EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, March 17, 2016 Thomas Anderson: (202) 606-9879 BEA 16-14 U.S. International Transactions: Fourth Quarter and Year 2015 Fourth Quarter 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)—decreased to $125.3 billion (preliminary) in the fourth quarter of 2015 from $129.9 billion (revised) in the third quarter. The deficit decreased to 2.8 percent of current-dollar gross domestic product (GDP) from 2.9 percent in the third quarter. The decrease in the current-account deficit was accounted for by decreases in the deficits on goods and secondary income and an increase in the surplus on services. These changes were partly offset by a decrease in the surplus on primary income. _______________________________________________________________________________________________ Notice About the 2016 Annual Revision of the U.S. International Transactions Accounts The annual revision of the U.S. international transactions accounts will be released along with preliminary estimates for the first quarter of 2016 on June 16, 2016. An article previewing the annual revisions will appear in the April 2016 issue of the Survey of Current Business (www.bea.gov/scb/index.htm). _______________________________________________________________________________________________ Goods and services The deficit on goods and services decreased to $133.7 billion in the fourth quarter from $138.6 billion in the third quarter. Goods The deficit on goods decreased to $187.3 billion in the fourth quarter from $190.5 billion in the third quarter. Goods exports decreased to $366.7 billion from $379.4 billion. Exports decreased in four of the six major general-merchandise end-use categories and in nonmonetary gold. The largest decrease was in industrial supplies and materials and was largely due to decreases in petroleum and products and in chemicals except medicinals. Exports also decreased in foods, feeds, and beverages, in capital goods except automotive, and in automotive vehicles, parts, and engines. The decrease in foods, feeds, and beverages mostly reflected a decrease in grains and preparations, primarily corn. The decrease in capital goods except automotive mostly reflected the net effect of a decrease in machinery and equipment except consumer-type and an increase in civilian aircraft, engines, and parts. The decrease in automotive vehicles, parts, and engines was more than accounted for by a decrease in exports of passenger cars (ITA Table 2.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports decreased to $553.9 billion from $570.0 billion. Imports decreased in five of the six major general-merchandise end-use categories and in nonmonetary gold. The largest decrease— which accounted for more than two-thirds of the total decrease in goods imports—was in industrial supplies and materials; the decrease mostly reflected a decrease in petroleum and products. Imports also decreased in consumer goods except food and automotive, reflecting decreases in both durable and nondurable goods. In nondurable goods, the largest decrease was in apparel, footwear, and household 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 $53.5 billion in the fourth quarter from $51.9 billion in the third quarter. Services exports increased to $177.7 billion from $175.9 billion. Exports increased in seven of the nine major services categories. The largest increases were in financial services, in maintenance and repair services, and in other business services. The increase in financial services was largely due to an increase in financial management, financial advisory, and custody services. The increase in other business services was largely due to an increase in professional and management consulting services (ITA Table 3.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51). Services imports increased to $124.1 billion from $123.9 billion. Imports increased in four of the nine major services categories. The largest increases were in travel (for all purposes including education), reflecting increases in both business and personal travel, and in other business services. The largest decrease was in insurance services (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 $42.8 billion in the fourth quarter from $45.4 billion in the third quarter. Investment income Income receipts from foreigners on U.S. holdings of financial assets abroad decreased to $190.0 billion from $195.7 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The decrease was primarily accounted for by a decrease in direct investment income on equity from foreign affiliates of U.S. parent companies, especially holding company affiliates, and a decrease in portfolio investment income on equity and investment fund shares (ITA Table 4.2 (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57) and 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 $144.6 billion from $147.8 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). Direct