EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 19, 2018 BEA 18-69 Technical: Yiran Xin (301) 278-9546 Yiran.Xin@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov U.S. International Transactions: Third Quarter 2018 Current-Account Balance The U.S. current-account deficit increased to $124.8 billion (preliminary) in the third quarter of 2018 from $101.2 billion (revised) in the second quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.4 percent of current-dollar gross domestic product (GDP) in the third quarter, up from 2.0 percent in the second quarter. [--CHART1 IMAGE--] The $23.6 billion increase in the current-account deficit mainly reflected a $24.0 billion increase in the deficit on goods. [--CHART2 IMAGE--] Current-Account Transactions (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts decreased $6.2 billion in the third quarter to $930.3 billion. * Goods exports decreased $7.7 billion to $421.8 billion, mostly reflecting a decrease in foods, feeds, and beverages, primarily soybeans. * Primary income receipts decreased $1.8 billion to $264.5 billion, primarily reflecting a decrease in direct investment income. An increase in portfolio investment income partly offset the decrease. 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 $1.8 billion to $207.6 billion, mostly reflecting increases in charges for the use of intellectual property, in financial services, and in other business services, primarily professional and management services. Imports of goods and services and income payments Imports of goods and services and income payments increased $17.4 billion in the third quarter to $1,055.1 billion. * Goods imports increased $16.3 billion to $648.8 billion, mostly reflecting increases in consumer goods, primarily cell phones, in industrial supplies and materials, primarily petroleum and products, and in automotive vehicles, parts, and engines. 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 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. For the first half of 2018, dividends exceeded earnings, reflecting the repatriation of accumulated prior 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), which generally eliminates taxes on repatriated earnings. The negative reinvested earnings in the first half of 2018 reflect the fact that U.S. parent companies withdrew accumulated prior earnings from their foreign affiliates. Preliminary statistics for the third quarter show positive reinvested earnings and lower dividends (see table below). The reinvested earnings are also reflected in the net acquisition of direct investment assets in the financial account, which was $76.8 billion in the third quarter and -$207.4 billion in the first half of 2018 (table 6). [--CHART3 IMAGE--] Direct Investment Earnings Billions of dollars, seasonally adjusted 2017 2018 Sum of First Three Quarters I II III IV I II r III p 2017 2018 Direct investment earnings..... 114.1 114.4 120.3 128.9 128.1 132.9 129.8 348.8 390.8 Dividends.................... 38.2 34.9 55.1 26.9 294.9 183.7 92.7 128.2 571.3 Reinvested earnings.......... 75.9 79.5 65.2 102.0 -166.8 -50.8 37.1 220.6 -180.5 p Preliminary r Revised   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)?" 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 three quarters of 2018 were $73.9 billion, down from $98.4 billion for the same period in 2017 (table 3). Similarly, insurance services imports in the first three quarters of 2018 were $28.8 billion, down from $38.2 billion for the same period in 2017. 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)." _______________________________________________________________________________________________ Capital Account (table 1) Capital transfer receipts were $0.6 billion in the third quarter. The transactions reflected receipts from foreign insurance companies for losses resulting from Hurricane Florence. For information on transactions associated with hurricanes and other disasters, see "How do losses recovered from foreign insurance companies following natural or man-made disasters affect foreign transactions, the current account balance, and net lending or net borrowing (www.bea.gov/help/faq/51)?" Financial Account (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $31.3 billion in the third quarter, a decrease from net borrowing of $153.7 billion in the second quarter. Financial assets Net U.S. acquisition of financial assets excluding financial derivatives was $132.7 billion in the third quarter following net U.S. liquidation of $199.9 billion in the second quarter. * Net U.S. acquisition of direct investment assets was $76.8 billion following net U.S. withdrawal of $68.1 billion in the second quarter. The net withdrawal of direct investment assets in the first half of 2018 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." * Net U.S. liquidation of other investment assets decreased $104.1 billion to $16.6 billion. The decrease in the net liquidation mostly reflected a decrease in the net foreign repayment of loans. * Net U.S. purchases of portfolio investment assets were $72.6 billion following net U.S. sales of $14.3 billion in the second quarter. This change mostly reflected net U.S. purchases of foreign equity and investment fund shares following net sales in the second quarter. Liabilities Net U.S. incurrence of liabilities excluding financial derivatives was $151.7 billion in the third quarter following net U.S. repayment of $63.3 billion in the second quarter. * Net U.S. incurrence of other investment liabilities was $16.9 billion following net U.S. repayment of $100.4 billion in the second quarter. This change primarily reflected net foreign provision of loans following net U.S. repayment in the second quarter. * Net U.S. incurrence of direct investment liabilities increased $105.8 billion to $122.3 billion, mostly reflecting an increase in equity liabilities. * Net U.S. incurrence of portfolio investment liabilities decreased $8.1 billion to $12.5 billion. This decrease reflected largely offsetting transactions in U.S. equity and debt liabilities. Financial derivatives Transactions in financial derivatives other than reserves reflected third-quarter net borrowing of $12.3 billion, a $4.7 billion decrease in net borrowing from the second quarter. Statistical Discrepancy (table 1) The statistical discrepancy was $93.0 billion in the third quarter following a statistical discrepancy of -$52.4 billion in the second quarter. Updates to Second Quarter 2018 International Transactions Accounts Aggregates Billions of dollars, seasonally adjusted Preliminary estimate Revised estimate Current-account balance -101.5 -101.2 Goods balance -203.2 -203.1 Services balance 69.3 68.5 Primary-income balance 60.8 62.3 Secondary-income balance -28.5 -29.0 Net lending (+)/borrowing (-) from financial-account transactions -134.3 -153.6 Statistical discrepancy -32.9 -52.4 * * * Next release: March 21, 2019 at 8:30 A.M. EDT U.S. International Transactions, Fourth Quarter and Year 2018 * * * U.S. International Transactions Release Dates in 2019 Fourth Quarter and Year 2018 March 21 First Quarter 2019 and Annual Update June 20 Second Quarter 2019 September 19 Third Quarter 2019 December 19 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 enterprise's voting securities is the threshold for separating direct investment from other types of investment. Direct-investment transactions in the financial account 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 December 19, 2018 Table 1. U.S. International Transactions [Millions of dollars] Line Line 2016 2017 Change: Seasonally adjusted Change: 2016 to 2017 2017 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III   Current account 1 Exports of goods and services and income receipts (credits) ........................................ 3,183,783 3,433,239 249,456 868,997 890,393 905,298 936,517 930,276 -6,241 1 2 Exports of goods and services .................................................................... 2,215,844 2,351,072 135,228 589,107 605,916 617,437 635,248 629,398 -5,850 2 3 Goods .......................................................................................... 1,456,957 1,553,383 96,426 387,814 401,939 411,442 429,431 421,762 -7,669 3 4 General merchandise .......................................................................... 1,436,115 1,531,639 95,524 382,828 397,143 404,927 424,104 415,653 -8,451 4 5 Foods, feeds, and beverages ................................................................ 130,519 132,744 2,225 34,209 32,099 33,338 40,521 36,223 -4,298 5 6 Industrial supplies and materials .......................................................... 387,350 456,188 68,838 111,819 124,271 125,430 134,743 135,101 358 6 7 Capital goods except automotive ............................................................ 519,890 533,574 13,684 134,985 137,341 138,209 141,647 140,283 -1,364 7 8 Automotive vehicles, parts, and engines .................................................... 150,311 157,641 7,330 39,078 39,761 42,207 40,334 38,806 -1,528 8 9 Consumer goods except food and automotive .................................................. 193,254 197,134 3,880 48,879 49,807 51,598 51,282 51,203 -79 9 10 Other general merchandise .................................................................. 54,791 54,358 -433 13,858 13,866 14,144 15,578 14,038 -1,540 10 11 Net exports of goods under merchanting ....................................................... 300 200 -100 47 56 66 77 75 -2 11 12 Nonmonetary gold ............................................................................. 20,542 21,544 1,002 4,940 4,740 6,450 5,249 6,034 785 12 13 Services ....................................................................................... 758,888 797,690 38,802 201,293 203,977 205,994 205,817 207,635 1,818 13 14 Maintenance and repair services n.i.e. ....................................................... 25,004 26,430 1,426 6,213 6,740 7,286 7,469 7,516 47 14 15 Transport .................................................................................... 84,679 88,598 3,919 22,483 22,696 22,949 23,453 23,104 -349 15 16 Travel (for all purposes including education) /1/ ............................................ 206,902 210,747 3,845 52,980 53,429 53,504 53,651 53,836 185 16 17 Insurance services ........................................................................... 17,067 18,047 980 4,708 4,755 4,555 4,557 4,552 -5 17 18 Financial services ........................................................................... 99,384 109,642 10,258 27,927 28,751 27,907 28,224 28,846 622 18 19 Charges for the use of intellectual property n.i.e. .......................................... 124,734 128,364 3,630 32,273 32,762 33,577 32,398 33,025 627 19 20 Telecommunications, computer, and information services ....................................... 38,548 42,219 3,671 10,735 10,902 10,913 10,630 10,808 178 20 21 Other business services ...................................................................... 143,768 154,313 10,545 38,936 39,326 40,556 40,132 40,752 620 21 22 Government goods and services n.i.e. ......................................................... 18,801 19,329 528 5,037 4,617 4,748 5,303 5,196 -107 22 23 Primary income receipts .......................................................................... 830,174 928,118 97,944 237,632 248,940 256,029 266,274 264,523 -1,751 23 24 Investment income .............................................................................. 823,709 921,816 98,107 236,058 247,367 254,435 264,669 262,907 -1,762 24 25 Direct investment income ..................................................................... 456,426 504,404 47,978 127,799 135,929 135,062 140,184 136,950 -3,234 25 26 Portfolio investment income .................................................................. 326,325 354,406 28,081 91,154 93,614 99,244 102,199 103,335 1,136 26 27 Other investment income ...................................................................... 40,850 62,620 21,770 16,996 17,741 19,959 22,239 22,393 154 27 28 Reserve asset income ......................................................................... 108 385 277 109 82 169 47 230 183 28 29 Compensation of employees ...................................................................... 6,466 6,302 -164 1,573 1,573 1,594 1,605 1,616 11 29 30 Secondary income (current transfer) receipts /2/ ................................................. 137,764 154,049 16,285 42,258 35,537 31,833 34,995 36,355 1,360 30 31 Imports of goods and services and income payments (debits) ......................................... 3,616,656 3,882,380 265,724 972,445 1,006,541 1,027,008 1,037,741 1,055,093 17,352 31 32 Imports of goods and services .................................................................... 2,717,846 2,903,349 185,503 721,899 753,742 771,426 769,854 788,054 18,200 32 33 Goods .......................................................................................... 2,208,008 2,360,878 152,870 584,637 614,317 632,244 632,489 648,775 16,286 33 34 General merchandise .......................................................................... 2,189,848 2,348,675 158,827 581,849 610,844 629,436 629,811 646,303 16,492 34 35 Foods, feeds, and beverages ................................................................ 131,024 138,810 7,786 35,069 35,551 37,014 37,089 37,096 7 35 36 Industrial supplies and materials .......................................................... 441,848 511,561 69,713 123,450 133,707 142,210 146,323 150,418 4,095 36 37 Capital goods except automotive ............................................................ 593,854 643,620 49,766 163,218 169,186 170,639 174,210 176,723 2,513 37 38 Automotive vehicles, parts, and engines .................................................... 351,058 359,849 8,791 89,455 90,589 92,885 90,150 93,773 3,623 38 39 Consumer goods except food and automotive .................................................. 