Annual Update of the U.S. International Economic Accounts

By Mai-Chi Hoang  |  July 30, 2026

In June 2026, the U.S. Bureau of Economic Analysis (BEA) released the results of the 2026 annual update of the U.S. International Economic Accounts, which include the U.S. International Transactions Accounts (ITAs) and the U.S. International Investment Position (IIP) Accounts. With this update, BEA incorporated newly available and revised source data and recalculated seasonal and trading-day adjustments beginning with 2021. In addition, the annual update reflects the following changes:

  1. Exports and imports of services and related secondary income receipts and payments for 2019–2025 were revised to incorporate the results of BEA’s 2023 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons.
  2. Exports and imports of services for 1999–2025 were revised to incorporate improvements to the methodology for estimating transport services.
  3. Secondary income payments for 1999–2025 were revised to better align a component of “other private transfer payments” with in-kind parcel shipments recorded in goods exports.
  4. Direct investment positions, transactions in financial assets and liabilities, and related income receipts and payments for 2022–2025 were revised to incorporate the results of BEA’s 2022 Benchmark Survey of Foreign Direct Investment in the United States.
  5. Portfolio investment positions, transactions in financial assets and liabilities, and related income receipts and payments for 2022–2025 were revised to incorporate data from a new source: the U.S. International Development Finance Corporation (DFC). This change also resulted in presentational changes in certain ITA tables.
  6. New statistics for stock swaps were introduced into portfolio investment transactions beginning with 2023.
  7. Direct investment-related adjustments to “other investment” loan positions, which also affect financial transactions and income, were discontinued beginning with 2023.
  8. Reserve asset securities for 2025 were revised to incorporate market valuation.
  9. Foreign direct investment in the United States (FDIUS) equity positions for 2020–2025 were revised to incorporate improvements to the methodology for revaluing historical-cost FDIUS equity positions to market value.

For 1999–2025, this annual update generally did not alter the overall picture of U.S. international transactions. Revisions to both the current-account deficit and net borrowing from financial-account transactions did not alter the direction of change (increase or decrease) for most of the revised years; the exception was the current-account deficit for 2019, which decreased in the revised statistics and increased in the previously published statistics (table A and charts 1 and 2).

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

For a comparison of this year’s revisions with revisions from past annual updates, see the box “2026 Annual Update in Historical Context.” U.S. International Economic Accounts: Concepts and Methods will be updated in September 2026 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—Continues
[Billions of dollars]
Balances and statistical discrepancy 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Balance on current account (line 109):                            
Revised −274.7 −387.5 −379.0 −445.0 −510.5 −622.9 −735.7 −803.2 −721.4 −676.6 −363.3 −413.1 −434.0 −395.3
Previously published −286.6 −401.9 −394.1 −456.1 −522.3 −635.9 −749.2 −816.6 −736.6 −696.5 −379.7 −432.0 −455.3 −418.2
Amount of revision 11.9 14.5 15.1 11.1 11.8 13.0 13.6 13.4 15.2 20.0 16.4 18.9 21.3 22.9
Balance on goods and services (line 110):                            
Revised −243.5 −355.0 −345.1 −409.5 −484.4 −597.7 −702.6 −749.5 −695.1 −691.6 −377.7 −483.4 −532.1 −501.7
Previously published −255.8 −369.7 −360.4 −420.7 −496.2 −610.8 −716.5 −763.5 −711.0 −712.4 −394.8 −503.1 −554.5 −525.9
Amount of revision 12.3 14.7 15.3 11.2 11.9 13.1 13.9 14.0 15.9 20.7 17.0 19.7 22.4 24.2
Balance on primary income (line 113):                            
Revised 10.0 14.6 23.2 17.5 29.3 46.6 44.2 16.0 64.4 112.0 115.5 169.9 202.4 197.9
Previously published 10.0 14.6 23.2 17.5 29.3 46.6 44.2 16.0 64.4 112.0 115.5 169.9 202.4 197.9
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Balance on secondary income (line 114):                            
Revised −41.2 −47.1 −57.1 −53.1 −55.4 −71.8 −77.2 −69.6 −90.7 −97.0 −101.1 −99.6 −104.3 −91.4
Previously published −40.8 −46.9 −57.0 −52.9 −55.3 −71.6 −76.9 −69.1 −89.9 −96.2 −100.5 −98.8 −103.2 −90.1
Amount of revision −0.4 −0.2 −0.2 −0.1 −0.1 −0.2 −0.4 −0.5 −0.7 −0.8 −0.7 −0.8 −1.1 −1.3
Balance on capital account (line 115):                            
Revised −6.4 −4.2 12.2 −3.8 −8.5 −4.3 1.0 −7.4 −6.1 −0.2 −5.9 −6.9 −9.0 0.9
Previously published −6.4 −4.2 12.2 −3.8 −8.5 −4.3 1.0 −7.4 −6.1 −0.2 −5.9 −6.9 −9.0 0.9
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net lending (+) or net borrowing (−) from financial-account transactions (line 117):                            
Revised −238.6 −478.4 −402.0 −502.7 −540.6 −542.2 −714.1 −825.6 −632.8 −747.1 −239.4 −446.4 −526.0 −453.6
Previously published −238.6 −478.4 −402.0 −502.7 −540.6 −542.2 −714.1 −825.6 −632.8 −747.1 −239.4 −446.4 −526.0 −453.6
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Statistical discrepancy (line 108):                            
Revised 42.5 −86.7 −35.2 −53.8 −21.6 85.1 20.7 −14.9 94.6 −70.3 129.8 −26.4 −83.0 −59.2
Previously published 54.4 −72.3 −20.1 −42.7 −9.8 98.0 34.2 −1.5 109.8 −50.4 146.2 −7.5 −61.7 −36.4
Amount of revision −11.9 −14.5 −15.1 −11.1 −11.8 −13.0 −13.6 −13.4 −15.2 −20.0 −16.4 −18.9 −21.3 −22.9
(*)
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

