Annual Update of the U.S. International Transactions Accounts
In June 2023, the U.S. Bureau of Economic Analysis (BEA) released the results of the 2023 annual update of the U.S. International Transactions Accounts (ITAs).1 For most statistical series, the 2023 update has incorporated (1) newly available and revised source data for 2020–2022 and (2) recalculated seasonal adjustments for quarterly statistics for 2018–2022. For imports of education-related travel services, revised source data were incorporated for 2019–2022. For imports of air passenger transport services, revised source data, as well as seasonal adjustments, were incorporated for 2017–2022. In addition, the following revisions were incorporated:
- Direct investment transactions in financial assets and liabilities and in income receipts and payments for 2019–2022 were revised to incorporate the results of BEA's 2019 Benchmark Survey of U.S. Direct Investment Abroad.
- Exports of goods and services, secondary income payments, and capital-transfer payments for 2021 and 2022 were revised to incorporate an improved methodology and newly available source data for transfers through the Presidential Drawdown Authority (PDA).
For 2017–2022, this annual update did not alter the overall picture of U.S. international transactions. Revisions to the current-account deficit did not alter the direction of change (increase or decrease) for any of the revised years (table A and chart 1). Revisions to net borrowing from financial-account transactions did not alter the direction of change for most of the revised years; the exception was for 2022, when net borrowing increased in the revised statistics and decreased in the preliminary statistics (chart 2).
The next section of this article discusses the incorporation of the 2019 Benchmark Survey of U.S. Direct Investment Abroad and the improved methodology and newly available source data for transfers through the PDA. The final section summarizes the effects of the revisions on the current account, the financial account, and the statistical discrepancy of the ITAs.
Appendix A provides a numerical summary of quarterly revisions to key ITA balances. For a comparison of this year's revisions with revisions from past annual updates, see the box “2023 Annual Update in Historical Context.” U.S. International Economic Accounts: Concepts and Methods has been updated to reflect changes implemented with this annual update.
| Balances and statistical discrepancy | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Balance on current account (line 109): | ||||||
| Revised | −367.6 | −439.8 | −441.8 | −597.1 | −831.4 | −971.6 |
| Previously published | −361.0 | −439.9 | −446.0 | −619.7 | −846.4 | −943.8 |
| Amount of revision | −6.6 | (*) | 4.2 | 22.6 | 14.9 | −27.8 |
| Balance on goods and services (line 110): | ||||||
| Revised | −516.9 | −578.6 | −559.4 | −652.9 | −841.6 | −951.2 |
| Previously published | −510.3 | −578.6 | −559.7 | −654.0 | −845.0 | −945.3 |
| Amount of revision | −6.6 | 0.0 | 0.3 | 1.1 | 3.5 | −5.9 |
| Balance on primary income (line 113): | ||||||
| Revised | 257.9 | 255.3 | 247.4 | 181.0 | 149.9 | 148.6 |
| Previously published | 257.9 | 255.3 | 243.6 | 163.1 | 139.5 | 177.4 |
| Amount of revision | 0.0 | (*) | 3.8 | 17.9 | 10.4 | −28.8 |
| Balance on secondary income (line 114): | ||||||
| Revised | −108.6 | −116.5 | −129.8 | −125.2 | −139.8 | −169.0 |
| Previously published | −108.6 | −116.5 | −129.8 | −128.8 | −140.8 | −175.8 |
| Amount of revision | 0.0 | 0.0 | 0.1 | 3.6 | 1.0 | 6.9 |
| Balance on capital account (line 115): | ||||||
| Revised | 12.4 | −4.3 | −6.5 | −5.6 | −2.5 | −4.6 |
| Previously published | 12.4 | −4.3 | −6.5 | −5.5 | −2.5 | −4.6 |
| Amount of revision | 0.0 | 0.0 | 0.0 | −0.1 | (*) | (*) |
| Net lending (+) or net borrowing (−) from financial-account transactions (line 117): | ||||||
| Revised | −373.2 | −302.9 | −558.4 | −668.9 | −788.8 | −804.8 |
| Previously published | −373.2 | −302.9 | −565.5 | −697.0 | −740.6 | −677.1 |
| Amount of revision | 0.0 | 0.0 | 7.2 | 28.0 | −48.2 | −127.7 |
| Statistical discrepancy (line 108): | ||||||
| Revised | −18.0 | 141.2 | −110.1 | −66.2 | 45.1 | 171.4 |
| Previously published | −24.6 | 141.2 | −113.1 | −71.8 | 108.2 | 271.4 |
| Amount of revision | 6.6 | (*) | 3.0 | 5.6 | −63.1 | −100.0 |
- *
- Transactions between ±$50,000,000
Note. Line numbers refer to table 1.2 of the International Transactions Accounts Interactive Data Application on the BEA website.
