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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Wednesday, March 29, 2023 Technical: Media: Rebecca Pocase Elena Nguyen Doug Weinberg (direct investment) Connie O’Connell 301-278-9082 301-278-9555 301-278-9590 301-278-9003 BEA 23–11 Rebecca.Pocase@bea.gov Elena.Nguyen@bea.gov Douglas.Weinberg@bea.gov Connie.Oconnell@bea.gov U.S. International Investment Position, 4th Quarter and Year 2022 Fourth Quarter The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$16.12 trillion at the end of the fourth quarter of 2022, according to statistics released today by the U.S. Bureau of Economic Analysis. Assets totaled $31.68 trillion, and liabilities were $47.80 trillion. At the end of the third quarter, the net investment position was –$16.84 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1. The $719.0 billion change in the net investment position from the third quarter to the fourth quarter came from net financial transactions of –$162.9 billion and net other changes in position, such as price and exchange-rate changes, of $881.9 billion. Net other changes mostly reflected global stock price increases and the appreciation of major foreign currencies against the U.S. dollar that raised the market value of U.S. assets more than U.S. liabilities, in dollar terms (table A). Table A. Quarterly Change in the U.S. Net International Investment Position [Billions of dollars, not seasonally adjusted] End of quarter position, 2022:Q3 U.S. net international investment position Net position excluding financial derivatives Financial derivatives other than reserves, net Change in position in 2022:Q4 Attributable to: Total Financial Other changes transactions in position1 End of quarter position, 2022:Q4 –16,836.0 –16,954.4 118.4 719.0 767.9 –48.9 –162.9 –156.0 –6.9 881.9 923.9 –42.0 –16,117.1 –16,186.6 69.5 U.S. assets Assets excluding financial derivatives Financial derivatives other than reserves 29,729.9 26,903.0 2,826.9 1,950.2 2,233.8 –283.6 (2) –302.6 (2) (2) 2,536.4 (2) 31,680.1 29,136.8 2,543.3 U.S. liabilities Liabilities excluding financial derivatives Financial derivatives other than reserves 46,566.0 43,857.4 2,708.5 1,231.2 1,465.9 –234.7 (2) –146.6 (2) (2) 1,612.6 (2) 47,797.2 45,323.4 2,473.8 1. Disaggregation of other changes in position into price changes, exchange-rate changes, and other changes in volume and valuation is presented for annual statistics (see table C and table 2 in this release). 2. Financial transactions and other changes in financial derivatives positions are available on a net basis; they are not separately available for U.S. assets and U.S. liabilities. U.S. Bureau of Economic Analysis U.S. assets increased by $1.95 trillion to a total of $31.68 trillion at the end of the fourth quarter, reflecting increases in portfolio investment and direct investment assets that were partly offset by a decrease in financial derivatives. Portfolio investment assets increased by $1.18 trillion to $14.07 trillion, and direct investment assets increased by $964.9 billion to $9.32 trillion, driven mainly by foreign stock price increases and by the appreciation of major foreign currencies against the U.S. dollar that raised the market value of these assets in dollar terms. Financial derivatives decreased by $283.6 billion to $2.54 trillion, driven mostly by decreases in foreign exchange contracts. U.S. liabilities increased by $1.23 trillion to a total of $47.80 trillion at the end of the fourth quarter, reflecting increases in portfolio investment and direct investment liabilities that were partly offset by a decrease in financial derivatives. Portfolio investment liabilities increased by $759.5 billion to $24.82 trillion, and direct investment liabilities increased by $662.9 billion to $12.19 trillion, driven mainly by U.S. stock price increases that raised the market value of these liabilities. Financial derivatives decreased by $234.7 billion to $2.47 trillion, driven mostly by decreases in foreign exchange contracts. Table B. Updates to Third-Quarter 2022 International Investment Position Aggregates [Trillions of dollars, not seasonally adjusted] U.S. net international investment position U.S. assets U.S. liabilities Preliminary estimates Revised estimates –16.71 29.73 46.44 –16.84 29.73 46.57 U.S. Bureau of Economic Analysis Year 2022 The U.S. net international investment position was –$16.12 trillion at the end of 2022, compared to –$18.12 trillion at the end of 2021. The net investment position and components of assets and liabilities are presented in table 2. The $2.01 trillion change in the net investment position from the end of 2021 to the end of 2022 came from net financial transactions of –$677.1 billion and net other changes in position, such as price and exchangerate changes, of $2.68 trillion (table C). Price changes of $4.12 trillion mostly reflected U.S. stock and bond price decreases that exceeded foreign stock and bond price decreases, which lowered the market value of U.S. liabilities more than the market value of U.S. assets. Exchange-rate changes of –$1.16 trillion reflected the depreciation of major foreign currencies against the U.S. dollar, which lowered the value of foreign-currency-denominated U.S. assets in dollar terms. Changes in volume and valuation n.i.e. (not included elsewhere) of –$411.4 billion mostly reflected a series break in portfolio investment that resulted from data revisions by respondents on the monthly Treasury International Capital SLT report for June 2022. The revised position data for June and for prior periods will be incorporated into the international investment position statistics as part of the annual update in June 2023. U.S. assets decreased by $3.39 trillion to a total of $31.68 trillion at the end of 2022, mostly reflecting decreases in portfolio investment and direct investment assets that were partly offset by an increase in financial derivatives. Portfolio investment assets decreased by $2.24 trillion to $14.07 trillion, and direct investment assets decreased by $1.65 trillion to $9.32 trillion, driven mainly by foreign stock price decreases and by the depreciation of major foreign currencies against the U.S. dollar that lowered the market value of these assets in dollar terms. Foreign bond price decreases also contributed to the decrease in portfolio investment assets. The impact of foreign stock and bond price decreases and foreign currency depreciation was partly offset by financial transactions, mostly increases in direct investment equity assets and U.S. purchases of foreign equity and long-term debt securities. Financial derivatives increased $555.9 billion to $2.54 trillion, driven by increases in single-currency interest rate contracts and foreign exchange contracts. Table C. Annual Change in the U.S. Net International Investment Position [Billions of dollars] Yearend position, 2021 U.S. net investment position –18,124.3 Net position excl. derivatives –18,144.2 Financial derivatives, net 19.9 U.S. assets Assets excl. derivatives Financial derivatives 35,065.5 33,078.0 1,987.5 Total Change in position in 2022 Attributable to: Other changes in position Yearend Changes position, Financial Exchange- in volume 2022 transPrice Total rate and actions changes changes valuation n.i.e. 2,007.2 1,957.6 49.6 –677.1 –596.0 –81.0 2,684.3 2,553.6 130.7 (1) 4,120.7 (1) (1) –1,155.7 (1) –3,385.3 –3,941.2 555.9 (2) 919.8 (2) (2) –4,861.0 (2) (2) –3,501.6 (2) (2) –1,261.6 (2) (1) –16,117.1 –411.4 –16,186.6 (1) 69.5 (2) –97.8 (2) 31,680.1 29,136.8 2,543.3 U.S. liabilities Liabilities excl. derivatives Financial derivatives 53,189.7 –5,392.5 (2) (2) (2) (2) (2) 47,797.2 51,222.1 –5,898.8 1,515.8 –7,414.6 –7,622.3 –105.9 313.6 45,323.4 1,967.6 506.2 (2) (2) (2) (2) (2) 2,473.8 1. Data are not separately available for price changes, exchange-rate changes, and changes in volume and valuation n.i.e. (not included elsewhere). 