EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, SEPTEMBER 19, 2018 BEA 18-47 Technical: Yiran Xin (301) 278-9546 Yiran.Xin@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov U.S. International Transactions: Second Quarter 2018 Current-Account Balance The U.S. current-account deficit decreased to $101.5 billion (preliminary) in the second quarter of 2018 from $121.7 billion (revised) in the first quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.0 percent of current-dollar gross domestic product (GDP) in the second quarter, down from 2.4 percent in the first quarter. [--CHART1 IMAGE--] The $20.3 billion decrease in the current-account deficit reflected a $17.6 billion decrease in the deficit on goods, a $2.5 billion increase in the surplus on services, and relatively small and offsetting changes in the balances on primary income and secondary income. [--CHART2 IMAGE--] Current-Account Transactions (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts increased $28.0 billion in the second quarter to $933.3 billion. * Goods exports increased $17.8 billion to $429.2 billion, mostly reflecting increases in industrial supplies and materials, primarily petroleum and products, and in foods, feeds, and beverages, primarily soybeans. * Primary income receipts increased $3.9 billion to $259.9 billion, primarily reflecting increases in portfolio investment income and in other investment income. A decrease in direct investment income partly offset the increases. For more information on direct investment income, see the box "Effects of the 2017 Tax Cuts and Jobs Act on Components of the International Transactions Accounts." * Services exports increased $3.2 billion to $209.2 billion, mainly reflecting increases in other business services, led by professional and management consulting services, in financial services, and in charges for the use of intellectual property. Imports of goods and services and income payments Imports of goods and services and income payments increased $7.7 billion in the second quarter to $1,034.7 billion. * Primary income payments increased $4.2 billion to $199.1 billion, mainly reflecting increases in other investment income and in portfolio investment income. A decrease in direct investment income partly offset the increases. * Secondary income payments increased $2.7 billion to $63.4 billion, primarily reflecting an increase in U.S. government grants. BOX.__________________________________________________________________________________________ Effects of the 2017 Tax Cuts and Jobs Act on Components of the International Transactions Accounts In the international transactions accounts, income on equity, or earnings, of foreign affiliates of U.S. multinational enterprises in a period typically consists of a portion that is repatriated to the parent company in the United States in the form of dividends and a portion that is reinvested in foreign affiliates. At times, repatriation of dividends exceeds current-period earnings, resulting in negative values being recorded for reinvested earnings. With the revised statistics for the first quarter of 2018, earnings were $128.1 billion, with dividends and withdrawals of $294.9 billion and reinvested earnings of -$166.8 billion. With the preliminary statistics for the second quarter, earnings were $126.8 billion, with dividends and withdrawals of $169.5 billion and reinvested earnings of -$42.7 billion (table 4). The large magnitudes for dividends and withdrawals and the negative reinvested earnings reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises to their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA requires U.S. parent companies to pay a one-time tax on their accumulated earnings held abroad, but generally eliminates taxes on repatriated earnings. The negative reinvested earnings in the first and second quarters reflect the fact that dividends exceeded earnings and U.S. parent companies withdrew accumulated prior earnings from their foreign affiliates. The negative reinvested earnings are also reflected in the net acquisition of direct investment assets in the financial account, which was -$139.3 billion in the first quarter and -$29.0 billion in the second quarter (table 6). For more information, see "How does the 2017 Tax Cuts and Jobs Act affect BEA's business income statistics? (www.bea.gov/help/faq/1293)" and "How are the international transactions accounts affected by an increase in direct investment dividend receipts (www.bea.gov/help/faq/166)?" [--CHART3 IMAGE--] In addition to the repatriation of accumulated earnings, some companies made other changes to their business practices in reaction to the TCJA. For example, some insurance companies changed how they operate in response to the base erosion and anti-abuse tax (BEAT) provision of the TCJA BEAT is a tax on certain payments from a U.S. company to a related foreign party, which can include premium payments for reinsurance. In response to the new tax, many U.S. insurance companies terminated these intracompany reinsurance contracts. As a result, premiums paid by U.S. insurers to foreign insurers in the first and second quarters of 2018, at $24.0 billion and $23.7 billion respectively, were down from $31.4 billion in the fourth quarter of 2017 and other recent quarters (table 3). Similarly, insurance services imports in the first and second quarters, at $9.8 billion and $9.2 billion respectively, were down from $12.4 billion in the fourth quarter of 2017 and other recent quarters. For more information on the estimation methods used to compile insurance services, see the insurance section in "U.S. International Economic Accounts: Concepts and Methods (www.bea.gov/sites/default/files/methodologies/ONE%20PDF%20-%20IEA%20Concepts%20Methods.pdf#page=69)." ______________________________________________________________________________________________ Financial Account (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $134.3 billion in the second quarter, a decrease from net borrowing of $160.9 billion in the first quarter. Financial assets Net U.S. liquidation of financial assets excluding financial derivatives was $175.1 billion in the second quarter following net U.S. acquisition of $251.1 billion in the first quarter. * Net U.S. sales of portfolio investment assets was $23.7 billion following net U.S. purchases of $304.1 billion in the first quarter. This change mostly reflected net U.S. sales of foreign equity and investment fund shares following net purchases in the first quarter. * Net U.S. liquidation of other investment assets was $125.5 billion following net U.S. acquisition of $86.4 billion in the first quarter. This change mostly reflected net foreign repayment of loans following net U.S. provision of loans to foreigners in the first quarter. * Net U.S. withdrawal of direct investment assets decreased $110.4 billion to $29.0 billion. The net withdrawal of direct investment assets reflected U.S. parent repatriation of previously reinvested earnings in response to the TCJA. For more information, see the box "Effects of the 2017 Tax Cuts and Jobs Act on Components of the International Transactions Accounts." Liabilities Net U.S. repayment of liabilities excluding financial derivatives was $57.7 billion in the second quarter following net U.S. incurrence of $441.1 billion in the first quarter. * Net U.S. incurrence of portfolio investment liabilities decreased $291.4 billion to $10.1 billion, reflecting both net foreign sales of U.S. equity and investment fund shares following net purchases in the first quarter and a decrease in net foreign purchases of U.S. long-term debt securities. * Net U.S. repayment of other investment liabilities was $92.4 billion following net incurrence of $81.6 billion in the first quarter. This change mostly reflected net U.S. repayment of loan liabilities following net incurrence of loans in the first quarter. Financial derivatives Transactions in financial derivatives other than reserves reflected second-quarter net borrowing of $17.0 billion following net lending of $29.0 billion in the first quarter. Statistical Discrepancy (table 1) The statistical discrepancy was -$32.9 billion in the second quarter following a statistical discrepancy of -$39.2 billion in the first quarter. Updates to First Quarter 2018 International Transactions Accounts Aggregates Billions of dollars, seasonally adjusted Preliminary estimate Revised estimate Current-account balance -124.1 -121.7 Goods balance -220.5 -220.8 Services balance 64.9 66.8 Primary-income balance 62.0 61.2 Secondary-income balance -30.5 -28.9 Net lending (+)/borrowing (-) from financial-account transactions -180.6 -160.9 Statistical discrepancy -56.5 -39.2 Next release: December 19, 2018 at 8:30 A.M. EST U.S. International Transactions, Third Quarter 2018 Additional Information Resources * Stay informed about BEA developments by reading the BEA blog (www.bea.gov/news/blog), signing up for BEA's email subscription service (www.bea.gov/_subscribe/), or following BEA on Twitter @BEA_News (www.twitter.com/BEA_News). * Historical time series for these estimates can be accessed in BEA's interactive data application (apps.bea.gov/itable/index.cfm). * Access BEA data by registering for BEA's data application programming interface (apps.bea.gov/API/signup/index.cfm) (API). * For more on BEA's statistics, see our monthly online journal, the Survey of Current Business (apps.bea.gov/scb/index.htm). * BEA's news release schedule (www.bea.gov/news/schedule). * More information on these international transactions statistics will be provided next month in the Survey of Current Business (apps.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/resources/methodologies/us-international-economic-accounts-concepts-methods). 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 derivatives 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/data/intl-trade-investment/international-investment-position) are released quarterly. Financial transactions that are reported in the ITAs are one type of change in position recorded in the IIP accounts. Statistics on direct investment and multinational enterprises (apps.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/data/intl-trade-investment/international-services-expanded), 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/data/intl-trade-investment/international-trade-goods-and-services), 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 September 19, 2018 Table 1. U.S. International Transactions [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II   Current account 1 Exports of goods and services and income receipts (credits) ........................................ 3,183,783 3,433,239 249,456 839,280 868,997 890,393 905,298 933,274 27,976 1 2 Exports of goods and services .................................................................... 2,215,844 2,351,072 135,228 579,743 589,107 605,916 617,437 638,390 20,953 2 3 Goods .......................................................................................... 1,456,957 1,553,383 96,426 382,492 387,814 401,939 411,442 429,238 17,796 3 4 General merchandise .......................................................................... 1,436,115 1,531,639 95,524 376,756 382,828 397,143 404,927 423,937 19,010 4 5 Foods, feeds, and beverages ................................................................ 130,519 132,744 2,225 33,752 34,209 32,099 33,338 40,521 7,183 5 6 Industrial supplies and materials .......................................................... 387,350 456,188 68,838 110,346 111,819 124,271 125,430 134,571 9,141 6 7 Capital goods except automotive ............................................................ 519,890 533,574 13,684 130,882 134,985 137,341 138,209 141,647 3,438 7 8 Automotive vehicles, parts, and engines .................................................... 150,311 157,641 7,330 39,047 39,078 39,761 42,207 40,334 -1,873 8 9 Consumer goods except food and automotive .................................................. 193,254 197,134 3,880 49,198 48,879 49,807 51,598 51,282 -316 9 10 Other general merchandise .................................................................. 54,791 54,358 -433 13,531 13,858 13,866 14,144 15,582 1,438 10 11 Net exports of goods under merchanting ....................................................... 300 200 -100 47 47 56 66 53 -13 11 12 Nonmonetary gold ............................................................................. 20,542 21,544 1,002 5,689 4,940 4,740 6,450 5,249 -1,201 12 13 Services ....................................................................................... 758,888 797,690 38,802 197,252 201,293 203,977 205,994 209,152 3,158 13 14 Maintenance and repair services n.i.e. ....................................................... 25,004 26,430 1,426 6,574 6,213 6,740 7,286 7,323 37 14 15 Transport .................................................................................... 84,679 88,598 3,919 21,756 22,483 22,696 22,949 23,180 231 15 16 Travel (for all purposes including education) /1/ ............................................ 206,902 210,747 3,845 52,391 52,980 53,429 53,504 53,811 307 16 17 Insurance services ........................................................................... 17,067 18,047 980 4,392 4,708 4,755 4,555 4,629 74 17 18 Financial services ........................................................................... 99,384 109,642 10,258 26,854 27,927 28,751 27,907 28,703 796 18 19 Charges for the use of intellectual property n.i.e. .......................................... 124,734 128,364 3,630 32,214 32,273 32,762 33,577 34,181 604 19 20 Telecommunications, computer, and information services ....................................... 38,548 42,219 3,671 10,341 10,735 10,902 10,913 11,189 276 20 21 Other business services ...................................................................... 143,768 154,313 10,545 37,886 38,936 39,326 40,556 41,403 847 21 22 Government goods and services n.i.e. ......................................................... 18,801 19,329 528 4,844 5,037 4,617 4,748 4,735 -13 22 23 Primary income receipts .......................................................................... 830,174 928,118 97,944 223,979 237,632 248,940 256,029 259,930 3,901 23 24 Investment income .............................................................................. 823,709 921,816 98,107 222,406 236,058 247,367 254,435 258,325 3,890 24 25 Direct investment income ..................................................................... 456,426 504,404 47,978 120,486 127,799 135,929 135,062 133,794 -1,268 25 26 Portfolio investment income .................................................................. 326,325 354,406 28,081 86,627 91,154 93,614 99,244 102,162 2,918 26 27 Other investment income ...................................................................... 