News Release
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U.S. International Transactions, 3rd quarter 2016
Current Account Balance The U.S. current account deficit decreased to $113.0 billion (preliminary) in the third quarter of 2016 from $118.3 billion (revised) in the second quarter of 2016, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.4 percent of current-dollar gross domestic product (GDP) from 2.6 percent in the second quarter. The $5.3 billion decrease in the current account deficit reflected a $9.0 billion decrease in the deficit on goods that was partly offset by changes in the balances on secondary income, primary income, and services. Current Account Transactions (tables 1-5) Exports of goods and services and income receipts Exports of goods and services and income receipts increased $17.7 billion in the third quarter to $799.0 billion. * Goods exports increased $15.7 billion to $375.9 billion, mostly reflecting increases in foods, feeds, and beverages, largely soybeans. Exports of industrial supplies and materials, nonmonetary gold, and consumer goods except food and automotive (particularly in jewelry and collectibles) also increased. * Services exports increased $2.0 billion to $188.2 billion, mostly reflecting an increase in travel (for all purposes including education) that was partly offset by a decrease in transport. Imports of goods and services and income payments Imports of goods and services and income payments increased $12.4 billion to $912.0 billion. * Goods imports increased $6.7 billion to $553.6 billion, mostly reflecting an increase in imports of industrial supplies and materials, primarily petroleum and products, nonferrous metals, and iron and steel products. * Services imports increased $2.7 billion to $126.9 billion, mostly reflecting increases in charges for the use of intellectual property and travel (for all purposes including education). * Secondary income payments increased $2.0 billion to $72.0 billion, mostly reflecting an increase in U.S. government transfers, primarily U.S. government grants. * Primary income payments increased $1.0 billion to $159.4 billion, mostly reflecting an increase in portfolio investment income payments that was partly offset by a decrease in direct investment income payments. Financial Account (tables 1, 6, 7, and 8) Net U.S. borrowing measured by financial-account transactions was $207.9 billion in the third quarter, an increase from net borrowing of $41.0 billion in the second quarter. A decrease in net U.S. acquisition of financial assets excluding financial derivatives was partly offset by a decrease in net U.S. incurrence of liabilities excluding financial derivatives and an increase in net lending in financial derivatives other than reserves. Financial assets Net U.S. acquisition of financial assets excluding financial derivatives decreased $292.0 billion in the third quarter to $31.5 billion. * Transactions in portfolio investment assets shifted to net U.S. sales of $35.1 billion from net U.S. acquisition of $146.4 billion, mostly reflecting a shift to net sales of equity and investment fund shares from net acquisition in the second quarter. * Transactions in other investment assets shifted to net U.S. liquidation of $22.6 billion from net U.S. acquisition of $70.6 billion, largely reflecting increased net withdrawal of U.S. residents’ foreign holdings of currency and deposits. * Net U.S. acquisition of direct investment assets decreased $18.8 billion to $87.5 billion, reflecting decreases in net acquisitions of equity and debt instruments. Liabilities Net U.S. incurrence of liabilities excluding financial derivatives decreased $115.9 billion to $251.5 billion. * Transactions in other investment liabilities shifted to net U.S. repayment of $64.5 billion from net U.S. incurrence of $181.4 billion, largely reflecting a shift in currency and deposits and loans to net U.S. repayment from net incurrence in the second quarter. * Net U.S. incurrence of direct investment liabilities decreased $87.1 billion to $86.9 billion, reflecting decreases in net U.S. incurrence of both equity and debt instrument liabilities. * Net U.S. incurrence of portfolio investment liabilities increased $217.2 billion to $229.1 billion, partly offsetting the decreases in the other two major categories. The increase largely reflected a shift to net foreign purchases of U.S. equity and investment fund shares from net foreign sales in the second quarter. Financial derivatives Transactions in financial derivatives other than reserves reflected third-quarter net lending of $12.1 billion, a $9.2 billion increase from the second quarter. Statistical Discrepancy (table 1) The statistical discrepancy shifted to -$95.0 billion in the third quarter from $77.3 billion in the second quarter. Updates to International Transactions Accounts Statistics Updates to Second-Quarter 2016 International Transactions Accounts Aggregates Billions of dollars, seasonally adjusted Preliminary estimate Revised estimate Current-account balance -119.9 -118.3 Goods balance -186.7 -186.7 Services balance 61.5 62.0 Primary-income balance 42.9 44.2 Secondary-income balance -37.6 -37.7 Net lending from financial-account transactions -31.1 -41.0 Statistical discrepancy 88.8 77.3 Next release: March 21, 2017 at 8:30 A.M. EDT U.S. International Transactions, Fourth Quarter and Year 2016 * * * U.S. International Transactions Release Dates in 2017 Fourth Quarter and Year 2016 March 21 First Quarter 2017 and Annual Update June 20 Second Quarter 2017 September 19 Third Quarter 2017 December 19