Trade in goods (Table 2)
Exports of goods decreased $10.8 billion to $519.2 billion,
reflecting decreases in capital goods, mostly civilian aircraft;
computer accessories, peripherals, and parts; and semiconductors, and in
consumer goods, mostly medicinal, dental, and pharmaceutical products.
Imports of goods increased $5.7 billion to $845.3 billion, reflecting
partly offsetting changes in most major components. The largest increase
was in nonmonetary gold (see “Additional Information” for a definition of nonmonetary gold). The largest decrease was in capital goods, mostly computers.
Trade in services (Table 3)
Exports of services increased $7.7 billion to $287.1 billion,
reflecting increases in charges for the use of intellectual property,
mostly licenses for the use of outcomes of research and development, and
in travel, mostly “other personal travel.” Imports of services
increased $4.8 billion to $211.0 billion, reflecting an increase in
travel, mostly other personal travel.
Primary income (Table 4)
Receipts of primary income increased $18.6 billion to $366.3 billion,
reflecting an increase in direct investment income, mainly earnings,
that was partly offset by a decrease in “other investment income,”
mostly interest on loans and deposits. Payments of primary income
increased $2.4 billion to $363.9 billion, reflecting increases in
portfolio investment income, mainly interest on long-term debt
securities, and in direct investment income, mainly earnings, that were
mostly offset by a decrease in other investment income, primarily
interest on loans and deposits.
Secondary income (Table 5)
Receipts of secondary income increased $0.7 billion to $51.2 billion,
reflecting an increase in general government transfers, mostly fines
and penalties. Payments of secondary income decreased $3.2 billion to
$107.4 billion, reflecting a decrease in general government transfers,
primarily international cooperation, that was partly offset by an
increase in private transfers, mostly insurance-related transfers.
Capital-Account Transactions (Table 1)
Capital-transfer receipts increased $9.6 billion to $11.3 billion in
the fourth quarter. Fourth-quarter transactions reflected receipts from
foreign insurance companies for losses resulting from Hurricane Milton.
For information on transactions associated with hurricanes and other
disasters, see “How do losses
recovered from foreign insurance companies following natural or man-made
disasters affect foreign transactions, the current account balance, and
net lending or net borrowing?”. Capital-transfer payments decreased $2.2 billion to $1.1 billion, reflecting a decrease in infrastructure grants.
Financial-Account Transactions (Tables 1, 6, 7, and 8 and Chart 3)
Net financial-account transactions were −$385.3 billion in the fourth
quarter, reflecting net U.S. borrowing from foreign residents.
Financial assets (Tables 1, 6, 7, and 8)
Fourth-quarter transactions increased U.S. residents’ foreign
financial assets by $41.4 billion. Transactions increased direct
investment assets, mainly equity, by $103.6 billion, and portfolio
investment assets, both equity and debt securities, by $13.7 billion.
Transactions decreased “other investment assets” by $74.9 billion,
resulting from a decrease in loans that was partly offset by an increase
in deposits, and reserve assets by $1.1 billion.
Liabilities (Tables 1, 6, 7, and 8)
Fourth-quarter transactions increased U.S. liabilities to foreign
residents by $406.6 billion. Transactions increased portfolio investment
liabilities, both equity and long-term debt securities, by $328.0
billion, and direct investment liabilities, primarily equity, by $83.5
billion. Transactions decreased “other investment liabilities” by $4.9
billion, resulting from offsetting transactions in deposits, loans, and
trade credit and advances.
Financial derivatives (Table 1)
Net transactions in financial derivatives were –$20.0 billion in the
fourth quarter, reflecting net U.S. borrowing from foreign residents.
|
Table A. Updates to Third-Quarter 2024 International Transactions Accounts Balances
[Billions of dollars, seasonally adjusted] |
| |
Preliminary estimates |
Revised estimates |
| Current-account balance |
–310.9 |
−310.3 |
| Goods balance |
−307.3 |
−309.6 |
| Services balance |
73.7 |
73.2 |
| Primary income balance |
−15.5 |
−13.8 |
| Secondary income balance |
−61.9 |
−60.1 |
| Net financial-account transactions |
−493.6 |
−486.1 |
| U.S. Bureau of Economic Analysis |
|
|
In addition to revisions to source data for the third quarter of
2024, seasonally adjusted statistics for the first, second, and third
quarters of 2024 were revised to force the sum of seasonally adjusted
quarters to equal the annual totals. This forcing procedure was also
applied to the fourth quarter of 2024 (table A).
