EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, MARCH 21, 2018 BEA 18-12 Technical: Michelle Murillo (301) 278-9133 Michelle.Murillo@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov U.S. International Transactions: Fourth Quarter and Year 2017 Current-Account Balance, Fourth Quarter The U.S. current-account deficit increased to $128.2 billion (preliminary) in the fourth quarter of 2017 from $101.5 billion (revised) in the third quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.6 percent of current- dollar gross domestic product (GDP) in the fourth quarter, up from 2.1 percent in the third quarter. [--CHART1 IMAGE--] The $26.7 billion increase in the current-account deficit mostly reflected increases in the deficits on goods and secondary income and a decrease in the surplus on primary income. Current-Account Transactions, Fourth Quarter (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts increased $16.6 billion in the fourth quarter to $878.8 billion. * Goods exports increased $14.2 billion to $400.7 billion, mostly reflecting an increase in industrial supplies and materials, primarily petroleum and products. * Primary income receipts increased $6.0 billion to $243.9 billion, mostly reflecting increases in direct investment income and in portfolio investment income. * Secondary income receipts decreased $5.9 billion to $35.3 billion, partly offsetting the increases in goods exports and in primary income receipts. The decrease in secondary income receipts mostly reflected a decrease in U.S. government transfers, primarily fines and penalties. [--CHART2 IMAGE--] Imports of goods and services and income payments Imports of goods and services and income payments increased $43.3 billion to $1,006.9 billion. * Goods imports increased $33.1 billion to $614.9 billion, mostly reflecting increases in industrial supplies and materials, primarily petroleum and products, and in consumer goods except food and automotive. * Primary income payments increased $7.3 billion to $186.7 billion, primarily reflecting an increase in direct investment income. Capital Account, Fourth Quarter (table 1) The balance on the capital account shifted to a deficit of less than $0.1 billion in the fourth quarter from a surplus of $24.9 billion in the third quarter. The third-quarter transactions reflected receipts from foreign insurance companies for losses resulting from hurricanes Harvey, Irma, and Maria. For more information, see “What are the effects of hurricanes and other disasters on the international economic accounts? (www.bea.gov/faq/index.cfm?faq_id=53&searchQuery=&start=0&cat_id=0)” Financial Account, Fourth Quarter (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $29.8 billion in the fourth quarter, a decrease from net borrowing of $121.8 billion in the third quarter. Financial assets Net U.S. acquisition of financial assets excluding financial derivatives decreased $172.8 billion to $177.9 billion. * Net U.S. acquisition of portfolio investment assets decreased $95.9 billion to $83.3 billion, reflecting a shift to net U.S. sales of foreign equity and investment fund shares from third-quarter net purchases. * Transactions in other investment assets shifted to net U.S. liquidation of $10.7 billion in the fourth quarter from net acquisition of $74.7 billion in the third quarter, mostly reflecting a shift to net foreign repayment of loans from third-quarter net U.S. provision of loans to foreigners. Liabilities Net U.S. incurrence of liabilities excluding financial derivatives decreased $282.6 billion to $208.4 billion. * Net U.S. incurrence of portfolio investment liabilities decreased $211.5 billion to $84.9 billion, reflecting a decrease in net foreign purchases of U.S. long-term debt securities and a shift to net foreign sales of U.S. equity and investment fund shares from third- quarter net foreign purchases. * Net U.S. incurrence of direct investment liabilities decreased $49.6 billion to $54.1 billion, primarily reflecting a shift to net U.S. repayment of debt instrument liabilities from third-quarter net incurrence. * Net U.S. incurrence of other investment liabilities decreased $21.4 billion to $69.5 billion, reflecting largely offsetting changes in transactions in loan and deposit liabilities. In loans, transactions shifted to net U.S. repayment of loan liabilities from third-quarter net incurrence. In deposits, transactions shifted to net incurrence of deposit liabilities from third-quarter net foreign withdrawal of deposits in the United States. Financial derivatives Transactions in financial derivatives other than reserves reflected fourth-quarter net lending of $0.8 billion, a decrease of $17.8 billion from the third quarter. Statistical Discrepancy, Fourth Quarter (table 1) The statistical discrepancy was $98.4 billion in the fourth quarter, after a statistical discrepancy of -$45.2 billion in the third quarter. Updates to Third Quarter 2017 International Transactions Accounts Aggregates Billions of dollars, seasonally adjusted Preliminary estimate Revised estimate Current-account balance -100.6 -101.5 Goods balance -195.3 -195.3 Services balance 60.9 60.0 Primary-income balance 57.0 58.5 Secondary-income balance -23.2 -24.7 Net lending (+)/borrowing (-) from financial-account transactions -105.6 -121.8 Statistical discrepancy -29.9 -45.2 Current-Account Balance, Year 2017 The current-account deficit increased to $466.2 billion (preliminary) in 2017 from $451.7 billion in 2016. The deficit was 2.4 percent of current-dollar GDP in 2017, the same percentage as in 2016. The $14.6 billion increase in the deficit reflected a $58.7 billion increase in the deficit on goods and a $4.9 billion decrease in the surplus on services that were partly offset by a $43.8 billion increase in the surplus on primary income and a $5.3 billion decrease in the deficit on secondary income. Current-Account Transactions, Year 2017 (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts increased $250.9 billion in 2017 to $3,408.2 billion. * Primary income receipts increased $112.9 billion to $926.9 billion, led by an increase in direct investment income. * Goods exports increased $95.0 billion to $1,550.7 billion, led by an increase in industrial supplies and materials. * Services exports increased $28.5 billion to $780.9 billion, led by increases in other business services and in financial services. Imports of goods and services and income payments Imports of goods and services and income payments increased $265.5 billion to $3,874.4 billion. * Goods imports increased $153.7 billion to $2,361.9 billion, led by increases in industrial supplies and materials and in capital goods except automotive. * Primary income payments increased $69.1 billion to $709.9 billion, led by increases in portfolio investment income and in other investment income. * Services imports increased $33.5 billion to $538.1 billion, led by increases in travel (for all purposes including education) and in other business services. Capital Account, Year 2017 (table 1) Capital transfer receipts were $24.9 billion in 2017. The transactions reflected receipts from foreign insurance companies for losses resulting from hurricanes Harvey, Irma, and Maria. For more information, see “What are the effects of hurricanes and other disasters on the international economic accounts? (www.bea.gov/faq/index.cfm?faq_id=53&searchQuery=&start=0&cat_id=0)" Financial Account, Year 2017 (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $349.2 billion in 2017, a decrease from net borrowing of $377.7 billion in 2016. Financial assets Net U.S. acquisition of financial assets excluding financial derivatives increased $864.5 billion to $1,212.4 billion. * Net U.S. acquisition of portfolio investment assets increased $548.9 billion to $589.5 billion, reflecting increases in net U.S. purchases of foreign debt securities and in net purchases of foreign equity and investment fund shares. * Transactions in other investment assets shifted to net U.S. acquisition of $200.1 billion in 2017 from net liquidation of $6.4 billion in 2016, primarily reflecting a shift to net U.S. acquisition of foreign deposits in 2017 from net withdrawal in 2016. * Net U.S. acquisition of direct investment assets increased $112.8 billion to $424.4 billion, reflecting a shift to net U.S. acquisition of debt instruments in 2017 from net foreign repayment in 2016 and an increase in net acquisition of equity assets. Liabilities Net U.S. incurrence of liabilities excluding financial derivatives increased $846.5 billion to $1,587.9 billion. * Net U.S. incurrence of portfolio investment liabilities increased $599.7 billion to $837.1 billion, reflecting a shift to net foreign purchases of U.S. equity and investment fund shares in 2017 from net foreign sales in 2016 and an increase in net foreign purchases of U.S. long-term debt securities. * Net U.S. incurrence of other investment liabilities increased $377.6 billion to $402.2 billion, reflecting a shift to net U.S. incurrence of deposit liabilities in 2017 from net foreign withdrawal in 2016 and a shift to net U.S. incurrence of loan liabilities in 2017 from net repayment in 2016. * Net U.S. incurrence of direct investment liabilities decreased $130.7 billion to $348.7 billion, partly offsetting the increases in net U.S. incurrence of portfolio investment liabilities and other investment liabilities. The decrease in net U.S. incurrence of direct investment liabilities reflected decreases in net incurrence of debt instrument liabilities and equity liabilities. Financial derivatives Transactions in financial derivatives other than reserves reflected net lending of $26.4 billion in 2017, an increase of $10.5 billion from 2016. Statistical Discrepancy, Year 2017 (table 1) The statistical discrepancy increased $18.1 billion in 2017 to $92.2 billion. BOX.___________________________________________________________________________________________ Notice of Upcoming Update to the U.S. International Transactions Accounts The annual update of the U.S. international transactions accounts will be released along with preliminary estimates for the first quarter of 2018 on June 20, 2018. An article previewing the annual update will appear in the May 2018 issue of the Survey of Current Business (www.bea.gov/scb/index.htm). _______________________________________________________________________________________________ Next release: June 20, 2018 at 8:30 A.M. EDT U.S. International Transactions, First Quarter 2018 and Annual Update * * * U.S. International Transactions Release Dates in 2018 Fourth Quarter and Year 2017 March 21 First Quarter 2018 and Annual Update June 20 Second Quarter 2018 September 19 Third Quarter 2018 December 19 Additional Information Resources * Stay informed about BEA developments by reading the BEA blog (blog.bea.gov), signing up for BEA’s email subscription service (www.bea.gov/_subscribe/index_vocus.htm), or following BEA on Twitter @BEA_News (twitter.com/BEA_News). * Historical time series for these estimates can be accessed in BEA’s Interactive Data Application (www.bea.gov/iTable/index_ita.cfm). * Access BEA data by registering for BEA’s Data Application Programming Interface (www.bea.gov/API/signup/index.cfm) (API). * For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business (www.bea.gov/scb/index.htm). * BEA's news release schedule (www.bea.gov/newsreleases/news_release_schedule.htm). * More information on these international transactions statistics will be provided next month in the Survey of Current Business (www.bea.gov/scb/index.htm). * More information on the international transactions accounts (ITAs) and a description of the estimation methods used to compile them is provided in U.S. International Economic Accounts: Concepts and Methods (www.bea.gov/international/concepts_methods.htm). Definitions The current account consists of transactions between U.S. residents and nonresidents in goods, services, primary income, and secondary income. Goods are physical items with ownership rights that can be exchanged among institutional units through transactions. Services transactions consist of transactions arising from productive activities that change the condition of the consumer or that facilitate the exchange of products and financial assets. Primary income transactions include investment income and compensation of employees. Investment income is the return on holdings of financial assets and includes direct investment income, portfolio investment income, other investment income, and income on reserve assets. Compensation of employees is income for the contribution of labor inputs to the production process. Secondary income consists of current transfers between residents and nonresidents. Unlike an exchange, a transfer is a transaction in which a good, service, or asset is provided without a corresponding return of economic value. Secondary income receipts and payments include U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers (remittances), insurance-related transfers, and other current transfers. The capital account consists of capital transfers between residents and nonresidents and the cross-border acquisition and disposal of nonproduced nonfinancial assets. Capital transfers include debt forgiveness and certain disaster-related nonlife insurance claims. Nonproduced nonfinancial assets include natural resources and contracts, leases, and licenses. Capital- account transactions are distinguished from current-account transactions in that capital- account transactions result in a change in the assets of one or both parties to the transaction without affecting the income or savings of either party. The financial account consists of transactions between U.S. residents and nonresidents for direct investment, portfolio investment, other investment, reserves, and financial derivative other than reserves. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise resident in another economy. Ownership or control of 10 percent or more of the nonresident entity’s voting securities is the threshold for separating direct investment from other types of investment. Direct-investment transactions include transactions in equity (including reinvestment of earnings) and debt instruments. Portfolio investment transactions consist of cross-border transactions involving equity and investment fund shares and debt securities, excluding those included in direct investment or reserve assets. Other investment is a residual category that includes cross-border financial instruments other than those included in direct investment, portfolio investment, financial derivatives, and reserve assets. Other-investment transactions consist of transactions in currency and deposits, loans, insurance technical reserves, trade credit and advances, and, for liabilities, special drawing rights allocations. Reserve assets are those external assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes such as maintaining confidence in the currency and the economy and serving as a basis for foreign borrowing. The major published components are monetary gold, International Monetary Fund (IMF) special drawing rights (SDRs), reserve position in the IMF, and other reserve assets. Financial derivatives other than reserves consist of financial contracts that are linked to underlying financial instruments, commodities, or indicators. Transactions in financial derivatives consist of U.S. cash receipts and payments arising from the sale, purchase, periodic settlement, or final settlement of financial derivatives contracts. Transactions in financial derivatives are only available as a net value equal to transactions for assets less transactions for liabilities. A positive value represents net cash payments by U.S. residents to foreign residents from settlements of derivatives contracts (net lending) and a negative value represents net U.S. cash receipts (net borrowing). The statistical discrepancy is the difference between net acquisition of assets and net incurrence of liabilities in the financial account (including financial derivatives) less the difference between total credits and total debits recorded in the current and capital accounts. The statistical discrepancy can also be calculated as the difference between net lending (borrowing) measured from financial-account transactions and net lending (borrowing) measured from current- and capital-account transactions. The current-account balance is the difference between credits (exports and income receipts) and debits (imports and income payments) in the current account. The balance is a net measure of current-account transactions between the United States and the rest of the world. A positive balance indicates a current-account surplus. A negative balance indicates a current-account deficit. Net lending (borrowing) measures the balance of funds supplied to the rest of the world. Net lending