A Look at the U.S. International Investment Position

Second Quarter 2025

By Tiffany Dang and Erin Whitaker  |  November 25, 2025

The U.S. Bureau of Economic Analysis (BEA) released statistics on the U.S. international investment position (IIP) for the second quarter of 2025. The U.S. IIP is a statistical balance sheet that presents the dollar value of U.S. external financial assets and liabilities. The U.S. net IIP is the difference between U.S. residents' foreign financial assets and liabilities. A negative net investment position represents a U.S. net liability to the rest of the world.

The following charts present highlights of the U.S. IIP statistics for the second quarter. More detail can be found on the U.S. international investment position product page on BEA’s website.

Chart 1. U.S. International Investment Position.

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  • The U.S. net IIP decreased from −$24.65 trillion at end of the first quarter of 2025 to −$26.14 trillion at the end of the second quarter. The $1.49 trillion decrease in the net IIP reflected an increase in liabilities that exceeded an increase in assets.
  • U.S. assets increased by $2.68 trillion to a total of $39.56 trillion at the end of the second quarter, driven by appreciation of foreign currencies against the U.S. dollar that raised the market value of assets in dollar terms and by foreign stock price increases that raised the market value of portfolio investment and direct investment assets.
  • U.S. liabilities increased by $4.16 trillion to a total of $65.71 trillion at the end of the second quarter, driven mainly by U.S. stock price increases that raised the market value of portfolio investment and direct investment liabilities.
Chart 2. U.S. Assets by Category.

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  • All categories in U.S. assets increased in the second quarter, led by portfolio and direct investment assets.
  • Portfolio investment assets increased by $1.29 trillion to $17.61 trillion, and direct investment assets increased by $1.04 trillion to $12.53 trillion.
Chart 3. Changes in Assets Excluding Financial Derivatives

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  • Exchange-rate changes (reflecting the appreciation of foreign currencies against the U.S. dollar) raised the value of assets by $1.29 trillion.
  • Price changes (mostly reflecting foreign stock price increases) raised the value of U.S. assets by $1.04 trillion.
Chart 4. U.S. Liabilities by Category.

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  • Portfolio investment liabilities increased by $2.26 trillion to $35.32 trillion, and direct investment liabilities increased by $1.63 trillion to $18.61 trillion.
  • These increases were driven mainly by U.S. stock price increases that raised the market value of portfolio investment and direct investment liabilities by $1.74 trillion and $1.51 trillion, respectively.
Chart 5. Changes in Liabilities Excluding Financial Derivatives

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  • Price changes (mostly reflecting U.S. stock price increases) raised the value of U.S. liabilities by $3.26 trillion.
  • Financial transactions (mostly reflecting foreign purchases of U.S. stocks and long-term debt securities) raised U.S. liabilities by $657.2 billion.