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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Tuesday, June 28, 2022 Technical: Media: Christopher Gohrband Elena Nguyen Doug Weinberg (Direct Investment) Connie O’Connell (301) 278-9564 (301) 278-9555 (301) 278-9590 (301) 278-9003 BEA 22–27 Christopher.Gohrband@bea.gov Elena.Nguyen@bea.gov Douglas.Weinberg@bea.gov Connie.Oconnell@bea.gov U.S. International Investment Position, First Quarter 2022 and Annual Update The U.S. net international investment position (IIP), the difference between U.S. residents’ foreign financial assets and liabilities, was –$17.75 trillion at the end of the first quarter of 2022, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.00 trillion, and liabilities were $51.75 trillion. At the end of the fourth quarter, the net investment position was –$18.12 trillion. The net investment positions and components of assets and liabilities are presented in table 1. The $375.8 billion change in the net investment position from the fourth quarter of 2021 to the first quarter of 2022 came from net financial transactions of –$251.8 billion and net other changes in position, such as price and exchange-rate changes, of $627.6 billion. Net other changes mostly reflected decreases in U.S. stock and bond prices that exceeded decreases in foreign stock and bond prices, which lowered the value of U.S. liabilities more than U.S. assets (table A). COVID–19 Impact on First–Quarter 2022 International Investment Position The global pandemic and the economic recovery continued to impact the IIP in the first quarter of 2022. The full economic effects of the COVID–19 pandemic cannot be quantified in the IIP statistics, because the impacts are generally embedded in source data and cannot be separately identified. Table A. Quarterly Change in the U.S. Net International Investment Position Billions of dollars, not seasonally adjusted End of quarter position, 2021:Q4 U.S. net international investment position Net position excluding financial derivatives Financial derivatives other than reserves, net Change in position in 2022:Q1 Attributable to: Total Financial Other changes transactions in position1 End of quarter position, 2022:Q1 -18,124.3 -18,144.2 19.9 375.8 333.3 42.5 -251.8 -257.6 5.8 627.6 590.9 36.8 -17,748.5 -17,810.9 62.4 U.S. assets Assets excluding financial derivatives Financial derivatives other than reserves 35,065.5 33,078.0 1,987.5 -1,066.3 -1,337.3 271.0 (2) 367.8 (2) (2) -1,705.1 (2) 33,999.2 31,740.6 2,258.5 U.S. liabilities Liabilities excluding financial derivatives Financial derivatives other than reserves 53,189.7 51,222.1 1,967.6 -1,442.1 -1,670.6 228.5 (2) 625.4 (2) (2) -2,296.0 (2) 51,747.6 49,551.5 2,196.1 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 released in March and revised in June each year. 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. assets decreased by $1.07 trillion to a total of $34.00 trillion at the end of the first quarter, mostly reflecting price decreases in portfolio investment and direct investment assets. Portfolio investment assets decreased by $817.4 billion to $15.49 trillion, driven mainly by decreases in foreign stock and bond prices. Direct investment assets decreased by $557.9 billion to $10.41 trillion, driven mainly by decreases in foreign stock prices that lowered the market value of direct investment equity assets. U.S. liabilities decreased by $1.44 trillion to a total of $51.75 trillion at the end of the first quarter, mostly reflecting price decreases in portfolio investment and direct investment liabilities. Portfolio investment liabilities decreased by $1.27 trillion to $27.21 trillion, driven mainly by decreases in