smallest deficit since the fourth quarter of 2001 in dollar terms and the smallest deficit as a share
of GDP in a decade. U.S. merchandise exports decreased 21 percent in the first half of 2009
from the second half of 2008 and service exports fell 11 percent. However, imports fell more
sharply—merchandise imports declined 26 percent, and service imports fell 12 percent.
U.S. Balance of Payments and Trade
($ billions, seasonally adjusted unless otherwise indicated)
2006 2007 2008 2008 2008 2009 2009
Q3 Q4 Q1 Q2
Current Account:
Balance on Goods -847.3 -831.0 -840.3 -221.1 -178.8 -124.0 -115.5
Balance on Services 86.9 129.6 144.3 35.1 34.3 31.6 32.5
Balance on Income 1/ 48.1 90.8 118.2 34.1 21.1 18.3 16.4
Net Unilateral Current Transfers -91.3 -116.0 -128.4 -32.4 -31.5 -30.3 -32.2
Balance on Current Account -803.5 -726.6 -706.1 -184.2 -154.9 -104.5 -98.8
Balance on Current Account as % of GDP -6.1 -5.3 -4.9 -5.1 -4.3 -3.0 -2.8
Major Capital Flow Components
(financial inflow +)
Net Bank Flows -40.1 -134.8 106.8 22.8 258.7 -253.2 -178.8
Net Direct Investment Flows -1.8 -122.8 -12.3 8.6 12.3 -16.4 -18.7
Net Securities Sales 724.9 661.8 791.7 166.7 242.8 93.4 20.7
Net Liabilities to Unaffiliated Foreigners by Non-banking Concerns 63.5 161.2 327.1 163.8 -36.1 9.2 43.4
Memoranda:
Statistical Discrepancy -1.7 64.9 200.1 38.1 67.2 69.8 41.2
Change in Foreign Official Assets in the United States 487.9 480.9 487.0 115.6 -16.0 70.9 125.0
Trade in Goods
Balance -828.0 -808.8 -816.2 -214.9 -174.0 -120.2 -111.8
Total Exports 1026.0 1148.2 1287.4 340.7 293.3 252.0 248.9
of Which:
Agricultural Products 66.0 84.3 108.3 28.9 23.3 21.6 23.7
Capital Goods Ex Autos 404.0 433.0 457.7 118.1 109.0 98.4 93.3
Automotive Products 107.3 121.3 121.5 31.9 27.3 17.5 16.7
Consumer Goods Ex Autos and Food 129.1 146.0 161.3 41.9 39.0 36.5 36.0
Industrial Supplies and Materials 2/ 276.0 316.4 388.0 107.2 82.2 66.8 68.7
Total Imports 1853.9 1957.0 2103.6 555.5 467.3 372.2 360.7
of Which
Petroleum and Products 602.0 634.7 779.5 130.8 85.4 52.2 56.9
Capital Goods ex Autos 418.3 444.5 453.7 115.2 106.7 91.6 86.4
Automotive Products 256.6 259.2 233.8 58.1 49.9 32.3 31.7
Consumer Goods Ex Autos and Food 442.6 474.6 481.6 123.0 114.1 105.9 104.8
1/ Including compensation of employees
2/ Including petroleum and petroleum products
Source: BEA, Bureau of Census
Net International Investment Position
U.S. net international indebtedness, as measured by the
Net International Investment Position (NIIP), widened to
$3.47 trillion at the end of 2008 from $2.14 trillion at the
end of 2007, when valuing direct investment at the current
cost of tangible assets. The value of U.S. assets held
abroad rose to $19.9 trillion in 2008 while the value of
foreign held assets in the U.S. increased to $23.4 trillion.
As a share of GDP, net indebtedness rose to 24.3 percent
in 2008, from 15.5 in 2007. If direct investment is valued
at the market value of owner’s equity, net indebtedness
widened to $4.0 trillion (28.1 percent of GDP) from $1
trillion (10.9 percen
U.S.NetInternationalInvestmentPosition
($trillions)
2007
2008
U.S.‐ownedass etsabroad 18.28 19.89
Offi c i a la s s ets 0.37 0.92
Privateass ets 15.35 12.35
DirectInvestment 3.45 3.70
For eignSecuri ti es 6.84 4.24
For eign‐ownedassetsintheU.S. 20.42 23.36
Offi c i a la s s ets 3.40 3.87
U.S.governme ntsec urities 2.54 3.23
U.S.Treasurys ecuri ties 1.74 2.33
Othera s s ets 14.53 13.02
U.S.Treasurya s s ets 0.64 0.88
Netinternationalposition ‐2.14 ‐3.47
perc entofGDP ‐15.50 ‐24.30
.5
t of GDP).
10