40,850 62,620 21,770 15,158 16,996 17,741 19,959 22,322 2,363 27 28 Reserve asset income ......................................................................... 108 385 277 135 109 82 169 47 -122 28 29 Compensation of employees ...................................................................... 6,466 6,302 -164 1,573 1,573 1,573 1,594 1,605 11 29 30 Secondary income (current transfer) receipts /2/ ................................................. 137,764 154,049 16,285 35,557 42,258 35,537 31,833 34,954 3,121 30 31 Imports of goods and services and income payments (debits) ......................................... 3,616,656 3,882,380 265,724 961,117 972,445 1,006,541 1,027,008 1,034,734 7,726 31 32 Imports of goods and services .................................................................... 2,717,846 2,903,349 185,503 716,443 721,899 753,742 771,426 772,202 776 32 33 Goods .......................................................................................... 2,208,008 2,360,878 152,870 582,440 584,637 614,317 632,244 632,396 152 33 34 General merchandise .......................................................................... 2,189,848 2,348,675 158,827 579,845 581,849 610,844 629,436 629,718 282 34 35 Foods, feeds, and beverages ................................................................ 131,024 138,810 7,786 34,470 35,069 35,551 37,014 37,089 75 35 36 Industrial supplies and materials .......................................................... 441,848 511,561 69,713 125,834 123,450 133,707 142,210 146,228 4,018 36 37 Capital goods except automotive ............................................................ 593,854 643,620 49,766 157,945 163,218 169,186 170,639 174,200 3,561 37 38 Automotive vehicles, parts, and engines .................................................... 351,058 359,849 8,791 89,551 89,455 90,589 92,885 90,150 -2,735 38 39 Consumer goods except food and automotive .................................................. 585,177 603,922 18,745 149,365 148,197 157,597 164,007 157,413 -6,594 39 40 Other general merchandise .................................................................. 86,887 90,913 4,026 22,679 22,460 24,214 22,681 24,638 1,957 40 41 Nonmonetary gold ............................................................................. 18,160 12,203 -5,957 2,594 2,789 3,473 2,809 2,678 -131 41 42 Services ....................................................................................... 509,838 542,471 32,633 134,004 137,261 139,426 139,182 139,806 624 42 43 Maintenance and repair services n.i.e. ....................................................... 8,731 8,337 -394 2,136 2,004 2,059 2,093 2,063 -30 43 44 Transport .................................................................................... 96,939 101,744 4,805 25,319 25,352 25,872 26,253 26,619 366 44 45 Travel (for all purposes including education) /1/ ............................................ 123,569 135,024 11,455 33,525 33,813 34,906 35,553 35,600 47 45 46 Insurance services ........................................................................... 49,900 50,665 765 12,820 13,094 12,434 9,754 9,216 -538 46 47 Financial services ........................................................................... 25,752 28,931 3,179 7,076 7,478 7,628 7,532 7,638 106 47 48 Charges for the use of intellectual property n.i.e. .......................................... 46,577 51,284 4,707 12,298 13,136 13,808 13,925 13,710 -215 48 49 Telecommunications, computer, and information services ....................................... 37,391 40,054 2,663 9,805 10,068 10,280 10,174 10,343 169 49 50 Other business services ...................................................................... 99,476 104,385 4,909 25,549 26,774 26,929 28,246 28,954 708 50 51 Government goods and services n.i.e. ......................................................... 21,503 22,047 544 5,477 5,541 5,510 5,653 5,662 9 51 52 Primary income payments .......................................................................... 637,151 706,386 69,235 175,444 179,410 186,569 194,854 199,085 4,231 52 53 Investment income .............................................................................. 618,013 686,699 68,686 170,545 174,430 181,601 189,875 194,092 4,217 53 54 Direct investment income ..................................................................... 183,812 205,976 22,164 52,298 51,342 55,978 57,458 56,312 -1,146 54 55 Portfolio investment income .................................................................. 407,603 432,510 24,907 106,870 109,845 111,305 114,968 116,948 1,980 55 56 Other investment income ...................................................................... 26,599 48,213 21,614 11,377 13,243 14,317 17,448 20,832 3,384 56 57 Compensation of employees ...................................................................... 19,139 19,687 548 4,899 4,980 4,969 4,979 4,993 14 57 58 Secondary income (current transfer) payments /2/ ................................................. 261,659 272,645 10,986 69,229 71,136 66,229 60,728 63,447 2,719 58 Capital account 59 Capital transfer receipts and other credits ........................................................ 0 24,788 24,788 0 24,788 0 0 0 0 59 60 Capital transfer payments and other debits ......................................................... 59 42 -17 0 1 40 2 n.a. n.a. 60   Financial account 61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+)) ....................................... 348,625 1,182,749 834,124 315,922 373,591 127,135 251,126 -175,112 -426,238 61 62 Direct investment assets ......................................................................... 312,975 379,222 66,247 49,976 102,936 91,256 -139,326 -28,972 110,354 62 63 Equity ......................................................................................... 336,657 352,504 15,847 92,569 69,079 101,537 -167,731 -36,473 131,258 63 64 Debt instruments ............................................................................... -23,683 26,718 50,401 -42,593 33,857 -10,281 28,406 7,501 -20,905 64 65 Portfolio investment assets ...................................................................... 36,283 586,695 550,412 180,700 175,910 88,301 304,094 -23,737 -327,831 65 66 Equity and investment fund shares .............................................................. 21,743 166,827 145,084 110,542 63,399 -39,233 200,871 -73,520 -274,391 66 67 Debt securities ................................................................................ 14,541 419,868 405,327 70,158 112,512 127,534 103,223 49,783 -53,440 67 68 Short term ................................................................................... -27,409 193,855 221,264 38,799 74,149 40,467 27,771 2,469 -25,302 68 69 Long term .................................................................................... 41,950 226,013 184,063 31,359 38,363 87,067 75,453 47,313 -28,140 69 70 Other investment assets .......................................................................... -2,723 218,522 221,245 85,095 94,804 -50,883 86,365 -125,471 -211,836 70 71 Currency and deposits .......................................................................... -91,317 171,952 263,269 25,883 78,488 4,850 53,816 -26,991 -80,807 71 72 Loans .......................................................................................... 87,690 40,862 -46,828 59,564 15,099 -55,760 33,356 -101,486 -134,842 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 ...................................................................... 903 5,708 4,805 -352 1,217 26 -807 3,006 3,813 74 75 Reserve assets ................................................................................... 2,090 -1,690 -3,780 150 -61 -1,539 -7 3,068 3,075 75 76 Monetary gold .................................................................................. 0 0 0 0 0 0 0 0 0 76 77 Special drawing rights ......................................................................... 684 78 -606 15 26 26 33 33 0 77 78 Reserve position in the International Monetary Fund ............................................ 1,348 -1,812 -3,160 82 -98 -1,535 -73 3,136 3,209 78 79 Other reserve assets ........................................................................... 58 44 -14 54 11 -29 34 -101 -135 79 80 Currency and deposits ........................................................................ -56 0 56 0 0 0 (*) 0 (*) 80 81 Securities ................................................................................... 114 44 -70 54 11 -29 34 -101 -135 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 (+)) ............................................... 741,529 1,537,683 796,154 445,338 504,082 159,164 441,080 -57,743 -498,823 84 85 Direct investment liabilities .................................................................... 494,455 354,829 -139,626 97,118 107,107 38,250 57,949 24,565 -33,384 85 86 Equity ......................................................................................... 387,599 308,406 -79,193 77,022 72,927 64,320 72,661 33,445 -39,216 86 87 Debt instruments ............................................................................... 106,856 46,423 -60,433 20,097 34,180 -26,070 -14,712 -8,880 5,832 87 88 Portfolio investment liabilities ................................................................. 231,349 799,182 567,833 263,170 294,275 81,626 301,503 10,071 -291,432 88 89 Equity and investment fund shares .............................................................. -139,700 155,680 295,380 21,024 80,561 -3,377 154,313 -26,164 -180,477 89 90 Debt securities ................................................................................ 371,049 643,503 272,454 242,147 213,713 85,003 147,190 36,235 -110,955 90 91 Short term ................................................................................... -12,092 15,851 27,943 15,264 -20,035 25,215 31,355 34,585 3,230 91 92 Long term .................................................................................... 383,141 627,652 244,511 226,882 233,748 59,788 115,835 1,651 -114,184 92 93 Other investment liabilities ..................................................................... 15,725 383,671 367,946 85,050 102,701 39,288 81,628 -92,379 -174,007 93 94 Currency and deposits .......................................................................... 17,199 217,427 200,228 110,745 -15,792 61,423 -10,034 -34,409 -24,375 94 95 Loans .......................................................................................... -7,574 150,834 158,408 -25,350 112,549 -23,436 82,566 -63,135 -145,701 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 ...................................................................... 6,101 15,410 9,309 -346 5,943 1,302 9,096 5,165 -3,931 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/ .................................... 7,827 23,074 15,247 9,306 18,600 777 29,024 -16,969 -45,993 99 Statistical discrepancy 100 Statistical discrepancy /4/ ........................................................................ 47,855 92,536 44,681 1,727 -33,231 84,936 -39,218 -32,877 6,341 100 Balances 101 Balance on current account (line 1 less line 31) /5/ ............................................... -432,873 -449,142 -16,269 -121,837 -103,447 -116,148 -121,710 -101,460 20,250 101 102 Balance on goods and services (line 2 less line 32) .............................................. -502,001 -552,277 -50,276 -136,700 -132,791 -147,826 -153,989 -133,812 20,177 102 103 Balance on goods (line 3 less line 33) ......................................................... -751,051 -807,495 -56,444 -199,948 -196,823 -212,378 -220,802 -203,158 17,644 103 104 Balance on services (line 13 less line 42) ..................................................... 249,050 255,219 6,169 63,248 64,032 64,551 66,812 69,346 2,534 104 105 Balance on primary income (line 23 less line 52) ................................................. 193,023 221,731 28,708 48,535 58,222 62,371 61,175 60,845 -330 105 106 Balance on secondary income (line 30 less line 58) ............................................... -123,895 -118,597 5,298 -33,672 -28,878 -30,692 -28,896 -28,493 403 106 107 Balance on capital account (line 59 less line 60) /5/ .............................................. -59 24,746 24,805 0 24,787 -40 -2 0 2 107 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/ .................................................. -432,932 -424,395 8,537 -121,837 -78,660 -116,188 -121,712 -101,460 20,252 108 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/ ............................................... -385,078 -331,860 53,218 -120,111 -111,891 -31,252 -160,930 -134,337 26,593 109 p Preliminary r Revised n.a. Not available (*) Transactions are between zero and +/- $500,000 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 (apps.bea.gov/iTable/iTable.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 apps.bea.gov/iTable/index_ita.cfm for geographic detail. Source: U.S. Bureau of Economic Analysis September 19, 2018 Table 2. U.S. International Trade in Goods [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II 1 Exports of goods (table 1, line 3) ................................................................. 1,456,957 1,553,383 96,426 382,492 387,814 401,939 411,442 429,238 17,796 1 2 General merchandise ............................................................................ 1,436,115 1,531,639 95,524 376,756 382,828 397,143 404,927 423,937 19,010 2 3 Net exports of goods under merchanting ......................................................... 300 200 -100 47 47 56 66 53 -13 3 4 Nonmonetary gold ............................................................................... 20,542 21,544 1,002 5,689 4,940 4,740 6,450 5,249 -1,201 4 5 General merchandise, all end-use commodities (line 2) ............................................ 1,436,115 1,531,639 95,524 376,756 382,828 397,143 404,927 423,937 19,010 5 6 Foods, feeds, and beverages .................................................................... 130,519 132,744 2,225 33,752 34,209 32,099 33,338 40,521 7,183 6 7 Agricultural ................................................................................. 122,533 124,204 1,671 31,658 32,004 29,811 31,086 38,270 7,184 7 8 Grains and preparations .................................................................... 27,910 27,568 -342 7,369 6,516 6,139 7,038 8,565 1,527 8 9 Wheat .................................................................................... 5,537 6,223 686 1,787 1,458 1,421 1,354 1,223 -131 9 10 Corn ..................................................................................... 