investment income payments to foreigners decreased, especially in manufacturing (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Portfolio investment income payments also decreased. Income on equity and investment fund shares decreased, and interest on debt securities increased (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 $1.8 billion in the fourth quarter. Payments for compensation of foreign residents paid by U.S. residents increased to $4.4 billion from $4.3 billion. Secondary income (current transfers) The deficit on secondary income decreased to $34.3 billion in the fourth quarter from $36.7 billion in the third 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 $32.5 billion from $32.0 billion. The increase was accounted for by increases in both U.S. government transfers and private transfers, primarily insurance-related transfers (ITA Table 5.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62). Secondary income payments decreased to $66.9 billion from $68.7 billion. The decrease was more than accounted for a decrease 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). Financial Account Net U.S. borrowing measured by financial-account transactions was $29.4 billion in the fourth quarter, down from $59.5 billion in the third quarter. Both net U.S. sales of financial assets excluding financial derivatives and net U.S. repayment of liabilities to foreigners excluding financial derivatives increased in the fourth quarter, but the repayment of liabilities increased more. In addition, net transactions in financial derivatives other than reserves reflected more net lending than in the third quarter. Net U.S. acquisition of financial assets excluding financial derivatives Net U.S. sales of financial assets excluding financial derivatives were $126.1 billion in the fourth quarter, up from $95.9 billion in the third quarter. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $101.9 billion in the fourth quarter, up from $67.8 billion in the third quarter because of a shift to net acquisition of debt instruments by both U.S. parent companies and U.S. affiliates of foreign parent companies (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. sales of portfolio investment assets abroad were $108.9 billion in the fourth quarter, down from $111.3 billion in the third quarter. The decrease was more than accounted for by a decrease in net sales of equity and investment fund shares to $52.0 billion in the fourth quarter, down from $61.4 billion in the third quarter. The decrease in net sales of equity and investment funds shares was partly offset by an increase in net sales of debt securities to $56.9 billion in the fourth quarter, up from $49.9 billion in the third quarter (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) Transactions decreased other investment assets abroad by $118.1 billion in the fourth quarter after decreasing them by $52.1 billion in the third quarter. The fourth-quarter decrease was larger because of a shift to net repayment of loans from third-quarter net provision of loans (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 $1.0 billion in the fourth quarter, after decreasing holdings by $0.3 billion in the third 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. repayment of liabilities to foreigners excluding financial derivatives was $84.4 billion in the fourth quarter, up from $35.7 billion in the third quarter. Direct investment liabilities (equity and debt instruments) Net incurrence of direct investment liabilities to foreigners was $58.9 billion in the fourth quarter, up from $49.1 billion in the third quarter. The increase was more than accounted for by an increase in net foreign-parent equity investment other than reinvestment of earnings. Net incurrence of debt instrument liabilities decreased (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 $17.1 billion in the fourth quarter, a shift from net repayment of $117.0 billion in the third quarter. Net foreign sales of U.S. equity and investment fund shares were $158.5 billion in the fourth quarter, up from $30.4 billion in the third quarter. Net foreign purchases of U.S. debt securities were $175.6 billion in the fourth quarter, a shift from net sales of $86.6 billion in the third quarter (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. repayment of other investment liabilities to foreigners was $160.4 billion in the fourth quarter, a shift from net incurrence of $32.2 billion in the third quarter. The shift was more than accounted for by a shift to net repayment of loan liabilities (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 $12.3 billion in the fourth quarter, representing net lending. This was an increase from net lending of $0.7 billion in the third quarter. 