Table A. Revisions to Current-Account and Capital-Account Balances, Net Lending or Borrowing From Financial-Account Transactions, and the Statistical Discrepancy—Table Ends
[Billions of dollars]
Balances and statistical discrepancy 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Balance on current account (line 109):                          
Revised −321.8 −350.7 −390.8 −380.0 −348.9 −419.4 −404.3 −589.6 −855.2 −972.4 −931.4 −1,198.6 −1,177.1
Previously published −339.5 −370.1 −408.5 −396.2 −367.6 −439.0 −442.0 −593.5 −858.6 −993.1 −928.0 −1,185.3 −1,116.0
Amount of revision 17.7 19.3 17.7 16.2 18.8 19.5 37.7 3.9 3.4 20.8 −3.4 −13.3 −61.1
Balance on goods and services (line 110):                          
Revised −428.0 −463.6 −472.3 −462.6 −497.8 −557.2 −535.4 −637.1 −827.1 −902.9 −749.6 −885.5 −932.0
Previously published −446.9 −484.0 −490.8 −479.5 −516.9 −577.5 −559.3 −646.0 −837.3 −923.7 −774.2 −903.5 −911.7
Amount of revision 18.9 20.3 18.5 16.9 19.1 20.3 23.9 9.0 10.2 20.8 24.6 18.1 −20.3
Balance on primary income (line 113):                          
Revised 195.5 200.2 185.2 196.4 257.9 255.3 247.4 177.7 117.2 121.5 33.5 −68.7 −47.6
Previously published 195.5 200.2 185.2 196.4 257.9 255.3 247.4 177.7 117.2 118.7 52.6 −41.0 12.8
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.7 −19.2 −27.6 −60.4
Balance on secondary income (line 114):                          
Revised −89.3 −87.4 −103.7 −113.9 −109.0 −117.5 −116.3 −130.3 −145.3 −190.9 −215.2 −244.5 −197.5
Previously published −88.1 −86.3 −102.9 −113.2 −108.6 −116.8 −130.1 −125.2 −138.6 −188.1 −206.4 −240.7 −217.1
Amount of revision −1.2 −1.0 −0.8 −0.7 −0.3 −0.7 13.8 −5.1 −6.7 −2.8 −8.8 −3.7 19.6
Balance on capital account (line 115):                          
Revised −6.6 −6.5 −7.9 −6.6 12.4 −4.3 −6.5 −5.6 −1.4 −0.3 −7.3 16.2 1.1
Previously published −6.6 −6.5 −7.9 −6.6 12.4 −4.3 −6.5 −5.6 −1.4 −0.4 −7.0 3.5 1.0
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (*) −0.3 12.7 0.1
Net lending (+) or net borrowing (−) from financial-account transactions
(line 117):		                          
Revised −423.7 −298.1 −386.4 −362.4 −373.2 −302.9 −558.4 −672.0 −825.6 −871.5 −1,025.8 −1,232.3 −1,302.6
Previously published −423.7 −298.1 −386.4 −362.4 −373.2 −302.9 −558.4 −672.0 −825.6 −875.6 −1,073.0 −1,128.6 −1,212.2
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.1 47.2 −103.7 −90.4
Statistical discrepancy (line 108):                          
Revised −95.3 59.2 12.3 24.2 −36.8 120.8 −147.6 −76.7 31.1 101.2 −87.1 −49.9 −126.6
Previously published −77.6 78.5 30.0 40.4 −18.0 140.4 −109.9 −72.8 34.5 117.9 −138.0 53.2 −97.2
Amount of revision −17.7 −19.3 −17.7 −16.2 −18.8 −19.5 −37.7 −3.9 −3.4 −16.7 50.9 −103.1 −29.4
(*)
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

[View larger chart]
Chart 2. Annual Net Borrowing From Financial-Account Transactions

[View larger chart]

Results from benchmark surveys

BEA collects information on direct investment and trade in services through its mandatory surveys of U.S. companies. In addition to quarterly and annual surveys, which collect information from a sample of companies whose transactions or positions are covered in the relevant ITAs or IIP Accounts, BEA also conducts benchmark surveys every 5 years to collect information from the entire population—or universe—of companies undertaking these transactions.1 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 only sample surveys.

With this annual update, statistics on direct investment positions, transactions in financial assets and liabilities, and related income receipts and payments for 2022–2025 were revised to incorporate the results of BEA’s 2022 Benchmark Survey of Foreign Direct Investment in the United States. This survey collected data on the finances and operations of U.S. affiliates of foreign multinational enterprises.2 Estimates for 2022–2025 income, transactions, and positions for U.S. affiliates that are not required to file the quarterly survey were previously extrapolated from the 2017 benchmark survey and have been replaced with estimates based on the 2022 benchmark survey.

