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U.S. International Investment Position, 3rd quarter 2019

Summary:
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –.95 trillion at the end of the third quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled .26 trillion and liabilities were .21 trillion. At the end of the second quarter, the net investment position was –.61 trillion (Table 1). The –8.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –.8 billion and net other changes in position, such as price and exchange rate changes, of –8.3 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 –$10.95 trillion at the end of the third quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.26 trillion and liabilities were $39.21 trillion.

At the end of the second quarter, the net investment position was –$10.61 trillion (Table 1).

U.S. International Investment Position, 3rd quarter 2019
U.S. International Investment Position, 3rd quarter 2019

The –$338.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$39.8 billion and net other changes in position, such as price and exchange rate changes, of –$298.3 billion (Table A).

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

  Position,
2019:II
Change in position in 2019:III Position,
2019:III
Total Attributable to:
Financial
transactions
Other changes
in position 1
U.S. net international investment position -10,610.8 -338.1 -39.8 -298.3 -10,948.9
   Net position excluding financial derivatives -10,626.5 -352.7 -33.3 -319.4 -10,979.3
   Financial derivatives other than reserves, net 15.8 14.6 -6.5 21.1 30.4
   U.S. assets 27,974.8 286.8 (2) (2) 28,261.6
      Assets excluding financial derivatives 26,202.6 -19.3 135.7 -154.9 26,183.4
      Financial derivatives other than reserves 1,772.2 306.1 (2) (2) 2,078.3
   U.S. liabilities 38,585.6 624.9 (2) (2) 39,210.5
      Liabilities excluding financial derivatives 36,829.2 333.5 169.0 164.5 37,162.6
      Financial derivatives other than reserves 1,756.4 291.5 (2) (2) 2,047.9
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 $286.8 billion, to a total of $28.26 trillion, at the end of the third quarter, driven by increases in financial derivatives other than reserves. Financial derivatives increased by $306.1 billion, to $2.08 trillion, mostly reflecting increases in single-currency interest rate contracts.

U.S. liabilities increased by $624.9 billion, to a total of $39.21 trillion, at the end of the third quarter, reflecting increases in all major categories of liabilities, particularly in financial derivatives other than reserves and in portfolio investment liabilities. Financial derivatives increased by $291.5 billion, to $2.05 trillion, mostly reflecting increases in single-currency interest rate contracts. Portfolio investment liabilities increased by $223.1 billion, to $20.87 trillion, driven by net foreign purchases of U.S. debt securities and by U.S. bond price increases.

U.S. International Investment Position, 3rd quarter 2019
U.S. International Investment Position, 3rd quarter 2019

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

  Preliminary estimate Revised estimate
U.S. net international investment position -10.56 -10.61
   U.S. assets 28.01 27.97
   U.S. liabilities 38.56 38.59

Next release: March 31, 2020, at 8:30 A.M. EDT
U.S. International Investment Position, Fourth Quarter and Year 2019

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U.S. International Investment Position Release Dates in 2020

Fourth Quarter and Year 2019 March 31
First Quarter 2020, Year 2019, and Annual Update June 30
Second Quarter 2020 September 29
Third Quarter 2020 December 29
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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