Direct investment positions for 2015: Country and Industry Detail.

Jenniges, Derrick T. ; Fetzer, James J.

BOTH OUTWARD and inward U.S. foreign direct investment continued to grow in 2015. The U.S. direct investment position abroad valued at historical cost grew 4.4 percent to $5,040.6 billion, compared with an average annual growth rate of 8.9 percent in 2005-2014 (table A and chart 1). The foreign direct investment position in the United States valued at historical cost grew 7.6 percent to $3,134.2 billion, compared with an average annual growth rate of 6.6 percent in 2005-2014.

This article presents details on the U.S. direct investment positions on a directional basis by country and by industry. On a directional basis, direct investment claims and liabilities are classified according to whether the direct investor is a U.S. resident or a foreign resident. Outward investment occurs between a U.S. parent and its foreign affiliates, and inward direct investment occurs between a foreign parent and its U.S. affiliates. In each case, the position measures the parent's net financial claims on its affiliates. (1)

The positions presented in this article are valued on a historical-cost basis rather than on a market-value or current-cost basis, because detailed statistics by country and industry are available only on a historical-cost basis. (See the box "Alternative Measures of the Direct Investment Positions.") On a historical-cost basis, positions generally reflect prices at the time of the investment rather than current prices. This valuation is derived principally from the accounting records of affiliates, which are primarily compiled under U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). (2)

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The year-to-year changes in the positions reflect financial transactions--investment in equity and debt instruments--and other changes in the position such as capital gains and losses and currency translation adjustments. The directional measure of direct investment financial transactions presented in this article differs from the asset/liability measure of direct investment financial transactions featured in the U.S. international transactions accounts (ITAs) because the reinvestment of earnings component of financial transactions discussed in this article excludes a current-cost adjustment that is included in the ITA financial transactions. (3) "Financial transactions" is used throughout this article for "financial transactions without current-cost adjustment," "reinvestment of earnings" is used for "reinvestment of earnings without current-cost adjustment," and "earnings" is used for "earnings without current-cost adjustment." In addition, "outward direct investment" and "outward" are shorthand for "U.S. direct investment abroad," and "inward direct investment" and "inward" are shorthand for "foreign direct investment in the United States."

This article presents details about the change in the direct investment positions by type of direct investment flow, such as equity or debt. It also presents direct investment positions by primary industry of the affiliate and by country. The outward statistics are classified by country of the foreign affiliate with which the U.S. parent has direct transactions and positions. The inward statistics are classified by (1) country of the foreign parent or of other members of the foreign parent group that have direct transactions and positions with the U.S. affiliate and by (2) country of ultimate beneficial owner (UBO). Revisions to previously released statistics are also discussed.

U.S. Direct Investment Abroad (Outward)

The U.S. direct investment position abroad valued at historical cost--the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates--was $5,040.6 billion at the end of 2015. The position grew $211.2 billion, or 4.4 percent, in 2015 after growing 5.5 percent in 2014. In 2005-2014, the average annual growth rate was 8.9 percent. The largest contributor to growth in 2015 in the outward position was financial transactions, mostly reinvestment of earnings in equity investment (table B).

The equity component of the position grew 4.2 percent to $4,846.0 billion; the debt component of the position grew 8.1 percent to $194.6 billion (table C). The equity position grew in all major industries except mining, finance and insurance, and depository institutions. The increase in the debt position was concentrated in holding companies, mining, and finance and insurance.

Five host countries--the Netherlands, the United Kingdom, Luxembourg, Canada, and Ireland--accounted for more than half of the total position at the end of 2015 (tables C and 1.2 and charts 2 and 3). For the seventh consecutive year, the position in the Netherlands was the largest--at $858.1 billion, or 17.0 percent of the total. Four-fifths of the position

in the Netherlands was accounted for by holding companies that likely invested funds in other countries (see the section "Indirect ownership"). The position in the United Kingdom was $593.0 billion, or 11.8 percent of the total position. In Luxembourg, the position was $503.0 billion, or 10.0 percent of the total; holding companies accounted for most of the position in Luxembourg. The position in Canada was $352.9 billion, or 7.0 percent of the total, and in Ireland, it was $343.4 billion, or 6.8 percent of the total.

Changes by component

The $211.2 billion increase in the outward direct investment position reflected financial transactions outflows and other changes in position (table B and chart 4).

Financial transactions

Outward financial transactions were $303.2 billion in 2015, compared with $292.3 billion in 2014. The outflows in 2015 consisted of $297.0 billion of net equity outflows and $6.1 billion of net debt instruments outflows.

Equity investment. In 2015, net equity outflows consisted of $285.0 billion of reinvestment of earnings and $12.0 billion of equity outflows other than reinvestment of earnings. Equity increases result from (1) parents' establishments of new affiliates, (2) payments by parents to unaffiliated parties for the purchase of capital stock or other equity interests when they acquire an existing business, (3) payments to acquire additional ownership interests in their affiliates, and (4) capital contributions to their affiliates. Equity decreases are the funds parents receive when they reduce their equity interests in their affiliates.

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Reinvestment of earnings. Reinvestment of earnings--the difference between the U.S. parents' share of their foreign affiliates' current-period earnings and the affiliates' distributions of a portion of their earnings to their parents--decreased 9.4 percent to $285.0 billion in 2015. The decrease was the net result of a $46.7 billion decrease in foreign affiliate earnings and a $17.3 billion decrease in distributed earnings. The share of current-year earnings that was reinvested (the reinvestment ratio) rose from 71.4 percent in 2014 to 72.4 percent in 2015. (4)

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Equity other than reinvestment of earnings. U.S. parent net equity outflows other than reinvestment of earnings were $12.0 billion in 2015, up from $6.5 billion in 2014. The outflows in 2015 resulted from increases in equity of $66.0 billion that were mostly offset by decreases of $54.0 billion. The $66.0 billion increases reflected $25.7 billion in equity for the acquisition or establishment of new foreign affiliates and $40.3 billion in capital contributions to existing foreign affiliates. Equity increases were down 28.2 percent in 2015 despite a 42 percent increase in the value of global merger and acquisition activity. (5) The $54.0 billion in equity decreases reflected $29.8 billion in liquidations or sales of affiliates and $24.2 billion in repatriations of capital from foreign affiliates to their U.S. parents.

Debt instruments investment. In 2015, U.S. parents' borrowing and lending transactions with their foreign affiliates increased their net debt instruments position in these affiliates by $6.1 billion, compared with a decrease of $28.7 billion in 2014. Net investment through debt instruments in 2015 resulted from a $22.9 billion increase in U.S. parent debt claims on their foreign affiliates and a $16.7 billion increase in U.S. parent debt obligations to their foreign affiliates.

Other changes in position

Other changes in position totaled-$92.0 billion in 2015, compared with -$42.6 billion in 2014. Other changes in position in 2015 consisted of changes in currency-translation adjustments of--$92.1 billion, capital gains and losses of--$17.0 billion, and other changes in volume and valuation of $17.2 billion. Translation adjustments reflected the change in the U.S. dollar value of investments in foreign affiliates caused by a 9.7 percent appreciation of the U.S. dollar's direct investment-weighted exchange value at yearend. Some of the largest dollar appreciations occurred against the Euro and the Canadian and Australian dollars. The largest capital losses resulted from impairments of oil and gas assets. Other changes in volume and valuation resulted mainly from divestitures and reflected differences between affiliates' current sale or purchase price and their book value.

Changes by area and by country

In 2015, the outward direct investment position increased in three of the six major geographic areas (table D). U.S. parents' investment in their European affiliates had the largest dollar increase, accounting for 83.2 percent of the increase in the total outward direct investment position. The remainder of the increase by major area occurred in Asia and Pacific and in Latin America and Other Western Hemisphere. Decreases in the outward position occurred in Canada, Africa, and the Middle East.

Europe. The U.S. direct investment position in Europe increased $175.8 billion in 2015. The largest dollar increases were in Ireland, the Netherlands, and the United Kingdom, which together accounted for nearly 90 percent of the increase in Europe. In Ireland, most of the increase occurred in finance and insurance and in holding companies; the majority of the increase in finance and insurance resulted from debt instruments while the majority of the increase in holding companies resulted from reinvestment of earnings. In the Netherlands, the increase was driven by reinvestment of earnings in holding companies. In the United Kingdom, the increase was concentrated in reinvestment of earnings both in holding companies and in manufacturing.

Asia and Pacific. The U.S. direct investment position in Asia and Pacific increased $32.0 billion in 2015. The largest increase, which comprised two-thirds of the increase in the area, occurred in Singapore. Two-thirds of the increase in Singapore was in holding companies and manufacturing. The next largest increases occurred in Japan and China. In Japan, the increase was concentrated in manufacturing, finance and insurance, and "arts, entertainment, and recreation," with much of the increase coming from reinvestment of earnings. In China, the increase was driven by reinvestment of earnings in manufacturing.

Latin America and Other Western Hemisphere. The U.S. direct investment position in Latin America and Other Western Hemisphere increased $13.4 billion in 2015. The position in the United Kingdom Islands in the Caribbean (British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands) increased $15.1 billion, which exceeded the total increase in the area. The increase was driven by holding companies that received funds from parent debt instruments, specifically increases in U.S. parent receivables.

Canada. The U.S. direct investment position in Canada decreased $5.5 billion in 2015, driven by decreases in mining and in finance and insurance that were mostly attributable to revaluations. The revaluations included a downward currency-translation adjustment that reflected a 19.0 percent appreciation of the U.S. dollar against the Canadian dollar. Revaluations also included impairments of oil and gas assets by mining affiliates.

Africa. The U.S. direct investment position in Africa decreased $3.5 billion in 2015. Mining accounted for most of the decrease, with the largest decreases occurring in Angola, Egypt, and Libya.

Middle East. The U.S. direct investment position in the Middle East decreased $0.9 billion in 2015. The largest decreases occurred in Oman and Iraq. By industry, mining contributed most to the decrease.

Indirect ownership

For the past three decades, the share of foreign affiliates that are indirectly owned by their U.S. parent--that is, by another foreign affiliate of their U.S. parent--has increased. For example, in 2013 (the latest year for which statistics are available), equity investment in other foreign affiliates accounted for 30 percent of the total assets of majority-owned foreign affiliates, compared with 7 percent in 1982. Affiliates in any industry can own other foreign affiliates, but much of this investment is funneled through holding company affiliates. (A holding company's primary activity is holding the securities or financial assets of other companies.) In 2015, foreign affiliates classified as holding companies accounted for 51.2 percent of the outward direct investment position, compared with 9.4 percent in 1982 (chart 5).

One result of the rising prevalence of holding companies is that outward investment statistics on positions and related flows indicate industry and country patterns that imperfectly reflect where the goods and services produced by foreign affiliates are actually produced and sold. (6) Statistics on the outward position and related transactions are allocated to the industries and countries of the affiliates with which the U.S. parent companies have direct transactions and positions, but these industries and countries may differ from the industries and countries of the affiliates whose operations the parents ultimately own or control. (7)

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Data from BEA's surveys of the activities of multinational enterprises (AMNEs) suggest the degree to which indirect ownership structures may affect the country and industry distributions of the outward position data. The statistics on the activities of foreign affiliates are classified in the country where the affiliate's physical assets are located or where its primary activity is carried out and in the industry that reflects the affiliate's primary activity. Thus, the AMNE statistics more closely reflect the countries and industries in which the goods and services are produced by the foreign affiliates than the statistics classified by the country and industry of the affiliate with which the parent company has a direct position or transaction. For example, while foreign affiliates in Luxembourg represent 10 percent of the outward position in 2013 (the latest year for which detailed AMNE statistics are available), they account for less than 1 percent of value added of foreign affiliates (table E).