means that, in net terms, the U.S. economy supplies funds to the rest of the world. Net borrowing means the opposite. Net lending (borrowing) can be measured by current- and capital- account transactions or by financial-account transactions. Conceptually, the two measures are equal. In practice, the two measures differ by the statistical discrepancy. Release and update cycle Preliminary quarterly statistics for the ITAs are released in March, June, September, and December approximately 80 days after the end of the reference quarter. These statistics are updated the following quarter to incorporate new source data. Quarterly statistics are open for revision for at least the prior three years in annual updates released in June. Preliminary annual statistics are released in March along with statistics for the fourth quarter of the previous year. These annual statistics are open for revision for at least the prior three years in subsequent annual updates. Related statistics The ITAs constitute one part of a broader set of U.S. international economic accounts that, taken together, provide a comprehensive, integrated, and detailed picture of U.S. international economic activities. The international investment position (IIP) accounts (www.bea.gov/newsreleases/international/intinv/intinvnewsrelease.htm) are released quarterly. Financial transactions that are reported in the ITAs are one type of change in position that are recorded in the IIP accounts. Statistics on direct investment and multinational enterprises (www.bea.gov/iTable/index_MNC.cfm)(MNEs) include annual statistics on the activities of MNEs, detailed annual and quarterly statistics on direct investment, and annual statistics on new investment in the United States. Statistics on international services (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=9&isuri=1&6210=4), released annually, include detailed annual information on trade in services and on services supplied through the channel of direct investment by affiliates of MNEs. U.S. international trade in goods and services (www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm), released by BEA and the U.S. Census Bureau, provides monthly statistics on trade in goods and services. ______________________________________________________________________________________________ List of News Release Tables Table 1. U.S. International Transactions Table 2. U.S. International Trade in Goods Table 3. U.S. International Trade in Services Table 4. U.S. International Transactions in Primary Income Table 5. U.S. International Transactions in Secondary Income Table 6. U.S. International Financial Transactions for Direct Investment Table 7. U.S. International Financial Transactions for Portfolio Investment Table 8. U.S. International Financial Transactions for Other Investment March 21, 2018 Table 1. U.S. International Transactions [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV   Current account 1 Exports of goods and services and income receipts (credits) ........................................ 3,157,241 3,408,188 250,947 807,854 833,304 833,996 862,133 878,755 16,622 1 2 Exports of goods and services .................................................................... 2,208,072 2,331,599 123,527 559,954 574,672 574,424 582,983 599,519 16,536 2 3 Goods .......................................................................................... 1,455,704 1,550,720 95,016 370,493 382,121 381,422 386,507 400,670 14,163 3 4 General merchandise .......................................................................... 1,434,861 1,528,932 94,071 363,907 375,870 375,668 381,519 395,874 14,355 4 5 Foods, feeds, and beverages ................................................................ 130,555 132,917 2,362 32,496 32,376 34,016 35,057 31,467 -3,590 5 6 Industrial supplies and materials .......................................................... 386,767 453,735 66,968 100,596 110,283 109,540 110,421 123,491 13,070 6 7 Capital goods except automotive ............................................................ 519,839 533,098 13,259 131,046 129,765 130,542 135,194 137,596 2,402 7 8 Automotive vehicles, parts, and engines .................................................... 150,313 157,554 7,241 36,915 40,236 39,171 38,716 39,431 715 8 9 Consumer goods except food and automotive .................................................. 193,440 197,271 3,831 48,671 49,862 48,762 48,789 49,858 1,069 9 10 Other general merchandise .................................................................. 53,948 54,357 409 14,183 13,347 13,637 13,341 14,031 690 10 11 Net exports of goods under merchanting ....................................................... 301 241 -60 89 75 65 47 54 7 11 12 Nonmonetary gold ............................................................................. 20,542 21,548 1,006 6,497 6,175 5,689 4,941 4,742 -199 12 13 Services ....................................................................................... 752,368 780,879 28,511 189,461 192,551 193,002 196,476 198,849 2,373 13 14 Maintenance and repair services n.i.e. ....................................................... 25,628 25,916 288 6,572 6,969 6,611 6,179 6,157 -22 14 15 Transport .................................................................................... 84,318 86,548 2,230 21,244 21,427 21,196 21,772 22,153 381 15 16 Travel (for all purposes including education) /1/ ............................................ 205,940 203,696 -2,244 51,916 51,838 50,616 50,392 50,849 457 16 17 Insurance services ........................................................................... 16,348 17,815 1,467 4,299 4,106 4,308 4,630 4,771 141 17 18 Financial services ........................................................................... 98,180 106,424 8,244 25,959 25,342 25,926 27,174 27,982 808 18 19 Charges for the use of intellectual property n.i.e. .......................................... 124,453 127,935 3,482 30,666 29,830 31,671 33,188 33,247 59 19 20 Telecommunications, computer, and information services ....................................... 36,455 38,937 2,482 9,281 9,619 9,533 9,824 9,961 137 20 21 Other business services ...................................................................... 142,231 154,458 12,227 35,186 38,505 38,207 38,467 39,279 812 21 22 Government goods and services n.i.e. ......................................................... 18,814 19,150 336 4,338 4,916 4,934 4,850 4,449 -401 22 23 Primary income receipts .......................................................................... 813,977 926,862 112,885 212,953 219,580 225,412 237,925 243,945 6,020 23 24 Investment income .............................................................................. 807,430 920,239 112,809 211,316 217,934 223,758 236,264 242,284 6,020 24 25 Direct investment income ..................................................................... 444,038 507,029 62,991 118,733 123,195 123,135 128,975 131,724 2,749 25 26 Portfolio investment income .................................................................. 324,051 351,419 27,368 82,153 82,171 85,666 90,534 93,047 2,513 26 27 Other investment income ...................................................................... 39,233 61,393 22,160 10,367 12,509 14,822 16,632 17,431 799 27 28 Reserve asset income ......................................................................... 108 399 291 62 59 135 123 82 -41 28 29 Compensation of employees ...................................................................... 6,547 6,622 75 1,637 1,646 1,654 1,661 1,660 -1 29 30 Secondary income (current transfer) receipts /2/ ................................................. 135,192 149,728 14,536 34,947 39,052 34,160 41,225 35,291 -5,934 30 31 Imports of goods and services and income payments (debits) ......................................... 3,608,926 3,874,434 265,508 921,860 946,175 957,738 963,608 1,006,913 43,305 31 32 Imports of goods and services .................................................................... 2,712,866 2,900,041 187,175 694,002 712,516 715,870 718,248 753,406 35,158 32 33 Goods .......................................................................................... 2,208,211 2,361,932 153,721 565,551 582,503 582,694 581,804 614,931 33,127 33 34 General merchandise .......................................................................... 2,190,053 2,349,729 159,676 561,845 579,156 580,099 579,016 611,458 32,442 34 35 Foods, feeds, and beverages ................................................................ 131,046 138,831 7,785 33,532 33,731 34,453 35,103 35,544 441 35 36 Industrial supplies and materials .......................................................... 441,834 512,036 70,202 118,165 130,069 126,225 122,171 133,570 11,399 36 37 Capital goods except automotive ............................................................ 593,902 643,695 49,793 150,651 153,142 157,790 163,473 169,290 5,817 37 38 Automotive vehicles, parts, and engines .................................................... 351,050 359,908 8,858 88,930 91,022 89,368 88,997 90,520 1,523 38 39 Consumer goods except food and automotive .................................................. 585,363 604,245 18,882 148,356 149,773 149,400 146,918 158,153 11,235 39 40 Other general merchandise .................................................................. 86,858 91,015 4,157 22,209 21,418 22,863 22,354 24,381 2,027 40 41 Nonmonetary gold ............................................................................. 18,159 12,203 -5,956 3,707 3,347 2,595 2,788 3,473 685 41 42 Services ....................................................................................... 504,654 538,108 33,454 128,451 130,014 133,176 136,445 138,474 2,029 42 43 Maintenance and repair services n.i.e. ....................................................... 8,810 8,559 -251 2,326 2,270 2,212 2,039 2,038 -1 43 44 Transport .................................................................................... 96,827 101,218 4,391 24,621 25,201 25,136 25,072 25,808 736 44 45 Travel (for all purposes including education) /1/ ............................................ 123,618 135,209 11,591 31,729 32,624 34,000 34,153 34,432 279 45 46 Insurance services ........................................................................... 48,077 49,698 1,621 12,376 11,839 12,364 12,677 12,818 141 46 47 Financial services ........................................................................... 25,629 27,986 2,357 6,572 6,484 6,813 7,253 7,436 183 47 48 Charges for the use of intellectual property n.i.e. .......................................... 44,392 48,354 3,962 11,443 11,726 12,105 12,041 12,481 440 48 49 Telecommunications, computer, and information services ....................................... 36,851 40,221 3,370 9,330 9,956 9,758 10,148 10,360 212 49 50 Other business services ...................................................................... 98,922 104,773 5,851 24,619 24,371 25,318 27,485 27,599 114 50 51 Government goods and services n.i.e. ......................................................... 21,528 22,093 565 5,435 5,542 5,471 5,576 5,503 -73 51 52 Primary income payments .......................................................................... 640,751 709,864 69,113 161,656 169,152 174,533 179,430 186,749 7,319 52 53 Investment income .............................................................................. 620,608 688,827 68,219 156,499 164,132 169,310 174,031 181,354 7,323 53 54 Direct investment income ..................................................................... 185,211 201,969 16,758 43,528 48,874 49,564 49,442 54,088 4,646 54 55 Portfolio investment income .................................................................. 409,152 438,863 29,711 105,651 106,022 108,444 111,396 113,001 1,605 55 56 Other investment income ...................................................................... 26,245 47,995 21,750 7,320 9,235 11,301 13,193 14,265 1,072 56 57 Compensation of employees ...................................................................... 20,143 21,036 893 5,157 5,020 5,223 5,398 5,395 -3 57 58 Secondary income (current transfer) payments /2/ ................................................. 255,309 264,530 9,221 66,202 64,507 67,335 65,930 66,758 828 58 Capital account 59 Capital transfer receipts and other credits ........................................................ 0 24,868 24,868 0 0 0 24,868 0 -24,868 59 60 Capital transfer payments and other debits ......................................................... 59 21 -38 0 1 0 0 20 20 60   Financial account 61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+)) ....................................... 347,891 1,212,361 864,470 -84,504 332,387 351,460 350,653 177,861 -172,792 61 62 Direct investment assets ......................................................................... 311,581 424,418 112,837 43,289 123,719 97,210 96,734 106,755 10,021 62 63 Equity ......................................................................................... 329,732 374,916 45,184 86,851 98,533 93,566 67,847 114,970 47,123 63 64 Debt instruments ............................................................................... -18,151 49,502 67,653 -43,562 25,185 3,644 28,888 -8,214 -37,102 64 65 Portfolio investment assets ...................................................................... 40,638 589,516 548,878 -13,379 140,446 186,482 179,260 83,330 -95,930 65 66 Equity and investment fund shares .............................................................. 14,423 193,795 179,372 -79,524 37,395 120,716 69,592 -33,908 -103,500 66 67 Debt securities ................................................................................ 26,215 395,721 369,506 66,144 103,051 65,766 109,667 117,237 7,570 67 68 Short term ................................................................................... -21,073 176,412 197,485 4,939 37,797 36,261 71,918 30,437 -41,481 68 69 Long term .................................................................................... 47,288 219,309 172,021 61,205 65,254 29,505 37,749 86,801 49,052 69 70 Other investment assets .......................................................................... -6,418 200,117 206,535 -115,864 68,464 67,618 74,720 -10,685 -85,405 70 71 Currency and deposits .......................................................................... -89,663 148,747 238,410 -58,232 38,989 9,542 52,395 47,821 -4,574 71 72 Loans .......................................................................................... 82,338 46,920 -35,418 -55,680 25,660 58,461 21,093 -58,294 -79,387 72 73 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 73 74 Trade credit and advances ...................................................................... 907 4,449 3,542 -1,952 3,815 -385 1,232 -213 -1,445 74 75 Reserve assets ................................................................................... 2,090 -1,690 -3,780 1,450 -241 150 -61 -1,539 -1,478 75 76 Monetary gold .................................................................................. 0 0 0 0 0 0 0 0 0 76 77 Special drawing rights ......................................................................... 684 78 -606 680 11 15 26 26 0 77 78 Reserve position in the International Monetary Fund ............................................ 1,348 -1,812 -3,160 732 -261 82 -98 -1,535 -1,437 78 79 Other reserve assets ........................................................................... 58 44 -14 37 9 54 11 -29 -40 79 80 Currency and deposits ........................................................................ -56 0 56 -14 0 0 0 0 0 80 81 Securities ................................................................................... 114 44 -70 51 9 54 11 -29 -40 81 82 Financial derivatives ........................................................................ 0 0 0 0 0 0 0 0 0 82 83 Other claims ................................................................................. 0 0 0 0 0 0 0 0 0 83 84 Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities / financial inflow (+)) ............................................... 741,393 1,587,915 846,522 -16,734 417,760 470,708 491,010 208,437 -282,573 84 85 Direct investment liabilities .................................................................... 479,415 348,674 -130,741 17,597 97,703 93,205 103,675 54,091 -49,584 85 86 Equity ......................................................................................... 351,769 293,684 -58,085 50,231 89,652 68,499 73,210 62,324 -10,886 86 87 Debt instruments ............................................................................... 127,645 54,989 -72,656 -32,634 8,052 24,706 30,465 -8,234 -38,699 87 88 Portfolio investment liabilities ................................................................. 