EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, June 18, 2015 William Zeile: (202) 606-9893 (Data) BEA 15-26 Paul Farello: (202) 606-9561 (Revisions) U.S. International Transactions: First Quarter 2015 and Annual Revisions Current Account The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—increased to $113.3 billion (preliminary) in the first quarter of 2015 from $103.1 billion (revised) in the fourth quarter of 2014. The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.3 percent in the fourth quarter. The increase in the current-account deficit was largely accounted for by a decrease in the surplus on primary income. In addition, the deficit on goods increased. These changes were partly offset by an increase in the surplus on services and a decrease in the deficit on secondary income. Goods and services The deficit on goods and services increased to $130.3 billion in the first quarter from $128.3 billion in the fourth quarter. Goods The deficit on goods increased to $189.0 billion in the first quarter from $186.0 billion in the fourth quarter. Goods exports decreased to $382.7 billion from $409.1 billion. Exports decreased in five of the six major general-merchandise end-use categories and in nonmonetary gold. The largest decreases were in industrial supplies and materials and in capital goods except automotive. The decrease in industrial supplies and materials was primarily due to a decrease in petroleum and products; it also reflected decreases in chemicals except medicinals and in metals and nonmetallic products. The decrease in capital goods except automotive largely reflected a decrease in machinery and equipment except consumer-type (ITA Table 2.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports decreased to $571.7 billion from $595.1 billion. Imports decreased in three of the six major general-merchandise end-use categories and in nonmonetary gold. The largest decrease—which more than accounted for the total decrease in goods imports—was in industrial supplies and materials, largely reflecting a decrease in petroleum and products. The largest increase was in consumer goods except food and automotive, mostly due to increased imports of nondurable goods (ITA Table 2.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Services The surplus on services increased to $58.7 billion in the first quarter from $57.6 billion in the fourth quarter. Services exports increased to $181.5 billion from $179.8 billion. Exports increased in seven of the nine major services categories. The largest increases were in travel (for all purposes including education)—mainly personal travel—and in other business services. The largest decrease was in transport, mostly due to a decrease in air transport (ITA Table 3.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51). Services imports increased to $122.8 billion from $122.2 billion. Imports increased in five of the nine major services categories. The largest increase was in transport, primarily due to an increase in air transport. (ITA Table 3.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51). Primary income The surplus on primary income decreased to $50.8 billion in the first quarter from $60.0 billion in the fourth quarter. Investment income Income receipts from foreigners on U.S. holdings of financial assets abroad decreased to $194.8 billion from $204.8 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The decrease mostly reflected a decrease in direct investment income on equity from foreign affiliates, which was accounted for by decreases spread over several industries that were in part associated with the continued appreciation of the U.S. dollar against most currencies. Decreases for affiliates of U.S. oil and gas companies were particularly notable (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Income on portfolio investment also decreased (ITA Table 4.3) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=58). Income payments to foreigners on U.S. liabilities decreased to $141.6 billion from $142.4 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The decrease was more than accounted for by a decrease in payments on direct investment equity, including decreases at foreign-owned U.S. affiliates in oil and gas extraction and in finance and insurance (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). The decrease in direct investment income payments was partly offset by an increase in portfolio investment income payments, mainly income payments on equity and investment fund shares in nonfinancial institutions (ITA Table 4.3) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=58). Compensation of employees Receipts for compensation of U.S. residents paid by nonresidents were nearly unchanged at $1.7 billion. Payments for compensation of foreign residents paid by U.S. residents were nearly unchanged at $4.2 billion. Secondary income (current transfers) The deficit on secondary income decreased to $33.8 billion in the first quarter from $34.8 billion in the fourth quarter. 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. Secondary income receipts increased to $33.3 billion from $31.9 billion, mostly due to an increase in U.S. government transfers (ITA Table 5.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62). Secondary income payments increased to $67.2 billion from $66.7 billion, reflecting an increase in U.S. government grants to foreigners (ITA Table 5.