Another reason for the differences between the position statistics and the AMNE statistics is that the AMNE statistics, unlike the position statistics, are not adjusted for the percentage of U.S. ownership; therefore, the countries and industries in which a relatively large share of minority-owned affiliates operate will appear more important in the AMNE statistics than in the position statistics. The AMNE statistics are also not adjusted for duplication in some measures of affiliate operations--such as assets and earnings. For example, if a U.S. parent company owns two foreign affiliates, a directly held affiliate A and an affiliate B that is indirectly held through affiliate A, the position will capture only the parent's share of affiliate A's assets, but the AMNE statistics will capture the total assets of both affiliates, including the portion of affiliate A's assets that represents its investment in affiliate B. As a result, affiliate A's investment in affiliate B is essentially double-counted in the total assets measure of the AMNE statistics.

Foreign Direct Investment in the United States (Inward)

The foreign direct investment position in the United States valued at historical cost--the book value of foreign direct investors' equity in, and net outstanding loans to, their U.S. affiliates--was $3,134.2 billion at the end of 2015. The position grew 7.6 percent, or $220.9 billion, reflecting $348.4 billion of direct investment financial transactions inflows that were offset by $127.5 billion in other changes.

The equity component of the position grew 7.9 percent to $2,542.3 billion; the debt component of the position grew 6.1 percent to $591.9 billion. The equity position in U.S. affiliates in six major industry groups--manufacturing, mining, wholesale trade, retail trade, information, and professional and technical services--grew by an average of 12.0 percent, compared with a 6.8 percent increase in total owners' equity in all U.S. businesses in those same industry groups, based on data from the Census Bureau's Quarterly Financial Report. (8) The foreign equity position, which represents U.S. business equity controlled by foreign direct investors, grew faster than total U.S. business equity as more U.S. businesses became foreign-owned.

The top five investing countries accounted for more than half of the overall foreign direct investment position in the United States. The United Kingdom was the largest investing country with a position of $483.8 billion, or 15.4 percent of the total (tables F and 2.2 and charts 6 and 7). Japan was the second largest with a position of $411.2 billion, or 13.1 percent of the total. Luxembourg was the third largest with a position of $328.4 billion, or 10.5 percent of the total. The Netherlands was the fourth largest with a position of $282.5 billion, or 9.0 percent of the total. Canada was the fifth largest with a position of $269.0 billion, or 8.6 percent of the total. These investments are classified by the first country outside the United States with a direct claim on the U.S. affiliate. For a classification of the inward position by country of the ultimate owner, see the section "Indirect ownership."

Changes by component

The $220.9 billion increase in the inward direct investment position resulted from financial transactions of $348.4 billion that were offset by other changes in position of--$127.5 billion (table G and chart 8).

Financial transactions

Financial transactions inflows were $348.4 billion in 2015, up from $171.6 billion in 2014. The transactions consisted of $296.2 billion of net equity inflows and $52.2 billion of net debt instruments inflows.

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Equity investment. In 2015, net equity investment inflows of $296.2 billion reflected $218.4 billion of inflows of equity other than reinvestment of earnings and $77.9 billion of reinvestment of earnings.

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Reinvestment of earnings. Reinvestment of earnings--the difference between the foreign parent's share of their U.S. affiliates' current-period earnings and the affiliates' distributions of a portion of their earnings to their parent--added $77.9 billion to the inward direct investment position in 2015, compared with $92.8 billion in 2014. Total earnings decreased 17.1 percent and the share of current-year earnings that was reinvested (the reinvestment ratio) increased from 62.0 percent in 2014 to 62.7 percent in 2015. (9)

Equity other than reinvestment of earnings. Net equity inflows other than reinvestment of earnings were $218.4 billion in 2015, compared with inflows of $14.6 billion in 2014. The inflows in 2015 reflected increases of $252.7 billion that were partly offset by decreases of $34.3 billion. The $252.7 billion in equity increases reflected $199.0 billion in equity for the acquisition or establishment of new affiliates and $53.6 billion in capital contributions to existing affiliates.

About 40 percent of the equity investments for new affiliates occurred in manufacturing, almost half of which were in chemicals. Equity inflows for the acquisition or establishment of new affiliates were the largest since 2008 when equity investment increased $339.7 billion. About a third of the increase in equity was related to corporate inversions. The $34.3 billion in equity decreases reflected $4.1 billion in equity for the sale or liquidation of affiliates and $30.2 billion for the return of capital to the foreign parent.

Debt instruments investment. U.S. affiliates' borrowing and lending transactions with their foreign parent groups increased the inward direct investment position $52.2 billion in 2015 after increasing it $64.2 billion in 2014. Net debt investment resulted from a $61.6 billion increase in U.S. affiliate debt obligations to members of their foreign parent groups that was partly offset by a $9.5 billion increase in U.S. affiliate debt claims on members of their foreign parent groups.

Other changes in position

Other changes in position decreased the inward position $127.5 billion in 2015 after increasing it $13.9 billion in 2014. Other changes in volume and valuation decreased the position $83.5 billion as a result of differences between the purchase price and book value of acquired U.S. businesses. The net effect of an acquisition on the equity position is to increase the position by the amount of the foreign parent's share of the U.S. affiliate's book value. In cases where the purchase price (included in financial transactions) exceeds the book value of the U.S. business, negative adjustments to volume and valuation are used to reconcile the financial transactions and the direct investment position.

Capital gains and losses decreased the position $40.7 billion. Currency-translation adjustments decreased the position $3.3 billion. These translation adjustments tend to be smaller for inward investment than for outward investment because many U.S. affiliates maintain their accounting records in U.S. dollars.

Changes by area and by country

In 2015, the inward direct investment position increased for all major geographic areas except Africa and "Latin America and Other Western Hemisphere" (table H). Investors from Europe accounted for 81.3 percent of the total increase in the inward direct investment position. Investors from Asia and Pacific accounted for the next largest share, 13.1 percent.

Europe. The inward direct investment position increased $179.6 billion in 2015. The three largest increases were from Luxembourg, Germany, and the United Kingdom. For Luxembourg, the increase mainly reflected equity inflows to acquire or establish new affiliates, most of which were related to inversions. For Germany, the change in the position mainly reflected equity inflows to acquire or establish new affiliates. For the United Kingdom, the increase mainly reflected net inflows of debt instruments.

Asia and Pacific. The inward direct investment position increased $29.0 billion in 2015. Increases from Japan accounted for most of the increase from the area. For Japan, about half of the change in the position was due to reinvestment of earnings in existing affiliates. Most of the rest of the increase was nearly evenly split between capital contributions to existing affiliates and equity inflows to acquire or establish new affiliates.

Canada. The inward direct investment position increased $11.8 billion in 2015. The increase in the position was nearly evenly split between reinvestment of earnings in existing affiliates and equity inflows to acquire or establish new affiliates. This increase was offset by negative valuation adjustments.

Middle East and Africa. The inward direct investment position from the Middle East increased $1.8 billion. Most of the increase was from Israel and reflected inflows of debt instruments.

Latin America and Other Western Hemisphere. The inward direct investment position decreased $1.2 billion in 2015. The decrease was mainly due to a large negative valuation adjustment for Bermuda.

Africa. The inward direct investment position from Africa decreased by $0.1 billion, mainly resulting from negative valuation adjustments.

Indirect ownership

Foreign multinational enterprises (MNEs) may own their U.S. affiliates indirectly through ownership chains that extend across multiple foreign countries. The statistics on inward direct investment positions that are presented in this article are classified by the country of the foreign parent or of the member of the foreign parent group with a positive or negative net debt investment in the U.S. affiliate. (10) The position is classified by the first country outside the United States with a direct claim on the U.S. affiliate. In addition to the data collected by the country of foreign parent, BEA collects data on the country of the ultimate beneficial owner (UBO) of the U.S. affiliate. (11) The UBO ultimately owns or controls the U.S. affiliate. BEA also presents the inward position classified by country of UBO for major regions and for selected countries. (12)

For most affiliates, the country of the UBO is also the country of the foreign parent. According to U.S. affiliate responses on the 2012 Benchmark Survey of Foreign Direct Investment in the United States, the country of the UBO and that of its foreign parent was the same for 87 percent of the affiliates. Together, these affiliates accounted for more than 80 percent of the total assets, sales, and employment of all affiliates. However, for some countries, especially financial centers through which MNEs may channel their investments, the position classified by country of UBO can differ significantly from that classified by country of foreign parent (table I).

For some countries--most notably, Luxembourg, Switzerland, the United Kingdom Islands in the Caribbean, and the Netherlands--the positions classified by country of foreign parent were much higher than those classified by country of UBO. For other countries--most notably, Ireland, Bermuda, and several countries in the Middle East--positions classified by country of UBO were much higher than those classified by country of foreign parent.

Ireland is an example of a country that uses tax and regulatory policies to attract the corporate headquarters of multinational firms. (13) For this country, the higher position by country of UBO represents investments by MNEs that are organized with entities in Ireland at the top-tier of the corporate group, including U.S. corporations that have reorganized their ownership structure. In such reorganizations, sometimes referred to as "corporate inversions," the U.S. corporation forms a new corporation in a foreign country of convenience and simultaneously inverts its ownership structure so that the U.S. corporation is now a U.S. affiliate of the foreign corporation. (14) An affiliate in a

third country, such as the Netherlands, is often created between the Irish UBO and the U.S. affiliate because of advantageous tax treaties between Ireland and the third country that may allow companies to reduce their tax liability further.

For countries in the Middle East, positions by country of UBO are higher than those classified by country of foreign parent because investments from the Middle East are often routed through affiliates in other countries. Possible reasons for Middle Eastern UBOs to hold their U.S. investments indirectly through intermediate subsidiaries in other countries include tax and regulatory policies and privacy protection.

Revisions

The statistics on direct investment positions by country and by industry for 2015 presented in this article are preliminary. Revised statistics on positions and related financial transactions for 2013-2014 for outward investment and 2012-2014 for inward investment incorporate new survey data collected on (1) BEA's quarterly surveys of transactions between parents and their affiliates and (2) BEA's annual and benchmark surveys of the activities of multinational enterprises.

The historical-cost outward direct investment position for 2013 is revised downward $113.6 billion to $4,579.7 billion. The downward revision is attributable to a $4.5 billion downward revision to financial transactions outflows and a $109.1 billion downward revision to other changes in position. For 2014, the outward position is revised downward $91.2 billion to $4,829.4 billion as a result of a $113.6 billion downward revision to the 2013 position, a $24.3 billion downward revision to 2014 financial transactions outflows, and a $46.7 billion upward revision to 2014 other changes in position. For both 2013 and 2014, revisions to other changes in position are related to acquisitions and divestitures and reflect the difference between affiliates' current sale or purchase price and their book value.

The revisions to the inward direct investment position for 2012-2015 reflect the incorporation of the results from the 2012 Benchmark Survey of Foreign Direct Investment in the United States. For 2012, the historical-cost inward direct investment position is revised downward $19.3 billion to $2,584.7 billion. The revision reflects a downward revision of $29.3 billion to other changes in position that is partly offset by an upward revision of $10.6 billion to financial transactions inflows. For 2013, the inward position is revised downward $26.9 billion to $2,727.8 billion. The revision reflects a $19.3 billion downward revision to the inward position in 2012 and a $10.1 billion downward revision to financial transactions inflows that is partly offset by an upward revision of $2.6 billion to other changes in position. For 2014, the inward position is revised upward $12.2 billion to $2,913.3 billion. The revision reflects a $65.0 billion upward revision to financial transactions inflows that is partly offset by a $26.9 billion downward revision to the inward position in 2013 and a downward revision of $25.9 billion to other changes in the position.

BEA is currently processing the 2014 Benchmark Survey of U.S. Direct Investment Abroad and will begin to incorporate the benchmark data into the direct investment position and financial transaction statistics starting with the annual revisions released in June 2017. In June 2018, BEA will release rebenchmarked direct investment series that fully incorporate the 2014 benchmark survey for statistics covering 2014 through 2017.