237,367 837,051 599,684 62,422 164,522 291,264 296,404 84,860 -211,544 88 89 Equity and investment fund shares .............................................................. -141,078 166,825 307,903 -107,301 58,169 33,470 80,892 -5,706 -86,598 89 90 Debt securities ................................................................................ 378,445 670,225 291,780 169,723 106,354 257,794 215,512 90,567 -124,945 90 91 Short term ................................................................................... -8,582 37,934 46,516 -6,376 -4,454 37,173 -23,564 28,779 52,343 91 92 Long term .................................................................................... 387,027 632,291 245,264 176,098 110,807 220,620 239,076 61,788 -177,288 92 93 Other investment liabilities ..................................................................... 24,612 402,191 377,579 -96,753 155,535 86,238 90,932 69,486 -21,446 93 94 Currency and deposits .......................................................................... 19,654 236,480 216,826 17,020 68,120 106,325 -15,021 77,055 92,076 94 95 Loans .......................................................................................... -2,310 147,616 149,926 -116,306 78,731 -20,495 99,220 -9,839 -109,059 95 96 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 96 97 Trade credit and advances ...................................................................... 7,268 18,095 10,827 2,533 8,683 409 6,733 2,270 -4,463 97 98 Special drawing rights allocations ............................................................. 0 0 0 0 0 0 0 0 0 98 99 Financial derivatives other than reserves, net transactions /3/ .................................... 15,817 26,363 10,546 -6,983 -2,320 9,306 18,600 777 -17,823 99 Statistical discrepancy 100 Statistical discrepancy /4/ ........................................................................ 74,059 92,208 18,149 39,253 25,179 13,800 -45,150 98,379 143,529 100 Balances 101 Balance on current account (line 1 less line 31) /5/ ............................................... -451,685 -466,246 -14,561 -114,006 -112,871 -123,742 -101,475 -128,158 -26,683 101 102 Balance on goods and services (line 2 less line 32) .............................................. -504,793 -568,442 -63,649 -134,048 -137,845 -141,446 -135,265 -153,886 -18,621 102 103 Balance on goods (line 3 less line 33) ......................................................... -752,507 -811,212 -58,705 -195,058 -200,382 -201,272 -195,297 -214,261 -18,964 103 104 Balance on services (line 13 less line 42) ..................................................... 247,714 242,770 -4,944 61,010 62,538 59,826 60,032 60,375 343 104 105 Balance on primary income (line 23 less line 52) ................................................. 173,225 216,998 43,773 51,297 50,429 50,879 58,495 57,195 -1,300 105 106 Balance on secondary income (line 30 less line 58) ............................................... -120,117 -114,802 5,315 -31,255 -25,455 -33,175 -24,706 -31,467 -6,761 106 107 Balance on capital account (line 59 less line 60) /5/ .............................................. -59 24,847 24,906 0 -1 0 24,868 -20 -24,888 107 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/ .................................................. -451,744 -441,399 10,345 -114,006 -112,872 -123,742 -76,608 -128,178 -51,570 108 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/ ............................................... -377,685 -349,191 28,494 -74,753 -87,693 -109,942 -121,757 -29,799 91,958 109 p Preliminary r Revised n.a. Not available 1. All travel purposes include 1) business travel, including expenditures by border, seasonal, and other short-term workers and 2) personal travel, including health-related and education-related travel. 2. Secondary income (current transfer) receipts and payments include U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers (remittances), insurance-related transfers, and other current transfers. 3. Transactions for financial derivatives are only available as a net value equal to transactions for assets less transactions for liabilities. A positive value represents net U.S. cash payments arising from derivatives contracts, and a negative value represents net U.S. cash receipts. 4. The statistical discrepancy, which can be calculated as line 109 less line 108, is the difference between total debits and total credits recorded in the current, capital, and financial accounts. In the current and capital accounts, credits and debits are labeled in the table. In the financial account, an acquisition of an asset or a repayment of a liability is a debit, and an incurrence of a liability or a disposal of an asset is a credit. 5. Current- and capital-account statistics in the international transactions accounts differ slightly from statistics in the national income and product accounts (NIPAs) because of adjustments made to convert the international transactions statistics to national economic accounting concepts. A reconciliation between annual statistics in the two sets of accounts appears in NIPA table 4.3B (www.bea.gov/iTable/iTableHtml.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=136). 6. Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Net lending or net borrowing can be computed from current- and capital- account transactions or from financial-account transactions. The two amounts differ by the statistical discrepancy. Notes: Details may not add to totals because of rounding. See international transactions accounts table 1.3 at www.bea.gov/iTable/index_ita.cfm for geographic detail. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 2. U.S. International Trade in Goods [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV 1 Exports of goods (table 1, line 3) ................................................................. 1,455,704 1,550,720 95,016 370,493 382,121 381,422 386,507 400,670 14,163 1 2 General merchandise ............................................................................ 1,434,861 1,528,932 94,071 363,907 375,870 375,668 381,519 395,874 14,355 2 3 Net exports of goods under merchanting ......................................................... 301 241 -60 89 75 65 47 54 7 3 4 Nonmonetary gold ............................................................................... 20,542 21,548 1,006 6,497 6,175 5,689 4,941 4,742 -199 4 5 General merchandise, all end-use commodities (line 2) ............................................ 1,434,861 1,528,932 94,071 363,907 375,870 375,668 381,519 395,874 14,355 5 6 Foods, feeds, and beverages .................................................................... 130,555 132,917 2,362 32,496 32,376 34,016 35,057 31,467 -3,590 6 7 Agricultural ................................................................................. 122,572 124,384 1,812 30,552 30,466 31,942 32,811 29,165 -3,646 7 8 Grains and preparations .................................................................... 27,976 27,642 -334 6,745 7,716 7,478 6,430 6,019 -411 8 9 Wheat .................................................................................... 5,541 6,252 711 1,570 1,589 1,889 1,381 1,393 12 9 10 Corn ..................................................................................... 10,886 10,131 -755 2,418 3,105 2,911 2,236 1,879 -357 10 11 Rice and other food grains ............................................................... 1,944 1,888 -56 496 557 473 391 467 76 11 12 Other feeds .............................................................................. 9,606 9,372 -234 2,262 2,465 2,205 2,421 2,281 -140 12 13 Soybeans ................................................................................... 23,598 22,354 -1,244 5,418 4,292 6,311 7,895 3,856 -4,039 13 14 Meat products and poultry .................................................................. 16,881 18,837 1,956 4,529 4,540 4,534 4,750 5,013 263 14 15 Vegetables, fruits, nuts, and preparations ................................................. 24,492 25,123 631 6,096 6,187 6,114 6,327 6,495 168 15 16 Other agricultural foods, feeds, and beverages ............................................. 29,625 30,426 801 7,763 7,732 7,505 7,408 7,781 373 16 17 Nonagricultural .............................................................................. 7,983 8,533 550 1,944 1,911 2,074 2,246 2,302 56 17 18 Fish and shellfish ......................................................................... 5,637 5,934 297 1,371 1,290 1,447 1,600 1,596 -4 18 19 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 2,346 2,599 253 573 620 627 646 706 60 19 20 Industrial supplies and materials .............................................................. 386,767 453,735 66,968 100,596 110,283 109,540 110,421 123,491 13,070 20 21 Agricultural ................................................................................. 17,000 19,184 2,184 4,648 4,972 4,795 4,579 4,839 260 21 22 Raw cotton ................................................................................. 3,967 5,846 1,879 1,339 1,521 1,514 1,415 1,396 -19 22 23 Tobacco, unmanufactured .................................................................... 1,116 1,083 -33 223 222 345 360 156 -204 23 24 Hides and skins, including furskins ........................................................ 1,966 1,920 -46 531 484 453 504 480 -24 24 25 Other agricultural industrial supplies ..................................................... 9,951 10,334 383 2,556 2,744 2,484 2,300 2,806 506 25 26 Nonagricultural .............................................................................. 369,766 434,551 64,785 95,948 105,312 104,745 105,842 118,653 12,811 26 27 Energy products ............................................................................ 112,462 159,120 46,658 30,787 37,588 37,795 37,969 45,769 7,800 27 28 Petroleum and products ................................................................... 99,041 136,027 36,986 26,501 31,655 31,983 32,394 39,994 7,600 28 29 Crude .................................................................................. 9,304 21,724 12,420 2,274 4,224 4,371 4,781 8,349 3,568 29 30 Fuel oil ............................................................................... 33,391 42,334 8,943 8,645 9,504 10,950 10,757 11,123 366 30 31 Other petroleum products ............................................................... 46,958 56,589 9,631 12,582 14,154 13,510 13,392 15,533 2,141 31 32 Liquified petroleum gases .............................................................. 9,388 15,381 5,993 2,999 3,774 3,153 3,465 4,989 1,524 32 33 Coal and related products ................................................................ 7,693 13,748 6,055 2,626 3,482 3,355 3,484 3,427 -57 33 34 Natural gas .............................................................................. 4,567 8,005 3,438 1,417 2,184 1,991 1,707 2,124 417 34 35 Nuclear fuel and electric energy ......................................................... 1,162 1,341 179 244 267 466 383 225 -158 35 36 Paper and paper-base stocks ................................................................ 20,836 22,194 1,358 5,268 5,479 5,307 5,545 5,863 318 36 37 Textile supplies and related materials ..................................................... 13,359 13,567 208 3,339 3,424 3,343 3,389 3,412 23 37 38 Chemicals except medicinals ................................................................ 103,779 111,686 7,907 26,121 27,911 27,244 26,876 29,656 2,780 38 39 Plastic materials ........................................................................ 32,547 34,370 1,823 8,201 9,047 8,299 8,191 8,833 642 39 40 Fertilizers, pesticides, and insecticides ................................................ 7,458 8,528 1,070 1,932 2,102 2,094 2,021 2,311 290 40 41 Industrial inorganic chemicals ........................................................... 8,204 9,194 990 2,038 2,157 2,249 2,292 2,495 203 41 42 Industrial organic chemicals ............................................................. 26,260 28,214 1,954 6,337 7,135 6,800 6,609 7,669 1,060 42 43 Other chemicals .......................................................................... 29,309 31,381 2,072 7,612 7,469 7,802 7,763 8,347 584 43 44 Building materials except metals ........................................................... 13,850 14,777 927 3,469 3,590 3,580 3,764 3,843 79 44 45 Other nonmetals ............................................................................ 33,486 35,000 1,514 8,487 8,753 8,608 8,735 8,904 169 45 46 Metals and nonmetallic products ............................................................ 71,994 78,206 6,212 18,477 18,567 18,868 19,564 21,206 1,642 46 47 Steelmaking materials .................................................................... 4,948 6,810 1,862 1,526 1,548 1,521 1,750 1,991 241 47 48 Iron and steel products .................................................................. 14,468 16,486 2,018 3,667 4,054 4,235 4,024 4,172 148 48 49 Nonferrous metals ........................................................................ 27,963 29,076 1,113 6,976 6,604 6,821 7,379 8,271 892 49 50 Precious metals except nonmonetary gold ................................................ 5,700 6,631 931 1,439 1,327 1,483 1,713 2,107 394 50 51 Bauxite and aluminum ................................................................... 8,468 7,858 -610 1,821 1,882 1,916 1,910 2,151 241 51 52 Copper ................................................................................. 6,185 6,163 -22 1,555 1,381 1,526 1,585 1,671 86 52 53 Other nonferrous metals ................................................................ 7,611 8,424 813 2,160 2,014 1,896 2,171 2,342 171 53 54 Other metals and nonmetallic products .................................................... 24,615 25,834 1,219 6,309 6,361 6,290 6,410 6,772 362 54 55 Capital goods except automotive ................................................................ 519,839 533,098 13,259 131,046 129,765 130,542 135,194 137,596 2,402 55 56 Machinery and equipment except consumer-type ................................................. 393,434 406,733 13,299 98,931 99,849 99,304 101,876 105,704 3,828 56 57 Electric-generating machinery, electric apparatus, and parts ............................... 53,625 54,876 1,251 13,742 13,885 13,387 13,473 14,131 658 57 58 Oil-drilling, mining, and construction machinery ........................................... 16,927 17,826 899 4,133 4,141 4,185 4,531 4,969 438 58 59 Industrial engines, pumps, and compressors ................................................. 25,983 25,273 -710 6,550 6,537 6,252 6,121 6,363 242 59 60 Machine tools and metalworking machinery ................................................... 6,530 6,670 140 1,618 1,664 1,661 1,644 1,702 58 60 61 Measuring, testing, and control instruments ................................................ 23,059 23,596 537 5,826 5,760 5,969 5,792 6,075 283 61 62 Other industrial machinery ................................................................. 71,914 79,748 7,834 18,414 19,227 19,682 19,967 20,872 905 62 63 Other service-industry and agricultural machinery .......................................... 16,673 17,519 846 4,211 4,339 4,228 4,457 4,495 38 63 64 Computers .................................................................................. 14,757 15,339 582 3,607 3,633 3,845 3,813 4,049 236 64 65 Computer accessories, peripherals, and parts ............................................... 30,305 30,687 382 7,114 7,345 7,442 7,665 8,236 571 65 66 Semiconductors ............................................................................. 44,348 47,964 3,616 11,217 11,648 11,671 11,928 12,717 789 66 67 Telecommunications equipment ............................................................... 41,163 38,209 -2,954 10,513 9,686 8,868 10,112 9,544 -568 67 68 Other office and business machines ......................................................... 2,353 2,353 0 554 581 584 605 583 -22 68 69 Scientific, hospital, and medical equipment and parts ...................................... 45,798 46,672 874 11,433 11,404 11,531 11,768 11,968 200 69 70 Civilian aircraft, engines, and parts ........................................................ 120,945 121,120 175 30,751 28,670 29,679 32,108 30,662 -1,446 70 71 Civilian aircraft, complete, all types ..................................................... 60,634 56,306 -4,328 14,869 13,025 14,195 15,088 13,997 -1,091 71 72 Engines and parts .......................................................................... 60,311 64,814 4,503 15,883 15,645 15,484 17,020 16,665 -355 72 73 Other transportation equipment ............................................................... 