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62). Capital Account Capital-account receipts for the first quarter were zero; capital-account payments for the first quarter are not available because source data are not yet available. Source data on first- quarter capital-account payments will be incorporated with the release of the 2015 second-quarter U.S. International Transactions on September 17, 2015. In the fourth quarter, capital-account receipts were zero and capital-account payments were near zero. Financial Account Net U.S. borrowing measured by financial-account transactions was $47.9 billion in the first quarter, up slightly from $47.8 billion in the fourth quarter. Net U.S. acquisition of financial assets excluding financial derivatives increased more than net U.S. incurrence of liabilities excluding financial derivatives. However, the change in net transactions in financial derivatives other than reserves more than offset the combined changes in net acquisition of assets and net incurrence of liabilities excluding financial derivatives, thereby slightly increasing net U.S. borrowing measured in the financial account. Net U.S. acquisition of financial assets excluding financial derivatives Net U.S. acquisition of financial assets excluding financial derivatives was $325.1 billion in the first quarter, up from $41.7 billion in the fourth quarter. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $75.6 billion in the first quarter, down from $112.5 billion in the fourth quarter. The decrease was largely due to a decrease in net acquisition of equity other than reinvestment of earnings. A decrease in reinvestment of earnings and an increase in net foreign repayment on debt instruments also contributed (ITA Table 6.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=65). Portfolio investment assets (equity and investment fund shares and debt securities) Net U.S. acquisition of portfolio investment assets abroad was $230.2 billion in the first quarter, up from $81.1 billion in the fourth quarter. Some of these transactions were associated with corporate inversions of U.S. corporations as U.S. investors received shares in the new foreign entities in exchange for their shares in the former U.S. corporations. Transactions in foreign debt securities shifted to net U.S. purchases of $62.0 billion from net U.S. sales of $50.3 billion, a shift accounted for by shifts to net U.S. purchases in both long- and short-term securities. In addition, net U.S. purchases of foreign equity and investment fund shares increased to $168.1 billion from $131.5 billion (ITA Table 7.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=68). Other investment assets (currency and deposits, loans, insurance technical reserves, and trade credit and advances) Net U.S. acquisition of other investment assets abroad was $23.5 billion in the first quarter, a shift from net sales of $149.5 billion in the fourth quarter. The shift to net acquisition reflected a decrease in net U.S. withdrawals of deposits abroad and a shift to net U.S. provision of loans to foreign residents (ITA Table 8.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=71). Reserve assets Transactions in U.S. reserve assets decreased holdings by $4.2 billion in the first quarter, after decreasing holdings by $2.5 billion in the fourth quarter. The decreases in both quarters reflected decreases in the U.S. reserve position in the International Monetary Fund. Net U.S. incurrence of liabilities excluding financial derivatives Net U.S. incurrence of liabilities to foreigners excluding financial derivatives was $332.8 billion in the first quarter, up from $57.7 billion in the fourth quarter. Direct investment liabilities (equity and debt instruments) Net incurrence of direct investment liabilities to foreigners was $186.2 billion in the first quarter, up from $52.4 billion in the fourth quarter. The increase was mostly accounted for by an increase in net foreign-resident investment in equity other than reinvestment of earnings. Corporate inversions accounted for much of the net incurrence of direct investment liabilities (ITA Table 6.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=65). Portfolio investment liabilities (equity and investment fund shares and debt securities) Net U.S. incurrence of portfolio investment liabilities to foreigners was $100.8 billion in the first quarter, down from $133.0 billion in the fourth quarter. The decrease was more than accounted for by a decrease in net foreign purchases of U.S. debt securities—primarily long-term securities—to $68.7 billion from $167.6 billion. Partly offsetting this decrease, net foreign purchases of U.S. equity and investment fund shares were $32.2 billion, a shift from net foreign sales of $34.7 billion (ITA Table 7.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=68). Other investment liabilities (currency and deposits, loans, insurance technical reserves, trade credit and advances, and special drawing rights allocations) Net U.S. incurrence of other investment liabilities to foreigners was $45.8 billion in the first quarter, a shift from net repayment of $127.6 billion in the fourth quarter. The shift reflected shifts to net incurrence of liabilities in currency and deposits and in loans (ITA Table 8.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=71). Financial derivatives other than reserves Net transactions in financial derivatives other than reserves were –$40.1 billion in the first quarter, representing net borrowing. This was an increase from net borrowing of $31.7 billion in the fourth quarter. The first-quarter increase reflected the appreciation of the dollar as over-the-counter and exchange-traded contracts written to hedge currency exposures resulted in higher net cash receipts to U.S. residents (net borrowing). 