585,177 603,922 18,745 148,197 157,597 164,007 157,413 162,101 4,688 39 40 Other general merchandise .................................................................. 86,887 90,913 4,026 22,460 24,214 22,681 24,626 26,192 1,566 40 41 Nonmonetary gold ............................................................................. 18,160 12,203 -5,957 2,789 3,473 2,809 2,678 2,472 -206 41 42 Services ....................................................................................... 509,838 542,471 32,633 137,261 139,426 139,182 137,365 139,279 1,914 42 43 Maintenance and repair services n.i.e. ....................................................... 8,731 8,337 -394 2,004 2,059 2,093 2,062 2,001 -61 43 44 Transport .................................................................................... 96,939 101,744 4,805 25,352 25,872 26,253 26,755 26,982 227 44 45 Travel (for all purposes including education) /1/ ............................................ 123,569 135,024 11,455 33,813 34,906 35,553 35,620 36,146 526 45 46 Insurance services ........................................................................... 49,900 50,665 765 13,094 12,434 9,754 9,554 9,500 -54 46 47 Financial services ........................................................................... 25,752 28,931 3,179 7,478 7,628 7,532 7,717 7,864 147 47 48 Charges for the use of intellectual property n.i.e. .......................................... 46,577 51,284 4,707 13,136 13,808 13,925 13,051 13,282 231 48 49 Telecommunications, computer, and information services ....................................... 37,391 40,054 2,663 10,068 10,280 10,174 9,831 9,875 44 49 50 Other business services ...................................................................... 99,476 104,385 4,909 26,774 26,929 28,246 27,044 27,853 809 50 51 Government goods and services n.i.e. ......................................................... 21,503 22,047 544 5,541 5,510 5,653 5,731 5,775 44 51 52 Primary income payments .......................................................................... 637,151 706,386 69,235 179,410 186,569 194,854 203,926 205,098 1,172 52 53 Investment income .............................................................................. 618,013 686,699 68,686 174,430 181,601 189,875 198,866 200,021 1,155 53 54 Direct investment income ..................................................................... 183,812 205,976 22,164 51,342 55,978 57,458 61,096 59,302 -1,794 54 55 Portfolio investment income .................................................................. 407,603 432,510 24,907 109,845 111,305 114,968 116,895 116,659 -236 55 56 Other investment income ...................................................................... 26,599 48,213 21,614 13,243 14,317 17,448 20,875 24,059 3,184 56 57 Compensation of employees ...................................................................... 19,139 19,687 548 4,980 4,969 4,979 5,060 5,077 17 57 58 Secondary income (current transfer) payments /2/ ................................................. 261,659 272,645 10,986 71,136 66,229 60,728 63,961 61,942 -2,019 58 Capital account 59 Capital transfer receipts and other credits ........................................................ 0 24,788 24,788 24,788 0 0 0 562 562 59 60 Capital transfer payments and other debits ......................................................... 59 42 -17 1 40 2 5 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 1,182,749 834,124 373,591 127,135 251,126 -199,943 132,689 332,632 61 62 Direct investment assets ......................................................................... 312,975 379,222 66,247 102,936 91,256 -139,326 -68,060 76,846 144,906 62 63 Equity ......................................................................................... 336,657 352,504 15,847 69,079 101,537 -167,731 -52,808 71,558 124,366 63 64 Debt instruments ............................................................................... -23,683 26,718 50,401 33,857 -10,281 28,406 -15,252 5,288 20,540 64 65 Portfolio investment assets ...................................................................... 36,283 586,695 550,412 175,910 88,301 304,094 -14,272 72,598 86,870 65 66 Equity and investment fund shares .............................................................. 21,743 166,827 145,084 63,399 -39,233 200,871 -70,830 35,027 105,857 66 67 Debt securities ................................................................................ 14,541 419,868 405,327 112,512 127,534 103,223 56,559 37,571 -18,988 67 68 Short term ................................................................................... -27,409 193,855 221,264 74,149 40,467 27,771 2,469 21,559 19,090 68 69 Long term .................................................................................... 41,950 226,013 184,063 38,363 87,067 75,453 54,089 16,012 -38,077 69 70 Other investment assets .......................................................................... -2,723 218,522 221,245 94,804 -50,883 86,365 -120,679 -16,577 104,102 70 71 Currency and deposits .......................................................................... -91,317 171,952 263,269 78,488 4,850 53,816 -22,388 12,765 35,153 71 72 Loans .......................................................................................... 87,690 40,862 -46,828 15,099 -55,760 33,356 -99,576 -27,166 72,410 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 1,217 26 -807 1,285 -2,176 -3,461 74 75 Reserve assets ................................................................................... 2,090 -1,690 -3,780 -61 -1,539 -7 3,068 -177 -3,245 75 76 Monetary gold .................................................................................. 0 0 0 0 0 0 0 0 0 76 77 Special drawing rights ......................................................................... 684 78 -606 26 26 33 33 43 10 77 78 Reserve position in the International Monetary Fund ............................................ 1,348 -1,812 -3,160 -98 -1,535 -73 3,136 -288 -3,424 78 79 Other reserve assets ........................................................................... 58 44 -14 11 -29 34 -101 68 169 79 80 Currency and deposits ........................................................................ -56 0 56 0 0 (*) 0 0 0 80 81 Securities ................................................................................... 114 44 -70 11 -29 34 -101 68 169 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 1,537,683 796,154 504,082 159,164 441,080 -63,262 151,723 214,985 84 85 Direct investment liabilities .................................................................... 494,455 354,829 -139,626 107,107 38,250 57,949 16,499 122,336 105,837 85 86 Equity ......................................................................................... 387,599 308,406 -79,193 72,927 64,320 72,661 45,453 117,403 71,950 86 87 Debt instruments ............................................................................... 106,856 46,423 -60,433 34,180 -26,070 -14,712 -28,954 4,933 33,887 87 88 Portfolio investment liabilities ................................................................. 231,349 799,182 567,833 294,275 81,626 301,503 20,596 12,469 -8,127 88 89 Equity and investment fund shares .............................................................. -139,700 155,680 295,380 80,561 -3,377 154,313 291 -95,589 -95,880 89 90 Debt securities ................................................................................ 371,049 643,503 272,454 213,713 85,003 147,190 20,305 108,059 87,754 90 91 Short term ................................................................................... -12,092 15,851 27,943 -20,035 25,215 31,355 37,436 -52,528 -89,964 91 92 Long term .................................................................................... 383,141 627,652 244,511 233,748 59,788 115,835 -17,131 160,587 177,718 92 93 Other investment liabilities ..................................................................... 15,725 383,671 367,946 102,701 39,288 81,628 -100,358 16,918 117,276 93 94 Currency and deposits .......................................................................... 17,199 217,427 200,228 -15,792 61,423 -10,034 -57,927 -6,703 51,224 94 95 Loans .......................................................................................... -7,574 150,834 158,408 112,549 -23,436 82,566 -47,064 21,292 68,356 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 5,943 1,302 9,096 4,634 2,328 -2,306 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 18,600 777 29,024 -16,969 -12,255 4,714 99 Statistical discrepancy 100 Statistical discrepancy /4/ ........................................................................ 47,855 92,536 44,681 -33,231 84,936 -39,218 -52,421 92,966 145,387 100 Balances 101 Balance on current account (line 1 less line 31) /5/ ............................................... -432,873 -449,142 -16,269 -103,447 -116,148 -121,710 -101,224 -124,817 -23,593 101 102 Balance on goods and services (line 2 less line 32) .............................................. -502,001 -552,277 -50,276 -132,791 -147,826 -153,989 -134,606 -158,656 -24,050 102 103 Balance on goods (line 3 less line 33) ......................................................... -751,051 -807,495 -56,444 -196,823 -212,378 -220,802 -203,058 -227,012 -23,954 103 104 Balance on services (line 13 less line 42) ..................................................... 249,050 255,219 6,169 64,032 64,551 66,812 68,452 68,356 -96 104 105 Balance on primary income (line 23 less line 52) ................................................. 193,023 221,731 28,708 58,222 62,371 61,175 62,348 59,425 -2,923 105 106 Balance on secondary income (line 30 less line 58) ............................................... -123,895 -118,597 5,298 -28,878 -30,692 -28,896 -28,966 -25,586 3,380 106 107 Balance on capital account (line 59 less line 60) /5/ .............................................. -59 24,746 24,805 24,787 -40 -2 -5 562 567 107 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/ .................................................. -432,932 -424,395 8,537 -78,660 -116,188 -121,712 -101,229 -124,254 -23,025 108 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/ ............................................... -385,078 -331,860 53,218 -111,891 -31,252 -160,930 -153,650 -31,289 122,361 109 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III 1 Exports of goods (table 1, line 3) ................................................................. 1,456,957 1,553,383 96,426 387,814 401,939 411,442 429,431 421,762 -7,669 1 2 General merchandise ............................................................................ 1,436,115 1,531,639 95,524 382,828 397,143 404,927 424,104 415,653 -8,451 2 3 Net exports of goods under merchanting ......................................................... 300 200 -100 47 56 66 77 75 -2 3 4 Nonmonetary gold ............................................................................... 20,542 21,544 1,002 4,940 4,740 6,450 5,249 6,034 785 4 5 General merchandise, all end-use commodities (line 2) ............................................ 1,436,115 1,531,639 95,524 382,828 397,143 404,927 424,104 415,653 -8,451 5 6 Foods, feeds, and beverages .................................................................... 130,519 132,744 2,225 34,209 32,099 33,338 40,521 36,223 -4,298 6 7 Agricultural ................................................................................. 122,533 124,204 1,671 32,004 29,811 31,086 38,270 34,019 -4,251 7 8 Grains and preparations .................................................................... 27,910 27,568 -342 6,516 6,139 7,038 8,565 7,677 -888 8 9 Wheat .................................................................................... 5,537 6,223 686 1,458 1,421 1,354 1,223 1,278 55 9 10 Corn ..................................................................................... 10,871 10,152 -719 2,270 1,934 2,549 4,235 3,494 -741 10 11 Rice and other food grains ............................................................... 1,920 1,833 -87 389 484 508 406 366 -40 11 12 Other feeds .............................................................................. 9,582 9,360 -222 2,399 2,299 2,626 2,701 2,539 -162 12 13 Soybeans ................................................................................... 23,620 22,225 -1,395 6,961 4,406 4,685 10,537 7,910 -2,627 13 14 Meat products and poultry .................................................................. 16,883 18,838 1,955 4,747 4,992 5,134 5,046 4,896 -150 14 15 Vegetables, fruits, nuts, and preparations ................................................. 24,491 25,138 647 6,357 6,490 6,605 6,203 5,946 -257 15 16 Other agricultural foods, feeds, and beverages ............................................. 29,628 30,436 808 7,423 7,785 7,624 7,919 7,590 -329 16 17 Nonagricultural .............................................................................. 7,986 8,540 554 2,205 2,288 2,252 2,251 2,203 -48 17 18 Fish and shellfish ......................................................................... 5,641 5,941 300 1,555 1,589 1,549 1,478 1,518 40 18 19 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 2,346 2,599 253 649 699 704 773 685 -88 19 20 Industrial supplies and materials .............................................................. 387,350 456,188 68,838 111,819 124,271 125,430 134,743 135,101 358 20 21 Agricultural ................................................................................. 16,987 19,166 2,179 4,642 4,835 5,035 5,376 5,008 -368 21 22 Raw cotton ................................................................................. 3,968 5,846 1,878 1,432 1,431 1,694 1,823 1,494 -329 22 23 Tobacco, unmanufactured .................................................................... 