5,461 5,245 -216 1,364 1,246 1,559 1,210 1,230 20 73 74 Automotive vehicles, parts, and engines ........................................................ 150,313 157,554 7,241 36,915 40,236 39,171 38,716 39,431 715 74 75 To Canada .................................................................................... 58,859 61,371 2,512 14,052 15,935 15,032 15,227 15,177 -50 75 76 Passenger cars, new and used ............................................................... 14,220 14,276 56 3,348 3,752 3,164 3,377 3,983 606 76 77 Trucks, buses, and special purpose vehicles ................................................ 13,928 16,092 2,164 3,157 4,037 3,722 4,464 3,868 -596 77 78 Engines and engine parts ................................................................... 6,095 6,760 665 1,523 1,820 1,767 1,562 1,611 49 78 79 Other parts and accessories ................................................................ 24,616 24,244 -372 6,025 6,326 6,380 5,823 5,716 -107 79 80 To other areas ............................................................................... 91,453 96,183 4,730 22,863 24,301 24,139 23,489 24,254 765 80 81 Passenger cars, new and used ............................................................... 38,934 38,245 -689 9,526 10,484 10,053 8,340 9,368 1,028 81 82 Trucks, buses, and special purpose vehicles ................................................ 4,080 4,597 517 936 1,029 1,080 1,358 1,129 -229 82 83 Engines and engine parts ................................................................... 11,669 13,235 1,566 2,890 3,112 3,351 3,354 3,418 64 83 84 Other parts and accessories ................................................................ 36,771 40,105 3,334 9,511 9,675 9,654 10,437 10,339 -98 84 85 Consumer goods except food and automotive ...................................................... 193,440 197,271 3,831 48,671 49,862 48,762 48,789 49,858 1,069 85 86 Nondurable goods ............................................................................. 89,055 87,652 -1,403 22,083 22,955 21,626 21,155 21,916 761 86 87 Apparel, footwear, and household goods ..................................................... 10,304 10,424 120 2,525 2,611 2,525 2,561 2,727 166 87 88 Medicinal, dental, and pharmaceutical products ............................................. 53,277 51,251 -2,026 13,073 13,940 12,765 12,060 12,487 427 88 89 Toiletries and cosmetics ................................................................... 12,131 12,790 659 3,077 3,148 3,124 3,199 3,319 120 89 90 Other nondurable goods ..................................................................... 13,343 13,186 -157 3,408 3,257 3,211 3,334 3,383 49 90 91 Durable goods ................................................................................ 104,384 109,620 5,236 26,588 26,907 27,137 27,634 27,942 308 91 92 Televisions, video receivers, and other video equipment .................................... 4,833 4,940 107 1,176 1,242 1,319 1,213 1,165 -48 92 93 Radio and stereo equipment, including recorded media ....................................... 3,867 3,852 -15 957 986 953 942 972 30 93 94 Toys and sporting goods, including bicycles ................................................ 9,173 9,960 787 2,347 2,412 2,379 2,553 2,615 62 94 95 Household and kitchen appliances and other household goods ................................. 38,392 41,138 2,746 9,876 9,937 10,892 9,972 10,338 366 95 96 Household furnishings and related products ............................................... 4,610 4,764 154 1,173 1,148 1,187 1,194 1,234 40 96 97 Household and kitchen appliances ......................................................... 6,091 6,240 149 1,528 1,569 1,524 1,553 1,593 40 97 98 Other household goods, including cell phones ............................................. 27,691 30,135 2,444 7,175 7,219 8,181 7,225 7,510 285 98 99 Jewelry and collectibles ................................................................... 23,277 24,353 1,076 5,616 6,076 5,466 6,587 6,224 -363 99 100 Gem diamonds and other gemstones ........................................................... 21,084 21,200 116 5,639 5,264 5,120 5,293 5,524 231 100 101 Other durable goods ........................................................................ 3,758 4,177 419 976 991 1,007 1,074 1,105 31 101 102 Other general merchandise ...................................................................... 53,948 54,357 409 14,183 13,347 13,637 13,341 14,031 690 102 103 Net exports of goods under merchanting (line 3) .................................................. 301 241 -60 89 75 65 47 54 7 103 104 Nonmonetary gold (line 4) ........................................................................ 20,542 21,548 1,006 6,497 6,175 5,689 4,941 4,742 -199 104 105 Imports of goods (table 1, line 33) ................................................................ 2,208,211 2,361,932 153,721 565,551 582,503 582,694 581,804 614,931 33,127 105 106 General merchandise ............................................................................ 2,190,053 2,349,729 159,676 561,845 579,156 580,099 579,016 611,458 32,442 106 107 Nonmonetary gold ............................................................................... 18,159 12,203 -5,956 3,707 3,347 2,595 2,788 3,473 685 107 108 General merchandise, all end-use commodities (line 106) .......................................... 2,190,053 2,349,729 159,676 561,845 579,156 580,099 579,016 611,458 32,442 108 109 Foods, feeds, and beverages .................................................................... 131,046 138,831 7,785 33,532 33,731 34,453 35,103 35,544 441 109 110 Agricultural ................................................................................. 102,970 108,379 5,409 26,450 26,344 26,698 27,442 27,895 453 110 111 Green coffee ............................................................................... 4,787 5,183 396 1,348 1,236 1,317 1,357 1,273 -84 111 112 Cocoa beans and sugar ...................................................................... 3,092 2,841 -251 925 879 837 487 638 151 112 113 Meat products and poultry .................................................................. 10,799 11,070 271 2,485 2,604 2,735 2,962 2,769 -193 113 114 Vegetables, fruits, nuts, and preparations ................................................. 33,026 34,914 1,888 8,612 8,299 8,544 9,093 8,977 -116 114 115 Wine, beer, and related products ........................................................... 10,754 11,359 605 2,769 2,784 2,739 2,905 2,931 26 115 116 Other agricultural foods, feeds, and beverages ............................................. 40,511 43,013 2,502 10,311 10,542 10,526 10,639 11,306 667 116 117 Nonagricultural .............................................................................. 28,076 30,452 2,376 7,082 7,387 7,755 7,660 7,649 -11 117 118 Fish and shellfish ......................................................................... 19,479 21,574 2,095 4,945 5,168 5,626 5,401 5,378 -23 118 119 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 8,597 8,878 281 2,137 2,219 2,128 2,259 2,271 12 119 120 Industrial supplies and materials .............................................................. 441,834 512,036 70,202 118,165 130,069 126,225 122,171 133,570 11,399 120 121 Agricultural ................................................................................. 11,177 12,296 1,119 2,969 2,955 2,949 3,090 3,301 211 121 122 Nonagricultural .............................................................................. 430,656 499,740 69,084 115,196 127,114 123,276 119,081 130,269 11,188 122 123 Energy products ............................................................................ 176,116 216,064 39,948 49,113 59,512 52,497 48,407 55,648 7,241 123 124 Petroleum and products ................................................................... 159,622 199,374 39,752 44,203 55,746 47,984 44,197 51,447 7,250 124 125 Crude .................................................................................. 103,945 135,380 31,435 29,144 39,239 33,743 28,329 34,069 5,740 125 126 Fuel oil ............................................................................... 18,031 21,740 3,709 4,623 5,625 4,652 5,165 6,299 1,134 126 127 Other petroleum products ............................................................... 35,481 38,958 3,477 9,689 9,938 8,912 10,037 10,072 35 127 128 Liquified petroleum gases .............................................................. 2,166 3,297 1,131 747 945 678 667 1,008 341 128 129 Coal and related products ................................................................ 3,110 2,308 -802 1,075 423 702 743 440 -303 129 130 Natural gas .............................................................................. 7,229 9,009 1,780 2,196 2,145 2,498 2,176 2,190 14 130 131 Nuclear fuel and electric energy ......................................................... 6,154 5,373 -781 1,639 1,198 1,313 1,291 1,571 280 131 132 Paper and paper-base stocks ................................................................ 11,676 11,793 117 2,957 2,857 2,883 3,015 3,038 23 132 133 Textile supplies and related materials ..................................................... 13,994 14,183 189 3,528 3,489 3,493 3,540 3,661 121 133 134 Chemicals except medicinals ................................................................ 69,905 74,749 4,844 17,803 17,950 18,777 18,364 19,659 1,295 134 135 Plastic materials ........................................................................ 15,873 17,355 1,482 4,122 4,142 4,261 4,333 4,619 286 135 136 Fertilizers, pesticides, and insecticides ................................................ 10,613 11,196 583 2,551 3,064 2,769 2,706 2,657 -49 136 137 Industrial inorganic chemicals ........................................................... 6,303 7,237 934 1,627 1,708 1,755 1,796 1,979 183 137 138 Industrial organic chemicals ............................................................. 25,089 26,437 1,348 6,478 6,088 6,960 6,407 6,982 575 138 139 Other chemicals .......................................................................... 12,027 12,524 497 3,026 2,949 3,031 3,121 3,423 302 139 140 Building materials except metals ........................................................... 32,385 35,273 2,888 8,563 8,626 8,568 8,592 9,487 895 140 141 Other nonmetals ............................................................................ 33,660 36,218 2,558 8,693 8,685 8,910 9,084 9,539 455 141 142 Metals and nonmetallic products ............................................................ 92,921 111,459 18,538 24,539 25,994 28,148 28,079 29,237 1,158 142 143 Steelmaking materials .................................................................... 4,882 8,130 3,248 1,185 1,851 2,103 2,010 2,166 156 143 144 Iron and steel products .................................................................. 33,778 39,523 5,745 8,796 9,072 10,408 10,090 9,953 -137 144 145 Nonferrous metals ........................................................................ 32,401 41,022 8,621 8,889 9,702 9,891 10,200 11,230 1,030 145 146 Precious metals except nonmonetary gold ................................................ 8,726 9,616 890 2,327 2,236 2,394 2,261 2,724 463 146 147 Bauxite and aluminum ................................................................... 12,375 16,300 3,925 3,421 3,780 3,902 4,079 4,538 459 147 148 Other nonferrous metals ................................................................ 11,299 15,107 3,808 3,140 3,685 3,595 3,859 3,968 109 148 149 Other metals and nonmetallic products .................................................... 21,860 22,784 924 5,670 5,370 5,746 5,780 5,888 108 149 150 Capital goods except automotive ................................................................ 593,902 643,695 49,793 150,651 153,142 157,790 163,473 169,290 5,817 150 151 Machinery and equipment except consumer-type ................................................. 537,996 587,164 49,168 137,202 139,758 143,848 149,142 154,417 5,275 151 152 Electric-generating machinery, electric apparatus and parts ................................ 70,662 76,192 5,530 18,095 18,638 18,872 19,098 19,584 486 152 153 Oil-drilling, mining, and construction machinery ........................................... 14,720 19,754 5,034 3,696 3,997 4,706 5,244 5,807 563 153 154 Industrial engines, pumps, and compressors ................................................. 22,444 24,659 2,215 5,705 5,994 6,069 6,332 6,263 -69 154 155 Machine tools and metalworking machinery ................................................... 10,897 12,063 1,166 2,698 2,803 3,059 2,934 3,267 333 155 156 Measuring, testing, and control instruments ................................................ 20,279 21,817 1,538 5,271 5,174 5,390 5,607 5,645 38 156 157 Other industrial machinery ................................................................. 83,063 93,824 10,761 21,106 22,098 23,137 23,838 24,751 913 157 158 Other service-industry and agricultural machinery .......................................... 28,795 30,636 1,841 7,239 7,369 7,494 7,739 8,034 295 158 159 Computers .................................................................................. 60,888 69,029 8,141 14,723 15,382 17,233 19,002 17,412 -1,590 159 160 Computer accessories, peripherals, and parts ............................................... 53,653 59,445 5,792 14,238 13,850 14,179 15,355 16,061 706 160 161 Semiconductors ............................................................................. 51,790 54,202 2,412 12,831 13,028 12,608 13,314 15,251 1,937 161 162 Telecommunications equipment ............................................................... 71,964 74,311 2,347 18,977 18,958 18,518 17,702 19,133 1,431 162 163 Other office and business machines ......................................................... 5,365 5,354 -11 1,401 1,330 1,343 1,372 1,308 -64 163 164 Scientific, hospital, and medical equipment and parts ...................................... 43,476 45,878 2,402 11,222 11,136 11,239 11,604 11,900 296 164 165 Civilian aircraft, engines, and parts ........................................................ 50,005 51,380 1,375 11,901 12,333 12,643 13,083 13,321 238 165 166 Civilian aircraft, complete, all types ..................................................... 13,842 13,726 -116 3,191 3,288 3,480 3,354 3,604 250 166 167 Engines and parts .......................................................................... 36,163 37,654 1,491 8,710 9,044 9,163 9,729 9,717 -12 167 168 Other transportation equipment ............................................................... 5,902 5,152 -750 1,548 1,052 1,299 1,249 1,552 303 168 169 Automotive vehicles, parts, and engines ........................................................ 351,050 359,908 8,858 88,930 91,022 89,368 88,997 90,520 1,523 169 170 From Canada .................................................................................. 64,911 62,457 -2,454 15,633 16,515 16,183 14,749 15,010 261 170 171 Passenger cars, new and used ............................................................... 45,364 43,271 -2,093 10,701 11,612 11,578 10,092 9,988 -104 171 172 Trucks, buses, and special purpose vehicles ................................................ 2,912 3,244 332 744 764 806 827 847 20 172 173 Engines and engine parts ................................................................... 3,665 3,449 -216 906 872 817 816 944 128 173 174 Other parts and accessories ................................................................ 12,970 12,493 -477 3,281 3,267 2,981 3,013 3,232 219 174 175 From other areas ............................................................................. 286,138 297,450 11,312 73,298 74,507 73,186 74,247 75,510 1,263 175 176 Passenger cars, new and used ............................................................... 124,929 132,718 7,789 32,004 33,255 32,530 33,188 33,745 557 176 177 Trucks, buses, and special purpose vehicles ................................................ 31,085 33,651 2,566 7,969 8,360 8,317 8,676 8,298 -378 177 178 Engines and engine parts ................................................................... 24,764 25,120 356 6,415 6,274 6,172 6,185 6,489 304 178 179 Other parts and accessories ................................................................ 105,360 105,962 602 26,911 26,618 26,167 26,199 26,978 779 179 180 Consumer goods except food and automotive ...................................................... 585,363 604,245 18,882 148,356 149,773 149,400 146,918 158,153 11,235 180 181 Nondurable goods ............................................................................. 279,487 279,607 120 69,832 70,932 69,205 67,746 71,724 3,978 181 182 Apparel, footwear, and household goods ..................................................... 