10,871 10,152 -719 2,902 2,270 1,934 2,549 4,235 1,686 10 11 Rice and other food grains ............................................................... 1,920 1,833 -87 460 389 484 508 406 -102 11 12 Other feeds .............................................................................. 9,582 9,360 -222 2,219 2,399 2,299 2,626 2,701 75 12 13 Soybeans ................................................................................... 23,620 22,225 -1,395 6,059 6,961 4,406 4,685 10,537 5,852 13 14 Meat products and poultry .................................................................. 16,883 18,838 1,955 4,546 4,747 4,992 5,134 5,046 -88 14 15 Vegetables, fruits, nuts, and preparations ................................................. 24,491 25,138 647 6,154 6,357 6,490 6,605 6,203 -402 15 16 Other agricultural foods, feeds, and beverages ............................................. 29,628 30,436 808 7,531 7,423 7,785 7,624 7,919 295 16 17 Nonagricultural .............................................................................. 7,986 8,540 554 2,093 2,205 2,288 2,252 2,251 -1 17 18 Fish and shellfish ......................................................................... 5,641 5,941 300 1,462 1,555 1,589 1,549 1,478 -71 18 19 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 2,346 2,599 253 631 649 699 704 773 69 19 20 Industrial supplies and materials .............................................................. 387,350 456,188 68,838 110,346 111,819 124,271 125,430 134,571 9,141 20 21 Agricultural ................................................................................. 16,987 19,166 2,179 4,774 4,642 4,835 5,035 5,376 341 21 22 Raw cotton ................................................................................. 3,968 5,846 1,878 1,487 1,432 1,431 1,694 1,823 129 22 23 Tobacco, unmanufactured .................................................................... 1,116 1,086 -30 335 339 160 220 396 176 23 24 Hides and skins, including furskins ........................................................ 1,966 1,919 -47 466 492 473 425 368 -57 24 25 Other agricultural industrial supplies ..................................................... 9,938 10,314 376 2,487 2,378 2,771 2,696 2,788 92 25 26 Nonagricultural .............................................................................. 370,362 437,022 66,660 105,572 107,177 119,436 120,395 129,196 8,801 26 27 Energy products ............................................................................ 112,520 160,747 48,227 38,318 38,716 46,234 46,972 54,033 7,061 27 28 Petroleum and products ................................................................... 99,017 137,456 38,439 32,441 33,122 40,384 40,109 46,916 6,807 28 29 Crude .................................................................................. 9,260 22,431 13,171 4,764 4,916 8,394 8,486 11,640 3,154 29 30 Fuel oil ............................................................................... 33,478 42,861 9,383 11,005 10,960 11,335 10,220 12,969 2,749 30 31 Other petroleum products ............................................................... 46,942 56,624 9,682 13,420 13,677 15,719 17,194 17,697 503 31 32 Liquified petroleum gases .............................................................. 9,337 15,540 6,203 3,252 3,569 4,935 4,208 4,609 401 32 33 Coal and related products ................................................................ 7,729 13,819 6,090 3,390 3,486 3,489 3,961 4,408 447 33 34 Natural gas .............................................................................. 4,611 8,122 3,511 2,027 1,723 2,114 2,509 2,276 -233 34 35 Nuclear fuel and electric energy ......................................................... 1,162 1,350 188 461 385 248 394 433 39 35 36 Paper and paper-base stocks ................................................................ 20,826 22,052 1,226 5,320 5,530 5,818 5,709 5,926 217 36 37 Textile supplies and related materials ..................................................... 13,436 13,578 142 3,357 3,384 3,416 3,430 3,501 71 37 38 Chemicals except medicinals ................................................................ 103,806 112,015 8,209 27,202 27,279 29,905 29,434 30,610 1,176 38 39 Plastic materials ........................................................................ 32,550 34,715 2,165 8,353 8,360 9,120 9,079 9,672 593 39 40 Fertilizers, pesticides, and insecticides ................................................ 7,455 8,330 875 2,076 2,009 2,223 2,148 2,164 16 40 41 Industrial inorganic chemicals ........................................................... 8,187 9,203 1,016 2,237 2,292 2,502 2,569 2,469 -100 41 42 Industrial organic chemicals ............................................................. 26,307 28,334 2,027 6,801 6,791 7,752 7,413 7,871 458 42 43 Other chemicals .......................................................................... 29,307 31,433 2,126 7,736 7,827 8,306 8,225 8,433 208 43 44 Building materials except metals ........................................................... 13,850 14,811 961 3,605 3,766 3,856 3,814 3,876 62 44 45 Other nonmetals ............................................................................ 33,831 35,396 1,565 8,722 8,862 9,013 9,148 9,323 175 45 46 Metals and nonmetallic products ............................................................ 72,093 78,423 6,330 19,046 19,640 21,193 21,889 21,927 38 46 47 Steelmaking materials .................................................................... 4,948 6,797 1,849 1,562 1,759 1,948 2,177 2,091 -86 47 48 Iron and steel products .................................................................. 14,471 16,561 2,090 4,242 4,062 4,231 4,271 4,387 116 48 49 Nonferrous metals ........................................................................ 27,964 29,106 1,142 6,891 7,351 8,244 8,412 8,358 -54 49 50 Precious metals except nonmonetary gold ................................................ 5,700 6,631 931 1,484 1,712 2,108 2,424 2,160 -264 50 51 Bauxite and aluminum ................................................................... 8,467 7,860 -607 1,908 1,932 2,160 2,144 2,296 152 51 52 Copper ................................................................................. 6,186 6,173 -13 1,541 1,554 1,653 1,861 1,681 -180 52 53 Other nonferrous metals ................................................................ 7,611 8,441 830 1,957 2,151 2,323 1,982 2,222 240 53 54 Other metals and nonmetallic products .................................................... 24,710 25,959 1,249 6,352 6,468 6,770 7,029 7,090 61 54 55 Capital goods except automotive ................................................................ 519,890 533,574 13,684 130,882 134,985 137,341 138,209 141,647 3,438 55 56 Machinery and equipment except consumer-type ................................................. 393,495 407,364 13,869 99,723 102,136 105,598 105,725 107,585 1,860 56 57 Electric-generating machinery, electric apparatus, and parts ............................... 53,624 54,966 1,342 13,482 13,558 14,113 14,212 14,712 500 57 58 Oil-drilling, mining, and construction machinery ........................................... 16,926 17,919 993 4,166 4,595 5,005 4,818 4,954 136 58 59 Industrial engines, pumps, and compressors ................................................. 25,997 25,249 -748 6,228 6,162 6,325 6,161 6,286 125 59 60 Machine tools and metalworking machinery ................................................... 6,528 6,680 152 1,660 1,658 1,700 1,804 1,902 98 60 61 Measuring, testing, and control instruments ................................................ 23,062 23,615 553 5,949 5,820 6,071 6,392 6,500 108 61 62 Other industrial machinery ................................................................. 71,941 79,894 7,953 19,719 20,029 20,966 20,930 21,389 459 62 63 Other service-industry and agricultural machinery .......................................... 16,682 17,701 1,019 4,294 4,495 4,535 4,648 4,627 -21 63 64 Computers .................................................................................. 14,756 15,378 622 3,817 3,842 4,054 4,054 4,003 -51 64 65 Computer accessories, peripherals, and parts ............................................... 30,307 30,671 364 7,493 7,647 8,239 8,125 8,639 514 65 66 Semiconductors ............................................................................. 44,346 47,971 3,625 11,750 11,968 12,622 12,191 12,257 66 66 67 Telecommunications equipment ............................................................... 41,161 38,244 -2,917 9,011 9,989 9,452 9,435 9,115 -320 67 68 Other office and business machines ......................................................... 2,353 2,354 1 584 602 587 617 634 17 68 69 Scientific, hospital, and medical equipment and parts ...................................... 45,811 46,722 911 11,570 11,773 11,929 12,337 12,567 230 69 70 Civilian aircraft, engines, and parts ........................................................ 120,929 120,988 59 29,597 31,642 30,537 31,281 32,511 1,230 70 71 Civilian aircraft, complete, all types ..................................................... 60,673 56,034 -4,639 13,960 14,811 13,770 14,240 13,625 -615 71 72 Engines and parts .......................................................................... 60,256 64,953 4,697 15,637 16,831 16,767 17,041 18,885 1,844 72 73 Other transportation equipment ............................................................... 5,466 5,222 -244 1,562 1,208 1,206 1,203 1,551 348 73 74 Automotive vehicles, parts, and engines ........................................................ 150,311 157,641 7,330 39,047 39,078 39,761 42,207 40,334 -1,873 74 75 To Canada .................................................................................... 58,864 61,591 2,727 15,148 15,355 15,329 16,739 15,578 -1,161 75 76 Passenger cars, new and used ............................................................... 14,222 14,347 125 3,293 3,482 3,835 4,337 3,505 -832 76 77 Trucks, buses, and special purpose vehicles ................................................ 13,929 16,052 2,123 3,761 4,309 4,051 4,548 4,402 -146 77 78 Engines and engine parts ................................................................... 6,097 6,787 690 1,739 1,612 1,657 1,708 1,622 -86 78 79 Other parts and accessories ................................................................ 24,615 24,404 -211 6,355 5,952 5,786 6,145 6,049 -96 79 80 To other areas ............................................................................... 91,447 96,050 4,603 23,899 23,724 24,431 25,468 24,756 -712 80 81 Passenger cars, new and used ............................................................... 38,928 38,083 -845 9,735 8,692 9,550 10,165 9,301 -864 81 82 Trucks, buses, and special purpose vehicles ................................................ 4,080 4,549 469 1,074 1,309 1,129 1,073 1,177 104 82 83 Engines and engine parts ................................................................... 11,670 13,240 1,570 3,367 3,332 3,415 3,613 3,744 131 83 84 Other parts and accessories ................................................................ 36,769 40,178 3,409 9,721 10,390 10,337 10,618 10,534 -84 84 85 Consumer goods except food and automotive ...................................................... 193,254 197,134 3,880 49,198 48,879 49,807 51,598 51,282 -316 85 86 Nondurable goods ............................................................................. 88,900 87,648 -1,252 21,813 21,373 21,916 22,132 23,093 961 86 87 Apparel, footwear, and household goods ..................................................... 10,307 10,471 164 2,552 2,599 2,730 2,738 2,694 -44 87 88 Medicinal, dental, and pharmaceutical products ............................................. 53,145 51,158 -1,987 12,859 12,237 12,515 12,865 13,628 763 88 89 Toiletries and cosmetics ................................................................... 12,132 12,813 681 3,145 3,204 3,319 3,260 3,384 124 89 90 Other nondurable goods ..................................................................... 13,317 13,206 -111 3,257 3,333 3,351 3,269 3,387 118 90 91 Durable goods ................................................................................ 104,354 109,486 5,132 27,385 27,505 27,891 29,466 28,189 -1,277 91 92 Televisions, video receivers, and other video equipment .................................... 4,832 4,965 133 1,308 1,219 1,187 1,153 1,257 104 92 93 Radio and stereo equipment, including recorded media ....................................... 3,870 3,859 -11 951 946 980 947 914 -33 93 94 Toys and sporting goods, including bicycles ................................................ 9,172 9,974 802 2,413 2,544 2,602 2,594 2,612 18 94 95 Household and kitchen appliances and other household goods ................................. 38,360 41,117 2,757 10,836 10,066 10,356 10,264 10,341 77 95 96 Household furnishings and related products ............................................... 4,610 4,780 170 1,188 1,201 1,235 1,196 1,264 68 96 97 Household and kitchen appliances ......................................................... 6,147 6,253 106 1,533 1,547 1,591 1,660 1,611 -49 97 98 Other household goods, including cell phones ............................................. 27,604 30,084 2,480 8,114 7,318 7,530 7,408 7,466 58 98 99 Jewelry and collectibles ................................................................... 23,278 24,354 1,076 5,673 6,386 6,258 7,409 6,570 -839 99 100 Gem diamonds and other gemstones ........................................................... 21,084 21,039 -45 5,195 5,271 5,409 5,910 5,352 -558 100 101 Other durable goods ........................................................................ 3,758 4,177 419 1,010 1,073 1,099 1,190 1,143 -47 101 102 Other general merchandise ...................................................................... 54,791 54,358 -433 13,531 13,858 13,866 14,144 15,582 1,438 102 103 Net exports of goods under merchanting (line 3) .................................................. 300 200 -100 47 47 56 66 53 -13 103 104 Nonmonetary gold (line 4) ........................................................................ 20,542 21,544 1,002 5,689 4,940 4,740 6,450 5,249 -1,201 104 105 Imports of goods (table 1, line 33) ................................................................ 2,208,008 2,360,878 152,870 582,440 584,637 614,317 632,244 632,396 152 105 106 General merchandise ............................................................................ 2,189,848 2,348,675 158,827 579,845 581,849 610,844 629,436 629,718 282 106 107 Nonmonetary gold ............................................................................... 18,160 12,203 -5,957 2,594 2,789 3,473 2,809 2,678 -131 107 108 General merchandise, all end-use commodities (line 106) .......................................... 