United States - Balance of payments: Table 1.1. U.S. International Tranctions - Balances - Balance on current account [line 1 less line 9]

The U.S. Balance of Payments accounts (formerly known as the U.S. International Transactions accounts) is a quarterly statistical summary that provides a comprehensive and detailed view of transactions between U.S. and foreign residents, organized into three major categories: the current account, the capital account, and the financial account. The current account records exports and imports of goods, services, income, and current transfers. The capital account records capital transfers, such as debt forgiveness. The financial account records transactions for official assets, for U.S. government assets other than official reserve assets, for direct investment, for portfolio investment, and for other investment.

• Framework: IMF BPM6
• Measurement: Millions of U.S. dollars (Mil. USD)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Start date: Varies

The Bureau of Economic Analysis (BEA) conducts a variety of research and analytical activities in support of the international accounts. Most of the data the BEA receives comes from over 360 surveys and other data collections sponsored by other Federal agencies, that is, from statistical agencies, aggregate tax data sources, administrative and regulatory sources, and private trade sources. The BEA validates the quality of these data through employing computer edit checks for gross errors, identifying and analyzing outliers, and examining period-to-period changes to ensure that these data are accurate, reliable, and relevant for the estimates being made.

In June 2014, the BEA released new table presentations of the U.S. international economic accounts, resulting from a comprehensive restructuring of the accounts. It was the culmination of a multiyear process to modernize the accounts by converting from a national standard to the International Monetary Fund’s BPM6 (Balance of Payments Manual 6), an international standard.

This transition from the national standard to BPM6 resulted in many changes to the categorization of the data. By redefining much of the display, it was made more timely, detailed, and comparable with that of other countries. More benefits of transition include: improved comparability with other US macroeconomic statistics, consistency with balance sheet concepts, and more complete, standardized presentation of information.

The source will not report data if (1) transactions are between zero and +/- $500,000 or (2) if data will disclose information on individual companies.

Beginning with 2006, income is shown gross of withholding taxes. Prior to 2006, income is shown net of withholding taxes.

A ND is the time series may represent the following: (1) Transactions between zero and +/- $500,000, (2)  Suppressed to avoid the disclosure of data of individual companies or (3) Transactions are possible, but data are not available

Definitions

Foreign official agencies are defined as treasuries and ministries of finance; central banks; stabilization funds; fiscal agents of national governments that have as an important part of their functions activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments; and other agencies of national governments, including sovereign wealth funds.

On the directional basis, direct investment statistics in the primary income account, the financial account, and the IIP accounts are organized according to whether the direct investment is outward or inward (that is, whether the investor is a domestic resident or a foreign resident). On an asset/liability basis, direct investment statistics are organized according to whether the investment relates to an asset or a liability.

Geographies

European Union (EU)

These data reflect the EU membership during the reference period (i.e., "changing composition"). In 1994, the EU was comprised of Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and the United Kingdom. Beginning with 1995, Austria, Finland, and Sweden were included. Beginning with second quarter 2004, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia were included. Bulgaria and Romania were included beginning with first quarter 2007 and Croatia was included beginning with third quarter 2013. The United Kingdom was excluded beginning with first quarter 2020.

Organization of Petroleum Exporting Countries (OPEC)

Comprised of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, Qatar, and Venezuela in fourth quarter 2018. Data for this memorandum item reflected the OPEC membership during the reference period. Angola and Ecuador are included beginning with first quarter 2007 and 2008, respectively. Gabon is included prior to 1995 and after second quarter 2016. Indonesia is included prior to 2009 and in each quarter of 2016. Equatorial Guinea and Congo (Brazzaville) are included after second quarter 2017 and 2018, respectively. This aggregate was discontinued after the 2018 reference year. 

UK Islands of the Caribbean

Includes British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Preliminary quarterly estimates are prepared and published every three months in the January, April, July and October issues of the BEA’s monthly journal, Survey of Current Business. Annual revisions of the U.S. International Accounts appear in each July issue of the Survey of Current Business. Quarterly and annual time series for the Balance of Payments may be viewed through the Interactive Tables.

Further reading

IMF:

• Balance of Payments Manual 6 (BPM6)

BEA:

• Guide to the U.S. International Transactions Accounts and the U.S. International In vestment Position Accounts (applies to pre-June 2014 data)
• Restructuring the International Economic Accounts
• Comparison of Previous Standard ITA Table 1 With New ITA Table 1.2
• Interactive Tables
• Comparison of Previous Standard ITA Table 1 With New ITA Table 1.2
• Geographic Area Definitions