2. Financial transactions and other changes in financial derivatives positions are available on a net basis; they are not separately available for U.S. assets and U.S. liabilities. U.S. Bureau of Economic Analysis U.S. liabilities decreased by $5.39 trillion to a total of $47.80 trillion at the end of 2022, reflecting decreases in portfolio investment and direct investment liabilities that were partly offset by increases in financial derivatives and other investment liabilities. Portfolio investment liabilities decreased by $3.66 trillion to $24.82 trillion, and direct investment liabilities decreased by $2.63 trillion to $12.19 trillion, driven mainly by U.S. stock price decreases that lowered the market value of these liabilities. U.S. bond price decreases also contributed to the decrease in portfolio investment liabilities. The impact of U.S. stock and bond price decreases was partly offset by financial transactions, mostly foreign purchases of U.S. long-term debt securities and increases in direct investment equity liabilities. Financial derivatives increased $506.2 billion to $2.47 trillion, driven by increases in single-currency interest rate contracts and foreign exchange contracts. Other investment liabilities increased $390.5 billion to $8.32 trillion, reflecting increased U.S. borrowing in the form of loans and deposits. Next release: June 28, 2023, at 8:30 a.m. EDT U.S. International Investment Position, 1st Quarter 2023 and Annual Update Additional Information Resources • • • • • • • The full economic effects of the COVID–19 pandemic cannot be quantified in these statistics, because the impacts are generally embedded in source data and cannot be separately identified. For more Information about COVID-19 impacts, refer to “Federal Recovery Programs and BEA Statistics” on our website. Stay informed about BEA developments by reading the BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface. For more on BEA’s statistics, see BEA’s online journal, the Survey of Current Business. For upcoming economic indicators, see BEA's news release schedule. More information on the International Investment Position Accounts and a description of the estimation methods used to compile them is provided in U.S. International Economic Accounts: Concepts and Methods. Definitions The international investment position (IIP) is a statistical balance sheet that presents the dollar value of U.S. financial assets and liabilities with respect to foreign residents at a specific point in time. BEA presents IIP statistics at the end of a quarter or year (March, June, September, and December). For the March and June releases, BEA also presents statistics on changes in the yearend position that are disaggregated into financial transactions, price changes, exchange-rate changes, and changes in volume and valuation not included elsewhere (n.i.e.). The U.S. net IIP is defined as the value of U.S. assets less the value of U.S. liabilities. Financial transactions are transactions between U.S. residents and nonresidents in financial assets and liabilities. They are also recorded in the financial account of the International Transactions Accounts (ITAs). See “Related statistics” below. Other changes in position are changes in the value of U.S. assets or liabilities arising from any source besides a financial transaction. Other changes in position include price changes, exchange-rate