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U.S. International Investment Position, Second Quarter 2019

Summary:
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –.56 trillion at the end of the second quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled .01 trillion and liabilities were .56 trillion. At the end of the first quarter, the net investment position was –.16 trillion (Table 1). The –8.8 billion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –6.7 billion and net other changes in position, such as price and exchange rate changes, of –2.1 billion (Table A). Table A. Quarterly Change in the U.S. Net International Investment PositionBillions of

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The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$10.56 trillion at the end of the second quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.01 trillion and liabilities were $38.56 trillion.

At the end of the first quarter, the net investment position was –$10.16 trillion (Table 1).

U.S. International Investment Position, Second Quarter 2019
U.S. International Investment Position, Second Quarter 2019

The –$398.8 billion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$146.7 billion and net other changes in position, such as price and exchange rate changes, of –$252.1 billion (Table A).

Table A. Quarterly Change in the U.S. Net International Investment Position
Billions of dollars, not seasonally adjusted

  Position,
2019:I
Change in position in 2019:II Position,
2019:II
Total Attributable to:
Financial
transactions
Other changes
in position 1
U.S. net international investment position -10,156.7 -398.8 -146.7 -252.1 -10,555.4
   Net position excluding financial derivatives -10,188.6 -382.7 -137.5 -245.2 -10,571.2
   Financial derivatives other than reserves, net 31.9 -16.1 -9.2 -6.9 15.8
   U.S. assets 27,056.4 952.7 (2) (2) 28,009.2
      Assets excluding financial derivatives 25,516.9 720.6 217.7 502.9 26,237.5
      Financial derivatives other than reserves 1,539.5 232.1 (2) (2) 1,771.7
   U.S. liabilities 37,213.1 1,351.5 (2) (2) 38,564.6
      Liabilities excluding financial derivatives 35,705.5 1,103.3 355.2 748.0 36,808.8
      Financial derivatives other than reserves 1,507.6 248.3 (2) (2) 1,755.9
1. Disaggregation of other changes in position into price changes, exchange rate changes, and other changes in volume and valuation is only presented for annual statistics released in June each year.
2. Financial transactions and other changes in financial derivatives positions are available only on a net basis; they are not separately available for U.S. assets and U.S. liabilities.

U.S. assets increased by $952.7 billion, to a total of $28.01 trillion, at the end of the second quarter, reflecting increases in all major categories of assets, particularly in portfolio investment and direct investment assets. Portfolio investment assets increased by $366.4 billion, to $12.68 trillion, and direct investment assets increased by $232.8 billion, to $8.39 trillion. These increases were driven mainly by foreign stock price increases that raised the value of these assets.

U.S. liabilities increased by $1.35 trillion, to a total of $38.56 trillion, at the end of the second quarter, reflecting increases in all major categories of liabilities, particularly in portfolio investment liabilities. Portfolio investment liabilities increased by $665.3 billion, to $20.62 trillion, driven mainly by U.S. stock and bond price increases that raised the value of these liabilities.

U.S. International Investment Position, Second Quarter 2019
U.S. International Investment Position, Second Quarter 2019

Updates to First Quarter 2019 International Investment Position Aggregates
Trillions of dollars, not seasonally adjusted

  Preliminary estimate Revised estimate
U.S. net international investment position -9.93 -10.16
   U.S. assets 27.14 27.06
   U.S. liabilities 37.07 37.21

Next release: December 27, 2019, at 8:30 A.M. EST
U.S. International Investment Position, Third Quarter 2019

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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