1,116 1,086 -30 339 160 220 396 383 -13 23 24 Hides and skins, including furskins ........................................................ 1,966 1,919 -47 492 473 425 368 334 -34 24 25 Other agricultural industrial supplies ..................................................... 9,938 10,314 376 2,378 2,771 2,696 2,788 2,797 9 25 26 Nonagricultural .............................................................................. 370,362 437,022 66,660 107,177 119,436 120,395 129,367 130,093 726 26 27 Energy products ............................................................................ 112,520 160,747 48,227 38,716 46,234 46,972 54,205 55,382 1,177 27 28 Petroleum and products ................................................................... 99,017 137,456 38,439 33,122 40,384 40,109 47,078 48,698 1,620 28 29 Crude .................................................................................. 9,260 22,431 13,171 4,916 8,394 8,486 11,640 12,402 762 29 30 Fuel oil ............................................................................... 33,478 42,861 9,383 10,960 11,335 10,220 12,902 12,255 -647 30 31 Other petroleum products ............................................................... 46,942 56,624 9,682 13,677 15,719 17,194 17,927 18,488 561 31 32 Liquified petroleum gases .............................................................. 9,337 15,540 6,203 3,569 4,935 4,208 4,609 5,553 944 32 33 Coal and related products ................................................................ 7,729 13,819 6,090 3,486 3,489 3,961 4,408 3,916 -492 33 34 Natural gas .............................................................................. 4,611 8,122 3,511 1,723 2,114 2,509 2,276 2,480 204 34 35 Nuclear fuel and electric energy ......................................................... 1,162 1,350 188 385 248 394 442 288 -154 35 36 Paper and paper-base stocks ................................................................ 20,826 22,052 1,226 5,530 5,818 5,709 5,926 5,983 57 36 37 Textile supplies and related materials ..................................................... 13,436 13,578 142 3,384 3,416 3,430 3,501 3,408 -93 37 38 Chemicals except medicinals ................................................................ 103,806 112,015 8,209 27,279 29,905 29,434 30,610 31,498 888 38 39 Plastic materials ........................................................................ 32,550 34,715 2,165 8,360 9,120 9,079 9,672 9,709 37 39 40 Fertilizers, pesticides, and insecticides ................................................ 7,455 8,330 875 2,009 2,223 2,148 2,164 2,254 90 40 41 Industrial inorganic chemicals ........................................................... 8,187 9,203 1,016 2,292 2,502 2,569 2,469 2,583 114 41 42 Industrial organic chemicals ............................................................. 26,307 28,334 2,027 6,791 7,752 7,413 7,871 8,395 524 42 43 Other chemicals .......................................................................... 29,307 31,433 2,126 7,827 8,306 8,225 8,433 8,556 123 43 44 Building materials except metals ........................................................... 13,850 14,811 961 3,766 3,856 3,814 3,876 3,691 -185 44 45 Other nonmetals ............................................................................ 33,831 35,396 1,565 8,862 9,013 9,148 9,323 9,212 -111 45 46 Metals and nonmetallic products ............................................................ 72,093 78,423 6,330 19,640 21,193 21,889 21,927 20,919 -1,008 46 47 Steelmaking materials .................................................................... 4,948 6,797 1,849 1,759 1,948 2,177 2,091 2,128 37 47 48 Iron and steel products .................................................................. 14,471 16,561 2,090 4,062 4,231 4,271 4,387 3,671 -716 48 49 Nonferrous metals ........................................................................ 27,964 29,106 1,142 7,351 8,244 8,412 8,358 8,104 -254 49 50 Precious metals except nonmonetary gold ................................................ 5,700 6,631 931 1,712 2,108 2,424 2,160 2,047 -113 50 51 Bauxite and aluminum ................................................................... 8,467 7,860 -607 1,932 2,160 2,144 2,296 2,098 -198 51 52 Copper ................................................................................. 6,186 6,173 -13 1,554 1,653 1,861 1,681 1,726 45 52 53 Other nonferrous metals ................................................................ 7,611 8,441 830 2,151 2,323 1,982 2,222 2,234 12 53 54 Other metals and nonmetallic products .................................................... 24,710 25,959 1,249 6,468 6,770 7,029 7,090 7,017 -73 54 55 Capital goods except automotive ................................................................ 519,890 533,574 13,684 134,985 137,341 138,209 141,647 140,283 -1,364 55 56 Machinery and equipment except consumer-type ................................................. 393,495 407,364 13,869 102,136 105,598 105,725 107,585 107,124 -461 56 57 Electric-generating machinery, electric apparatus, and parts ............................... 53,624 54,966 1,342 13,558 14,113 14,212 14,712 14,389 -323 57 58 Oil-drilling, mining, and construction machinery ........................................... 16,926 17,919 993 4,595 5,005 4,818 4,954 5,303 349 58 59 Industrial engines, pumps, and compressors ................................................. 25,997 25,249 -748 6,162 6,325 6,161 6,286 6,416 130 59 60 Machine tools and metalworking machinery ................................................... 6,528 6,680 152 1,658 1,700 1,804 1,902 1,875 -27 60 61 Measuring, testing, and control instruments ................................................ 23,062 23,615 553 5,820 6,071 6,392 6,500 6,624 124 61 62 Other industrial machinery ................................................................. 71,941 79,894 7,953 20,029 20,966 20,930 21,389 21,258 -131 62 63 Other service-industry and agricultural machinery .......................................... 16,682 17,701 1,019 4,495 4,535 4,648 4,627 4,535 -92 63 64 Computers .................................................................................. 14,756 15,378 622 3,842 4,054 4,054 4,003 4,198 195 64 65 Computer accessories, peripherals, and parts ............................................... 30,307 30,671 364 7,647 8,239 8,125 8,639 7,860 -779 65 66 Semiconductors ............................................................................. 44,346 47,971 3,625 11,968 12,622 12,191 12,257 11,964 -293 66 67 Telecommunications equipment ............................................................... 41,161 38,244 -2,917 9,989 9,452 9,435 9,115 9,577 462 67 68 Other office and business machines ......................................................... 2,353 2,354 1 602 587 617 634 595 -39 68 69 Scientific, hospital, and medical equipment and parts ...................................... 45,811 46,722 911 11,773 11,929 12,337 12,567 12,531 -36 69 70 Civilian aircraft, engines, and parts ........................................................ 120,929 120,988 59 31,642 30,537 31,281 32,511 31,712 -799 70 71 Civilian aircraft, complete, all types ..................................................... 60,673 56,034 -4,639 14,811 13,770 14,240 13,625 12,606 -1,019 71 72 Engines and parts .......................................................................... 60,256 64,953 4,697 16,831 16,767 17,041 18,885 19,106 221 72 73 Other transportation equipment ............................................................... 5,466 5,222 -244 1,208 1,206 1,203 1,551 1,447 -104 73 74 Automotive vehicles, parts, and engines ........................................................ 150,311 157,641 7,330 39,078 39,761 42,207 40,334 38,806 -1,528 74 75 To Canada .................................................................................... 58,864 61,591 2,727 15,355 15,329 16,739 15,578 14,795 -783 75 76 Passenger cars, new and used ............................................................... 14,222 14,347 125 3,482 3,835 4,337 3,505 3,387 -118 76 77 Trucks, buses, and special purpose vehicles ................................................ 13,929 16,052 2,123 4,309 4,051 4,548 4,402 4,086 -316 77 78 Engines and engine parts ................................................................... 6,097 6,787 690 1,612 1,657 1,708 1,622 1,558 -64 78 79 Other parts and accessories ................................................................ 24,615 24,404 -211 5,952 5,786 6,145 6,049 5,763 -286 79 80 To other areas ............................................................................... 91,447 96,050 4,603 23,724 24,431 25,468 24,756 24,011 -745 80 81 Passenger cars, new and used ............................................................... 38,928 38,083 -845 8,692 9,550 10,165 9,301 8,454 -847 81 82 Trucks, buses, and special purpose vehicles ................................................ 4,080 4,549 469 1,309 1,129 1,073 1,177 1,177 0 82 83 Engines and engine parts ................................................................... 11,670 13,240 1,570 3,332 3,415 3,613 3,744 3,770 26 83 84 Other parts and accessories ................................................................ 36,769 40,178 3,409 10,390 10,337 10,618 10,534 10,610 76 84 85 Consumer goods except food and automotive ...................................................... 193,254 197,134 3,880 48,879 49,807 51,598 51,282 51,203 -79 85 86 Nondurable goods ............................................................................. 88,900 87,648 -1,252 21,373 21,916 22,132 23,093 23,130 37 86 87 Apparel, footwear, and household goods ..................................................... 10,307 10,471 164 2,599 2,730 2,738 2,694 2,726 32 87 88 Medicinal, dental, and pharmaceutical products ............................................. 53,145 51,158 -1,987 12,237 12,515 12,865 13,628 13,842 214 88 89 Toiletries and cosmetics ................................................................... 12,132 12,813 681 3,204 3,319 3,260 3,384 3,331 -53 89 90 Other nondurable goods ..................................................................... 13,317 13,206 -111 3,333 3,351 3,269 3,387 3,231 -156 90 91 Durable goods ................................................................................ 104,354 109,486 5,132 27,505 27,891 29,466 28,189 28,073 -116 91 92 Televisions, video receivers, and other video equipment .................................... 4,832 4,965 133 1,219 1,187 1,153 1,257 1,094 -163 92 93 Radio and stereo equipment, including recorded media ....................................... 3,870 3,859 -11 946 980 947 914 919 5 93 94 Toys and sporting goods, including bicycles ................................................ 9,172 9,974 802 2,544 2,602 2,594 2,612 2,404 -208 94 95 Household and kitchen appliances and other household goods ................................. 38,360 41,117 2,757 10,066 10,356 10,264 10,341 10,177 -164 95 96 Household furnishings and related products ............................................... 4,610 4,780 170 1,201 1,235 1,196 1,264 1,231 -33 96 97 Household and kitchen appliances ......................................................... 6,147 6,253 106 1,547 1,591 1,660 1,611 1,557 -54 97 98 Other household goods, including cell phones ............................................. 27,604 30,084 2,480 7,318 7,530 7,408 7,466 7,389 -77 98 99 Jewelry and collectibles ................................................................... 23,278 24,354 1,076 6,386 6,258 7,409 6,570 6,558 -12 99 100 Gem diamonds and other gemstones ........................................................... 21,084 21,039 -45 5,271 5,409 5,910 5,352 5,885 533 100 101 Other durable goods ........................................................................ 3,758 4,177 419 1,073 1,099 1,190 1,143 1,035 -108 101 102 Other general merchandise ...................................................................... 54,791 54,358 -433 13,858 13,866 14,144 15,578 14,038 -1,540 102 103 Net exports of goods under merchanting (line 3) .................................................. 300 200 -100 47 56 66 77 75 -2 103 104 Nonmonetary gold (line 4) ........................................................................ 20,542 21,544 1,002 4,940 4,740 6,450 5,249 6,034 785 104 105 Imports of goods (table 1, line 33) ................................................................ 2,208,008 2,360,878 152,870 584,637 614,317 632,244 632,489 648,775 16,286 105 106 General merchandise ............................................................................ 2,189,848 2,348,675 158,827 581,849 610,844 629,436 629,811 646,303 16,492 106 107 Nonmonetary gold ............................................................................... 18,160 12,203 -5,957 2,789 3,473 2,809 2,678 2,472 -206 107 108 General merchandise, all end-use commodities (line 106) .......................................... 2,189,848 2,348,675 158,827 581,849 610,844 629,436 629,811 646,303 16,492 108 109 Foods, feeds, and beverages .................................................................... 131,024 138,810 7,786 35,069 35,551 37,014 37,089 37,096 7 109 110 Agricultural ................................................................................. 102,953 108,367 5,414 27,412 27,844 29,060 29,011 29,074 63 110 111 Green coffee ............................................................................... 4,788 5,183 395 1,374 1,283 1,007 1,206 1,239 33 111 112 Cocoa beans and sugar ...................................................................... 3,083 2,848 -235 496 620 814 621 567 -54 112 113 Meat products and poultry .................................................................. 10,797 11,065 268 2,941 2,818 2,830 2,847 2,948 101 113 114 Vegetables, fruits, nuts, and preparations ................................................. 