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). Statistical discrepancy 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 was $65.5 billion in the first quarter compared with $55.4 billion in the fourth quarter. * * * In the first quarter, the U.S. dollar appreciated 8.2 percent on a trade-weighted quarterly average basis against a group of 7 major currencies, after appreciating 6.2 percent on the same basis in the fourth quarter. Exchange rate data are based on Federal Reserve Statistical Release H.10. * * * Revisions The statistics of the U.S. international transactions accounts released today have been revised for the first quarter of 1999 to the fourth quarter of 2014 to incorporate newly available and revised source data, updated seasonal adjustments, a change in classification, and the introduction of a supplemental table. Key changes introduced in this annual revision are summarized below. Newly available and revised source data * Goods exports and imports are revised for 2012-2014 to reflect revised Census Bureau data on goods exports and imports on a Census basis and revised balance of payments adjustments. * Services exports and imports are revised for 2012-2014 to reflect newly available and revised data from BEA’s quarterly services surveys and the results of BEA’s 2013 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons. * Private transfers in secondary income payments are revised for 2008-2014 to incorporate newly obtained source data from the Internal Revenue Service on cross-border charitable donations by U.S. private institutions. * Financial and primary income transactions related to direct investment are revised for 2012-2014 to incorporate newly available and revised data from BEA’s quarterly and annual direct investment surveys. * Financial and primary income transactions related to portfolio investment are revised for 2012-2014 to incorporate newly available and revised data from the U.S. Department of the Treasury from these Treasury International Capital (TIC) surveys: o Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-slt.aspx) (SLT) o Foreign-residents’ Holdings of U.S. Securities, including Selected Money Market Instruments (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx) (SHL) o Report of U.S. Ownership of Foreign Securities, including Selected Money Market Instruments (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx) (SHCA) * Financial and primary income transactions related to other investment are revised for 2012-2014 to incorporate revisions from several sources. o Revisions for 2012-2014 incorporate newly available and revised data from these TIC surveys: * Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-b.aspx) (BC, BL-1, BL-2 BQ-1, and BQ-2), covering debt claims and liabilities, excluding long-term debt securities. * Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-c.aspx) (CQ-1 and CQ-2), covering debt claims and liabilities, excluding long-term debt securities. o Revisions for 2012-2013 also incorporate newly available and revised data on transactions of U.S. financial intermediaries with foreign financial intermediaries from BEA’s quarterly and annual direct investment surveys that are recorded in other investment. o Revisions for 2012-2014 incorporate newly available and revised U.S. government administrative data. * Financial transactions in financial derivatives are revised for 2013 and 2014 to incorporate newly available and revised data from the TIC survey Report of Holdings of, and Transactions in, Financial Derivatives Contracts with Foreign Residents (www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-d.aspx) (D). Reclassifications * Exports of repair services related to the U.S. Foreign Military Sales program are reclassified within services from “government goods and services n.i.e.” to “maintenance and repair services n.i.e.” beginning with statistics for 1999. Supplemental table * U.S. government capital subscriptions in, and contributions to, international financial institutions other than the International Monetary Fund are presented in a supplemental table as an interim step in a future reclassification of these capital subscriptions and contributions within “other investment” from loans to other equity, as recommended in the International Monetary Fund’s Balance of Payments and International Investment Position Manual, Sixth Edition (U.S. Government Capital Subscriptions in and Contributions to International Financial Institutions Excluding the International Monetary Fund) (www.bea.gov/international/xls/us-government-capital-subscriptions-in-and-contributions-to-international-financial-institutions.xlsx). A more detailed discussion of the change in source data for private transfers in secondary income payments, the reclassification of exports of repair services related to the U.S. Foreign Military Sales program, and the introduction of the supplemental table on U.S. government capital subscriptions in, and contributions to, international financial institutions other than the International Monetary Fund appears in “Preview of the 2015 Annual Revision of the International Economic Accounts: Changes in Classification and New Source Data,” in the April issue of the SURVEY OF CURRENT BUSINESS. Additional information on the revisions to the U.S. International Transactions Accounts and the U.S. International Investment Position Accounts will be provided in the July issue of the SURVEY OF CURRENT BUSINESS. Revisions to fourth quarter 2014 The current-account deficit in the fourth quarter of 2014 is revised downward