With this annual update, statistics on insurance services exports and imports and on insurance-related transfers in secondary income for 2019–2025 were revised to incorporate the results of BEA’s 2023 Benchmark Survey of Insurance Transactions by U.S. Insurance Companies with Foreign Persons. This survey covered all U.S. insurance companies that engaged in reinsurance transactions with foreign persons; that earned premiums from, or incurred losses to, foreign persons in the capacity of primary insurers; or that had receipts or payments for international auxiliary insurance services.3 Estimates for 2019–2025, which were previously solely based on the 2018 benchmark survey and the quarterly surveys, have been replaced with estimates that are also based on the results of the 2023 benchmark survey.

Improvements to methodology for estimating transport services

Air passenger transport

Statistics on air passenger transport services cover (1) the transport of non-U.S. residents by U.S. air carriers between the United States and foreign countries and between two foreign points (exports) and (2) the transport of U.S. residents by foreign air carriers between the United States and foreign countries and between two foreign points (imports). BEA estimates these services by multiplying passenger counts on such carriers by an estimate of average fares that accounts for (1) the nationality of the carriers that operate each leg of a passenger’s itinerary and (2) the country of residence of foreign passengers.4 The source for passenger counts, collected by U.S. Customs and Border Protection (CBP), is the Advance Passenger Information System (APIS). Average fares for exports are based on the U.S. Bureau of Transportation Statistics (BTS) Origin and Destination Survey and for imports are based on data from the Airlines Reporting Corporation (ARC) and on the import air passenger fare index from the U.S. Bureau of Labor Statistics. BEA also uses BTS and ARC data to estimate the nationality of the carriers that operate each leg of a passenger’s itinerary and the countries of residence of foreign passengers for exports.

With this annual update, BEA incorporated (1) improvements to the air passenger transport methodology, including improved estimates of average fares, beginning with 1999, and (2) more detailed passenger count data from APIS beginning with 2019. The APIS passenger data provide counts of U.S. citizens and foreign citizens (which serve as proxies for U.S. residents and foreign residents, respectively) cross-tabulated by direction of travel (arrivals versus departures). Prior to 2019, APIS passenger counts provided information on passenger citizenship only for the combined total of arrivals and departures.

Sea transport

Statistics on sea transport cover freight services and port services. Freight services exports include receipts of U.S. vessel operators for transporting U.S. goods exports to foreign ports and transporting goods between foreign ports; freight services imports include U.S. payments to foreign vessel operators for transporting U.S. goods imports from foreign ports to U.S. ports.5 Freight services also include short-term operating leases of transportation equipment and crew, such as for a single voyage. Port services exports include the value of nonfuel goods and services procured by foreign carriers in U.S. ports; port services imports include the value of nonfuel goods and services procured by U.S. carriers in foreign ports. Estimates for exports and imports of sea freight and sea port services are based on CBP data on inbound and outbound vessel voyages to/from U.S. ports combined with data on vessel ownership from IHS Markit.

With the 2024 annual update, BEA (1) implemented the current method for estimating sea freight exports that imputes total freight charges (by multiplying freight rates by tonnage) for outbound voyages using information on freight charges in the inbound CBP data and (2) incorporated production process refinements for estimating sea freight and sea port services.6 These changes were incorporated at that time for statistics beginning with 2021. With this year’s annual update, BEA extended these changes back to 2008 and introduced further refinements to the treatment of outliers and the method for combining CBP and IHS Markit data.

Revisions to air passenger and sea transport services are reflected primarily in ITA table 3.1 and related aggregates in other ITA tables in BEA’s Interactive Data Application.

Alignment of other private transfer payments with in-kind parcel shipments in goods exports

Parcel shipments sent by U.S. residents to foreign residents as a transfer in kind should be recorded in goods exports and, because the ITAs employ a double-entry accounting system, an equal counter entry should be recorded as a private transfer in secondary income payments. A transfer is a transaction in which a good, service, or asset is provided without a corresponding return of economic value. Private transfer payments include parcel shipments sent by (1) foreign-born U.S. residents to households resident abroad, which are recorded as personal transfer payments, and (2) U.S.-born U.S. residents to households resident abroad, which are recorded as other private transfer payments.

Previously, the component recorded in other private transfer payments was estimated based on a growth formula. With this annual update, BEA replaced these estimates with values for parcel shipments recorded in goods exports beginning with 1999. The revisions are reflected primarily in ITA table 5.1 and related aggregates in other ITA tables.

Newly available source data for portfolio investment and related table changes

With this annual update, BEA introduced new source data for estimating U.S. financial-account transactions, positions, and primary income related to equity and investment fund share investments by the DFC.7 Since 2021, the DFC has invested nearly $2 billion in nonresident corporations and investment funds under its investment program. These investments resulted in cross-border transactions and positions that previously were not fully captured in BEA’s statistics.

Beginning with statistics for the fourth quarter of 2022, BEA recorded DFC equity and investment fund share positions as portfolio investment assets in the IIP Accounts. Financial transactions in these assets and related income received on equity and investment fund shares are recorded in the financial account and in the current account of the ITAs, respectively, beginning with statistics for 2023. By sector, DFC transactions, positions, and income are recorded in general government. Estimates are based on public reporting by the DFC.

The new statistics are reflected primarily in ITA tables 7.1 and 4.3, IIP table 1.3, and related aggregates in other ITA tables. In addition, BEA expanded tables 7.1 and 4.3 to include net acquisition of assets and income received by the general government, respectively. Previously, these tables presented only net incurrence of liabilities and income paid by the general government. Lines were added to these tables to include equity and investment fund shares asset transactions and income receipts in the general government sector (lines 46–50 in expanded table 7.1 and lines 17–21 in expanded table 4.3).