33,030 34,912 1,882 8,996 8,984 9,268 9,158 9,382 224 114 115 Wine, beer, and related products ........................................................... 10,754 11,354 600 2,897 2,916 2,999 3,019 3,039 20 115 116 Other agricultural foods, feeds, and beverages ............................................. 40,501 43,006 2,505 10,709 11,223 12,141 12,161 11,899 -262 116 117 Nonagricultural .............................................................................. 28,071 30,442 2,371 7,657 7,707 7,954 8,078 8,022 -56 117 118 Fish and shellfish ......................................................................... 19,477 21,575 2,098 5,407 5,443 5,692 5,573 5,551 -22 118 119 Distilled beverages and other nonagricultural foods, feeds, and beverages .................. 8,594 8,868 274 2,249 2,264 2,262 2,505 2,471 -34 119 120 Industrial supplies and materials .............................................................. 441,848 511,561 69,713 123,450 133,707 142,210 146,323 150,418 4,095 120 121 Agricultural ................................................................................. 11,185 12,269 1,084 3,087 3,284 3,209 3,083 3,082 -1 121 122 Nonagricultural .............................................................................. 430,664 499,292 68,628 120,363 130,423 139,001 143,240 147,336 4,096 122 123 Energy products ............................................................................ 176,071 215,719 39,648 49,448 55,863 61,969 64,499 67,979 3,480 123 124 Petroleum and products ................................................................... 159,578 199,564 39,986 45,444 51,926 58,558 61,135 64,531 3,396 124 125 Crude .................................................................................. 103,939 135,628 31,689 29,610 35,063 39,422 41,368 42,440 1,072 125 126 Fuel oil ............................................................................... 18,007 21,765 3,758 5,172 6,297 7,319 6,804 8,348 1,544 126 127 Other petroleum products ............................................................... 35,467 38,870 3,403 9,994 9,552 10,752 12,388 13,040 652 127 128 Liquified petroleum gases .............................................................. 2,165 3,302 1,137 668 1,014 1,064 575 703 128 128 129 Coal and related products ................................................................ 3,110 2,308 -802 745 440 330 382 391 9 129 130 Natural gas .............................................................................. 7,229 8,609 1,380 2,021 2,058 2,002 1,691 1,769 78 130 131 Nuclear fuel and electric energy ......................................................... 6,154 5,238 -916 1,239 1,439 1,080 1,291 1,288 -3 131 132 Paper and paper-base stocks ................................................................ 11,678 11,793 115 3,026 3,011 3,090 3,331 3,280 -51 132 133 Textile supplies and related materials ..................................................... 13,986 14,160 174 3,539 3,646 3,707 3,747 3,871 124 133 134 Chemicals except medicinals ................................................................ 69,915 74,725 4,810 18,503 19,733 20,677 21,149 21,530 381 134 135 Plastic materials ........................................................................ 15,874 17,356 1,482 4,351 4,621 4,760 4,920 4,964 44 135 136 Fertilizers, pesticides, and insecticides ................................................ 10,613 11,200 587 2,760 2,682 2,992 2,843 3,082 239 136 137 Industrial inorganic chemicals ........................................................... 6,304 7,241 937 1,813 1,962 2,189 2,244 2,465 221 137 138 Industrial organic chemicals ............................................................. 25,093 26,411 1,318 6,437 7,107 7,317 7,685 7,489 -196 138 139 Other chemicals .......................................................................... 12,031 12,517 486 3,142 3,360 3,419 3,457 3,530 73 139 140 Building materials except metals ........................................................... 32,384 35,245 2,861 8,634 9,369 9,203 9,859 10,119 260 140 141 Other nonmetals ............................................................................ 33,701 36,214 2,513 9,118 9,503 9,832 9,790 10,013 223 141 142 Metals and nonmetallic products ............................................................ 92,929 111,436 18,507 28,095 29,298 30,523 30,863 30,544 -319 142 143 Steelmaking materials .................................................................... 4,880 8,130 3,250 2,082 2,158 2,353 2,501 2,431 -70 143 144 Iron and steel products .................................................................. 33,774 39,487 5,713 10,013 10,051 10,487 10,758 10,692 -66 144 145 Nonferrous metals ........................................................................ 32,417 41,005 8,588 10,225 11,247 11,494 11,301 10,638 -663 145 146 Precious metals except nonmonetary gold ................................................ 8,726 9,603 877 2,260 2,722 2,695 2,703 2,655 -48 146 147 Bauxite and aluminum ................................................................... 12,391 16,300 3,909 4,100 4,549 4,249 4,115 4,097 -18 147 148 Other nonferrous metals ................................................................ 11,300 15,101 3,801 3,865 3,976 4,550 4,484 3,887 -597 148 149 Other metals and nonmetallic products .................................................... 21,858 22,814 956 5,775 5,842 6,190 6,303 6,783 480 149 150 Capital goods except automotive ................................................................ 593,854 643,620 49,766 163,218 169,186 170,639 174,210 176,723 2,513 150 151 Machinery and equipment except consumer-type ................................................. 537,947 587,062 49,115 148,782 154,325 156,432 158,791 161,226 2,435 151 152 Electric-generating machinery, electric apparatus and parts ................................ 70,622 76,118 5,496 19,111 19,617 20,071 20,774 21,402 628 152 153 Oil-drilling, mining, and construction machinery ........................................... 14,710 19,792 5,082 5,285 5,792 5,554 5,832 5,613 -219 153 154 Industrial engines, pumps, and compressors ................................................. 22,471 24,652 2,181 6,276 6,259 6,589 6,745 6,856 111 154 155 Machine tools and metalworking machinery ................................................... 10,906 12,043 1,137 2,925 3,282 3,446 3,319 3,353 34 155 156 Measuring, testing, and control instruments ................................................ 20,177 21,791 1,614 5,568 5,651 5,829 5,873 5,723 -150 156 157 Other industrial machinery ................................................................. 83,056 93,719 10,663 23,792 24,813 25,291 25,581 26,080 499 157 158 Other service-industry and agricultural machinery .......................................... 28,882 30,733 1,851 7,757 8,039 8,274 8,443 8,614 171 158 159 Computers .................................................................................. 60,886 69,021 8,135 18,576 17,692 19,199 19,971 20,148 177 159 160 Computer accessories, peripherals, and parts ............................................... 53,703 59,487 5,784 15,209 15,794 16,256 16,358 16,616 258 160 161 Semiconductors ............................................................................. 51,783 54,157 2,374 13,381 15,143 13,581 13,349 13,793 444 161 162 Telecommunications equipment ............................................................... 71,922 74,323 2,401 17,953 19,090 18,689 18,844 19,185 341 162 163 Other office and business machines ......................................................... 5,365 5,360 -5 1,358 1,305 1,328 1,286 1,284 -2 163 164 Scientific, hospital, and medical equipment and parts ...................................... 43,464 45,865 2,401 11,591 11,848 12,325 12,415 12,559 144 164 165 Civilian aircraft, engines, and parts ........................................................ 50,006 51,390 1,384 13,182 13,297 12,726 13,882 14,045 163 165 166 Civilian aircraft, complete, all types ..................................................... 13,842 13,740 -102 3,503 3,568 2,771 3,260 2,568 -692 166 167 Engines and parts .......................................................................... 36,164 37,650 1,486 9,679 9,729 9,955 10,622 11,477 855 167 168 Other transportation equipment ............................................................... 5,902 5,168 -734 1,254 1,565 1,482 1,537 1,452 -85 168 169 Automotive vehicles, parts, and engines ........................................................ 351,058 359,849 8,791 89,455 90,589 92,885 90,150 93,773 3,623 169 170 From Canada .................................................................................. 64,920 62,463 -2,457 14,928 15,108 15,664 15,062 14,473 -589 170 171 Passenger cars, new and used ............................................................... 45,364 43,278 -2,086 10,234 10,149 10,317 9,617 8,734 -883 171 172 Trucks, buses, and special purpose vehicles ................................................ 2,912 3,246 334 827 846 1,011 1,280 1,467 187 172 173 Engines and engine parts ................................................................... 3,676 3,458 -218 819 918 950 891 917 26 173 174 Other parts and accessories ................................................................ 12,968 12,481 -487 3,049 3,194 3,385 3,274 3,355 81 174 175 From other areas ............................................................................. 286,138 297,387 11,249 74,527 75,481 77,221 75,088 79,300 4,212 175 176 Passenger cars, new and used ............................................................... 124,938 132,727 7,789 33,299 33,836 34,729 32,479 33,754 1,275 176 177 Trucks, buses, and special purpose vehicles ................................................ 31,086 33,656 2,570 8,631 8,357 7,870 8,542 10,794 2,252 177 178 Engines and engine parts ................................................................... 24,766 25,111 345 6,231 6,460 6,774 6,446 6,557 111 178 179 Other parts and accessories ................................................................ 105,348 105,892 544 26,366 26,829 27,848 27,621 28,195 574 179 180 Consumer goods except food and automotive ...................................................... 585,177 603,922 18,745 148,197 157,597 164,007 157,413 162,101 4,688 180 181 Nondurable goods ............................................................................. 279,286 279,526 240 68,072 72,197 77,810 77,044 76,207 -837 181 182 Apparel, footwear, and household goods ..................................................... 135,990 136,871 881 33,953 34,843 35,345 34,860 35,609 749 182 183 Medicinal, dental, and pharmaceutical products ............................................. 111,734 110,099 -1,635 25,985 28,986 33,827 33,612 31,757 -1,855 183 184 Toiletries and cosmetics ................................................................... 10,908 11,658 750 2,951 3,030 3,098 3,162 3,251 89 184 185 Other nondurable goods ..................................................................... 20,655 20,898 243 5,184 5,338 5,539 5,411 5,591 180 185 186 Durable goods ................................................................................ 305,891 324,396 18,505 80,125 85,399 86,197 80,368 85,893 5,525 186 187 Televisions, video receivers, and other video equipment .................................... 24,074 25,696 1,622 6,605 6,558 6,110 5,798 6,361 563 187 188 Radio and stereo equipment, including recorded media ....................................... 9,609 9,026 -583 2,136 2,200 2,238 2,367 2,281 -86 188 189 Toys and sporting goods, including bicycles ................................................ 36,792 39,048 2,256 9,957 10,118 10,751 9,768 10,480 712 189 190 Household and kitchen appliances and other household goods ................................. 172,605 187,758 15,153 45,910 50,421 51,293 45,938 49,864 3,926 190 191 Household furnishings and related products ............................................... 33,688 36,821 3,133 9,133 9,459 10,077 9,495 10,023 528 191 192 Household and kitchen appliances ......................................................... 26,992 29,189 2,197 7,229 7,969 7,488 7,430 7,912 482 192 193 Other household goods, including cell phones ............................................. 111,925 121,747 9,822 29,548 32,993 33,728 29,013 31,929 2,916 193 194 Jewelry and collectibles ................................................................... 26,876 27,201 325 6,655 7,019 6,774 7,071 7,442 371 194 195 Gem diamonds and other gemstones ........................................................... 27,539 26,316 -1,223 6,492 6,664 6,626 7,019 7,049 30 195 196 Other durable goods ........................................................................ 8,396 9,352 956 2,369 2,420 2,406 2,408 2,416 8 196 197 Other general merchandise ...................................................................... 86,887 90,913 4,026 22,460 24,214 22,681 24,626 26,192 1,566 197 198 Nonmonetary gold (line 107) ...................................................................... 18,160 12,203 -5,957 2,789 3,473 2,809 2,678 2,472 -206 198 199 Balance on goods (line 1 less line 105) ............................................................ -751,051 -807,495 -56,444 -196,823 -212,378 -220,802 -203,058 -227,012 -23,954 199 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III 1 Exports of services (table 1, line 13) ............................................................. 758,888 797,690 38,802 201,293 203,977 205,994 205,817 207,635 1,818 1 2 Maintenance and repair services n.i.e. ........................................................... 25,004 26,430 1,426 6,213 6,740 7,286 7,469 7,516 47 2 3 Transport ........................................................................................ 84,679 88,598 3,919 22,483 22,696 22,949 23,453 23,104 -349 3 4 Sea transport .................................................................................. 