U.S. Balance of Payments Account

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Presentation transcript:

U.S. Balance of Payments Account US$ billions Bureau of Economic Analysis (Credits +; debits -) 2008 2009 2010 2011 2012p CURRENT ACCOUNT Exports of G&S and income receipts 2,656.6 2,180.6 2,518.8 2,848.0 2,936.5 Exports of goods and services 1,842.7 1,578.9 1,842.5 2,103.4 2,194.5 Goods 1,307.5 1,069.7 1,288.9 1,497.4 1,564.1 Services 535.2 509.2 553.6 606.0 630.4 Income receipts 813.9 601.6 676.3 744.6 742.0 Imports of G&S and income payments (3,207.8) (2,440.0) (2,829.6) (3,180.9) (3,277.4) Imports of goods and services (2,541.0) (1,958.1) (2,337.2) (2,663.2) (2,734.0) (2,137.6) (1,575.5) (1,934.0) (2,235.8) (2,299.4) (403.4) (382.6) (403.2) (427.4) (434.6) Income payments (666.8) (481.9) (492.4) (517.6) (543.4) Unilateral transfers (125.9) (122.5) (131.1) (133.1) (134.1) FINANCIAL ACCOUNT US-owned assets abroad 332.1 (119.5) (939.5) (483.7) 17.9 U.S. private assets 866.6 (608.6) (945.2) (364.1) (62.7) U.S. government assets (534.5) 489.1 5.7 80.7 Foreign-owned assets in the US 431.4 314.4 1,308.3 1,001.0 384.9 Foreign private assets (123.2) (165.9) 910.1 789.2 11.3 Foreign government assets 554.6 480.3 398.2 211.8 373.6 Financial derivatives (32.9) 44.8 14.1 39.0 (3.1) Statistical discrepancy (E&O) (59.4) 142.4 59.2 (89.2) 68.8 Memo: Current Account Balance (677.1) (381.9) (442.0) (465.9) (475.0) Financial Account Balance 730.6 239.7 382.9 556.3 399.7

Global Current Account Surpluses and Deficits (2011) (in absolute dollars) USA ($473B) China ($202B) ±100 countries in near balance

Savings and Investment Rates Note 3 things: High and rising savings rate (over 50% of GDP last few years) Investment rate high but BELOW savings rate Q: where is the difference going? A: overseas: net exports (leakage)

Savings and Investment Rates Note 3 things: Low and declining savings rate (now at 15% of GDP after recession uptick) Investment rate ABOVE savings rate Q: where is the difference coming? A: overseas: net imports (injection)

U.S. Current Account - China US$ billions Bureau of Economic Analysis (Credits +; debits -) 2005 2006 2007 2008 2009 2010 2011 2012p Current account Exports of G&S and income receipts 55.2 72.4 85.8 96.4 95.3 126.2 144.3 151.1 Exports of goods and services 50.3 65.3 77.3 86.4 86.6 114.5 132.0 141.2 Goods 41.9 54.8 64.3 71.3 70.6 93.0 105.3 111.9 Services 8.4 10.5 13.0 15.1 15.9 21.5 26.7 29.3 Income receipts 4.9 7.0 8.5 9.9 8.8 11.7 12.3 10.0 Imports of G&S and income payments (272.3) (331.4) (378.4) (400.6) (356.1) (423.8) (456.4) (481.5) Imports of goods and services (250.9) (298.6) (333.7) (348.9) (306.1) (376.1) (412.0) (439.2) (244.7) (289.2) (323.0) (339.6) (297.9) (366.1) (426.9) (6.2) (9.3) (10.7) (9.4) (8.2) (10.0) (11.4) (12.3) Income payments (21.4) (32.8) (44.7) (51.6) (49.9) (47.7) (44.4) (42.3) Unilateral transfers (2.2) (2.3) (2.7) (2.6) (2.8) (3.0) (3.1) Balance on current account (219.3) (261.3) (295.3) (306.8) (263.0) (300.4) (315.0) (333.4)