EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, September 17, 2015 William Zeile: (202) 606-9893 BEA 15-43 U.S. International Transactions: Second Quarter 2015 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 $109.7 billion (preliminary) in the second quarter of 2015 from $118.3 billion (revised) in the first quarter. The deficit decreased to 2.5 percent of current-dollar gross domestic product (GDP) from 2.7 percent in the first quarter. The decrease in the current-account deficit was largely accounted for by decreases in the deficits on goods and secondary income. Increases in the surpluses on primary income and services also contributed to the decrease in the current-account deficit. Goods and services The deficit on goods and services decreased to $130.0 billion in the second quarter from $134.3 billion in the first quarter. Goods The deficit on goods decreased to $188.4 billion in the second quarter from $192.2 billion in the first quarter. Goods exports increased to $384.8 billion from $382.8 billion. Exports increased in four of the six major general-merchandise end-use categories. The largest increase was in industrial supplies and materials; this increase was more than accounted for by an increase in petroleum and products, which was partly offset by a decrease in metals and nonmetallic products. Exports decreased in nonmonetary gold and in two major general-merchandise end-use categories. The largest of these decreases was in consumer goods except food and automotive, mainly due to a decrease in durable goods (ITA Table 2.1)(www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports decreased to $573.1 billion from $575.0 billion. Imports decreased in three of the six major general-merchandise end-use categories. The largest decrease—which more than accounted for the total decrease in goods imports—was in industrial supplies and materials, largely reflecting decreases in petroleum and products and in metals and nonmetallic products. Imports increased in nonmonetary gold and in three major general-merchandise end-use categories. The largest of these increases was in automotive vehicles, parts, and engines (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 $58.4 billion in the second quarter from $57.9 billion in the first quarter. Services exports increased to $179.9 billion from $178.9 billion. Exports increased in seven of the nine major services categories. The largest increases were in other business services—most particularly in professional and management consulting services and in research and development services—and in travel (for all purposes including education). Transport decreased, reflecting a decrease in air passenger 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 $121.6 billion from $121.0 billion. Imports increased in six of the nine major services categories. The largest increase was in travel (for all purposes including education), mainly due to an increase in personal travel. The largest decrease was in transport, mainly air freight 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 increased to $50.6 billion in the second quarter from $49.7 billion in the first quarter. Investment income Income receipts from foreigners on U.S. holdings of financial assets abroad increased to $200.1 billion from $193.0 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The increase mainly reflected an increase in direct investment income on equity from foreign affiliates, particularly affiliates in Ireland, the Netherlands, and Bermuda (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 increased, largely due to an increase in 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). Income payments to foreigners on U.S. liabilities increased to $146.9 billion from $140.8 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The increase was due primarily to an increase in direct investment income payments on foreign equity in U.S. affiliates, partly reflecting affiliate income growth from increased sales of motor vehicles and an increase in oil prices (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Also contributing to the increase was an increase in portfolio investment income payments, particularly interest on debt securities (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. Payments for compensation of foreign residents paid by U.S. residents increased to $4.3 billion from $4.2 billion. Secondary income (current transfers) The deficit on secondary income decreased to $30.3 billion in the second quarter from $33.8 billion in the first 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 $34.7 billion from $32.8 billion; the increase was more than accounted for by an increase in U.S. government transfers, particularly fines and penalties (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 $65.0 billion from $66.6 billion, reflecting a decrease in U.S. government grants to foreigners that was partly offset by an increase in private 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 $59.7 billion in the second quarter, down from $60.3 billion in the first quarter. Net U.S. acquisition of financial assets excluding financial derivatives decreased more than net U.S. incurrence of liabilities excluding financial derivatives. However, a shift to net lending in 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 decreasing 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 $137.5 billion in the second quarter, down from $320.2 billion in the first quarter. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $101.1 billion in the second quarter, up from $67.4 billion in the first quarter. The increase was largely accounted for by a shift to net acquisition of debt instrument assets by both U.S. parent companies and U.S. affiliates. Also contributing to the increase was an increase in net acquisition of equity 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 assets (equity and investment fund shares and debt securities) Net U.S. acquisition of portfolio investment assets abroad was $166.3 billion in the second quarter, down from $233.5 billion in the first quarter. The decrease reflected a decrease in net purchases of equity securities, to $116.7 billion from $168.7 billion, and a decrease in net purchases of debt securities, to $49.6 billion from $64.8 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. sales of other investment assets abroad were $129.0 billion in the second quarter, a shift from net acquisitions of $23.4 billion in the first quarter. The shift to net sales mainly reflected (1) a shift to net foreign repayment of loans to foreign residents provided by U.S. nonbank financial institutions such as securities dealers and financial holding companies, and (2) an increase in net U.S. withdrawals of deposits abroad by U.S. nonbanking concerns (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 $0.9 billion in the second quarter, after decreasing holdings by $4.2 billion in the first 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 $199.0 billion in the second quarter, down from $340.3 billion in the first quarter. Direct investment liabilities (equity and debt instruments) Net incurrence of direct investment liabilities to foreigners was $78.2 billion in the second quarter, down from $190.2 billion in the first quarter. The decrease was more than accounted for by a decrease in net foreign-resident investment in equity other than reinvestment of earnings from an unusually high level in the first quarter (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 $271.0 billion in the second quarter, up from $101.1 billion in the first quarter. The increase was more than accounted for by an increase in net foreign purchases of U.S. debt securities to $288.2 billion from $68.6 billion. Partly offsetting this increase, net foreign sales of U.S. equity and investment fund shares were $17.2 billion, a shift from net foreign purchases of $32.5 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 $150.1 billion in the second quarter, a shift from net incurrence of $49.0 billion in the first quarter. The shift to net U.S. repayment mainly reflected repayments of loan liabilities of U.S. banks and nonbank financial institutions to foreign financial institutions (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 $1.8 billion in the second quarter, representing net lending. This was a shift from net borrowing of $40.1 billion in the first 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 $49.9 billion in the second quarter compared with $58.0 billion in the first quarter. * * * In the second quarter, the U.S. dollar appreciated 0.6 percent on a trade-weighted quarterly average basis against a group of 7 major currencies, after appreciating 8.2 percent on the same basis in the first quarter. Exchange rate data are based on Federal Reserve Statistical Release H.10. * * * Revisions to first quarter 2015 The current-account deficit in the first quarter of 2015 is revised upward to $118.3 billion from $113.3 billion. The goods deficit is revised upward to $192.2 billion from $189.0 billion. The services surplus is revised downward to $57.9 billion from $58.7 billion. The primary income surplus is revised downward to $49.7 billion from $50.8 billion. The secondary income deficit is revised downward to $33.75 billion from $33.83 billion. First-quarter net borrowing from financial-account transactions is revised upward to $60.3 billion from $47.9 billion. Net U.S. acquisition of financial assets excluding financial derivatives is revised downward to $320.2 billion from $325.1 billion, and net U.S. incurrence of liabilities excluding financial derivatives is revised upward to $340.3 billion from $332.8 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/trans215_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 second-quarter statistics in this release are preliminary and will be revised on December 17, 2015. All links in the text of this release—including archived versions of this release—refer to the latest available statistics. September 17, 2015 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2013 2014 Change: Seasonally adjusted Change: 2013- 2014 2015 2015:I to 2014 II III IV I r II p 2015: II Current account           1 Exports of goods and services and income receipts (credits)................. 3,201,282 3,306,574 105,292 835,686 830,374 827,361 789,263 801,227 11,964 2 Exports of goods and services............................................. 2,279,937 2,343,205 63,268 587,873 589,263 588,935 561,679 564,695 3,016 3 Goods................................................................... 1,592,043 1,632,639 40,596 409,152 412,933 409,126 382,803 384,752 1,949 4 General merchandise................................................... 1,557,698 1,609,715 52,017 405,199 407,927 401,801 377,244 379,875 2,631 5 Foods, feeds, and beverages......................................... 136,160 143,751 7,591 36,413 34,661 36,021 32,706 32,252 -454 6 Industrial supplies and materials................................... 492,296 500,007 7,711 127,152 128,831 120,392 107,916 110,409 2,493 7 Capital goods except automotive..................................... 534,524 551,321 16,797 137,309 139,156 139,888 135,574 136,403 829 8 Automotive vehicles, parts, and engines............................. 152,670 159,690 7,020 39,897 41,626 40,307 36,909 37,831 922 9 Consumer goods except food and automotive........................... 188,370 198,300 9,930 49,837 49,904 50,084 50,489 48,655 -1,834 10 Other general merchandise........................................... 53,678 56,646 2,968 14,591 13,749 15,110 13,650 14,326 676 11 Net exports of goods under merchanting................................ 462 296 -166 64 103 53 77 74 -3 12 Nonmonetary gold...................................................... 33,883 22,628 -11,255 3,889 4,902 7,271 5,482 4,802 -680 13 Services................................................................ 687,894 710,565 22,671 178,721 176,331 179,810 178,876 179,943 1,067 14 Maintenance and repair services n.i.e. ............................... 18,648 22,389 3,741 5,591 5,671 6,123 5,227 5,358 131 15 Transport............................................................. 87,415 90,031 2,616 22,574 22,621 22,754 21,687 21,088 -599 16 Travel (for all purposes including education) /1/..................... 172,901 177,241 4,340 44,929 43,722 44,399 44,334 44,792 458 17 Insurance services.................................................... 17,058 17,417 359 4,422 4,340 4,453 4,537 4,594 57 18 Financial services.................................................... 84,091 87,290 3,199 22,456 21,351 22,410 22,732 22,791 59 19 Charges for the use of intellectual property n.i.e. .................. 127,927 130,362 2,435 32,880 32,355 32,499 31,733 31,867 134 20 Telecommunications, computer, and information services................ 35,035 35,885 850 9,171 8,980 8,928 9,268 9,288 20 21 Other business services............................................... 121,873 129,514 7,641 31,685 32,183 33,787 34,336 35,154 818 22 Government goods and services n.i.e. ................................. 22,946 20,438 -2,508 5,013 5,106 4,456 5,021 5,011 -10 23 Primary income receipts .................................................. 794,763 823,353 28,590 204,850 209,715 206,554 194,746 201,854 7,108 24 Investment income....................................................... 788,007 816,445 28,438 203,125 207,980 204,822 192,994 200,090 7,096 25 Direct investment income.............................................. 478,051 476,617 -1,434 118,170 121,657 118,625 107,508 111,380 3,872 26 Portfolio investment income........................................... 278,439 308,205 29,766 76,908 78,498 78,287 77,430 80,381 2,951 27 Other investment income............................................... 31,144 31,321 177 7,973 7,755 7,849 8,015 8,270 255 28 Reserve asset income.................................................. 374 301 -73 74 70 61 40 59 19 29 Compensation of employees............................................... 6,756 6,909 153 1,725 1,734 1,731 1,751 1,764 13 30 Secondary income (current transfer) receipts /2/.......................... 126,582 140,016 13,434 42,962 31,396 31,872 32,838 34,679 1,841 31 Imports of goods and services and income payments (debits).................. 3,578,042 3,696,100 118,058 927,725 928,279 930,499 907,557 910,904 3,347 32 Imports of goods and services............................................. 2,758,331 2,851,529 93,198 716,585 715,134 717,258 695,968 694,693 -1,275 33 Goods................................................................... 2,294,630 2,374,101 79,471 597,265 596,009 595,089 574,959 573,117 -1,842 34 General merchandise................................................... 