U.S. stock and bond prices. Direct investment liabilities decreased by $682.6 billion to $14.13 trillion, driven mainly by decreases in U.S. stock prices that lowered the market value of direct investment equity liabilities. –2– Annual Update of the IIP Accounts The statistics in this release reflect the annual update of the U.S. IIP Accounts. With this update, BEA has incorporated newly available and revised source data for 2019–2021 (table 2). In addition, there are two updates that are beyond the scope of updated source data: (1) The investment positions and financial transactions for short-term portfolio investment assets for 2012–2021 have been revised to incorporate improved methodology and source data for foreign commercial paper and other short-term securities assets. (2) For long-term portfolio investment assets and liabilities, BEA has revised the investment positions and financial transactions for 2019–2021 to address a large series break in the source data provided to BEA on holdings of long-term portfolio investment that resulted from unusually large data revisions by respondents on the monthly “Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents” (SLT) report for June 2021. For more information about the SLT revisions, see footnote 5 in the “Footnotes and Notices” section of “Securities (B): Portfolio Holdings of U.S. and Foreign Securities | U.S. Department of the Treasury.” –3– Newly Available and Revised Source Data: Key Providers and Years Affected Agency BEA U.S. Department of the Treasury Data Benchmark, annual, and quarterly direct investment surveys (direct investment assets and liabilities) Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (portfolio investment assets and liabilities) Foreign-Residents’ Holdings of U.S. Securities, including Selected Money Market Instruments (portfolio investment liabilities) U.S. Ownership of Foreign Securities, including Selected Money Market Instruments (portfolio investment assets) Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents (portfolio investment and other investment assets and liabilities) Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions (portfolio investment and other investment assets and liabilities) Reports of Holdings of, and Transactions in, Financial Derivatives Contracts with Foreign Residents (financial derivatives assets and liabilities) Years affected 2019–2021 2019–2021 2021 2020–2021 2019–2021 2021 2020–2021 With this annual update of the IIP Accounts, BEA has added the two IIP tables 2.2 and 4.1, which were introduced in the IIP release on December 30, 2021, to the existing standard IIP table presentation in BEA’s Interactive Data Application and Data Application Programming Interface. Table 2.2, which was introduced with statistics on U.S. special purpose entities (SPEs), has been expanded to include foreign SPEs for 2019–2021. Table 2.2 features annual statistics on direct investment positions in foreign and U.S. SPEs, which are legal entities with little or no employment or physical presence. Table 4.1 has been updated to include new statistics for the first quarter of 2022 and revised statistics for the first quarter of 2020 to the fourth quarter of 2021. Table 4.1 features quarter-end position statistics on U.S. debt positions by currency, sector, and maturity for U.S. assets and liabilities. More information on the annual update is available in “Preview of the 2022 Annual Update of the International Economic Accounts” in the April 2022 issue of the Survey of Current Business, and additional information will be published in July. The U.S. International Economic Accounts: Concepts and Methods has also been updated to reflect changes implemented with this annual update. * * * Next release: September 28, 2022, at 8:30 a.m. EDT U.S. International Investment Position, Second Quarter 2022 * * –4– * Additional Information 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. Resources • • • • • • • Information on COVID-19 and recovery impacts is available 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. 