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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Monday, June 30, 2025 Technical: Media: Nathan Hansen Erin Whitaker Connie O’Connell 301-278-9690 301-278-9563 301-278-9003 BEA 25–27 Nathan.Hansen@bea.gov Erin.Whitaker@bea.gov Connie.OConnell@bea.gov U.S. International Investment Position, 1st Quarter 2025 and Annual Update First Quarter The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$24.61 trillion at the end of the first quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis (chart 1). Assets totaled $36.85 trillion, and liabilities were $61.47 trillion (chart 2). At the end of the fourth quarter of 2024, the net investment position was –$26.54 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1. The $1.92 trillion change in the net investment position from the fourth quarter of 2024 to the first quarter of 2025 came from net financial transactions of –$277.5 billion and net other changes in position, such as price and exchange-rate changes, of $2.20 trillion (table 2). Page 1 of 6 Price changes of $1.73 trillion reflected price increases for assets and price decreases for liabilities, as foreign stock prices outperformed U.S. stock prices. Exchange-rate changes of $472.5 billion reflected foreign currency appreciation against the U.S. dollar, which raised the value of U.S. assets more than U.S. liabilities in dollar terms. U.S. assets increased by $1.13 trillion to a total of $36.85 trillion at the end of the first quarter, driven mainly by financial transactions of $548.0 billion that largely reflected increased U.S. short-term lending abroad in the form of resale agreements, and by exchange-rate changes of $528.4 billion that reflected the appreciation of foreign currencies against the U.S. dollar (table 2). All major investment categories of assets, except financial derivatives, increased in the first quarter (chart 3). U.S. liabilities decreased by $792.0 billion to a total of $61.47 trillion at the end of the first quarter, driven by U.S. stock price decreases that lowered the market value of direct investment and portfolio investment liabilities by $836.4 billion and by $734.6 billion, respectively (table 2). Partly offsetting these price decreases were financial transactions of $844.8 billion that mostly reflected foreign purchases of U.S. debt securities and “other investment” inflows of deposits and loans. All major investment categories of liabilities except other investment decreased in the first quarter (chart 4). Annual Update of the U.S. International Investment Position Accounts The statistics in this release reflect the annual update of the U.S. International Investment Position Accounts. With this update, BEA has incorporated newly available and revised source data for 2022–2024 (table 3). In addition, BEA has incorporated new statistics for transactions and positions related to a repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) that was established by the Federal Reserve in March 2020. The FIMA Repo Facility was designed to address pressures in global dollar funding markets that could affect financial market conditions in the United States. These transactions and positions are recorded as U.S. deposits in the central bank sector of other investment assets Page 2 of 6 in the U.S. International Transactions Accounts and International Investment Position Accounts statistics, beginning with 2022. Newly Available and Revised