Incorporation of stock swaps into portfolio equity transactions

Stock swaps are financial transactions that arise when company shareholders exchange their existing shares for shares in another company and are commonly used in mergers and acquisitions (M&A). BEA records cross-border M&A activity (a foreign company purchasing a U.S. company or a U.S. company purchasing a foreign company) in direct investment equity transactions. The stock swap component that arises from cross-border M&As is included in portfolio investment equity transactions.

BEA, in consultation with the Federal Reserve Board, concluded that the Treasury International Capital (TIC) System’s Aggregate Holdings, Purchases and Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign Residents form (TIC SLT), which has captured data on portfolio investment equity transactions since 2023, does not include cross-border stock swaps.8 To close this data gap, BEA used subscription-based data sources along with publicly available information to estimate stock swap transactions in the ITAs beginning with 2023. Prior to 2023, portfolio investment equity transactions including stock swaps are imputed from positions data in the TIC SLT report.9 The new statistics are reflected primarily in ITA table 7.1, IIP table 1.3, and related aggregates in other ITA tables.

Discontinuation of direct investment-related adjustments to other investment

Previously, BEA used information collected on its direct investment surveys—Quarterly Survey of U.S. Direct Investment Abroad and Quarterly Survey of Foreign Direct Investment in the United States—to adjust other investment data reported on the TIC System’s Report of U.S. Dollar Claims of Financial Institutions on Foreign Residents (TIC BC) and Report of U.S. Dollar Liabilities of Financial Institutions to Foreign Residents (TIC BL–1). These adjustments, which are subtractions from reported positions on the TIC BC and TIC BL–1, were intended to prevent duplicative accounting for components of loans, namely equity in unincorporated affiliates and debt with affiliated foreign nonfinancial institutions. However, outreach by the Federal Reserve Bank of New York (FRBNY) to respondents of the TIC surveys confirmed that unincorporated equity is not being reported on the forms. Therefore, there is no duplication between the TIC and BEA surveys. In the case of debt with foreign nonfinancial institutions, BEA analysis also revealed that there was an industry classification misalignment between TIC and BEA surveys, which contributed to the impression that these adjustments were needed. With this annual update, BEA discontinued these adjustments beginning with 2023. Revisions resulting from this change are reflected primarily in IIP table 1.2, ITA tables 4.4 and 8.1, and related aggregates in other IIP and ITA tables.

Market valuation of reserve assets and other improvements

Previously, most components of reserve assets were valued on a cash or amortized cost basis.10 (The exception is monetary gold, which is valued at market prices.) With this annual update, BEA incorporated new source data from the FRBNY on reserve asset securities position at fair value based on market consensus prices. This improvement in valuation aligns BEA’s position statistics with guidelines from the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6).

BEA also incorporated other new source data that brought its reserve asset statistics fully in line with BPM6 recommendations. BEA incorporated new FRBNY data on interest accrued for securities, currency and deposits, and other claims, as well as new accrued interest data from the International Monetary Fund (IMF) to estimate special drawing rights holdings and the reserve position in the IMF. The new source data allowed BEA to improve its measure of transactions in securities and introduce new statistics for price changes in securities, which previously were estimated to be zero. The new source data were incorporated beginning with 2025, the earliest period for which they are available. The new statistics are reflected primarily in ITA table 1.2, IIP table 1.3, and related aggregates in other ITA and IIP tables.

FDIUS equity positions revaluation

BEA reports statistics on direct investment equity positions in the International Economic Accounts at historical cost (book value), at current cost, and at market value. Positions collected on BEA’s surveys of direct investment are valued at historical cost, which is the primary basis used for valuation in company accounting records. BEA then revalues the book value positions to both current cost, which accounts for the replacement value of direct investment holdings in tangible assets such as equipment and inventories, and market value.11 Since 1991, historical-cost direct investment equity positions are revalued to market value using stock market indexes. U.S. direct investment equity holdings abroad are revalued using foreign stock market indexes from MSCI, while FDIUS equity holdings are revalued using the S&P 500 index from S&P Dow Jones. Market value direct investment is the featured valuation in the IIP Accounts, aligning with the market valuation used for most other functional categories of investment.

Rapid growth in certain sectors of the U.S. stock market in recent years prompted questions about the degree of alignment between the industry composition of the historical-cost direct investment equity positions and that of the S&P 500 index used for revaluation to market value. A BEA investigation revealed growing misalignment. To adjust for these differences in industry composition, with this annual update, BEA introduced an improved methodology for converting historical-cost statistics on FDIUS equity holdings to market value for their inclusion in the IIP Accounts. Industry-specific index components from S&P Dow Jones, weighted to align with the industry composition of the historical-cost equity positions, have replaced the aggregate S&P 500 index as the basis for revaluation. This improved methodology was applied to statistics beginning with 2020. Revisions resulting from this change are reflected in IIP tables 1.1–1.3 and 2.1–2.2.

BEA continues to conduct research to holistically evaluate market valuation in the IIP statistics for both U.S. direct investment equity positions abroad and FDIUS equity positions.

Current-account highlights

Current-account statistics were updated to incorporate newly available and revised source data and the improvements described above for 1999–2025 (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 and the third quarter of 2025 (chart 3). The largest quarterly revisions in absolute terms were for the fourth quarter of 2024 and the third and fourth quarters of 2025.