18,078 18,707 629 4,676 4,770 4,836 4,882 4,918 36 4 5 Freight ...................................................................................... 3,691 3,819 128 968 971 962 985 999 14 5 6 Port ......................................................................................... 14,386 14,888 502 3,707 3,799 3,874 3,898 3,919 21 6 7 Air transport .................................................................................. 62,049 65,229 3,180 16,483 16,755 16,833 17,362 16,918 -444 7 8 Passenger .................................................................................... 39,271 40,613 1,342 10,254 10,290 10,312 10,499 10,101 -398 8 9 Freight ...................................................................................... 12,473 13,673 1,200 3,490 3,581 3,841 3,880 3,818 -62 9 10 Port ......................................................................................... 10,305 10,943 638 2,739 2,883 2,680 2,983 2,999 16 10 11 Other modes of transport ....................................................................... 4,552 4,662 110 1,325 1,171 1,280 1,208 1,268 60 11 12 Travel (for all purposes including education) /1/ ................................................ 206,902 210,747 3,845 52,980 53,429 53,504 53,651 53,836 185 12 13 Business ....................................................................................... 40,996 39,669 -1,327 9,906 9,956 9,877 9,732 9,595 -137 13 14 Expenditures by border, seasonal, and other short-term workers ............................... 8,505 8,615 110 2,191 2,186 2,156 2,159 2,130 -29 14 15 Other business travel ........................................................................ 32,491 31,053 -1,438 7,715 7,770 7,721 7,573 7,465 -108 15 16 Personal ....................................................................................... 165,906 171,079 5,173 43,074 43,473 43,627 43,920 44,240 320 16 17 Health related ............................................................................... 3,751 3,925 174 990 998 1,011 1,020 1,030 10 17 18 Education related ............................................................................ 39,040 42,400 3,360 10,708 10,927 11,089 11,248 11,422 174 18 19 Other personal travel ........................................................................ 123,115 124,753 1,638 31,376 31,548 31,527 31,651 31,789 138 19 20 Insurance services ............................................................................... 17,067 18,047 980 4,708 4,755 4,555 4,557 4,552 -5 20 21 Direct insurance ............................................................................... 2,060 1,957 -103 491 536 551 564 584 20 21 22 Reinsurance .................................................................................... 13,585 14,508 923 3,818 3,815 3,587 3,561 3,527 -34 22 23 Auxiliary insurance services ................................................................... 1,422 1,582 160 399 403 416 432 441 9 23 24 Financial services ............................................................................... 99,384 109,642 10,258 27,927 28,751 27,907 28,224 28,846 622 24 25 Securities brokerage, underwriting, and related services ....................................... 11,717 12,176 459 2,837 2,934 3,227 3,269 3,275 6 25 26 Financial management, financial advisory, and custody services ................................. 49,026 53,625 4,599 13,821 14,363 12,709 13,265 13,625 360 26 27 Credit card and other credit-related services .................................................. 20,651 23,158 2,507 5,955 5,982 6,647 6,191 6,358 167 27 28 Securities lending, electronic funds transfer, and other services .............................. 17,990 20,682 2,692 5,314 5,472 5,324 5,498 5,588 90 28 29 Charges for the use of intellectual property n.i.e. .............................................. 124,734 128,364 3,630 32,273 32,762 33,577 32,398 33,025 627 29 30 Industrial processes ........................................................................... 47,285 46,988 -297 11,833 12,303 12,297 11,518 11,803 285 30 31 Computer software .............................................................................. 36,708 37,081 373 9,229 9,130 9,403 9,712 9,717 5 31 32 Trademarks and franchise fees .................................................................. 20,439 22,646 2,207 5,847 6,168 5,939 5,932 6,165 233 32 33 Audio-visual and related products .............................................................. 20,227 21,586 1,359 5,348 5,142 5,926 5,224 5,328 104 33 34 Other intellectual property .................................................................... 75 63 -12 17 18 12 12 12 0 34 35 Telecommunications, computer, and information services ........................................... 38,548 42,219 3,671 10,735 10,902 10,913 10,630 10,808 178 35 36 Telecommunications services .................................................................... 11,736 10,879 -857 2,716 2,635 2,784 2,567 2,569 2 36 37 Computer services .............................................................................. 19,626 22,941 3,315 5,933 6,061 5,816 5,751 5,840 89 37 38 Information services ........................................................................... 7,186 8,399 1,213 2,086 2,206 2,313 2,312 2,399 87 38 39 Other business services .......................................................................... 143,768 154,313 10,545 38,936 39,326 40,556 40,132 40,752 620 39 40 Research and development services .............................................................. 38,159 42,191 4,032 10,762 10,934 10,439 10,297 10,412 115 40 41 Professional and management consulting services ................................................ 75,032 78,850 3,818 19,822 20,188 21,515 21,340 21,806 466 41 42 Technical, trade-related, and other business services /2/ ...................................... 30,577 33,272 2,695 8,352 8,205 8,601 8,494 8,534 40 42 43 Government goods and services n.i.e. ............................................................. 18,801 19,329 528 5,037 4,617 4,748 5,303 5,196 -107 43 44 Imports of services (table 1, line 42) ............................................................. 509,838 542,471 32,633 137,261 139,426 139,182 137,365 139,279 1,914 44 45 Maintenance and repair services n.i.e. ........................................................... 8,731 8,337 -394 2,004 2,059 2,093 2,062 2,001 -61 45 46 Transport ........................................................................................ 96,939 101,744 4,805 25,352 25,872 26,253 26,755 26,982 227 46 47 Sea transport .................................................................................. 35,097 37,058 1,961 9,190 9,391 9,613 9,548 9,713 165 47 48 Freight ...................................................................................... 32,709 34,387 1,678 8,506 8,705 8,920 8,849 9,009 160 48 49 Port ......................................................................................... 2,388 2,670 282 684 685 693 699 705 6 49 50 Air transport .................................................................................. 58,043 60,825 2,782 15,213 15,545 15,688 16,273 16,337 64 50 51 Passenger .................................................................................... 37,367 38,897 1,530 9,722 9,914 10,164 10,462 10,441 -21 51 52 Freight ...................................................................................... 6,951 7,869 918 1,991 2,080 1,989 2,217 2,272 55 52 53 Port ......................................................................................... 13,724 14,060 336 3,499 3,551 3,535 3,594 3,625 31 53 54 Other modes of transport ....................................................................... 3,799 3,861 62 949 937 951 934 932 -2 54 55 Travel (for all purposes including education) /1/ ................................................ 123,569 135,024 11,455 33,813 34,906 35,553 35,620 36,146 526 55 56 Business ....................................................................................... 15,919 16,576 657 4,147 4,140 4,009 4,185 4,245 60 56 57 Expenditures by border, seasonal, and other short-term workers ............................... 1,373 1,421 48 358 359 365 369 374 5 57 58 Other business travel ........................................................................ 14,546 15,155 609 3,789 3,782 3,645 3,816 3,871 55 58 59 Personal ....................................................................................... 107,651 118,448 10,797 29,666 30,766 31,544 31,435 31,902 467 59 60 Health related ............................................................................... 2,057 2,316 259 587 605 623 642 661 19 60 61 Education related ............................................................................ 7,639 8,220 581 2,070 2,097 2,143 2,190 2,237 47 61 62 Other personal travel ........................................................................ 97,954 107,912 9,958 27,008 28,065 28,778 28,603 29,003 400 62 63 Insurance services ............................................................................... 49,900 50,665 765 13,094 12,434 9,754 9,554 9,500 -54 63 64 Direct insurance ............................................................................... 3,980 3,766 -214 935 997 797 902 876 -26 64 65 Reinsurance .................................................................................... 43,889 45,112 1,223 11,723 11,013 8,548 8,257 8,243 -14 65 66 Auxiliary insurance services ................................................................... 2,031 1,787 -244 436 423 409 395 381 -14 66 67 Financial services ............................................................................... 25,752 28,931 3,179 7,478 7,628 7,532 7,717 7,864 147 67 68 Securities brokerage, underwriting, and related services ....................................... 4,245 4,827 582 1,193 1,147 1,294 1,335 1,222 -113 68 69 Financial management, financial advisory, and custody services ................................. 10,955 12,125 1,170 3,125 3,268 3,095 3,100 3,213 113 69 70 Credit card and other credit-related services .................................................. 7,186 8,158 972 2,148 2,215 2,218 2,305 2,432 127 70 71 Securities lending, electronic funds transfer, and other services .............................. 3,366 3,820 454 1,012 997 924 978 998 20 71 72 Charges for the use of intellectual property n.i.e. .............................................. 46,577 51,284 4,707 13,136 13,808 13,925 13,051 13,282 231 72 73 Industrial processes ........................................................................... 23,020 24,073 1,053 6,222 6,564 5,938 6,139 6,207 68 73 74 Computer software .............................................................................. 7,593 9,957 2,364 2,447 2,827 2,478 2,069 2,130 61 74 75 Trademarks and franchise fees .................................................................. 3,572 3,889 317 962 999 1,060 953 991 38 75 76 Audio-visual and related products .............................................................. 12,281 13,226 945 3,471 3,392 4,388 3,857 3,920 63 76 77 Other intellectual property .................................................................... 110 138 28 35 27 61 32 34 2 77 78 Telecommunications, computer, and information services ........................................... 37,391 40,054 2,663 10,068 10,280 10,174 9,831 9,875 44 78 79 Telecommunications services .................................................................... 5,490 5,478 -12 1,414 1,406 1,415 1,318 1,337 19 79 80 Computer services .............................................................................. 29,531 31,956 2,425 7,998 8,211 8,118 7,873 7,905 32 80 81 Information services ........................................................................... 2,370 2,619 249 656 663 641 640 633 -7 81 82 Other business services .......................................................................... 99,476 104,385 4,909 26,774 26,929 28,246 27,044 27,853 809 82 83 Research and development services .............................................................. 34,133 35,344 1,211 9,004 8,967 9,222 8,794 8,938 144 83 84 Professional and management consulting services ................................................ 41,247 43,361 2,114 11,123 11,209 12,166 11,671 12,154 483 84 85 Technical, trade-related, and other business services /2/ ...................................... 24,095 25,681 1,586 6,647 6,753 6,859 6,579 6,761 182 85 86 Government goods and services n.i.e. ............................................................. 21,503 22,047 544 5,541 5,510 5,653 5,731 5,775 44 86 87 Balance on services (line 1 less line 44) .......................................................... 249,050 255,219 6,169 64,032 64,551 66,812 68,452 68,356 -96 87 Supplemental detail on insurance transactions: 88 Premiums received .................................................................................. 31,876 31,921 45 8,347 8,169 7,606 7,525 7,444 -81 88 89 Losses paid ........................................................................................ 16,196 18,303 2,107 6,890 3,630 3,567 3,506 3,467 -39 89 90 Premiums paid ...................................................................................... 122,114 129,879 7,765 33,943 31,429 23,986 24,557 25,380 823 90 91 Losses recovered ................................................................................... 79,654 111,444 31,790 46,595 21,603 18,689 18,935 19,573 638 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III 1 Primary income receipts (table 1, line 23) ........................................................ 830,174 928,118 97,944 237,632 248,940 256,029 266,274 264,523 -1,751 1 2 Investment income ............................................................................... 823,709 921,816 98,107 236,058 247,367 254,435 264,669 262,907 -1,762 2 3 Direct investment income ...................................................................... 