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3. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, and imports of goods included under direct defense expenditures identified in Census import documents, and reflects various other balance-ofpayments adjustments (for valuation, coverage, and timing) to Census statistics.

4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S. incorporated affiliates of foreign firms. 5. Includes sales of foreign obligations to foreigners. NOTE.-Details may not add to total because of rounding. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis.

Explanatory Notes for Table 2

These notes are intended to provide a brief explanation of the content and sources of data for each account shown in table 2. These descriptions are not comprehensive nor are they intended to take the place of a precise methodology of the balance-ofpayments compilations.

Exports of Goods and Services-Merchandise, Adjusted, Excluding Military (Line 2)

Transfers Under U.S. Military Agency Sales Contracts

(Line 3)

Travel

(Line 4)

This account measures, in concept, all movable goods which are sold, given away, or otherwise transferred from United States to foreign ownership, except (1) transfers of goods under U.S. military grant programs (part of line 14), (2) transfers of goods under U.S. military agency sales contracts (part of line 3) whether physically exported from the United States or sold from U.S. installations abroad, and (3) transfers of goods by U.S. nonmilitary agencies from U.S. installations abroad (part of line 9)

In practice, reliance on Census Bureau trade statistics, which are based on the physical movement of goods into and out of the United States rather than change of ownership, and which in various other aspects are not oriented to balance-of-payments concepts, leads to some additional departures from the conceptual definition stated above. Census Bureau export statistics are, in general, valued f.a.s. (free alongside ship) U.S. port of exit, and reflect selling price, f.o.b. (free on board) interior point of shipment-or cost if not sold-plus packaging costs, inland freight, and insurance to place of export. Various adjustments to the Census statistics are made for timing, coverage, and valuation in order to bring them into closer conformity with balance-of-payments concepts.

This account measures delivery of goods and transfer of services by military agencies to foreign governments under sales contracts. Delivery of goods refers to transfer of goods either from the United States or from U.S. installations abroad to foreign governments. Also included, of relatively smaller magnitudes, are sales of excess property of military installations abroad, and logistical support provided to U.S. allies and to United Nations emergency forces in various areas. Excluded, however, is military equipment sold directly to foreigners by U.S. private firms. Estimates are based primarily on Department of Defense reports.

This account measures expenditures in the United States by foreign travelers (excluding foreign government personnel and their dependents and foreign citizens residing in the United States) for lodging, food, transportation within the United States, entertainment, personal purchases, gifts, and other outlays incidental to a trip to the United States. Transocean passenger fares are excluded. Included are passenger fares received by U.S. carriers from Canadian and Mexican travelers visiting the United States. Travel receipts from each major area of the world are estimated by multiplying the average expenditures per traveler, derived from sample surveys of BEA, by the corresponding number of travelers, derived from statistics of U.S. Immigration and Naturalization Service.

Passenger Fares (Line 5)

Other Transportation (Line 6)

Fees and Royalties From Unaffiliated Foreigners

(Line 7)

Other Private Services (Line 8)

This account measures passenger fares received by U.S. ocean and air carriers from foreign residents traveling between the United States and foreign countries and between two foreign points. Excluded are passenger fares for travel between the United States and Canada, and between the United States and Mexico (part of line 4). For each major area of the world, an estimate is made by multiplying the average round-trip fare derived from travel questionnaires, by the corresponding number of travelers derived from data provided by the U.S. Immigration and Naturalization Service.

This account measures the following: freight revenues of U.S.operated ocean, air, and other carriers (including rail, pipeline, and Great Lakes shipping) for the international transportation of U.S. exports; freight revenues of U.S.-operated carriers for the transportation of foreign freight from one foreign point to another foreign point; port expenditure receipts, representing payments for goods and services purchased in the United States by foreign operators and transportation companies; and receipts of U.S. owners from foreign operators for the charter of vessels and the rental of freight cars. For the major components-freight revenues and port expenditure receipts-value estimates are made by multiplying the average rates, based on reports from a limited number of shipping companies and airlines to BEA, by the corresponding tonnage data, derived essentially from statistics of the Census Bureau. For the other components, estimates are based on reports to BEA and on various other sources of information.

This account measures U.S. receipts from foreign residents not affiliated with the U.S. organizations to whom payment is made for the use of intangible property or rights (patents, techniques, processes, formulae, designs, trademarks, copyrights, franchises, manufacturing rights, etc.). Estimates are made on the basis of data obtained from BEA questionnaires circularized among U.S. individuals and firms directly involved in such transactions.

This account measures all receipts by U.S. private residents from foreign residents who are not affiliated with the U.S. recipient and from foreign governments and international organizations, for various miscellaneous services rendered domestically or abroad. Such services include international reinsurance operations of U.S. insurance companies; international cable, radio, and telephone operations provided by U.S. communications companies; and foreign contract operations of U.S. construction, engineering, consulting and other technical services firms. Also included in this account are expenditures for services in the United States by foreign embassies, consulates, and registered agents of foreign governments; administrative expenditures by international organizations such as the International Monetary Fund (IMF), World Bank, United Nations, etc.; and various other minor service receipts. Estimates are based on reports filed with BEA by U.S. individuals and firms, statistics provided by U.S. and foreign government agencies, and other information obtained from various publications of foreign governments and international organizations.