changes, and changes in volume and valuation n.i.e. Price changes (only presented for annual statistics in the March and June news releases) are changes in the value of an asset or liability due to changes in the market price of a financial instrument. Exchange-rate changes (only presented for annual statistics in the March and June news releases) are changes in the value of foreign-currency-denominated assets and liabilities due to changes in the values of foreign currencies relative to the value of the U.S. dollar. Changes in volume and valuation n.i.e. (only presented for annual statistics in the March and June news releases) reflect changes in position due to year-to-year shifts in the composition of reporting panels, the incorporation of more comprehensive annual and benchmark survey results, and revaluations (holding gains and losses) on assets and liabilities that are not explained by price changes or exchange-rate changes. Functional categories are the primary classification system used in the IIP Accounts and in the financial account of the ITAs. The five functional categories are direct investment, portfolio investment, financial derivatives other than reserves, other investment, and reserve assets. While the functional categories are based on features that are relevant for understanding cross-border financial transactions and positions, they also take into account some aspects of the relationship between transactors and the economic motivation for the investment. Within the functional categories, the IIP Accounts are classified by type of financial instrument. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise resident in another economy. Ownership or control of 10 percent or more of the voting securities of an entity in another economy is the threshold for separating direct investment from other types of investment. Direct investment positions include positions in equity and debt instruments. BEA’s IIP statistics feature the market value measure of direct investment positions, a measure that values owner’s equity at current-period prices using indexes of stock market prices. Portfolio investment consists of cross-border positions involving equity and investment fund shares and debt securities, excluding those included in direct investment or reserve assets. Debt securities are classified by original maturity (short term versus long term at the time of issue). Financial derivatives other than reserves consist of crossborder positions arising from financial contracts that are linked to underlying financial instruments, commodities, or indicators. Positions in financial derivatives consist of contracts with positive and negative fair values. A contract with a positive fair value is a U.S. asset and represents the amount that a foreign resident would have to pay to a U.S. counterparty if the contract were terminated or settled. A contract with a negative fair value is a U.S. liability and represents the amount that a U.S. resident would have to pay to a foreign counterparty if the contract were terminated or settled. The gross positive (negative) fair value is the sum across all contracts with positive (negative) fair values. Fair values differ from notional values, which are the underlying amounts used to calculate payments on contracts. Gross positive and gross negative fair values for financial derivatives positions are available separately in table 1. However, transactions and other changes in financial derivatives positions are only available for the net position in financial derivatives. For other changes in position for financial derivatives, statistics are not separately available for price changes, exchange rate changes, and changes in volume and valuation n.i.e. Other investment includes cross-border