By Derrick T. Jenniges and James J. Fetzer

Alternative Measures of the Direct Investment Positions

Detailed statistics on the positions of U.S. direct investment abroad and foreign direct investment in the United States by country and industry are reported only on a historical-cost basis. As such, they largely reflect the price levels of earlier periods. Statistics are also reported on market-value and current-cost bases, but only at a global level, not by country or industry (see the table, right). Market-value statistics value the equity portion of direct investment at current prices using indexes of stock market prices. Current-cost statistics value the U.S. and foreign parents' shares of their affiliates' investment in (1) plant and equipment using the current cost of capital equipment, in (2) land using general price indexes, and in (3) inventories using estimates of their replacement cost.

Historical-cost statistics are not adjusted to reflect changes in the current costs or the replacement costs of tangible assets or in the stock market valuations of firms. Over time, the current costs of tangible assets and the stock market valuations of firms tend to increase. As a result, historical-cost statistics tend to be lower than the current-cost and market-value statistics for the same positions. Market-value statistics are discussed in "The U.S. Net International Investment Position at the End of the First Quarter of 2016, Year 2015, and Annual Revisions" in this issue.

Acknowledgments

Barbara K. Hubbard, Chief of the Direct Transactions and Positions Branch, provided overall supervision for the preparation of the direct investment statistics.

The statistics on the U.S. direct investment position abroad are based largely on data from BEA's quarterly survey of transactions between U.S. parent companies and their foreign affiliates. The survey was conducted under the supervision of Jessica M. Hanson, working with Iris Branscome, Maryam Fatima, Jared M. Felice, Louis C. Luu, Leila C. Morrison, James Y. Shin, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Kevin R. Smith, Karen E. Poffel, Rita Ismaylov, and Danit Kanal.

The statistics on the foreign direct investment position in the United States are based largely on data from BEA's quarterly survey of transactions between U.S. affiliates and their foreign parents. The survey was conducted under the supervision of Peter J. Fox, working with Akeeia P. Griffin, Susan M. LaPorte, Gazala I. Merchant, and Helen P. Yiu. Computer programming for data estimation and tabulation was provided by Karen E. Poffel, Paula D. Brown, and Daniel W. Powell.

Data Availability

Detailed statistics on the outward direct investment position and related financial transactions and income for 1982-2015, along with statistics on the inward direct investment position and related financial transactions and income for 1980-2015, are available on BEA's Web site.

More detailed statistics on positions, financial transactions, and related income for both outward and inward direct investment will be available by the end of July 2016 on BEA's Web site and will be published in the September 2016 SURVEY OF CURRENT BUSINESS.

(1.) Aggregate estimates are also available on an asset/liability basis. Assets include U.S. parent and U.S. affiliate claims, and liabilities include U.S. parent and U.S. affiliate liabilities. For the latest estimates, see "The U.S. Net International Investment Position at the End of the First Quarter of 2016, Year 2015, and Annual Revisions" SURVEY OF CURRENT BUSINESS 96 (July 2016). For more details on the difference between the directional basis and the asset/liability basis, see the box "Comprehensive Restructuring of the U.S. International Economic Accounts" in Marilyn Ibarra-Caton and Raymond J. Mataloni Jr., "Direct Investment Positions for 2013: Country and Industry Detail," SURVEY 94 (July 2014): 2.

(2.) For a discussion of the U.S. GAAP or IFRS and their implications for the measurement of the direct investment positions at historical cost, see the box "Accounting Standards and the Direct Investment Positions" in Kevin B. Barefoot and Marilyn Ibarra-Caton, "Direct Investment Positions for 2010: Country and Industry Detail," SURVEY 91 (July 2011): 127.

(3.) For an explanation of the current-cost adjustment, see the direct investment section in "Chapter 11: International Investment Position Accounts" in U.S. International Economic Accounts: Concepts and Methods, which is available on the BEA's Web site.

(4.) The estimates for 2015 are the second in a series of four estimates. Recent experience has shown that subsequent estimates of reinvestment of earnings could be revised downward; for example, the third estimate of reinvestment of earnings for 2014 was 3.9 percent lower than the second estimate, and the third estimate for 2013 was 5.6 percent lower than the second estimate. Revisions from the second estimates to the third estimates largely result from identifying dividends unreported on BEA's quarterly direct investment surveys that were reported on BEA's annual surveys.

(5.) Rickey Rogers, Mergers and Acquisitions Review: Financial Advisors, Full Year 2015 (Thomson Reuters, 2016). Most of the growth in global merger and acquisition activity involved U.S. targets rather than foreign targets.

6. For more information about the effects of holding companies on the outward investment series, see the "Technical Note" in Maria Borga and Raymond J. Mataloni Jr., "Direct Investment Positions for 2000: Country and Industry Detail," SURVEY 81 (July 2001): 23-25.

7. This convention follows international statistical guidelines in the Balance of Payments and International Investment Position Manual, sixth edition (Washington, DC: International Monetary Fund, 2009).

(8.) At yearend 2015, these six industry groups accounted for 62.5 percent of the equity position on foreign direct investment in the United States. The Quarterly Financial Report presents balance sheet and income statement data for all U.S. businesses in these six groups.

(9.) The estimates for 2015 presented here are the second in a series of four estimates for 2015. Recent experience has shown that subsequent estimates of reinvestment of earnings could be revised downward; for example, the third estimate of reinvestment of earnings in 2014 was 1.3 percent lower than the second estimate, the third estimate of reinvestment of earnings in 2013 was 9.8 percent lower than the second estimate, and the fourth estimate of reinvestment of earnings in 2012 was 3.5 percent lower than the second estimate. Revisions from the second estimates to the third estimates largely result from identifying dividends unreported on BEA's quarterly direct investment surveys that were reported on BEA's annual surveys. Revisions from the third estimate to the fourth estimate result from matching dividends with those reported on the 2012 benchmark survey.

(10.) This convention follows guidelines in the International Monetary Fund's Balance of Payments and International Investment Position Manual.

(11.) The UBO is defined as the entity that ultimately owns or controls an affiliate and thus ultimately derives the benefits and assumes the risks from owning or controlling an affiliate. The UBO is often, but not always, the same as the foreign or U.S. parent.

(12.) The statistics classified by country of foreign parent and by country of UBO for both the direct investment position and direct investment income will be available in late July on BEA's Web site. BEA also regularly publishes detailed tabulations that compare statistics in table 16 of the "Detailed Historical-Cost Positions and Related Financial Transactions and Income Flows" report in the September SURVEY. This September, preliminary statistics for 2015 and revised statistics for 2012-2014 will be published.

(13.) For a summary of research on the effects of taxation on multinational firms, see Mihir A. Desai, Fritz C. Foley, and James R. Hines, "Taxation and Multinational Activity: New Evidence, New Interpretations," SURVEY 86 (February 2006): 16-22.

(14.) See Jessica M. Hanson, Howard I. Krakower, Raymond J. Mataloni Jr., and Kate L.S. Pinard, "The Effects of Corporate Inversions on the International and National Economic Accounts," SURVEY 95 (February 2015).

Table A. Direct Investment Positions on a Historical-Cost Basis,
1982-2015

         Billions of dollars           Percent change
                                       from preceding year
Yearend  Outward        Inward         Outward       Inward
         position (1)   position (2)   position (1)  position (2)

1982       207.8          124.7
1983       212.2          137.1         2.1           9.9
1984       218.1          164.6         2.8          20.1
1985       238.4          184.6         9.3          12.2
1986       270.5          220.4        13.5          19.4
1987       326.3          263.4        20.6          19.5
1988       347.2          314.8         6.4          19.5
1989       381.8          368.9        10.0          17.2
1990       430.5          394.9        12.8           7.0
1991       467.8          419.1         8.7           6.1
1992       502.1          423.1         7.3           1.0
1993       564.3          467.4        12.4          10.5
1994       612.9          480.7        (3)           (3)
1995       699.0          535.6        14.1          11.4
1996       795.2          598.0        13.8          11.7
1997       871.3          681.8         9.6          14.0
1998     1,000.7          778.4       914.8          14.2
1999     1,216.0          955.7        21.5          22.8
2000     1,316.2        1,256.9         8.2          31.5
2001     1,460.4        1,344.0        10.9           6.9
2002     1,616.5        1,327.2        10.7          -1.3
2003     1,769.6        1,395.2         9.5           5.1
2004     2,160.8        1,520.3        22.1           9.0
2005     2,241.7        1,634.1         3.7           7.5
2006     2,477.3        1,840.5        10.5          12.6
2007     2,994.0        1,993.2        (4)           (4)
2008     3,232.5        2,046.7         8.0           2.7
2009     3,565.0        2,069.4        10.3           1.1
2010     3,741.9        2,280.0         5.0          10.2
2011     4,050.0        2,433.8         8.2           6.7
2012     4,410.0        2,584.7 (r)     8.9           6.2
2013     4,579.7 (r)    2,727.8 (r)     3.8           5.5
2014     4,829.4 (r)    2,913.3 (r)     5.5           6.8
2015     5,040.6 (p)    3,134.2 (p)     4.4           7.6

(p) Preliminary
(r) Revised
(1.) U.S. direct investment position abroad.
(2.) Foreign direct investment position in the United States.
(3.) The direct investment positions reflect a discontinuity between
1993 and 1994 because of the reclassification of debt instruments
between parent companies and affiliates that are nondepository
financial intermediaries from direct investment to other investment
accounts.
(4.) The direct investment positions reflect a discontinuity between
2006 and 2007 because of the reclassification of permanent debt between
affiliated depository institutions from direct investment to other
investment accounts

Table B. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Component
[Billions of dollars]

                                                          2014   2015

Total change in position during period                    249.7  211.2
Financial transactions without current-cost adjustment    292.3  303.2
Equity                                                    320.9  297.0
Reinvestment of earnings without current-cost adjustment  314.5  285.0
Equity other than reinvestment of earnings                  6.5   12.0
Increases                                                  91.9   66.0
Decreases                                                  85.4   54.0
Debt instruments                                          -28.7    6.1
Other changes in position                                 -42.6  -92.0
Capital gains and losses of affiliates                      8.3  -17.0
Translation adjustments                                   -76.4  -92.1
Other changes in volume and valuation                      25.5   17.2

Table C. Outward Direct Investment Position on a Historical-Cost Basis
by Account for Selected Countries, 2015
[Billions of dollars]


                                         Total    Equity (1)



All countries                            5,040.6  4,846.0
Canada                                     352.9    335.5
Europe                                   2,949.2  2,815.2
Of which:
Netherlands                                858.1    813.4
United Kingdom                             593.0    548.1
Luxembourg                                 503.0    471.6
Ireland                                    343.4    322.9
Switzerland                                155.2    166.9
Germany                                    108.1    112.6
Latin America and Other
Western Hemisphere                         847.6    857.8
Of which:
Bermuda                                    269.3    324.2
United Kingdom Islands, Caribbean (2)      257.3    235.1
Mexico                                      92.8     86.7
Africa                                      64.0     63.7
Of which:
Egypt                                       23.3      0.5
Middle East                                 22.8      0.7
Of which:
United Arab Emirates                        15.6      2.9
Asia and Pacific                            12.8      9.0
Of which:
Singapore                                  228.7    222.1
Australia                                  167.4    105.4
Japan                                      108.5    120.1
China                                       74.6     68.7
Hong Kong                                   64.0     61.3
Korea, Republic of                          34.6     32.4
India                                       28.3     28.6

                                               Debt instruments
                                        Net    U.S.          U.S.
                                               parents'      parents'
                                               receivables   payables