Source Data: Key Providers and Years Affected Agency U.S. Bureau of Economic Analysis U.S. Department of the Treasury Data Benchmark, annual, and quarterly direct investment surveys (direct investment and other investment assets and liabilities) Aggregate Holdings, Purchases and Sales, and Fair Value Changes 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 2022–2024 2022–2024 2024 2023 2022–2024 2022–2024 2023–2024 More information on the annual update is available in “Preview of the 2025 Annual Update of the International Economic Accounts” in the Survey of Current Business, and additional information will be published in July in the Survey. For resources, definitions, and more, visit “Additional Information.” Next release: September 29, 2025, at 8:30 a.m. EDT U.S. International Investment Position, 2nd Quarter 2025 ________________________________________________________________________________________ News release tables Table 1. U.S. Net International Investment Position at the End of the Period Table 2. Change in the U.S. Net International Investment Position in 2025:Q1 Table 3. Updates to the U.S. Net International Investment Position at Yearend, 2022–2024 Page 3 of 6 June 30, 2025 Table 1. U.S. Net International Investment Position at the End of the Period [Billions of dollars, not seasonally adjusted] Line Q4 1 U.S. net international investment position (line 4 less line 36) 2 Net international investment position excluding financial derivatives (line 5 less line 37) 3 Financial derivatives other than reserves, net (line 6 less line 38) 4 U.S. assets 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 6 Financial derivatives other than reserves, gross positive fair value (line 15) By functional category: 7 Direct investment at market value 8 Equity 9 Debt instruments 10 Portfolio investment 11 Equity and investment fund shares 12 Debt securities 13 Short term 14 Long term 15 Financial derivatives other than reserves, gross positive fair value 16 Over-the-counter contracts 17 Single-currency interest rate contracts 18 Foreign exchange contracts 19 Other contracts 20 Exchange-traded contracts 21 Other investment 22 Other equity 23 Currency and deposits 24 Loans 25 Insurance technical reserves 26 Trade credit and advances 27 Reserve assets 28 Monetary gold 29 Special drawing rights 30 Reserve position in the International Monetary Fund 31 Other reserve assets 32 Currency and deposits 33 Securities 34 Financial derivatives 35 Other claims 36 U.S. liabilities 37 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 38 Financial derivatives other than reserves, gross negative fair value (line 51) By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 42 Portfolio investment 43 Equity and investment fund shares 44 Debt securities 45 Short term 46 Treasury bills and certificates 47 Other short-term securities 48 Long term 49 Treasury bonds and notes 50 Other long-term securities 51 Financial derivatives other than reserves, gross negative fair value 52 Over-the-counter contracts 53 Single-currency interest rate contracts 54 Foreign exchange contracts 55 Other contracts 56 Exchange-traded contracts 57 Other investment 58 Other equity 59 Currency and deposits 60 Loans 61 Insurance technical reserves 62 Trade credit and advances 63 Special drawing rights allocations p Preliminary n.a. Not available ..... Not applicable Note. Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis 2024 2023 Type of investment Q1 Q2 2025 Q3 Q4 Q1 p Change: 2024:Q4 to 2025:Q1 -20,416.5 -22,017.0 -23,206.1 -24,510.5 -26,539.5 -24,614.6 1,924.9 -20,411.2 -5.4 34,022.4 31,817.2 2,205.2 -22,040.3 23.3 35,395.7 33,222.6 2,173.1 -23,202.1 -4.0 35,581.3 33,295.8 2,285.4 -24,488.4 -22.1 37,511.6 34,972.9 2,538.7 -26,571.6 32.2 35,719.4 33,403.2 2,316.2 -24,609.3 -5.3 36,852.2 34,797.9 2,054.3 1,962.3 -37.5 1,132.9 1,394.7 -261.8 10,525.1 9,174.8 1,350.3 15,030.3 11,267.0 3,763.3 469.4 3,293.9 2,205.2 2,140.0 1,593.6 371.8 174.6 65.2 5,484.3 75.0 2,265.6 3,101.3 n.a. 42.4 777.4 543.5 166.5 30.3 37.2 29.4 7.7 ….. 0.0 54,438.9 52,228.3 2,210.6 11,212.7 9,857.7 1,355.1 15,586.3 11,836.5 3,749.8 432.3 3,317.5 2,173.1 2,111.4 1,602.6 316.6 192.2 61.7 5,611.9 74.9 2,218.0 3,277.2 n.a. 41.8 811.6 579.1 166.3 30.5 35.8 28.7 7.1 ….. 0.0 57,412.7 55,262.9 2,149.8 11,177.7 9,841.0 1,336.7 15,655.0 11,878.5 3,776.4 432.2 3,344.2 2,285.4 2,226.7 1,730.3 329.2 167.2 58.8 5,622.6 76.7 2,261.3 3,242.2 n.a. 42.4 840.6 609.5 166.2 29.6 35.2 28.0 7.2 ….. 0.0 58,787.4 56,498.0 2,289.4 11,769.6 10,397.4 1,372.2 16,503.1 12,616.0 3,887.1 451.9 3,435.2 2,538.7 2,467.2 1,907.0 353.7 206.5 71.5 5,772.8 77.4 2,391.3 3,258.5 n.a. 45.7 927.3 687.7 172.9 28.9 37.8 27.2 6.4 ….. 4.2 62,022.1 59,461.2 2,560.8 11,128.8 9,782.6 1,346.2 15,770.4 11,996.3 3,774.2 413.8 3,360.3 2,316.2 2,244.0 1,532.5 535.5 176.0 72.2 5,594.0 77.0 2,363.7 3,108.4 n.a. 44.9 909.9 682.3 166.9 26.0 34.8 21.8 13.0 ….. 0.0 62,258.8 59,974.8 2,284.0 11,474.8 10,150.8 1,324.0 16,312.4 12,410.2 3,902.1 448.6 3,453.6 2,054.3 1,978.0 1,457.2 336.4 184.5 76.3 5,961.7 77.3 2,437.6 3,402.2 n.a. 44.6 1,049.0 814.6 170.4 27.6 36.4 19.0 17.4 ….. 0.0 61,466.8 59,407.2 2,059.6 346.0 368.2 -22.2 541.9 414.0 128.0 34.7 93.2 -261.8 -265.9 -75.3 -199.1 8.5 4.1 367.7 0.2 73.9 293.9 n.a. -0.3 139.1 132.3 3.5 1.6 1.6 -2.8 4.5 ….. 0.0 -792.0 -567.6 -224.4 14,867.5 13,012.8 1,854.7 28,738.9 14,818.5 13,920.4 1,312.2 1,083.1 229.2 12,608.1 6,856.9 5,751.2 2,210.6 2,144.0 1,570.0 387.4 186.5 66.6 8,621.9 n.a. 4,534.4 3,657.7 n.a. 275.7 154.1 16,135.6 14,264.7 1,871.0 30,363.3 16,215.7 14,147.6 1,317.2 1,091.2 226.0 12,830.3 7,016.7 5,813.6 2,149.8 2,084.7 1,576.0 304.8 203.8 65.1 8,764.0 n.a. 4,471.3 3,844.2 n.a. 296.5 152.1 16,724.2 14,805.4 1,918.8 30,941.5 16,870.5 14,071.0 1,328.9 1,103.8 225.1 12,742.0 7,145.7 5,596.3 2,289.4 2,230.5 1,726.0 320.0 184.5 58.9 8,832.2 n.a. 4,494.6 3,883.8 n.a. 302.7 151.1 17,595.5 15,623.8 1,971.8 32,801.5 17,904.4 14,897.2 1,435.4 1,199.3 236.2 13,461.7 7,515.9 5,945.8 2,560.8 2,491.5 1,902.5 366.7 222.2 69.4 9,064.2 n.a. 4,507.1 4,095.7 n.a. 305.6 155.8 17,810.0 15,929.1 1,880.9 33,146.2 18,561.5 14,584.7 1,484.4 1,244.1 240.4 13,100.3 7,314.3 5,786.0 2,284.0 2,215.2 1,514.5 502.6 198.1 68.8 9,018.6 n.a. 4,474.3 4,078.0 n.a. 316.5 149.8 16,929.8 15,154.4 1,775.3 33,068.0 17,865.4 15,202.6 1,670.8 1,416.8 254.0 13,531.8 7,632.7 5,899.1 2,059.6 1,990.3 1,448.5 339.6 202.3 69.3 9,409.4 n.a. 4,698.5 4,238.6 n.a. 319.8 152.6 -880.3 -774.7 -105.6 -78.2 -696.1 617.9 186.4 172.8 13.6 431.5 318.4 113.2 -224.4 -224.9 -66.0 -163.1 4.1 0.5 390.9 n.a. 224.1 160.6 n.a. 3.3 2.8 0.0 Positions are possible but are zero for a given period. Page 4 of 6 June 30, 2025 Table 2. Change in the U.S. Net International Investment Position [Billions of dollars] Line End of quarter position, 2024:Q4 r Type of investment 1 U.S. net international investment position (line 4 less line 36) 2 Net international investment position excluding financial