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 $95.9 billion in the fourth quarter compared with $70.4 billion in the third quarter. * * * In the fourth quarter, the U.S. dollar appreciated 1.4 percent on a trade-weighted basis against a group of 7 major currencies, after appreciating 2.0 percent on the same basis in the third quarter. Exchange rate data are based on Federal Reserve Statistical Release H.10. * * * The Year 2015 Current Account The U.S. current-account deficit increased to $484.1 billion (preliminary) in 2015 from $389.5 billion in 2014. The deficit was 2.7 percent of current-dollar GDP in 2015, up from 2.2 percent in 2014. Goods and services The deficit on goods and services increased to $539.8 billion in 2015 from $508.3 billion in 2014. Goods The deficit on goods increased to $759.3 billion in 2015 from $741.5 billion in 2014. Goods exports decreased to $1,513.5 billion from $1,632.6 billion, the first decrease since 2009. The largest decrease—which accounted for more than two-thirds of the total decrease in goods exports—was in industrial supplies and materials. The decrease was mainly due to a decrease in petroleum and products (ITA Table 2.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports decreased to $2,272.8 billion from $2,374.1 billion. A decrease in industrial supplies and materials was partly offset by increases in the other five major general-merchandise end-use categories. The decrease in industrial supplies and materials largely reflected a decrease in imports of petroleum and products. The largest increase was in consumer goods except food and automotive, followed by automotive vehicles, parts, and engines. Much of the increase in consumer goods except food and automotive was in nondurable goods, mainly medicinal, dental, and pharmaceutical products (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 decreased to $219.6 billion in 2015 from $233.1 billion in 2014. Services exports decreased to $710.2 billion from $710.6 billion. The largest decreases were in transport and in charges for the use of intellectual property. The decrease in transport was more than accounted for by a decrease in air transport. The largest increase was in other business services, primarily in professional and management consulting services (ITA Table 3.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51). Services imports increased to $490.6 billion from $477.4 billion. The largest increase was in travel (for all purposes including education), specifically in personal travel. The largest decrease was in charges for the use of intellectual property, primarily in charges for the use of industrial processes (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 $191.3 billion in 2015 from $238.0 billion in 2014. Investment income Income receipts from foreigners on U.S. holdings of financial assets abroad decreased to $776.0 billion from $816.4 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 direct investment income, which reflected a decrease in earnings of foreign affiliates of U.S. parent companies (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Portfolio investment income receipts increased, partly offsetting the decrease in direct investment income receipts. The increase in portfolio investment income receipts was accounted for by increases in income on equity and investment fund shares and in interest on debt securities (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 increased to $574.5 billion from $569.0 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The increase primarily reflected an increase in portfolio investment income payments, both interest on debt securities and income on equity and investment fund shares (ITA Table 4.3) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=58). Direct investment income payments decreased (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Compensation of employees Receipts for compensation of U.S. residents paid by nonresidents increased to $7.1 billion from $6.9 billion. Payments for compensation of foreign residents paid by U.S. residents increased to $17.3 billion from $16.3 billion. Secondary income (current transfers) The deficit on secondary income increased to $135.6 billion in 2015 from $119.2 billion in 2014. Secondary income receipts decreased to $132.0 billion from $140.0 billion; the decrease was more than accounted for by a decrease in transfers to the U.S. government, primarily fines and penalties paid by foreign residents (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 $267.6 billion from $259.2 billion; the increase was primarily accounted for by an increase in private transfers, primarily insurance-related transfers (ITA Table 5.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=62). Financial Account Net U.S. borrowing measured by financial-account transactions was $209.2 billion in 2015, down from $239.6 billion in 2014. Net U.S. acquisition of financial assets excluding financial derivatives and net U.S. incurrence of liabilities excluding financial derivatives decreased by similar amounts in 2015. A decrease in net borrowing accounted for by transactions in financial derivatives other than reserves of $29.0 billion was responsible for most of the decrease in net borrowing measured by financial-account transactions in 2015. Net U.S. acquisition of financial assets excluding financial derivatives Net U.S. acquisition of financial assets excluding financial derivatives was $242.2 billion in 2015, down from $792.1 billion in 2014. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $345.1 billion in 2015, down from $357.2 billion in 2014. The decrease was accounted for by a decrease in U.S. parents’ reinvestment of earnings in their foreign affiliates that was partly offset by an increase in net acquisition of debt instruments (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 $186.3 billion in 2015, down from $538.1 billion in 2014. The decrease was primarily accounted for by a decrease in net U.S. acquisition of equity and investment fund shares. Net U.S. acquisition of debt securities also decreased. Holdings of long-term corporate bonds and notes declined (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) Transactions decreased other investment assets abroad by $282.9 billion in 2015 after decreasing them by $99.5 billion in 2014. The 2015 decrease was larger mainly because of a shift to net repayment of loans. Net withdrawal of deposits abroad also increased (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 $6.3 billion in 2015, after decreasing holdings by $3.6 billion in 2014. The decreases in both years were more than accounted for by 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 $426.0 billion in 2015, down from $977.4 billion in 2014. Direct investment liabilities (equity and debt instruments) Net incurrence of direct investment liabilities to foreigners was $409.9 billion in 2015, up from $131.8 billion in 2014. The increase was largely accounted for by a shift to net foreign-parent equity investment other than reinvestment of earnings (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 $263.4 billion in 2015, down from $705.0 billion in 2014. Net foreign sales of U.S. equity and investment fund shares were $171.3 billion, a shift from net foreign purchases of $155.1 billion in 2014. Net foreign purchases of U.S. debt securities were $434.6 billion, down from $550.0 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. repayment of other investment liabilities to foreigners was $247.2 billion in 2015, a shift from net incurrence of $140.6 billion in 2014. The shift reflected a shift from net incurrence to net repayment of loans from foreign residents (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 –$25.4 billion in 2015, representing net borrowing, a decrease from net borrowing of $54.3 billion in 2014. 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 was $274.9 billion in 2015 compared with $149.9 billion in 2014. * * * In 2015, the U.S. dollar appreciated 16.2 percent on a trade-weighted basis against a group of 7 major currencies. In 2014, the U.S. dollar appreciated 3.3 percent on the same basis. Exchange rate data are based on Federal Reserve Statistical Release H.10. Revisions Statistics for the first three quarters of 2015 were revised to reflect revised seasonal adjustments and newly available and revised source data for the third quarter. Preliminary and Revised Third-Quarter 2015 Statistics [Billions of dollars, seasonally adjusted] Preliminary Revised Balance on goods................................. –190.0 –190.5 Balance on services.............................. 56.3 51.9 Balance on primary income........................ 46.1 45.4 Balance on secondary income (current transfers).. –36.6 –36.7 Balance on current account....................... –124.1 –129.9 Net U.S. sales of financial assets excluding financial derivatives........................ 89.9 95.9 Net U.S. repayment of liabilities excluding financial derivatives........................ 64.6 35.7 Net borrowing from financial-account transactions................................. 24.7 59.5 * * * Release dates in 2016: Fourth Quarter and Year 2015....................................March 17, 2016 (Thursday) First Quarter 2016 and Annual Revisions..........................June 16, 2016 (Thursday) Second Quarter 2016.........................................September 15, 2016 (Thursday) Third Quarter 2016...........................................December 15, 2016 (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/2016/pdf/trans415_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 fourth-quarter statistics in this release are preliminary and will be revised on June 16, 2016. All links in the text of this release—including archived versions of this release—refer to the latest available statistics. March 17, 2016 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2014 2015 p Change: Seasonally adjusted Change: 2014 to 2014 2015 2015:III to 2015 IV I r II r III r IV p 2015:IV   Current account   1 Exports of goods and services and income receipts (credits)................. 