All countries                           194.6   742.8         548.2
Canada                                   17.5    46.1          28.6
Europe                                  134.1   415.3         281.3
Of which:
Netherlands                              44.7    67.7          22.9
United Kingdom                           45.0   102.0          57.1
Luxembourg                               31.4    70.4          39.0
Ireland                                  20.5    87.6          67.1
Switzerland                             -11.7    17.5          29.2
Germany                                  -4.5    14.3          18.8
Latin America and Other
Western Hemisphere                      -10.2   106.1         116.3
Of which:
Bermuda                                 -54.9    25.3          80.3
United Kingdom Islands, Caribbean (2)    22.1    30.0           7.8
Mexico                                    6.2    13.8           7.6
Africa                                    0.3    12.8          12.5
Of which:
Egypt                                     0.2    60.9          15.8
Middle East                              48.5   -12.3          28.1
Of which:
United Arab Emirates                      6.1   713.0         146.7
Asia and Pacific                        778.3    65.3          81.3
Of which:
Singapore                                 6.6    17.6          11.0
Australia                                62.0    76.2          14.2
Japan                                   -11.5     6.9          18.4
China                                     5.9    14.7           8.8
Hong Kong                                 2.8     9.7           6.9
Korea, Republic of                        2.2     4.1           1.9
India                                    -0.3     4.4           4.7

(1.) Includes capital stock, additional paid-in capital, retained
earnings, and cumulative translation adjustments.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Table D. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Country of Foreign Affiliate, 2015

                                                         Change
                                       Billions of dollars  Percent

All countries                          211.2                  4.4
Canada                                  -5.5                 -1.5
Europe                                 175.8                  6.3
Of which:
Ireland                                 63.7                 22.8
Netherlands                             60.9                  7.6
United Kingdom                          30.0                  5.3
Switzerland                             13.8                  9.8
Luxembourg                              11.5                  2.3
Germany                                  3.9                  3.7
Latin America and Other
Western Hemisphere                      13.4                  1.6
Of which:
United Kingdom Islands, Caribbean (1)   15.1                  6.2
Mexico                                   3.2                  3.5
Bermuda                                  2.0                  0.7
Africa                                  -3.5                 -5.2
Of which:
Angola                                  -1.8                -98.7
Middle East                             -0.9                 -1.8
Asia and Pacific                        32.0                  4.3
Of which:
Singapore                               21.7                 10.5
Japan                                    8.5                  8.5
China                                    7.1                 10.5
Hong Kong                                3.6                  5.9
India                                    1.2                  4.4
Korea, Republic of                       1.1                  3.3
Australia                               -9.5                 -5.4

(1.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Table E. Outward Direct Investment Position on a Historical-Cost
Basis and Value Added by Country of Foreign Affiliate, 2013

                                                     Share
                                        Outward position  Value added

All countries                            100.0             100.0
Canada                                     8.1               9.9
Europe                                    56.9              47.2
Of which:
United Kingdom                            11.7              11.1
Ireland                                    4.8               5.5
Switzerland                                2.8               3.4
Netherlands                               16.2               1.3
Luxembourg                                10.0               0.5
Latin America and Other
Western Hemisphere                        17.2              12.4
Of which:
Mexico                                     1.9               3.2
Bermuda                                    5.6               0.8
United Kingdom Islands, Caribbean (1)      4.8               0.7
Africa                                     1.3               4.4
Middle East                                1.0               2.7
Asia and Pacific                          15.5              23.3

Table F. Inward Direct Investment Position on a Historical-Cost
Basis by Account for Selected Countries, 2015
[Billions of dollars]


                           Total      Equity (1)    Net



All countries              3,134.2    2,542.3        591.9
Canada                       269.0      253.7         15.3
Europe
Of which:                  2,162.8    1,648.8        514.0
United Kingdom               483.8      389.8         94.1
Luxembourg                   328.4      201.6        126.8
Netherlands                  282.5      207.8         74.7
Switzerland                  257.9      118.1        139.8
Germany                      255.5      225.6         29.9
France                       233.8      213.7         20.1
Latin America and Other
Western Hemisphere           118.8      146.5        -27.7
Of which:
United Kingdom Islands,
Caribbean (2)                 93.0       80.1         12.9
Africa                         0.7        1.5         -0.8
Middle East                   18.5       12.5          5.9
Of which:
Israel                         7.4        4.4          3.0
Asia and Pacific             564.4      479.2         85.2
Of which:
Japan                        411.2      366.6         44.6
Australia                     42.3       39.6          2.7
Korea, Republic of            40.1       27.0         13.2

                           Debt instruments
                           U.S.            U.S.
                           affiliates'     affiliates'
                           receivables     payables

All countries
Canada                     1,016.3         424.4
Europe                        41.6          26.4
Of which:
United Kingdom               793.7         279.7
Luxembourg                   161.8          67.8
Netherlands                  152.7          25.9
Switzerland                  100.4          25.6
Germany                      172.9          33.2
France                        50.4          20.5
Latin America and Other       38.0          17.9
Western Hemisphere
Of which:                     62.2          89.9
United Kingdom Islands,
Caribbean (2)
Africa                        44.7          31.7
Middle East                    1.0           1.8
Of which:                      8.2           2.3
Israel
Asia and Pacific               4.6           1.6
Of which:                    109.6          24.3
Japan
Australia                     53.6           8.9
Korea, Republic of             5.6           2.8
                              14.7           1.5

(1.) Includes capital stock, additional paid-in capital,
retained earnings, and cumulative translation adjustments.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Table G. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Component
[Billions of dollars]

                                              2014       2015

Total change in position during period         185.5     220.9
Financial transactions without
current-cost adjustment                        171.6     348.4
Equity                                         107.4     296.2
Reinvestment of earnings
without current-cost adjustment                 92.8      77.9
Equity other than reinvestment of earnings      14.6     218.4
Increases                                      194.9     252.7
Decreases                                     -180.4     -34.3
Debt instruments                                64.2      52.2
Other changes in position                       13.9    -127.5
Capital gains and losses of affiliates          -9.9     -40.7
Translation adjustments                         -3.9      -3.3
Other changes in volume and valuation           27.8     -83.5

Table H. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Country of Each Member of the Foreign Parent
Group, 2015

                                                         Change
                                         Billions of dollars   Percent

All countries                              220.9                  7.6
Canada                                      11.8                  4.6
Europe                                     179.6                  9.1
Of which:
Luxembourg                                 102.8                 45.6
Germany                                     27.6                 12.1
United Kingdom                              25.1                  5.5
France                                      21.1                  9.9
Switzerland                                  9.0                  3.6
Italy                                        4.6                 19.0
Gibraltar                                    4.5                155.0
Spain                                        3.0                  5.1
Sweden                                       2.9                  6.6
Netherlands                                  1.8                  0.6
Hungary                                     -6.5                -32.9
Belgium                                     -7.4                 -8.5
Ireland                                    -11.7                -46.6
Latin America and Other
Western Hemisphere                          -1.2                 -1.0
Of which:
United Kingdom Islands, Caribbean (1)        2.3                  2.6
Chile                                        1.3                149.5
Bermuda                                     -5.6                  (*)
Africa                                      -0.1                -17.1
Middle East                                  1.8                 10.6
Of which:
Israel                                       1.3                 20.7
Asia and Pacific                            29.0                  5.4
Of which:
Japan                                       29.2                  7.6
China                                        5.0                 50.6
Taiwan                                       0.9                 14.1
India                                        0.3                  3.7
Korea, Republic of                           0.2                  0.5
Singapore                                   -1.1                 -5.4
Australia                                   -6.6                -13.4

(*) Undefined.
(1.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Table I. Inward Direct Investment Position on a Historical-Cost Basis
by Country of Foreign Parent Group Member and the UBO, 2015 1
[Billions of dollars]

                                               By country of each
                                               member of the
                                               foreign parent group

All countries                                   3,134.2
Canada                                            269.0
Europe                                          2,162.8
Of which:
France                                            233.8
Germany                                           255.5
Ireland                                            13.5
Luxembourg                                        328.4
Netherlands                                       282.5
Switzerland                                       257.9
United Kingdom                                    483.8
Latin America and Other Western Hemisphere        118.8
Of which:
Bermuda (2)                                        -5.5
Mexico                                             16.6
United Kingdom Islands, Caribbean (3)              93.0
Africa                                              0.7
Of which:
South Africa                                       -0.7
Middle East                                        18.5
Asia and Pacific                                  564.4
Of which:
China                                              14.8
Hong Kong                                          11.1
Japan                                             411.2
United States

                                                By country of UBO



All countries                                    3,134.2
Canada                                             341.9
Europe                                           1,917.4
Of which:
France                                             251.4
Germany                                            319.0
Ireland                                            200.5
Luxembourg                                          15.5
Netherlands                                        137.4
Switzerland                                        143.5
United Kingdom                                     568.9
Latin America and Other Western Hemisphere         137.2
Of which:
Bermuda (2)                                         27.6
Mexico                                              35.5
United Kingdom Islands, Caribbean (3)               14.2
Africa                                               2.2
Of which:
South Africa                                         1.7
Middle East                                         68.5
Asia and Pacific                                   590.0
Of which:
China                                               20.8
Hong Kong                                           14.5
Japan                                              414.0
United States                                       77.0

(1.) The ultimate beneficial owner (UBO) is that person, proceeding up
a U.S. affiliate's ownership chain, beginning with and including the
foreign parent, that is not owned more than 50 percent by another
person. The country of UBO is often the same as that of the foreign
parent, but it may be a different foreign country or the United States.
(2.) A negative direct investment position may result when affiliates'
financial claims on direct investors exceed direct investors' claims on
their affiliates. Typically, a negative position will result from debt
transactions in which affiliates act as net lenders to their foreign
parents.
(3.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.

Table 1.1. U.S. Direct Investment Position Abroad on a Historical-Cost
Basis, 2014
[Millions of dollars]

                                                Manufacturing
                          All         Mining    Total    Food
                          industries





All countries             4,829,425   220,570   635,826  66,589
Canada                      358,452    28,138   109,161  13,450
Europe (1)                2,773,447    28,592   300,748  30,361
Austria                      16,359         7     2,809     (D)
Belgium                      47,515       (D)    27,620   1,860
Czech Republic                6,554         0     3,611     916
Denmark                      13,800       446     3,500     (D)
Finland                       2,643         0       909     (D)
France                       78,421         1    21,707   1,570
Germany                     104,242        92    28,312     926
Greece                         -482         0     1,053     (D)
Hungary                       6,086       (D)       631     (D)
Ireland                     279,730       (D)    26,635     443
Italy                        24,328       244     8,641     (D)
Luxembourg                  491,456       (D)    15,771   1,269
Netherlands                 797,251     1,387    52,946   5,378
Norway                       34,540     5,718     1,246       2
Poland                       11,374        17     4,199     (D)
Portugal                      2,089       (*)       481     (D)
Russia                        9,277       (D)     4,069   2,763
Spain                        35,738       (D)    13,092   1,732
Sweden                       25,738         0     3,944   1,060
Switzerland                 141,371       (D)    29,690     154
Turkey                        3,700         4     2,147     (D)
United Kingdom              563,055     9,392    45,428   8,122
Other                        78,660     2,569     2,308     730
Latin America and Other
Western Hemisphere          834,197    53,779    65,430   7,972
South America               140,717    28,796    41,595   3,905
Argentina                    13,094       764     3,381     323
Brazil                       72,497     6,736    25,357   2,049
Chile                        27,070    12,244     5,048      61
Colombia                      7,102     2,823     1,410     157
Ecuador                         576       498       253      58
Peru                          6,445       (D)       647     (D)
Venezuela                    11,344       935     4,862   1,172
Other                         2,588       (D)       639     (D)
Central America             100,750     9,309    31,307   3,878
Costa Rica                    1,497         0     1,728      72
Honduras                        741         0       365     (D)
Mexico                       89,650     9,315    27,927   3,602
Panama                        4,616       (D)       204     (D)
Other                         4,245       (D)     1,082      57
Other Western Hemisphere    592,731    15,674    -7,472     189
Barbados                     14,149        27       (D)     (D)
Bermuda                     267,374       (D)    -9,229       0
Dominican Republic            1,213         0       720     (D)
United Kingdom Islands,
Caribbean (2)               242,142     9,545       180     (D)
Other                        67,853       (D)       (D)      32
Africa                       67,588    43,251     4,719     (D)
Egypt                        24,135       (D)       (D)     (D)
Nigeria                       4,924     2,619       275     (D)
South Africa                  6,144        72     2,885     (D)
Other                        32,384       (D)       (D)      34
Middle East                  49,400    16,046     9,431     (D)
Israel                        9,705       (D)     6,060     (D)
Saudi Arabia                  9,502       970       802     (D)
United Arab Emirates         15,330     6,580     1,507       0
Other                        14,862       (D)     1,061      17
Asia and Pacific            746,341    50,764   146,336  13,535
Australia                   176,881    30,848    14,976   4,541
China                        67,500     3,284    36,843   4,041
Hong Kong                    60,466         3     4,425      35
India                        27,140       448     5,712     803
Indonesia                    13,709     9,089       481     (D)
Japan                       100,077         4    19,400     612
Korea, Republic of           33,453       (D)    13,129     938
Malaysia                     15,172       (D)     4,250     (D)
New Zealand                   7,563       163     1,681     (D)
Philippines                   4,549        21     1,874     (D)
Singapore                   206,958       822    29,793     151
Taiwan                       14,778         1     5,432     (D)
Thailand                     11,669        40     7,651     701
Other                         6,425       (D)       689     (D)
Addenda:
European Union (28) (3)   2,512,972    19,459   263,308  26,840
OPEC (4)                     62,725    22,865     8,850   1,245