2019 Benchmark Survey of U.S. Direct Investment Abroad
BEA collects information on direct investment through mandatory surveys, primarily of U.S. companies. In addition to quarterly and annual surveys, which collect information from a sample of companies with transactions that are covered in the ITAs, BEA also conducts benchmark surveys every 5 years to collect information from the entire population—or universe—of these companies.2 BEA extrapolates data from benchmark surveys for companies that are not required to report on the sample surveys using trends in the data of companies that report on the sample surveys. Therefore, statistical coverage is complete whether the periods are covered by benchmark surveys or sample surveys.
With this annual update, direct investment transactions in financial assets and liabilities and in income receipts and payments for 2019–2022 were revised to incorporate the results of BEA’s 2019 Benchmark Survey of U.S. Direct Investment Abroad. This survey collected data on the finances and operations of foreign affiliates of U.S. multinational enterprises.3 Estimates for income and financial transactions with foreign affiliates for 2019–2022 that did not meet the reporting thresholds for the quarterly survey were previously extrapolated from the 2014 benchmark survey and have been replaced with estimates that are extrapolated from the 2019 benchmark survey.
Improved methodology and newly available source data for transfers through the PDA
The PDA is an executive branch policy tool that authorizes U.S. government agencies to provide immediate assistance to foreign countries and international organizations in crisis situations under the Foreign Assistance Act. From August 2021 through March 2023, there have been 34 authorizations through the PDA for military assistance for Ukraine. These authorizations allowed for the immediate delivery of defense articles from U.S. Department of Defense (DOD) stocks and related services.4
In the ITAs, this type of transaction should be recorded as an investment grant payment in the capital account if the assistance is in the form of capital goods, such as tanks or vehicles. Assistance in the form of other goods and services should be recorded as an international cooperation payment, which is a component of secondary income in the current account.5 A transfer is a transaction in which a good, service, or asset is provided without a corresponding return of economic value. A counter entry (or a set of counter entries) equal to each transfer is recorded in goods exports or services exports, or both, depending on the form of the assistance, in the double-entry accounting system employed in the ITAs. With respect to the counter entry, all goods that are transferred from U.S.-owned stockpiles should be recorded in goods exports in the current account, and related services should be recorded in services exports, also in the current account.6
Previously, BEA used public PDA announcements on the total value of goods and services transferred that contained a partial listing of equipment transferred to Ukraine—in conjunction with DOD source data that contained commingled deliveries of goods and services—to estimate current and capital transfers to Ukraine. 7, 8 With this annual update, BEA has revised these estimates employing a new methodology that uses newly available detailed source data from DOD. The detail in these data enables more accurate identification of transfers through the PDA as capital goods, noncapital goods, or services. This change contributed to revisions to goods exports, services exports, secondary income payments, and capital-transfer payments for 2021 and 2022 (table B).
Current-account highlights
Current-account statistics were updated to incorporate newly available and revised source data and the improvements described above for 2017–2022. For most quarters, the revisions to the quarterly statistics did not affect the direction (increase or decrease) of the quarter-to-quarter changes in the current-account deficit for 2017–2022 (chart 3); exceptions were the second quarter of 2019 and the first and fourth quarters of 2021 (appendix A). For most quarters, the revisions also did not significantly affect the pattern of the quarter-to-quarter changes in the current-account deficit.