3,306,574 3,138,696 -167,878 827,361 789,437 795,839 784,751 768,670 -16,081 2 Exports of goods and services............................................. 2,343,205 2,223,618 -119,587 588,935 561,606 562,377 555,298 544,337 -10,961 3 Goods................................................................... 1,632,639 1,513,453 -119,186 409,126 382,726 384,628 379,445 366,654 -12,791 4 General merchandise................................................... 1,609,715 1,491,817 -117,898 401,801 377,167 379,785 373,324 361,540 -11,784 5 Foods, feeds, and beverages......................................... 143,751 127,704 -16,047 36,021 32,844 32,390 32,036 30,434 -1,602 6 Industrial supplies and materials................................... 500,007 419,378 -80,629 120,392 107,817 110,297 104,686 96,576 -8,110 7 Capital goods except automotive..................................... 551,321 538,603 -12,718 139,888 135,463 136,292 134,056 132,792 -1,264 8 Automotive vehicles, parts, and engines............................. 159,690 151,563 -8,127 40,307 36,871 37,793 38,976 37,923 -1,053 9 Consumer goods except food and automotive........................... 198,300 197,387 -913 50,084 50,521 48,687 49,038 49,140 102 10 Other general merchandise........................................... 56,646 57,182 536 15,110 13,649 14,326 14,532 14,675 143 11 Net exports of goods under merchanting................................ 296 252 -44 53 77 41 73 60 -13 12 Nonmonetary gold...................................................... 22,628 21,385 -1,243 7,271 5,482 4,802 6,047 5,053 -994 13 Services................................................................ 710,565 710,165 -400 179,810 178,880 177,749 175,853 177,683 1,830 14 Maintenance and repair services n.i.e. ............................... 22,389 24,123 1,734 6,123 5,227 5,773 6,207 6,916 709 15 Transport............................................................. 90,031 84,225 -5,806 22,754 21,673 21,027 20,662 20,863 201 16 Travel (for all purposes including education) /1/..................... 177,241 178,297 1,056 44,399 44,366 44,512 44,558 44,861 303 17 Insurance services.................................................... 17,417 18,665 1,248 4,453 4,537 4,592 4,759 4,777 18 18 Financial services.................................................... 87,290 86,286 -1,004 22,410 22,727 21,516 20,630 21,413 783 19 Charges for the use of intellectual property n.i.e. .................. 130,362 126,210 -4,152 32,499 31,723 31,776 31,484 31,227 -257 20 Telecommunications, computer, and information services................ 35,885 36,989 1,104 8,928 9,268 9,406 9,127 9,188 61 21 Other business services............................................... 129,514 135,260 5,746 33,787 34,336 34,126 33,076 33,721 645 22 Government goods and services n.i.e. ................................. 20,438 20,110 -328 4,456 5,022 5,021 5,350 4,717 -633 23 Primary income receipts .................................................. 823,353 783,077 -40,276 206,554 195,030 198,792 197,462 191,792 -5,670 24 Investment income....................................................... 816,445 775,989 -40,456 204,822 193,279 197,032 195,679 190,000 -5,679 25 Direct investment income.............................................. 476,617 423,504 -53,113 118,625 107,820 108,349 105,083 102,252 -2,831 26 Portfolio investment income........................................... 308,205 319,157 10,952 78,287 77,430 80,420 81,911 79,396 -2,515 27 Other investment income............................................... 31,321 33,114 1,793 7,849 7,988 8,204 8,632 8,291 -341 28 Reserve asset income.................................................. 301 214 -87 61 40 59 53 61 8 29 Compensation of employees............................................... 6,909 7,088 179 1,731 1,751 1,760 1,784 1,793 9 30 Secondary income (current transfer) receipts /2/.......................... 140,016 132,001 -8,015 31,872 32,801 34,669 31,990 32,540 550 31 Imports of goods and services and income payments (debits).................. 3,696,100 3,622,774 -73,326 930,499 907,472 906,637 914,681 893,984 -20,697 32 Imports of goods and services............................................. 2,851,529 2,763,374 -88,155 717,258 695,933 695,484 693,873 678,083 -15,790 33 Goods................................................................... 2,374,101 2,272,760 -101,341 595,089 574,965 573,903 569,957 553,935 -16,022 34 General merchandise................................................... 2,358,653 2,260,172 -98,481 591,428 571,992 570,548 566,629 551,003 -15,626 35 Foods, feeds, and beverages......................................... 126,683 128,916 2,233 32,112 32,443 32,783 32,163 31,527 -636 36 Industrial supplies and materials................................... 672,611 492,287 -180,324 160,564 132,743 126,126 122,483 110,934 -11,549 37 Capital goods except automotive..................................... 