                                      Manufacturing
                          Chemicals   Primary     Machinery  Computers
                                      and                    and
                                      fabricated             electronic
                                      metals                 products



All countries               139,887    27,881      45,824     90,196
Canada                       12,922     5,424       4,061      6,329
Europe (1)                   84,576    14,941      26,936     35,328
Austria                         115       (D)         275      1,385
Belgium                      15,654       172         563      3,632
Czech Republic                  214       124         374        203
Denmark                         106       (D)         456      1,437
Finland                          64         4         (D)         22
France                        2,589     3,645       1,715      1,668
Germany                       3,776     1,158       5,582      4,626
Greece                          105         0          10         13
Hungary                         163       (D)        -147         91
Ireland                      18,554       167         147      3,125
Italy                         1,042       545       1,152      1,581
Luxembourg                      -46       (D)         (D)        525
Netherlands                  14,845       806       3,304      4,238
Norway                          150       (D)         453        114
Poland                          399       225          83        237
Portugal                        111       -17         (D)        126
Russia                          489        38         358         94
Spain                         5,307       -90         138      2,010
Sweden                          252       235         852        393
Switzerland                  13,340       -21       2,407      2,832
Turkey                          652       (D)         210        (D)
United Kingdom                6,492     3,670       6,422      6,732
Other                           205       292          56        (D)
Latin America and Other
Western Hemisphere           10,428     2,634       3,846        418
South America                14,080       (D)       3,000      1,706
Argentina                     1,441       (D)         171       -258
Brazil                        8,395       859       2,534      1,649
Chile                         1,813         1         (D)        190
Colombia                        531       -75          13         37
Ecuador                         (D)       (*)         (*)          2
Peru                            141       (*)          16         31
Venezuela                     1,630        11         -13         39
Other                           (D)       (D)         (D)         15
Central America                 (D)     1,292         817     -2,238
Costa Rica                      218         8           0        241
Honduras                         -5         0           0        (*)
Mexico                        5,998     1,284         813     -2,640
Panama                          118         0         (D)          4
Other                           (D)         0         (D)        156
Other Western Hemisphere        (D)       (D)          29        950
Barbados                        (*)         0           0          0
Bermuda                         (D)         0         (D)        (D)
Dominican Republic               86       (D)         (*)        (*)
United Kingdom Islands,
Caribbean (2)                     0         0           0        (D)
Other                           -20       (D)         (D)          0
Africa                        1,066       (D)         596       -176
Egypt                           105        -1         102        (D)
Nigeria                         (D)         0         199        (D)
South Africa                    719       138         186         98
Other                           (D)       (D)         109        (D)
Middle East                   2,669       (D)         884      3,113
Israel                          771         0         387      3,080
Saudi Arabia                    (D)       (D)         (D)        (D)
United Arab Emirates            664       (D)         400        (D)
Other                           (D)       (D)         (D)          1
Asia and Pacific             28,226     4,492       9,501     45,185
Australia                     2,202       226       1,648        778
China                         8,273     2,017       3,389      5,687
Hong Kong                       765       (D)          74      2,525
India                         1,347       107         789        650
Indonesia                       424         2          46          2
Japan                         3,499       250       1,131      6,534
Korea, Republic of            1,540       258          -8      3,818
Malaysia                        622       103         387      1,630
New Zealand                     174         7         111         91
Philippines                     366       (*)          38        526
Singapore                     5,350       646       1,255     20,270
Taiwan                        1,257       (D)         175      3,334
Thailand                      2,238       (D)         458       -482
Other                           170       (D)                   -179
Addenda:
European Union (28) (3)      69,907    14,493      23,505     32,122
OPEC (4)                      3,766       171         713         86

                                      Manufacturing
                            Electrical    Transportation   Other
                            equipment,    equipment        manufacturing
                            appliances,
                            and
                            components


All countries               13,446         53,705          198,297
Canada                       2,359          9,727           54,888
Europe (1)                   5,604         17,522           85,480
Austria                        (D)            191              423
Belgium                          1            562            5,178
Czech Republic                   4          1,197              577
Denmark                          5              3            1,219
Finland                          9            (D)              242
France                         222            900            9,399
Germany                        935          5,076            6,233
Greece                           0              0              (D)
Hungary                        (D)            847               34
Ireland                        206            (D)              (D)
Italy                          (D)            577            2,264
Luxembourg                     (D)            (*)              (D)
Netherlands                  1,009            138           23,228
Norway                         (D)            (D)               10
Poland                         (D)          1,376              248
Portugal                       (*)            135               94
Russia                         (D)             78              (D)
Spain                          109          2,708            1,178
Sweden                         193            343              617
Switzerland                    955            925            9,098
Turkey                           0            312              531
United Kingdom               1,309          1,269           11,411
Other                           72            572              (D)
Latin America and Other
Western Hemisphere           2,165         12,115           25,852
South America                  (D)          2,983           14,514
Argentina                      (D)            592            1,054
Brazil                          94          1,690            8,087
Chile                           -4            (D)            2,604
Colombia                       (D)            (D)              479
Ecuador                          0            (D)               96
Peru                             1              0              (D)
Venezuela                      (D)            296              (D)
Other                            2              1              (D)
Central America              1,424          9,142              (D)
Costa Rica                     201              0              987
Honduras                         0             -3              (D)
Mexico                       1,213          9,145            8,514
Panama                         (D)              0              (D)
Other                          (D)              0              (D)
Other Western Hemisphere       (D)            -11              (D)
Barbados                         0            (*)                0
Bermuda                        (D)            -10                5
Dominican Republic               0              0              508
United Kingdom Islands,
Caribbean (2)                    0             -1              (D)
Other                            0              0              (D)
Africa                          -2            (D)            1,132
Egypt                           10             45              (D)
Nigeria                        (*)              0              (D)
South Africa                    -5            727              (D)
Other                           -7            (D)              512
Middle East                      3            (D)            2,146
Israel                          -1            (D)            1,522
Saudi Arabia                   (*)            (D)              290
United Arab Emirates             4              0              (D)
Other                            0              0              (D)
Asia and Pacific             3,316         13,283           28,799
Australia                      176          1,644            3,761
China                          718          6,488            6,230
Hong Kong                      363            (D)              582
India                          992             16            1,007
Indonesia                      (D)            (D)              180
Japan                          (D)          1,191              (D)
Korea, Republic of              57          2,417            4,109
Malaysia                        29            (D)              778
New Zealand                     12              6              (D)
Philippines                    (D)           -150              541
Singapore                      132            982            1,007
Taiwan                         -60            (D)              515
Thailand                       (D)            572              (D)
Other                            1             70              324
Addenda:
European Union (28) (3)      4,562         16,222           75,657
OPEC (4)                       (D)            418              (D)


                           Wholesale   Information   Depository
                           trade                     institutions





All countries               228,157      166,581      123,958
Canada                       23,758        7,667        3,499
Europe (1)                   81,285      110,053       67,961
Austria                         804           78          (D)
Belgium                       6,149          438          (D)
Czech Republic                  223          175          (D)
Denmark                       1,441        1,275           -4
Finland                         210          907          (D)
France                        5,440        2,870        2,637
Germany                      14,366        6,111        2,579
Greece                          185           47          (D)
Hungary                         605          523          (D)
Ireland                         797       36,716          (D)
Italy                         3,666        1,999        1,864
Luxembourg                       62        1,919          (D)
Netherlands                  15,449       14,211          (D)
Norway                          324        2,127          (D)
Poland                        1,971          221          (D)
Portugal                        658           87           -1
Russia                          574          495          (D)
Spain                         2,841        1,540          (D)
Sweden                        1,844        1,339          (D)
Switzerland                  11,981        7,755        2,205
Turkey                          435           27          (D)
United Kingdom               10,106       28,789       16,016
Other                         1,153          402          (D)
Latin America and Other
Western Hemisphere           30,061       16,943       18,683
South America                 7,469        8,836          (D)
Argentina                       941        1,586          948
Brazil                        3,637        5,549          (D)
Chile                         1,239          185          (D)
Colombia                        509           41          (D)
Ecuador                         168            5          (D)
Peru                            272           56          (D)
Venezuela                       449          (D)            0
Other                           255          (D)          (D)
Central America               3,372        1,332          (D)
Costa Rica                     -310           54          (D)
Honduras                         24            3          (D)
Mexico                        3,240        1,261          908
Panama                          415           -3          (D)
Other                             2           17          (D)
Other Western Hemisphere     19,220        6,776        9,678
Barbados                        (D)           12            0
Bermuda                         (D)        2,733          202
Dominican Republic               33           56          (D)
United Kingdom Islands,
Caribbean (2)                   797        3,319        8,438
Other                         1,003          655          (D)
Africa                        2,351          177          (D)
Egypt                           228            2          (D)
Nigeria                         (D)            2          (D)
South Africa                    850           60          (D)
Other                           (D)          113          (D)
Middle East                   2,462        2,007          (D)
Israel                          455        1,432          (D)
Saudi Arabia                    381           51           -1
United Arab Emirates          1,639          (D)          (D)
Other                           -13          (D)          (D)
Asia and Pacific             88,240       29,734       30,369
Australia                     7,703        5,855          403
China                         6,207        1,760        4,044
Hong Kong                    17,483        7,734        1,516
India                         4,032         -950          (D)
Indonesia                       182           70          (D)
Japan                         8,662        6,483        3,369
Korea, Republic of            1,478          500          (D)
Malaysia                        469           12          487
New Zealand                     325          326          (D)
Philippines                     406          -48          (D)
Singapore                    37,035        7,695          518
Taiwan                        3,226          243          (D)
Thailand                        772           28          (D)
Other                           259           25          420
Addenda:
European Union (28) (3)      67,689       99,587       62,148
OPEC (4)                      2,840        1,703          (D)


                             Finance         Professional,
                             (except         scientific,
                             depository      and
                             institutions)   technical
                             and             services
                             insurance