Table B. Revisions to Selected Current-Account Transactions—Continues
[Billions of dollars]
Selected current- and capital-account transactions 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Exports of goods and services and income receipts (line 1):                            
Revised 1,311.4 1,484.0 1,366.4 1,344.0 1,435.6 1,659.4 1,891.4 2,202.7 2,546.2 2,752.5 2,329.4 2,685.3 3,034.5 3,149.8
Previously published 1,313.4 1,486.1 1,368.1 1,345.5 1,437.1 1,661.1 1,893.2 2,204.2 2,547.9 2,754.4 2,331.2 2,687.5 3,036.7 3,151.1
Amount of revision −2.0 −2.1 −1.8 −1.5 −1.5 −1.7 −1.8 −1.5 −1.7 −1.9 −1.7 −2.1 −2.2 −1.3
Exports of goods (line 3):                            
Revised 698.5 784.9 731.3 698.0 730.4 823.6 913.0 1,040.9 1,165.2 1,308.8 1,070.3 1,290.3 1,498.9 1,562.6
Previously published 698.5 784.9 731.3 698.0 730.4 823.6 913.0 1,040.9 1,165.2 1,308.8 1,070.3 1,290.3 1,498.9 1,562.6
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Exports of services (line 13):                            
Revised 276.0 295.9 282.2 286.6 296.2 342.8 376.7 421.5 493.9 538.9 520.7 579.9 642.5 683.5
Previously published 278.0 298.0 284.0 288.1 297.7 344.5 378.5 423.1 495.7 540.8 522.5 582.0 644.7 684.8
Amount of revision −2.0 −2.1 −1.8 −1.5 −1.5 −1.7 −1.8 −1.5 −1.7 −1.9 −1.7 −2.1 −2.2 −1.3
Transport (line 16) −1.9 −2.0 −1.7 −1.4 −1.4 −1.6 −1.6 −1.6 −1.7 −1.9 −1.7 −2.1 −2.2 −1.3
Insurance services (line 19) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Charges for the use of intellectual property n.i.e. (line 21) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other business services (line 23) −0.1 −0.1 −0.1 −0.1 −0.1 −0.2 −0.2 (*) 0.0 0.0 0.0 0.0 0.0 0.0
Other services 0.0 0.0 0.0 (*) 0.0 (*) (*) (*) (*) 0.0 (*) 0.0 (*) (*)
Primary income receipts (line 26):                            
Revised 302.5 365.6 311.4 306.4 346.9 432.8 536.3 669.9 816.9 820.2 653.2 723.2 791.5 791.6
Previously published 302.5 365.6 311.4 306.4 346.9 432.8 536.3 669.9 816.9 820.2 653.2 723.2 791.5 791.6
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Direct investment income (line 28) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Portfolio investment income (line 29) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other investment income (line 30) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other primary income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Secondary income receipts (line 33):                            
Revised 34.4 37.5 41.4 53.0 62.0 60.1 65.4 70.3 70.2 84.5 85.2 91.9 101.7 112.1
Previously published 34.4 37.5 41.4 53.0 62.0 60.1 65.4 70.3 70.2 84.5 85.2 91.9 101.7 112.1
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Insurance-related transfers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other secondary income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Imports of goods and services and income payments (line 34):                            
Revised 1,586.1 1,871.5 1,745.3 1,789.0 1,946.1 2,282.3 2,627.0 3,005.9 3,267.6 3,429.1 2,692.8 3,098.4 3,468.5 3,545.1
Previously published 1,600.1 1,888.0 1,762.2 1,801.6 1,959.4 2,297.0 2,642.4 3,020.9 3,284.5 3,450.9 2,710.9 3,119.5 3,492.0 3,569.3
Amount of revision −13.9 −16.6 −16.9 −12.6 −13.3 −14.7 −15.3 −15.0 −16.9 −21.8 −18.1 −21.1 −23.5 −24.2
Imports of goods (line 36):                            
Revised 1,035.6 1,231.7 1,153.7 1,173.3 1,272.1 1,488.3 1,695.8 1,878.2 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7
Previously published 1,035.6 1,231.7 1,153.7 1,173.3 1,272.1 1,488.3 1,695.8 1,878.2 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Imports of services (line 45):                            
Revised 182.4 204.1 205.0 220.8 238.9 275.8 296.5 333.8 367.8 398.0 388.7 414.6 433.6 444.1
Previously published 196.7 220.9 222.0 233.5 252.3 290.6 312.2 349.3 385.5 420.7 407.5 436.5 458.2 469.6
Amount of revision −14.3 −16.8 −17.1 −12.7 −13.4 −14.8 −15.7 −15.5 −17.7 −22.6 −18.8 −21.8 −24.6 −25.5
Transport (line 48) −12.9 −14.9 −15.4 −11.1 −11.4 −12.5 −13.1 −14.5 −16.5 −21.3 −18.8 −21.8 −24.6 −25.5
Insurance services (line 51) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Charges for the use of intellectual property n.i.e. (line 53) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other business services (line 55) −0.1 −0.1 −0.1 −0.1 −0.2 −0.2 −0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other services −1.3 −1.7 −1.6 −1.5 −1.8 −2.1 −2.4 −1.0 −1.2 −1.3 0.0 0.0 0.0 0.0
Primary income payments (line 58):                            
Revised 292.6 351.0 288.1 288.9 317.7 386.3 492.1 653.9 752.6 708.2 537.7 553.3 589.0 593.8
Previously published 292.6 351.0 288.1 288.9 317.7 386.3 492.1 653.9 752.6 708.2 537.7 553.3 589.0 593.8
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Direct investment income (line 60) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Portfolio investment income (line 61) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other investment income (line 62) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other primary income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Secondary income payments (line 64):                            
Revised 75.5 84.6 98.5 106.1 117.4 132.0 142.6 139.9 160.8 181.5 186.3 191.5 206.0 203.5
Previously published 75.2 84.4 98.4 106.0 117.3 131.8 142.2 139.4 160.1 180.7 185.7 190.7 204.9 202.2
Amount of revision 0.4 0.2 0.2 0.1 0.1 0.2 0.4 0.5 0.7 0.8 0.7 0.8 1.1 1.3
Insurance-related transfers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other private transfers 0.4 0.2 0.2 0.1 0.1 0.2 0.4 0.5 0.7 0.8 0.7 0.8 1.1 1.3
Other secondary income 0.0 0.0 (*) (*) (*) (*) 0.0 0.0 0.0 0.0 0.0 (*) 0.0 0.0
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