136,080 136,943 863 34,056 34,406 33,973 33,648 34,916 1,268 182 183 Medicinal, dental, and pharmaceutical products ............................................. 111,714 109,972 -1,742 27,667 28,537 27,105 25,957 28,374 2,417 183 184 Toiletries and cosmetics ................................................................... 10,920 11,684 764 2,854 2,790 2,875 2,957 3,062 105 184 185 Other nondurable goods ..................................................................... 20,773 21,008 235 5,254 5,198 5,253 5,184 5,372 188 185 186 Durable goods ................................................................................ 305,876 324,638 18,762 78,525 78,841 80,195 79,171 86,430 7,259 186 187 Televisions, video receivers, and other video equipment .................................... 24,121 25,774 1,653 6,133 6,604 5,943 6,631 6,597 -34 187 188 Radio and stereo equipment, including recorded media ....................................... 9,527 9,041 -486 2,387 2,455 2,272 2,108 2,206 98 188 189 Toys and sporting goods, including bicycles ................................................ 36,794 39,066 2,272 9,133 9,375 9,564 10,039 10,089 50 189 190 Household and kitchen appliances and other household goods ................................. 172,656 187,759 15,103 45,184 44,843 46,611 45,111 51,195 6,084 190 191 Household furnishings and related products ............................................... 33,677 36,814 3,137 8,744 9,049 9,217 9,078 9,469 391 191 192 Household and kitchen appliances ......................................................... 27,002 29,144 2,142 7,259 6,793 6,920 7,191 8,241 1,050 192 193 Other household goods, including cell phones ............................................. 111,976 121,800 9,824 29,182 29,000 30,474 28,841 33,485 4,644 193 194 Jewelry and collectibles ................................................................... 26,861 27,243 382 6,747 6,645 6,940 6,499 7,158 659 194 195 Gem diamonds and other gemstones ........................................................... 27,540 26,402 -1,138 6,699 6,679 6,562 6,412 6,749 337 195 196 Other durable goods ........................................................................ 8,378 9,353 975 2,242 2,241 2,303 2,373 2,436 63 196 197 Other general merchandise ...................................................................... 86,858 91,015 4,157 22,209 21,418 22,863 22,354 24,381 2,027 197 198 Nonmonetary gold (line 107) ...................................................................... 18,159 12,203 -5,956 3,707 3,347 2,595 2,788 3,473 685 198 199 Balance on goods (line 1 less line 105) ............................................................ -752,507 -811,212 -58,705 -195,058 -200,382 -201,272 -195,297 -214,261 -18,964 199 p Preliminary r Revised Notes: Details may not add to totals because of rounding. See international transactions accounts tables 2.2-2.4 at www.bea.gov/iTable/index_ita.cfm for additional account and geographic detail. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 3. U.S. International Trade in Services [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV 1 Exports of services (table 1, line 13) ............................................................. 752,368 780,879 28,511 189,461 192,551 193,002 196,476 198,849 2,373 1 2 Maintenance and repair services n.i.e. ........................................................... 25,628 25,916 288 6,572 6,969 6,611 6,179 6,157 -22 2 3 Transport ........................................................................................ 84,318 86,548 2,230 21,244 21,427 21,196 21,772 22,153 381 3 4 Sea transport .................................................................................. 18,078 18,738 660 4,591 4,617 4,644 4,676 4,802 126 4 5 Freight ...................................................................................... 3,691 3,821 130 950 937 943 968 973 5 5 6 Port ......................................................................................... 14,386 14,918 532 3,640 3,681 3,701 3,707 3,829 122 6 7 Air transport .................................................................................. 61,548 63,165 1,617 15,601 15,752 15,448 15,789 16,176 387 7 8 Passenger .................................................................................... 38,770 39,104 334 9,941 9,913 9,605 9,666 9,921 255 8 9 Freight ...................................................................................... 12,473 13,714 1,241 3,139 3,276 3,326 3,492 3,620 128 9 10 Port ......................................................................................... 10,305 10,347 42 2,520 2,564 2,518 2,631 2,634 3 10 11 Other modes of transport ....................................................................... 4,692 4,645 -47 1,053 1,058 1,104 1,308 1,176 -132 11 12 Travel (for all purposes including education) /1/ ................................................ 205,940 203,696 -2,244 51,916 51,838 50,616 50,392 50,849 457 12 13 Business ....................................................................................... 40,960 38,559 -2,401 10,027 9,913 9,685 9,262 9,698 436 13 14 Expenditures by border, seasonal, and other short-term workers ............................... 8,971 9,134 163 2,288 2,150 2,269 2,363 2,352 -11 14 15 Other business travel ........................................................................ 31,989 29,425 -2,564 7,739 7,763 7,416 6,900 7,345 445 15 16 Personal ....................................................................................... 164,980 165,137 157 41,889 41,925 40,931 41,130 41,152 22 16 17 Health related ............................................................................... 3,751 3,925 174 953 961 977 990 998 8 17 18 Education related ............................................................................ 39,425 43,187 3,762 10,353 10,583 10,759 10,869 10,977 108 18 19 Other personal travel ........................................................................ 121,804 118,025 -3,779 30,583 30,381 29,195 29,271 29,177 -94 19 20 Insurance services ............................................................................... 16,348 17,815 1,467 4,299 4,106 4,308 4,630 4,771 141 20 21 Direct insurance ............................................................................... 2,038 2,063 25 553 529 513 510 510 0 21 22 Reinsurance .................................................................................... 13,050 14,443 1,393 3,399 3,244 3,476 3,795 3,928 133 22 23 Auxiliary insurance services ................................................................... 1,260 1,309 49 346 332 319 325 333 8 23 24 Financial services ............................................................................... 98,180 106,424 8,244 25,959 25,342 25,926 27,174 27,982 808 24 25 Securities brokerage, underwriting, and related services ....................................... 11,597 12,088 491 3,039 3,098 3,281 2,784 2,925 141 25 26 Financial management, financial advisory, and custody services ................................. 48,396 51,950 3,554 12,912 12,147 12,205 13,584 14,015 431 26 27 Credit card and other credit-related services .................................................. 20,689 23,085 2,396 5,495 5,566 5,723 5,833 5,962 129 27 28 Securities lending, electronic funds transfer, and other services .............................. 17,498 19,301 1,803 4,513 4,531 4,717 4,973 5,080 107 28 29 Charges for the use of intellectual property n.i.e. .............................................. 124,453 127,935 3,482 30,666 29,830 31,671 33,188 33,247 59 29 30 Industrial processes ........................................................................... 47,512 45,902 -1,610 12,006 10,906 11,485 11,803 11,708 -95 30 31 Computer software .............................................................................. 36,621 37,925 1,304 8,939 9,068 9,447 9,683 9,727 44 31 32 Trademarks and franchise fees .................................................................. 19,869 22,176 2,307 4,881 5,032 5,408 5,809 5,926 117 32 33 Audio-visual and related products .............................................................. 20,369 21,861 1,492 4,818 4,807 5,310 5,876 5,868 -8 33 34 Other intellectual property .................................................................... 83 71 -12 22 16 20 17 18 1 34 35 Telecommunications, computer, and information services ........................................... 36,455 38,937 2,482 9,281 9,619 9,533 9,824 9,961 137 35 36 Telecommunications services .................................................................... 12,225 12,062 -163 3,056 3,110 2,991 2,988 2,973 -15 36 37 Computer services .............................................................................. 17,283 18,797 1,514 4,456 4,626 4,466 4,820 4,886 66 37 38 Information services ........................................................................... 6,947 8,078 1,131 1,768 1,883 2,077 2,016 2,102 86 38 39 Other business services .......................................................................... 142,231 154,458 12,227 35,186 38,505 38,207 38,467 39,279 812 39 40 Research and development services .............................................................. 37,176 42,763 5,587 9,701 10,285 10,551 10,751 11,177 426 40 41 Professional and management consulting services ................................................ 74,021 78,732 4,711 17,965 20,079 19,539 19,437 19,676 239 41 42 Technical, trade-related, and other business services /2/ ...................................... 31,034 32,964 1,930 7,520 8,141 8,117 8,279 8,427 148 42 43 Government goods and services n.i.e. ............................................................. 18,814 19,150 336 4,338 4,916 4,934 4,850 4,449 -401 43 44 Imports of services (table 1, line 42) ............................................................. 504,654 538,108 33,454 128,451 130,014 133,176 136,445 138,474 2,029 44 45 Maintenance and repair services n.i.e. ........................................................... 8,810 8,559 -251 2,326 2,270 2,212 2,039 2,038 -1 45 46 Transport ........................................................................................ 96,827 101,218 4,391 24,621 25,201 25,136 25,072 25,808 736 46 47 Sea transport .................................................................................. 35,097 37,085 1,988 9,054 9,351 9,126 9,190 9,418 228 47 48 Freight ...................................................................................... 32,709 34,410 1,701 8,430 8,710 8,466 8,506 8,728 222 48 49 Port ......................................................................................... 2,388 2,674 286 624 641 659 684 689 5 49 50 Air transport .................................................................................. 57,874 60,082 2,208 14,619 14,842 14,949 14,900 15,391 491 50 51 Passenger .................................................................................... 37,198 38,629 1,431 9,326 9,667 9,605 9,497 9,860 363 51 52 Freight ...................................................................................... 6,951 7,869 918 1,816 1,855 1,956 1,992 2,067 75 52 53 Port ......................................................................................... 13,724 13,584 -140 3,477 3,321 3,388 3,411 3,465 54 53 54 Other modes of transport ....................................................................... 3,856 4,051 195 948 1,008 1,062 983 999 16 54 55 Travel (for all purposes including education) /1/ ................................................ 123,618 135,209 11,591 31,729 32,624 34,000 34,153 34,432 279 55 56 Business ....................................................................................... 15,879 16,675 796 4,002 4,037 4,125 4,165 4,348 183 56 57 Expenditures by border, seasonal, and other short-term workers ............................... 1,383 1,422 39 350 351 355 358 358 0 57 58 Other business travel ........................................................................ 14,496 15,253 757 3,652 3,686 3,771 3,807 3,990 183 58 59 Personal ....................................................................................... 107,739 118,533 10,794 27,727 28,587 29,874 29,988 30,084 96 59 60 Health related ............................................................................... 2,057 2,316 259 537 554 570 587 605 18 60 61 Education related ............................................................................ 7,584 7,930 346 1,943 1,959 1,978 1,990 2,003 13 61 62 Other personal travel ........................................................................ 98,097 108,288 10,191 25,247 26,074 27,326 27,411 27,476 65 62 63 Insurance services ............................................................................... 48,077 49,698 1,621 12,376 11,839 12,364 12,677 12,818 141 63 64 Direct insurance ............................................................................... 4,076 3,777 -299 1,130 868 1,006 953 951 -2 64 65 Reinsurance .................................................................................... 41,835 43,926 2,091 10,716 10,458 10,865 11,227 11,376 149 65 66 Auxiliary insurance services ................................................................... 2,165 1,995 -170 530 514 493 497 491 -6 66 67 Financial services ............................................................................... 25,629 27,986 2,357 6,572 6,484 6,813 7,253 7,436 183 67 68 Securities brokerage, underwriting, and related services ....................................... 4,346 4,849 503 1,104 1,156 1,295 1,180 1,218 38 68 69 Financial management, financial advisory, and custody services ................................. 10,876 11,310 434 2,705 2,660 2,683 2,945 3,021 76 69 70 Credit card and other credit-related services .................................................. 7,152 8,095 943 1,911 1,811 1,948 2,151 2,185 34 70 71 Securities lending, electronic funds transfer, and other services .............................. 3,256 3,731 475 852 856 887 977 1,011 34 71 72 Charges for the use of intellectual property n.i.e. .............................................. 44,392 48,354 3,962 11,443 11,726 12,105 12,041 12,481 440 72 73 Industrial processes ........................................................................... 23,200 24,375 1,175 6,272 5,997 6,048 6,097 6,234 137 73 74 Computer software .............................................................................. 7,423 9,379 1,956 1,791 2,241 2,384 2,317 2,438 121 74 75 Trademarks and franchise fees .................................................................. 3,629 3,896 267 946 881 1,016 982 1,016 34 75 76 Audio-visual and related products .............................................................. 10,023 10,542 519 2,399 2,553 2,627 2,610 2,752 142 76 77 Other intellectual property .................................................................... 118 161 43 35 54 31 36 41 5 77 78 Telecommunications, computer, and information services ........................................... 36,851 40,221 3,370 9,330 9,956 9,758 10,148 10,360 212 78 79 Telecommunications services .................................................................... 5,476 5,938 462 1,348 1,388 1,482 1,505 1,562 57 79 80 Computer services .............................................................................. 28,989 31,642 2,653 7,372 7,879 7,654 7,983 8,125 142 80 81 Information services ........................................................................... 2,386 2,642 256 611 688 622 659 673 14 81 82 Other business services .......................................................................... 98,922 104,773 5,851 24,619 24,371 25,318 27,485 27,599 114 82 83 Research and development services .............................................................. 34,243 34,922 679 8,704 7,626 8,329 9,494 9,473 -21 83 84 Professional and management consulting services ................................................ 40,169 42,906 2,737 9,745 10,232 10,549 11,031 11,093 62 84 85 Technical, trade-related, and other business services /2/ ...................................... 24,510 26,945 2,435 6,170 6,513 6,440 6,960 7,033 73 85 86 Government goods and services n.i.e. ............................................................. 21,528 22,093 565 5,435 5,542 5,471 5,576 5,503 -73 86 87 Balance on services (line 1 less line 44) .......................................................... 247,714 242,770 -4,944 61,010 62,538 59,826 60,032 60,375 343 87 Supplemental detail on insurance transactions: 88 Premiums received .................................................................................. 31,636 32,508 872 8,074 7,548 7,960 8,454 8,547 93 88 89 Losses paid ........................................................................................ 16,153 15,892 -261 4,025 4,001 3,977 3,962 3,953 -9 89 90 Premiums paid ...................................................................................... 