positions other than those included in direct investment, portfolio investment, financial derivatives, and reserve assets. Other investment positions consist of positions in other equity (equity not in the form of securities), currency and deposits, loans, insurance technical reserves, trade credit and advances, and, for liabilities, special drawing rights allocations. Reserve assets are those external assets that are readily available to and controlled by U.S. monetary authorities for meeting balance-of-payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes such as maintaining confidence in the currency and the economy and serving as a basis for foreign borrowing. The major published components are monetary gold, International Monetary Fund (IMF) special drawing rights, reserve position in the IMF, and other reserve assets. Release and update schedule Preliminary quarterly IIP statistics are released in March, June, September, and December, approximately 90 days after the end of the reference quarter. These statistics are updated the following quarter to incorporate new and revised source data. Quarterly statistics are open for revision for at least the prior 3 years in annual updates released in June. Preliminary annual statistics are released in March reflecting positions at the end of the fourth quarter of the previous year. These annual statistics are open for revision for at least the prior 3 years in subsequent annual updates. Related statistics The IIP statistics comprise one part of a broader set of U.S. International Economic Accounts that, taken together, provide a comprehensive, integrated, and detailed picture of U.S. international economic activities. The ITA statistics are released quarterly. Financial transactions reported in the financial account of the ITAs are one type of change in position recorded in the IIP. Financial transactions are transactions between U.S. residents and nonresidents for direct investment, portfolio investment, other investment, reserve assets, and financial derivatives. Statistics on direct investment and multinational enterprises (MNEs) include annual statistics on the activities of U.S. MNEs and U.S. affiliates of foreign MNEs, detailed annual and quarterly statistics on direct investment, and annual statistics on new foreign direct investment in the United States. Statistics on international services include detailed annual information on trade in services and on services supplied through the channel of direct investment by affiliates of MNEs. U.S. international trade in goods and services, released by BEA and the U.S. Census Bureau, provides monthly statistics on trade in goods and services. News Release Tables Table 1. U.S. Net International Investment Position at the End of the Period Table 2. Change in the Yearend U.S. Net International Investment Position March 29, 2023 Table 1. U.S. Net International Investment Position at the End of the Period [Billions of dollars, not seasonally adjusted] Line 2021 Type of investment Change: 2022:Q3 to 2022:Q4 2022 Q4 Q1 Q2 Q3 r Q4 p Change: 2021:Q4 to 2022:Q4 Line 1 U.S. net international investment position (line 4 less line 36) -18,124.3 -17,745.6 -16,285.8 -16,836.0 -16,117.1 719.0 2,007.2 1 2 Net international investment position excluding financial derivatives (line 5 less line 37) -18,144.2 -17,808.0 -16,357.3 -16,954.4 -16,186.6 767.9 1,957.6 2 3 Financial derivatives other than reserves, net (line 6 less line 38) 19.9 62.4 71.4 118.4 69.5 -48.9 49.6 3 4 U.S. assets 35,065.5 34,038.6 30,994.3 29,729.9 31,680.1 1,950.2 -3,385.3 4 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 33,078.0 31,780.1 28,588.7 26,903.0 29,136.8 2,233.8 -3,941.2 5 6 Financial derivatives other than reserves, gross positive fair value (line 15) 1,987.5 