Table B. Revisions to Selected Current-Account Transactions—Table Ends
[Billions of dollars]
Selected current- and capital-account transactions 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Exports of goods and services and income receipts (line 1):                          
Revised 3,249.4 3,377.8 3,238.0 3,238.3 3,549.3 3,794.5 3,855.7 3,292.3 3,805.7 4,429.6 4,649.5 4,875.8 5,185.0
Previously published 3,250.4 3,379.1 3,238.6 3,239.2 3,550.4 3,796.1 3,850.1 3,294.1 3,807.7 4,429.5 4,649.8 4,871.5 5,147.7
Amount of revision −1.1 −1.3 −0.6 −0.9 −1.1 −1.6 5.6 −1.9 −2.0 0.1 −0.3 4.3 37.3
Exports of goods (line 3):                          
Revised 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,095.6 2,047.2 2,079.7 2,191.9
Previously published 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,095.6 2,047.5 2,079.8 2,197.5
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −0.2 (*) −5.6
Exports of services (line 13):                          
Revised 718.4 755.8 768.8 782.6 836.4 866.1 898.4 738.8 818.0 963.1 1,050.4 1,156.7 1,237.9
Previously published 719.4 757.1 769.4 783.4 837.5 867.7 899.0 739.0 818.2 962.9 1,045.1 1,152.7 1,232.4
Amount of revision −1.1 −1.3 −0.6 −0.9 −1.1 −1.6 −0.6 −0.2 −0.2 0.2 5.3 3.9 5.5
Transport (line 16) −1.1 −1.3 −0.6 −0.9 −1.1 −1.6 −1.1 −1.4 −0.1 −1.3 −1.5 −2.1 −2.8
Insurance services (line 19) 0.0 0.0 0.0 0.0 0.0 0.0 0.5 1.1 −0.1 1.5 1.6 2.0 2.9
Charges for the use of intellectual property n.i.e. (line 21) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 2.0 6.1
Other business services (line 23) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.8 3.5 −2.3
Other services 0.0 (*) 0.0 0.0 0.0 0.0 0.0 0.0 (*) 0.0 (*) −1.4 1.5
Primary income receipts (line 26):                          
Revised 811.5 845.9 824.9 857.2 995.4 1,103.0 1,139.3 954.0 1,048.4 1,184.5 1,358.8 1,449.0 1,530.2
Previously published 811.5 845.9 824.9 857.2 995.4 1,103.0 1,139.3 954.0 1,048.4 1,185.0 1,363.3 1,451.1 1,532.8
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −0.5 −4.4 −2.0 −2.5
Direct investment income (line 28) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −0.5 −10.4 −14.9 −22.7
Portfolio investment income (line 29) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 2.6 1.6
Other investment income (line 30) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 9.9 18.4
Other primary income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −0.1
Secondary income receipts (line 33):                          
Revised 125.8 140.6 132.9 141.1 160.5 148.5 162.9 165.7 173.4 186.4 193.1 190.4 225.0
Previously published 125.8 140.6 132.9 141.1 160.5 148.5 156.7 167.3 175.2 186.1 194.0 187.9 185.0
Amount of revision 0.0 (*) 0.0 0.0 0.0 (*) 6.2 −1.6 −1.8 0.3 −0.9 2.5 40.0
Insurance-related transfers 0.0 0.0 0.0 0.0 0.0 0.0 6.2 −1.6 −1.8 0.3 −1.5 2.0 39.7
Other secondary income 0.0 (*) 0.0 0.0 0.0 (*) (*) (*) (*) (*) 0.6 0.4 0.3
Imports of goods and services and income payments (line 34):                          
Revised 3,571.2 3,728.5 3,628.8 3,618.3 3,898.2 4,213.9 4,260.0 3,881.9 4,660.9 5,402.0 5,580.9 6,074.4 6,362.1
Previously published 3,589.9 3,749.1 3,647.0 3,635.4 3,918.0 4,235.0 4,292.0 3,887.6 4,666.3 5,422.7 5,577.8 6,056.8 6,263.7
Amount of revision −18.7 −20.6 −18.3 −17.1 −19.9 −21.1 −32.1 −5.7 −5.4 −20.7 3.1 17.6 98.4
Imports of goods (line 36):                          
Revised 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.7 2,849.0 3,270.1 3,104.7 3,292.5 3,451.5
Previously published 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.7 2,849.0 3,270.1 3,105.0 3,295.2 3,438.3
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −0.2 −2.7 13.2
Imports of services (line 45):                          