595,732 605,909 10,177 152,546 153,163 153,108 150,271 149,368 -903 38 Automotive vehicles, parts, and engines............................. 328,499 350,189 21,690 83,931 84,248 88,462 88,928 88,551 -377 39 Consumer goods except food and automotive........................... 559,392 598,157 38,765 143,437 148,039 149,101 151,846 149,171 -2,675 40 Other general merchandise........................................... 75,736 84,714 8,978 18,838 21,357 20,968 20,937 21,452 515 41 Nonmonetary gold...................................................... 15,448 12,589 -2,859 3,660 2,973 3,355 3,328 2,933 -395 42 Services................................................................ 477,428 490,613 13,185 122,170 120,968 121,582 123,917 124,147 230 43 Maintenance and repair services n.i.e. ............................... 7,468 9,251 1,783 1,974 2,084 2,129 2,468 2,570 102 44 Transport............................................................. 94,219 96,893 2,674 24,334 24,661 24,053 24,141 24,038 -103 45 Travel (for all purposes including education) /1/..................... 110,787 120,471 9,684 28,814 29,080 29,600 30,714 31,078 364 46 Insurance services.................................................... 50,096 48,331 -1,765 12,592 12,201 12,116 12,155 11,859 -296 47 Financial services.................................................... 19,503 20,134 631 4,941 4,725 5,033 5,124 5,251 127 48 Charges for the use of intellectual property n.i.e. .................. 42,124 39,157 -2,967 10,720 9,594 9,986 9,801 9,776 -25 49 Telecommunications, computer, and information services................ 33,314 33,155 -159 8,302 8,172 8,205 8,399 8,379 -20 50 Other business services............................................... 95,752 101,716 5,964 24,582 24,979 25,015 25,708 26,015 307 51 Government goods and services n.i.e. ................................. 24,163 21,505 -2,658 5,910 5,472 5,444 5,407 5,182 -225 52 Primary income payments................................................... 585,369 591,753 6,384 146,529 144,960 145,681 152,077 149,035 -3,042 53 Investment income....................................................... 569,031 574,498 5,467 142,354 140,762 141,380 147,762 144,594 -3,168 54 Direct investment income.............................................. 176,152 153,274 -22,878 42,992 37,771 35,872 40,959 38,672 -2,287 55 Portfolio investment income........................................... 378,705 405,468 26,763 95,864 99,459 101,730 102,750 101,530 -1,220 56 Other investment income............................................... 14,174 15,757 1,583 3,498 3,532 3,779 4,053 4,393 340 57 Compensation of employees............................................... 16,339 17,255 916 4,175 4,198 4,301 4,315 4,441 126 58 Secondary income (current transfer) payments /2/.......................... 259,202 267,647 8,445 66,712 66,579 65,471 68,731 66,866 -1,865   Capital account 59 Capital transfer receipts and other credits ................................ 0 0 0 0 0 0 0 0 0 60 Capital transfer payments and other debits ................................. 45 45 0 (*) 24 20 1 n.a. n.a. March 17, 2016 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2014 2015 p Change: Seasonally adjusted Change: 2014 to 2014 2015 2015:III to 2015 IV I r II r III r IV p 2015:IV   Financial account         61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+))................ 792,145 242,234 -549,911 41,690 321,508 142,664 -95,867 -126,071 -30,204 62 Direct investment assets.................................................. 357,190 345,115 -12,075 112,547 68,778 106,586 67,817 101,934 34,117 63 Equity.................................................................. 355,622 312,849 -42,773 117,395 79,003 84,371 76,555 72,919 -3,636 64 Debt instruments........................................................ 1,568 32,266 30,698 -4,848 -10,226 22,215 -8,738 29,015 37,753 65 Portfolio investment assets............................................... 538,058 186,344 -351,714 81,125 233,524 173,025 -111,304 -108,901 2,403 66 Equity and investment fund shares....................................... 436,526 172,524 -264,002 131,463 168,735 117,261 -61,427 -52,045 9,382 67 Debt securities......................................................... 101,531 13,820 -87,711 -50,338 64,789 55,764 -49,877 -56,856 -6,979 68 Short term............................................................ 15,299 67,254 51,955 -19,691 26,980 41,816 8,619 -10,162 -18,781 69 Long term............................................................. 86,232 -53,434 -139,666 -30,647 37,809 13,948 -58,496 -46,694 11,802 70 Other investment assets................................................... -99,520 -282,933 -183,413 -149,471 23,365 -136,071 -52,113 -118,114 -66,001 71 Currency and deposits................................................... -147,354 -207,783 -60,429 -131,119 -18,773 -59,511 -77,150 -52,348 24,802 72 Loans................................................................. 