2,258.5 2,405.7 2,826.9 2,543.3 -283.6 555.9 6 By functional category: 7 Direct investment at market value 10,970.6 10,424.7 9,023.1 8,359.2 9,324.2 964.9 -1,646.4 7 8 Equity 9,749.7 9,187.2 7,766.7 7,134.2 8,108.6 974.5 -1,641.0 8 9 Debt instruments 1,220.9 1,237.5 1,256.4 1,225.0 1,215.5 -9.5 -5.4 9 10 Portfolio investment 16,309.3 15,489.8 13,778.6 12,887.0 14,068.7 1,181.7 -2,240.6 10 12,022.1 11,420.2 9,942.3 9,151.2 10,271.4 1,120.2 -1,750.6 11 4,287.2 4,069.7 3,836.4 3,735.7 3,797.3 61.6 -489.9 12 11 Equity and investment fund shares 12 Debt securities 13 Short term 568.5 496.1 461.2 483.4 484.3 0.9 -84.3 13 14 Long term 3,718.7 3,573.5 3,375.2 3,252.4 3,313.0 60.7 -405.6 14 1,987.5 2,258.5 2,405.7 2,826.9 2,543.3 -283.6 555.9 15 1,927.0 2,156.6 2,301.7 2,714.2 2,465.7 -248.5 538.6 16 1,355.1 1,455.8 1,578.6 1,855.2 1,860.8 5.6 505.7 17 15 16 Financial derivatives other than reserves, gross positive fair value Over-the-counter contracts 17 Single-currency interest rate contracts 18 Foreign exchange contracts 311.3 394.1 457.5 615.5 432.4 -183.1 121.1 18 19 Other contracts 260.7 306.8 265.6 243.5 172.5 -70.9 -88.2 19 60.4 101.9 103.9 112.8 77.7 -35.1 17.2 20 5,085.8 5,120.5 5,084.3 5,000.6 5,037.0 36.4 -48.8 21 71.1 71.1 71.1 71.4 71.6 0.2 0.5 22 20 21 Exchange-traded contracts Other investment 22 Other equity 23 Currency and deposits 2,128.0 2,147.0 2,120.0 2,156.1 2,249.9 93.7 121.8 23 24 Loans 2,839.4 2,861.7 2,852.3 2,731.2 2,675.5 -55.7 -163.9 24 25 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 26 Trade credit and advances 47.3 40.8 40.9 41.8 40.0 -1.8 -7.2 26 27 Reserve assets 712.3 745.0 702.6 656.2 706.9 50.7 -5.4 27 28 Monetary gold 472.2 507.9 475.1 437.2 474.3 37.1 2.1 28 29 Special drawing rights 163.6 163.1 158.2 153.2 160.5 7.4 -3.1 29 30 Reserve position in the International Monetary Fund 35.8 34.8 33.1 32.0 35.0 3.0 -0.9 30 31 Other reserve assets 40.6 39.2 36.2 33.9 37.1 3.2 -3.5 31 32 Currency and deposits 28.3 28.3 26.1 25.6 28.3 2.7 0.1 32 33 Securities 12.4 10.9 10.1 8.2 8.8 0.6 -3.6 33 34 Financial derivatives ….. ….. ….. ….. ….. ….. ….. 34 35 Other claims 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35 36 U.S. liabilities 53,189.7 51,784.2 47,280.2 46,566.0 47,797.2 1,231.2 -5,392.5 36 37 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 51,222.1 49,588.0 44,945.9 43,857.4 45,323.4 1,465.9 -5,898.8 37 38 Financial derivatives other than reserves, gross negative fair value (line 51) 1,967.6 2,196.1 2,334.2 2,708.5 2,473.8 -234.7 506.2 38 14,813.0 14,148.5 12,068.8 11,524.3 12,187.2 662.9 -2,625.9 39 13,102.4 12,405.6 10,319.7 9,733.1 10,415.3 682.3 -2,687.1 40 By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 1,710.6 1,742.9 1,749.1 1,791.2 1,771.8 -19.3 61.2 41 42 Portfolio investment 28,480.1 27,215.6 24,687.1 24,057.2 24,816.7 759.5 -3,663.4 42 43 Equity and investment fund shares 14,804.1 13,936.6 11,871.5 11,593.4 12,056.5 463.0 -2,747.6 43 44 Debt securities 13,676.0 13,279.0 12,815.6 12,463.7 12,760.2 296.5 -915.8 44 1,190.7 1,267.5 1,161.5 1,203.2 1,247.9 44.7 57.2 45 45 Short term 46 Treasury bills and certificates 987.4 1,008.4 894.5 919.6 950.0 30.4 -37.4 46 47 Other short-term securities 203.3 259.1 267.0 283.6 297.9 14.4 94.6 47 12,485.3 12,011.5 11,654.1 11,260.6 11,512.3 251.8 -972.9 48 48 Long term 49 Treasury bonds and notes 6,760.3 6,605.2 6,536.4 6,383.0 6,364.6 -18.5 -395.7 49 50 Other long-term securities 5,725.0 5,406.3 5,117.8 4,877.5 5,147.8 270.2 -577.2 50 1,967.6 2,196.1 2,334.2 2,708.5 2,473.8 -234.7 506.2 51 1,902.5 2,092.8 2,222.0 2,602.8 2,402.2 -200.5 499.7 52 1,337.2 1,415.6 1,528.4 1,788.2 1,791.0 2.8 453.8 53 51 52 Financial derivatives other than reserves, gross negative fair value Over-the-counter contracts 53 Single-currency interest rate contracts 54 Foreign exchange contracts 304.0 380.2 433.0 578.1 442.5 -135.6 138.5 54 55 Other contracts 261.3 297.0 260.6 236.5 168.7 -67.8 -92.6 55 65.1 103.3 112.2 105.8 71.6 -34.2 6.5 56 7,929.0 8,224.0 8,189.9 8,276.0 8,319.5 43.5 390.5 57 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 58 56 57 Exchange-traded contracts Other investment 58 Other equity 59 Currency and deposits 4,129.0 4,262.1 4,273.7 4,291.5 4,294.9 3.5 165.9 59 60 Loans 3,403.4 3,565.5 3,519.3 3,589.3 3,619.8 30.5 216.4 60 61 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. 