to $103.1 billion from $113.5 billion. The goods deficit is revised upward to $186.0 billion from $185.2 billion. The services surplus is revised downward to $57.6 billion from $58.2 billion. The primary income surplus is revised upward to $60.0 billion from $50.6 billion. The secondary income deficit is revised downward to $34.8 billion from $37.0 billion. Fourth-quarter net borrowing from financial- account transactions is revised upward to $47.8 billion from $10.8 billion. Net U.S. acquisition of financial assets excluding financial derivatives is revised downward to $41.7 billion from $77.2 billion, and net U.S. incurrence of liabilities excluding financial derivatives is revised upward to $57.7 billion from $56.2 billion. * * * Release dates in 2015: Fourth Quarter and Year 2014....................................March 19, 2015 (Thursday) First Quarter 2015 and Annual Revisions..........................June 18, 2015 (Thursday) Second Quarter 2015.........................................September 17, 2015 (Thursday) Third Quarter 2015...........................................December 17, 2015 (Thursday) * * * BEA’s national, international, regional, and industry statistics; the SURVEY OF CURRENT BUSINESS; and BEA news releases are available without charge on BEA’s Web site at (www.bea.gov). At the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. ________________ NOTE: This news release is available on BEA's Web site along with Highlights (www.bea.gov/newsreleases/international/transactions/2015/pdf/trans115_fax.pdf) related to this release, the latest detailed statistics (www.bea.gov/iTable/index_ita.cfm) for U.S. international transactions, and a description of the estimation methods (www.bea.gov/international/concepts_methods.htm) used to compile them. The first-quarter statistics in this release are preliminary and will be revised on September 17, 2015. All links in the text of this release— including archived versions of this release—refer to the latest available statistics. June 18, 2015 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2013 r 2014 r Change: Seasonally adjusted Change: 2013 to 2014 2015 2014:IV to 2014 I r II r III r IV r I p 2015:I   Current account         1 Exports of goods and services and income receipts (credits)................. 3,201,282 3,306,574 105,292 813,153 835,686 830,374 827,361 794,154 -33,207 2 Exports of goods and services............................................. 2,279,937 2,343,205 63,268 577,133 587,873 589,263 588,935 564,261 -24,674 3 Goods................................................................... 1,592,043 1,632,639 40,596 401,429 409,152 412,933 409,126 382,715 -26,411 4 General merchandise................................................... 1,557,698 1,609,715 52,017 394,788 405,199 407,927 401,801 377,174 -24,627 5 Foods, feeds, and beverages......................................... 136,160 143,751 7,591 36,655 36,413 34,661 36,021 32,706 -3,315 6 Industrial supplies and materials................................... 492,296 500,007 7,711 123,632 127,152 128,831 120,392 107,846 -12,546 7 Capital goods except automotive..................................... 534,524 551,321 16,797 134,968 137,309 139,156 139,888 135,574 -4,314 8 Automotive vehicles, parts, and engines............................. 152,670 159,690 7,020 37,860 39,897 41,626 40,307 36,909 -3,398 9 Consumer goods except food and automotive........................... 188,370 198,300 9,930 48,475 49,837 49,904 50,084 50,489 405 10 Other general merchandise........................................... 53,678 56,646 2,968 13,197 14,591 13,749 15,110 13,650 -1,460 11 Net exports of goods under merchanting................................ 462 296 -166 76 64 103 53 59 6 12 Nonmonetary gold...................................................... 33,883 22,628 -11,255 6,566 3,889 4,902 7,271 5,482 -1,789 13 Services................................................................ 687,894 710,565 22,671 175,704 178,721 176,331 179,810 181,546 1,736 14 Maintenance and repair services n.i.e. ............................... 18,648 22,389 3,741 5,004 5,591 5,671 6,123 6,020 -103 15 Transport............................................................. 87,415 90,031 2,616 22,082 22,574 22,621 22,754 22,011 -743 16 Travel (for all purposes including education) /1/..................... 172,901 177,241 4,340 44,190 44,929 43,722 44,399 45,506 1,107 17 Insurance services.................................................... 17,058 17,417 359 4,201 4,422 4,340 4,453 4,529 76 18 Financial services.................................................... 84,091 87,290 3,199 21,073 22,456 21,351 22,410 22,437 27 19 Charges for the use of intellectual property n.i.e. .................. 127,927 130,362 2,435 32,627 32,880 32,355 32,499 32,632 133 20 Telecommunications, computer, and information services................ 35,035 35,885 850 8,806 9,171 8,980 8,928 8,938 10 21 Other business services............................................... 121,873 129,514 7,641 31,858 31,685 32,183 33,787 34,588 801 22 Government goods and services n.i.e. ................................. 22,946 20,438 -2,508 5,863 5,013 5,106 4,456 4,884 428 23 Primary income receipts .................................................. 794,763 823,353 28,590 202,235 204,850 209,715 206,554 196,561 -9,993 24 Investment income....................................................... 788,007 816,445 28,438 200,517 203,125 207,980 204,822 194,813 -10,009 25 Direct investment income.............................................. 