U.S. International Investment Position, Third Quarter 2019
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$10.95 trillion at the end of the third quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.26 trillion and liabilities were $39.21 trillion.
At the end of the second quarter, the net investment position was –$10.61 trillion (Table 1).
The –$338.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$39.8 billion and net other changes in position, such as price and exchange rate changes, of –$298.3 billion (Table A).
Table A. Quarterly Change in the U.S. Net International Investment Position
Billions of dollars, not seasonally adjusted
|Change in position in 2019:III||Position,
in position 1
|U.S. net international investment position||-10,610.8||-338.1||-39.8||-298.3||-10,948.9|
|Net position excluding financial derivatives||-10,626.5||-352.7||-33.3||-319.4||-10,979.3|
|Financial derivatives other than reserves, net||15.8||14.6||-6.5||21.1||30.4|
|Assets excluding financial derivatives||26,202.6||-19.3||135.7||-154.9||26,183.4|
|Financial derivatives other than reserves||1,772.2||306.1||(2)||(2)||2,078.3|
|Liabilities excluding financial derivatives||36,829.2||333.5||169.0||164.5||37,162.6|
|Financial derivatives other than reserves||1,756.4||291.5||(2)||(2)||2,047.9|
|1. Disaggregation of other changes in position into price changes, exchange rate changes, and other changes in volume and valuation is only presented for annual statistics released in June each year.
2. Financial transactions and other changes in financial derivatives positions are available only on a net basis; they are not separately available for U.S. assets and U.S. liabilities.
U.S. assets increased by $286.8 billion, to a total of $28.26 trillion, at the end of the third quarter, driven by increases in financial derivatives other than reserves. Financial derivatives increased by $306.1 billion, to $2.08 trillion, mostly reflecting increases in single-currency interest rate contracts.
U.S. liabilities increased by $624.9 billion, to a total of $39.21 trillion, at the end of the third quarter, reflecting increases in all major categories of liabilities, particularly in financial derivatives other than reserves and in portfolio investment liabilities. Financial derivatives increased by $291.5 billion, to $2.05 trillion, mostly reflecting increases in single-currency interest rate contracts. Portfolio investment liabilities increased by $223.1 billion, to $20.87 trillion, driven by net foreign purchases of U.S. debt securities and by U.S. bond price increases.
Updates to Second Quarter 2019 International Investment Position Aggregates
Trillions of dollars, not seasonally adjusted
|Preliminary estimate||Revised estimate|
|U.S. net international investment position||-10.56||-10.61|
Next release: March 31, 2020, at 8:30 A.M. EDT
U.S. International Investment Position, Fourth Quarter and Year 2019
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U.S. International Investment Position Release Dates in 2020
|Fourth Quarter and Year 2019||March 31|
|First Quarter 2020, Year 2019, and Annual Update||June 30|
|Second Quarter 2020||September 29|
|Third Quarter 2020||December 29|