119,784 127,789 8,005 31,582 30,247 31,728 32,657 33,157 500 90 91 Losses recovered ................................................................................... 80,038 110,606 30,568 20,380 20,820 21,343 46,452 21,991 -24,461 91 p Preliminary r Revised 1. All travel purposes include 1) business travel, including expenditures by border, seasonal, and other short-term workers and 2) personal travel, including health-related and education-related travel. 2. Includes construction, architectural and engineering services, waste treatment, operational leasing, trade-related, and other business services. Notes: Details may not add to totals because of rounding. See international transactions accounts tables 3.2 and 3.3 at www.bea.gov/iTable/index_ita.cfm for geographic detail. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 4. U.S. International Transactions in Primary Income [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV 1 Primary income receipts (table 1, line 23) ........................................................ 813,977 926,862 112,885 212,953 219,580 225,412 237,925 243,945 6,020 1 2 Investment income ............................................................................... 807,430 920,239 112,809 211,316 217,934 223,758 236,264 242,284 6,020 2 3 Direct investment income ...................................................................... 444,038 507,029 62,991 118,733 123,195 123,135 128,975 131,724 2,749 3 4 Income on equity ............................................................................ 419,493 479,053 59,560 111,990 116,797 116,958 121,479 123,819 2,340 4 5 Dividends and withdrawals ................................................................. 120,899 134,468 13,569 31,823 30,476 28,748 55,949 19,295 -36,654 5 6 Reinvested earnings ....................................................................... 298,594 344,584 45,990 80,167 86,321 88,210 65,530 104,524 38,994 6 7 Interest .................................................................................... 24,544 27,976 3,432 6,743 6,398 6,177 7,496 7,905 409 7 8 U.S. parents' receipts .................................................................... 17,670 18,145 475 4,652 4,582 4,490 4,477 4,595 118 8 9 U.S. affiliates' receipts ................................................................. 6,874 9,831 2,957 2,090 1,816 1,687 3,019 3,310 291 9 10 Portfolio investment income ................................................................... 324,051 351,419 27,368 82,153 82,171 85,666 90,534 93,047 2,513 10 11 Income on equity and investment fund shares ................................................. 217,629 233,136 15,507 54,221 53,958 56,640 60,591 61,948 1,357 11 12 Dividends on equity other than investment fund shares ..................................... 190,554 206,878 16,324 47,518 47,603 50,298 53,809 55,168 1,359 12 13 Income attributable to investment fund shareholders ....................................... 27,075 26,258 -817 6,703 6,354 6,342 6,783 6,780 -3 13 14 Interest on debt securities ................................................................. 106,422 118,282 11,860 27,932 28,214 29,026 29,943 31,100 1,157 14 15 Short term ................................................................................ 2,282 5,368 3,086 579 870 1,186 1,523 1,789 266 15 16 Long term ................................................................................. 104,140 112,914 8,774 27,352 27,343 27,841 28,419 29,311 892 16 17 Other investment income ....................................................................... 39,233 61,393 22,160 10,367 12,509 14,822 16,632 17,431 799 17 18 Interest /1/ ................................................................................ 29,435 50,614 21,179 7,789 9,845 12,163 13,907 14,699 792 18 19 Income attributable to insurance policyholders .............................................. 9,799 10,779 980 2,578 2,663 2,660 2,725 2,732 7 19 20 Reserve asset income .......................................................................... 108 399 291 62 59 135 123 82 -41 20 21 Interest .................................................................................... 108 399 291 62 59 135 123 82 -41 21 22 Compensation of employees ....................................................................... 6,547 6,622 75 1,637 1,646 1,654 1,661 1,660 -1 22 23 Primary income payments (table 1, line 52) ........................................................ 640,751 709,864 69,113 161,656 169,152 174,533 179,430 186,749 7,319 23 24 Investment income ............................................................................... 620,608 688,827 68,219 156,499 164,132 169,310 174,031 181,354 7,323 24 25 Direct investment income ...................................................................... 185,211 201,969 16,758 43,528 48,874 49,564 49,442 54,088 4,646 25 26 Income on equity ............................................................................ 138,108 149,941 11,833 31,298 34,937 36,742 36,509 41,752 5,243 26 27 Dividends and withdrawals ................................................................. 40,436 41,466 1,030 12,744 7,725 16,456 8,040 9,245 1,205 27 28 Reinvested earnings ....................................................................... 97,672 108,475 10,803 18,554 27,212 20,286 28,469 32,507 4,038 28 29 Interest .................................................................................... 47,103 52,028 4,925 12,230 13,937 12,822 12,933 12,336 -597 29 30 U.S. affiliates' payments ................................................................. 39,720 43,447 3,727 10,275 11,910 10,770 10,717 10,050 -667 30 31 U.S. parents' payments .................................................................... 7,382 8,582 1,200 1,955 2,028 2,052 2,216 2,286 70 31 32 Portfolio investment income ................................................................... 409,152 438,863 29,711 105,651 106,022 108,444 111,396 113,001 1,605 32 33 Income on equity and investment fund shares ................................................. 138,488 144,680 6,192 34,589 35,271 36,036 36,711 36,661 -50 33 34 Dividends on equity other than investment fund shares ..................................... 107,765 112,993 5,228 26,817 27,615 28,078 28,596 28,705 109 34 35 Income attributable to investment fund shareholders ....................................... 30,723 31,687 964 7,772 7,656 7,958 8,116 7,957 -159 35 36 Interest on debt securities ................................................................. 270,665 294,183 23,518 71,062 70,751 72,408 74,684 76,339 1,655 36 37 Short term ................................................................................ 3,710 8,423 4,713 1,126 1,424 1,903 2,319 2,778 459 37 38 Long term ................................................................................. 266,955 285,760 18,805 69,936 69,327 70,505 72,366 73,562 1,196 38 39 Other investment income ....................................................................... 26,245 47,995 21,750 7,320 9,235 11,301 13,193 14,265 1,072 39 40 Interest /1/ ................................................................................ 23,719 45,337 21,618 6,675 8,586 10,651 12,515 13,585 1,070 40 41 Income attributable to insurance policyholders .............................................. 2,527 2,659 132 645 650 650 678 681 3 41 42 Compensation of employees ....................................................................... 20,143 21,036 893 5,157 5,020 5,223 5,398 5,395 -3 42 43 Balance on primary income (line 1 less line 23) ................................................... 173,225 216,998 43,773 51,297 50,429 50,879 58,495 57,195 -1,300 43 p Preliminary r Revised 1. Primarily interest on loans and deposits. Notes: Details may not add to totals because of rounding. See international transactions accounts tables 4.2-4.4 at www.bea.gov/iTable/index_ita.cfm for additional account detail. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 5. U.S. International Transactions in Secondary Income [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV 1 Secondary income (current transfer) receipts (table 1, line 30) ................................... 135,192 149,728 14,536 34,947 39,052 34,160 41,225 35,291 -5,934 1 2 U.S. government transfers /1/ ................................................................. 25,126 35,690 10,564 7,082 11,086 6,370 11,932 6,302 -5,630 2 3 Private transfers /2/ ......................................................................... 110,066 114,038 3,972 27,865 27,967 27,790 29,293 28,988 -305 3 4 Secondary income (current transfer) payments (table 1, line 58) ................................... 255,309 264,530 9,221 66,202 64,507 67,335 65,930 66,758 828 4 5 U.S. government transfers ..................................................................... 54,403 51,763 -2,640 13,245 13,606 12,906 12,267 12,985 718 5 6 U.S. government grants /3/ ................................................................ 42,098 41,097 -1,001 10,475 10,967 10,241 9,593 10,297 704 6 7 U.S. government pensions and other transfers /4/ .......................................... 12,305 10,666 -1,639 2,770 2,639 2,665 2,674 2,688 14 7 8 Private transfers ............................................................................. 200,907 212,767 11,860 52,957 50,902 54,429 53,663 53,773 110 8 9 Personal transfers /5/ .................................................................... 46,506 48,301 1,795 11,837 11,975 12,070 12,123 12,133 10 9 10 Other current transfers /6/ ............................................................... 154,401 164,466 10,065 41,120 38,927 42,358 41,540 41,640 100 10 11 Balance on secondary income (line 1 less line 4) .................................................. -120,117 -114,802 5,315 -31,255 -25,455 -33,175 -24,706 -31,467 -6,761 11 p Preliminary r Revised 1. Primarily withholding taxes received and fines levied by U.S. government agencies. 2. Primarily insurance-related transfers; pensions and benefits received from Canada, Germany, and the United Kingdom; antitrust-related class-action lawsuits; and personal transfers received by U.S. residents. 3. Nonmilitary and military assistance provided to foreigners in the form of goods, services, or cash under programs enacted by the U.S. Congress. 4. Primarily U.S. government social security and retirement benefits paid to former U.S. residents who reside abroad and contributions to international organizations and commissions to meet the financial obligations of membership and to fund United Nations peacekeeping operations. 5. Personal transfers (sometimes called remittances) from U.S. resident immigrants to foreign residents. 6. Primarily insurance-related transfers; withholding taxes paid by U.S. companies; and charitable donations by U.S. entities. Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 6. U.S. International Financial Transactions for Direct Investment [Millions of dollars] Line Line 2016 2017 p Change: Seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I r II r III r IV p 2017:IV   Acquisition of assets / transactions for outward investment 1 Net U.S. acquisition of direct investment assets, asset/liability basis (table 1, line 62) /1/ ..... 311,581 424,418 112,837 43,289 123,719 97,210 96,734 106,755 10,021 1 2 Equity ........................................................................................... 329,732 374,916 45,184 86,851 98,533 93,566 67,847 114,970 47,123 2 3 Equity other than reinvestment of earnings ..................................................... 31,138 30,332 -806 6,684 12,212 5,357 2,317 10,446 8,129 3 4 Reinvestment of earnings ....................................................................... 298,594 344,584 45,990 80,167 86,321 88,210 65,530 104,524 38,994 4 5 Debt instruments ................................................................................. -18,151 49,502 67,653 -43,562 25,185 3,644 28,888 -8,214 -37,102 5 6 U.S. parents' claims ........................................................................... -11,138 25,849 36,987 -38,318 20,363 2,145 9,546 -6,204 -15,750 6 7 U.S. affiliates' claims ........................................................................ -7,013 23,653 30,666 -5,244 4,823 1,499 19,342 -2,010 -21,352 7 8 Less: Adjustments to convert to directional basis .................................................. 11,085 61,820 50,735 -34,090 15,429 13,424 38,817 -5,850 -44,667 8 9 U.S. parents' liabilities ........................................................................ 18,098 38,167 20,069 -28,846 10,606 11,925 19,475 -3,840 -23,315 9 10 U.S. affiliates' claims .......................................................................... -7,013 23,653 30,666 -5,244 4,823 1,499 19,342 -2,010 -21,352 10 11 Equals: Financial transactions for outward direct investment (U.S. direct investment abroad), directional basis /2/ ..................................................................... 300,496 362,598 62,102 77,379 108,290 83,785 57,917 112,605 54,688 11 12 Equity ........................................................................................... 329,732 374,916 45,184 86,851 98,533 93,566 67,847 114,970 47,123 12 13 Equity other than reinvestment of earnings (line 14 less line 15) .............................. 31,138 30,332 -806 6,684 12,212 5,357 2,317 10,446 8,129 13 14 Increases .................................................................................... 91,834 68,948 -22,886 20,076 18,310 18,811 17,740 14,088 -3,652 14 15 Decreases .................................................................................... 60,696 38,617 -22,079 13,392 6,098 13,454 15,423 3,642 -11,781 15 16 Reinvestment of earnings ....................................................................... 298,594 344,584 45,990 80,167 86,321 88,210 65,530 104,524 38,994 16 17 Reinvestment of earnings without current-cost adjustment ..................................... 278,779 324,256 45,477 75,172 81,282 83,136 60,430 99,408 38,978 17 18 Current-cost adjustment ...................................................................... 19,815 20,329 514 4,995 5,039 5,074 5,100 5,116 16 18 19 Debt instruments (line 20 less line 21) .......................................................... -29,236 -12,318 16,918 -9,472 9,757 -9,781 -9,929 -2,364 7,565 19 20 U.S. parents' claims ........................................................................... -11,138 25,849 36,987 -38,318 20,363 2,145 9,546 -6,204 -15,750 20 21 U.S. parents' liabilities ...................................................................... 18,098 38,167 20,069 -28,846 10,606 11,925 19,475 -3,840 -23,315 21 22 Financial transactions without current-cost adjustment for outward direct investment, directional basis (line 11 less line 18) /2/ ....................................................... 280,681 342,269 61,588 72,384 103,251 78,711 52,818 107,490 54,672 22 23 Manufacturing .................................................................................. 50,472 69,483 19,011 23,361 13,180 17,942 19,615 18,745 -870 23 24 Wholesale trade ................................................................................ 18,985 12,190 -6,795 -328 3,456 3,187 2,500 3,047 547 24 25 Finance (including depository institutions) and insurance ...................................... 2,636 29,623 26,987 -1,161 -242 14,022 3,781 12,062 8,281 25 26 Holding companies except bank holding companies ................................................ 141,802 177,397 35,595 22,049 64,975 31,879 26,084 54,459 28,375 26 27 Other .......................................................................................... 66,786 53,577 -13,209 28,462 21,881 11,681 838 19,177 18,339 27 28 Equity other than reinvestment of earnings ....................................................... 31,138 30,332 -806 6,684 12,212 5,357 2,317 10,446 8,129 28 29 Manufacturing .................................................................................. 4,066 7,539 3,473 1,763 499 3,665 1,403 1,972 569 29 30 Wholesale trade ................................................................................ -21 88 109 -217 86 -266 -105 373 478 30 31 Finance (including depository institutions) and insurance ...................................... 4,395 -4,384 -8,779 1,882 -648 -1,482 -4,176 1,922 6,098 31 32 Holding companies except bank holding companies ................................................ 10,962 15,478 4,516 1,315 6,177 -1,780 5,612 5,469 -143 32 33 Other .......................................................................................... 11,736 11,609 -127 1,940 6,098 5,219 -417 710 1,127 33 34 Reinvestment of earnings without current-cost adjustment ......................................... 