478,051 476,617 -1,434 118,165 118,170 121,657 118,625 109,521 -9,104 26 Portfolio investment income........................................... 278,439 308,205 29,766 74,511 76,908 78,498 78,287 77,415 -872 27 Other investment income............................................... 31,144 31,321 177 7,745 7,973 7,755 7,849 7,837 -12 28 Reserve asset income.................................................. 374 301 -73 96 74 70 61 40 -21 29 Compensation of employees............................................... 6,756 6,909 153 1,718 1,725 1,734 1,731 1,748 17 30 Secondary income (current transfer) receipts /2/.......................... 126,582 140,016 13,434 33,785 42,962 31,396 31,872 33,332 1,460 31 Imports of goods and services and income payments (debits).................. 3,578,042 3,696,100 118,058 909,597 927,725 928,279 930,499 907,491 -23,008 32 Imports of goods and services............................................. 2,758,331 2,851,529 93,198 702,551 716,585 715,134 717,258 694,522 -22,736 33 Goods................................................................... 2,294,630 2,374,101 79,471 585,739 597,265 596,009 595,089 571,705 -23,384 34 General merchandise................................................... 2,276,882 2,358,653 81,771 581,934 593,541 591,750 591,428 568,732 -22,696 35 Foods, feeds, and beverages......................................... 116,004 126,683 10,679 30,233 32,288 32,049 32,112 32,424 312 36 Industrial supplies and materials................................... 686,692 672,611 -14,081 175,255 169,946 166,846 160,564 132,475 -28,089 37 Capital goods except automotive..................................... 557,893 595,732 37,839 143,202 148,679 151,305 152,546 152,468 -78 38 Automotive vehicles, parts, and engines............................. 309,572 328,499 18,927 78,166 82,958 83,445 83,931 83,904 -27 39 Consumer goods except food and automotive........................... 533,957 559,392 25,435 136,556 140,259 139,139 143,437 147,715 4,278 40 Other general merchandise........................................... 72,764 75,736 2,972 18,522 19,410 18,966 18,838 19,747 909 41 Nonmonetary gold...................................................... 17,748 15,448 -2,300 3,805 3,723 4,259 3,660 2,973 -687 42 Services................................................................ 463,700 477,428 13,728 116,812 119,320 119,126 122,170 122,816 646 43 Maintenance and repair services n.i.e. ............................... 7,486 7,468 -18 1,762 1,878 1,854 1,974 2,027 53 44 Transport............................................................. 90,634 94,219 3,585 23,092 23,416 23,377 24,334 24,849 515 45 Travel (for all purposes including education) /1/..................... 104,107 110,787 6,680 26,307 27,900 27,767 28,814 28,693 -121 46 Insurance services.................................................... 53,420 50,096 -3,324 12,381 12,628 12,496 12,592 12,448 -144 47 Financial services.................................................... 18,519 19,503 984 4,645 4,913 5,003 4,941 5,094 153 48 Charges for the use of intellectual property n.i.e. .................. 38,999 42,124 3,125 10,496 10,337 10,571 10,720 10,862 142 49 Telecommunications, computer, and information services................ 33,812 33,314 -498 8,341 8,312 8,359 8,302 8,227 -75 50 Other business services............................................... 91,389 95,752 4,363 23,748 23,834 23,588 24,582 24,793 211 51 Government goods and services n.i.e. ................................. 25,334 24,163 -1,171 6,040 6,103 6,111 5,910 5,822 -88 52 Primary income payments................................................... 570,220 585,369 15,149 143,941 146,915 147,985 146,529 145,807 -722 53 Investment income....................................................... 554,392 569,031 14,639 139,993 142,815 143,868 142,354 141,646 -708 54 Direct investment income.............................................. 176,347 176,152 -195 42,456 45,765 44,940 42,992 38,609 -4,383 55 Portfolio investment income........................................... 361,750 378,705 16,955 94,048 93,380 95,412 95,864 99,457 3,593 56 Other investment income............................................... 16,295 14,174 -2,121 3,489 3,670 3,516 3,498 3,580 82 57 Compensation of employees............................................... 15,828 16,339 511 3,947 4,100 4,117 4,175 4,161 -14 58 Secondary income (current transfer) payments /2/.......................... 249,492 259,202 9,710 63,105 64,225 65,160 66,712 67,162 450   Capital account 59 Capital transfer receipts and other credits ................................ 0 0 0 0 0 0 0 0 0 June 18, 20 60 Capital transfer payments and other debits ................................. 412 45 -367 43 2 1 (*) n.a. n.a. June 18, 2015 Table 1. U.S. International Transactions--Table Ends [Millions of dollars] Line 2013 r 2014 r Change: Seasonally adjusted Change: 2013 to 2014 2015 2014:IV to 2014 I r II r III r IV r I p 2015:I   Financial account               61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+))................ 643,915 792,145 148,230 151,706 239,149 359,601 41,690 325,128 283,438 62 Direct investment assets.................................................. 399,203 357,190 -42,013 55,050 90,293 99,300 112,547 75,635 -36,912 63 Equity.................................................................. 336,930 355,622 18,692 56,131 85,576 96,520 117,395 89,679 -27,716 64 Debt instruments........................................................ 62,273 1,568 -60,705 -1,081 4,716 2,780 -4,848 -14,043 -9,195 65 Portfolio investment assets............................................... 