61 62 Trade credit and advances 235.8 237.6 244.5 248.2 251.9 3.6 16.1 62 63 Special drawing rights allocations 160.8 158.8 152.5 147.0 152.9 5.9 -7.9 63 p Preliminary r Revised n.a. Not available ..... Not applicable Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis 0.0 Positions are possible but are zero for a given period. March 29, 2023 Table 2. Change in the Yearend U.S. Net International Investment Position [Billions of dollars] Line Yearend position, 2021 Type of investment Change in position in 2022 Attributable to: Other changes in position Total Financial transactions Exchangerate changes1 Price changes Total Yearend position, 2022 Changes in volume and valuation n.i.e.2 Line 1 U.S. net international investment position (line 4 less line 36) -18,124.3 2,007.2 -677.1 2,684.3 (4) (4) (4) -16,117.1 1 2 -18,144.2 1,957.6 -596.0 2,553.6 4,120.7 -1,155.7 -411.4 3 Net international investment position excluding financial derivatives (line 5 less line 37) Financial derivatives other than reserves, net (line 6 less line 38) 3 19.9 49.6 -81.0 3 130.7 3 -16,186.6 2 4 () 4 () 4 () 69.5 3 3 3 3 4 U.S. assets 35,065.5 -3,385.3 () () () () () 31,680.1 4 5 33,078.0 -3,941.2 919.8 -4,861.0 -3,501.6 -1,261.6 -97.8 29,136.8 5 6 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) Financial derivatives other than reserves, gross positive fair value (line 15) 3 3 3 3 3 1,987.5 555.9 () () () () () 2,543.3 6 By functional category: 7 Direct investment at market value 10,970.6 -1,646.4 435.8 -2,082.3 -1,591.5 -389.4 -101.4 9,324.2 7 8 Equity 9,749.7 -1,641.0 434.0 -2,075.1 -1,591.5 -389.4 -94.2 8,108.6 8 9 Debt instruments 1,220.9 -5.4 1.8 -7.2 ….. ….. -7.2 1,215.5 9 10 Portfolio investment 16,309.3 -2,240.6 437.8 -2,678.4 -1,912.2 -788.6 22.5 14,068.7 10 12,022.1 -1,750.6 234.5 -1,985.1 -1,281.3 -724.8 21.0 10,271.4 11 4,287.2 -489.9 203.4 -693.3 -631.0 -63.8 1.5 3,797.3 12 11 Equity and investment fund shares 12 Debt securities 13 Short term 568.5 -84.3 -71.0 -13.3 ….. -2.7 -10.6 484.3 13 14 Long term 3,718.7 -405.6 274.3 -680.0 -631.0 -61.2 12.1 15 16 17 18 19 20 21 Financial derivatives other than reserves, gross positive fair value Over-the-counter contracts Single-currency interest rate contracts Foreign exchange contracts Other contracts Exchange-traded contracts Other investment 3,313.0 14 555.9 3 () 3 () 3 () 3 () 3 () 2,543.3 15 538.6 3 () 3 () 3 () 3 () 3 () 2,465.7 16 505.7 3 () 3 () 3 () 3 () 3 () 1,860.8 17 121.1 3 () 3 () 3 () 3 () 3 () 432.4 18 -88.2 3 () 3 () 3 () 3 () 3 () 172.5 19 60.4 17.2 3 () 3 () 3 () 3 () 3 () 77.7 20 5,085.8 -48.8 40.3 -89.1 0.0 -70.2 -18.9 5,037.0 21 71.1 0.5 0.5 0.0 0.0 ….. 0.0 71.6 22 1,987.5 1,927.0 1,355.1 311.3 260.7 22 Other equity 23 Currency and deposits 2,128.0 121.8 163.7 -41.9 ….. -40.9 -1.0 2,249.9 23 24 Loans 2,839.4 -163.9 -117.1 -46.7 ….. -28.9 -17.9 2,675.5 24 25 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 26 Trade credit and advances 47.3 -7.2 -6.8 -0.4 ….. -0.4 (*) 40.0 26 27 Reserve assets 712.3 -5.4 5.8 -11.2 2.1 -13.3 0.0 706.9 27 28 Monetary gold 472.2 2.1 0.0 2.1 2.1 ….. 