456,426 504,404 47,978 127,799 135,929 135,062 140,184 136,950 -3,234 3 4 Income on equity ............................................................................ 432,160 477,707 45,547 120,340 128,884 128,094 132,891 129,815 -3,076 4 5 Dividends and withdrawals ................................................................. 139,250 155,081 15,831 55,110 26,874 294,856 183,703 92,720 -90,983 5 6 Reinvested earnings ....................................................................... 292,910 322,626 29,716 65,229 102,009 -166,762 -50,812 37,095 87,907 6 7 Interest .................................................................................... 24,266 26,697 2,431 7,459 7,046 6,969 7,293 7,135 -158 7 8 U.S. parents' receipts .................................................................... 17,987 18,101 114 4,532 4,344 4,362 4,658 4,394 -264 8 9 U.S. affiliates' receipts ................................................................. 6,279 8,596 2,317 2,927 2,702 2,607 2,635 2,741 106 9 10 Portfolio investment income ................................................................... 326,325 354,406 28,081 91,154 93,614 99,244 102,199 103,335 1,136 10 11 Income on equity and investment fund shares ................................................. 217,962 236,246 18,284 61,241 62,535 65,937 67,344 68,016 672 11 12 Dividends on equity other than investment fund shares ..................................... 190,669 208,956 18,287 54,311 55,548 58,480 59,142 59,580 438 12 13 Income attributable to investment fund shareholders ....................................... 27,293 27,290 -3 6,930 6,987 7,457 8,202 8,436 234 13 14 Interest on debt securities ................................................................. 108,363 118,161 9,798 29,913 31,078 33,307 34,856 35,319 463 14 15 Short term ................................................................................ 2,287 5,372 3,085 1,525 1,789 2,359 2,923 3,180 257 15 16 Long term ................................................................................. 106,077 112,789 6,712 28,388 29,289 30,949 31,932 32,139 207 16 17 Other investment income ....................................................................... 40,850 62,620 21,770 16,996 17,741 19,959 22,239 22,393 154 17 18 Interest /1/ ................................................................................ 29,394 51,243 21,849 14,138 14,925 17,629 20,170 20,398 228 18 19 Income attributable to insurance policyholders .............................................. 11,457 11,378 -79 2,858 2,817 2,330 2,069 1,995 -74 19 20 Reserve asset income .......................................................................... 108 385 277 109 82 169 47 230 183 20 21 Interest .................................................................................... 108 385 277 109 82 169 47 230 183 21 22 Compensation of employees ....................................................................... 6,466 6,302 -164 1,573 1,573 1,594 1,605 1,616 11 22 23 Primary income payments (table 1, line 52) ........................................................ 637,151 706,386 69,235 179,410 186,569 194,854 203,926 205,098 1,172 23 24 Investment income ............................................................................... 618,013 686,699 68,686 174,430 181,601 189,875 198,866 200,021 1,155 24 25 Direct investment income ...................................................................... 183,812 205,976 22,164 51,342 55,978 57,458 61,096 59,302 -1,794 25 26 Income on equity ............................................................................ 138,168 153,480 15,312 38,190 42,285 43,061 48,203 46,351 -1,852 26 27 Dividends and withdrawals ................................................................. 46,523 45,621 -902 8,063 14,454 7,898 13,341 8,049 -5,292 27 28 Reinvested earnings ....................................................................... 91,644 107,859 16,215 30,127 27,832 35,163 34,862 38,302 3,440 28 29 Interest .................................................................................... 45,644 52,496 6,852 13,151 13,693 14,398 12,893 12,951 58 29 30 U.S. affiliates' payments ................................................................. 38,337 43,712 5,375 10,923 11,360 12,132 10,808 10,797 -11 30 31 U.S. parents' payments .................................................................... 7,307 8,784 1,477 2,228 2,332 2,266 2,084 2,153 69 31 32 Portfolio investment income ................................................................... 407,603 432,510 24,907 109,845 111,305 114,968 116,895 116,659 -236 32 33 Income on equity and investment fund shares ................................................. 138,514 144,632 6,118 36,670 36,625 38,844 40,216 39,369 -847 33 34 Dividends on equity other than investment fund shares ..................................... 107,769 112,430 4,661 28,553 28,660 30,507 31,317 31,182 -135 34 35 Income attributable to investment fund shareholders ....................................... 30,744 32,202 1,458 8,117 7,965 8,337 8,899 8,187 -712 35 36 Interest on debt securities ................................................................. 269,089 287,878 18,789 73,175 74,680 76,124 76,678 77,290 612 36 37 Short term ................................................................................ 3,707 8,247 4,540 2,255 2,703 3,660 4,101 4,681 580 37 38 Long term ................................................................................. 265,382 279,630 14,248 70,920 71,978 72,463 72,578 72,609 31 38 39 Other investment income ....................................................................... 26,599 48,213 21,614 13,243 14,317 17,448 20,875 24,059 3,184 39 40 Interest /1/ ................................................................................ 23,710 45,497 21,787 12,565 13,630 16,807 20,265 23,457 3,192 40 41 Income attributable to insurance policyholders .............................................. 2,889 2,716 -173 679 687 641 610 602 -8 41 42 Compensation of employees ....................................................................... 19,139 19,687 548 4,980 4,969 4,979 5,060 5,077 17 42 43 Balance on primary income (line 1 less line 23) ................................................... 193,023 221,731 28,708 58,222 62,371 61,175 62,348 59,425 -2,923 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III 1 Secondary income (current transfer) receipts (table 1, line 30) ................................... 137,764 154,049 16,285 42,258 35,537 31,833 34,995 36,355 1,360 1 2 U.S. government transfers /1/ ................................................................. 28,391 39,983 11,592 12,975 7,274 7,122 9,978 11,380 1,402 2 3 Private transfers /2/ ......................................................................... 109,373 114,066 4,693 29,283 28,263 24,711 25,017 24,975 -42 3 4 Secondary income (current transfer) payments (table 1, line 58) ................................... 261,659 272,645 10,986 71,136 66,229 60,728 63,961 61,942 -2,019 4 5 U.S. government transfers ..................................................................... 55,409 51,598 -3,811 12,365 13,010 11,613 15,495 12,736 -2,759 5 6 U.S. government grants /3/ ................................................................ 43,104 41,967 -1,137 9,949 10,581 8,967 12,829 10,064 -2,765 6 7 U.S. government pensions and other transfers /4/ .......................................... 12,305 9,631 -2,674 2,415 2,429 2,646 2,666 2,672 6 7 8 Private transfers ............................................................................. 206,250 221,047 14,797 58,771 53,220 49,115 48,465 49,206 741 8 9 Personal transfers /5/ .................................................................... 45,971 48,277 2,306 12,149 12,311 12,476 12,644 12,813 169 9 10 Other current transfers /6/ ............................................................... 160,279 172,769 12,490 46,623 40,908 36,638 35,822 36,393 571 10 11 Balance on secondary income (line 1 less line 4) .................................................. -123,895 -118,597 5,298 -28,878 -30,692 -28,896 -28,966 -25,586 3,380 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III   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 66,247 102,936 91,256 -139,326 -68,060 76,846 144,906 1 2 Equity ........................................................................................... 336,657 352,504 15,847 69,079 101,537 -167,731 -52,808 71,558 124,366 2 3 Equity other than reinvestment of earnings ..................................................... 43,747 29,878 -13,869 3,850 -472 -969 -1,996 34,463 36,459 3 4 Reinvestment of earnings ....................................................................... 292,910 322,626 29,716 65,229 102,009 -166,762 -50,812 37,095 87,907 4 5 Debt instruments ................................................................................. -23,683 26,718 50,401 33,857 -10,281 28,406 -15,252 5,288 20,540 5 6 U.S. parents' claims ........................................................................... -3,757 3,753 7,510 12,580 -14,580 24,440 -20,381 3,540 23,921 6 7 U.S. affiliates' claims ........................................................................ -19,925 22,965 42,890 21,277 4,298 3,965 5,128 1,748 -3,380 7 8 Less: Adjustments to convert to directional basis .................................................. 8,416 62,753 54,337 41,387 -6,705 -5,709 17,325 6,060 -11,265 8 9 U.S. parents' liabilities ........................................................................ 28,341 39,788 11,447 20,109 -11,004 -9,675 12,196 4,312 -7,884 9 10 U.S. affiliates' claims .......................................................................... -19,925 22,965 42,890 21,277 4,298 3,965 5,128 1,748 -3,380 10 11 Equals: Financial transactions for outward direct investment (U.S. direct investment abroad), directional basis /2/ ..................................................................... 304,558 316,469 11,911 61,550 97,962 -133,616 -85,385 70,786 156,171 11 12 Equity ........................................................................................... 336,657 352,504 15,847 69,079 101,537 -167,731 -52,808 71,558 124,366 12 13 Equity other than reinvestment of earnings (line 14 less line 15) .............................. 43,747 29,878 -13,869 3,850 -472 -969 -1,996 34,463 36,459 13 14 Increases .................................................................................... 99,590 85,665 -13,925 21,937 18,007 11,472 15,553 40,586 25,033 14 15 Decreases .................................................................................... 55,843 55,787 -56 18,087 18,479 12,441 17,549 6,123 -11,426 15 16 Reinvestment of earnings ....................................................................... 292,910 322,626 29,716 65,229 102,009 -166,762 -50,812 37,095 87,907 16 17 Reinvestment of earnings without current-cost adjustment ..................................... 277,612 306,535 28,923 61,177 97,937 -170,701 -54,744 33,168 87,912 17 18 Current-cost adjustment ...................................................................... 15,297 16,091 794 4,053 4,072 3,938 3,932 3,927 -5 18 19 Debt instruments (line 20 less line 21) .......................................................... -32,099 -36,035 -3,936 -7,529 -3,576 34,115 -32,577 -772 31,805 19 20 U.S. parents' claims ........................................................................... -3,757 3,753 7,510 12,580 -14,580 24,440 -20,381 3,540 23,921 20 21 U.S. parents' liabilities ...................................................................... 28,341 39,788 11,447 20,109 -11,004 -9,675 12,196 4,312 -7,884 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 57,497 93,889 -137,555 -89,317 66,859 156,176 22 23 Manufacturing .................................................................................. 52,609 77,073 24,464 21,893 18,035 14,668 11,812 12,944 1,132 23 24 Wholesale trade ................................................................................ 16,629 11,628 -5,001 3,091 3,272 1,613 -2,580 7,625 10,205 24 25 Finance (including depository institutions) and insurance ...................................... 16,208 42,096 25,888 5,727 14,521 30,503 -4,401 25,189 29,590 25 26 Holding companies except bank holding companies ................................................ 146,599 125,603 -20,996 26,563 48,205 -200,329 -101,237 15,606 116,843 26 27 Other .......................................................................................... 57,216 43,977 -13,239 223 9,856 15,990 7,090 5,495 -1,595 27 28 Equity other than reinvestment of earnings ....................................................... 43,747 29,878 -13,869 3,850 -472 -969 -1,996 34,463 36,459 28 29 Manufacturing .................................................................................. 8,185 6,963 -1,222 590 2,707 435 2,304 1,204 -1,100 29 30 Wholesale trade ................................................................................ 21 413 392 (D) 183 -150 -20 76 96 30 31 Finance (including depository institutions) and insurance ...................................... 21,056 4,953 -16,103 680 -2,050 -657 -9,629 10,738 20,367 31 32 Holding companies except bank holding companies ................................................ 8,563 6,647 -1,916 3,323 -1,556 -1,310 2,079 19,523 17,444 32 33 Other .......................................................................................... 5,922 10,902 4,980 (D) 244 713 3,269 2,921 -348 33 34 Reinvestment of earnings without current-cost adjustment ......................................... 277,612 306,535 28,923 61,177 97,937 -170,701 -54,744 33,168 87,912 34 35 Manufacturing .................................................................................. 44,858 63,891 19,033 17,199 16,729 13,753 12,386 12,041 -345 35 36 Wholesale trade ................................................................................ 