2,189,848 2,348,675 158,827 579,845 581,849 610,844 629,436 629,718 282 108 109 Foods, feeds, and beverages .................................................................... 131,024 138,810 7,786 34,470 35,069 35,551 37,014 37,089 75 109 110 Agricultural ................................................................................. 102,953 108,367 5,414 26,788 27,412 27,844 29,060 29,011 -49 110 111 Green coffee ............................................................................... 4,788 5,183 395 1,310 1,374 1,283 1,007 1,206 199 111 112 Cocoa beans and sugar ...................................................................... 3,083 2,848 -235 843 496 620 814 621 -193 112 113 Meat products and poultry .................................................................. 10,797 11,065 268 2,715 2,941 2,818 2,830 2,847 17 113 114 Vegetables, fruits, nuts, and preparations ................................................. 33,030 34,912 1,882 8,600 8,996 8,984 9,268 9,158 -110 114 115 Wine, beer, and related products ........................................................... 10,754 11,354 600 2,776 2,897 2,916 2,999 3,019 20 115 116 Other agricultural foods, feeds, and beverages ............................................. 40,501 43,006 2,505 10,544 10,709 11,223 12,141 12,161 20 116 117 Nonagricultural .............................................................................. 28,071 30,442 2,371 7,682 7,657 7,707 7,954 8,078 124 117 118 Fish and shellfish ......................................................................... 19,477 21,575 2,098 5,542 5,407 5,443 5,692 5,573 -119 118 119 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 8,594 8,868 274 2,140 2,249 2,264 2,262 2,505 243 119 120 Industrial supplies and materials .............................................................. 441,848 511,561 69,713 125,834 123,450 133,707 142,210 146,228 4,018 120 121 Agricultural ................................................................................. 11,185 12,269 1,084 2,957 3,087 3,284 3,209 3,083 -126 121 122 Nonagricultural .............................................................................. 430,664 499,292 68,628 122,877 120,363 130,423 139,001 143,144 4,143 122 123 Energy products ............................................................................ 176,071 215,719 39,648 52,427 49,448 55,863 61,969 64,403 2,434 123 124 Petroleum and products ................................................................... 159,578 199,564 39,986 48,025 45,444 51,926 58,558 61,038 2,480 124 125 Crude .................................................................................. 103,939 135,628 31,689 33,434 29,610 35,063 39,422 41,368 1,946 125 126 Fuel oil ............................................................................... 18,007 21,765 3,758 4,653 5,172 6,297 7,319 6,814 -505 126 127 Other petroleum products ............................................................... 35,467 38,870 3,403 9,262 9,994 9,552 10,752 12,280 1,528 127 128 Liquified petroleum gases .............................................................. 2,165 3,302 1,137 676 668 1,014 1,064 575 -489 128 129 Coal and related products ................................................................ 3,110 2,308 -802 701 745 440 330 382 52 129 130 Natural gas .............................................................................. 7,229 8,609 1,380 2,366 2,021 2,058 2,002 1,691 -311 130 131 Nuclear fuel and electric energy ......................................................... 6,154 5,238 -916 1,336 1,239 1,439 1,080 1,293 213 131 132 Paper and paper-base stocks ................................................................ 11,678 11,793 115 2,888 3,026 3,011 3,090 3,331 241 132 133 Textile supplies and related materials ..................................................... 13,986 14,160 174 3,494 3,539 3,646 3,707 3,747 40 133 134 Chemicals except medicinals ................................................................ 69,915 74,725 4,810 18,594 18,503 19,733 20,677 21,149 472 134 135 Plastic materials ........................................................................ 15,874 17,356 1,482 4,259 4,351 4,621 4,760 4,920 160 135 136 Fertilizers, pesticides, and insecticides ................................................ 10,613 11,200 587 2,758 2,760 2,682 2,992 2,843 -149 136 137 Industrial inorganic chemicals ........................................................... 6,304 7,241 937 1,755 1,813 1,962 2,189 2,244 55 137 138 Industrial organic chemicals ............................................................. 25,093 26,411 1,318 6,770 6,437 7,107 7,317 7,685 368 138 139 Other chemicals .......................................................................... 12,031 12,517 486 3,052 3,142 3,360 3,419 3,457 38 139 140 Building materials except metals ........................................................... 32,384 35,245 2,861 8,603 8,634 9,369 9,203 9,859 656 140 141 Other nonmetals ............................................................................ 33,701 36,214 2,513 8,912 9,118 9,503 9,832 9,790 -42 141 142 Metals and nonmetallic products ............................................................ 92,929 111,436 18,507 27,959 28,095 29,298 30,523 30,863 340 142 143 Steelmaking materials .................................................................... 4,880 8,130 3,250 2,067 2,082 2,158 2,353 2,501 148 143 144 Iron and steel products .................................................................. 33,774 39,487 5,713 10,271 10,013 10,051 10,487 10,758 271 144 145 Nonferrous metals ........................................................................ 32,417 41,005 8,588 9,888 10,225 11,247 11,494 11,301 -193 145 146 Precious metals except nonmonetary gold ................................................ 8,726 9,603 877 2,394 2,260 2,722 2,695 2,703 8 146 147 Bauxite and aluminum ................................................................... 12,391 16,300 3,909 3,906 4,100 4,549 4,249 4,115 -134 147 148 Other nonferrous metals ................................................................ 11,300 15,101 3,801 3,589 3,865 3,976 4,550 4,484 -66 148 149 Other metals and nonmetallic products .................................................... 21,858 22,814 956 5,733 5,775 5,842 6,190 6,303 113 149 150 Capital goods except automotive ................................................................ 593,854 643,620 49,766 157,945 163,218 169,186 170,639 174,200 3,561 150 151 Machinery and equipment except consumer-type ................................................. 537,947 587,062 49,115 144,072 148,782 154,325 156,432 158,791 2,359 151 152 Electric-generating machinery, electric apparatus and parts ................................ 70,622 76,118 5,496 18,861 19,111 19,617 20,071 20,774 703 152 153 Oil-drilling, mining, and construction machinery ........................................... 14,710 19,792 5,082 4,698 5,285 5,792 5,554 5,832 278 153 154 Industrial engines, pumps, and compressors ................................................. 22,471 24,652 2,181 6,116 6,276 6,259 6,589 6,745 156 154 155 Machine tools and metalworking machinery ................................................... 10,906 12,043 1,137 3,034 2,925 3,282 3,446 3,319 -127 155 156 Measuring, testing, and control instruments ................................................ 20,177 21,791 1,614 5,367 5,568 5,651 5,829 5,873 44 156 157 Other industrial machinery ................................................................. 83,056 93,719 10,663 23,057 23,792 24,813 25,291 25,581 290 157 158 Other service-industry and agricultural machinery .......................................... 28,882 30,733 1,851 7,511 7,757 8,039 8,274 8,443 169 158 159 Computers .................................................................................. 60,886 69,021 8,135 17,118 18,576 17,692 19,199 19,971 772 159 160 Computer accessories, peripherals, and parts ............................................... 53,703 59,487 5,784 14,468 15,209 15,794 16,256 16,358 102 160 161 Semiconductors ............................................................................. 51,783 54,157 2,374 12,739 13,381 15,143 13,581 13,349 -232 161 162 Telecommunications equipment ............................................................... 71,922 74,323 2,401 18,481 17,953 19,090 18,689 18,844 155 162 163 Other office and business machines ......................................................... 5,365 5,360 -5 1,353 1,358 1,305 1,328 1,286 -42 163 164 Scientific, hospital, and medical equipment and parts ...................................... 43,464 45,865 2,401 11,270 11,591 11,848 12,325 12,415 90 164 165 Civilian aircraft, engines, and parts ........................................................ 50,006 51,390 1,384 12,574 13,182 13,297 12,726 13,882 1,156 165 166 Civilian aircraft, complete, all types ..................................................... 13,842 13,740 -102 3,388 3,503 3,568 2,771 3,260 489 166 167 Engines and parts .......................................................................... 36,164 37,650 1,486 9,186 9,679 9,729 9,955 10,622 667 167 168 Other transportation equipment ............................................................... 5,902 5,168 -734 1,299 1,254 1,565 1,482 1,527 45 168 169 Automotive vehicles, parts, and engines ........................................................ 351,058 359,849 8,791 89,551 89,455 90,589 92,885 90,150 -2,735 169 170 From Canada .................................................................................. 64,920 62,463 -2,457 16,207 14,928 15,108 15,664 15,062 -602 170 171 Passenger cars, new and used ............................................................... 45,364 43,278 -2,086 11,558 10,234 10,149 10,317 9,617 -700 171 172 Trucks, buses, and special purpose vehicles ................................................ 2,912 3,246 334 803 827 846 1,011 1,280 269 172 173 Engines and engine parts ................................................................... 3,676 3,458 -218 833 819 918 950 891 -59 173 174 Other parts and accessories ................................................................ 12,968 12,481 -487 3,013 3,049 3,194 3,385 3,274 -111 174 175 From other areas ............................................................................. 286,138 297,387 11,249 73,344 74,527 75,481 77,221 75,088 -2,133 175 176 Passenger cars, new and used ............................................................... 124,938 132,727 7,789 32,490 33,299 33,836 34,729 32,479 -2,250 176 177 Trucks, buses, and special purpose vehicles ................................................ 31,086 33,656 2,570 8,358 8,631 8,357 7,870 8,542 672 177 178 Engines and engine parts ................................................................... 24,766 25,111 345 6,202 6,231 6,460 6,774 6,446 -328 178 179 Other parts and accessories ................................................................ 105,348 105,892 544 26,294 26,366 26,829 27,848 27,621 -227 179 180 Consumer goods except food and automotive ...................................................... 585,177 603,922 18,745 149,365 148,197 157,597 164,007 157,413 -6,594 180 181 Nondurable goods ............................................................................. 279,286 279,526 240 69,080 68,072 72,197 77,810 77,044 -766 181 182 Apparel, footwear, and household goods ..................................................... 135,990 136,871 881 33,883 33,953 34,843 35,345 34,860 -485 182 183 Medicinal, dental, and pharmaceutical products ............................................. 111,734 110,099 -1,635 27,099 25,985 28,986 33,827 33,612 -215 183 184 Toiletries and cosmetics ................................................................... 10,908 11,658 750 2,886 2,951 3,030 3,098 3,162 64 184 185 Other nondurable goods ..................................................................... 20,655 20,898 243 5,213 5,184 5,338 5,539 5,411 -128 185 186 Durable goods ................................................................................ 305,891 324,396 18,505 80,285 80,125 85,399 86,197 80,368 -5,829 186 187 Televisions, video receivers, and other video equipment .................................... 24,074 25,696 1,622 6,116 6,605 6,558 6,110 5,798 -312 187 188 Radio and stereo equipment, including recorded media ....................................... 9,609 9,026 -583 2,275 2,136 2,200 2,238 2,367 129 188 189 Toys and sporting goods, including bicycles ................................................ 36,792 39,048 2,256 9,604 9,957 10,118 10,751 9,768 -983 189 190 Household and kitchen appliances and other household goods ................................. 172,605 187,758 15,153 46,506 45,910 50,421 51,293 45,938 -5,355 190 191 Household furnishings and related products ............................................... 33,688 36,821 3,133 9,168 9,133 9,459 10,077 9,495 -582 191 192 Household and kitchen appliances ......................................................... 26,992 29,189 2,197 7,102 7,229 7,969 7,488 7,430 -58 192 193 Other household goods, including cell phones ............................................. 111,925 121,747 9,822 30,235 29,548 32,993 33,728 29,013 -4,715 193 194 Jewelry and collectibles ................................................................... 26,876 27,201 325 6,883 6,655 7,019 6,774 7,071 297 194 195 Gem diamonds and other gemstones ........................................................... 27,539 26,316 -1,223 6,587 6,492 6,664 6,626 7,019 393 195 196 Other durable goods ........................................................................ 8,396 9,352 956 2,314 2,369 2,420 2,406 2,408 2 196 197 Other general merchandise ...................................................................... 86,887 90,913 4,026 22,679 22,460 24,214 22,681 24,638 1,957 197 198 Nonmonetary gold (line 107) ...................................................................... 18,160 12,203 -5,957 2,594 2,789 3,473 2,809 2,678 -131 198 199 Balance on goods (line 1 less line 105) ............................................................ -751,051 -807,495 -56,444 -199,948 -196,823 -212,378 -220,802 -203,158 17,644 199 p Preliminary r Revised Notes: Details may not add to totals because of rounding. See international transactions accounts tables 2.2-2.4 at apps.bea.gov/iTable/index_ita.cfm for additional account and geographic detail. Source: U.S. Bureau of Economic Analysis September 19, 2018 Table 3. U.S. International Trade in Services [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II 1 Exports of services (table 1, line 13) ............................................................. 