1. 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

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

5. 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)

6. 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)

7. 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)