Current-Account Balance, Year 2024 (Table 1)
The U.S. current-account deficit widened by $228.2 billion, or 25.2
percent, to $1.13 trillion in 2024. The deficit was 3.9 percent of
current-dollar GDP, up from 3.3 percent in 2023. The $228.2 billion
widening of the current-account deficit in 2024 mostly reflected an
expanded deficit on goods. Also contributing was a shift in the balance
on primary income from a surplus in 2023 to a deficit in 2024.
Current-Account Transactions (Tables 1–5)
Exports of goods and services to, and income received from, foreign
residents increased $181.8 billion to $4.83 trillion in 2024. Imports of
goods and services from, and income paid to, foreign residents
increased $410.1 billion to $5.96 trillion.
Trade in goods (Table 2)
Exports of goods increased $38.0 billion to $2.08 trillion,
reflecting an increase in capital goods, mainly civilian aircraft
engines and parts and computer accessories, peripherals, and parts.
Imports of goods increased $187.7 billion to $3.30 trillion, reflecting
increases in capital goods, mainly computer accessories, peripherals,
and parts and computers, and in consumer goods, mostly medicinal,
dental, and pharmaceutical products.
Trade in services (Table 3)
Exports of services increased $80.8 billion to $1.11 trillion, and
imports of services increased $64.0 billion to $812.2 billion. The
increases in both exports and imports reflected increases in most major
components, led by travel, mostly other personal travel.
Primary income (Table 4)
Receipts of primary income increased $58.0 billion to $1.43 trillion,
and payments of primary income increased $133.9 billion to $1.44
trillion. The increases in both receipts and payments reflected
increases in all major components. The increase in receipts was led by
other investment income, primarily interest on loans and deposits. The
increase in payments was led by portfolio investment income, mostly
interest on long-term debt securities.
Secondary income (Table 5)
Receipts of secondary income increased $5.0 billion to $201.7
billion, and payments of secondary income increased $24.4 billion to
$408.6 billion. The increases in both receipts and payments reflected
increases in private transfers, mainly insurance-related transfers.
Capital-Account Transactions (Table 1)
Capital-transfer receipts increased $12.9 billion to $13.0 billion in
2024. Transactions in 2024 reflected receipts from foreign insurance
companies for losses resulting from Hurricane Helene in the third
quarter and Hurricane Milton in the fourth quarter. Capital-transfer
payments increased $1.3 billion to $7.7 billion, reflecting an increase
in infrastructure grants.
Financial-Account Transactions (Tables 1, 6, 7, and 8)
Net financial-account transactions were −$1.27 trillion in 2024, reflecting net U.S. borrowing from foreign residents.
Financial assets (Tables 1, 6, 7, and 8)
Transactions in 2024 increased U.S. residents’ foreign financial
assets by $855.9 billion. Transactions increased direct investment
assets, mostly equity, by $379.1 billion; portfolio investment assets,
both long-term debt securities and equity, by $361.0 billion; other
investment assets, primarily deposits, by $113.6 billion; and reserve
assets by $2.1 billion.
Liabilities (Tables 1, 6, 7, and 8)
Transactions in 2024 increased U.S. liabilities to foreign residents
by $2.05 trillion. Transactions increased portfolio investment
liabilities, both long-term debt securities and equity, by $1.43
trillion; direct investment liabilities, mostly equity, by $388.0
billion; and other investment liabilities by $235.5 billion, resulting
from an increase in loans that was partly offset by a decrease in
deposits.
Financial derivatives (Table 1)
Net transactions in financial derivatives were –$70.9 billion in 2024, reflecting net U.S. borrowing from foreign residents.
Upcoming Update to the U.S. International Transactions Accounts
The annual update of the International Transactions Accounts will be
released along with preliminary estimates for the first quarter of 2025
on June 24, 2025. A preview of the annual update will be available in
the Survey of Current Business in April 2025.
Next release: June 24, 2025, at 8:30 a.m. EDT
U.S. International Transactions, 1st Quarter 2025 and Annual Update
| 
“Some of it is a matter of taste.” 