758,888 797,690 38,802 197,252 201,293 203,977 205,994 209,152 3,158 1 2 Maintenance and repair services n.i.e. ........................................................... 25,004 26,430 1,426 6,574 6,213 6,740 7,286 7,323 37 2 3 Transport ........................................................................................ 84,679 88,598 3,919 21,756 22,483 22,696 22,949 23,180 231 3 4 Sea transport .................................................................................. 18,078 18,707 629 4,644 4,676 4,770 4,836 4,873 37 4 5 Freight ...................................................................................... 3,691 3,819 128 943 968 971 962 976 14 5 6 Port ......................................................................................... 14,386 14,888 502 3,701 3,707 3,799 3,874 3,898 24 6 7 Air transport .................................................................................. 62,049 65,229 3,180 15,996 16,483 16,755 16,833 17,088 255 7 8 Passenger .................................................................................... 39,271 40,613 1,342 9,978 10,254 10,290 10,312 10,366 54 8 9 Freight ...................................................................................... 12,473 13,673 1,200 3,333 3,490 3,581 3,841 4,027 186 9 10 Port ......................................................................................... 10,305 10,943 638 2,685 2,739 2,883 2,680 2,695 15 10 11 Other modes of transport ....................................................................... 4,552 4,662 110 1,116 1,325 1,171 1,280 1,219 -61 11 12 Travel (for all purposes including education) /1/ ................................................ 206,902 210,747 3,845 52,391 52,980 53,429 53,504 53,811 307 12 13 Business ....................................................................................... 40,996 39,669 -1,327 9,931 9,906 9,956 9,877 9,804 -73 13 14 Expenditures by border, seasonal, and other short-term workers ............................... 8,505 8,615 110 2,141 2,191 2,186 2,156 2,159 3 14 15 Other business travel ........................................................................ 32,491 31,053 -1,438 7,790 7,715 7,770 7,721 7,646 -75 15 16 Personal ....................................................................................... 165,906 171,079 5,173 42,460 43,074 43,473 43,627 44,007 380 16 17 Health related ............................................................................... 3,751 3,925 174 977 990 998 1,011 1,020 9 17 18 Education related ............................................................................ 39,040 42,400 3,360 10,491 10,708 10,927 11,089 11,248 159 18 19 Other personal travel ........................................................................ 123,115 124,753 1,638 30,993 31,376 31,548 31,527 31,738 211 19 20 Insurance services ............................................................................... 17,067 18,047 980 4,392 4,708 4,755 4,555 4,629 74 20 21 Direct insurance ............................................................................... 2,060 1,957 -103 467 491 536 551 564 13 21 22 Reinsurance .................................................................................... 13,585 14,508 923 3,535 3,818 3,815 3,587 3,640 53 22 23 Auxiliary insurance services ................................................................... 1,422 1,582 160 390 399 403 416 425 9 23 24 Financial services ............................................................................... 99,384 109,642 10,258 26,854 27,927 28,751 27,907 28,703 796 24 25 Securities brokerage, underwriting, and related services ....................................... 11,717 12,176 459 3,295 2,837 2,934 3,227 3,190 -37 25 26 Financial management, financial advisory, and custody services ................................. 49,026 53,625 4,599 12,793 13,821 14,363 12,709 13,345 636 26 27 Credit card and other credit-related services .................................................. 20,651 23,158 2,507 5,717 5,955 5,982 6,647 6,755 108 27 28 Securities lending, electronic funds transfer, and other services .............................. 17,990 20,682 2,692 5,049 5,314 5,472 5,324 5,412 88 28 29 Charges for the use of intellectual property n.i.e. .............................................. 124,734 128,364 3,630 32,214 32,273 32,762 33,577 34,181 604 29 30 Industrial processes ........................................................................... 47,285 46,988 -297 11,699 11,833 12,303 12,297 12,406 109 30 31 Computer software .............................................................................. 36,708 37,081 373 9,338 9,229 9,130 9,403 9,434 31 31 32 Trademarks and franchise fees .................................................................. 20,439 22,646 2,207 5,541 5,847 6,168 5,939 6,260 321 32 33 Audio-visual and related products .............................................................. 20,227 21,586 1,359 5,619 5,348 5,142 5,926 6,069 143 33 34 Other intellectual property .................................................................... 75 63 -12 17 17 18 12 12 0 34 35 Telecommunications, computer, and information services ........................................... 38,548 42,219 3,671 10,341 10,735 10,902 10,913 11,189 276 35 36 Telecommunications services .................................................................... 11,736 10,879 -857 2,751 2,716 2,635 2,784 2,734 -50 36 37 Computer services .............................................................................. 19,626 22,941 3,315 5,479 5,933 6,061 5,816 6,031 215 37 38 Information services ........................................................................... 7,186 8,399 1,213 2,111 2,086 2,206 2,313 2,424 111 38 39 Other business services .......................................................................... 143,768 154,313 10,545 37,886 38,936 39,326 40,556 41,403 847 39 40 Research and development services .............................................................. 38,159 42,191 4,032 10,507 10,762 10,934 10,439 10,621 182 40 41 Professional and management consulting services ................................................ 75,032 78,850 3,818 19,104 19,822 20,188 21,515 21,960 445 41 42 Technical, trade-related, and other business services /2/ ...................................... 30,577 33,272 2,695 8,274 8,352 8,205 8,601 8,821 220 42 43 Government goods and services n.i.e. ............................................................. 18,801 19,329 528 4,844 5,037 4,617 4,748 4,735 -13 43 44 Imports of services (table 1, line 42) ............................................................. 509,838 542,471 32,633 134,004 137,261 139,426 139,182 139,806 624 44 45 Maintenance and repair services n.i.e. ........................................................... 8,731 8,337 -394 2,136 2,004 2,059 2,093 2,063 -30 45 46 Transport ........................................................................................ 96,939 101,744 4,805 25,319 25,352 25,872 26,253 26,619 366 46 47 Sea transport .................................................................................. 35,097 37,058 1,961 9,126 9,190 9,391 9,613 9,538 -75 47 48 Freight ...................................................................................... 32,709 34,387 1,678 8,466 8,506 8,705 8,920 8,849 -71 48 49 Port ......................................................................................... 2,388 2,670 282 659 684 685 693 689 -4 49 50 Air transport .................................................................................. 58,043 60,825 2,782 15,175 15,213 15,545 15,688 16,134 446 50 51 Passenger .................................................................................... 37,367 38,897 1,530 9,708 9,722 9,914 10,164 10,430 266 51 52 Freight ...................................................................................... 6,951 7,869 918 1,960 1,991 2,080 1,989 2,217 228 52 53 Port ......................................................................................... 13,724 14,060 336 3,507 3,499 3,551 3,535 3,486 -49 53 54 Other modes of transport ....................................................................... 3,799 3,861 62 1,018 949 937 951 948 -3 54 55 Travel (for all purposes including education) /1/ ................................................ 123,569 135,024 11,455 33,525 33,813 34,906 35,553 35,600 47 55 56 Business ....................................................................................... 15,919 16,576 657 4,220 4,147 4,140 4,009 4,182 173 56 57 Expenditures by border, seasonal, and other short-term workers ............................... 1,373 1,421 48 354 358 359 365 369 4 57 58 Other business travel ........................................................................ 14,546 15,155 609 3,866 3,789 3,782 3,645 3,813 168 58 59 Personal ....................................................................................... 107,651 118,448 10,797 29,306 29,666 30,766 31,544 31,418 -126 59 60 Health related ............................................................................... 2,057 2,316 259 570 587 605 623 642 19 60 61 Education related ............................................................................ 7,639 8,220 581 2,040 2,070 2,097 2,143 2,190 47 61 62 Other personal travel ........................................................................ 97,954 107,912 9,958 26,696 27,008 28,065 28,778 28,586 -192 62 63 Insurance services ............................................................................... 49,900 50,665 765 12,820 13,094 12,434 9,754 9,216 -538 63 64 Direct insurance ............................................................................... 3,980 3,766 -214 989 935 997 797 777 -20 64 65 Reinsurance .................................................................................... 43,889 45,112 1,223 11,387 11,723 11,013 8,548 8,046 -502 65 66 Auxiliary insurance services ................................................................... 2,031 1,787 -244 444 436 423 409 394 -15 66 67 Financial services ............................................................................... 25,752 28,931 3,179 7,076 7,478 7,628 7,532 7,638 106 67 68 Securities brokerage, underwriting, and related services ....................................... 4,245 4,827 582 1,330 1,193 1,147 1,294 1,324 30 68 69 Financial management, financial advisory, and custody services ................................. 10,955 12,125 1,170 2,874 3,125 3,268 3,095 3,091 -4 69 70 Credit card and other credit-related services .................................................. 7,186 8,158 972 1,953 2,148 2,215 2,218 2,301 83 70 71 Securities lending, electronic funds transfer, and other services .............................. 3,366 3,820 454 919 1,012 997 924 922 -2 71 72 Charges for the use of intellectual property n.i.e. .............................................. 46,577 51,284 4,707 12,298 13,136 13,808 13,925 13,710 -215 72 73 Industrial processes ........................................................................... 23,020 24,073 1,053 5,606 6,222 6,564 5,938 6,083 145 73 74 Computer software .............................................................................. 7,593 9,957 2,364 2,475 2,447 2,827 2,478 2,729 251 74 75 Trademarks and franchise fees .................................................................. 3,572 3,889 317 1,024 962 999 1,060 1,091 31 75 76 Audio-visual and related products .............................................................. 12,281 13,226 945 3,166 3,471 3,392 4,388 3,747 -641 76 77 Other intellectual property .................................................................... 110 138 28 27 35 27 61 60 -1 77 78 Telecommunications, computer, and information services ........................................... 37,391 40,054 2,663 9,805 10,068 10,280 10,174 10,343 169 78 79 Telecommunications services .................................................................... 5,490 5,478 -12 1,322 1,414 1,406 1,415 1,420 5 79 80 Computer services .............................................................................. 29,531 31,956 2,425 7,852 7,998 8,211 8,118 8,265 147 80 81 Information services ........................................................................... 2,370 2,619 249 631 656 663 641 658 17 81 82 Other business services .......................................................................... 99,476 104,385 4,909 25,549 26,774 26,929 28,246 28,954 708 82 83 Research and development services .............................................................. 34,133 35,344 1,211 8,734 9,004 8,967 9,222 9,424 202 83 84 Professional and management consulting services ................................................ 41,247 43,361 2,114 10,684 11,123 11,209 12,166 12,428 262 84 85 Technical, trade-related, and other business services /2/ ...................................... 24,095 25,681 1,586 6,131 6,647 6,753 6,859 7,102 243 85 86 Government goods and services n.i.e. ............................................................. 21,503 22,047 544 5,477 5,541 5,510 5,653 5,662 9 86 87 Balance on services (line 1 less line 44) .......................................................... 249,050 255,219 6,169 63,248 64,032 64,551 66,812 69,346 2,534 87 Supplemental detail on insurance transactions: 88 Premiums received .................................................................................. 31,876 31,921 45 7,869 8,347 8,169 7,606 7,666 60 88 89 Losses paid ........................................................................................ 16,196 18,303 2,107 4,034 6,890 3,630 3,567 3,506 -61 89 90 Premiums paid ...................................................................................... 122,114 129,879 7,765 32,890 33,943 31,429 23,986 23,699 -287 90 91 Losses recovered ................................................................................... 79,654 111,444 31,790 21,880 46,595 21,603 18,689 18,859 170 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 apps.bea.gov/iTable/index_ita.cfm for geographic detail. Source: U.S. Bureau of Economic Analysis September 19, 2018 Table 4. U.S. International Transactions in Primary Income [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II 1 Primary income receipts (table 1, line 23) ........................................................ 830,174 928,118 97,944 223,979 237,632 248,940 256,029 259,930 3,901 1 2 Investment income ............................................................................... 823,709 921,816 98,107 222,406 236,058 247,367 254,435 258,325 3,890 2 3 Direct investment income ...................................................................... 