           Claims reported by U.S. nonbanking concerns:
             Long-term                                                     -22       -16         -5                              -46             10          -16         -1         1             4        -20             10         -17
             Short-term, nonliquid                                        -212        117     -164                                 50         -117                      -20        25           -4           8           -15          -28
             Short-term, liquid                                                                                                                       I       -60       -15      -33                       -14           -25            15

         Foreign capitalflows,net                                           947     -444        692        -159         858    -351           1,199        7,620       1,011          66      1,402       5,142         -926      -3,104

           U.S. Government nonliquid liabilities to other than             -12       -10             1           1      -4          4            20                              (*)                3       -4          C)             310
             foreign official reserve agencies.
           Other foreign private capital:
             Direct investments in the United States *                     -24       -11       -26            12          1        10             6            58      -478       192          163          182          -29           156
             U.S. securities other than Treasury issues                     -9         13      -25          -39          42      -13           -25            208         27       99           21           61           178           98
             Other long-term, reported by U.S. nonbanking con-               64                               37       -58         37            18           457          4        1          279          173            83            5
               cerns.
             Short-term, reported by U.S. nonbanking concerns                51        70        -9         -62          52      -45             82          -20                                40         -79             30          24
             Long-term, reported by U.S. banks
             U.S. liquid liabilities to private foreigners
                                                                            876     -504         663       -108         825     -344                       6,379       1,448    -228           896        4,263 - 1 , 1 8 9       -3,696
           U.S, liquid liabilities to foreign official agencies
           Other readily marketable liabilities to foreign official
            agencies.
           Nonliquid liabilities to foreign official reserve agencies
            reported by U.S. Government.
         Transactions in U.S. official reserve assets, net
           Gold
           SDR
           Convertible currencies
           Gold tranche position in IM F
         Allocations of special drawing rights (SDR)
         Errors and omissions, and transfers of funds between               728       673     -178           567      -335        953         -794          -150         -5       653          -27        -771         2,762         3,497
          foreign areas, net.
   r
     Revised     » Preliminary.        *Less than $500,000 ( ± ) .                                             3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
   1. Credits, + : Exports of goods and services; unilateral transfer to U.S.; capital inflows               export documents, and imports of goods included under direct defense expenditures identified
                    (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.              in Census import documents, and reflects various other balance-of-payments adjustments
                    official reserve assets.                                                                 (for valuation, coverage, and timing) to Census statistics; see table 4.
      Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital out-               4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
                   flows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.S.         incorporated affiliates of foreign firms.
                   official reserve assets.                                                                    5. Includes sales of foreign obligations to foreigners.
   2. Excludes transfers of goods and services under U.S. military grant programs.
    September 1973


September 1973                                                             SURVEY OF CURRENT BUSINESS                                                                                                                      53
Transactions, by Area—Continued
of dollars]
             Australia, N e w Zealand and South Africa                               Other countries in Asia and Africa 9                                    ]nternational organizations and unallocated10

                               1972                        1973                                   1972                           1973                                          1972                        1973            Line
     1972                                                                  1972                                                                     1972
                 I        II           I
                                      II       IV      I'         II*                I       II           I
                                                                                                         II        IV       I'      II*                          I        II