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. 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.). 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. The U.S. net international investment position 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. 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). –5– 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. 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. 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. 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. 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. 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. Updates to the U.S. Net International Investment Position at Yearend, 2012-2021 –6– June 28, 2022 Table 1. U.S. Net International Investment Position at the End of the Period [Billions of dollars, not seasonally adjusted] Line 2021 2020 T ype of investment Q4 Q1 Q2 Change: 2022 Q3 2021:Q4 to 2022:Q1 Q1 p Q4 Line 1 U.S. net international investment position (line 4 less line 36) -14,707.4 -15,020.7 -15,995.1 -16,302.7 -18,124.3 -17,748.5 375.8 1 2 Net international investment position excluding financial derivatives (line 5 less line 37) -14,700.7 -15,053.8 -16,032.9 -16,336.2 -18,144.2 -17,810.9 333.3 2 3 Financial derivatives other than reserves, net (line 6 less line 38) -6.7 33.1 37.9 33.5 19.9 62.4 42.5 3 4 U.S. assets 32,041.6 32,716.7 34,240.0 34,337.2 35,065.5 33,999.2 -1,066.3 4 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 29,495.7 30,557.8 32,133.9 32,290.7 33,078.0 31,740.6 -1,337.3 5 6 Financial derivatives other than reserves, gross positive fair value (line 15) 2,546.0 2,158.9 2,106.1 2,046.5 1,987.5 2,258.5 271.0 6 By functional category: 7 Direct investment at market value 9,366.7 9,855.2 10,578.5 10,543.1 10,970.6 10,412.7 -557.9 7 8 Equity 8,162.3 8,642.0 9,296.0 9,245.8 9,749.7 9,193.7 -556.0 8 9 Debt instruments 1,204.5 1,213.1 1,282.5 1,297.4 1,220.9 1,219.0 -1.9 9 10 Portfolio investment 14,399.3 15,025.8 15,911.7 16,045.7 16,309.3 15,491.9 -817.4 10 10,615.0 11,098.2 11,810.5 11,789.4 12,022.1 11,422.4 -599.7 11 3,784.2 3,927.5 4,101.1 4,256.3 4,287.2 4,069.5 -217.7 12 11 Equity and investment fund shares 12 Debt securities 13 Short term 425.5 546.2 602.4 604.4 568.5 496.6 -72.0 13 14 Long term 3,358.8 3,381.3 3,498.7 3,652.0 3,718.7 3,572.9 -145.7 14 2,546.0 2,158.9 2,106.1 2,046.5 1,987.5 2,258.5 271.0 15 2,491.6 2,098.5 2,043.4 1,970.0 1,927.0 2,156.6 229.6 16 1,914.2 1,524.9 1,505.2 1,404.5 1,355.1 1,455.8 100.7 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 372.2 357.9 298.2 306.2 311.3 394.1 82.8 18 19 Other contracts 205.3 215.8 240.1 259.3 260.7 306.8 46.1 19 54.4 60.4 62.7 76.5 60.4 101.9 41.4 20 5,102.4 5,106.8 5,053.6 5,006.7 5,085.8 5,091.0 5.3 21 69.9 71.1 71.1 71.1 71.1 71.1 0.0 22 20 21 Exchange-traded contracts Other investment 22 Other equity 23 Currency and deposits 2,191.9 2,171.3 2,089.0 2,051.1 2,128.0 2,117.5 -10.6 23 24 Loans 2,795.0 2,815.0 2,847.1 2,838.8 2,839.4 2,861.7 22.3 24 25 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 26 T rade credit and advances 45.6 49.4 46.4 45.8 47.3 40.8 -6.5 26 27 Reserve assets 627.3 570.1 590.1 695.1 712.3 745.0 32.7 27 28 Monetary gold 493.6 442.2 461.1 455.7 472.2 507.9 35.6 28 29 Special drawing rights 52.9 52.1 52.4 163.9 163.6 163.1 -0.5 29 30 Reserve