| Selected current- and capital-account transactions | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Exports of goods and services and income receipts (line 1): | ||||||
| Revised | 3,550.4 | 3,794.0 | 3,842.2 | 3,285.3 | 3,819.2 | 4,424.6 |
| Previously published | 3,550.4 | 3,794.0 | 3,839.7 | 3,260.1 | 3,780.2 | 4,409.5 |
| Amount of revision | 0.0 | 0.0 | 2.5 | 25.2 | 39.1 | 15.1 |
| Exports of goods (line 3): | ||||||
| Revised | 1,557.0 | 1,676.9 | 1,655.1 | 1,433.9 | 1,765.9 | 2,089.9 |
| Previously published | 1,557.0 | 1,676.9 | 1,655.1 | 1,432.2 | 1,761.4 | 2,085.8 |
| Amount of revision | 0.0 | 0.0 | 0.0 | 1.6 | 4.5 | 4.1 |
| Related to transfers through PDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 2.4 |
| Other goods | 0.0 | 0.0 | 0.0 | 1.6 | 4.3 | 1.6 |
| Exports of services (line 13): | ||||||
| Revised | 837.5 | 865.5 | 891.2 | 726.3 | 801.1 | 928.5 |
| Previously published | 837.5 | 865.5 | 891.2 | 726.4 | 795.3 | 926.0 |
| Amount of revision | 0.0 | 0.0 | 0.0 | −0.1 | 5.9 | 2.5 |
| Related to transfers through PDA | 0.0 | 0.0 | 0.0 | 0.0 | −0.2 | −3.2 |
| Other business services | 0.0 | 0.0 | 0.0 | 0.1 | 2.7 | 4.6 |
| Other services | 0.0 | 0.0 | 0.0 | −0.2 | 3.3 | 1.1 |
| Primary income receipts (line 26): | ||||||
| Revised | 995.4 | 1,103.0 | 1,139.3 | 957.9 | 1,077.2 | 1,217.9 |
| Previously published | 995.4 | 1,103.0 | 1,136.8 | 936.2 | 1,052.1 | 1,217.5 |
| Amount of revision | 0.0 | 0.0 | 2.5 | 21.7 | 25.1 | 0.4 |
| Direct investment income | 0.0 | 0.0 | 3.5 | 23.0 | 33.6 | 14.2 |
| Portfolio investment income | 0.0 | 0.0 | 0.0 | 0.0 | −8.4 | −14.6 |
| Other primary income | 0.0 | 0.0 | −1.0 | −1.3 | −0.1 | 0.8 |
| Secondary income receipts (line 33): | ||||||
| Revised | 160.5 | 148.6 | 156.7 | 167.2 | 175.0 | 188.3 |
| Previously published | 160.5 | 148.6 | 156.7 | 165.2 | 171.4 | 180.2 |
| Amount of revision | 0.0 | 0.0 | (*) | 2.0 | 3.5 | 8.1 |
| Insurance-related transfers | 0.0 | 0.0 | 0.0 | 2.0 | 1.7 | 6.6 |
| Other secondary income | 0.0 | 0.0 | (*) | 0.0 | 1.8 | 1.6 |
| Imports of goods and services and income payments (line 34): | ||||||
| Revised | 3,918.0 | 4,233.9 | 4,284.0 | 3,882.4 | 4,650.7 | 5,396.2 |
| Previously published | 3,911.5 | 4,233.9 | 4,285.7 | 3,879.8 | 4,626.5 | 5,353.3 |
| Amount of revision | 6.6 | 0.0 | −1.7 | 2.6 | 24.2 | 42.9 |
| Imports of goods (line 36): | ||||||
| Revised | 2,356.3 | 2,555.7 | 2,512.4 | 2,346.7 | 2,849.4 | 3,272.9 |
| Previously published | 2,356.3 | 2,555.7 | 2,512.4 | 2,346.1 | 2,851.7 | 3,276.9 |
| Amount of revision | 0.0 | 0.0 | 0.0 | 0.6 | −2.3 | −3.9 |
| Imports of services (line 45): | ||||||
| Revised | 555.1 | 565.4 | 593.3 | 466.3 | 559.2 | 696.7 |
| Previously published | 548.5 | 565.4 | 593.6 | 466.5 | 550.0 | 680.3 |
| Amount of revision | 6.6 | 0.0 | −0.3 | −0.2 | 9.2 | 16.4 |
| Transport | 6.6 | 0.0 | 0.0 | 0.2 | 1.5 | 2.7 |
| Charges for the use of intellectual property | 0.0 | 0.0 | 0.0 | −2.7 | 2.7 | 4.8 |
| Telecommunications, computer, and information services | 0.0 | 0.0 | 0.0 | 3.9 | 6.6 | 6.9 |
| Other services | 0.0 | 0.0 | −0.3 | −1.6 | −1.6 | 2.0 |
| Primary income payments (line 52): | ||||||
| Revised | 737.5 | 847.7 | 891.9 | 776.9 | 927.3 | 1,069.3 |
| Previously published | 737.5 | 847.7 | 893.2 | 773.1 | 912.6 | 1,040.1 |
| Amount of revision | 0.0 | (*) | −1.3 | 3.8 | 14.7 | 29.2 |
| Direct investment income | 0.0 | 0.0 | −0.1 | 5.6 | 11.9 | 29.2 |
| Other primary income | 0.0 | (*) | −1.3 | −1.8 | 2.8 | (*) |
| Secondary income payments (line 58): | ||||||
| Revised | 269.1 | 265.1 | 286.4 | 292.4 | 314.8 | 357.3 |
| Previously published | 269.1 | 265.1 | 286.5 | 294.0 | 312.2 | 356.1 |
| Amount of revision | 0.0 | 0.0 | −0.1 | −1.6 | 2.5 | 1.2 |
| Related to transfers through PDA | 0.0 | 0.0 | 0.0 | 0.0 | −0.1 | 0.1 |
| Other secondary income | 0.0 | 0.0 | 0.0 | 0.0 | 2.6 | 1.2 |
| Capital-transfer receipts and other credits (line 65): | ||||||
| Revised | 19.2 | 3.3 | 0.1 | 0.4 | 3.9 | 8.4 |
| Previously published | 19.2 | 3.3 | 0.1 | 0.4 | 3.9 | 9.1 |
| Amount of revision | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −0.7 |
| Capital-transfer payments and other debits (line 66): | ||||||
| Revised | 6.8 | 7.5 | 6.5 | 6.0 | 6.4 | 13.0 |
| Previously published | 6.8 | 7.5 | 6.5 | 5.9 | 6.3 | 13.8 |
| Amount of revision | 0.0 | 0.0 | 0.0 | 0.1 | (*) | −0.8 |
| Related to transfers through PDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | −0.8 |
| Other capital transfers | 0.0 | 0.0 | 0.0 | 0.0 | (*) | (*) |
- *
- Transactions between ±$50,000,000
- PDA
- Presidential Drawdown Authority
Note. Line numbers refer to table 1.2 of the International Transactions Accounts Interactive Data Application on the BEA website.
Exports of goods and services and income receipts were revised for 2019–2022. Chart 4 presents the revisions by component. The upward revisions to primary income reflect newly available and revised source data, particularly from BEA’s surveys of direct investment. The upward revisions to secondary income reflect the incorporation of updated insurance-related transfers from BEA’s insurance services surveys. The revisions to services reflect newly available and revised source data from BEA’s surveys of international services.
Imports of goods and services and income payments were revised for 2017–2022. Chart 5 presents the revisions by component. The revisions to primary income reflect newly available and revised source data, particularly from BEA’s surveys of direct investment. The revision to services for 2017 reflects the incorporation of revised source data for air passenger transport from the Airlines Reporting Corporation.
Financial-account highlights
Financial-account statistics were updated to incorporate newly available and revised source data, including the results of BEA’s 2019 Benchmark Survey of U.S. Direct Investment Abroad for 2019–2022, and recalculated quarterly seasonal adjustments for direct investment for 2018–2022 (table C). For most quarters, the revisions to the quarterly statistics did not affect the direction (increase or decrease) of the quarter-to-quarter changes in net borrowing; exceptions were the second and third quarters of 2021.9 For several quarters, particularly in 2021 and 2022, the revisions significantly affected the magnitude of the quarter-to-quarter changes in net borrowing (chart 6).
| Selected financial-account transactions | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets/financial outflow (+)) (line 67): | ||||
| Revised | 315.6 | 959.1 | 1,243.0 | 840.6 |
| Previously published | 307.2 | 943.1 | 1,278.6 | 919.8 |
| Amount of revision | 8.4 | 16.0 | −35.6 | −79.2 |
| Direct investment assets (line 68): | ||||
| Revised | 114.9 | 286.7 | 394.1 | 426.3 |
| Previously published | 105.7 | 271.8 | 421.7 | 435.8 |
| Amount of revision | 9.2 | 14.9 | −27.7 | −9.6 |
| Portfolio investment assets (line 71): | ||||
| Revised | −11.5 | 406.4 | 711.5 | 372.5 |
| Previously published | −11.5 | 406.4 | 719.1 | 437.8 |
| Amount of revision | 0.0 | (*) | −7.6 | −65.3 |
| Other investment assets (line 76): | ||||
| Revised | 207.5 | 257.1 | 23.4 | 36.0 |
| Previously published | 208.3 | 256.0 | 23.8 | 40.3 |
| Amount of revision | −0.9 | 1.2 | −0.4 | −4.3 |
| Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities/financial inflow (+)) (line 91): | ||||
| Revised | 832.3 | 1,623.0 | 1,992.8 | 1,564.7 |
| Previously published | 831.0 | 1,635.0 | 1,977.3 | 1,515.8 |
| Amount of revision | 1.2 | −12.0 | 15.5 | 48.9 |
| Direct investment liabilities (line 92): | ||||
| Revised | 316.0 | 138.4 | 493.1 | 388.1 |
| Previously published | 314.7 | 148.9 | 448.3 | 351.6 |
| Amount of revision | 1.2 | −10.6 | 44.8 | 36.5 |
| Portfolio investment liabilities (line 95): | ||||
| Revised | 233.5 | 946.6 | 614.3 | 810.2 |
| Previously published | 233.5 | 946.6 | 676.1 | 756.8 |
| Amount of revision | 0.0 | 0.0 | −61.9 | 53.4 |
| Other investment liabilities (line 100): | ||||
| Revised | 282.8 | 538.0 | 885.4 | 366.4 |
| Previously published | 282.8 | 539.5 | 852.9 | 407.4 |
| Amount of revision | (*) | −1.5 | 32.6 | −41.0 |
| Financial derivatives other than reserves, net transactions (line 107): | ||||
| Revised | −41.7 | −5.1 | −39.0 | −80.7 |
| Previously published | −41.7 | −5.1 | −41.9 | −81.0 |
| Amount of revision | 0.0 | 0.0 | 2.9 | 0.3 |
| Net lending (+) or net borrowing (−) from financial-account transactions (line 117): | ||||
| Revised | −558.4 | −668.9 | −788.8 | −804.8 |
| Previously published | −565.5 | −697.0 | −740.6 | −677.1 |
| Amount of revision | 7.2 | 28.0 | −48.2 | −127.7 |
- *
- Transactions between ±$50,000,000
Note. Line numbers refer to table 1.2 of the International Transactions Accounts Interactive Data Application on the BEA website.
Net U.S. acquisition of financial assets excluding financial derivatives was revised for 2019–2022. Chart 7 presents the revisions by component. Revisions for 2019–2021 mainly reflect newly available and revised source data from BEA’s surveys of direct investment. The revision for 2022 mainly reflects newly available and revised source data on portfolio investment from the Treasury International Capital (TIC) reporting system.10
Net U.S. incurrence of liabilities excluding financial derivatives was revised for 2019–2022. Chart 8 presents the revisions by component. Revisions for 2019 and 2020 reflect newly available and revised BEA direct investment survey data. Revisions for 2021 and 2022 reflect partly offsetting revisions to direct investment, portfolio investment, and other investment. The revisions to direct investment were due to newly available and revised BEA survey data, and the revisions to portfolio and other investment were due to newly available and revised TIC data.
Statistical discrepancy
The statistical discrepancy is net lending or borrowing measured by recorded transactions in the financial account less the combined balances on recorded transactions in the current and capital accounts. In principle, the former (which is calculated as the difference between net acquisition of assets and net incurrence of liabilities including financial derivatives) and the latter (which is calculated as the difference between total credits and total debits in the current and capital accounts) should be equal.11 In practice, however, they differ because of incomplete source data, gaps in coverage, and timing differences. Table A and chart 9 present the revised and previously published statistical discrepancy for 2017–2022.
| Quarters | Balance on goods and services | Balance on primary income | Balance on secondary income | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Previously published | Revised | Revision | Previously published | Revised | Revision | Previously published | Revised | Revision | |
| 2017:Q1 | −124,349 | −124,465 | −116 | 59,327 | 59,327 | 0 | −20,325 | −20,325 | 0 |
| Q2 | −130,862 | −130,790 | 72 | 57,293 | 57,293 | 0 | −30,443 | −30,443 | 0 |
| Q3 | −123,570 | −126,839 | −3,269 | 68,358 | 68,358 | 0 | −27,286 | −27,286 | 0 |
| Q4 | −131,563 | −134,845 | −3,282 | 72,963 | 72,963 | 0 | −30,564 | −30,564 | 0 |
| 2018:Q1 | −139,473 | −139,374 | 99 | 69,335 | 69,931 | 596 | −27,485 | −27,480 | 5 |
| Q2 | −132,245 | −132,361 | −116 | 66,808 | 67,096 | 288 | −28,903 | −28,889 | 14 |
| Q3 | −149,782 | −149,794 | −12 | 59,004 | 58,304 | −700 | −27,966 | −27,959 | 7 |
| Q4 | −157,094 | −157,066 | 28 | 60,128 | 59,944 | −184 | −32,176 | −32,202 | −26 |
| 2019:Q1 | −145,208 | −144,877 | 331 | 62,829 | 64,304 | 1,475 | −34,931 | −34,906 | 25 |
| Q2 | −148,424 | −148,254 | 170 | 63,835 | 64,323 | 488 | −32,606 | −32,553 | 53 |
| Q3 | −141,542 | −141,396 | 146 | 61,688 | 61,385 | −303 | −29,798 | −29,778 | 20 |
| Q4 | −124,501 | −124,867 | −366 | 55,202 | 57,388 | 2,186 | −32,501 | −32,519 | −18 |
| 2020:Q1 | −129,705 | −128,529 | 1,176 | 55,486 | 59,547 | 4,061 | −33,200 | −31,465 | 1,735 |
| Q2 | −155,586 | −156,802 | −1,216 | 33,829 | 36,543 | 2,714 | −30,527 | −28,969 | 1,558 |
| Q3 | −179,037 | −179,871 | −834 | 41,551 | 45,511 | 3,960 | −33,806 | −32,902 | 904 |
| Q4 | −189,661 | −187,679 | 1,982 | 32,224 | 39,366 | 7,142 | −31,266 | −31,891 | −625 |
| 2021:Q1 | −197,191 | −193,144 | 4,047 | 40,906 | 49,199 | 8,293 | −32,455 | −31,605 | 850 |
| Q2 | −203,715 | −203,109 | 606 | 28,027 | 34,209 | 6,182 | −30,714 | −31,319 | −605 |
| Q3 | −219,142 | −217,926 | 1,216 | 33,568 | 31,882 | −1,686 | −40,800 | −40,682 | 118 |
| Q4 | −225,000 | −227,395 | −2,395 | 36,993 | 34,639 | −2,354 | −36,831 | −36,195 | 636 |
| 2022:Q1 | −281,143 | −276,000 | 5,143 | 38,937 | 28,804 | −10,133 | −38,576 | −36,704 | 1,872 |
| Q2 | −252,195 | −250,942 | 1,253 | 57,293 | 42,163 | −15,130 | −42,305 | −40,005 | 2,300 |
| Q3 | −206,964 | −210,713 | −3,749 | 41,811 | 39,492 | −2,319 | −53,848 | −51,536 | 2,312 |
| Q4 | −205,017 | −213,532 | −8,515 | 39,330 | 38,094 | −1,236 | −41,119 | −40,716 | 403 |
| Quarters | Balance on current account | Balance on capital account | Net lending (+) or net borrowing (-) from financial-account transactions | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Previously published | Revised | Revision | Previously published | Revised | Revision | Previously published | Revised | Revision | |
| 2017:Q1 | −85,347 | −85,463 | −116 | −2,116 | −2,116 | 0 | −83,621 | −83,621 | 0 |
| Q2 | −104,012 | −103,940 | 72 | −1,999 | −1,999 | 0 | −116,058 | −116,058 | 0 |
| Q3 | −82,498 | −85,766 | −3,268 | 18,213 | 18,213 | 0 | −126,042 | −126,042 | 0 |
| Q4 | −89,164 | −92,446 | −3,282 | −1,703 | −1,703 | 0 | −47,515 | −47,515 | 0 |
| 2018:Q1 | −97,622 | −96,923 | 699 | −1,347 | −1,347 | 0 | −57,668 | −63,241 | −5,573 |
| Q2 | −94,340 | −94,154 | 186 | −2,937 | −2,937 | 0 | −41,857 | −30,276 | 11,581 |
| Q3 | −118,744 | −119,449 | −705 | −449 | −449 | 0 | −4,293 | −248 | 4,045 |
| Q4 | −129,143 | −129,323 | −180 | 472 | 472 | 0 | −199,054 | −209,106 | −10,052 |
| 2019:Q1 | −117,311 | −115,479 | 1,832 | −2,733 | −2,733 | 0 | −91,189 | −93,563 | −2,374 |
| Q2 | −117,195 | −116,484 | 711 | −866 | −866 | 0 | −249,490 | −239,685 | 9,805 |
| Q3 | −109,652 | −109,789 | −137 | −899 | −899 | 0 | −140,552 | −133,614 | 6,938 |
| Q4 | −101,800 | −99,998 | 1,802 | −1,957 | −1,957 | 0 | −84,293 | −91,494 | −7,201 |
| 2020:Q1 | −107,420 | −100,447 | 6,973 | −2,878 | −2,907 | −29 | −149,799 | −159,859 | −10,060 |
| Q2 | −152,283 | −149,227 | 3,056 | −957 | −987 | −30 | −86,626 | −71,634 | 14,992 |
| Q3 | −171,293 | −167,262 | 4,031 | −561 | −592 | −31 | −171,626 | −168,589 | 3,037 |
| Q4 | −188,702 | −180,203 | 8,499 | −1,136 | −1,123 | 13 | −288,929 | −268,850 | 20,079 |
| 2021:Q1 | −188,740 | −175,550 | 13,190 | −2,740 | −2,729 | 11 | −177,654 | −178,620 | −966 |
| Q2 | −206,402 | −200,219 | 6,183 | −881 | −869 | 12 | −140,900 | −220,643 | −79,743 |
| Q3 | −226,375 | −226,725 | −350 | 2,990 | 3,001 | 11 | −218,096 | −212,796 | 5,300 |
| Q4 | −224,837 | −228,951 | −4,114 | −1,844 | −1,914 | −70 | −203,948 | −176,776 | 27,172 |
| 2022:Q1 | −280,782 | −283,899 | −3,117 | −1,888 | −2,048 | −160 | −223,490 | −268,790 | −45,300 |
| Q2 | −237,207 | −248,784 | −11,577 | −3,815 | −3,292 | 523 | −143,873 | −133,046 | 10,827 |
| Q3 | −219,002 | −222,757 | −3,755 | 5,197 | 4,158 | −1,039 | −182,229 | −216,396 | −34,167 |
| Q4 | −206,805 | −216,154 | −9,349 | −4,135 | −3,421 | 714 | −127,479 | −186,560 | −59,081 |
Footnotes
- Results of the annual update of the U.S. International Investment Position (IIP) Accounts were also released in June. For a discussion of the revisions to the IIP Accounts, see Erin Whitaker, “U.S. Net International Investment Position: First Quarter of 2023 and Annual Update,” Survey of Current Business (July 2023).
- For more information, see A Guide to BEA’s Direct Investment Surveys on the BEA website.
- The benchmark survey data are also the source of BEA’s statistics on the activities of U.S. multinational enterprises, which are available on the BEA website.
- See “Use of Presidential Drawdown Authority for Military Assistance for Ukraine” on the U.S. Department of State website.
- For more information, see paragraphs 14.17 and 14.18 in U.S. International Economic Accounts: Concepts and Methods on the BEA website.
- Goods that are transferred from U.S.-owned stockpiles are not reported on export customs declarations and therefore are not collected by U.S. Customs and Border Protection (CBP), which is BEA’s primary data source for goods. Instead, these transferred goods are recorded in the ITAs through an export adjustment to the CBP data.
- See “Presidential Drawdown Authority (PDA) Announcements” on the DOD website.
- U.S. government operating agencies submit data to BEA quarterly on grants provided by the U.S. government under Office of Management and Budget Statistical Directive No. 19.
- Revisions to net borrowing reflect the combined revisions to net U.S. acquisition of financial assets excluding financial derivatives, to net U.S. incurrence of liabilities excluding financial derivatives, and to net transactions in financial derivatives.
- Revised data from the following TIC surveys were incorporated: (1) Aggregate Holdings, Purchases and Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign Residents, (2) Foreign-Residents’ Holdings of U.S. Securities, including Selected Money Market Instruments, (3) U.S. Ownership of Foreign Securities, including Selected Money Market Instruments, (4) Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents, and (5) Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions.
- Credits include exports, income receivable, transfers received, reductions in assets, and increases in liabilities. Debits include imports, income payable, transfers made, increases in assets, and reductions in liabilities.