278,779 324,256 45,477 75,172 81,282 83,136 60,430 99,408 38,978 34 35 Manufacturing .................................................................................. 49,607 59,251 9,644 15,432 12,734 13,675 17,490 15,351 -2,139 35 36 Wholesale trade ................................................................................ 16,017 17,135 1,118 3,894 4,350 5,302 3,666 3,817 151 36 37 Finance (including depository institutions) and insurance ...................................... 23,541 33,362 9,821 8,707 6,085 10,564 8,686 8,027 -659 37 38 Holding companies except bank holding companies ................................................ 145,123 153,997 8,874 33,244 43,201 41,373 16,980 52,443 35,463 38 39 Other .......................................................................................... 44,492 60,511 16,019 13,894 14,911 12,221 13,608 19,771 6,163 39 40 Debt instruments ................................................................................. -29,236 -12,318 16,918 -9,472 9,757 -9,781 -9,929 -2,364 7,565 40 41 Manufacturing .................................................................................. -3,200 2,692 5,892 6,166 -54 602 722 1,422 700 41 42 Wholesale trade ................................................................................ 2,989 -5,033 -8,022 -4,005 -980 -1,849 -1,061 -1,143 -82 42 43 Finance (including depository institutions) and insurance ...................................... -25,300 644 25,944 -11,750 -5,679 4,941 -730 2,112 2,842 43 44 Holding companies except bank holding companies ................................................ -14,282 7,922 22,204 -12,511 15,597 -7,715 3,492 -3,453 -6,945 44 45 Other .......................................................................................... 10,558 -18,543 -29,101 12,627 872 -5,760 -12,353 -1,303 11,050 45 Incurrence of liabilities / transactions for inward investment 46 Net U.S. incurrence of direct investment liabilities, asset/liability basis (table 1, line 85) /1/.. 479,415 348,674 -130,741 17,597 97,703 93,205 103,675 54,091 -49,584 46 47 Equity ........................................................................................... 351,769 293,684 -58,085 50,231 89,652 68,499 73,210 62,324 -10,886 47 48 Equity other than reinvestment of earnings ..................................................... 254,097 185,210 -68,887 31,676 62,439 48,213 44,741 29,817 -14,924 48 49 Reinvestment of earnings ....................................................................... 97,672 108,475 10,803 18,554 27,212 20,286 28,469 32,507 4,038 49 50 Debt instruments ................................................................................. 127,645 54,989 -72,656 -32,634 8,052 24,706 30,465 -8,234 -38,699 50 51 U.S. affiliates' liabilities ................................................................... 109,548 16,822 -92,726 -3,788 -2,554 12,781 10,990 -4,394 -15,384 51 52 U.S. parents' liabilities ...................................................................... 18,098 38,167 20,069 -28,846 10,606 11,925 19,475 -3,840 -23,315 52 53 Less: Adjustments to convert to directional basis .................................................. 11,085 61,820 50,735 -34,090 15,429 13,424 38,817 -5,850 -44,667 53 54 U.S. parents' liabilities ........................................................................ 18,098 38,167 20,069 -28,846 10,606 11,925 19,475 -3,840 -23,315 54 55 U.S. affiliates' claims .......................................................................... -7,013 23,653 30,666 -5,244 4,823 1,499 19,342 -2,010 -21,352 55 56 Equals: Financial transactions for inward direct investment (foreign direct investment in the United States), directional basis /2/ .......................................................... 468,330 286,854 -181,476 51,687 82,275 79,781 64,858 59,941 -4,917 56 57 Equity ........................................................................................... 351,769 293,684 -58,085 50,231 89,652 68,499 73,210 62,324 -10,886 57 58 Equity other than reinvestment of earnings (line 59 less line 60) .............................. 254,097 185,210 -68,887 31,676 62,439 48,213 44,741 29,817 -14,924 58 59 Increases .................................................................................... 274,376 205,252 -69,124 41,014 67,500 53,870 49,624 34,258 -15,366 59 60 Decreases .................................................................................... 20,279 20,042 -237 9,337 5,060 5,657 4,883 4,441 -442 60 61 Reinvestment of earnings ....................................................................... 97,672 108,475 10,803 18,554 27,212 20,286 28,469 32,507 4,038 61 62 Reinvestment of earnings without current-cost adjustment ..................................... 86,467 97,002 10,535 15,762 24,381 17,425 25,586 29,610 4,024 62 63 Current-cost adjustment ...................................................................... 11,205 11,473 268 2,792 2,831 2,861 2,883 2,897 14 63 64 Debt instruments (line 65 less line 66) .......................................................... 116,561 -6,831 -123,392 1,456 -7,377 11,282 -8,352 -2,384 5,968 64 65 U.S. affiliates' liabilities ................................................................... 109,548 16,822 -92,726 -3,788 -2,554 12,781 10,990 -4,394 -15,384 65 66 U.S. affiliates' claims ........................................................................ -7,013 23,653 30,666 -5,244 4,823 1,499 19,342 -2,010 -21,352 66 67 Financial transactions without current-cost adjustment for inward direct investment, directional basis (line 56 less line 63) /2/ ....................................................... 457,125 275,381 -181,744 48,895 79,444 76,919 61,974 57,043 -4,931 67 68 Manufacturing .................................................................................. 203,775 102,661 -101,114 26,156 14,089 47,233 18,797 22,542 3,745 68 69 Wholesale trade ................................................................................ 8,490 62,403 53,913 1,098 43,391 5,139 6,203 7,670 1,467 69 70 Finance (including depository institutions) and insurance ...................................... 78,666 43,216 -35,450 7,869 16,080 14,260 8,164 4,712 -3,452 70 71 Other .......................................................................................... 166,194 67,100 -99,094 13,772 5,883 10,288 28,809 22,120 -6,689 71 72 Equity other than reinvestment of earnings ....................................................... 254,097 185,210 -68,887 31,676 62,439 48,213 44,741 29,817 -14,924 72 73 Manufacturing .................................................................................. 97,871 58,530 -39,341 16,578 7,482 35,107 13,301 2,641 -10,660 73 74 Wholesale trade ................................................................................ 8,568 48,725 40,157 5,094 39,518 1,114 957 7,137 6,180 74 75 Finance (including depository institutions) and insurance ...................................... 35,433 32,574 -2,859 1,258 15,766 4,893 4,967 6,948 1,981 75 76 Other .......................................................................................... 112,226 45,381 -66,845 8,747 -326 7,099 25,516 13,092 -12,424 76 77 Reinvestment of earnings without current-cost adjustment ......................................... 86,467 97,002 10,535 15,762 24,381 17,425 25,586 29,610 4,024 77 78 Manufacturing .................................................................................. 48,544 61,797 13,253 10,690 15,822 11,612 15,772 18,591 2,819 78 79 Wholesale trade ................................................................................ -913 5,885 6,798 -6,594 3,077 1,729 -1 1,080 1,081 79 80 Finance (including depository institutions) and insurance ...................................... 24,115 14,468 -9,647 7,441 1,084 6,191 5,018 2,174 -2,844 80 81 Other .......................................................................................... 14,722 14,852 130 4,225 4,399 -2,108 4,797 7,764 2,967 81 82 Debt instruments ................................................................................. 116,561 -6,831 -123,392 1,456 -7,377 11,282 -8,352 -2,384 5,968 82 83 Manufacturing .................................................................................. 57,361 -17,666 -75,027 -1,113 -9,214 514 -10,276 1,310 11,586 83 84 Wholesale trade ................................................................................ 835 7,793 6,958 2,598 796 2,296 5,248 -547 -5,795 84 85 Finance (including depository institutions) and insurance ...................................... 19,119 -3,825 -22,944 -830 -770 3,176 -1,821 -4,411 -2,590 85 86 Other .......................................................................................... 39,246 6,867 -32,379 800 1,811 5,296 -1,503 1,264 2,767 86 p Preliminary r Revised 1. Financial transactions on an asset/liability basis are organized according to whether the transactions relate to an asset or a liability. Net U.S. acquisition of direct investment assets relates to U.S. parent and U.S. affiliate acquisition of claims (assets). Net U.S. incurrence of direct investment liabilities relates to U.S. affiliate and U.S. parent incurrence of liabilities. 2. Financial transactions on a directional basis are organized according to whether the transactions relate to outward investment (U.S. direct investment abroad) or inward investment (foreign direct investment in the United States). Transactions for outward investment relate to transactions for U.S. parent claims and liabilities. Transactions for inward investment relate to transactions for U.S. affiliate liabilities and claims. Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 7. U.S. International Financial Transactions for Portfolio Investment [Millions of dollars] Line Line 2016 2017 p Change: Not seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I II III r IV p 2017:IV Assets and liabilities by instrument 1 Net U.S. acquisition of portfolio investment assets (table 1, line 65) ............................. 40,638 589,516 548,878 -13,379 140,446 186,482 179,260 83,330 -95,930 1 By type of foreign security: 2 Equity and investment fund shares .............................................................. 14,423 193,795 179,372 -79,524 37,395 120,716 69,592 -33,908 -103,500 2 3 Equity other than investment fund shares ..................................................... 12,266 171,792 159,526 -69,694 32,989 107,196 61,805 -30,198 -92,003 3 4 Investment fund shares ....................................................................... 2,157 22,003 19,846 -9,829 4,405 13,520 7,787 -3,710 -11,497 4 5 Debt securities ................................................................................ 26,215 395,721 369,506 66,144 103,051 65,766 109,667 117,237 7,570 5 6 Short term ................................................................................... -21,073 176,412 197,485 4,939 37,797 36,261 71,918 30,437 -41,481 6 7 Negotiable certificates of deposit ......................................................... 2,769 42,284 39,515 366 11,697 15,269 11,538 3,780 -7,758 7 8 Commercial paper ........................................................................... -61,704 90,627 152,331 -14,769 32,588 8,614 56,270 -6,845 -63,115 8 9 Other short-term securities ................................................................ 37,862 43,501 5,639 19,342 -6,488 12,379 4,109 33,501 29,392 9 10 Long term .................................................................................... 47,288 219,309 172,021 61,205 65,254 29,505 37,749 86,801 49,052 10 11 Government securities ...................................................................... 12,403 61,798 49,395 16,629 18,258 8,332 10,634 24,573 13,939 11 12 Corporate bonds and notes .................................................................. 34,691 154,558 119,867 44,550 46,179 20,106 26,309 61,963 35,654 12 13 Negotiable certificates of deposit ......................................................... 193 2,954 2,761 26 817 1,067 806 264 -542 13 14 Net U.S. incurrence of portfolio investment liabilities (table 1, line 88) ......................... 237,367 837,051 599,684 62,422 164,522 291,264 296,404 84,860 -211,544 14 By type of U.S. security acquired by foreign residents: 15 Equity and investment fund shares .............................................................. -141,078 166,825 307,903 -107,301 58,169 33,470 80,892 -5,706 -86,598 15 16 Equity other than investment fund shares ..................................................... -110,214 130,159 240,373 -83,190 45,540 26,080 63,007 -4,468 -67,475 16 17 Investment fund shares ....................................................................... -30,864 36,666 67,530 -24,110 12,628 7,390 17,885 -1,238 -19,123 17 18 Debt securities ................................................................................ 378,445 670,225 291,780 169,723 106,354 257,794 215,512 90,567 -124,945 18 19 Short term ................................................................................... -8,582 37,934 46,516 -6,376 -4,454 37,173 -23,564 28,779 52,343 19 20 Treasury bills and certificates ............................................................ -52,354 55,410 107,764 -26,411 634 25,737 4,416 24,623 20,207 20 21 Federally sponsored agency securities ...................................................... -18,214 -6,280 11,934 -3,035 -1,920 -4,588 -1,957 2,186 4,143 21 22 Negotiable certificates of deposit ......................................................... 24,991 -5,645 -30,636 11,147 3,734 11,460 -12,516 -8,323 4,193 22 23 Commercial paper and other securities ...................................................... 36,995 -5,551 -42,546 11,924 -6,901 4,564 -13,507 10,294 23,801 23 24 Long term .................................................................................... 387,027 632,291 245,264 176,098 110,807 220,620 239,076 61,788 -177,288 24 25 Treasury bonds and notes ................................................................... -46,953 268,235 315,188 62,611 73,162 44,491 150,036 547 -149,489 25 26 State and local government securities ...................................................... 7,252 7,198 -54 2,510 1,194 3,117 1,658 1,230 -428 26 27 Federally sponsored agency securities ...................................................... 96,580 29,020 -67,560 5,179 -17,773 24,265 14,484 8,043 -6,441 27 28 Corporate bonds and notes .................................................................. 325,759 328,830 3,071 103,840 53,569 146,735 75,096 53,430 -21,666 28 29 Negotiable certificates of deposit ......................................................... 4,389 -992 -5,381 1,958 656 2,013 -2,198 -1,462 736 29 Assets by sector of U.S. holder 30 Net U.S. acquisition of portfolio investment assets (line 1) ....................................... 40,638 589,516 548,878 -13,379 140,446 186,482 179,260 83,330 -95,930 30 31 Deposit-taking institutions except central bank .................................................. 4,589 35,391 30,802 5,162 7,090 7,722 7,942 12,636 4,694 31 32 Equity and investment fund shares .............................................................. 237 2,821 2,584 -1,201 565 1,823 1,058 -624 -1,682 32 33 Debt securities ................................................................................ 4,352 32,570 28,218 6,363 6,526 5,899 6,885 13,260 6,375 33 34 Short term ................................................................................... 545 12,359 11,814 1,296 322 2,660 3,175 6,203 3,028 34 35 Long term .................................................................................... 3,807 20,211 16,404 5,067 6,204 3,239 3,710 7,057 3,347 35 36 Other financial institutions ..................................................................... 28,423 504,957 476,534 -16,322 122,241 160,947 158,387 63,381 -95,006 36 37 Equity and investment fund shares .............................................................. 12,161 167,510 155,349 -68,462 32,260 104,443 60,065 -29,259 -89,324 37 38 Debt securities ................................................................................ 16,262 337,447 321,185 52,140 89,981 56,504 98,322 92,640 -5,682 38 39 Short term ................................................................................... -22,496 162,831 185,327 2,958 38,218 33,389 68,505 22,718 -45,787 39 40 Long term .................................................................................... 38,758 174,615 135,857 49,182 51,762 23,115 29,817 69,922 40,105 40 41 Nonfinancial institutions except general government .............................................. 7,626 49,169 41,543 -2,220 11,114 17,812 12,930 7,312 -5,618 41 42 Equity and investment fund shares .............................................................. 