In the balance-of-payments accounts U.S. imports of goods and services have opposite results from U.S. exports. Residents of the United States are acquiring goods and services rather than giving them up, and in return are transferring financial claims to foreigners rather than acquiring them.
To take an illustration, assume that U.S. residents import merchandise valued at $45 million, making payment by transferring $10 million from balances that they hold in foreign banks and $35 million from balances held in U.S. banks.
A debit entry on line 7 records the increase in goods available to U.S. residents, while credit entries on lines 21 and 24 record the decrease in U.S. claims on foreigners and the increase in US. liabilities.
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