Revised 445.8 469.5 479.2 495.4 534.9 544.6 576.5 462.9 561.9 691.4 742.5 829.4 910.2
Previously published 465.7 491.1 498.3 513.1 555.1 566.4 601.0 472.2 572.3 712.0 761.8 840.9 903.3
Amount of revision −20.0 −21.6 −19.1 −17.7 −20.2 −21.9 −24.5 −9.2 −10.4 −20.6 −19.3 −11.5 7.0
Transport (line 48) −20.0 −21.6 −19.1 −17.7 −20.2 −21.9 −22.9 −7.9 −10.5 −22.7 −29.1 −31.5 −32.1
Insurance services (line 51) 0.0 0.0 0.0 0.0 0.0 0.0 −1.6 −1.3 0.2 1.7 4.6 10.2 28.8
Charges for the use of intellectual property n.i.e. (line 53) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.2 3.8 9.8
Other business services (line 55) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 8.5 −1.9
Other services 0.0 (*) (*) 0.0 0.0 0.0 0.0 0.0 (*) 0.4 −0.9 −2.4 2.4
Primary income payments (line 58):                          
Revised 616.0 645.6 639.7 660.8 737.5 847.7 891.9 776.3 931.2 1,063.0 1,325.4 1,517.7 1,577.8
Previously published 616.0 645.6 639.7 660.8 737.5 847.7 891.9 776.3 931.2 1,066.3 1,310.6 1,492.1 1,520.0
Amount of revision 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −3.2 14.7 25.6 57.8
Direct investment income (line 60) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −3.2 7.3 9.3 9.7
Portfolio investment income (line 61) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (*) 7.1 38.4
Other investment income (line 62) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.3 8.5 9.5
Other primary income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 0.7 0.3
Secondary income payments (line 64):                          
Revised 215.1 227.9 236.6 255.0 269.5 266.0 279.2 295.9 318.7 377.4 408.3 434.8 422.5
Previously published 213.9 226.9 235.7 254.3 269.1 265.3 286.8 292.5 313.8 374.2 400.4 428.6 402.1
Amount of revision 1.2 1.0 0.8 0.7 0.3 0.7 −7.6 3.5 4.9 3.1 7.9 6.2 20.4
Insurance-related transfers 0.0 0.0 0.0 0.0 0.0 0.0 −8.1 2.9 4.4 3.8 12.9 9.3 28.1
Other private transfers 1.2 1.0 0.8 0.7 0.6 0.7 0.5 0.6 0.5 0.3 0.2 0.1 0.1
Other secondary income 0.0 0.0 (*) (*) −0.2 0.1 (*) (*) (*) −1.0 −5.2 −3.2 −7.9
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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For 1999–2018, revisions to exports of goods and services and income receipts and to imports of goods and services and income payments primarily reflect revisions to services resulting from improvements to the methodology for estimating transport services; the average annual revision for this period was –$1.6 billion for exports/receipts and –$18.0 billion for imports/payments. Chart 4 presents the revisions to exports/receipts by component for 2019–2025. For these years, revisions primarily reflect revisions to secondary income resulting from updated insurance-related transfers based on newly available and revised source data on premiums and losses from BEA’s insurance services surveys. Chart 5 presents the revisions to imports/payments by component for 2019–2025. For these years, the revisions to services mostly reflect the improved estimation method for transport services; the revisions also reflect newly available and revised source data from BEA’s insurance services surveys. The revision to goods for 2025 primarily reflects newly available source data on gold purchased by U.S. private entities from foreign official agencies out of stock held at the FRBNY; this gold is recorded as a balance of payments adjustment to goods imports.12 The revisions to primary income for 2023–2025 reflect newly available and revised source data on direct investment from BEA’s surveys and on portfolio and other investment from the TIC reporting system. The revision to secondary income for 2025 mostly reflects updated insurance-related transfers.