456,426 504,404 47,978 120,486 127,799 135,929 135,062 133,794 -1,268 3 4 Income on equity ............................................................................ 432,160 477,707 45,547 114,403 120,340 128,884 128,094 126,789 -1,305 4 5 Dividends and withdrawals ................................................................. 139,250 155,081 15,831 34,881 55,110 26,874 294,856 169,533 -125,323 5 6 Reinvested earnings ....................................................................... 292,910 322,626 29,716 79,521 65,229 102,009 -166,762 -42,745 124,017 6 7 Interest .................................................................................... 24,266 26,697 2,431 6,083 7,459 7,046 6,969 7,006 37 7 8 U.S. parents' receipts .................................................................... 17,987 18,101 114 4,558 4,532 4,344 4,362 4,204 -158 8 9 U.S. affiliates' receipts ................................................................. 6,279 8,596 2,317 1,525 2,927 2,702 2,607 2,801 194 9 10 Portfolio investment income ................................................................... 326,325 354,406 28,081 86,627 91,154 93,614 99,244 102,162 2,918 10 11 Income on equity and investment fund shares ................................................. 217,962 236,246 18,284 57,597 61,241 62,535 65,937 67,345 1,408 11 12 Dividends on equity other than investment fund shares ..................................... 190,669 208,956 18,287 50,894 54,311 55,548 58,480 59,448 968 12 13 Income attributable to investment fund shareholders ....................................... 27,293 27,290 -3 6,703 6,930 6,987 7,457 7,897 440 13 14 Interest on debt securities ................................................................. 108,363 118,161 9,798 29,031 29,913 31,078 33,307 34,817 1,510 14 15 Short term ................................................................................ 2,287 5,372 3,085 1,186 1,525 1,789 2,359 2,923 564 15 16 Long term ................................................................................. 106,077 112,789 6,712 27,845 28,388 29,289 30,949 31,894 945 16 17 Other investment income ....................................................................... 40,850 62,620 21,770 15,158 16,996 17,741 19,959 22,322 2,363 17 18 Interest /1/ ................................................................................ 29,394 51,243 21,849 12,293 14,138 14,925 17,629 20,278 2,649 18 19 Income attributable to insurance policyholders .............................................. 11,457 11,378 -79 2,865 2,858 2,817 2,330 2,044 -286 19 20 Reserve asset income .......................................................................... 108 385 277 135 109 82 169 47 -122 20 21 Interest .................................................................................... 108 385 277 135 109 82 169 47 -122 21 22 Compensation of employees ....................................................................... 6,466 6,302 -164 1,573 1,573 1,573 1,594 1,605 11 22 23 Primary income payments (table 1, line 52) ........................................................ 637,151 706,386 69,235 175,444 179,410 186,569 194,854 199,085 4,231 23 24 Investment income ............................................................................... 618,013 686,699 68,686 170,545 174,430 181,601 189,875 194,092 4,217 24 25 Direct investment income ...................................................................... 183,812 205,976 22,164 52,298 51,342 55,978 57,458 56,312 -1,146 25 26 Income on equity ............................................................................ 138,168 153,480 15,312 39,392 38,190 42,285 43,061 42,969 -92 26 27 Dividends and withdrawals ................................................................. 46,523 45,621 -902 15,177 8,063 14,454 7,898 14,248 6,350 27 28 Reinvested earnings ....................................................................... 91,644 107,859 16,215 24,215 30,127 27,832 35,163 28,721 -6,442 28 29 Interest .................................................................................... 45,644 52,496 6,852 12,906 13,151 13,693 14,398 13,343 -1,055 29 30 U.S. affiliates' payments ................................................................. 38,337 43,712 5,375 10,768 10,923 11,360 12,132 11,135 -997 30 31 U.S. parents' payments .................................................................... 7,307 8,784 1,477 2,139 2,228 2,332 2,266 2,209 -57 31 32 Portfolio investment income ................................................................... 407,603 432,510 24,907 106,870 109,845 111,305 114,968 116,948 1,980 32 33 Income on equity and investment fund shares ................................................. 138,514 144,632 6,118 36,032 36,670 36,625 38,844 40,190 1,346 33 34 Dividends on equity other than investment fund shares ..................................... 107,769 112,430 4,661 27,681 28,553 28,660 30,507 31,551 1,044 34 35 Income attributable to investment fund shareholders ....................................... 30,744 32,202 1,458 8,351 8,117 7,965 8,337 8,640 303 35 36 Interest on debt securities ................................................................. 269,089 287,878 18,789 70,838 73,175 74,680 76,124 76,758 634 36 37 Short term ................................................................................ 3,707 8,247 4,540 1,871 2,255 2,703 3,660 4,106 446 37 38 Long term ................................................................................. 265,382 279,630 14,248 68,967 70,920 71,978 72,463 72,652 189 38 39 Other investment income ....................................................................... 26,599 48,213 21,614 11,377 13,243 14,317 17,448 20,832 3,384 39 40 Interest /1/ ................................................................................ 23,710 45,497 21,787 10,702 12,565 13,630 16,807 20,207 3,400 40 41 Income attributable to insurance policyholders .............................................. 2,889 2,716 -173 675 679 687 641 625 -16 41 42 Compensation of employees ....................................................................... 19,139 19,687 548 4,899 4,980 4,969 4,979 4,993 14 42 43 Balance on primary income (line 1 less line 23) ................................................... 193,023 221,731 28,708 48,535 58,222 62,371 61,175 60,845 -330 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 apps.bea.gov/iTable/index_ita.cfm for additional account detail. Source: U.S. Bureau of Economic Analysis September 19, 2018 Table 5. U.S. International Transactions in Secondary Income [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II 1 Secondary income (current transfer) receipts (table 1, line 30) ................................... 137,764 154,049 16,285 35,557 42,258 35,537 31,833 34,954 3,121 1 2 U.S. government transfers /1/ ................................................................. 28,391 39,983 11,592 7,418 12,975 7,274 7,122 9,936 2,814 2 3 Private transfers /2/ ......................................................................... 109,373 114,066 4,693 28,139 29,283 28,263 24,711 25,018 307 3 4 Secondary income (current transfer) payments (table 1, line 58) ................................... 261,659 272,645 10,986 69,229 71,136 66,229 60,728 63,447 2,719 4 5 U.S. government transfers ..................................................................... 55,409 51,598 -3,811 12,747 12,365 13,010 11,613 15,495 3,882 5 6 U.S. government grants /3/ ................................................................ 43,104 41,967 -1,137 10,341 9,949 10,581 8,967 12,829 3,862 6 7 U.S. government pensions and other transfers /4/ .......................................... 12,305 9,631 -2,674 2,407 2,415 2,429 2,646 2,666 20 7 8 Private transfers ............................................................................. 206,250 221,047 14,797 56,482 58,771 53,220 49,115 47,951 -1,164 8 9 Personal transfers /5/ .................................................................... 45,971 48,277 2,306 11,988 12,149 12,311 12,476 12,644 168 9 10 Other current transfers /6/ ............................................................... 160,279 172,769 12,490 44,494 46,623 40,908 36,638 35,308 -1,330 10 11 Balance on secondary income (line 1 less line 4) .................................................. -123,895 -118,597 5,298 -33,672 -28,878 -30,692 -28,896 -28,493 403 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 September 19, 2018 Table 6. U.S. International Financial Transactions for Direct Investment [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II   Acquisition of assets / transactions for outward investment 1 Net U.S. acquisition of direct investment assets, asset/liability basis (table 1, line 62) /1/ ..... 312,975 379,222 66,247 49,976 102,936 91,256 -139,326 -28,972 110,354 1 2 Equity ........................................................................................... 336,657 352,504 15,847 92,569 69,079 101,537 -167,731 -36,473 131,258 2 3 Equity other than reinvestment of earnings ..................................................... 43,747 29,878 -13,869 13,047 3,850 -472 -969 6,272 7,241 3 4 Reinvestment of earnings ....................................................................... 292,910 322,626 29,716 79,521 65,229 102,009 -166,762 -42,745 124,017 4 5 Debt instruments ................................................................................. -23,683 26,718 50,401 -42,593 33,857 -10,281 28,406 7,501 -20,905 5 6 U.S. parents' claims ........................................................................... -3,757 3,753 7,510 -45,255 12,580 -14,580 24,440 -2,421 -26,861 6 7 U.S. affiliates' claims ........................................................................ -19,925 22,965 42,890 2,662 21,277 4,298 3,965 9,922 5,957 7 8 Less: Adjustments to convert to directional basis .................................................. 8,416 62,753 54,337 10,685 41,387 -6,705 -5,709 32,723 38,432 8 9 U.S. parents' liabilities ........................................................................ 28,341 39,788 11,447 8,023 20,109 -11,004 -9,675 22,801 32,476 9 10 U.S. affiliates' claims .......................................................................... -19,925 22,965 42,890 2,662 21,277 4,298 3,965 9,922 5,957 10 11 Equals: Financial transactions for outward direct investment (U.S. direct investment abroad), directional basis /2/ ..................................................................... 304,558 316,469 11,911 39,291 61,550 97,962 -133,616 -61,695 71,921 11 12 Equity ........................................................................................... 336,657 352,504 15,847 92,569 69,079 101,537 -167,731 -36,473 131,258 12 13 Equity other than reinvestment of earnings (line 14 less line 15) .............................. 43,747 29,878 -13,869 13,047 3,850 -472 -969 6,272 7,241 13 14 Increases .................................................................................... 99,590 85,665 -13,925 26,540 21,937 18,007 11,472 13,265 1,793 14 15 Decreases .................................................................................... 55,843 55,787 -56 13,492 18,087 18,479 12,441 6,992 -5,449 15 16 Reinvestment of earnings ....................................................................... 292,910 322,626 29,716 79,521 65,229 102,009 -166,762 -42,745 124,017 16 17 Reinvestment of earnings without current-cost adjustment ..................................... 277,612 306,535 28,923 75,509 61,177 97,937 -170,701 -46,676 124,025 17 18 Current-cost adjustment ...................................................................... 15,297 16,091 794 4,013 4,053 4,072 3,938 3,932 -6 18 19 Debt instruments (line 20 less line 21) .......................................................... -32,099 -36,035 -3,936 -53,278 -7,529 -3,576 34,115 -25,222 -59,337 19 20 U.S. parents' claims ........................................................................... -3,757 3,753 7,510 -45,255 12,580 -14,580 24,440 -2,421 -26,861 20 21 U.S. parents' liabilities ...................................................................... 28,341 39,788 11,447 8,023 20,109 -11,004 -9,675 22,801 32,476 21 22 Financial transactions without current-cost adjustment for outward direct investment, directional basis (line 11 less line 18) /2/ ....................................................... 289,261 300,378 11,117 35,278 57,497 93,889 -137,555 -65,626 71,929 22 23 Manufacturing .................................................................................. 52,609 77,073 24,464 19,458 21,893 18,035 14,668 13,094 -1,574 23 24 Wholesale trade ................................................................................ 16,629 11,628 -5,001 3,208 3,091 3,272 1,613 500 -1,113 24 25 Finance (including depository institutions) and insurance ...................................... 16,208 42,096 25,888 19,888 5,727 14,521 30,503 3,773 -26,730 25 26 Holding companies except bank holding companies ................................................ 146,599 125,603 -20,996 35 26,563 48,205 -200,329 -97,879 102,450 26 27 Other .......................................................................................... 57,216 43,977 -13,239 -7,312 223 9,856 15,990 14,885 -1,105 27 28 Equity other than reinvestment of earnings ....................................................... 43,747 29,878 -13,869 13,047 3,850 -472 -969 6,272 7,241 28 29 Manufacturing .................................................................................. 8,185 6,963 -1,222 3,701 590 2,707 435 712 277 29 30 Wholesale trade ................................................................................ 21 413 392 -77 (D) 183 -150 -4 146 30 31 Finance (including depository institutions) and insurance ...................................... 21,056 4,953 -16,103 6,583 680 -2,050 -657 -208 449 31 32 Holding companies except bank holding companies ................................................ 8,563 6,647 -1,916 -1,977 3,323 -1,556 -1,310 2,811 4,121 32 33 Other .......................................................................................... 5,922 10,902 4,980 4,817 (D) 244 713 2,961 2,248 33 34 Reinvestment of earnings without current-cost adjustment ......................................... 277,612 306,535 28,923 75,509 61,177 97,937 -170,701 -46,676 124,025 34 35 Manufacturing .................................................................................. 44,858 63,891 19,033 14,308 17,199 16,729 13,753 12,942 -811 35 36 Wholesale trade ................................................................................ 15,249 15,545 296 3,794 (D) 3,963 3,520 2,935 -585 36 37 Finance (including depository institutions) and insurance ...................................... 