476,237 538,058 61,821 98,981 195,068 162,884 81,125 230,179 149,054 66 Equity and investment fund shares....................................... 284,303 436,526 152,223 82,823 90,670 131,572 131,463 168,147 36,684 67 Debt securities......................................................... 191,935 101,531 -90,404 16,158 104,399 31,312 -50,338 62,032 112,370 68 Short term............................................................ 47,020 15,299 -31,721 -7,942 45,519 -2,587 -19,691 27,119 46,810 69 Long term............................................................. 144,914 86,232 -58,682 24,101 58,879 33,899 -30,647 34,913 65,560 70 Other investment assets................................................... -228,426 -99,520 128,906 -1,369 -46,986 98,306 -149,471 23,473 172,944 71 Currency and deposits................................................... -121,540 -147,354 -25,814 -43,231 -5,194 32,190 -131,119 -22,156 108,963 72 Loans................................................................... -116,691 54,595 171,286 49,346 -44,455 67,876 -18,173 47,438 65,611 73 Insurance technical reserves............................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 74 Trade credit and advances............................................... 9,805 -6,761 -16,566 -7,485 2,663 -1,760 -179 -1,809 -1,630 75 Reserve assets............................................................ -3,099 -3,583 -484 -956 773 -889 -2,511 -4,159 -1,648 76 Monetary gold........................................................... 0 0 0 0 0 0 0 0 0 77 Special drawing rights.................................................. 22 23 1 8 8 4 3 3 0 78 Reserve position in the International Monetary Fund..................... -3,438 -3,849 -411 -1,040 710 -951 -2,568 -4,195 -1,627 79 Other reserve assets.................................................... 317 243 -74 76 55 59 54 33 -21 80 Currency and deposits................................................. 3 5 2 2 2 1 1 (*) -1 81 Securities............................................................ 313 234 -79 72 51 58 53 33 -20 82 Financial derivatives................................................. 0 0 0 0 0 0 0 0 0 83 Other claims.......................................................... 1 4 3 2 2 0 0 0 0 84 Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities / financial inflow (+))........................ 1,041,959 977,421 -64,538 271,921 283,271 364,518 57,712 332,837 275,125 85 Direct investment liabilities............................................. 287,163 131,831 -155,332 -105,425 78,405 106,473 52,378 186,182 133,804 86 Equity.................................................................. 211,762 68,854 -142,908 -97,740 58,756 59,437 48,401 153,462 105,061 87 Debt instruments........................................................ 75,401 62,977 -12,424 -7,685 19,649 47,036 3,977 32,720 28,743 88 Portfolio investment liabilities.......................................... 501,975 705,030 203,055 242,627 88,549 240,879 132,976 100,816 -32,160 89 Equity and investment fund shares....................................... -67,486 155,077 222,563 99,113 15,070 75,555 -34,660 32,166 66,826 90 Debt securities......................................................... 569,461 549,953 -19,508 143,514 73,479 165,323 167,636 68,650 -98,986 91 Short term............................................................ 45,374 22,935 -22,439 13,573 -24,913 -8,106 42,380 36,571 -5,809 92 Long term............................................................. 524,087 527,019 2,932 129,941 98,392 173,430 125,256 32,080 -93,176 93 Other investment liabilities.............................................. 252,821 140,559 -112,262 134,719 116,317 17,166 -127,642 45,839 173,481 94 Currency and deposits................................................... 201,981 51,031 -150,950 -5,754 103,243 41,638 -88,097 5,787 93,884 95 Loans................................................................... 38,503 75,265 36,762 127,315 7,984 -19,894 -40,140 38,032 78,172 96 Insurance technical reserves............................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 97 Trade credit and advances............................................... 12,337 14,263 1,926 13,157 5,089 -4,578 595 2,021 1,426 98 Special drawing rights allocations...................................... 0 0 0 0 0 0 0 0 0 99 Financial derivatives other than reserves, net transactions /3/............. 2,213 -54,372 -56,585 6,147 -4,513 -24,269 -31,737 -40,149 -8,412                     Statistical discrepancy       100 Statistical discrepancy /4/................................................. -18,658 149,923 168,581 -17,582 43,406 68,720 55,379 65,480 10,101                     Balances       101 Balance on current account (line 1 less line 31) /5/........................ -376,760 -389,526 -12,766 -96,443 -92,039 -97,905 -103,138 -113,337 -10,199 102 Balance on goods and services (line 2 less line 32)....................... -478,394 -508,324 -29,930 -125,418 -128,712 -125,871 -128,323 -130,261 -1,938 103 Balance on goods (line 3 less line 33).................................. -702,587 -741,462 -38,875 -184,310 -188,113 -183,076 -185,963 -188,990 -3,027 104 Balance on services (line 13 less line 42).............................. 224,193 233,138 8,945 58,892 59,401 57,205 57,640 58,730 1,090 105 Balance on primary income (line 23 less line 52).......................... 224,543 237,984 13,441 58,294 57,935 61,730 60,025 50,754 -9,271 106 Balance on secondary income (line 30 less line 58)........................ -122,910 -119,185 3,725 -29,319 -21,263 -33,764 -34,840 -33,830 1,010 107 Balance on capital account (line 59 less line 60) /5/....................... -412 -45 367 -43 -2 -1 (*) 0 (*) 108 Net lending (+) or net borrowing (-) from current- and capital-account transactions (line 101 plus line 107) /6/................................... -377,172 -389,571 -12,399 -96,486 -92,041 -97,906 -103,138 -113,337 -10,199 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/........................ -395,831 -239,648 156,183 -114,068 -48,635 -29,186 -47,759 -47,858 -99 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 (www.bea.gov/iTable/iTableHtml.cfm?reqid=9&step=3&isuri=1&903=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. Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 18, 2015 Table 2. Revisions to U.S. International Transactions--Continues [Millions of dollars, quarters seasonally adjusted] Balance on Goods and Services Balance on Primary Income Balance on Secondary Income Balance on Current Account Balance on Capital Account Net Lending (+) or Net Borrowing (-) from Financial-Account Transactions Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published Years 1999....... -258,617 -258,617 0 11,933 11,933 0 -48,846 -48,846 0 -295,530 -295,530 0 -4,176 -4,176 0 -238,148 -238,148 0 2000....... -372,517 -372,517 0 19,178 19,178 0 -57,418 -57,418 0 -410,756 -410,756 0 -1 -1 0 -477,701 -477,701 0 2001....... -361,511 -361,511 0 29,729 29,729 0 -63,545 -63,545 0 -395,328 -395,328 0 13,198 13,198 0 -400,254 -400,254 0 2002....... -418,955 -418,955 0 25,174 25,174 0 -64,307 -64,307 0 -458,087 -458,087 0 -141 -141 0 -500,515 -500,515 0 2003....... -493,890 -493,890 0 42,760 42,760 0 -70,212 -70,212 0 -521,342 -521,342 0 -1,821 -1,821 0 -532,883 -532,883 0 2004....... -609,883 -609,883 0 64,127 64,127 0 -88,012 -88,012 0 -633,768 -633,768 0 3,049 3,049 0 -532,334 -532,334 0 2005....... -714,245 -714,245 0 67,632 67,632 0 -98,822 -98,822 0 -745,434 -745,434 0 13,116 13,116 0 -700,721 -700,721 0 2006....... -761,716 -761,716 0 43,337 43,337 0 -88,347 -88,347 0 -806,726 -806,726 0 -1,788 -1,788 0 -809,148 -809,148 0 2007....... -705,375 -705,375 0 100,604 100,604 0 -113,872 -113,872 0 -718,643 -718,643 0 384 384 0 -617,251 -617,251 0 2008....... -708,726 -708,726 0 146,146 146,146 0 -124,061 -128,209 -4,148 -686,641 -690,789 -4,148 6,010 6,010 0 -730,572 -730,572 0 2009....... -383,774 -383,774 0 123,584 123,584 0 -120,602 -123,833 -3,231 -380,792 -384,023 -3,231 -140 -140 0 -230,962 -230,962 0 2010....... -494,658 -494,658 0 177,661 177,661 0 -126,934 -124,964 1,970 -443,930 -441,961 1,969 -157 -157 0 -436,972 -436,972 0 2011....... -548,625 -548,625 0 220,961 220,961 0 -131,680 -132,690 -1,010 -459,344 -460,354 -1,010 -1,186 -1,186 0 -515,759 -515,759 0 2012....... -537,605 -536,773 832 202,993 212,178 9,185 -126,138 -125,075 1,063 -460,749 -449,670 11,079 6,904 6,904 0 -423,492 -441,249 -17,757 2013....... -476,392 -478,394 -2,002 199,654 224,543 24,889 -123,515 -122,910 605 -400,254 -376,760 23,494 -412 -412 0 -370,658 -395,831 -25,173 2014....... -504,711 -508,324 -3,613 217,904 237,984 20,080 -123,821 -119,185 4,636 -410,628 -389,526 21,102 -44 -45 -1 -141,644 -239,648 -98,004 Quarters 1999: I.... -52,634 -52,634 0 1,860 1,860 0 -11,892 -11,892 0 -62,666 -62,666 0 -7 -7 0 -23,694 -23,694 0 II......... -61,598 -61,598 0 3,075 3,075 0 -11,352 -11,352 0 -69,875 -69,875 0 -1 -1 0 -64,785 -64,785 0 III........ -69,298 -69,298 0 2,301 2,301 0 -11,705 -11,705 0 -78,703 -78,703 0 -3 -3 0 -32,570 -32,570 0 IV......... -75,090 -75,090 0 4,703 4,703 0 -13,895 -13,895 0 -84,282 -84,282 0 -4,165 -4,165 0 -117,099 -117,099 0 2000: I.... -88,171 -88,171 0 3,600 3,600 0 -12,240 -12,240 0 -96,811 -96,811 0 (*) (*) 0 -35,176 -35,176 0 II......... -89,579 -89,579 0 4,168 4,168 0 -13,355 -13,355 0 -98,765 -98,765 0 2 2 0 -139,263 -139,263 0 III........ -95,480 -95,480 0 2,752 2,752 0 -13,989 -13,989 0 -106,717 -106,717 0 -10 -10 0 -160,217 -160,217 0 IV......... -99,287 -99,287 0 8,659 8,659 0 -17,836 -17,836 0 -108,464 -108,464 0 6 6 0 -143,045 -143,045 0 2001: I.... -96,898 -96,898 0 4,911 4,911 0 -14,892 -14,892 0 -106,879 -106,879 0 (*) (*) 0 -114,573 -114,573 0 II......... -87,800 -87,800 0 6,965 6,965 0 -15,297 -15,297 0 -96,133 -96,133 0 4 4 0 -120,165 -120,165 0 III........ -89,394 -89,394 0 1,076 1,076 0 -16,150 -16,150 0 -104,468 -104,468 0 13,188 13,188 0 -57,084 -57,084 0 IV......... -87,415 -87,415 0 16,775 16,775 0 -17,201 -17,201 0 -87,840 -87,840 0 6 6 0 -108,433 -108,433 0 2002: I.... -92,466 -92,466 0 6,953 6,953 0 -18,479 -18,479 0 -103,992 -103,992 0 7 7 0 -88,384 -88,384 0 II......... -102,488 -102,488 0 2,305 2,305 0 -14,831 -14,831 0 -115,013 -115,013 0 -2 -2 0 -91,613 -91,613 0 III........ -105,913 -105,913 0 5,842 5,842 0 -14,797 -14,797 0 -114,869 -114,869 0 -69 -69 0 -161,227 -161,227 0 IV......... -118,090 -118,090 0 10,081 10,081 0 -16,200 -16,200 0 -124,209 -124,209 0 -77 -77 0 -159,288 -159,288 0 2003: I.... -123,459 -123,459 0 6,569 6,569 0 -18,097 -18,097 0 -134,986 -134,986 0 -82 -82 0 -158,597 -158,597 0 II......... -122,384 -122,384 0 9,928 9,928 0 -16,813 -16,813 0 -129,269 -129,269 0 -1,252 -1,252 0 -60,305 -60,305 0 III........ -122,872 -122,872 0 9,855 9,855 0 -17,358 -17,358 0 -130,374 -130,374 0 -492 -492 0 -128,423 -128,423 0 IV......... -125,175 -125,175 0 16,401 16,401 0 -17,945 -17,945 0 -126,719 -126,719 0 5 5 0 -185,563 -185,563 0 2004: I.... -135,158 -135,158 0 20,980 20,980 0 -23,408 -23,408 0 -137,586 -137,586 0 -56 -56 0 -105,505 -105,505 0 II......... -150,348 -150,348 0 14,699 14,699 0 -21,166 -21,166 0 -156,815 -156,815 0 (*) (*) 0 -161,130 -161,130 0 III........ -156,097 -156,097 0 17,413 17,413 0 -20,860 -20,860 0 -159,544 -159,544 0 3,173 3,173 0 -104,688 -104,688 0 IV......... -168,281 -168,281 0 11,034 11,034 0 -22,578 -22,578 0 -179,825 -179,825 0 -68 -68 0 -161,011 -161,011 0 June 18, 2015 Table 2. Revisions to U.S. International Transactions--Table Ends [Millions of dollars, quarters seasonally adjusted] Balance on Goods and Services Balance on Primary Income Balance on Secondary Income Balance on Current Account Balance on Capital Account Net Lending (+) or Net Borrowing (-) from Financial-Account Transactions Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published 2005: I.... -165,634 -165,634 0 19,458 19,458 0 -23,632 -23,632 0 -169,807 -169,807 0 -2,160 -2,160 0 -105,011 -105,011 0 II......... -171,639 -171,639 0 16,666 16,666 0 -24,507 -24,507 0 -179,480 -179,480 0 -83 -83 0 -82,485 -82,485 0 III........ -181,376 -181,376 0 19,355 19,355 0 -24,306 -24,306 0 -186,327 -186,327 0 15,362 15,362 0 -221,042 -221,042 0 IV......... -195,596 -195,596 0 12,153 12,153 0 -26,376 -26,376 0 -209,820 -209,820 0 -3 -3 0 -292,184 -292,184 0 2006: I.... -192,106 -192,106 0 12,810 12,810 0 -18,763 -18,763 0 -198,058 -198,058 0 -1,220 -1,220 0 -159,592 -159,592 0 II......... -191,169 -191,169 0 11,565 11,565 0 -22,768 -22,768 0 -202,372 -202,372 0 -487 -487 0 -197,787 -197,787 0 III........ -199,284 -199,284 0 8,197 8,197 0 -24,976 -24,976 0 -216,063 -216,063 0 -2 -2 0 -245,186 -245,186 0 IV......... -179,157 -179,157 0 10,765 10,765 0 -21,840 -21,840 0 -190,233 -190,233 0 -79 -79 0 -206,583 -206,583 0 2007: I.... -177,931 -177,931 0 11,013 11,013 0 -32,175 -32,175 0 -199,093 -199,093 0 0 0 0 -254,176 -254,176 0 II......... -179,322 -179,322 0 16,384 16,384 0 -26,179 -26,179 0 -189,117 -189,117 0 443 443 0 -153,165 -153,165 0 III........ -174,713 -174,713 0 30,833 30,833 0 -27,074 -27,074 0 -170,954 -170,954 0 -57 -57 0 -85,852 -85,852 0 IV......... -173,409 -173,409 0 42,374 42,374 0 -28,447 -28,447 0 -159,481 -159,481 0 -2 -2 0 -124,058 -124,058 0 2008: I.... -185,551 -185,551 0 38,670 38,670 0 -34,749 -36,206 -1,457 -181,630 -183,087 -1,457 -8 -8 0 -209,950 -209,950 0 II......... -186,349 -186,349 0 39,734 39,734 0 -30,598 -31,628 -1,030 -177,213 -178,243 -1,030 -18 -18 0 -155,765 -155,765 0 III........ -189,449 -189,449 0 44,041 44,041 0 -30,926 -31,505 -579 -176,334 -176,913 -579 6,043 6,043 0 -180,677 -180,677 0 IV......... -147,376 -147,376 0 23,701 23,701 0 -27,790 -28,872 -1,082 -151,465 -152,547 -1,082 -7 -7 0 -184,180 -184,180 0 2009: I.... -94,771 -94,771 0 25,319 25,319 0 -27,330 -28,780 -1,450 -96,782 -98,232 -1,450 -20 -20 0 -13,453 -13,453 0 II......... -81,444 -81,444 0 24,366 24,366 0 -30,962 -31,954 -992 -88,040 -89,031 -991 -29 -29 0 -17,948 -17,948 0 III........ -98,547 -98,547 0 37,922 37,922 0 -32,753 -33,506 -753 -93,378 -94,131 -753 -36 -36 0 -37,032 -37,032 0 IV......... -109,012 -109,012 0 35,977 35,977 0 -29,560 -29,595 -35 -102,595 -102,630 -35 -56 -56 0 -162,530 -162,530 0 2010: I.... -117,954 -117,954 0 43,785 43,785 0 -34,803 -34,043 760 -108,972 -108,212 760 -3 -3 0 -76,790 -76,790 0 II......... -128,754 -128,754 0 44,232 44,232 0 -30,028 -29,515 513 -114,550 -114,037 513 -2 -2 0 -32,404 -32,404 0 III........ -129,376 -129,376 0 42,828 42,828 0 -31,828 -31,296 532 -118,375 -117,844 531 -146 -146 0 -235,953 -235,953 0 IV......... -118,575 -118,575 0 46,816 46,816 0 -30,275 -30,110 165 -102,033 -101,868 165 -7 -7 0 -91,825 -91,825 0 2011: I.... -134,319 -134,319 0 50,302 50,302 0 -34,564 -34,223 341 -118,581 -118,240 341 -29 -29 0 -206,609 -206,609 0 II......... -138,879 -138,879 0 51,219 51,219 0 -32,948 -33,371 -423 -120,608 -121,031 -423 -854 -854 0 -135,929 -135,929 0 III........ -133,962 -133,962 0 57,613 57,613 0 -31,630 -32,060 -430 -107,979 -108,409 -430 -300 -300 0 -162,945 -162,945 0 IV......... -141,466 -141,466 0 61,827 61,827 0 -32,538 -33,036 -498 -112,177 -112,675 -498 -3 -3 0 -10,276 -10,276 0 2012: I.... -144,454 -144,771 -317 53,532 56,562 3,030 -33,040 -33,328 -288 -123,962 -121,536 2,426 -53 -53 0 -250,671 -259,562 -8,891 II......... -138,036 -136,685 1,351 51,490 51,519 29 -32,329 -32,798 -469 -118,875 -117,964 911 -241 -241 0 -35,660 -39,823 -4,163 III........ -128,519 -127,540 979 47,680 52,862 5,182 -31,293 -30,749 544 -112,132 -105,427 6,705 -470 -470 0 414 -1,500 -1,914 IV......... -126,596 -127,777 -1,181 50,291 51,235 944 -29,477 -28,200 1,277 -105,781 -104,742 1,039 7,668 7,668 0 -137,574 -140,364 -2,790 2013: I.... -120,948 -121,867 -919 45,983 48,753 2,770 -30,522 -29,605 917 -105,487 -102,719 2,768 -40 -40 0 -67,702 -45,448 22,254 II......... -121,799 -121,256 543 47,507 55,302 7,795 -31,854 -31,660 194 -106,146 -97,615 8,531 -227 -227 0 -84,362 -27,649 56,713 III........ -121,197 -122,154 -957 51,524 59,523 7,999 -31,632 -32,163 -531 -101,305 -94,794 6,511 -146 -146 0 -75,140 -136,247 -61,107 IV......... -112,448 -113,117 -669 54,639 60,965 6,326 -29,508 -29,482 26 -87,317 -81,633 5,684 (*) (*) 0 -143,455 -186,486 -43,031 2014: I.... -123,517 -125,418 -1,901 52,519 58,294 5,775 -29,972 -29,319 653 -100,969 -96,443 4,526 -43 -43 0 -88,777 -114,068 -25,291 II......... -130,228 -128,712 1,516 54,916 57,935 3,019 -21,977 -21,263 714 -97,288 -92,039 5,249 -2 -2 0 -20,144 -48,635 -28,491 III........ -123,939 -125,871 -1,932 59,846 61,730 1,884 -34,826 -33,764 1,062 -98,919 -97,905 1,014 0 -1 -1 -21,973 -29,186 -7,213 IV......... -127,028 -128,323 -1,295 50,623 60,025 9,402 -37,046 -34,840 2,206 -113,451 -103,138 10,313 0 (*) (*) -10,750 -47,759 -37,009 (*) Transactions between zero and +/- $500,000 Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis