EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, December 17, 2015 William Zeile: (202) 606-9893 BEA 15-64 U.S. International Transactions: Third 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)—increased to $124.1 billion (preliminary) in the third quarter of 2015 from $111.1 billion (revised) in the second quarter. The deficit increased to 2.7 percent of current-dollar gross domestic product (GDP) from 2.5 percent in the second quarter. The increase in the current-account deficit was largely accounted for by a decrease in the surplus on primary income and an increase in the deficit on secondary income. Goods and services The deficit on goods and services increased to $133.7 billion in the third quarter from $133.1 billion in the second quarter. Goods The deficit on goods increased to $190.0 billion in the third quarter from $189.2 billion in the second quarter. Goods exports decreased to $379.9 billion from $384.7 billion. Exports 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 exports—was in industrial supplies and materials, largely reflecting decreases in energy products, including petroleum and products, and in metals and nonmetallic products. Exports also decreased in capital goods except automotive. Exports increased in nonmonetary gold and in three major general-merchandise end-use categories. The largest increase in the end-use categories was in automotive vehicles, parts, and engines, mainly due to an increase in exports of passenger cars to areas other than Canada (ITA Table 2.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=45). Goods imports decreased to $569.9 billion from $573.9 billion. Imports decreased in four 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 mainly due to decreases in petroleum and products and in metals and nonmetallic products. The decrease in capital goods except automotive was mainly due to decreases in oil-drilling, mining, and construction machinery and in “other” industrial machinery. Imports increased in two major general-merchandise end-use categories. The largest increase was in consumer goods except food and automotive, an increase that was more than accounted for by an increase in durable 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 $56.3 billion in the third quarter from $56.1 billion in the second quarter. Services exports increased to $179.2 billion from $177.7 billion. Exports increased in seven of the nine major services categories. The largest increases were in other business services— particularly professional and management consulting services—financial services, and travel (for all purposes including education). Charges for the use of intellectual property and transport services decreased (ITA Table 3.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=51). Services imports increased to $122.9 billion from $121.6 billion. Imports increased in five of the nine major services categories. The largest increase was in travel (for all purposes including education), largely due to an increase in personal travel. 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 $46.1 billion in the third quarter from $52.8 billion in the second quarter. Investment income Income receipts from foreigners on U.S. holdings of financial assets abroad decreased to $195.7 billion from $196.7 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The decrease was more than accounted for by a decrease in direct investment income on equity from foreign affiliates of U.S. parent companies, particularly in finance and insurance (ITA Table 4.2) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=57). Income on portfolio investment increased as income on equity and investment fund shares rose (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 $147.1 billion from $141.4 billion (ITA Table 4.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=56). The increase was largely due to an increase in direct investment income payments on foreign equity in U.S. affiliates of foreign parent companies, reflecting a recovery from second-quarter income losses for some affiliates (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 long-term debt securities issued by nondepository financial 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 $1.8 billion. Payments for compensation of foreign residents paid by U.S. residents were nearly unchanged at $4.3 billion. Secondary income (current transfers) The deficit on secondary income increased to $36.6 billion in the third quarter from $30.8 billion in the second 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 decreased to $31.6 billion from $34.7 billion. The decrease was more than accounted for by a decrease in U.S. government transfers, particularly fines and penalties paid to the U.S. government (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 $68.2 billion from $65.5 billion, largely 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). Financial Account Net U.S. borrowing measured by financial-account transactions was $24.7 billion in the third quarter, down from $61.3 billion in the second quarter. In the third quarter, net U.S. sales of financial assets excluding financial derivatives shifted from net acquisition in the second quarter, while net U.S. repayment of liabilities excluding financial derivatives shifted from net incurrence in the second quarter. The shift to repayment of liabilities exceeded the shift to sales of financial assets. Net U.S. acquisition of financial assets excluding financial derivatives Net U.S. sales of financial assets excluding financial derivatives were $89.9 billion in the third quarter, a shift from net acquisition of $141.2 billion in the second quarter. Direct investment assets (equity and debt instruments) Net acquisition of direct investment assets was $66.3 billion in the third quarter, down from $105.1 billion in the second quarter. The decrease was largely accounted for by a shift to net sales of debt instrument assets by both U.S. parent companies and U.S. affiliates. A decrease in reinvestment of earnings 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. sales of portfolio investment assets abroad were $115.0 billion in the third quarter, a shift from net acquisition of $173.0 billion in the second quarter. The shift reflected a shift to net U.S. sales of equity securities of $64.7 billion, from net purchases of $117.3 billion, and a shift to net sales of debt securities of $50.3 billion, from net purchases of $55.8 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 were $41.0 billion in the third quarter, down from $136.1 billion in the second quarter. The decrease reflected a shift to net U.S. provision of loans from net foreign repayment of loans, including resale agreements, provided by U.S. nonbank financial institutions such as securities dealers and financial holding companies 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 $0.3 billion in the third quarter, after decreasing holdings by $0.9 billion in the second 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 $64.6 billion in the third quarter, a shift from net incurrence of $204.3 billion in the second quarter. Direct investment liabilities (equity and debt instruments) Net incurrence of direct investment liabilities to foreigners was $39.2 billion in the third quarter, down from $110.1 billion in the second quarter. A decrease in net incurrence of debt instrument liabilities, which primarily reflected a shift to net repayment of debt owed by U.S. affiliates, accounted for much of the decrease. A decrease in foreign acquisition of equity in U.S. affiliates also contributed (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. repayment of portfolio investment liabilities to foreigners was $143.2 billion in the third quarter, a shift from net incurrence of $262.2 billion in the second quarter. The shift was largely accounted for by a shift to net foreign sales of U.S. debt securities of $99.8 billion from net foreign purchases of $277.0 billion (ITA Table 7.1) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=6&isuri=1&6210=1&6200=68). The shift to net foreign sales was mainly due to a shift to net sales of U.S. debt securities by Chinese residents (ITA Table 1.3) (www.bea.gov/iTable/iTableHtml.cfm?reqid=62&step=3&isuri=1&6210=1&6200=3). 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 $39.4 billion in the third quarter, a shift from net repayment of $168.0 billion in the second quarter. The shift to net U.S. incurrence mainly reflected incurrence of loan liabilities to foreigners by U.S. securities dealers and other nonbank 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 $0.7 billion in the third quarter, down from $1.8 billion in the second quarter. Transactions in financial derivatives are only available as a net value equal to transactions in assets less transactions in 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 $99.5 billion in the third quarter compared with $49.8 billion in the second quarter. * * * In the third quarter, the U.S. dollar appreciated 2.0 percent on a trade-weighted quarterly average basis against a group of 7 major currencies, after appreciating 0.6 percent on the same basis in the second quarter. Exchange rate data are based on Federal Reserve Statistical Release H.10. * * * Revisions to second quarter 2015 The current-account deficit in the second quarter of 2015 is revised upward to $111.1 billion from $109.7 billion. The goods deficit is revised upward to $189.2 billion from $188.4 billion. The services surplus is revised downward to $56.1 billion from $58.4 billion. The primary income surplus is revised upward to $52.8 billion from $50.6 billion. The secondary income deficit is revised upward to $30.8 billion from $30.3 billion. Second-quarter net borrowing from financial- account transactions is revised upward to $61.3 billion from $59.7 billion. Net U.S. acquisition of financial assets excluding financial derivatives is revised upward to $141.2 billion from $137.5 billion, and net U.S. incurrence of liabilities excluding financial derivatives is revised upward to $204.3 billion from $199.0 billion. * * * 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 (www.bea.gov) along with Highlights (www.bea.gov/newsreleases/international/transactions/2015/pdf/trans315_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 third-quarter statistics in this release are preliminary and will be revised on March 17, 2016. All links in the text of this release—including archived versions of this release—refer to the latest available statistics. December 17, 2015 Table 1. U.S. International Transactions--Continues [Millions of dollars] Line 2013 2014 Change: Seasonally adjusted Change: 2013 to 2014 2015 2015:II to 2014 III IV I II r III p 2015:III   Current account         1 Exports of goods and services and income receipts (credits)................. 3,201,282 3,306,574 105,292 830,374 827,361 789,263 795,626 788,301 -7,325 2 Exports of goods and services............................................. 2,279,937 2,343,205 63,268 589,263 588,935 561,679 562,448 559,164 -3,284 3 Goods................................................................... 1,592,043 1,632,639 40,596 412,933 409,126 382,803 384,705 379,934 -4,771 4 General merchandise................................................... 1,557,698 1,609,715 52,017 407,927 401,801 377,244 379,862 373,821 -6,041 5 Foods, feeds, and beverages......................................... 136,160 143,751 7,591 34,661 36,021 32,706 32,252 31,899 -353 6 Industrial supplies and materials................................... 492,296 500,007 7,711 128,831 120,392 107,916 110,396 104,825 -5,571 7 Capital goods except automotive..................................... 534,524 551,321 16,797 139,156 139,888 135,574 136,403 134,167 -2,236 8 Automotive vehicles, parts, and engines............................. 152,670 159,690 7,020 41,626 40,307 36,909 37,831 39,014 1,183 9 Consumer goods except food and automotive........................... 188,370 198,300 9,930 49,904 50,084 50,489 48,655 49,005 350 10 Other general merchandise........................................... 53,678 56,646 2,968 13,749 15,110 13,650 14,326 14,911 585 11 Net exports of goods under merchanting................................ 462 296 -166 103 53 77 41 65 24 12 Nonmonetary gold...................................................... 33,883 22,628 -11,255 4,902 7,271 5,482 4,802 6,047 1,245 13 Services................................................................ 687,894 710,565 22,671 176,331 179,810 178,876 177,743 179,230 1,487 14 Maintenance and repair services n.i.e. ............................... 18,648 22,389 3,741 5,671 6,123 5,227 5,773 5,825 52 15 Transport............................................................. 87,415 90,031 2,616 22,621 22,754 21,687 21,039 20,896 -143 16 Travel (for all purposes including education) /1/..................... 172,901 177,241 4,340 43,722 44,399 44,334 44,480 44,856 376 17 Insurance services.................................................... 17,058 17,417 359 4,340 4,453 4,537 4,592 4,605 13 18 Financial services.................................................... 84,091 87,290 3,199 21,351 22,410 22,732 21,522 21,908 386 19 Charges for the use of intellectual property n.i.e. .................. 127,927 130,362 2,435 32,355 32,499 31,733 31,787 31,592 -195 20 Telecommunications, computer, and information services................ 35,035 35,885 850 8,980 8,928 9,268 9,406 9,550 144 21 Other business services............................................... 121,873 129,514 7,641 32,183 33,787 34,336 34,126 34,806 680 22 Government goods and services n.i.e. ................................. 22,946 20,438 -2,508 5,106 4,456 5,021 5,019 5,192 173 23 Primary income receipts .................................................. 794,763 823,353 28,590 209,715 206,554 194,746 198,472 197,505 -967 24 Investment income....................................................... 788,007 816,445 28,438 207,980 204,822 192,994 196,712 195,729 -983 25 Direct investment income.............................................. 478,051 476,617 -1,434 121,657 118,625 107,508 108,016 105,304 -2,712 26 Portfolio investment income........................................... 278,439 308,205 29,766 78,498 78,287 77,430 80,420 81,894 1,474 27 Other investment income............................................... 31,144 31,321 177 7,755 7,849 8,015 8,216 8,478 262 28 Reserve asset income.................................................. 374 301 -73 70 61 40 59 53 -6 29 Compensation of employees............................................... 6,756 6,909 153 1,734 1,731 1,751 1,760 1,777 17 30 Secondary income (current transfer) receipts /2/.......................... 126,582 140,016 13,434 31,396 31,872 32,838 34,706 31,632 -3,074 31 Imports of goods and services and income payments (debits).................. 3,578,042 3,696,100 118,058 928,279 930,499 907,557 906,717 912,425 5,708 32 Imports of goods and services............................................. 2,758,331 2,851,529 93,198 715,134 717,258 695,968 695,521 692,865 -2,656 33 Goods................................................................... 2,294,630 2,374,101 79,471 596,009 595,089 574,959 573,897 569,918 -3,979 34 General merchandise................................................... 2,276,882 2,358,653 81,771 591,750 591,428 571,986 570,542 566,590 -3,952 35 Foods, feeds, and beverages......................................... 116,004 126,683 10,679 32,049 32,112 32,515 32,855 32,235 -620 36 Industrial supplies and materials................................... 686,692 672,611 -14,081 166,846 160,564 132,682 126,065 122,380 -3,685 37 Capital goods except automotive..................................... 557,893 595,732 37,839 151,305 152,546 153,214 153,159 150,331 -2,828 38 Automotive vehicles, parts, and engines............................. 309,572 328,499 18,927 83,445 83,931 84,233 88,447 88,913 466 39 Consumer goods except food and automotive........................... 533,957 559,392 25,435 139,139 143,437 147,989 149,052 151,798 2,746 40 Other general merchandise........................................... 72,764 75,736 2,972 18,966 18,838 21,353 20,964 20,933 -31 41 Nonmonetary gold...................................................... 17,748 15,448 -2,300 4,259 3,660 2,973 3,355 3,328 -27 42 Services................................................................ 463,700 477,428 13,728 119,126 122,170 121,009 121,624 122,946 1,322 43 Maintenance and repair services n.i.e. ............................... 7,486 7,468 -18 1,854 1,974 2,083 2,128 2,213 85 44 Transport............................................................. 90,634 94,219 3,585 23,377 24,334 24,726 24,120 24,250 130 45 Travel (for all purposes including education) /1/..................... 104,107 110,787 6,680 27,767 28,814 29,081 29,601 30,750 1,149 46 Insurance services.................................................... 53,420 50,096 -3,324 12,496 12,592 12,201 12,116 11,906 -210 47 Financial services.................................................... 18,519 19,503 984 5,003 4,941 4,716 5,024 4,974 -50 48 Charges for the use of intellectual property n.i.e. .................. 38,999 42,124 3,125 10,571 10,720 9,594 9,986 10,012 26 49 Telecommunications, computer, and information services................ 33,812 33,314 -498 8,359 8,302 8,171 8,204 8,153 -51 50 Other business services............................................... 91,389 95,752 4,363 23,588 24,582 24,964 25,001 25,318 317 51 Government goods and services n.i.e. ................................. 25,334 24,163 -1,171 6,111 5,910 5,472 5,444 5,371 -73 52 Primary income payments................................................... 570,220 585,369 15,149 147,985 146,529 144,998 145,712 151,362 5,650 53 Investment income....................................................... 554,392 569,031 14,639 143,868 142,354 140,805 141,417 147,084 5,667 54 Direct investment income.............................................. 176,347 176,152 -195 44,940 42,992 37,814 35,908 40,646 4,738 55 Portfolio investment income........................................... 361,750 378,705 16,955 95,412 95,864 99,459 101,730 102,482 752 56 Other investment income............................................... 16,295 14,174 -2,121 3,516 3,498 3,532 3,779 3,957 178 57 Compensation of employees............................................... 15,828 16,339 511 4,117 4,175 4,193 4,296 4,277 -19 58 Secondary income (current transfer) payments /2/.......................... 249,492 259,202 9,710 65,160 66,712 66,591 65,484 68,198 2,714   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 1 (*) 24 20 n.a. n.a. December 17, 2015 Table 1. U.S. International Transactions--Table Ends [Millions of dollars] Line 2013 2014 Change: Seasonally adjusted Change: 2013 to 2014 2015 2015:II to 2014 III IV I II r III p 2015:III   Financial account               61 Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets / financial outflow (+))................ 643,915 792,145 148,230 359,601 41,690 320,173 141,199 -89,906 -231,105 62 Direct investment assets.................................................. 399,203 357,190 -42,013 99,300 112,547 67,443 105,121 66,349 -38,772 63 Equity.................................................................. 336,930 355,622 18,692 96,520 117,395 77,669 82,906 78,817 -4,089 64 Debt instruments........................................................ 62,273 1,568 -60,705 2,780 -4,848 -10,226 22,215 -12,468 -34,683 65 Portfolio investment assets............................................... 476,237 538,058 61,821 162,884 81,125 233,524 173,025 -115,005 -288,030 66 Equity and investment fund shares....................................... 284,303 436,526 152,223 131,572 131,463 168,735 117,261 -64,687 -181,948 67 Debt securities......................................................... 191,935 101,531 -90,404 31,312 -50,338 64,789 55,764 -50,318 -106,082 68 Short term............................................................ 47,020 15,299 -31,721 -2,587 -19,691 26,980 41,816 8,952 -32,864 69 Long term............................................................. 144,914 86,232 -58,682 33,899 -30,647 37,809 13,948 -59,270 -73,218 70 Other investment assets................................................... -228,426 -99,520 128,906 98,306 -149,471 23,365 -136,071 -40,985 95,086 71 Currency and deposits................................................... -121,540 -147,354 -25,814 32,190 -131,119 -18,773 -59,511 -68,122 -8,611 72 Loans................................................................. -116,691 54,595 171,286 67,876 -18,173 43,947 -75,930 26,686 102,616 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 -1,760 -179 -1,809 -630 451 1,081 75 Reserve assets............................................................ -3,099 -3,583 -484 -889 -2,511 -4,159 -877 -266 611 76 Monetary gold........................................................... 0 0 0 0 0 0 0 0 0 77 Special drawing rights.................................................. 22 23 1 4 3 3 2 2 0 78 Reserve position in the International Monetary Fund..................... -3,438 -3,849 -411 -951 -2,568 -4,195 -930 -314 616 79 Other reserve assets.................................................... 317 243 -74 59 54 33 52 46 -6 80 Currency and deposits................................................. 3 5 2 1 1 (*) -4 -7 -7 81 Securities............................................................ 313 234 -79 58 53 33 56 53 -3 82 Financial derivatives................................................. 0 0 0 0 0 0 0 0 0 83 Other claims.......................................................... 1 4 3 0 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 -64,538 364,518 57,712 340,309 204,288 -64,562 -268,850 85 Direct investment liabilities............................................. 287,163 131,831 -155,332 106,473 52,378 190,224 110,126 39,219 -70,907 86 Equity.................................................................. 211,762 68,854 -142,908 59,437 48,401 158,662 55,667 35,985 -19,682 87 Debt instruments........................................................ 75,401 62,977 -12,424 47,036 3,977 31,562 54,459 3,234 -51,225 88 Portfolio investment liabilities.......................................... 501,975 705,030 203,055 240,879 132,976 101,085 262,170 -143,199 -405,369 89 Equity and investment fund shares....................................... -67,486 155,077 222,563 75,555 -34,660 32,455 -14,810 -43,434 -28,624 90 Debt securities......................................................... 569,461 549,953 -19,508 165,323 167,636 68,630 276,980 -99,765 -376,745 91 Short term............................................................ 45,374 22,935 -22,439 -8,106 42,380 36,550 -6,208 -52,356 -46,148 92 Long term............................................................. 524,087 527,019 2,932 173,430 125,256 32,080 283,188 -47,409 -330,597 93 Other investment liabilities.............................................. 252,821 140,559 -112,262 17,166 -127,642 49,000 -168,009 39,418 207,427 94 Currency and deposits................................................... 201,981 51,031 -150,950 41,638 -88,097 4,856 -7,447 8,353 15,800 95 Loans................................................................... 38,503 75,265 36,762 -19,894 -40,140 41,964 -163,072 24,299 187,371 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 -4,578 595 2,180 2,511 6,766 4,255 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 -24,269 -31,737 -40,149 1,784 681 -1,103   Statistical discrepancy                   100 Statistical discrepancy /4/................................................. -18,658 149,923 168,581 68,720 55,379 58,034 49,806 99,460 49,654   Balances                   101 Balance on current account (line 1 less line 31) /5/........................ -376,760 -389,526 -12,766 -97,905 -103,138 -118,295 -111,091 -124,123 -13,032 102 Balance on goods and services (line 2 less line 32)....................... -478,394 -508,324 -29,930 -125,871 -128,323 -134,288 -133,073 -133,701 -628 103 Balance on goods (line 3 less line 33).................................. -702,587 -741,462 -38,875 -183,076 -185,963 -192,156 -189,191 -189,985 -794 104 Balance on services (line 13 less line 42).............................. 224,193 233,138 8,945 57,205 57,640 57,868 56,118 56,284 166 105 Balance on primary income (line 23 less line 52).......................... 224,543 237,984 13,441 61,730 60,025 49,748 52,760 46,143 -6,617 106 Balance on secondary income (line 30 less line 58)........................ -122,910 -119,185 3,725 -33,764 -34,840 -33,754 -30,778 -36,566 -5,788 107 Balance on capital account (line 59 less line 60) /5/....................... -412 -45 367 -1 (*) -24 -20 0 20 108 Net lending (+) or net borrowing (-) from current- and capital- account transactions (line 101 plus line 107) /6/........................... -377,172 -389,571 -12,399 -97,906 -103,138 -118,319 -111,111 -124,123 -13,012 109 Net lending (+) or net borrowing (-) from financial-account transactions (line 61 less line 84 plus line 99) /6/........................ -395,831 -239,648 156,183 -29,186 -47,759 -60,285 -61,305 -24,663 36,642 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