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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Tuesday, September 19, 2017
U.S. International Transactions, 2nd quarter 2017
Current-Account Balance The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter. The $9.6 billion increase in the current-account deficit reflected a $7.5 billion increase in the deficit on secondary income, a $2.9 billion decrease in the surplus on primary income, and a $0.8 billion increase in the deficit on goods. These changes were partly offset by a $1.6 billion increase in the surplus on services. The remainder of this release highlights changes from the first quarter to the second quarter in major aggregates of the U.S. international transactions accounts, selected component contributions to those changes, and updates to previously published statistics for the first quarter. Current-Account Transactions (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts increased $2.2 billion in the second quarter to $836.8 billion. * Primary income receipts increased $4.8 billion to $224.1 billion, mostly reflecting increases in portfolio investment income and in other investment income. * Services exports increased $3.2 billion to $195.8 billion, mostly reflecting increases in travel (for all purposes including education) and in financial services. * Secondary income receipts decreased $5.2 billion to $33.9 billion, partly offsetting the increases in primary income receipts and services exports. The decrease in secondary income receipts mostly reflected a decrease in U.S. government transfers, primarily fines and penalties. Imports of goods and services and income payments Imports of goods and services and income payments increased $11.8 billion to $959.9 billion. * Primary income payments increased $7.6 billion to $176.9 billion, reflecting increases in direct, portfolio, and other investment income. * Secondary income payments increased $2.4 billion to $66.9 billion, mostly reflecting an increase in private transfers, primarily fines and penalties. * Services imports increased $1.6 billion to $131.8 billion, led by an increase in travel (for all purposes including education). Financial Account (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $112.5 billion in the second quarter of 2017, an increase from net borrowing of $93.5 billion in the first quarter. The increase reflected an increase in net U.S. incurrence of liabilities excluding financial derivatives that was partly offset by an increase in net U.S. acquisition of financial assets excluding financial derivatives and a shift to net lending from net borrowing in financial derivatives other than reserves. Financial assets Net U.S. acquisition of financial assets excluding financial derivatives increased $24.6 billion in the second quarter to $350.7 billion. * Net U.S. acquisition of portfolio investment assets increased $41.3 billion to $181.7 billion, reflecting an increase in net U.S. purchases of equity and investment fund shares. * Net U.S. acquisition of direct investment assets decreased $17.9 billion to $99.5 billion, partly offsetting the increase in net acquisition of portfolio investment assets. The decrease in net acquisition of direct investment assets mostly reflected a decrease in net acquisition of debt instruments by U.S. parent companies from their foreign affiliates. Liabilities Net U.S. incurrence of liabilities excluding financial derivatives increased $55.2 billion to $472.5 billion. * Net U.S. incurrence of portfolio investment liabilities increased $143.0 billion to $307.5 billion, reflecting an increase in net foreign purchases of U.S. debt securities. * Net U.S. incurrence of other investment liabilities decreased $71.6 billion to $84.0 billion, partly offsetting the increase in net incurrence of portfolio investment liabilities. The decrease reflected a shift to net U.S. repayment of loans from first- quarter net incurrence. Financial derivatives Transactions in financial derivatives other than reserves reflected second-quarter net lending of $9.3 billion, a shift from first-quarter net borrowing of $2.3 billion. Statistical Discrepancy (table 1) The statistical discrepancy decreased $9.4 billion in the second quarter to $10.6 billion. Updates to First Quarter 2017 International Transactions Accounts Aggregates Billions of dollars, seasonally adjusted Preliminary estimate Revised estimate Current-account balance -116.8 -113.5 Goods balance -200.3 -200.6 Services balance 61.3 62.5 Primary-income balance 47.7 50.1 Secondary-income balance -25.5 -25.5 Net lending (+)/borrowing (-) from financial-account transactions -115.3 -93.5 Statistical discrepancy 1.5 20.0 Next release: December 19, 2017 at 8:30 A.M. EST U.S. International Transactions, Third Quarter 2017