U.S. Government Miscellaneous Services (Line 9)

Direct investment Fees and Royalties (Line 10)

Direct Investment Interest, Dividends, and Branch Earnings (Line 11)

Income Receipts on Other U.S. Private Assets Abroad (Line 12)

Income Receipts on U.S. Government Assets Abroad (Line 13)

This account measures receipts of the nonmilitary agencies of the U.S. Government for services provided to foreigners and for deliveries of goods to foreigners from U.S. installations abroad. Also included are administrative expenses of AID in the United States and abroad, and similar expenses of other assistance programs. Estimates are based primarily on reports submitted by nonmilitary agencies of the U.S. Government.

This account measures receipts by U.S. parent organizations from their foreign affiliates of fees and royalties (after withheld foreign taxes, if any) for the use of intangible property or rights (patents, techniques, trademarks, copyrights, manufacturing rights, etc.), for rentals of tangible property, motion picture films and TV tapes, and for the use of professional, administrative and management services. Receipts include not only actual transfers but also other amounts due in the reporting period that are not actually transferred. In the latter instances, the amounts are offset by contra-entries in line 39. Data are collected regularly by the BEA from over 1,100 respondents with more than 13,000 foreign affiliates. The data are used to derive estimates for total receipts on the basis of the relation of the reporting sample to benchmark data (based on periodic surveys of U.S. direct investments abroad), with adjustments made for new investments and liquidations. (See line 39 for definition of direct investments.)

This account measures receipt by U.S. parent organizations from their foreign affiliates of interest and dividends (after withheld foreign taxes, if any) and branch earnings (after foreign income taxes). Receipts include not only actual transfers but also other amounts due in reporting period that are not actually transferred. In the latter instances, the amounts are offset by contra-entries in line 39. Sources of data and estimating procedures are the same as for line 10. (See line 39 for definition of direct investments.)

This account measures (1) interest received by U.S. residents on their holdings of foreign debt securities, short- and longterm bank and commercial loans, deposits and other claims, and (2) dividends received by U.S. residents on their holdings of foreign equities. Excluded are income receipts from U.S. direct investments abroad. Estimates are based on applicable U.S. money market rates and foreign dividend yields applied to amounts outstanding in the appropriate period, with lags when relevant.

This account measures primarily interest realized on the longand short-term credits outstanding to the U.S. Government from the rest of the world. Also included are interest earned on U.S. Government disbursing officers' deposits in commercial banks abroad; interest received on the holdings of official reserve assets by U.S. monetary authorities; interest on advances under other Exchange Stabilization Fund agreements; collections of commitment fees for foreign loans extended by U.S. Government agencies; service charges and other earn

Income Receipts on U.S. Government Assets Abroad (Line 13) (Cont'd)

Net Transfers of Goods and Services Under U.S. Military Grant Programs (Line 14)

Imports of Goods and Services-Merchandise, Adjusted, Excluding Military

(Line 16)

ings from the U.S. investment in the International Monetary Fund; and net income of U.S. monetary authorities from dayto-day transactions in foreign currency exchanges. Excluded are gains or losses on official reserve assets when they result from formal exchange rate revaluation and all gains or losses on foreign currency balances held by disbursing officers. With the exception of capitalized interest, receipts are based on data reported by the Government operating agencies on a collection basis (in both U.S. dollars and foreign currencies).

This account measures net transfers of goods delivered and services rendered by U.S. military services to foreign countries under legislation enacted by the Congress authorizing provision of military assistance for which no repayment is expected or for which repayment terms are indeterminate. Gross transfers include goods and services purchased from dollar funds appropriated, or foreign currencies owned, by the U.S. Government whose use has been authorized by legislation (valued on the basis of the U.S. Government financial records reflecting the expenditure of authorized funds); and transfers of goods under authorizations to deliver to foreign nations equipment and material, deemed excess to U.S. requirements (valued according to the legislative authorization under which the transfer is made).

Transactions netted against the gross transfers-reverse grants -include returns of equipment previously transferred; supplies and services provided the U.S. Government as part of a mutual assistance program (such as reverse lend-lease); and foreign currency funds provided by foreign nations as offsets for U.S. local expenditures under international agreements to provide U.S. foreign assistance.

This account excludes military goods and services provided on credit with established repayment terms. For transactions which occurred prior to July 1964, the estimates were made by BEA on the basis of information furnished for this purpose by the operating agencies, supplemented by other Government records; subsequent estimates are based upon incomplete reports from the operating agencies.

An identical offsetting entry is made in line 28.

This account measures, in concept, all movable goods which are sold, given away, or otherwise transferred from foreign to U.S. ownership, except (1) goods purchased abroad by U.S. Government defense agencies, whether used or stockpiled abroad or physically imported into the United States directly by such agencies (part of line 17) and (2) goods purchased abroad by other U.S. Government agencies, whether used or stockpiled abroad (part of line 23).

In practice, reliance on Census Bureau trade statistics, which are based on the physical movement of goods into and out of the United States rather than change of ownership, and

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