15,249 15,545 296 (D) 3,963 3,520 2,557 4,772 2,215 36 37 Finance (including depository institutions) and insurance ...................................... 20,283 35,170 14,887 7,364 11,305 -17,914 2,408 9,840 7,432 37 38 Holding companies except bank holding companies ................................................ 154,060 136,729 -17,331 18,268 48,119 -180,834 -81,252 1,025 82,277 38 39 Other .......................................................................................... 43,162 55,199 12,037 (D) 17,821 10,774 9,158 5,490 -3,668 39 40 Debt instruments ................................................................................. -32,099 -36,035 -3,936 -7,529 -3,576 34,115 -32,577 -772 31,805 40 41 Manufacturing .................................................................................. -435 6,218 6,653 4,104 -1,401 480 -2,878 -301 2,577 41 42 Wholesale trade ................................................................................ 1,360 -4,330 -5,690 -711 -875 -1,758 -5,117 2,777 7,894 42 43 Finance (including depository institutions) and insurance ...................................... -25,132 1,973 27,105 -2,317 5,267 49,074 2,820 4,611 1,791 43 44 Holding companies except bank holding companies ................................................ -16,024 -17,773 -1,749 4,972 1,643 -18,185 -22,064 -4,942 17,122 44 45 Other .......................................................................................... 8,132 -22,124 -30,256 -13,577 -8,209 4,503 -5,338 -2,917 2,421 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 -139,626 107,107 38,250 57,949 16,499 122,336 105,837 46 47 Equity ........................................................................................... 387,599 308,406 -79,193 72,927 64,320 72,661 45,453 117,403 71,950 47 48 Equity other than reinvestment of earnings ..................................................... 295,955 200,547 -95,408 42,799 36,488 37,499 10,591 79,102 68,511 48 49 Reinvestment of earnings ....................................................................... 91,644 107,859 16,215 30,127 27,832 35,163 34,862 38,302 3,440 49 50 Debt instruments ................................................................................. 106,856 46,423 -60,433 34,180 -26,070 -14,712 -28,954 4,933 33,887 50 51 U.S. affiliates' liabilities ................................................................... 78,515 6,635 -71,880 14,071 -15,066 -5,037 -41,151 620 41,771 51 52 U.S. parents' liabilities ...................................................................... 28,341 39,788 11,447 20,109 -11,004 -9,675 12,196 4,312 -7,884 52 53 Less: Adjustments to convert to directional basis .................................................. 8,416 62,753 54,337 41,387 -6,705 -5,709 17,325 6,060 -11,265 53 54 U.S. parents' liabilities ........................................................................ 28,341 39,788 11,447 20,109 -11,004 -9,675 12,196 4,312 -7,884 54 55 U.S. affiliates' claims .......................................................................... -19,925 22,965 42,890 21,277 4,298 3,965 5,128 1,748 -3,380 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 65,720 44,955 63,658 -826 116,276 117,102 56 57 Equity ........................................................................................... 387,599 308,406 -79,193 72,927 64,320 72,661 45,453 117,403 71,950 57 58 Equity other than reinvestment of earnings (line 59 less line 60) .............................. 295,955 200,547 -95,408 42,799 36,488 37,499 10,591 79,102 68,511 58 59 Increases .................................................................................... 317,795 218,159 -99,636 48,020 39,305 41,210 110,291 82,122 -28,169 59 60 Decreases .................................................................................... 21,840 17,612 -4,228 5,221 2,817 3,711 99,699 3,021 -96,678 60 61 Reinvestment of earnings ....................................................................... 91,644 107,859 16,215 30,127 27,832 35,163 34,862 38,302 3,440 61 62 Reinvestment of earnings without current-cost adjustment ..................................... 77,397 93,040 15,643 26,394 24,080 30,649 30,345 33,781 3,436 62 63 Current-cost adjustment ...................................................................... 14,247 14,819 572 3,733 3,752 4,514 4,517 4,520 3 63 64 Debt instruments (line 65 less line 66) .......................................................... 98,440 -16,329 -114,769 -7,207 -19,365 -9,003 -46,279 -1,127 45,152 64 65 U.S. affiliates' liabilities ................................................................... 78,515 6,635 -71,880 14,071 -15,066 -5,037 -41,151 620 41,771 65 66 U.S. affiliates' claims ........................................................................ -19,925 22,965 42,890 21,277 4,298 3,965 5,128 1,748 -3,380 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 61,987 41,204 59,145 -5,343 111,756 117,099 67 68 Manufacturing .................................................................................. 204,441 95,575 -108,866 17,797 13,429 31,042 90,766 61,068 -29,698 68 69 Wholesale trade ................................................................................ 12,384 59,196 46,812 6,308 3,383 5,482 2,956 6,174 3,218 69 70 Finance (including depository institutions) and insurance ...................................... 74,742 40,360 -34,382 4,685 1,956 12,367 4,623 6,543 1,920 70 71 Other .......................................................................................... 180,225 82,127 -98,098 33,197 22,435 10,254 -103,687 37,971 141,658 71 72 Equity other than reinvestment of earnings ....................................................... 295,955 200,547 -95,408 42,799 36,488 37,499 10,591 79,102 68,511 72 73 Manufacturing .................................................................................. 111,998 55,151 -56,847 13,098 2,139 27,243 90,021 41,990 -48,031 73 74 Wholesale trade ................................................................................ 14,026 51,148 37,122 841 9,018 332 (D) 4,075 (D) 74 75 Finance (including depository institutions) and insurance ...................................... 40,611 36,975 -3,636 3,940 8,500 1,661 2,098 1,606 -492 75 76 Other .......................................................................................... 129,321 57,272 -72,049 24,920 16,832 8,262 (D) 31,430 (D) 76 77 Reinvestment of earnings without current-cost adjustment ......................................... 77,397 93,040 15,643 26,394 24,080 30,649 30,345 33,781 3,436 77 78 Manufacturing .................................................................................. 44,531 60,324 15,793 15,896 16,733 17,410 16,353 17,284 931 78 79 Wholesale trade ................................................................................ -4,121 3,035 7,156 -406 -846 3,131 (D) 3,361 (D) 79 80 Finance (including depository institutions) and insurance ...................................... 21,633 13,694 -7,939 4,852 1,727 4,815 6,634 4,468 -2,166 80 81 Other .......................................................................................... 15,353 15,987 634 6,051 6,466 5,293 (D) 8,669 (D) 81 82 Debt instruments ................................................................................. 98,440 -16,329 -114,769 -7,207 -19,365 -9,003 -46,279 -1,127 45,152 82 83 Manufacturing .................................................................................. 47,911 -19,900 -67,811 -11,197 -5,442 -13,611 -15,608 1,794 17,402 83 84 Wholesale trade ................................................................................ 2,479 5,012 2,533 5,872 -4,789 2,019 -3,827 -1,262 2,565 84 85 Finance (including depository institutions) and insurance ...................................... 12,498 -10,309 -22,807 -4,108 -8,271 5,891 -4,110 468 4,578 85 86 Other .......................................................................................... 35,551 8,867 -26,684 2,226 -862 -3,302 -22,734 -2,127 20,607 86 p Preliminary r Revised (D) Suppressed to avoid the disclosure of data 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 December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III Assets and liabilities by instrument 1 Net U.S. acquisition of portfolio investment assets (table 1, line 65) ............................. 36,283 586,695 550,412 175,910 88,301 304,094 -14,272 72,598 86,870 1 By type of foreign security: 2 Equity and investment fund shares .............................................................. 21,743 166,827 145,084 63,399 -39,233 200,871 -70,830 35,027 105,857 2 3 Equity other than investment fund shares ..................................................... 18,871 147,259 128,388 56,222 -34,851 178,152 -62,203 30,683 92,886 3 4 Investment fund shares ....................................................................... 2,871 19,567 16,696 7,177 -4,382 22,718 -8,627 4,343 12,970 4 5 Debt securities ................................................................................ 14,541 419,868 405,327 112,512 127,534 103,223 56,559 37,571 -18,988 5 6 Short term ................................................................................... -27,409 193,855 221,264 74,149 40,467 27,771 2,469 21,559 19,090 6 7 Negotiable certificates of deposit ......................................................... 8,122 43,034 34,912 11,742 3,847 -5,403 21,942 8,034 -13,908 7 8 Commercial paper ........................................................................... -59,187 91,943 151,130 56,270 -6,845 29,391 -15,464 16,648 32,112 8 9 Other short-term securities ................................................................ 23,656 58,878 35,222 6,137 43,464 3,783 -4,009 -3,123 886 9 10 Long term .................................................................................... 41,950 226,013 184,063 38,363 87,067 75,453 54,089 16,012 -38,077 10 11 Government securities ...................................................................... 11,125 63,645 52,520 10,807 24,640 21,987 15,253 4,360 -10,893 11 12 Corporate bonds and notes .................................................................. 30,178 160,175 129,997 26,957 62,231 53,741 37,717 11,243 -26,474 12 13 Negotiable certificates of deposit ......................................................... 647 2,194 1,547 599 196 -275 1,119 410 -709 13 14 Net U.S. incurrence of portfolio investment liabilities (table 1, line 88) ......................... 231,349 799,182 567,833 294,275 81,626 301,503 20,596 12,469 -8,127 14 By type of U.S. security acquired by foreign residents: 15 Equity and investment fund shares .............................................................. -139,700 155,680 295,380 80,561 -3,377 154,313 291 -95,589 -95,880 15 16 Equity other than investment fund shares ..................................................... -109,065 121,063 230,128 62,733 -2,642 121,197 227 -75,707 -75,934 16 17 Investment fund shares ....................................................................... -30,635 34,616 65,251 17,828 -734 33,115 64 -19,883 -19,947 17 18 Debt securities ................................................................................ 371,049 643,503 272,454 213,713 85,003 147,190 20,305 108,059 87,754 18 19 Short term ................................................................................... -12,092 15,851 27,943 -20,035 25,215 31,355 37,436 -52,528 -89,964 19 20 Treasury bills and certificates ............................................................ -55,864 33,539 89,403 9,132 20,270 13,560 33,709 -35,354 -69,063 20 21 Federally sponsored agency securities ...................................................... -18,157 -6,335 11,822 -1,927 2,160 2,214 -680 -6,121 -5,441 21 22 Negotiable certificates of deposit ......................................................... 24,950 -5,581 -30,531 -12,420 -8,260 753 10,498 -6,573 -17,071 22 23 Commercial paper and other securities ...................................................... 36,979 -5,772 -42,751 -14,820 11,044 14,828 -6,091 -4,480 1,611 23 24 Long term .................................................................................... 383,141 627,652 244,511 233,748 59,788 115,835 -17,131 160,587 177,718 24 25 Treasury bonds and notes ................................................................... -51,992 273,308 325,300 150,035 546 73,078 -12,004 97,884 109,888 25 26 State and local government securities ...................................................... 7,230 7,058 -172 1,574 1,186 111 -327 708 1,035 26 27 Federally sponsored agency securities ...................................................... 97,207 27,376 -69,831 14,153 8,523 37,775 6,518 35,815 29,297 27 28 Corporate bonds and notes .................................................................. 326,252 320,949 -5,303 70,281 51,058 4,731 -13,257 27,393 40,650 28 29 Negotiable certificates of deposit ......................................................... 4,444 -1,039 -5,483 -2,294 -1,526 139 1,939 -1,214 -3,153 29 Assets by sector of U.S. holder 30 Net U.S. acquisition of portfolio investment assets (line 1) ....................................... 36,283 586,695 550,412 175,910 88,301 304,094 -14,272 72,598 86,870 30 31 Deposit-taking institutions except central bank .................................................. 4,730 34,752 30,022 7,701 12,467 8,952 4,642 1,968 -2,674 31 32 Equity and investment fund shares .............................................................. 402 2,386 1,984 964 -718 2,852 -1,232 613 1,845 32 33 Debt securities ................................................................................ 4,328 32,367 28,039 6,737 13,185 6,100 5,875 1,356 -4,519 33 34 Short term ................................................................................... 