All countries                619,481         110,357
Canada                        51,093           8,892
Europe (1)                   239,579          66,096
Austria                          919             141
Belgium                        7,389           2,037
Czech Republic                    59             162
Denmark                          139             (*)
Finland                            2             424
France                        18,506           3,642
Germany                       14,300           5,554
Greece                          -281              45
Hungary                        2,004              64
Ireland                       19,520          13,936
Italy                          2,861             361
Luxembourg                    14,969             926
Netherlands                   43,436           4,560
Norway                         2,073             114
Poland                           433             233
Portugal                         377             (D)
Russia                            28             328
Spain                          2,982             329
Sweden                         2,452             672
Switzerland                   17,583           3,114
Turkey                           (D)              32
United Kingdom               126,457          28,334
Other                            (D)             (D)
Latin America and Other
Western Hemisphere           194,001           4,028
South America                 20,318           2,302
Argentina                        955              40
Brazil                        10,958           1,198
Chile                          5,625             519
Colombia                         918             305
Ecuador                           69             (D)
Peru                             (D)             (D)
Venezuela                      1,188             597
Other                            (D)              81
Central America               13,711             772
Costa Rica                       (D)              91
Honduras                         (D)             (*)
Mexico                        10,664             588
Panama                           518              77
Other                            (D)              16
Other Western Hemisphere     159,972             954
Barbados                       3,673               4
Bermuda                       35,188             292
Dominican Republic               (*)             (D)
United Kingdom Islands,
Caribbean (2)                 83,418             533
Other                         37,692             (D)
Africa                         3,155           1,244
Egypt                             87             (D)
Nigeria                            1               1
South Africa                     352             550
Other                          2,715             (D)
Middle East                    3,025           1,963
Israel                           156             940
Saudi Arabia                      15              93
United Arab Emirates             (D)             560
Other                            (D)             370
Asia and Pacific             128,628          28,133
Australia                     32,616           8,815
China                          3,417           1,596
Hong Kong                      5,845           2,199
India                          2,987           9,662
Indonesia                        654             -14
Japan                         51,545           2,232
Korea, Republic of             6,476             343
Malaysia                       2,502             830
New Zealand                    2,307             423
Philippines                      224             476
Singapore                     18,185             888
Taiwan                         1,252             167
Thailand                         269             487
Other                            349              28
Addenda:
European Union (28) (3)      217,633          62,415
OPEC (4)                       3,828           1,001


                            Holding       Other
                            companies     industries
                            (nonbank)




All countries               2,412,855     311,640
Canada                         84,871      41,372
Europe (1)                  1,698,468     180,664
Austria                           (D)         (D)
Belgium                           771         (D)
Czech Republic                    (D)         (D)
Denmark                         6,339         663
Finland                            54         (D)
France                         13,659       9,959
Germany                        33,165        -238
Greece                            (*)         (D)
Hungary                           265         607
Ireland                       148,876         (D)
Italy                             349       4,344
Luxembourg                    436,925       8,367
Netherlands                   637,243         (D)
Norway                         21,058         (D)
Poland                              7         (D)
Portugal                           49         (D)
Russia                            210         536
Spain                           9,878       3,653
Sweden                         13,045         (D)
Switzerland                    44,764         (D)
Turkey                             -2         134
United Kingdom                255,460      43,073
Other                             (D)       2,005
Latin America and Other
Western Hemisphere            406,079      45,193
South America                  19,792         (D)
Argentina                         (D)         (D)
Brazil                         12,285         (D)
Chile                             579         (D)
Colombia                          254         (D)
Ecuador                             6         (D)
Peru                              (D)         144
Venezuela                       1,777         (D)
Other                              1          280
Central America                26,385         (D)
Costa Rica                         19        -527
Honduras                           11          53
Mexico                         24,067      11,678
Panama                          2,262       1,101
Other                              27         (D)
Other Western Hemisphere      359,901      28,028
Barbados                        1,877         (D)
Bermuda                       205,530         (D)
Dominican Republic                  0         (D)
United Kingdom Islands,
Caribbean (2)                 132,448       3,464
Other                          20,047         851
Africa                          8,703         (D)
Egypt                             190          43
Nigeria                           (D)        -184
South Africa                      312         (D)
Other                             (D)       1,460
Middle East                    11,868         (D)
Israel                            (D)         423
Saudi Arabia                    6,991         201
United Arab Emirates              (D)       1,145
Other                             (D)         (D)
Asia and Pacific              202,865      41,272
Australia                      66,832       8,833
China                           2,855       7,495
Hong Kong                      17,834       3,427
India                             166         (D)
Indonesia                       2,355         (D)
Japan                           3,309       5,072
Korea, Republic of                (D)       1,680
Malaysia                          432         (D)
New Zealand                     1,223         (D)
Philippines                       368         (D)
Singapore                     106,482       5,540
Taiwan                            125         (D)
Thailand                          353         (D)
Other                             (D)       3,420
Addenda:
European Union (28) (3)     1,567,961     152,772
OPEC (4)                       18,062         (D)

(*) A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
(1.) In 2014, the euro area included Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For
2014, the U.S. direct investment position in the euro area was
$1,883,306 million.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.
(3.) The European Union (28) comprises Austria, Belgium, Bulgaria,
Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
(4.) OPEC is the Organization of Petroleum Exporting Countries. In
2014, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
NOTE. Estimates for 2014 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a Historical-Cost
Basis, 2015
[Millions of dollars]

                                                    Manufacturing
                           All          Mining     Total      Food
                           industries





All countries              5,040,648    212,650    660,809    58,958
Canada                       352,928     22,352    109,938    13,211
Europe (1)                 2,949,235     30,710    309,718    25,472
Austria                       17,275          4      2,725       (D)
Belgium                       45,087        (D)     28,649     1,486
Czech Republic                 5,831          0      3,655       (D)
Denmark                       14,398        469      3,472       (D)
Finland                        1,177          0       -553       (D)
France                        78,282        (D)     21,001     1,625
Germany                      108,094        288     30,120       876
Greece                          -608          0      1,067        57
Hungary                        6,398        (D)      1,083       (D)
Ireland                      343,382        (D)     23,876       469
Italy                         22,499        276      7,629       449
Luxembourg                   502,998        (D)     17,623     1,021
Netherlands                  858,102      1,289     55,338     4,269
Norway                        33,588      5,955      1,084       (D)
Poland                        11,038        (D)      4,035       (D)
Portugal                       2,042        (*)        414       (D)
Russia                         9,201        (D)      3,760       (D)
Spain                         35,794        (D)     12,951     1,117
Sweden                        24,981         -1      3,422       674
Switzerland                  155,221        (D)     33,962        68
Turkey                         3,661          6      2,193       (D)
United Kingdom               593,028      8,218     49,929     8,396
Other                         77,766      2,541      2,281       366
Latin America and Other
Western Hemisphere           847,571     56,503     64,045     6,663
South America                130,944     30,037     33,483     2,726
Argentina                     13,323        684      3,064       313
Brazil                        65,272      7,428     19,647     1,568
Chile                         27,331     12,765      5,286        51
Colombia                       6,157      2,621      1,122        82
Ecuador                          429        521        160       (D)
Peru                           6,859        (D)        613       -12
Venezuela                      9,068        726      2,948       (D)
Other                          2,506        (D)        642       (D)
Central America              103,485      9,841     35,440     3,748
Costa Rica                     1,521          0      1,683        70
Honduras                       1,175          0        842       (D)
Mexico                        92,812      9,842     31,841     3,467
Panama                         4,055        (D)        131       (D)
Other                          3,921        (D)        942        49
Other Western Hemisphere     613,142     16,625     -4,878       190
Barbados                      14,894         25        (D)       (D)
Bermuda                      269,329        (D)     -6,700         0
Dominican Republic             1,357          0        833        68
United Kingdom Islands,
Caribbean (2)                257,256      9,696        221       (D)
Other                         70,306        (D)        (D)        33
Africa                        64,040     39,865      4,440       (D)
Egypt                         23,326        (D)        365       (D)
Nigeria                        5,521      2,763        357       (D)
South Africa                   5,604        -93      2,734       196
Other                         29,589        (D)        984         1
Middle East                   48,525     13,201     10,515       (D)
Israel                        10,297        -10      6,696       (D)
Saudi Arabia                  10,509      1,272        938         2
United Arab Emirates          15,622      7,190      1,727         0
Other                         12,097      4,749      1,154        12
Asia and Pacific             778,349     50,020    162,153    12,489
Australia                    167,401     29,655     15,315     4,299
China                         74,560      3,325     42,442     3,673
Hong Kong                     64,049          3      4,475        32
India                         28,335        565      5,603       597
Indonesia                     13,546      9,998        134       (D)
Japan                        108,535          4     22,593       667
Korea, Republic of            34,564        (D)     14,190       903
Malaysia                      13,959        (D)      4,318       (D)
New Zealand                    7,176        141      1,424       (D)
Philippines                    4,724         16      1,954       (D)
Singapore                    228,666      1,302     35,966       378
Taiwan                        15,005          1      5,445       (D)
Thailand                      11,295        140      7,544       736
Other                          6,533        693        752        86
Addenda:
European Union (28) (3)    2,677,085     19,091    268,680    22,593
OPEC (4)                      58,162     19,707      7,351       712

                                         Manufacturing
                          Chemicals  Primary     Machinery  Computers
                                     and                    and
                                     fabricated             electronic
                                     metals                 products



All countries             145,860    29,071      46,245     100,558
Canada                     13,003     5,756       3,297       7,469
Europe (1)                 88,246    15,766      27,469      37,374
Austria                        26       (D)         298       1,249
Belgium                    16,353       160         498       4,091
Czech Republic                207       132         320         197
Denmark                       119       (D)         552       1,418
Finland                        46         4         (D)         (D)
France                      3,247     2,990       1,735       1,769
Germany                     3,667     1,159       5,609       4,498
Greece                         98         0          10          14
Hungary                       276         1          35         104
Ireland                    16,006       183          98       2,350
Italy                       1,068       619         833       1,530
Luxembourg                    276       (D)         (D)         902
Netherlands                16,377       832       3,731       4,225
Norway                        291       (D)         284         123
Poland                        325       195         111         243
Portugal                      108       -36         (D)         101
Russia                        475       (D)         297         152
Spain                       5,413       -75         141       2,248
Sweden                          6       254         762         384
Switzerland                15,683       -35       2,686       3,057
Turkey                        529         0         209         (D)
United Kingdom              7,471     3,564       6,968       9,755
Other                         178       309          64          85
Latin America and Other
Western Hemisphere         10,025     2,584       3,443        -637
South America              11,673       (D)       2,483       1,174
Argentina                   1,366       (D)         172         (D)
Brazil                      6,695       836       1,891       1,144
Chile                       1,857         1         (D)         233
Colombia                      578       (D)          -1          60
Ecuador                        40       (*)         (*)           2
Peru                          122         3         121         (D)
Venezuela                     956        13         -28          23
Other                          59       (*)         (D)         (D)
Central America               (D)     1,308         (D)      -2,779
Costa Rica                    272         8           0         232
Honduras                      -15         0           0         (*)
Mexico                      5,659     1,299         868      -3,050
Panama                        119         0           1           4
Other                         (D)         0         (D)          35
Other Western Hemisphere      (D)       (D)         (D)         968
Barbados                      (*)         0           0           0
Bermuda                       (D)       (*)         (D)         (D)
Dominican Republic             31       (D)         (*)         (*)
United Kingdom Islands,
Caribbean (2)                   0         0         (D)         (D)
Other                         -26       (D)           5           0
Africa                      1,083       (D)         689        -236
Egypt                         128        -1         101         (D)
Nigeria                        30         0         289         (D)
South Africa                  691       144         199          89
Other                         234       (D)          98         (D)
Middle East                 3,130       (D)         890       3,271
Israel                        866         0         416       3,193
Saudi Arabia                  428       (D)         123         (D)
United Arab Emirates          (D)       (D)         (D)         (D)
Other                         (D)       (D)         (D)           1
Asia and Pacific           30,373     4,568      10,459      53,316
Australia                   2,205       278       1,801       1,495
China                       9,540     1,964       3,778       6,929
Hong Kong                   1,058       (D)        -100       2,443
India                       1,092       132         972         810
Indonesia                     414         2          40           2
Japan                       3,547       245       1,048       6,807
Korea, Republic of          2,054       253          91       3,966
Malaysia                      682        78         473       1,620
New Zealand                   185         7         126          97
Philippines                   339       (D)          45         558
Singapore                   5,660       664       1,614      25,639
Taiwan                      1,162       (D)         185       3,575
Thailand                    2,285       (D)         377        -493
Other                         151       (D)           9        -134
Addenda:
European Union (28) (3)    71,243    15,345      23,993      33,777
OPEC (4)                    3,462       157         770         114