derivatives (line 5 less line 37) 3 Financial derivatives other than reserves, net (line 6 less line 38) 4 U.S. assets 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 27) 6 Financial derivatives other than reserves, gross positive fair value (line 15) By functional category: 7 Direct investment at market value 8 Equity 9 Debt instruments 10 Portfolio investment 11 Equity and investment fund shares 12 Debt securities 13 Short term 14 Long term 15 Financial derivatives other than reserves, gross positive fair value 16 Over-the-counter contracts 17 Single-currency interest rate contracts 18 Foreign exchange contracts 19 Other contracts 20 Exchange-traded contracts 21 Other investment 22 Other equity 23 Currency and deposits 24 Loans 25 Insurance technical reserves 26 Trade credit and advances 27 Reserve assets 28 Monetary gold 29 Special drawing rights 30 Reserve position in the International Monetary Fund 31 Other reserve assets 32 Currency and deposits 33 Securities 34 Financial derivatives 35 Other claims 36 U.S. liabilities 37 Liabilities excluding financial derivatives (sum of lines 39, 42, and 57) 38 Financial derivatives other than reserves, gross negative fair value (line 51) By functional category: 39 Direct investment at market value 40 Equity 41 Debt instruments 42 Portfolio investment 43 Equity and investment fund shares 44 Debt securities 45 Short term 46 Treasury bills and certificates 47 Other short-term securities 48 Long term 49 Treasury bonds and notes 50 Other long-term securities 51 Financial derivatives other than reserves, gross negative fair value 52 Over-the-counter contracts 53 Single-currency interest rate contracts 54 Foreign exchange contracts 55 Other contracts 56 Exchange-traded contracts 57 Other investment 58 Other equity 59 Currency and deposits 60 Loans 61 Insurance technical reserves 62 Trade credit and advances 63 Special drawing rights allocations Change in position in 2025:Q1 Attributable to: Other changes in position Total Financial transactions Price changes Total 4 () 1,731.5 End of quarter Changes in position, Exchange- volume and 2025:Q1 p valuation rate changes1 2 n.i.e. 4 4 () () -24,614.6 472.5 55.2 -24,609.3 -5.3 (4) (4) 36,852.2 (3) (3) 528.4 21.7 34,797.9 2,054.3 (3) (3) -26,539.5 -26,571.6 32.2 35,719.4 33,403.2 2,316.2 1,924.9 1,962.3 -37.5 1,132.9 1,394.7 -261.8 -277.5 -296.8 19.3 2,202.3 2,259.2 -56.8 (3) 548.0 (3) 846.7 (4) (3) 296.7 (3) (3) (3) 11,128.8 9,782.6 1,346.2 15,770.4 11,996.3 3,774.2 413.8 3,360.3 2,316.2 2,244.0 1,532.5 535.5 176.0 72.2 5,594.0 77.0 2,363.7 3,108.4 n.a. 44.9 909.9 682.3 166.9 26.0 34.8 21.8 13.0 ..... 0.0 62,258.8 59,974.8 2,284.0 346.0 368.2 -22.2 541.9 414.0 128.0 34.7 93.2 -261.8 -265.9 -75.3 -199.1 8.5 4.1 367.7 0.2 73.9 293.9 n.a. -0.3 139.1 132.3 3.5 1.6 1.6 -2.8 4.5 ..... 0.0 -792.0 -567.6 -224.4 89.9 82.5 7.4 128.4 25.2 103.2 33.5 69.7 256.1 285.7 -29.6 413.6 388.8 24.8 1.3 23.5 69.2 69.2 ….. 95.2 98.0 -2.9 ….. -2.9 216.8 216.8 ….. 266.8 243.3 23.5 1.3 22.2 -29.9 -0.3 -29.6 51.6 47.5 4.2 0.0 4.2 (3) (3) (3) 3 () (3) (3) 328.2 0.1 49.1 279.4 n.a. -0.4 1.5 0.0 0.3 1.1 (*) (*) (*) ..... 0.0 (3) (3) (3) 3 () (3) (3) 39.5 0.2 24.8 14.5 n.a. 0.1 137.6 132.3 3.2 0.5 1.6 -2.8 4.5 ..... 0.0 (3) (3) (3) 3 () (3) (3) 0.0 0.0 ….. ….. n.a. ….. 132.3 132.3 ….. ….. 0.0 ….. 0.0 ..... ….. (3) (3) (3) 3 () (3) (3) 39.5 0.2 24.8 14.5 n.a. 0.1 5.3 ….. 3.2 0.5 1.6 1.0 0.7 ..... 0.0 (3) (3) (3) 3 () (3) (3) 0.0 0.0 0.0 0.0 n.a. 0.0 0.0 0.0 0.0 0.0 0.0 -3.8 3.8 ..... 0.0 (3) 844.8 (3) -1,412.4 (3) -1,434.8 (3) 55.8 (3) -33.5 (3) (3) (3) (3) (3) 17,810.0 15,929.1 1,880.9 33,146.2 18,561.5 14,584.7 1,484.4 1,244.1 240.4 13,100.3 7,314.3 5,786.0 2,284.0 2,215.2 1,514.5 502.6 198.1 68.8 9,018.6 n.a. 4,474.3 4,078.0 n.a. 316.5 149.8 -880.3 -774.7 -105.6 -78.2 -696.1 617.9 186.4 172.8 13.6 431.5 318.4 113.2 -224.4 -224.9 -66.0 -163.1 4.1 0.5 390.9 n.a. 224.1 160.6 n.a. 3.3 2.8 56.0 59.7 -3.8 429.9 23.2 406.7 102.0 89.1 13.0 304.6 216.2 88.4 -936.3 -834.4 -101.8 -508.1 -719.3 211.2 84.3 83.7 0.6 126.9 102.2 24.7 -836.4 -836.4 ….. -598.4 -734.6 136.3 ….. ….. ….. 136.3 110.8 25.5 ….. ….. ….. 23.9 ….. 23.9 0.6 ….. 0.6 23.3 ….. 23.3 -99.8 2.0 -101.8 66.4 15.4 51.0 83.7 83.7 0.0 -32.7 -8.6 -24.0 (3) 3 () 3 () (3) (3) (3) 358.9 n.a. 218.1 137.6 n.a. 3.2 0.0 (3) 3 () 3 () (3) (3) (3) 31.9 n.a. 6.0 23.0 n.a. 0.1 2.8 (3) 3 () 3 () (3) (3) (3) ….. n.a. ….. ….. n.a. ….. ….. (3) 3 () 3 () (3) (3) (3) 31.9 n.a. 6.0 23.0 n.a. 0.1 2.8 (3) 3 () 3 () (3) (3) (3) 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 11,474.8 10,150.8 1,324.0 16,312.4 12,410.2 3,902.1 448.6 3,453.6 2,054.3 1,978.0 1,457.2 336.4 184.5 76.3 5,961.7 77.3 2,437.6 3,402.2 n.a. 44.6 1,049.0 814.6 170.4 27.6 36.4 19.0 17.4 ..... 0.0 61,466.8 59,407.2 2,059.6 16,929.8 15,154.4 1,775.3 33,068.0 17,865.4 15,202.6 1,670.8 1,416.8 254.0 13,531.8 7,632.7 5,899.1 2,059.6 1,990.3 1,448.5 339.6 202.3 69.3 9,409.4 n.a. 4,698.5 4,238.6 n.a. 319.8 152.6 p Preliminary r Revised 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 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 Page 5 of 6 June 30, 2025 Table 3. Updates to the U.S. Net International Investment Position at Yearend, 2022–2024 [Billions of dollars] 2022 Line Type of investment Previously published 2023 Revised Revision Previously published 2024 Revised Revision Previously published Revised Revision 1 U.S. net international investment position (line 4 less line 10) -16,263.9 -16,161.4 102.5 -19,853.2 -20,416.5 -563.4 -26,232.1 -26,539.5 -307.3 2 Net international investment position excluding financial derivatives -16,333.4 -16,230.9 102.5 -19,847.7 -20,411.2 -563.5 -26,264.3 -26,571.6 -307.3 3 Financial derivatives other than reserves, net (line 7 less line 13) 69.5 69.5 0.0 -5.5 -5.4 0.1 32.2 32.2 0.0 31,440.3 31,275.7 -164.6 34,399.6 34,022.4 -377.2 35,885.5 35,719.4 -166.1 4 U.S. assets 5 Direct investment at market value 6 Portfolio investment 7 9,150.3 9,157.7 7.5 10,606.8 10,525.1 -81.7 11,265.4 11,128.8 -136.6 14,024.1 13,849.8 -174.3 15,334.1 15,030.3 -303.8 15,873.1 15,770.4 -102.6 Financial derivatives other than reserves, gross positive fair value 2,543.3 2,543.3 0.0 2,202.8 2,205.2 2.4 2,316.2 2,316.2 0.0 8 Other investment 5,015.6 5,017.9 2.2 5,478.5 5,484.3 5.9 5,520.8 5,594.0 73.2 9 Reserve assets 706.9 706.9 0.0 777.4 777.4 0.0 909.9 909.9 0.0 10 U.S. liabilities 47,704.2 47,437.1 -267.1 54,252.8 54,438.9 186.1 62,117.6 62,258.8 141.2 11 Direct investment at market value 12,235.2 12,257.6 22.5 14,809.1 14,867.5 58.4 17,837.2 17,810.0 -27.2 12 Portfolio investment 24,715.2 24,424.2 -291.0 28,616.8 28,738.9 122.1 33,086.9 33,146.2 59.3 13 Financial derivatives other than reserves, gross negative fair value 2,473.8 2,473.8 0.0 2,208.3 2,210.6 2.3 2,284.0 2,284.0 0.0 14 Other investment 8,279.9 8,281.4 1.5 8,618.7 8,621.9 3.3 8,909.5 9,018.6 109.1 Note: Details may not add to totals because of rounding. U.S. Bureau of Economic Analysis Page 6 of 6