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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, December 28, 2023
U.S. International Investment Position, 3rd Quarter 2023
The U.S. net international investment position, the difference between U.S. residents' foreign financial assets and liabilities, was –$18.16 trillion at the end of the third quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $32.91 trillion, and liabilities were $51.07 trillion. At the end of the second quarter, the net investment position was –$18.14 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1.
The –$15.5 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$121.9 billion and net other changes in position, such as price and exchange-rate changes, of $106.4 billion (table A).
Table A. Quarterly Change in the U.S. Net International Investment Position
[Billions of dollars, not seasonally adjusted]
| End of quarter position, 2023:Q2 | Change in position in 2023:Q3 | End of quarter position, 2023:Q3 | |||
| Total | Attributable to: | ||||
| Financial transactions | Other changes in position 1 | ||||
| U.S. net international investment position | –18,144.7 | –15.5 | –121.9 | 106.4 | –18,160.1 |
| Net position excluding financial derivatives | –18,172.3 | –51.1 | –122.9 | 71.8 | –18,223.4 |
| Financial derivatives other than reserves, net | 27.7 | 35.7 | 1.1 | 34.6 | 63.3 |
| U.S. assets | 33,511.9 | –606.6 | (2) | (2) | 32,905.3 |
| Assets excluding financial derivatives | 31,029.1 | –707.3 | 341.0 | –1,048.3 | 30,321.8 |
| Financial derivatives other than reserves | 2,482.8 | 100.7 | (2) | (2) | 2,583.5 |
| U.S. liabilities | 51,656.6 | –591.1 | (2) | (2) | 51,065.4 |
| Liabilities excluding financial derivatives | 49,201.4 | –656.2 | 464.0 | –1,120.1 | 48,545.2 |
| Financial derivatives other than reserves | 2,455.2 | 65.0 | (2) | (2) | 2,520.2 |
1. Disaggregation of other changes in position into price changes, exchange-rate changes, and other changes in volume and valuation is presented for annual statistics released in March and revised in June each year. 2. Financial transactions and other changes in financial derivatives positions are available on a net basis; they are not separately available for U.S. assets and U.S. liabilities. U.S. Bureau of Economic Analysis | |||||
U.S. assets decreased by $606.6 billion to a total of $32.91 trillion at the end of the third quarter, reflecting decreases in direct investment and portfolio investment assets that were partly offset by increases in other investment assets and financial derivatives.
Direct investment assets decreased by $449.1 billion to $9.84 trillion and portfolio investment assets decreased by $388.2 billion to $14.42 trillion, driven mainly by foreign stock price decreases and the depreciation of foreign currencies against the U.S. dollar that lowered the market value of these assets in dollar terms.
In contrast, other investment assets increased by $143.9 billion to $5.34 trillion, driven by increases in loans. Financial derivatives increased by $100.7 billion to $2.58 trillion, driven by increases in single-currency interest rate contracts and foreign exchange contracts.
U.S. liabilities decreased by $591.1 billion to a total of $51.07 trillion at the end of the third quarter, reflecting decreases in direct investment and portfolio investment liabilities that were partly offset by increases in other investment liabilities and financial derivatives.
Direct investment liabilities decreased by $436.6 billion to $13.58 trillion and portfolio investment liabilities decreased by $386.5 billion to $26.52 trillion, driven mainly by U.S. stock price decreases that lowered the market value of these liabilities; U.S. bond price decreases also contributed to the decrease in portfolio investment liabilities.
In contrast, other investment liabilities increased by $166.9 billion to $8.45 trillion, driven by increases in loans. Financial derivatives increased by $65.0 billion to $2.52 trillion, driven by increases in single-currency interest rate contracts and foreign exchange contracts.
Table B. Updates to Second-Quarter 2023 International Investment Position Aggregates
[Trillions of dollars, not seasonally adjusted]
| Preliminary estimates | Revised estimates | |
| U.S. net international investment position | –18.00 | –18.14 |
| U.S. assets | 33.58 | 33.51 |
| U.S. liabilities | 51.58 | 51.66 |
U.S. Bureau of Economic Analysis | ||
U.S. International Investment Position Release Dates in 2024
| 4th Quarter and Year 2023 | March 27 |
| 1st Quarter 2024 and Annual Update | June 26 |
| 2nd Quarter 2024 | September 25 |
| 3rd Quarter 2024 | December 27 |
Next release: March 27, 2024, at 8:30 a.m. EDT
U.S. International Investment Position, 4th Quarter and Year 2023
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