2,276,882 2,358,653 81,771 593,541 591,750 591,428 571,986 569,762 -2,224 35 Foods, feeds, and beverages......................................... 116,004 126,683 10,679 32,288 32,049 32,112 32,515 32,855 340 36 Industrial supplies and materials................................... 686,692 672,611 -14,081 169,946 166,846 160,564 132,682 125,280 -7,402 37 Capital goods except automotive..................................... 557,893 595,732 37,839 148,679 151,305 152,546 153,214 153,178 -36 38 Automotive vehicles, parts, and engines............................. 309,572 328,499 18,927 82,958 83,445 83,931 84,233 88,447 4,214 39 Consumer goods except food and automotive........................... 533,957 559,392 25,435 140,259 139,139 143,437 147,989 149,052 1,063 40 Other general merchandise........................................... 72,764 75,736 2,972 19,410 18,966 18,838 21,353 20,950 -403 41 Nonmonetary gold...................................................... 17,748 15,448 -2,300 3,723 4,259 3,660 2,973 3,355 382 42 Services................................................................ 463,700 477,428 13,728 119,320 119,126 122,170 121,009 121,576 567 43 Maintenance and repair services n.i.e. ............................... 7,486 7,468 -18 1,878 1,854 1,974 2,083 2,122 39 44 Transport............................................................. 90,634 94,219 3,585 23,416 23,377 24,334 24,726 24,118 -608 45 Travel (for all purposes including education) /1/..................... 104,107 110,787 6,680 27,900 27,767 28,814 29,081 29,692 611 46 Insurance services.................................................... 53,420 50,096 -3,324 12,628 12,496 12,592 12,201 12,162 -39 47 Financial services.................................................... 18,519 19,503 984 4,913 5,003 4,941 4,716 4,985 269 48 Charges for the use of intellectual property n.i.e. .................. 38,999 42,124 3,125 10,337 10,571 10,720 9,594 9,740 146 49 Telecommunications, computer, and information services................ 33,812 33,314 -498 8,312 8,359 8,302 8,171 8,201 30 50 Other business services............................................... 91,389 95,752 4,363 23,834 23,588 24,582 24,964 25,160 196 51 Government goods and services n.i.e. ................................. 25,334 24,163 -1,171 6,103 6,111 5,910 5,472 5,396 -76 52 Primary income payments................................................... 570,220 585,369 15,149 146,915 147,985 146,529 144,998 151,214 6,216 53 Investment income....................................................... 554,392 569,031 14,639 142,815 143,868 142,354 140,805 146,916 6,111 54 Direct investment income.............................................. 176,347 176,152 -195 45,765 44,940 42,992 37,814 41,241 3,427 55 Portfolio investment income........................................... 361,750 378,705 16,955 93,380 95,412 95,864 99,459 101,901 2,442 56 Other investment income............................................... 16,295 14,174 -2,121 3,670 3,516 3,498 3,532 3,774 242 57 Compensation of employees............................................... 15,828 16,339 511 4,100 4,117 4,175 4,193 4,298 105 58 Secondary income (current transfer) payments /2/.......................... 249,492 259,202 9,710 64,225 65,160 66,712 66,591 64,997 -1,594   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 ................................. 412 45 -367 2 1 (*) 24 n.a. n.a. September 17, 2015 Table 1. U.S. International Transactions--Table Ends [Millions of dollars] Line 2013 2014 Change: Seasonally adjusted Change: 2013- 2014 2015 2015:I to 2014 II III IV I r II p 2015: II   Financial account               61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+))................ 643,915 792,145 148,230 239,149 359,601 41,690 320,173 137,519 -182,654 62 Direct investment assets.................................................. 399,203 357,190 -42,013 90,293 99,300 112,547 67,443 101,060 33,617 63 Equity.................................................................. 336,930 355,622 18,692 85,576 96,520 117,395 77,669 87,000 9,331 64 Debt instruments........................................................ 62,273 1,568 -60,705 4,716 2,780 -4,848 -10,226 14,061 24,287 65 Portfolio investment assets............................................... 476,237 538,058 61,821 195,068 162,884 81,125 233,524 166,322 -67,202 66 Equity and investment fund shares....................................... 284,303 436,526 152,223 90,670 131,572 131,463 168,735 116,710 -52,025 67 Debt securities......................................................... 