ABSTRACT
Swings in net exports can be very large factors in quarterly gross domestic product (GDP) growth. Bureau of Economic Analysis (BEA) relies on the monthly trade data release (issued jointly by itself and Census) as its main source series for the international side of GDP. BEA's usage of these data is basically straightforward, with import and export figures on goods and services of various types essentially incorporated into the corresponding GDP figures. BEA releases quarterly estimates of the US current account balance near the end of the following quarter. With Canada's public release of the problem BEA took the almost unprecedented step of acknowledging the issue and publically noted the amount of the upward revision to US GDP growth that would be forthcoming from this factor. Treasury International Capital (TIC) data are monthly estimates of foreign purchases and sales of long-term US government and private securities.