                                  Manufacturing
                          Electrical   Transportation  Other
                          equipment,   equipment       manufacturing
                          appliances,
                          and
                          components


All countries               14,718       61,367          204,033
Canada                       2,692        9,280           55,230
Europe (1)                   5,963       22,655           86,773
Austria                        (D)          258              479
Belgium                          3          666            5,392
Czech Republic                   5        1,566              (D)
Denmark                          5            3            1,194
Finland                         10          (D)              259
France                         238        1,020            8,378
Germany                      1,213        7,438            5,659
Greece                           0            0              889
Hungary                        (D)          701               54
Ireland                        175          (D)              (D)
Italy                          (D)          635              (D)
Luxembourg                     (D)          (D)            8,781
Netherlands                  1,581           61           24,263
Norway                         (D)           -3              (D)
Poland                         (D)        1,490              211
Portugal                       (*)          172               68
Russia                         (D)          (D)               97
Spain                          102        2,714            1,290
Sweden                         188          475              679
Switzerland                    449         (D)               (D)
Turkey                           0          408              504
United Kingdom               1,230        2,185           10,360
Other                          (D)        1,048              (D)
Latin America and Other
Western Hemisphere           2,536       12,872           26,559
South America                  (D)        1,670           12,324
Argentina                      (D)          301            1,179
Brazil                         143          491            6,879
Chile                          (D)          (D)            2,535
Colombia                        37          147              (D)
Ecuador                          0           32              (D)
Peru                             1            0              (D)
Venezuela                      (D)          (D)              462
Other                            2            3              (D)
Central America              1,634       11,209           13,338
Costa Rica                     216            0              885
Honduras                         0          (D)              (D)
Mexico                       1,408          (D)              (D)
Panama                         (D)            0              (D)
Other                          (D)            0              (D)
Other Western Hemisphere       (D)           -7              897
Barbados                         0          (D)                0
Bermuda                        (D)          (D)              (D)
Dominican Republic               0            0              (D)
United Kingdom Islands,
Caribbean (2)                    0            0              (D)
Other                            0            0              (D)
Africa                         -24          (D)            1,083
Egypt                          (D)           42              (D)
Nigeria                        (*)            0                6
South Africa                   -16          796              635
Other                          (D)          (D)              (D)
Middle East                      3          (D)            2,406
Israel                          -1          (D)            1,777
Saudi Arabia                   (*)          (D)              275
United Arab Emirates             4            0              299
Other                            0            0               55
Asia and Pacific             3,549       15,418           31,982
Australia                      165        1,250            3,822
China                          589        9,361            6,608
Hong Kong                      373          (D)              615
India                          985         -113            1,128
Indonesia                      (D)          (D)                4
Japan                          (D)          922              (D)
Korea, Republic of             (D)        2,653              (D)
Malaysia                        26          (D)              842
New Zealand                     12            4              (D)
Philippines                    (D)         -146              504
Singapore                      179          991              840
Taiwan                          99          (D)              275
Thailand                       (D)          378              (D)
Other                            1           66              (D)
Addenda:
European Union (28) (3)      5,408       20,890           75,431
OPEC (4)                       (D)          536              (D)


                             Wholesale  Information  Depository
                             trade                   institutions





All countries                  229,305    180,275      112,835
Canada                          23,940      7,865        3,349
Europe (1)                      79,805    117,899       66,328
Austria                            863        109          (D)
Belgium                          5,977        502          (D)
Czech Republic                     183        190          (D)
Denmark                          1,483      1,393          (D)
Finland                            153        878          (D)
France                           5,235      2,934        2,363
Germany                         12,003      6,010        2,490
Greece                              31         47          (D)
Hungary                            717        614          (D)
Ireland                          1,395     40,019          (D)
Italy                            3,811      2,272        1,164
Luxembourg                         209      2,183          (D)
Netherlands                     14,879     15,514          (D)
Norway                             191      2,158          (D)
Poland                           2,036        244          (D)
Portugal                           739         98           -1
Russia                             459        608          (D)
Spain                            3,029      1,621          (D)
Sweden                           2,177      1,247          (D)
Switzerland                     12,012      8,564        2,245
Turkey                             579        -33          (D)
United Kingdom                  10,529     30,317       16,835
Other                            1,112        410          (D)
Latin America and Other
Western Hemisphere              29,465     20,736        8,703
South America                    6,658      9,936          (D)
Argentina                        1,149      1,767          (D)
Brazil                           3,021      6,114          (D)
Chile                            1,070        402          (D)
Colombia                           541        -86          (D)
Ecuador                            167          5          (D)
Peru                               194         57          (D)
Venezuela                          330        (D)            0
Other                              187        (D)          (D)
Central America                  3,271      2,929          (D)
Costa Rica                        -309         57          (D)
Honduras                            -6          3          (D)
Mexico                           3,280      2,824          823
Panama                             320         28          (D)
Other                              -13         17          (D)
Other Western Hemisphere        19,535      7,871          108
Barbados                           (D)         12            0
Bermuda                            (D)      3,629          210
Dominican Republic                  34         56          (D)
United Kingdom Islands,
Caribbean (2)                      895      3,280       -1,287
Other                              (D)        894          (D)
Africa                           2,378        759          (D)
Egypt                              (D)        (D)          (D)
Nigeria                            (D)        (D)          (D)
South Africa                       704         21          (D)
Other                              (D)        (D)          (D)
Middle East                      2,375      2,028          (D)
Israel                             449      1,338          (D)
Saudi Arabia                       282        (D)           -3
United Arab Emirates             1,669        (D)          (D)
Other                              -25         85          (D)
Asia and Pacific                91,342     30,988       30,931
Australia                        7,278      5,602          391
China                            6,046      2,194        4,255
Hong Kong                       18,146      7,967        2,060
India                            3,819      1,013          (D)
Indonesia                          189         76          (D)
Japan                            8,546      7,370          (D)
Korea, Republic of               1,631        175          (D)
Malaysia                           407         30          489
New Zealand                        413        328          (D)
Philippines                        371        -23          (D)
Singapore                       40,071      7,932          735
Taiwan                           3,397        301        3,395
Thailand                           769         22          723
Other                              259         25          412
Addenda:
European Union (28) (3)         66,267    106,537       60,860
OPEC (4)                         2,690      2,647          (D)


                            Finance        Professional,
                            (except        scientific,
                            depository     and
                            institutions)  technical
                            and            services
                            insurance

All countries               613,941          116,009
Canada                       45,900            8,109
Europe (1)                  254,899           70,805
Austria                       1,087              154
Belgium                       4,562            1,602
Czech Republic                   64              165
Denmark                         219              -17
Finland                           6              496
France                       17,028            4,219
Germany                      14,677            4,526
Greece                         -329               36
Hungary                       1,936               69
Ireland                       8,472           12,162
Italy                         2,628              466
Luxembourg                   13,252              943
Netherlands                  40,899            6,602
Norway                          600              103
Poland                          382              222
Portugal                        350              (D)
Russia                           25              376
Spain                         3,263              428
Sweden                        2,274              718
Switzerland                  18,345            4,398
Turkey                          (D)               22
United Kingdom              122,662           31,977
Other                           (D)              (D)
Latin America and Other
Western Hemisphere          188,470            3,234
South America                18,900            2,117
Argentina                       863                4
Brazil                        9,900              777
Chile                         5,673              440
Colombia                        755              400
Ecuador                          63              (D)
Peru                            (D)              (D)
Venezuela                     1,106              912
Other                           (D)               79
Central America              12,137              496
Costa Rica                      (D)               93
Honduras                        (D)              (*)
Mexico                        9,281              348
Panama                          529               40
Other                           (D)               16
Other Western Hemisphere    157,433              620
Barbados                      3,512                4
Bermuda                      30,894              282
Dominican Republic              (*)              (D)
United Kingdom Islands,
Caribbean (2)                81,004              212
Other                        42,022              (D)
Africa                        3,102            1,437
Egypt                           (D)              (D)
Nigeria                           1                1
South Africa                    243              495
Other                           (D)              (D)
Middle East                   2,242            1,972
Israel                          151              892
Saudi Arabia                     27              111
United Arab Emirates          1,766              590
Other                           298              378
Asia and Pacific            119,328           30,453
Australia                    19,697            8,733
China                         3,002            1,702
Hong Kong                     6,166            2,383
India                         2,633           11,044
Indonesia                       459               31
Japan                        53,690            2,722
Korea, Republic of            6,887              435
Malaysia                      2,302              842
New Zealand                   2,253              403
Philippines                     237              516
Singapore                    19,688              922
Taiwan                        1,441              205
Thailand                        389              473
Other                           485               41
Addenda:
European Union (28) (3)     233,501           65,803
OPEC (4)                      2,963            1,317


                              Holding      Other
                              companies    industries
                              (nonbank)




All countries                 2,582,215     332,608
Canada                           86,542      44,933
Europe (1)                    1,824,458     194,612
Austria                             (D)         (D)
Belgium                             793         (D)
Czech Republic                      (D)         153
Denmark                           6,745         (D)
Finland                              62         (D)
France                           17,030         (D)
Germany                          37,564         416
Greece                                0         (D)
Hungary                             248         (D)
Ireland                         174,721         (D)
Italy                               392       3,859
Luxembourg                      447,108       9,005
Netherlands                     693,917         (D)
Norway                           21,735         (D)
Poland                               10         (D)
Portugal                             52         (D)
Russia                              (D)         467
Spain                            10,958       2,061
Sweden                           12,896         (D)
Switzerland                      49,083         (D)
Turkey                               -2         116
United Kingdom                  274,789      47,773
Other                            64,539         (D)
Latin America and Other
Western Hemisphere              431,846      44,569
South America                    19,381         (D)
Argentina                           (D)         -70
Brazil                           12,298         (D)
Chile                               444         (D)
Colombia                            122         (D)
Ecuador                               6         (D)
Peru                                (D)         166
Venezuela                         1,354         (D)
Other                                17         301
Central America                  25,113         (D)
Costa Rica                           19        -500
Honduras                             11          46
Mexico                           22,725      11,849
Panama                            2,331         628
Other                                26         (D)
Other Western Hemisphere        387,353      28,474
Barbados                          1,912         (D)
Bermuda                         206,311      23,083
Dominican Republic                    4         215
United Kingdom Islands,
Caribbean (2)                   159,847       3,386
Other                            19,278         (D)
Africa                            8,396         (D)
Egypt                               (D)         (D)
Nigeria                             (D)        -266
South Africa                        321         (D)
Other                               (D)       1,112
Middle East                      12,958         (D)
Israel                              (D)         455
Saudi Arabia                        (D)         328
United Arab Emirates                (D)       1,114
Other                               (D)         (D)
Asia and Pacific                218,013      45,121
Australia                        72,897       7,832
China                             3,464       8,130
Hong Kong                        18,654       4,195
India                               214         (D)
Indonesia                         1,875         (D)
Japan                             3,432         (D)
Korea, Republic of                  (D)       1,921
Malaysia                            424         (D)
New Zealand                       1,173         (D)
Philippines                         410         (D)
Singapore                       114,775       7,274
Taiwan                               63         757
Thailand                            119       1,116
Other                               (D)         (D)
Addenda:
European Union (28) (3)       1,689,514     166,831
OPEC (4)                         18,157         (D)