0.0 474.3 28 29 Special drawing rights 163.6 -3.1 5.0 -8.1 ….. -8.1 0.0 160.5 29 30 Reserve position in the International Monetary Fund 35.8 -0.9 0.8 -1.7 ….. -1.7 0.0 35.0 30 31 Other reserve assets 40.6 -3.5 (*) -3.6 0.0 -3.6 0.0 37.1 31 32 Currency and deposits 28.3 0.1 (*) 0.1 ….. -2.7 2.8 28.3 32 33 Securities 12.4 -3.6 (*) -3.7 0.0 -0.9 -2.8 8.8 33 34 Financial derivatives ….. ….. ….. ….. ….. ….. ….. ….. 34 35 Other claims 0.0 0.0 0.0 0.0 ..... 0.0 0.0 0.0 35 3 3 3 3 3 36 U.S. liabilities 53,189.7 -5,392.5 () () () () () 47,797.2 36 37 51,222.1 -5,898.8 1,515.8 -7,414.6 -7,622.3 -105.9 313.6 45,323.4 37 38 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) Financial derivatives other than reserves, gross negative fair value (line 51) 3 3 3 3 3 1,967.6 506.2 () () () () () 2,473.8 38 14,813.0 -2,625.9 351.6 -2,977.4 -2,868.9 ….. -108.5 12,187.2 39 13,102.4 -2,687.1 305.5 -2,992.6 -2,868.9 ….. -123.6 10,415.3 40 By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 1,710.6 61.2 46.1 15.1 ….. ….. 15.1 1,771.8 41 42 Portfolio investment 28,480.1 -3,663.4 756.8 -4,420.2 -4,753.4 -56.3 389.5 24,816.7 42 43 Equity and investment fund shares 14,804.1 -2,747.6 -161.4 -2,586.2 -2,914.9 ….. 328.7 12,056.5 43 44 Debt securities 13,676.0 -915.8 918.2 -1,834.0 -1,838.5 -56.3 60.8 12,760.2 44 1,190.7 57.2 59.0 -1.9 ….. -1.0 -0.9 1,247.9 45 45 Short term 46 Treasury bills and certificates 987.4 -37.4 -37.4 0.0 ….. ….. 0.0 950.0 46 47 Other short-term securities 203.3 94.6 96.5 -1.9 ….. -1.0 -0.9 297.9 47 12,485.3 -972.9 859.2 -1,832.1 -1,838.5 -55.3 61.7 11,512.3 48 48 Long term 49 Treasury bonds and notes 6,760.3 -395.7 413.4 -809.1 -844.0 ….. 34.9 6,364.6 49 50 Other long-term securities 5,725.0 -577.2 445.8 -1,023.0 -994.5 -55.3 26.8 51 52 53 54 55 56 57 Financial derivatives other than reserves, gross negative fair value Over-the-counter contracts Single-currency interest rate contracts Foreign exchange contracts Other contracts Exchange-traded contracts Other investment 1,967.6 1,902.5 1,337.2 304.0 261.3 5,147.8 50 506.2 3 () 3 () 3 () 3 () 3 () 2,473.8 51 499.7 3 () 3 () 3 () 3 () 3 () 2,402.2 52 453.8 3 () 3 () 3 () 3 () 3 () 1,791.0 53 138.5 3 () 3 () 3 () 3 () 3 () 442.5 54 -92.6 3 () 3 () 3 () 3 () 3 () 168.7 55 3 3 3 3 3 65.1 6.5 () () () () () 71.6 56 7,929.0 390.5 407.4 -17.0 ….. -49.6 32.6 8,319.5 57 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 58 58 Other equity 59 Currency and deposits 4,129.0 165.9 143.0 23.0 ….. -11.6 34.6 4,294.9 59 60 Loans 3,403.4 216.4 247.7 -31.4 ….. -29.5 -1.9 3,619.8 60 61 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 61 62 Trade credit and advances 235.8 16.1 16.7 -0.7 ….. -0.6 -0.1 251.9 62 -7.9 0.0 152.9 63 63 Special drawing rights allocations 160.8 -7.9 0.0 -7.9 ….. p Preliminary n.a. Not available ..... Not applicable (*) Value between zero and +/- $50 million 0.0 Transactions or other changes are possible but are zero for a given period. 1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their revaluation at current exchange rates. 2. Changes in volume and valuation n.i.e. (not included elsewhere) includes changes due to year to year shifts in the composition of reporting panels and to the incorporation of more comprehensive survey results. Also includes capital gains and losses of direct investment affiliates and changes in positions that cannot be allocated to financial transactions, price changes, or exchange-rate changes. 3. Financial transactions and other changes in financial derivatives positions are available on a net basis, which is shown on line 3; they are not separately available for gross positive fair values and gross negative fair values of financial derivatives. 4. Data are not separately available for price changes, exchange-rate changes, and changes in volume and valuation n.i.e. Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis
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