position in the International Monetary Fund 36.4 33.7 34.3 33.9 35.8 34.8 -1.0 30 31 Other reserve assets 44.4 42.1 42.3 41.6 40.6 39.2 -1.5 31 32 Currency and deposits 30.0 28.4 29.0 31.4 28.3 28.3 0.1 32 33 Securities 14.3 13.7 13.3 10.3 12.4 10.9 -1.5 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 46,749.0 47,737.3 50,235.1 50,639.9 53,189.7 51,747.6 -1,442.1 36 37 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 44,196.4 45,611.5 48,166.8 48,626.9 51,222.1 49,551.5 -1,670.6 37 38 Financial derivatives other than reserves, gross negative fair value (line 51) 2,552.7 2,125.8 2,068.3 2,013.0 1,967.6 2,196.1 228.5 38 11,897.4 12,516.0 13,464.2 13,554.4 14,813.0 14,130.4 -682.6 39 10,251.9 10,862.8 11,784.7 11,839.7 13,102.4 12,394.2 -708.2 40 By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 1,645.5 1,653.2 1,679.5 1,714.7 1,710.6 1,736.2 25.6 41 42 Portfolio investment 25,171.9 25,801.2 27,240.2 27,318.8 28,480.1 27,211.0 -1,269.1 42 43 Equity and investment fund shares 11,834.6 12,621.9 13,711.8 13,775.6 14,804.1 13,932.0 -872.1 43 44 Debt securities 13,337.3 13,179.3 13,528.4 13,543.1 13,676.0 13,279.0 -397.1 44 1,192.5 1,135.2 1,084.7 1,137.8 1,190.7 1,267.5 76.7 45 1,027.3 966.5 926.7 928.4 987.4 1,008.4 21.0 46 165.2 168.7 158.0 209.5 203.3 259.1 55.7 47 12,144.8 12,044.1 12,443.7 12,405.3 12,485.3 12,011.5 -473.8 48 45 Short term 46 T reasury bills and certificates 47 Other short-term securities 48 Long term 49 T reasury bonds and notes 6,264.3 6,329.4 6,592.1 6,642.5 6,760.3 6,605.2 -155.1 49 50 Other long-term securities 5,880.6 5,714.7 5,851.6 5,762.8 5,725.0 5,406.3 -318.7 50 2,552.7 2,125.8 2,068.3 2,013.0 1,967.6 2,196.1 228.5 51 2,501.2 2,069.3 2,005.5 1,937.5 1,902.5 2,092.8 190.2 52 1,902.5 1,500.5 1,480.0 1,388.3 1,337.2 1,415.6 78.3 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 386.3 340.5 281.4 287.2 304.0 380.2 76.2 54 55 Other contracts 212.4 228.3 244.0 262.0 261.3 297.0 35.7 55 51.5 56.6 62.8 75.5 65.1 103.3 38.3 56 7,127.1 7,294.3 7,462.4 7,753.8 7,929.0 8,210.1 281.1 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 3,819.5 3,909.8 3,973.2 4,143.6 4,129.0 4,261.8 132.8 59 60 Loans 3,040.5 3,113.5 3,214.8 3,222.1 3,403.4 3,551.9 148.4 60 61 Insurance technical reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a. 61 62 T rade credit and advances 216.2 221.0 224.0 226.2 235.8 237.6 1.8 62 63 Special drawing rights allocations 50.9 50.1 50.4 161.8 160.8 158.8 -2.0 63 p Preliminary r Revised n.a. Not available ..... Not applicable Note. Details may not add to totals because of rounding. 0 Positions are possible but are zero for a given period. Source: U.S. Bureau of Economic Analysis –7– June 28, 2022 Table 2. Updates to the U.S. Net International Investment Position at Yearend, 2012–2021 [Billions of dollars] 2012 Line Type of investment Previously published Revised 2013 Revision Previously published Revised 2014 Revision Previously published Revised 2015 Revision Previously published Revised 2016 Revision Previously published Revised Revision 1 U.S. net international investment position (line 4 less line 10) -4,517.1 -4,569.5 -52.4 -5,367.6 -5,443.6 -76.0 -6,944.2 -7,021.2 -77.0 -7,460.2 -7,590.5 -130.3 -8,129.3 -8,258.4 -129.1 2 Net international investment position excluding financial derivatives -4,574.9 -4,627.3 -52.4 -5,445.1 -5,521.1 -76.0 -7,029.7 -7,106.7 -77.0 -7,514.7 -7,644.9 -130.3 -8,187.5 -8,316.6 -129.1 3 Financial derivatives other than reserves, net (line 7 less line 13) 57.8 57.8 0.0 77.6 77.6 0.0 85.5 85.5 0.0 54.5 54.5 0.0 58.2 58.2 0.0 22,563.1 22,510.6 -52.4 24,145.9 24,069.8 -76.0 24,884.2 24,807.1 -77.0 23,432.0 23,301.7 -130.3 24,031.5 23,902.4 -129.1 4 U.S. assets 5 Direct investment at market value 5,969.5 5,969.5 0.0 7,120.7 7,120.7 0.0 7,242.1 7,242.1 0.0 7,057.1 7,057.1 6 Portfolio investment 7,984.0 7,931.5 -52.4 9,206.1 9,130.1 -76.0 9,704.2 9,627.2 -77.0 9,570.2 9,439.9 7 Financial derivatives other than reserves, gross positive fair value 3,619.8 3,619.8 0.0 3,017.1 3,017.1 0.0 3,252.3 3,252.3 0.0 2,443.4 2,443.4 0.0 8 Other investment 4,417.5 4,417.5 0.0 4,353.6 4,353.6 0.0 4,251.2 4,251.2 0.0 3,977.8 3,977.8 0.0 9 Reserve assets 572.4 572.4 0.0 448.3 448.3 0.0 434.3 434.3 0.0 383.6 383.6 0.0 27,080.2 27,080.2 0.0 29,513.4 29,513.4 0.0 31,828.3 31,828.3 0.0 30,892.2 30,892.2 4,662.4 4,662.4 0.0 5,814.9 5,814.9 0.0 6,378.9 6,378.9 0.0 6,729.2 6,729.2 13,978.9 13,978.9 0.0 15,541.3 15,541.3 0.0 16,921.8 16,921.8 0.0 16,645.8 16,645.8 10 U.S. liabilities 7,403.2 7,403.2 0.0 -130.3 10,011.4 0.0 9,882.3 -129.1 2,220.5 2,220.5 0.0 3,990.7 3,990.7 0.0 405.8 405.8 0.0 0.0 32,160.8 32,160.8 0.0 0.0 7,510.5 0.0 0.0 17,360.0 17,360.0 0.0 11 Direct investment at market value 12 Portfolio investment 13 Financial derivatives other than reserves, gross negative fair value 3,562.0 3,562.0 0.0 2,939.5 2,939.5 0.0 3,166.8 3,166.8 0.0 2,388.9 2,388.9 0.0 2,162.3 2,162.3 0.0 14 Other investment 4,876.9 4,876.9 0.0 5,217.7 5,217.7 0.0 5,360.8 5,360.8 0.0 5,128.3 5,128.3 0.0 5,128.0 5,128.0 0.0 2017 Line Type of investment Previously 2018 Previously 2019 Previously 7,510.5 2020 Previously 2021 Previously Revised Revision Revised Revision Revised Revision Revised Revision Revised Revision published published published published published 1 U.S. net international investment position (line 4 less line 10) -7,673.0 -7,830.7 -157.7 -9,684.7 -9,795.8 -111.1 -11,231.4 -11,653.1 -421.6 -14,011.2 -14,707.4 -696.2 -18,101.2 -18,124.3 -23.1 2 Net international investment position excluding financial derivatives -7,710.6 -7,868.4 -157.7 -9,726.7 -9,837.9 -111.1 -11,251.6 -11,673.2 -421.6 -14,004.6 -14,700.7 -696.1 -18,120.7 -18,144.2 -23.4 3 Financial derivatives other than reserves, net (line 7 less line 13) 37.6 37.6 0.0 42.0 42.0 0.0 20.2 20.2 0.0 -6.6 -6.7 -0.1 19.6 19.9 0.3 4 U.S. assets 27,739.8 27,582.1 -157.7 25,217.9 25,106.8 -111.1 29,108.3 28,869.4 -238.9 32,256.3 32,041.6 -214.7 35,210.7 35,065.5 -145.3 5 Direct investment at market value 8,893.9 8,893.9 0.0 7,417.4 7,417.4 0.0 8,702.2 8,692.2 -10.1 9,405.1 9,366.7 -38.4 11,034.5 10,970.6 -63.9 6 Portfolio investment 12,571.5 12,413.7 -157.7 11,433.6 11,322.5 -111.1 13,366.2 13,124.2 -242.1 14,605.6 14,399.3 -206.4 16,422.9 16,309.3 -113.7 7 Financial derivatives other than reserves, gross positive fair value 1,560.8 1,560.8 0.0 1,449.6 1,449.6 0.0 1,790.4 1,790.4 0.0 2,545.7 2,546.0 0.2 1,988.0 1,987.5 -0.5 8 Other investment 4,263.9 4,263.9 0.0 4,468.3 4,468.3 0.0 4,735.0 4,748.2 13.3 5,072.6 5,102.4 29.8 5,053.0 5,085.8 32.8 9 Reserve assets 449.7 449.7 0.0 449.1 449.1 0.0 514.4 514.4 0.0 627.3 627.3 0.0 712.3 712.3 0.0 10 U.S. liabilities 35,412.8 35,412.8 0.0 34,902.6 34,902.6 0.0 40,339.7 40,522.4 182.7 46,267.6 46,749.0 481.5 53,311.9 53,189.7 -122.1 11 Direct investment at market value 8,835.3 8,835.3 0.0 8,393.5 8,393.5 0.0 10,486.0 10,465.5 -20.5 11,977.9 11,897.4 -80.5 14,839.9 14,813.0 -26.9 12 Portfolio investment 19,398.3 19,398.3 0.0 18,844.2 18,844.2 0.0 21,565.5 21,763.6 198.1 24,628.4 25,171.9 543.5 28,586.7 28,480.1 -106.6 13 Financial derivatives other than reserves, gross negative fair value 1,523.2 1,523.2 0.0 1,407.5 1,407.5 0.0 1,770.3 1,770.3 0.0 2,552.4 2,552.7 0.3 1,968.4 1,967.6 -0.8 14 Other investment 5,656.1 5,656.1 0.0 6,257.4 6,257.4 0.0 6,517.9 6,523.1 5.1 7,108.9 7,127.1 18.2 7,916.9 7,929.0 12.2 Note: Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis –8–