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

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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 and the improvements described above for 2021–2025 (table C). The revisions to the quarterly statistics generally did not affect the direction of most quarter-to-quarter changes in net borrowing; the exception was the fourth quarter of 2024 (chart 6).13 The largest revisions in absolute terms were for the fourth quarter of 2024 and the fourth quarter of 2025.

Table C. Revisions to Selected Financial-Account Transactions
[Billions of dollars]
Selected financial-account transactions 2022 2023 2024 2025
Net U.S. acquisition of financial assets excluding financial derivatives (net increase in assets/financial outflow (+)) (line 67):        
Revised 762.0 949.2 727.4 1,665.0
Previously published 749.0 914.3 792.5 1,703.0
Amount of revision 13.0 34.9 −65.1 −38.0
Direct investment assets (line 68):        
Revised 401.9 359.2 218.9 389.6
Previously published 388.8 351.1 322.2 422.2
Amount of revision 13.0 8.1 −103.3 −32.6
Portfolio investment assets (line 71):        
Revised 322.0 137.7 383.6 353.2
Previously published 322.0 116.7 357.6 340.7
Amount of revision 0.0 21.0 26.0 12.5
Other investment assets (line 76):        
Revised 32.3 452.2 119.2 914.4
Previously published 32.3 446.5 110.6 937.5
Amount of revision 0.0 5.8 8.6 −23.1
Net U.S. incurrence of liabilities excluding financial derivatives (net increase in liabilities/financial inflow (+)) (line 91):        
Revised 1,552.8 1,959.4 1,871.1 2,928.0
Previously published 1,543.9 1,971.7 1,878.7 2,895.9
Amount of revision 8.9 −12.3 −7.7 32.1
Direct investment liabilities (line 92):        
Revised 425.8 349.7 248.6 307.0
Previously published 416.9 361.9 297.1 400.5
Amount of revision 8.9 −12.2 −48.5 −93.5
Portfolio investment liabilities (line 95):        
Revised 760.4 1,300.8 1,343.7 1,760.3
Previously published 760.4 1,300.8 1,318.7 1,689.2
Amount of revision 0.0 (*) 25.0 71.2
Other investment liabilities (line 100):        
Revised 366.6 308.9 278.8 860.6
Previously published 366.6 309.0 263.0 806.2
Amount of revision 0.0 −0.1 15.8 54.4
Financial derivatives other than reserves, net transactions (line 107):        
Revised −80.7 −15.6 −88.6 −39.7
Previously published −80.7 −15.6 −42.3 −19.4
Amount of revision 0.0 0.0 −46.3 −20.3
Net lending (+) or net borrowing (−) from financial-account transactions (line 117):        
Revised −871.5 −1,025.8 −1,232.3 −1,302.6
Previously published −875.6 −1,073.0 −1,128.6 −1,212.2
Amount of revision 4.1 47.2 −103.7 −90.4
(*)
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 2022–2025. Chart 7 presents the revisions by component. The revision to portfolio investment for 2023 reflects the incorporation of new statistics on stock swaps. Revisions for 2024 and 2025 mainly reflect newly available and revised source data on direct investment from BEA’s surveys and on portfolio and other investment from the TIC reporting system and from partner countries.

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

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Net U.S. incurrence of liabilities excluding financial derivatives was revised for 2022–2025. Chart 8 presents the revisions by component. Revisions for 2024 and 2025 mainly reflect newly available and revised source data on direct investment from BEA’s surveys and on portfolio and other investment from the TIC reporting system and from partner countries.

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.14 In practice, however, timing, omissions, and seasonality can contribute to a discrepancy, with its size and volatility potentially increasing in times of rapid changes in economic and financial markets.15 Table A and chart 9 present the revised and previously published statistical discrepancy for 1999–2025.

Chart 9. Statistical Discrepancy

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IIP Accounts

The IIP Accounts were updated to incorporate newly available and revised source data for 2022–2025 and the improvements described above, which include improvements to the methodology for revaluing historical-cost FDIUS equity positions to market value and discontinuation of direct investment-related adjustments to other investment positions (chart 10). For all years, the net IIP was revised upward (to less negative positions); the largest revision was $5.7 trillion at the end of the fourth quarter of 2025. These revisions primarily reflect revisions to direct investment resulting from the new methodology for revaluing FDIUS positions.

Chart 10. Revisions to Net International Investment Position, End of Quarter

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  1. For more information, see A Guide to BEA's Direct Investment Surveys and A Guide to BEA’s Services Surveys on the BEA website.
  2. The benchmark survey data are also the source of BEA’s statistics on the activities of U.S. affiliates of foreign multinational enterprises for 2022. These statistics are available on the BEA website.
  3. Auxiliary insurance services include agents’ commissions; insurance brokering and agency services; insurance consulting services; evaluation, loss adjustment expenses, and adjustment services; and regulatory and monitoring services on indemnities and recovery services.
  4. This method does not apply to trade with Canada, for which BEA uses estimates provided by Statistics Canada. It also does not cover ancillary fees, which are estimated separately. For more information on the method for estimating air passenger transport services, see “Chapter 12. Current-Account Services” in U.S. International Economic Accounts: Concepts and Methods.
  5. A key convention in estimating freight services is the assumption that shipping services beyond the customs frontier of the exporting country are paid for by the importer.
  6. For more information, see Mai-Chi Hoang, “Annual Update of the International Transactions Accounts,” Survey of Current Business (July 19, 2024).
  7. For more information, see the U.S. International Development Finance Corporation website.
  8. For more information on the incorporation of the TIC SLT into BEA statistics, see Mai-Chi Hoang, “Annual Update of the International Transactions Accounts,” Survey (July 19, 2024).
  9. For more information on the method for estimating securities, see “Chapter 17. Financial-Account Portfolio Investment” in U.S. International Economic Accounts: Concepts and Methods.
  10. Amortized cost, the Federal Reserve's internal accounting basis for securities, adjusts the face value of a security by any premiums or discounts amortized over the expected life of the security.
  11. For more information on the methods for estimating direct investment positions, see “Chapter 23. Direct Investment” in U.S. International Economic Accounts: Concepts and Methods and the FAQ “What is the relationship between BEA’s statistics of direct investment positions at historical cost, current cost, and market value?”.
  12. BEA applies balance of payments adjustments to source data on goods from the U.S. Census Bureau to align the data with the concepts and definitions used for the U.S. International and National Economic Accounts. These adjustments are necessary to supplement coverage of Census Bureau data, to eliminate duplication of transactions, and to value transactions at market prices. For more information on balance of payments adjustments, see “Chapter 11. Current-Account Goods” in U.S. International Economic Accounts: Concepts and Methods.
  13. 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.
  14. 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.
  15. See “Chapter 21. Statistical Discrepancy and Balances” in U.S. International Economic Accounts: Concepts and Methods for more information.