20,283 35,170 14,887 10,102 7,364 11,305 -17,914 2,042 19,956 37 38 Holding companies except bank holding companies ................................................ 154,060 136,729 -17,331 36,523 18,268 48,119 -180,834 -78,331 102,503 38 39 Other .......................................................................................... 43,162 55,199 12,037 10,781 (D) 17,821 10,774 13,735 2,961 39 40 Debt instruments ................................................................................. -32,099 -36,035 -3,936 -53,278 -7,529 -3,576 34,115 -25,222 -59,337 40 41 Manufacturing .................................................................................. -435 6,218 6,653 1,449 4,104 -1,401 480 -560 -1,040 41 42 Wholesale trade ................................................................................ 1,360 -4,330 -5,690 -509 -711 -875 -1,758 -2,431 -673 42 43 Finance (including depository institutions) and insurance ...................................... -25,132 1,973 27,105 3,203 -2,317 5,267 49,074 1,939 -47,135 43 44 Holding companies except bank holding companies ................................................ -16,024 -17,773 -1,749 -34,510 4,972 1,643 -18,185 -22,360 -4,175 44 45 Other .......................................................................................... 8,132 -22,124 -30,256 -22,911 -13,577 -8,209 4,503 -1,811 -6,314 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/.. 494,455 354,829 -139,626 97,118 107,107 38,250 57,949 24,565 -33,384 46 47 Equity ........................................................................................... 387,599 308,406 -79,193 77,022 72,927 64,320 72,661 33,445 -39,216 47 48 Equity other than reinvestment of earnings ..................................................... 295,955 200,547 -95,408 52,806 42,799 36,488 37,499 4,724 -32,775 48 49 Reinvestment of earnings ....................................................................... 91,644 107,859 16,215 24,215 30,127 27,832 35,163 28,721 -6,442 49 50 Debt instruments ................................................................................. 106,856 46,423 -60,433 20,097 34,180 -26,070 -14,712 -8,880 5,832 50 51 U.S. affiliates' liabilities ................................................................... 78,515 6,635 -71,880 12,074 14,071 -15,066 -5,037 -31,681 -26,644 51 52 U.S. parents' liabilities ...................................................................... 28,341 39,788 11,447 8,023 20,109 -11,004 -9,675 22,801 32,476 52 53 Less: Adjustments to convert to directional basis .................................................. 8,416 62,753 54,337 10,685 41,387 -6,705 -5,709 32,723 38,432 53 54 U.S. parents' liabilities ........................................................................ 28,341 39,788 11,447 8,023 20,109 -11,004 -9,675 22,801 32,476 54 55 U.S. affiliates' claims .......................................................................... -19,925 22,965 42,890 2,662 21,277 4,298 3,965 9,922 5,957 55 56 Equals: Financial transactions for inward direct investment (foreign direct investment in the United States), directional basis /2/ .......................................................... 486,039 292,076 -193,963 86,433 65,720 44,955 63,658 -8,158 -71,816 56 57 Equity ........................................................................................... 387,599 308,406 -79,193 77,022 72,927 64,320 72,661 33,445 -39,216 57 58 Equity other than reinvestment of earnings (line 59 less line 60) .............................. 295,955 200,547 -95,408 52,806 42,799 36,488 37,499 4,724 -32,775 58 59 Increases .................................................................................... 317,795 218,159 -99,636 58,121 48,020 39,305 41,210 104,798 63,588 59 60 Decreases .................................................................................... 21,840 17,612 -4,228 5,314 5,221 2,817 3,711 100,074 96,363 60 61 Reinvestment of earnings ....................................................................... 91,644 107,859 16,215 24,215 30,127 27,832 35,163 28,721 -6,442 61 62 Reinvestment of earnings without current-cost adjustment ..................................... 77,397 93,040 15,643 20,520 26,394 24,080 30,649 24,203 -6,446 62 63 Current-cost adjustment ...................................................................... 14,247 14,819 572 3,695 3,733 3,752 4,514 4,517 3 63 64 Debt instruments (line 65 less line 66) .......................................................... 98,440 -16,329 -114,769 9,412 -7,207 -19,365 -9,003 -41,603 -32,600 64 65 U.S. affiliates' liabilities ................................................................... 78,515 6,635 -71,880 12,074 14,071 -15,066 -5,037 -31,681 -26,644 65 66 U.S. affiliates' claims ........................................................................ -19,925 22,965 42,890 2,662 21,277 4,298 3,965 9,922 5,957 66 67 Financial transactions without current-cost adjustment for inward direct investment, directional basis (line 56 less line 63) /2/ ....................................................... 471,792 277,258 -194,534 82,738 61,987 41,204 59,145 -12,675 -71,820 67 68 Manufacturing .................................................................................. 204,441 95,575 -108,866 47,727 17,797 13,429 31,042 88,709 57,667 68 69 Wholesale trade ................................................................................ 12,384 59,196 46,812 4,420 6,308 3,383 5,482 4,333 -1,149 69 70 Finance (including depository institutions) and insurance ...................................... 74,742 40,360 -34,382 18,934 4,685 1,956 12,367 592 -11,775 70 71 Other .......................................................................................... 180,225 82,127 -98,098 11,657 33,197 22,435 10,254 -106,309 -116,563 71 72 Equity other than reinvestment of earnings ....................................................... 295,955 200,547 -95,408 52,806 42,799 36,488 37,499 4,724 -32,775 72 73 Manufacturing .................................................................................. 111,998 55,151 -56,847 34,434 13,098 2,139 27,243 87,724 60,481 73 74 Wholesale trade ................................................................................ 14,026 51,148 37,122 1,923 841 9,018 332 (D) (D) 74 75 Finance (including depository institutions) and insurance ...................................... 40,611 36,975 -3,636 9,808 3,940 8,500 1,661 87 -1,574 75 76 Other .......................................................................................... 129,321 57,272 -72,049 6,642 24,920 16,832 8,262 (D) (D) 76 77 Reinvestment of earnings without current-cost adjustment ......................................... 77,397 93,040 15,643 20,520 26,394 24,080 30,649 24,203 -6,446 77 78 Manufacturing .................................................................................. 44,531 60,324 15,793 13,630 15,896 16,733 17,410 15,559 -1,851 78 79 Wholesale trade ................................................................................ -4,121 3,035 7,156 1,363 -406 -846 3,131 2,419 -712 79 80 Finance (including depository institutions) and insurance ...................................... 21,633 13,694 -7,939 6,274 4,852 1,727 4,815 3,238 -1,577 80 81 Other .......................................................................................... 15,353 15,987 634 -746 6,051 6,466 5,293 2,988 -2,305 81 82 Debt instruments ................................................................................. 98,440 -16,329 -114,769 9,412 -7,207 -19,365 -9,003 -41,603 -32,600 82 83 Manufacturing .................................................................................. 47,911 -19,900 -67,811 -337 -11,197 -5,442 -13,611 -14,573 -962 83 84 Wholesale trade ................................................................................ 2,479 5,012 2,533 1,134 5,872 -4,789 2,019 (D) (D) 84 85 Finance (including depository institutions) and insurance ...................................... 12,498 -10,309 -22,807 2,853 -4,108 -8,271 5,891 -2,733 -8,624 85 86 Other .......................................................................................... 35,551 8,867 -26,684 5,762 2,226 -862 -3,302 (D) (D) 86 p Preliminary r Revised (D) Suppressed to avoid disclosure of individual companies. 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 September 19, 2018 Table 7. U.S. International Financial Transactions for Portfolio Investment [Millions of dollars] Line Line 2016 2017 Change: Not seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II Assets and liabilities by instrument 1 Net U.S. acquisition of portfolio investment assets (table 1, line 65) ............................. 36,283 586,695 550,412 180,700 175,910 88,301 304,094 -23,737 -327,831 1 By type of foreign security: 2 Equity and investment fund shares .............................................................. 21,743 166,827 145,084 110,542 63,399 -39,233 200,871 -73,520 -274,391 2 3 Equity other than investment fund shares ..................................................... 18,871 147,259 128,388 97,675 56,222 -34,851 178,152 -64,896 -243,048 3 4 Investment fund shares ....................................................................... 2,871 19,567 16,696 12,867 7,177 -4,382 22,718 -8,624 -31,342 4 5 Debt securities ................................................................................ 14,541 419,868 405,327 70,158 112,512 127,534 103,223 49,783 -53,440 5 6 Short term ................................................................................... -27,409 193,855 221,264 38,799 74,149 40,467 27,771 2,469 -25,302 6 7 Negotiable certificates of deposit ......................................................... 8,122 43,034 34,912 15,534 11,742 3,847 -5,403 21,942 27,345 7 8 Commercial paper ........................................................................... -59,187 91,943 151,130 8,614 56,270 -6,845 29,391 -15,464 -44,855 8 9 Other short-term securities ................................................................ 23,656 58,878 35,222 14,652 6,137 43,464 3,783 -4,009 -7,792 9 10 Long term .................................................................................... 41,950 226,013 184,063 31,359 38,363 87,067 75,453 47,313 -28,140 10 11 Government securities ...................................................................... 11,125 63,645 52,520 8,849 10,807 24,640 21,987 13,319 -8,668 11 12 Corporate bonds and notes .................................................................. 30,178 160,175 129,997 21,717 26,957 62,231 53,741 32,876 -20,865 12 13 Negotiable certificates of deposit ......................................................... 647 2,194 1,547 792 599 196 -275 1,119 1,394 13 14 Net U.S. incurrence of portfolio investment liabilities (table 1, line 88) ......................... 231,349 799,182 567,833 263,170 294,275 81,626 301,503 10,071 -291,432 14 By type of U.S. security acquired by foreign residents: 15 Equity and investment fund shares .............................................................. -139,700 155,680 295,380 21,024 80,561 -3,377 154,313 -26,164 -180,477 15 16 Equity other than investment fund shares ..................................................... -109,065 121,063 230,128 16,150 62,733 -2,642 121,197 -20,539 -141,736 16 17 Investment fund shares ....................................................................... -30,635 34,616 65,251 4,873 17,828 -734 33,115 -5,625 -38,740 17 18 Debt securities ................................................................................ 371,049 643,503 272,454 242,147 213,713 85,003 147,190 36,235 -110,955 18 19 Short term ................................................................................... -12,092 15,851 27,943 15,264 -20,035 25,215 31,355 34,585 3,230 19 20 Treasury bills and certificates ............................................................ -55,864 33,539 89,403 3,820 9,132 20,270 13,560 33,703 20,143 20 21 Federally sponsored agency securities ...................................................... -18,157 -6,335 11,822 -4,592 -1,927 2,160 2,214 -680 -2,894 21 22 Negotiable certificates of deposit ......................................................... 24,950 -5,581 -30,531 11,369 -12,420 -8,260 753 10,011 9,258 22 23 Commercial paper and other securities ...................................................... 36,979 -5,772 -42,751 4,667 -14,820 11,044 14,828 -8,450 -23,278 23 24 Long term .................................................................................... 383,141 627,652 244,511 226,882 233,748 59,788 115,835 1,651 -114,184 24 25 Treasury bonds and notes ................................................................... -51,992 273,308 325,300 51,155 150,035 546 73,078 -12,865 -85,943 25 26 State and local government securities ...................................................... 7,230 7,058 -172 3,162 1,574 1,186 111 160 49 26 27 Federally sponsored agency securities ...................................................... 97,207 27,376 -69,831 21,605 14,153 8,523 37,775 5,983 -31,792 27 28 Corporate bonds and notes .................................................................. 326,252 320,949 -5,303 148,860 70,281 51,058 4,731 6,524 1,793 28 29 Negotiable certificates of deposit ......................................................... 4,444 -1,039 -5,483 2,100 -2,294 -1,526 139 1,849 1,710 29 Assets by sector of U.S. holder 30 Net U.S. acquisition of portfolio investment assets (line 1) ....................................... 36,283 586,695 550,412 180,700 175,910 88,301 304,094 -23,737 -327,831 30 31 Deposit-taking institutions except central bank .................................................. 4,730 34,752 30,022 7,455 7,701 12,467 8,952 3,977 -4,975 31 32 Equity and investment fund shares .............................................................. 402 2,386 1,984 1,658 964 -718 2,852 -1,279 -4,131 32 33 Debt securities ................................................................................ 4,328 32,367 28,039 5,797 6,737 13,185 6,100 5,257 -843 33 34 Short term ................................................................................... 555 12,350 11,795 2,666 3,170 6,195 476 -149 -625 34 35 Long term .................................................................................... 3,773 20,017 16,244 3,130 3,567 6,989 5,624 5,406 -218 35 36 Other financial institutions ..................................................................... 23,954 504,845 480,891 156,129 155,866 69,170 262,996 -24,591 -287,587 36 37 Equity and investment fund shares .............................................................. 18,551 143,997 125,446 95,409 54,650 -33,709 173,592 -63,198 -236,790 37 38 Debt securities ................................................................................ 