2,025 23,464 21,439 -9,861 4,570 14,450 8,469 -4,025 -12,494 42 43 Debt securities ................................................................................ 5,601 25,705 20,104 7,641 6,545 3,362 4,461 11,337 6,876 43 44 Short term ................................................................................... 878 1,222 344 685 -743 212 238 1,515 1,277 44 45 Long term .................................................................................... 4,723 24,483 19,760 6,956 7,288 3,151 4,223 9,822 5,599 45 Liabilities by sector of U.S. issuer 46 Net U.S. incurrence of portfolio investment liabilities (line 14) .................................. 237,367 837,051 599,684 62,422 164,522 291,264 296,404 84,860 -211,544 46 47 Deposit-taking institutions except central bank .................................................. 56,792 30,455 -26,337 20,627 13,398 28,070 -2,964 -8,048 -5,084 47 48 Equity and investment fund shares .............................................................. -6,425 6,270 12,695 -4,614 2,397 1,225 2,839 -191 -3,030 48 49 Debt securities ................................................................................ 63,217 24,185 -39,032 25,241 11,002 26,844 -5,804 -7,857 -2,053 49 50 Short term ................................................................................... 28,169 -1,897 -30,066 13,990 5,627 12,931 -9,711 -10,744 -1,033 50 51 Long term .................................................................................... 35,048 26,083 -8,965 11,251 5,375 13,913 3,907 2,887 -1,020 51 52 Other financial institutions ..................................................................... 181,641 179,794 -1,847 13,064 10,069 83,995 50,193 35,537 -14,656 52 53 Equity and investment fund shares .............................................................. -40,475 47,943 88,418 -31,890 16,875 9,877 22,723 -1,532 -24,255 53 54 Debt securities ................................................................................ 222,116 131,851 -90,265 44,954 -6,806 74,118 27,470 37,069 9,599 54 55 Federally sponsored agency securities ........................................................ 78,366 22,740 -55,626 2,144 -19,693 19,677 12,527 10,229 -2,298 55 56 Short term ................................................................................. -18,214 -6,280 11,934 -3,035 -1,920 -4,588 -1,957 2,186 4,143 56 57 Long term .................................................................................. 96,580 29,020 -67,560 5,179 -17,773 24,265 14,484 8,043 -6,441 57 58 Other securities ............................................................................. 143,750 109,111 -34,639 42,810 12,887 54,441 14,943 26,840 11,897 58 59 Short term ................................................................................. 27,261 -5,269 -32,530 6,051 -5,787 3,099 -11,041 8,460 19,501 59 60 Long term .................................................................................. 116,489 114,380 -2,109 36,759 18,674 51,342 25,983 18,380 -7,603 60 61 Nonfinancial institutions except general government .............................................. 90,988 295,958 204,970 -9,980 66,066 105,855 93,066 30,972 -62,094 61 62 Equity and investment fund shares .............................................................. -94,179 112,613 206,792 -70,797 38,897 22,368 55,330 -3,983 -59,313 62 63 Debt securities ................................................................................ 185,167 183,346 -1,821 60,817 27,168 83,486 37,736 34,955 -2,781 63 64 Short term ................................................................................... 6,556 -4,030 -10,586 3,030 -3,007 -6 -5,272 4,254 9,526 64 65 Long term .................................................................................... 178,611 187,376 8,765 57,787 30,175 83,492 43,008 30,701 -12,307 65 66 General government ............................................................................... -92,055 330,843 422,898 38,710 74,989 73,344 156,110 26,400 -129,710 66 67 Debt securities ................................................................................ -92,055 330,843 422,898 38,710 74,989 73,344 156,110 26,400 -129,710 67 68 U.S. Treasury securities ..................................................................... -99,307 323,645 422,952 36,200 73,796 70,228 154,452 25,170 -129,282 68 69 Short term ................................................................................. -52,354 55,410 107,764 -26,411 634 25,737 4,416 24,623 20,207 69 70 Long term .................................................................................. -46,953 268,235 315,188 62,611 73,162 44,491 150,036 547 -149,489 70 71 State and local government long-term securities .............................................. 7,252 7,198 -54 2,510 1,194 3,117 1,658 1,230 -428 71 p Preliminary r Revised Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis March 21, 2018 Table 8. U.S. International Financial Transactions for Other Investment /1/ [Millions of dollars] Line Line 2016 2017 p Change: Not seasonally adjusted Change: 2016 to 2016 2017 2017 2017 2017 2017:III to 2017 IV I II III r IV p 2017:IV Assets and liabilities by instrument 1 Net U.S. acquisition of other investment assets (table 1, line 70) ................................. -6,418 200,117 206,535 -115,864 68,464 67,618 74,720 -10,685 -85,405 1 By type of claim on foreign residents: 2 Currency and deposits .......................................................................... -89,663 148,747 238,410 -58,232 38,989 9,542 52,395 47,821 -4,574 2 3 Currency (short term) ........................................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3 4 Deposits ..................................................................................... -89,663 148,747 238,410 -58,232 38,989 9,542 52,395 47,821 -4,574 4 5 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 6 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6 7 Loans .......................................................................................... 82,338 46,920 -35,418 -55,680 25,660 58,461 21,093 -58,294 -79,387 7 8 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 9 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 10 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 11 Trade credit and advances ...................................................................... 907 4,449 3,542 -1,952 3,815 -385 1,232 -213 -1,445 11 12 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 13 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 14 Net U.S. incurrence of other investment liabilities (table 1, line 93) ............................. 24,612 402,191 377,579 -96,753 155,535 86,238 90,932 69,486 -21,446 14 By type of liability to foreign residents: 15 Currency and deposits .......................................................................... 19,654 236,480 216,826 17,020 68,120 106,325 -15,021 77,055 92,076 15 16 Currency (short term) ........................................................................ 42,311 69,706 27,395 14,607 20,764 15,830 15,850 17,262 1,412 16 17 Deposits ..................................................................................... -22,657 166,774 189,431 2,413 47,356 90,495 -30,871 59,793 90,664 17 18 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 18 19 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 19 20 Loans .......................................................................................... -2,310 147,616 149,926 -116,306 78,731 -20,495 99,220 -9,839 -109,059 20 21 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 22 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 22 23 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23 24 Trade credit and advances ...................................................................... 7,268 18,095 10,827 2,533 8,683 409 6,733 2,270 -4,463 24 25 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 26 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 26 27 Special drawing rights allocations ............................................................. 0 0 0 0 0 0 0 0 0 27 Assets by sector of U.S. holder 28 Net U.S. acquisition of other investment assets (line 1) ........................................... -6,418 200,117 206,535 -115,864 68,464 67,618 74,720 -10,685 -85,405 28 29 Central bank ..................................................................................... 4,566 6,504 1,938 -1,440 -488 -2,005 550 8,447 7,897 29 30 Currency and deposits .......................................................................... 4,566 6,504 1,938 -1,440 -488 -2,005 550 8,447 7,897 30 31 Deposits ..................................................................................... 4,566 6,504 1,938 -1,440 -488 -2,005 550 8,447 7,897 31 32 Short term ................................................................................. 4,566 6,504 1,938 -1,440 -488 -2,005 550 8,447 7,897 32 33 Deposit-taking institutions except central bank .................................................. 23,535 37,215 13,680 30,137 -1,744 52,573 2,034 -15,648 -17,682 33 34 Of which: Interbank transactions ............................................................. -70,457 3,060 73,517 34,521 -8,643 19,579 -10,177 2,301 12,478 34 35 Currency and deposits .......................................................................... -1,335 -39,023 -37,688 20,961 -11,791 -23,694 -21,077 17,539 38,616 35 36 Deposits ..................................................................................... -1,335 -39,023 -37,688 20,961 -11,791 -23,694 -21,077 17,539 38,616 36 37 Of which: Resale agreements .............................................................. 72,687 19,255 -53,432 5,609 17,336 17,662 -21,716 5,974 27,690 37 38 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 38 39 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 39 40 Loans .......................................................................................... 24,870 76,238 51,368 9,176 10,047 76,267 23,110 -33,186 -56,296 40 41 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 41 42 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 42 43 Other financial institutions and nonfinancial institutions except general government ............. -35,049 154,935 189,984 -144,237 71,240 17,444 70,365 -4,114 -74,479 43 44 Currency and deposits .......................................................................... -92,894 181,266 274,160 -77,753 51,268 35,241 72,922 21,835 -51,087 44 45 Deposits ..................................................................................... -92,894 181,266 274,160 -77,753 51,268 35,241 72,922 21,835 -51,087 45 46 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 46 47 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 47 48 Loans .......................................................................................... 56,937 -30,780 -87,717 -64,532 16,157 -17,412 -3,789 -25,737 -21,948 48 49 Of which: Resale agreements ................................................................ 42,632 -51,815 -94,447 -47,557 -3,698 -24,224 -3,164 -20,730 -17,566 49 50 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 50 51 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 51 52 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 52 53 Trade credit and advances ...................................................................... 907 4,449 3,542 -1,952 3,815 -385 1,232 -213 -1,445 53 54 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 54 55 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 55 56 General government ............................................................................... 531 1,463 932 -323 -544 -394 1,771 630 -1,141 56 57 Loans .......................................................................................... 531 1,463 932 -323 -544 -394 1,771 630 -1,141 57 58 Long term .................................................................................... 531 1,463 932 -323 -544 -394 1,771 630 -1,141 58 Liabilities by sector of U.S. issuer 59 Net U.S. incurrence of other investment liabilities (line 14) ...................................... 24,612 402,191 377,579 -96,753 155,535 86,238 90,932 69,486 -21,446 59 60 Central bank ..................................................................................... 70,407 48,337 -22,070 18,961 8,378 13,513 5,432 21,015 15,583 60 61 Currency and deposits .......................................................................... 70,407 48,337 -22,070 18,961 8,378 13,513 5,432 21,015 15,583 61 62 Currency (short term) ........................................................................ 42,311 69,706 27,395 14,607 20,764 15,830 15,850 17,262 1,412 62 63 Deposits ..................................................................................... 28,096 -21,369 -49,465 4,354 -12,386 -2,317 -10,418 3,753 14,171 63 64 Short term ................................................................................. 28,096 -21,369 -49,465 4,354 -12,386 -2,317 -10,418 3,753 14,171 64 65 Deposit-taking institutions except central bank .................................................. -77,377 218,748 296,125 -21,203 85,830 52,073 31,882 48,963 17,081 65 66 Of which: Interbank transactions ............................................................. -184,173 162,494 346,667 -67,466 63,258 52,167 12,463 34,606 22,143 66 67 Currency and deposits .......................................................................... -45,818 189,065 234,883 25,190 46,468 79,253 -4,880 68,224 73,104 67 68 Deposits ..................................................................................... -45,818 189,065 234,883 25,190 46,468 79,253 -4,880 68,224 73,104 68 69 Of which: Repurchase agreements .......................................................... 58,974 55,745 -3,229 40,098 5,530 24,002 -18,115 44,328 62,443 69 70 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 70 71 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 71 72 Loans .......................................................................................... -31,559 29,683 61,242 -46,393 39,362 -27,180 36,762 -19,262 -56,024 72 73 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 73 74 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 74 75 Other financial institutions and nonfinancial institutions except general government ............. 22,066 125,592 103,526 -98,102 59,794 17,318 51,377 -2,897 -54,274 75 76 Currency and deposits /2/ ...................................................................... -4,936 -923 4,013 -27,131 13,274 13,560 -15,573 -12,184 3,389 76 77 Deposits ..................................................................................... -4,936 -923 4,013 -27,131 13,274 13,560 -15,573 -12,184 3,389 77 78 Short term ................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 78 79 Long term .................................................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 79 80 Loans .......................................................................................... 29,249 117,933 88,684 -69,913 39,368 6,684 62,457 9,423 -53,034 80 81 Of which: Repurchase agreements ............................................................ 7,828 -12,128 -19,956 -44,302 16,434 -8,160 2,138 -22,539 -24,677 81 82 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 82 83 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 83 84 Insurance technical reserves ................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 84 85 Trade credit and advances ...................................................................... -2,248 8,582 10,830 -1,058 7,151 -2,926 4,492 -135 -4,627 85 86 Short term ................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 86 87 Long term .................................................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 87 88 General government ............................................................................... 9,516 9,513 -3 3,591 1,532 3,335 2,242 2,405 163 88 89 Trade credit and advances ...................................................................... 9,516 9,513 -3 3,591 1,532 3,335 2,242 2,405 163 89 90 Long term .................................................................................... 9,516 9,513 -3 3,591 1,532 3,335 2,242 2,405 163 90 91 Special drawing rights allocations ............................................................. 0 0 0 0 0 0 0 0 0 91 p Preliminary r Revised n.a. Not available 1. Other investment includes financial-account transactions other than transactions for direct investment, portfolio investment, financial derivatives other than reserves, and reserve assets. 2. Consists of near-deposit instruments issued by other financial institutions. Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis