2025 Annual Update of the U.S. International Transactions Accounts

By Mai-Chi Hoang and Arsene Oka  |  July 28, 2025

In June 2025, the U.S. Bureau of Economic Analysis (BEA) released the results of the 2025 annual update of the U.S. International Transactions Accounts (ITAs).1 With this update, BEA incorporated newly available and revised source data and recalculated seasonal and trading-day adjustments beginning with 2020 as part of the standard data revisions. In addition, the annual update reflects the following changes:

  1. Exports and imports of services and related secondary income receipts and payments for 2018–2024 were revised to incorporate the results of BEA's 2022 Benchmark Survey of Transactions in Selected Services and Intellectual Property With Foreign Persons.
  2. Exports of goods for 2024 were revised to incorporate a new balance of payments (BOP) adjustment to redistribute estimates for late receipts for Canada from “other goods” to detailed commodities.
  3. New statistics for transactions, income, and positions related to a repurchase agreement facility for foreign and international monetary authorities (“FIMA Repo Facility”) were introduced beginning with 2022.
  4. New statistics for transactions in “other investment assets” and “other investment liabilities” by maturity (that is, long term and short term) were introduced beginning with 2022.

For 2018–2024, this annual update did not alter the overall picture of U.S. international transactions. Revisions to the current-account deficit and net borrowing from financial-account transactions did not alter the direction of change (increase or decrease) for any of the revised years (table A and charts 1 and 2).

The next section of this article discusses in further detail the changes implemented with this annual update. The final section summarizes the effects of the revisions on the current account, the financial account, and the statistical discrepancy of the ITAs.

The appendix 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 “2025 Annual Update in Historical Context.” U.S. International Economic Accounts: Concepts and Methods will be updated in September 2025 to reflect methodological changes implemented with this annual update.

Table A. Revisions to Current-Account and Capital-Account Balances, Net Lending or Borrowing From Financial-Account Transactions, and the Statistical Discrepancy
[Billions of dollars]
Balances and statistical discrepancy 2018 2019 2020 2021 2022 2023 2024
Balance on current account (line 109):              
Revised −439.0 −442.0 −593.5 −858.6 −993.1 −928.0 −1,185.3
Previously published −439.8 −441.8 −601.2 −868.0 −1,012.1 −905.4 −1,133.6
Amount of revision 0.9 −0.2 7.7 9.3 19.0 −22.6 −51.7
Balance on goods and services (line 110):              
Revised −577.5 −559.3 −646.0 −837.3 −923.7 −774.2 −903.5
Previously published −578.6 −559.4 −653.7 −848.1 −944.8 −784.9 −917.8
Amount of revision 1.1 0.1 7.6 10.8 21.0 10.7 14.3
Balance on primary income (line 113):              
Revised 255.3 247.4 177.7 117.2 118.7 52.6 −41.0
Previously published 255.3 247.4 177.7 119.1 116.0 67.0 −8.9
Amount of revision 0.0 0.0 0.0 −1.8 2.8 −14.4 −32.1
Balance on secondary income (line 114):              
Revised −116.8 −130.1 −125.2 −138.6 −188.1 −206.4 −240.7
Previously published −116.5 −129.8 −125.2 −139.0 −183.3 −187.5 −206.9
Amount of revision −0.2 −0.3 0.1 0.4 −4.8 −18.9 −33.8
Balance on capital account (line 115):              
Revised −4.3 −6.5 −5.6 −1.4 −0.4 −7.0 3.5
Previously published −4.3 −6.5 −5.6 −1.4 −0.2 −6.3 5.3
Amount of revision (*) (*) (*) (*) −0.2 −0.7 −1.7
Net lending (+) or net borrowing (–) from financial-account transactions (line 117):              
Revised −302.9 −558.4 −672.0 −825.6 −875.6 −1,073.0 −1,128.6
Previously published −302.9 −558.4 −672.0 −823.6 −869.1 −924.1 −1,268.8
Amount of revision 0.0 0.0 0.0 −2.0 −6.5 −148.9 140.2
Statistical discrepancy (line 108):              
Revised 140.4 −109.9 −72.8 34.5 117.9 −138.0 53.2
Previously published 141.2 −110.1 −65.2 45.8 143.2 −12.4 −140.5
Amount of revision −0.9 0.2 −7.7 −11.3 −25.3 −125.6 193.7
(*)
Revisions between zero and +/– $50,000,000.
0.0
Revisions are possible but are zero for a given period.

Note. Line numbers refer to “Table 1.2. U.S. International Transactions, Expanded Detail” on the BEA website.

U.S. Bureau of Economic Analysis

Chart 1. Annual Current-Account Deficit

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Chart 2. Annual Net Borrowing From Financial-Account Transactions

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Benchmark Survey of Transactions in Selected Services and Intellectual Property With Foreign Persons

BEA collects information on trade in many services through its mandatory surveys of U.S. companies. One set of surveys collects information on transactions in selected services and intellectual property. BEA conducts quarterly surveys, which collect information on transactions from a sample of companies, and benchmark surveys, which collect information every 5 years from the entire population—or universe—of companies undertaking these transactions.2 BEA uses information collected on benchmark surveys to estimate transactions for companies that are not required to report on the quarterly sample surveys. Therefore, statistical coverage is complete whether the reference periods are covered by benchmark surveys or sample surveys.

With this annual update, services exports and imports and related withholding taxes and insurance-related transfers in secondary income receipts and payments for 2018–2024 were revised to incorporate the results of BEA's 2022 Benchmark Survey of Transactions in Selected Services and Intellectual Property With Foreign Persons. This survey covered all U.S. persons that engaged in international transactions in the services covered by the survey. Estimates for 2018–2024, which were previously solely based on the 2017 benchmark survey and the quarterly surveys, have been replaced with estimates that are also informed by the results of the 2022 benchmark survey.

New BOP adjustment to redistribute estimates for late receipts for Canada

BEA's statistics on goods trade are based primarily on data collected by U.S. Customs and Border Protection (CBP) and compiled by the U.S. Census Bureau (Census). However, for statistics on U.S. exports to Canada, the United States substitutes Canadian statistics on imports from the United States in accordance with a Memorandum of Understanding signed by Census, CBP, Canada Border Services Agency (CBSA), and Statistics Canada.3

On October 21, 2024, CBSA introduced the Assessment and Revenue Management accounting system, which caused importers in Canada to experience delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September 2024 through February 2025. For each affected month, Census included a Statistics Canada dollar estimate of the filing backlog in the estimates for late receipts (that is, receipts for previous months' transactions that arrived too late for inclusion in the actual transaction month). As with other late receipts, this estimate of the backlog was temporarily recorded in the export end-use category other goods.

Given the magnitude of the late receipt estimates due to the backlog combined with their allocations to the residual category other goods, BEA introduced a new BOP adjustment with the release of “U.S. International Trade in Goods and Services, November 2024.” This adjustment redistributes the late receipt estimates for Canada from exports of other goods to detailed export end-use commodities. The redistributions are based on historical data from previous annual updates in which late receipt estimates for Canada were replaced with actual reported transactions by the Harmonized System classification. The adjustment does not affect total goods exports in ITA “Table 2.1. U.S. International Trade in Goods” or related aggregates in other ITA tables, but it does affect the underlying export end-use categories and commodities.

Following Census' customary practice and revision policy for late receipts, estimates through December 2024 were replaced with the actual transactions reported by the Harmonized System classification with the release of “U.S. International Trade in Goods and Services, Annual Revision.” At that time, BEA removed the redistribution adjustment from the 2024 BOP-basis export statistics. Estimates for periods in 2025 will not be replaced with actual transactions until the June 2026 annual update.

BEA continued to apply the adjustment even after the filing backlog was resolved with March 2025 statistics. The adjustment maintains the consistency of the time series for BOP-basis goods that are used to produce the ITAs and National Income and Product Accounts, including gross domestic product. In addition, the adjustment provides BEA's Input-Output Accounts with an improved method for allocating late receipt estimates for Canada to detailed commodities.

New statistics for FIMA repo transactions and income

With this annual update, BEA introduced new statistics for U.S. financial-account transactions and primary income related to repurchase agreements conducted with foreign and international monetary authorities (FIMA repos) through the FIMA Repo Facility.4 The Federal Reserve established the FIMA Repo Facility in March 2020 to address pressures in global dollar funding markets that could affect financial market conditions in the United States. The facility helps certain nonresident central banks access short-term dollar liquidity without selling their U.S. Treasury bonds holdings. However, partner nonresident central banks made minimal use of the facility until the first quarter of 2023.

BEA records FIMA repos in the central bank sector as U.S. deposits in other investment assets. As with central bank liquidity swaps, FIMA repos are included in other investment assets rather than in reserve assets because the repos do not meet the foreign-currency requirements for reserve assets. With this annual update, FIMA repos are recorded in other investment assets in the financial account of the ITAs and in the International Investment Position (IIP) Accounts beginning with 2022. Interest receipts accrued on repo positions are recorded in reserve asset income in the current account of the ITAs beginning with 2024, the earliest period for which data are available. The new statistics are reflected primarily in ITA “Table 4.4. U.S. International Transactions in Primary Income on Other Investments by Sector” and “Table 8.1. U.S. International Financial Transactions for Other Investment” and in related aggregates in other ITA tables.

New statistics for other investment assets and liabilities by maturity

With this annual update, BEA introduced new statistics for transactions in other investment assets and liabilities by maturity into the ITAs beginning with 2022. These statistics replace cells for deposits, loans, and trade credit and advances in ITA table 8.1 that were previously marked as “n.a.” (not available) and do not affect aggregates in this table. They are based on calculations that are used to produce IIP “Table 4.1. U.S. Debt Positions by Currency, Sector, and Maturity at the End of the Quarter,” which introduced a maturity composition of U.S. financial positions with the release of “U.S. International Investment Position, Third Quarter 2021.”5

BEA restructured the ITAs in 2014 to align them with the principles in the Balance of Payments and International Investment Position Manual, Sixth Edition but did not have adequate source data to publish deposits, loans, and trade credit and advances by short- and long-term maturity components. In the ITAs, other investment transactions are derived from source data on positions, largely from the Treasury International Capital (TIC) System.6 Transactions equal the end-of-period financial position less the beginning-of-period position less exchange-rate and other changes. With this annual update, BEA built upon the method used to estimate positions by short- and long-term maturity in IIP table 4.1 to calculate transactions by maturity. Ratios are calculated based on the positions to separate exchange-rate changes and other changes into short- and long-term components, which, along with the short- and long-term positions, are used to calculate transactions by maturity. Sector and instrument estimates by maturity reflect the aggregation of these calculated transactions by maturity.

Current-account highlights

Current-account statistics were updated to incorporate newly available and revised source data and the improvements described above for 2018–2024 (table B). For most quarters, the revisions did not affect the direction (increase or decrease) of the quarter-to-quarter changes in the current-account deficit; exceptions were the first quarter of 2020, the fourth quarter of 2022, and the first quarter of 2023 (chart 3). The largest quarterly revisions in absolute terms were for the fourth quarter of 2023 and the first and third quarters of 2024.

Table B. Revisions to Selected Current-Account Transactions
[Billions of dollars]
Selected current- and capital-account transactions 2018 2019 2020 2021 2022 2023 2024
Exports of goods and services and income receipts (line 1):              
Revised 3,796.1 3,850.1 3,294.1 3,807.7 4,429.5 4,649.8 4,871.5
Previously published 3,794.0 3,842.2 3,281.4 3,794.6 4,412.5 4,645.2 4,827.0
Amount of revision 2.0 7.8 12.8 13.1 17.0 4.6 44.5
Exports of goods (line 3):              
Revised 1,676.9 1,655.1 1,433.9 1,765.9 2,095.6 2,047.5 2,079.8
Previously published 1,676.9 1,655.1 1,433.9 1,765.9 2,090.3 2,045.2 2,083.2
Amount of revision 0.0 0.0 0.0 0.0 5.2 2.2 −3.5
Exports of services (line 13):              
Revised 867.7 899.0 739.0 818.2 962.9 1,045.1 1,152.7
Previously published 865.5 891.2 726.3 804.9 949.1 1,026.6 1,107.4
Amount of revision 2.1 7.8 12.7 13.3 13.8 18.5 45.4
Maintenance and repair services n.i.e. (*) 0.1 6.6 5.9 9.1 11.9 15.2
Charges for the use of intellectual property n.i.e. 0.7 3.6 7.7 11.7 14.9 13.8 25.1
Telecommunications, computer, and information services 0.9 4.7 4.2 5.9 6.7 7.9 11.5
Other business services 1.5 0.7 −4.6 −8.7 −11.2 −9.8 −3.6
Personal, cultural, and recreational services −1.0 −1.4 −1.4 −1.5 −4.9 −5.6 −5.1
Other services 0.1 0.1 0.1 −0.1 −0.7 0.4 2.4
Primary income receipts (line 26):              
Revised 1,103.0 1,139.3 954.0 1,048.4 1,185.0 1,363.3 1,451.1
Previously published 1,103.0 1,139.3 954.0 1,048.6 1,184.4 1,376.7 1,434.7
Amount of revision 0.0 0.0 0.0 −0.2 0.6 −13.5 16.4
Direct investment income 0.0 0.0 0.0 0.2 3.7 −14.0 7.9
Portfolio investment income 0.0 0.0 0.0 (*) −0.8 0.1 1.7
Other investment income 0.0 0.0 0.0 −0.3 −2.7 −0.2 6.0
Other primary income 0.0 0.0 0.0 (*) 0.3 0.7 0.8
Secondary income receipts (line 33):              
Revised 148.5 156.7 167.3 175.2 186.1 194.0 187.9
Previously published 148.6 156.7 167.2 175.2 188.7 196.6 201.7
Amount of revision −0.1 (*) 0.1 (*) −2.6 −2.7 −13.8
Taxes on income, wealth, etc. (*) (*) (*) (*) −0.1 0.6 1.2
Fines and penalties (general government) 0.0 0.0 0.0 0.0 −2.1 (*) −0.2
Insurance-related transfers −0.1 (*) (*) (*) −0.3 −3.3 −14.8
Other secondary income 0.0 0.0 (*) 0.0 −0.1 (*) (*)
Imports of goods and services and income payments (line 34):              
Revised 4,235.0 4,292.0 3,887.6 4,666.3 5,422.7 5,577.8 6,056.8
Previously published 4,233.9 4,284.0 3,882.6 4,662.5 5,424.6 5,550.6 5,960.6
Amount of revision 1.2 8.1 5.1 3.7 −2.0 27.2 96.2
Imports of goods (line 36):              
Revised 2,555.7 2,512.4 2,346.7 2,849.0 3,270.1 3,105.0 3,295.2
Previously published 2,555.7 2,512.4 2,346.7 2,849.0 3,270.3 3,108.5 3,296.2
Amount of revision 0.0 0.0 0.0 0.0 −0.1 −3.6 −1.1
Imports of services (line 45):              
Revised 566.4 601.0 472.2 572.3 712.0 761.8 840.9
Previously published 565.4 593.3 467.1 569.8 713.9 748.2 812.2
Amount of revision 1.0 7.7 5.1 2.5 −1.9 13.6 28.7
Insurance services 0.1 0.1 0.1 0.1 0.1 8.9 20.7
Telecommunications, computer, and information services 0.8 6.0 5.2 7.0 5.6 6.0 12.2
Personal, cultural, and recreational services −0.6 −1.5 −2.6 −4.4 −7.7 −7.9 −8.1
Other services 0.7 3.1 2.4 −0.2 0.1 6.6 3.9
Primary income payments (line 52):              
Revised 847.7 891.9 776.3 931.2 1,066.3 1,310.6 1,492.1
Previously published 847.7 891.9 776.3 929.5 1,068.5 1,309.7 1,443.6
Amount of revision 0.0 0.0 0.0 1.7 −2.2 0.9 48.5
Direct investment income 0.0 0.0 0.0 2.2 −0.9 −2.3 −3.9
Portfolio investment income 0.0 0.0 0.0 0.0 −1.0 2.7 47.3
Other primary income 0.0 0.0 0.0 −0.5 −0.3 0.6 5.1
Secondary income payments (line 58):              
Revised 265.3 286.8 292.5 313.8 374.2 400.4 428.6
Previously published 265.1 286.4 292.4 314.2 372.0 384.2 408.6
Amount of revision 0.2 0.4 (*) −0.4 2.2 16.3 20.1
Insurance-related transfers (*) (*) (*) (*) 4.5 16.4 17.5
Other secondary income 0.2 0.4 (*) −0.4 −2.3 −0.2 2.5
n.i.e.
Not included elsewhere
(*)
Revisions between zero and +/– $50,000,000.
0.0
Revisions are possible but are zero for a given period.

Note. Line numbers refer to “Table 1.2. U.S. International Transactions, Expanded Detail” on the BEA website.

U.S. Bureau of Economic Analysis

Chart 3. Quarterly Current-Account Deficit

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Exports of goods and services and income receipts were revised for 2018–2024. Chart 4 presents the revisions by component. For all years, the revisions to services primarily reflect newly available and revised source data from BEA's surveys of international services; the revisions were generally led by charges for the use of intellectual property n.i.e. (not included elsewhere). The revision to primary income for 2023 reflects revised source data from BEA's surveys of direct investment. The revision to primary income for 2024 reflects newly available and revised data on direct investment from BEA's surveys, on interest on nonbank insurance premium supplements—a component of “other investment income”—from BEA's insurance services survey, and on other investment from the TIC reporting system. The revision to secondary income for 2024 reflects updated insurance-related transfers based on newly available and revised source data on premiums and losses from BEA's insurance services survey.

Chart 4. Revisions to Exports of Goods and Services and Income Receipts

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Imports of goods and services and income payments were revised for 2018–2024. Chart 5 presents the revisions by component. For all years, the revisions to services primarily reflect newly available and revised source data from BEA's surveys of international services; the revisions were generally led by telecommunications, computer, and information services and by insurance services. The revisions to secondary income for 2023 and 2024 mainly reflect updated insurance-related transfers based on newly available and revised source data on losses from BEA's insurance services survey. The revision to primary income for 2024 reflects newly available and revised source data on portfolio investment from the TIC reporting system.

Chart 5. Revisions to Imports of Goods and Services and Income Payments

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Financial-account highlights

Financial-account statistics were updated to incorporate newly available and revised source data for 2021–2024 (table C). The revisions to the quarterly statistics generally did not affect the direction of most quarter-to-quarter changes in net borrowing; exceptions were the third and fourth quarters of 2023 (chart 6).7 The largest revisions in absolute terms were for the second quarter of 2023 and the first quarter of 2024.

Table C. Revisions to Selected Financial-Account Transactions
[Billions of dollars]
Selected financial-account transactions 2021 2022 2023 2024
Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets/financial outflow (+)) (line 67):        
Revised 1,191.2 749.0 914.3 792.5
Previously published 1,191.0 747.1 978.6 855.9
Amount of revision 0.2 1.9 −64.3 −63.4
Direct investment assets (line 68):        
Revised 342.2 388.8 351.1 322.2
Previously published 342.0 388.5 454.1 379.1
Amount of revision 0.2 0.3 −103.0 −56.9
Portfolio investment assets (line 71):        
Revised 711.5 322.0 116.7 357.6
Previously published 711.5 322.7 81.6 361.0
Amount of revision 0.0 −0.7 35.1 −3.4
Other investment assets (line 76):        
Revised 23.5 32.3 446.5 110.6
Previously published 23.5 30.1 442.9 113.6
Amount of revision 0.0 2.2 3.6 −3.1
Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities/financial inflow (+)) (line 91):        
Revised 1,977.8 1,543.9 1,971.7 1,878.7
Previously published 1,975.6 1,535.5 1,887.1 2,053.8
Amount of revision 2.2 8.4 84.6 −175.1
Direct investment liabilities (line 92):        
Revised 478.0 416.9 361.9 297.1
Previously published 475.8 409.0 348.8 388.0
Amount of revision 2.2 7.9 13.2 −90.9
Portfolio investment liabilities (line 95):        
Revised 614.1 760.4 1,300.8 1,318.7
Previously published 614.1 760.4 1,231.1 1,430.3
Amount of revision 0.0 0.0 69.7 −111.6
Other investment liabilities (line 100):        
Revised 885.7 366.6 309.0 263.0
Previously published 885.7 366.2 307.2 235.5
Amount of revision 0.0 0.5 1.8 27.5
Financial derivatives other than reserves, net transactions (line 107):        
Revised −39.0 −80.7 −15.6 −42.3
Previously published −39.0 −80.7 −15.6 −70.9
Amount of revision 0.0 0.0 (*) 28.6
Net lending (+) or net borrowing (–) from financial-account transactions (line 117):        
Revised −825.6 −875.6 −1,073.0 −1,128.6
Previously published −823.6 −869.1 −924.1 −1,268.8
Amount of revision −2.0 −6.5 −148.9 140.2
(*)
Revisions between zero and +/– $50,000,000.
0.0
Revisions are possible but are zero for a given period.

Note. Line numbers refer to “Table 1.2. U.S. International Transactions, Expanded Detail” on the BEA website.

U.S. Bureau of Economic Analysis

Chart 6. Quarterly Net Borrowing From Financial-Account Transactions

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Net U.S. acquisition of financial assets excluding financial derivatives was revised for 2021–2024. Chart 7 presents the revisions by component. The revisions to direct investment for 2023 and 2024 reflect newly available and revised source data from BEA's direct investment surveys. The revision to portfolio investment for 2023 reflects newly available and revised source data from the TIC reporting system.

Net U.S. incurrence of liabilities excluding financial derivatives was revised for 2021–2024. Chart 8 presents the revisions by component. The revisions to portfolio investment for 2023 and 2024 reflect newly available and revised source data from the TIC reporting system. The revision to direct investment for 2024 reflects newly available and revised source data from BEA's surveys.

Chart 7. Revisions to Net U.S. Acquisition of Financial Assets Excluding Financial Derivatives

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Chart 8. Revisions to Net U.S. Incurrence of Liabilities Excluding Financial Derivatives

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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.8 In practice, however, timing, omissions, seasonality, and unsettled market conditions can contribute to a discrepancy.9 Table A and chart 9 present the revised and previously published statistical discrepancy for 2018–2024.

Chart 9. Statistical Discrepancy

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Appendix Table 1. Quarterly Revisions to U.S. International Transactions
[Millions of dollars, seasonally adjusted]
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
2018:Q1 −139,374 −139,221 153 69,931 69,931 0 −27,480 −27,539 −59
Q2 −132,361 −132,869 −508 67,096 67,096 0 −28,889 −28,951 −62
Q3 −149,794 −149,107 687 58,304 58,304 0 −27,959 −28,023 −64
Q4 −157,066 −156,301 765 59,944 59,944 0 −32,202 −32,259 −57
2019:Q1 −144,626 −144,509 117 64,391 64,391 0 −34,894 −34,969 −75
Q2 −149,003 −149,519 −516 64,583 64,583 0 −32,587 −32,672 −85
Q3 −141,712 −141,512 200 61,334 61,334 0 −29,780 −29,873 −93
Q4 −124,054 −123,730 324 57,092 57,092 0 −32,496 −32,578 −82
2020:Q1 −128,377 −125,867 2,510 59,307 59,002 −305 −31,462 −31,468 −6
Q2 −157,450 −155,044 2,406 36,123 35,997 −126 −29,033 −29,008 25
Q3 −180,064 −177,727 2,337 44,017 43,531 −486 −32,882 −32,855 27
Q4 −187,799 −187,403 396 38,270 39,187 917 −31,850 −31,842 8
2021:Q1 −195,283 −194,113 1,170 37,446 36,799 −647 −31,666 −31,598 68
Q2 −204,639 −202,081 2,558 24,092 23,475 −617 −30,688 −30,609 79
Q3 −220,261 −216,413 3,848 25,463 23,988 −1,475 −40,196 −40,103 93
Q4 −227,887 −224,665 3,222 32,058 32,985 927 −36,418 −36,296 122
2022:Q1 −274,549 −267,682 6,867 21,055 22,840 1,785 −38,325 −37,717 608
Q2 −250,846 −244,819 6,027 31,905 32,952 1,047 −44,158 −43,329 829
Q3 −210,778 −203,137 7,641 35,822 35,596 −226 −55,573 −57,794 −2,221
Q4 −208,589 −208,091 498 27,177 27,329 152 −45,239 −49,282 −4,043
2023:Q1 −200,801 −196,588 4,213 16,742 19,229 2,487 −46,271 −50,701 −4,430
Q2 −203,628 −202,087 1,541 17,926 17,521 −405 −46,901 −50,333 −3,432
Q3 −186,461 −182,489 3,972 16,880 16,189 −691 −51,078 −54,492 −3,414
Q4 −194,001 −193,041 960 15,481 −297 −15,778 −43,264 −50,915 −7,651
2024:Q1 −204,747 −199,774 4,973 6,549 −10,219 −16,768 −44,513 −50,861 −6,348
Q2 −226,716 −221,458 5,258 −3,962 −11,210 −7,248 −46,010 −53,644 −7,634
Q3 −236,344 −231,351 4,993 −13,808 −21,225 −7,417 −60,127 −73,592 −13,465
Q4 −250,027 −250,950 −923 2,331 1,615 −716 −56,246 −62,633 −6,387
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
2018:Q1 −96,923 −96,829 94 −1,347 −1,348 −1 −63,241 −63,241 0
Q2 −94,154 −94,724 −570 −2,937 −2,937 0 −30,276 −30,276 0
Q3 −119,449 −118,825 624 −449 −449 0 −248 −248 0
Q4 −129,323 −128,616 707 472 472 0 −209,106 −209,106 0
2019:Q1 −115,129 −115,086 43 −2,733 −2,733 0 −96,615 −96,615 0
Q2 −117,007 −117,608 −601 −866 −867 −1 −242,341 −242,341 0
Q3 −110,158 −110,052 106 −899 −902 −3 −142,217 −142,217 0
Q4 −99,458 −99,217 241 −1,957 −1,961 −4 −77,182 −77,182 0
2020:Q1 −100,532 −98,334 2,198 −2,907 −2,910 −3 −165,950 −167,207 −1,257
Q2 −150,361 −148,055 2,306 −987 −990 −3 −76,382 −74,613 1,769
Q3 −168,929 −167,051 1,878 −592 −595 −3 −178,890 −177,539 1,351
Q4 −181,379 −180,058 1,321 −1,123 −1,126 −3 −250,744 −252,606 −1,862
2021:Q1 −189,504 −188,912 592 −2,343 −2,345 −2 −196,693 −200,894 −4,201
Q2 −211,235 −209,216 2,019 −649 −652 −3 −211,075 −205,516 5,559
Q3 −234,993 −232,529 2,464 3,231 3,229 −2 −223,895 −223,442 453
Q4 −232,248 −227,976 4,272 −1,662 −1,664 −2 −191,962 −195,728 −3,766
2022:Q1 −291,819 −282,559 9,260 −1,367 −1,387 −20 −280,037 −277,733 2,304
Q2 −263,099 −255,197 7,902 −2,462 −2,353 109 −132,925 −127,070 5,855
Q3 −230,529 −225,334 5,195 6,272 6,192 −80 −264,404 −269,941 −5,537
Q4 −226,651 −230,044 −3,393 −2,624 −2,821 −197 −191,739 −200,884 −9,145
2023:Q1 −230,330 −228,060 2,270 −2,520 −2,886 −366 −387,229 −399,533 −12,304
Q2 −232,603 −234,899 −2,296 −1,061 −1,100 −39 −104,928 −270,125 −165,197
Q3 −220,659 −220,792 −133 −994 −1,087 −93 −196,028 −214,342 −18,314
Q4 −221,784 −244,252 −22,468 −1,745 −1,911 −166 −235,937 −189,031 46,906
2024:Q1 −242,711 −260,854 −18,143 −1,813 −2,023 −210 −182,363 −77,469 104,894
Q2 −276,689 −286,311 −9,622 −1,472 −2,029 −557 −215,082 −216,840 −1,758
Q3 −310,279 −326,168 −15,889 −1,654 −2,273 −619 −486,104 −483,496 2,608
Q4 −303,942 −311,967 −8,025 10,206 9,858 −348 −385,291 −350,788 34,503
0
Revisions are possible but are zero for a given period.

U.S. Bureau of Economic Analysis

  1. 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, “A Look at the U.S. International Investment Position: First Quarter 2025 and Annual Update,” Survey of Current Business (July 14, 2025).
  2. For more information, see A Guide to BEA's Services Surveys on the BEA website.
  3. Similarly, under this Memorandum of Understanding, Canada substitutes U.S. statistics on imports from Canada for Canadian exports to the United States. For more information, see “The United States — Canada Data Exchange” on the Census website.
  4. For more information, see “Foreign and International Monetary Authorities (FIMA) Repo Facility” on the Federal Reserve website.
  5. For more information, see “New Statistics on U.S. Debt Positions in the International Investment Position Accounts” on the BEA website.
  6. For more information, see “Treasury International Capital (TIC) System” on the Department of the Treasury website.
  7. 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.
  8. Credits include exports, income receipts, capital transfer receipts, and sales of nonproduced nonfinancial assets. Debits include imports, income payments, capital transfer payments, and purchases of nonproduced nonfinancial assets.
  9. See chapter 21 of U.S. International Economic Accounts: Concepts and Methods for more information.