5,403 360,848 355,445 60,720 101,217 102,878 89,404 38,607 -50,797 38 39 Short term ................................................................................... -28,843 180,282 209,125 35,922 70,741 32,756 28,526 1,739 -26,787 39 40 Long term .................................................................................... 34,246 180,565 146,319 24,799 30,475 70,122 60,878 36,868 -24,010 40 41 Nonfinancial institutions except general government .............................................. 7,599 47,098 39,499 17,116 12,343 6,665 32,146 -3,124 -35,270 41 42 Equity and investment fund shares .............................................................. 2,789 20,444 17,655 13,475 7,785 -4,806 24,426 -9,043 -33,469 42 43 Debt securities ................................................................................ 4,810 26,654 21,844 3,641 4,558 11,471 7,720 5,919 -1,801 43 44 Short term ................................................................................... 879 1,222 343 212 238 1,516 -1,231 879 2,110 44 45 Long term .................................................................................... 3,931 25,432 21,501 3,430 4,320 9,955 8,951 5,040 -3,911 45 Liabilities by sector of U.S. issuer 46 Net U.S. incurrence of portfolio investment liabilities (line 14) .................................. 231,349 799,182 567,833 263,170 294,275 81,626 301,503 10,071 -291,432 46 47 Deposit-taking institutions except central bank .................................................. 57,074 27,417 -29,657 26,962 -3,528 -8,761 5,951 10,189 4,238 47 48 Equity and investment fund shares .............................................................. -6,374 5,975 12,349 782 2,997 -126 6,265 -981 -7,246 48 49 Debt securities ................................................................................ 63,448 21,442 -42,006 26,180 -6,525 -8,635 -314 11,170 11,484 49 50 Short term ................................................................................... 28,275 -2,171 -30,446 12,841 -9,642 -11,000 -819 8,803 9,622 50 51 Long term .................................................................................... 35,172 23,613 -11,559 13,339 3,118 2,365 505 2,367 1,862 51 52 Other financial institutions ..................................................................... 181,676 178,903 -2,773 80,130 51,170 35,527 97,555 -3,584 -101,139 52 53 Equity and investment fund shares .............................................................. -40,269 48,378 88,647 6,692 24,877 -1,036 46,834 -7,750 -54,584 53 54 Debt securities ................................................................................ 221,945 130,525 -91,420 73,438 26,293 36,563 50,721 4,166 -46,555 54 55 Federally sponsored agency securities ........................................................ 79,050 21,041 -58,009 17,013 12,226 10,683 39,989 5,304 -34,685 55 56 Short term ................................................................................. -18,157 -6,335 11,822 -4,592 -1,927 2,160 2,214 -680 -2,894 56 57 Long term .................................................................................. 97,207 27,376 -69,831 21,605 14,153 8,523 37,775 5,983 -31,792 57 58 Other securities ............................................................................. 142,896 109,484 -33,412 56,425 14,067 25,879 10,732 -1,138 -11,870 58 59 Short term ................................................................................. 26,454 -4,207 -30,661 3,163 -10,461 8,157 9,138 -3,351 -12,489 59 60 Long term .................................................................................. 116,441 113,691 -2,750 53,262 24,528 17,722 1,594 2,213 619 60 61 Nonfinancial institutions except general government .............................................. 93,224 278,958 185,734 97,941 85,892 32,858 111,247 -17,531 -128,778 61 62 Equity and investment fund shares .............................................................. -93,058 101,327 194,385 13,550 52,687 -2,214 101,214 -17,433 -118,647 62 63 Debt securities ................................................................................ 186,282 177,631 -8,651 84,391 33,204 35,073 10,033 -98 -10,131 63 64 Short term ................................................................................... 7,200 -4,975 -12,175 32 -7,137 5,628 7,262 -3,891 -11,153 64 65 Long term .................................................................................... 179,082 182,606 3,524 84,359 40,341 29,445 2,771 3,792 1,021 65 66 General government ............................................................................... -100,626 313,905 414,531 58,137 160,740 22,002 86,750 20,998 -65,752 66 67 Debt securities ................................................................................ -100,626 313,905 414,531 58,137 160,740 22,002 86,750 20,998 -65,752 67 68 U.S. Treasury securities ..................................................................... -107,856 306,847 414,703 54,975 159,167 20,816 86,638 20,838 -65,800 68 69 Short term ................................................................................. -55,864 33,539 89,403 3,820 9,132 20,270 13,560 33,703 20,143 69 70 Long term .................................................................................. -51,992 273,308 325,300 51,155 150,035 546 73,078 -12,865 -85,943 70 71 State and local government long-term securities .............................................. 7,230 7,058 -172 3,162 1,574 1,186 111 160 49 71 p Preliminary r Revised Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis September 19, 2018 Table 8. U.S. International Financial Transactions for Other Investment /1/ [Millions of dollars] Line Line 2016 2017 Change: Not seasonally adjusted Change: 2016 to 2017 2017 2017 2018 2018 2018:I to 2017 II III IV I r II p 2018:II Assets and liabilities by instrument 1 Net U.S. acquisition of other investment assets (table 1, line 70) ................................. -2,723 218,522 221,245 85,095 94,804 -50,883 86,365 -125,471 -211,836 1 By type of claim on foreign residents: 2 Currency and deposits .......................................................................... -91,317 171,952 263,269 25,883 78,488 4,850 53,816 -26,991 -80,807 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 ..................................................................................... -91,317 171,952 263,269 25,883 78,488 4,850 53,816 -26,991 -80,807 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 .......................................................................................... 87,690 40,862 -46,828 59,564 15,099 -55,760 33,356 -101,486 -134,842 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 ...................................................................... 903 5,708 4,805 -352 1,217 26 -807 3,006 3,813 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) ............................. 15,725 383,671 367,946 85,050 102,701 39,288 81,628 -92,379 -174,007 14 By type of liability to foreign residents: 15 Currency and deposits .......................................................................... 17,199 217,427 200,228 110,745 -15,792 61,423 -10,034 -34,409 -24,375 15 16 Currency (short term) ........................................................................ 42,311 69,706 27,395 15,830 15,850 17,262 16,970 19,391 2,421 16 17 Deposits ..................................................................................... -25,112 147,721 172,833 94,915 -31,642 44,161 -27,004 -53,800 -26,796 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 .......................................................................................... -7,574 150,834 158,408 -25,350 112,549 -23,436 82,566 -63,135 -145,701 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 ...................................................................... 6,101 15,410 9,309 -346 5,943 1,302 9,096 5,165 -3,931 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) ........................................... -2,723 218,522 221,245 85,095 94,804 -50,883 86,365 -125,471 -211,836 28 29 Central bank ..................................................................................... 4,566 6,504 1,938 -2,005 550 8,447 -7,056 -3,920 3,136 29 30 Currency and deposits .......................................................................... 4,566 6,504 1,938 -2,005 550 8,447 -7,056 -3,920 3,136 30 31 Deposits ..................................................................................... 4,566 6,504 1,938 -2,005 550 8,447 -7,056 -3,920 3,136 31 32 Short term ................................................................................. 4,566 6,504 1,938 -2,005 550 8,447 -7,056 -3,920 3,136 32 33 Deposit-taking institutions except central bank .................................................. 27,350 24,466 -2,884 54,734 -716 -24,674 21,561 -93,461 -115,022 33 34 Of which: Interbank transactions ............................................................. -66,288 -3,717 62,571 19,995 -10,323 -3,073 9,864 -106,059 -115,923 34 35 Currency and deposits .......................................................................... -2,370 -47,964 -45,594 -23,777 -20,868 8,994 8,374 -23,962 -32,336 35 36 Deposits ..................................................................................... -2,370 -47,964 -45,594 -23,777 -20,868 8,994 8,374 -23,962 -32,336 36 37 Of which: Resale agreements .............................................................. 72,962 18,970 -53,992 17,380 -21,352 5,521 -7,396 24,500 31,896 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 .......................................................................................... 29,720 72,430 42,710 78,511 20,152 -33,668 13,188 -69,499 -82,687 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 ............. -35,170 186,537 221,707 32,760 93,096 -34,048 74,779 -29,114 -103,893 43 44 Currency and deposits .......................................................................... -93,513 213,412 306,925 51,665 98,807 -12,591 52,498 891 -51,607 44 45 Deposits ..................................................................................... -93,513 213,412 306,925 51,665 98,807 -12,591 52,498 891 -51,607 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 .......................................................................................... 57,440 -32,584 -90,024 -18,554 -6,927 -21,483 23,087 -33,011 -56,098 48 49 Of which: Resale agreements ................................................................ 42,950 -51,715 -94,665 -25,724 -3,164 -19,150 -4,237 -34,381 -30,144 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 ...................................................................... 903 5,708 4,805 -352 1,217 26 -807 3,006 3,813 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 1,015 484 -394 1,874 -608 -2,919 1,024 3,943 56 57 Loans .......................................................................................... 531 1,015 484 -394 1,874 -608 -2,919 1,024 3,943 57 58 Long term .................................................................................... 531 1,015 484 -394 1,874 -608 -2,919 1,024 3,943 58 Liabilities by sector of U.S. issuer 59 Net U.S. incurrence of other investment liabilities (line 14) ...................................... 15,725 383,671 367,946 85,050 102,701 39,288 81,628 -92,379 -174,007 59 60 Central bank ..................................................................................... 70,407 48,337 -22,070 13,513 5,432 21,015 13,353 23,352 9,999 60 61 Currency and deposits .......................................................................... 70,407 48,337 -22,070 13,513 5,432 21,015 13,353 23,352 9,999 61 62 Currency (short term) ........................................................................ 42,311 69,706 27,395 15,830 15,850 17,262 16,970 19,391 2,421 62 63 Deposits ..................................................................................... 28,096 -21,369 -49,465 -2,317 -10,418 3,753 -3,617 3,961 7,578 63 64 Short term ................................................................................. 28,096 -21,369 -49,465 -2,317 -10,418 3,753 -3,617 3,961 7,578 64 65 Deposit-taking institutions except central bank .................................................. -87,835 188,954 276,789 56,319 31,168 37,183 -43,705 -93,189 -49,484 65 66 Of which: Interbank transactions ............................................................. -173,117 135,056 308,173 50,507 12,555 27,423 -32,274 -97,431 -65,157 66 67 Currency and deposits .......................................................................... -55,500 172,214 227,714 83,238 -5,620 55,376 -23,632 -92,095 -68,463 67 68 Deposits ..................................................................................... -55,500 172,214 227,714 83,238 -5,620 55,376 -23,632 -92,095 -68,463 68 69 Of which: Repurchase agreements .......................................................... 38,874 55,745 16,871 24,003 -18,115 44,326 -37,244 149 37,393 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 .......................................................................................... -32,335 16,739 49,074 -26,919 36,788 -18,193 -20,073 -1,094 18,979 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 ............. 24,803 139,223 114,420 12,641 64,647 -20,423 107,647 -23,076 -130,723 75 76 Currency and deposits /2/ ...................................................................... 2,291 -3,125 -5,416 13,995 -15,604 -14,968 246 34,334 34,088 76 77 Deposits ..................................................................................... 2,291 -3,125 -5,416 13,995 -15,604 -14,968 246 34,334 34,088 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 .......................................................................................... 24,761 134,095 109,334 1,569 75,762 -5,244 102,640 -62,042 -164,682 80 81 Of which: Repurchase agreements ............................................................ 9,292 -12,727 -22,019 -8,760 2,138 -22,539 17,139 -42,764 -59,903 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 ...................................................................... -2,249 8,253 10,502 -2,923 4,489 -211 4,762 4,631 -131 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 ............................................................................... 8,350 7,157 -1,193 2,577 1,455 1,513 4,334 534 -3,800 88 89 Trade credit and advances ...................................................................... 8,350 7,157 -1,193 2,577 1,455 1,513 4,334 534 -3,800 89 90 Long term .................................................................................... 8,350 7,157 -1,193 2,577 1,455 1,513 4,334 534 -3,800 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 – 2 – – 1 –