555 12,350 11,795 3,170 6,195 476 -149 -474 -325 34 35 Long term .................................................................................... 3,773 20,017 16,244 3,567 6,989 5,624 6,024 1,829 -4,195 35 36 Other financial institutions ..................................................................... 23,954 504,845 480,891 155,866 69,170 262,996 -16,878 65,210 82,088 36 37 Equity and investment fund shares .............................................................. 18,551 143,997 125,446 54,650 -33,709 173,592 -60,871 30,042 90,913 37 38 Debt securities ................................................................................ 5,403 360,848 355,445 101,217 102,878 89,404 43,994 35,168 -8,826 38 39 Short term ................................................................................... -28,843 180,282 209,125 70,741 32,756 28,526 1,739 22,706 20,967 39 40 Long term .................................................................................... 34,246 180,565 146,319 30,475 70,122 60,878 42,255 12,462 -29,793 40 41 Nonfinancial institutions except general government .............................................. 7,599 47,098 39,499 12,343 6,665 32,146 -2,037 5,419 7,456 41 42 Equity and investment fund shares .............................................................. 2,789 20,444 17,655 7,785 -4,806 24,426 -8,726 4,371 13,097 42 43 Debt securities ................................................................................ 4,810 26,654 21,844 4,558 11,471 7,720 6,690 1,048 -5,642 43 44 Short term ................................................................................... 879 1,222 343 238 1,516 -1,231 879 -673 -1,552 44 45 Long term .................................................................................... 3,931 25,432 21,501 4,320 9,955 8,951 5,811 1,721 -4,090 45 Liabilities by sector of U.S. issuer 46 Net U.S. incurrence of portfolio investment liabilities (line 14) .................................. 231,349 799,182 567,833 294,275 81,626 301,503 20,596 12,469 -8,127 46 47 Deposit-taking institutions except central bank .................................................. 57,074 27,417 -29,657 -3,528 -8,761 5,951 10,105 -8,803 -18,908 47 48 Equity and investment fund shares .............................................................. -6,374 5,975 12,349 2,997 -126 6,265 15 -3,135 -3,150 48 49 Debt securities ................................................................................ 63,448 21,442 -42,006 -6,525 -8,635 -314 10,090 -5,667 -15,757 49 50 Short term ................................................................................... 28,275 -2,171 -30,446 -9,642 -11,000 -819 9,567 -6,363 -15,930 50 51 Long term .................................................................................... 35,172 23,613 -11,559 3,118 2,365 505 523 695 172 51 52 Other financial institutions ..................................................................... 181,676 178,903 -2,773 51,170 35,527 97,555 -718 10,688 11,406 52 53 Equity and investment fund shares .............................................................. -40,269 48,378 88,647 24,877 -1,036 46,834 86 -28,122 -28,208 53 54 Debt securities ................................................................................ 221,945 130,525 -91,420 26,293 36,563 50,721 -804 38,810 39,614 54 55 Federally sponsored agency securities ........................................................ 79,050 21,041 -58,009 12,226 10,683 39,989 5,838 29,694 23,856 55 56 Short term ................................................................................. -18,157 -6,335 11,822 -1,927 2,160 2,214 -680 -6,121 -5,441 56 57 Long term .................................................................................. 97,207 27,376 -69,831 14,153 8,523 37,775 6,518 35,815 29,297 57 58 Other securities ............................................................................. 142,896 109,484 -33,412 14,067 25,879 10,732 -6,643 9,116 15,759 58 59 Short term ................................................................................. 26,454 -4,207 -30,661 -10,461 8,157 9,138 -2,274 -173 2,101 59 60 Long term .................................................................................. 116,441 113,691 -2,750 24,528 17,722 1,594 -4,368 9,289 13,657 60 61 Nonfinancial institutions except general government .............................................. 93,224 278,958 185,734 85,892 32,858 111,247 -10,168 -52,654 -42,486 61 62 Equity and investment fund shares .............................................................. -93,058 101,327 194,385 52,687 -2,214 101,214 190 -64,332 -64,522 62 63 Debt securities ................................................................................ 186,282 177,631 -8,651 33,204 35,073 10,033 -10,358 11,678 22,036 63 64 Short term ................................................................................... 7,200 -4,975 -12,175 -7,137 5,628 7,262 -2,885 -4,517 -1,632 64 65 Long term .................................................................................... 179,082 182,606 3,524 40,341 29,445 2,771 -7,473 16,195 23,668 65 66 General government ............................................................................... -100,626 313,905 414,531 160,740 22,002 86,750 21,378 63,239 41,861 66 67 Debt securities ................................................................................ -100,626 313,905 414,531 160,740 22,002 86,750 21,378 63,239 41,861 67 68 U.S. Treasury securities ..................................................................... -107,856 306,847 414,703 159,167 20,816 86,638 21,705 62,530 40,825 68 69 Short term ................................................................................. -55,864 33,539 89,403 9,132 20,270 13,560 33,709 -35,354 -69,063 69 70 Long term .................................................................................. -51,992 273,308 325,300 150,035 546 73,078 -12,004 97,884 109,888 70 71 State and local government long-term securities .............................................. 7,230 7,058 -172 1,574 1,186 111 -327 708 1,035 71 p Preliminary r Revised Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis December 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 2018 2018 2018 2018:II to 2017 III IV I II r III p 2018:III Assets and liabilities by instrument 1 Net U.S. acquisition of other investment assets (table 1, line 70) ................................. -2,723 218,522 221,245 94,804 -50,883 86,365 -120,679 -16,577 104,102 1 By type of claim on foreign residents: 2 Currency and deposits .......................................................................... -91,317 171,952 263,269 78,488 4,850 53,816 -22,388 12,765 35,153 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 78,488 4,850 53,816 -22,388 12,765 35,153 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 15,099 -55,760 33,356 -99,576 -27,166 72,410 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 1,217 26 -807 1,285 -2,176 -3,461 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) ............................. 15,725 383,671 367,946 102,701 39,288 81,628 -100,358 16,918 117,276 14 By type of liability to foreign residents: 15 Currency and deposits .......................................................................... 17,199 217,427 200,228 -15,792 61,423 -10,034 -57,927 -6,703 51,224 15 16 Currency (short term) ........................................................................ 42,311 69,706 27,395 15,850 17,262 16,970 19,391 19,606 215 16 17 Deposits ..................................................................................... -25,112 147,721 172,833 -31,642 44,161 -27,004 -77,318 -26,309 51,009 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 .......................................................................................... -7,574 150,834 158,408 112,549 -23,436 82,566 -47,064 21,292 68,356 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 5,943 1,302 9,096 4,634 2,328 -2,306 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 94,804 -50,883 86,365 -120,679 -16,577 104,102 28 29 Central bank ..................................................................................... 4,566 6,504 1,938 550 8,447 -7,056 -3,920 -1,017 2,903 29 30 Currency and deposits .......................................................................... 4,566 6,504 1,938 550 8,447 -7,056 -3,920 -1,017 2,903 30 31 Deposits ..................................................................................... 4,566 6,504 1,938 550 8,447 -7,056 -3,920 -1,017 2,903 31 32 Short term ................................................................................. 4,566 6,504 1,938 550 8,447 -7,056 -3,920 -1,017 2,903 32 33 Deposit-taking institutions except central bank .................................................. 27,350 24,466 -2,884 -716 -24,674 21,561 -93,455 -4,917 88,538 33 34 Of which: Interbank transactions ............................................................. -66,288 -3,717 62,571 -10,323 -3,073 9,864 -104,605 -3,131 101,474 34 35 Currency and deposits .......................................................................... -2,370 -47,964 -45,594 -20,868 8,994 8,374 -23,965 20,055 44,020 35 36 Deposits ..................................................................................... -2,370 -47,964 -45,594 -20,868 8,994 8,374 -23,965 20,055 44,020 36 37 Of which: Resale agreements .............................................................. 72,962 18,970 -53,992 -21,352 5,521 -7,396 24,500 1,772 -22,728 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 20,152 -33,668 13,188 -69,490 -24,972 44,518 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 93,096 -34,048 74,779 -25,467 -10,239 15,228 43 44 Currency and deposits .......................................................................... -93,513 213,412 306,925 98,807 -12,591 52,498 5,497 -6,273 -11,770 44 45 Deposits ..................................................................................... -93,513 213,412 306,925 98,807 -12,591 52,498 5,497 -6,273 -11,770 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 -6,927 -21,483 23,087 -32,249 -1,790 30,459 48 49 Of which: Resale agreements ................................................................ 42,950 -51,715 -94,665 -3,164 -19,150 -4,237 -34,381 -5,442 28,939 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 1,217 26 -807 1,285 -2,176 -3,461 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 1,874 -608 -2,919 2,163 -404 -2,567 56 57 Loans .......................................................................................... 531 1,015 484 1,874 -608 -2,919 2,163 -404 -2,567 57 58 Long term .................................................................................... 531 1,015 484 1,874 -608 -2,919 2,163 -404 -2,567 58 Liabilities by sector of U.S. issuer 59 Net U.S. incurrence of other investment liabilities (line 14) ...................................... 15,725 383,671 367,946 102,701 39,288 81,628 -100,358 16,918 117,276 59 60 Central bank ..................................................................................... 70,407 48,337 -22,070 5,432 21,015 13,353 23,352 5,412 -17,940 60 61 Currency and deposits .......................................................................... 70,407 48,337 -22,070 5,432 21,015 13,353 23,352 5,412 -17,940 61 62 Currency (short term) ........................................................................ 42,311 69,706 27,395 15,850 17,262 16,970 19,391 19,606 215 62 63 Deposits ..................................................................................... 28,096 -21,369 -49,465 -10,418 3,753 -3,617 3,961 -14,194 -18,155 63 64 Short term ................................................................................. 28,096 -21,369 -49,465 -10,418 3,753 -3,617 3,961 -14,194 -18,155 64 65 Deposit-taking institutions except central bank .................................................. -87,835 188,954 276,789 31,168 37,183 -43,705 -94,627 9,169 103,796 65 66 Of which: Interbank transactions ............................................................. -173,117 135,056 308,173 12,555 27,423 -32,274 -98,686 -15,042 83,644 66 67 Currency and deposits .......................................................................... -55,500 172,214 227,714 -5,620 55,376 -23,632 -92,037 -3,979 88,058 67 68 Deposits ..................................................................................... -55,500 172,214 227,714 -5,620 55,376 -23,632 -92,037 -3,979 88,058 68 69 Of which: Repurchase agreements .......................................................... 38,874 55,745 16,871 -18,115 44,326 -37,244 149 -22,750 -22,899 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 36,788 -18,193 -20,073 -2,589 13,147 15,736 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 64,647 -20,423 107,647 -28,885 1,457 30,342 75 76 Currency and deposits /2/ ...................................................................... 2,291 -3,125 -5,416 -15,604 -14,968 246 10,758 -8,136 -18,894 76 77 Deposits ..................................................................................... 2,291 -3,125 -5,416 -15,604 -14,968 246 10,758 -8,136 -18,894 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 75,762 -5,244 102,640 -44,475 8,145 52,620 80 81 Of which: Repurchase agreements ............................................................ 9,292 -12,727 -22,019 2,138 -22,539 17,139 -42,765 -36,312 6,453 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 4,489 -211 4,762 4,832 1,448 -3,384 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 1,455 1,513 4,334 -199 880 1,079 88 89 Trade credit and advances ...................................................................... 8,350 7,157 -1,193 1,455 1,513 4,334 -199 880 1,079 89 90 Long term .................................................................................... 8,350 7,157 -1,193 1,455 1,513 4,334 -199 880 1,079 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