191,935 101,531 -90,404 104,399 31,312 -50,338 64,789 49,612 -15,177 68 Short term............................................................ 47,020 15,299 -31,721 45,519 -2,587 -19,691 26,980 42,031 15,051 69 Long term............................................................. 144,914 86,232 -58,682 58,879 33,899 -30,647 37,809 7,581 -30,228 70 Other investment assets................................................... -228,426 -99,520 128,906 -46,986 98,306 -149,471 23,365 -128,987 -152,352 71 Currency and deposits................................................... -121,540 -147,354 -25,814 -5,194 32,190 -131,119 -18,773 -58,886 -40,113 72 Loans................................................................... -116,691 54,595 171,286 -44,455 67,876 -18,173 43,947 -69,472 -113,419 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 2,663 -1,760 -179 -1,809 -630 1,179 75 Reserve assets............................................................ -3,099 -3,583 -484 773 -889 -2,511 -4,159 -877 3,282 76 Monetary gold........................................................... 0 0 0 0 0 0 0 0 0 77 Special drawing rights.................................................. 22 23 1 8 4 3 3 2 -1 78 Reserve position in the International Monetary Fund..................... -3,438 -3,849 -411 710 -951 -2,568 -4,195 -930 3,265 79 Other reserve assets.................................................... 317 243 -74 55 59 54 33 52 19 80 Currency and deposits................................................. 3 5 2 2 1 1 (*) -4 -4 81 Securities............................................................ 313 234 -79 51 58 53 33 56 23 82 Financial derivatives................................................. 0 0 0 0 0 0 0 0 0 83 Other claims.......................................................... 1 4 3 2 0 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 -64,538 283,271 364,518 57,712 340,309 199,041 -141,268 85 Direct investment liabilities............................................. 287,163 131,831 -155,332 78,405 106,473 52,378 190,224 78,164 -112,060 86 Equity.................................................................. 211,762 68,854 -142,908 58,756 59,437 48,401 158,662 50,133 -108,529 87 Debt instruments........................................................ 75,401 62,977 -12,424 19,649 47,036 3,977 31,562 28,031 -3,531 88 Portfolio investment liabilities.......................................... 501,975 705,030 203,055 88,549 240,879 132,976 101,085 271,008 169,923 89 Equity and investment fund shares....................................... -67,486 155,077 222,563 15,070 75,555 -34,660 32,455 -17,178 -49,633 90 Debt securities......................................................... 569,461 549,953 -19,508 73,479 165,323 167,636 68,630 288,186 219,556 91 Short term............................................................ 45,374 22,935 -22,439 -24,913 -8,106 42,380 36,550 -6,208 -42,758 92 Long term............................................................. 524,087 527,019 2,932 98,392 173,430 125,256 32,080 294,394 262,314 93 Other investment liabilities.............................................. 252,821 140,559 -112,262 116,317 17,166 -127,642 49,000 -150,130 -199,130 94 Currency and deposits................................................... 201,981 51,031 -150,950 103,243 41,638 -88,097 4,856 3,551 -1,305 95 Loans................................................................... 38,503 75,265 36,762 7,984 -19,894 -40,140 41,964 -156,191 -198,155 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 5,089 -4,578 595 2,180 2,511 331 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 -4,513 -24,269 -31,737 -40,149 1,784 41,933   Statistical discrepancy                   100 Statistical discrepancy /4/................................................. -18,658 149,923 168,581 43,406 68,720 55,379 58,034 49,937 -8,097   Balances                 101 Balance on current account (line 1 less line 31) /5/........................ -376,760 -389,526 -12,766 -92,039 -97,905 -103,138 -118,295 -109,676 8,619 102 Balance on goods and services (line 2 less line 32)....................... -478,394 -508,324 -29,930 -128,712 -125,871 -128,323 -134,288 -129,998 4,290 103 Balance on goods (line 3 less line 33).................................. -702,587 -741,462 -38,875 -188,113 -183,076 -185,963 -192,156 -188,365 3,791 104 Balance on services (line 13 less line 42).............................. 224,193 233,138 8,945 59,401 57,205 57,640 57,868 58,367 499 105 Balance on primary income (line 23 less line 52).......................... 224,543 237,984 13,441 57,935 61,730 60,025 49,748 50,640 892 106 Balance on secondary income (line 30 less line 58)........................ -122,910 -119,185 3,725 -21,263 -33,764 -34,840 -33,754 -30,318 3,436 107 Balance on capital account (line 59 less line 60) /5/....................... -412 -45 367 -2 -1 (*) -24 0 -24 108 Net lending (+) or net borrowing (-) from current- and capital-account transactions (line 101 plus line 107) /6/................................... -377,172 -389,571 -12,399 -92,041 -97,906 -103,138 -118,319 -109,676 8,643 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/........................ -395,831 -239,648 156,183 -48,635 -29,186 -47,759 -60,285 -59,739 546 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