June 26, 2024
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$21.28 trillion at the end of the first quarter of 2024, according to statistics released today by the Bureau of Economic Analysis. Assets totaled $35.78 trillion, and liabilities were $57.06 trillion. At the end of the fourth quarter of 2023, the net investment position was –$19.85 trillion (revised).
- The –$1.43 trillion change in the net investment position from the fourth quarter of 2023 to the first quarter of 2024 came from net financial transactions of –$179.1 billion and net other changes in position, such as price and exchange rate changes, of –$1.25 trillion. Net other changes mostly reflected (1) the depreciation of major foreign currencies against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms and (2) U.S. stock price increases that exceeded foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets.
- U.S. assets increased by $1.38 trillion to a total of $35.78 trillion at the end of the first quarter, driven mainly by foreign stock price increases. The impact of stock price increases was partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of foreign-currency-denominated assets in dollar terms.
- U.S. liabilities increased by $2.81 trillion to a total of $57.06 trillion at the end of the first quarter, driven mainly by U.S. stock price increases.
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