54,595 -73,189 -127,784 -18,173 43,947 -75,930 24,142 -65,348 -89,490 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............................................. -6,761 -1,962 4,799 -179 -1,809 -630 895 -418 -1,313 75 Reserve assets............................................................ -3,583 -6,292 -2,709 -2,511 -4,159 -877 -266 -990 -724 76 Monetary gold........................................................... 0 0 0 0 0 0 0 0 0 77 Special drawing rights.................................................. 23 9 -14 3 3 2 2 2 0 78 Reserve position in the International Monetary Fund..................... -3,849 -6,485 -2,636 -2,568 -4,195 -930 -314 -1,046 -732 79 Other reserve assets.................................................... 243 185 -58 54 33 52 46 54 8 80 Currency and deposits................................................. 5 -20 -25 1 (*) -4 -7 -8 -1 81 Securities............................................................ 234 205 -29 53 33 56 53 63 10 82 Financial derivatives................................................. 0 0 0 0 0 0 0 0 0 83 Other claims.......................................................... 4 0 -4 0 0 0 0 0 0 84 Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities / financial inflow (+))........................ 977,421 426,036 -551,385 57,712 341,270 204,836 -35,659 -84,412 -48,753 85 Direct investment liabilities............................................. 131,831 409,872 278,041 52,378 191,184 110,674 49,109 58,905 9,796 86 Equity.................................................................. 68,854 302,908 234,054 48,401 159,623 56,215 36,246 50,824 14,578 87 Debt instruments........................................................ 62,977 106,965 43,988 3,977 31,562 54,459 12,862 8,081 -4,781 88 Portfolio investment liabilities.......................................... 705,030 263,360 -441,670 132,976 101,085 262,170 -116,983 17,087 134,070 89 Equity and investment fund shares....................................... 155,077 -171,253 -326,330 -34,660 32,455 -14,810 -30,362 -158,536 -128,174 90 Debt securities......................................................... 549,953 434,613 -115,340 167,636 68,630 276,980 -86,621 175,623 262,244 91 Short term............................................................ 22,935 44,308 21,373 42,380 36,550 -6,208 -51,763 65,728 117,491 92 Long term............................................................. 527,019 390,305 -136,714 125,256 32,080 283,188 -34,858 109,895 144,753 93 Other investment liabilities.............................................. 140,559 -247,197 -387,756 -127,642 49,000 -168,009 32,215 -160,404 -192,619 94 Currency and deposits................................................... 51,031 36,752 -14,279 -88,097 4,856 -7,447 13,252 26,091 12,839 95 Loans................................................................... 75,265 -293,883 -369,148 -40,140 41,964 -163,072 13,841 -186,616 -200,457 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............................................... 14,263 9,934 -4,329 595 2,180 2,511 5,122 122 -5,000 98 Special drawing rights allocations...................................... 0 0 0 0 0 0 0 0 0 99 Financial derivatives other than reserves, net transactions /3/............. -54,372 -25,401 28,971 -31,737 -40,149 1,784 681 12,283 11,602   Statistical discrepancy           100 Statistical discrepancy /4/................................................. 149,923 274,920 124,997 55,379 58,148 50,430 70,404 95,938 25,534   Balances             101 Balance on current account (line 1 less line 31) /5/........................ -389,526 -484,078 -94,552 -103,138 -118,035 -110,798 -129,930 -125,314 4,616 102 Balance on goods and services (line 2 less line 32)....................... -508,324 -539,756 -31,432 -128,323 -134,327 -133,107 -138,575 -133,746 4,829 103 Balance on goods (line 3 less line 33).................................. -741,462 -759,307 -17,845 -185,963 -192,239 -189,275 -190,511 -187,282 3,229 104 Balance on services (line 13 less line 42).............................. 233,138 219,551 -13,587 57,640 57,912 56,167 51,936 53,536 1,600 105 Balance on primary income (line 23 less line 52).......................... 237,984 191,323 -46,661 60,025 50,070 53,111 45,385 42,757 -2,628 106 Balance on secondary income (line 30 less line 58)........................ -119,185 -135,645 -16,460 -34,840 -33,777 -30,802 -36,741 -34,326 2,415 107 Balance on capital account (line 59 less line 60) /5/....................... -45 -45 0 (*) -24 -20 -1 0 1 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/........................... -389,571 -484,123 -94,552 -103,138 -118,059 -110,818 -129,931 -125,314 4,617 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/........................ -239,648 -209,203 30,445 -47,759 -59,912 -60,388 -59,527 -29,377 30,150 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