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Wednesday, June 30, 2021
Contact: Jeannine Aversa, (301) 278-9003

U.S. International Investment Position
First Quarter 2021
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets
and liabilities, was –$14.32 trillion at the end of the first quarter of 2021, according to statistics released by the
U.S. Bureau of Economic Analysis (BEA). Assets totaled $32.81 trillion and liabilities were $47.13 trillion. At the
end of the fourth quarter of 2020, the net investment position was –$14.01 trillion.

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The –$309.0 billion change in the net investment position from the fourth quarter of 2020 to the first
quarter of 2021 came from net financial transactions of –$154.4 billion and net other changes in
position, such as price and exchange rate changes, of –$154.6 billion.

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U.S. assets increased by $555.5 billion, to a total of $32.81 trillion, mainly reflecting increases in
portfolio investment and direct investment assets that were driven by foreign stock price increases
and financial transactions; these increases were partly offset by the depreciation of many major
foreign currencies against the dollar that lowered the value of U.S. assets in dollar terms.

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U.S. liabilities increased by $864.5 billion, to a total of $47.13 trillion, mainly reflecting increases in
direct investment and portfolio investment liabilities that were driven by U.S. stock price increases and
financial transactions; these increases were partly offset by U.S. bond price decreases.

The U.S. international investment position statistics reflect the impact of the COVID-19 pandemic and the
economic recovery. The full economic effects of the pandemic cannot be separately identified in the statistics.
For more information on the U.S. international investment position statistics, see U.S. International Investment
Position, First Quarter 2021.

BEA statistics—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts,
and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available.
NOTE: The next release of the U.S. net international investment position will be on September 28, 2021.
Bureau of Economic Analysis, U.S. Department of Commerce