(*) A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
(1.) In 2015, the euro area included Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and
Spain. For 2015, the U.S. direct investment position in the euro area
was $2,018,316 million.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.
(3.) The European Union (28) comprises Austria, Belgium, Bulgaria,
Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
(4.) OPEC is the Organization of Petroleum Exporting Countries.
In 2015, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
NOTE. Estimate by country and industry for 2015 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United States on a
Historical-Cost Basis, 2014
[Millions of dollars]

                                                       Manufacturing
                                 All
                             industries    Total     Food  Chemicals




     All countries           2,913,304   1,068,182  79,382   369,735
Canada                         257,142      52,938   3,799    18,345
Europe (1)                   1,983,202     821,439  58,733   321,989
  Austria                        6,962       3,208     (D)        16
  Belgium                       87,571      48,153     (D)    21,767
  Denmark                       13,286       3,520     (D)       654
  Finland                        9,070       2,001     (D)       (D)
  France                       212,726      88,890   1,754    44,410
  Germany                      227,900      72,782     318    17,978
  Ireland                       25,184       6,371     (D)     3,199
  Italy                         24,082       6,035     441       934
  Luxembourg                   225,597      90,935   3,605    68,647
  Netherlands                  280,739     148,860     (D)    41,984
  Norway                        19,647       1,495       1       (D)
  Spain                         58,923       7,548     (D)       (D)
  Sweden                        44,042      31,416       2       (D)
  Switzerland                  248,823     116,500  16,525    34,277
  United Kingdom               458,727     169,788   7,177    64,685
  Other                         39,923      23,938   6,165     3,409
Latin America and Other
  Western Hemisphere           119,962      35,011  12,045       281
  South and Central America     25,648       7,770   2,678      -142
    Brazil                       1,443         139     -82      -376
    Mexico                      16,567       4,332     (D)       179
    Panama                       2,350         882       0       (D)
    Venezuela                    3,927         (D)     (D)       (D)
    Other                        1,361         (D)     (D)       (D)
  Other Western Hemisphere      94,314      27,241   9,367       423
    Bahamas                        818         (D)       2       (D)
    Bermuda                        115       7,846     (D)      -364
    Curacao                      1,844         (D)      -3       (D)
    United Kingdom Islands,
      Caribbean (2)             90,705      18,774     (D)       562
    Other                          831         202      -2       (D)
Africa                             853        -126      -5       -22
  South Africa                    -507         -50      -4       -14
  Other                          1,360         -76      -1        -8
Middle East                     16,691       2,549      77     2,302
  Israel                         6,173       2,664      77     2,233
  Kuwait                         1,072           4       0         0
  Lebanon                          -19           0       0         0
  Saudi Arabia                     (D)           6     (*)       (D)
  United Arab Emirates           2,840         -76       0       (D)
  Other                            (D)         -48      0         0
Asia and Pacific               535,454     156,371   4,733    26,841
  Australia                     48,856      10,589     867       (D)
  China                          9,853       2,608     -22       153
  Hong Kong                     10,524       2,363     (D)       (D)
  India                          8,924       1,147     (D)       588
  Japan                        382,032     121,406   3,242    18,314
  Korea, Republic of            39,923       5,405     (D)       (D)
  Malaysia                       1,154         201       6        -1
  New Zealand                    1,047         294       8       (D)
  Singapore                     20,528       9,621     (D)      -118
  Taiwan                         6,108       2,446      -1       (D)
  Other                          6,506         290     -10       -26
Addenda:
  European Union (28) (3)    1,700,811     697,828  42,185   284,915
  OPEC (4)                      14,824       2,455     (D)        29

                                  Manufacturing
                                Primary                  Computers
                                and                      and
                                fabricated   Machinery   electronic
                                metals                   products


     All countries                56,154     81,446      47,354
Canada                             4,471       -318         604
Europe (1)                        39,623     52,956      28,579
  Austria                            568        594          -1
  Belgium                            641      2,279          10
  Denmark                            (D)      1,322         (D)
  Finland                            (D)      1,542           7
  France                           2,253        (D)       2,396
  Germany                          7,321     12,329         764
  Ireland                            (D)       -642         (D)
  Italy                              342        874         (D)
  Luxembourg                       4,602        430         (D)
  Netherlands                        547        (D)      15,517
  Norway                             (D)         17          -4
  Spain                              (D)        (D)         (D)
  Sweden                           1,663      3,787         (D)
  Switzerland                      1,471      3,614         353
  United Kingdom                  11,574      3,253       4,336
  Other                            5,366         35          71
Latin America and Other
  Western Hemisphere               1,497        (D)      -1,449
  South and Central America          (D)       -287        -153
    Brazil                           190       -115        -108
    Mexico                           840       -119         -48
    Panama                           (D)          2         (*)
    Venezuela                         -5        (D)         (D)
    Other                             57        (D)         (D)
  Other Western Hemisphere           (D)        (D)      -1,296
    Bahamas                          (D)          0         (*)
    Bermuda                          (D)        (D)         (D)
    Curacao                            0        (*)           1
    United Kingdom Islands,
      Caribbean (2)                  (D)        (D)         (D)
    Other                              0          0         (D)
Africa                               (D)          6          -6
  South Africa                         1        (D)          -2
  Other                              (D)        (D)          -4
Middle East                          (D)        (D)         158
  Israel                             (D)        (D)         172
  Kuwait                               0          0         (*)
  Lebanon                              0          0           0
  Saudi Arabia                       (D)        (*)         (*)
  United Arab Emirates                -1        (D)         (D)
  Other                                0         -3         (D)
Asia and Pacific                  10,595        (D)      19,467
  Australia                        1,297        (*)         -24
  China                            1,125        583          30
  Hong Kong                           -3         29         (D)
  India                                8          5          40
  Japan                            7,680     13,943       8,966
  Korea, Republic of                 496        (D)          20
  Malaysia                           (*)         20         (D)
  New Zealand                        (D)        (*)          -1
  Singapore                           19        (D)         (D)
  Taiwan                               6        (D)         107
  Other                              (D)        -11           8
Addenda:
  European Union (28) (3)         34,360     49,322      28,222
  OPEC (4)                           -61        -27         (D)

                                       Manufacturing
                             Electrical
                             equipment,   Trans-         Other   Whole-
                             appliances,  portation      manu-     sale
                                and       equipment  facturing    trade
                             components

     All countries                39,465    117,064    277,582    339,94
Canada                              -316     10,339     16,014     7,503
Europe (1)                        37,308     57,687    224,565    164,15
  Austria                              3         27        (D)       (D)
  Belgium                            (D)        (D)        (D)    23,068
  Denmark                              4          9        (D)     5,890
  Finland                            (D)        (D)        199     5,366
  France                             (D)      7,406     16,256    15,819
  Germany                            947     24,508      8,617    22,882
  Ireland                            (D)          0        (D)       (D)
  Italy                              (D)        -41      2,157     2,122
  Luxembourg                         (D)        858        (D)     9,374
  Netherlands                        (D)      2,944     36,071    15,675
  Norway                             (D)        (D)        (D)    14,432
  Spain                               22        509      1,420        77
  Sweden                             (D)      2,191      4,126       (D)
  Switzerland                        (D)        150        (D)    21,943
  United Kingdom                     (D)     17,081        (D)    25,024
  Other                              (D)      1,113        (D)       888
Latin America and Other
  Western Hemisphere                 170      1,890        (D)     8,866
  South and Central America          (D)        289      4,384       942
    Brazil                           -37        713        -47      -984
    Mexico                           -17       -316        (D)     1,396
    Panama                           (*)          3        (D)       -15
    Venezuela                         -6        (D)        (D)       (D)
    Other                            (D)        (D)         43       (D)
  Other Western Hemisphere           (D)      1,601        (D)     7,924
    Bahamas                            0          1        (*)       (D)
    Bermuda                            0          0        616       (D)
    Curacao                            0          0        384       (D)
    United Kingdom Islands,
      Caribbean (2)                  (D)      1,600      2,669    13,560
    Other                              0          0        (D)       529
Africa                               (D)        (D)        -67       (D)
  South Africa                        -1        (D)        (D)       (D)
  Other                              (D)         -2        (D)       183
Middle East                          (D)        (D)        -83       (D)
  Israel                              -1        (D)          1       420
  Kuwait                             (D)        (D)        (*)         0
  Lebanon                              0          0          0       (*)
  Saudi Arabia                       (D)          0        (D)       (D)
  United Arab Emirates               (D)         -1        -42       (D)
  Other                                0          0        (D)       (D)
Asia and Pacific                   2,347     47,110        (D)   153,846
  Australia                          (D)        -29        (D)     3,870
  China                               32        656         51      -171
  Hong Kong                          (D)         27        -65     2,247
  India                              (D)        (*)        (D)       209
  Japan                            1,913     44,306     23,042   116,991
  Korea, Republic of                  -3      1,221      1,139    26,477
  Malaysia                             2         -4        (D)       420
  New Zealand                         -4        (D)         -1       606
  Singapore                           46        (D)        294     2,474
  Taiwan                             (D)         13        (D)       474
  Other                              (D)        182         62       249
Addenda:
  European Union (28) (3)            (D)     57,492        (D)   126,953
  OPEC (4)                           -48        -43        (D)       (D)



                                 Retail      Infor    Depository
                                 trade      mation    institutions



     All countries               60,319    178,464       202,810
Canada                            7,737      4,779        44,967
Europe (1)                       43,767    138,745       118,073
  Austria                           (D)          4           (D)
  Belgium                           (D)        (D)           (D)
  Denmark                            -1          8             0
  Finland                           (*)        (*)           (D)
  France                          4,850        (D)        19,352
  Germany                           (D)        (D)        19,148
  Ireland                           (D)        (D)           -49
  Italy                           4,990        139           (D)
  Luxembourg                        956     20,223             0
  Netherlands                     3,788     10,292           (D)
  Norway                            (*)        (D)           (D)
  Spain                             (D)         83        16,750
  Sweden                             98        (D)           (D)
  Switzerland                       (D)     12,532           (D)
  United Kingdom                  3,428     22,289        57,329
  Other                             (D)        554           619
Latin America and Other
  Western Hemisphere                (D)      1,011         5,782
  South and Central America         (D)       -410         5,136
    Brazil                          (*)        -51         1,209
    Mexico                          122       -339         1,126
    Panama                           24          1           (D)
    Venezuela                       (D)          3         1,337
    Other                           (D)        -24           (D)
  Other Western Hemisphere        1,987      1,421           646
    Bahamas                           0        (*)           (D)
    Bermuda                           6        156             0
    Curacao                         (D)        (D)           (D)
    United Kingdom Islands,
      Caribbean (2)               1,887      1,203           (D)
    Other                           (D)        (D)             8
Africa                              (D)        (D)           (D)
  South Africa                      (D)        (*)             0
  Other                               0        (D)           (D)
Middle East                         (D)        (D)           (D)
  Israel                            (D)        (D)         1,760
  Kuwait                              0        (*)           (D)
  Lebanon                             0          0             0
  Saudi Arabia                        0          2           (D)
  United Arab Emirates              (*)        (D)           (D)
  Other                             (D)        (D)           (D)
Asia and Pacific                  6,601     33,040        32,113
  Australia                         (D)         -8         2,011
  China                             -15        157         2,632
  Hong Kong                          10        (D)           653
  India                               0        (D)         1,403
  Japan                           6,371     31,425        21,799
  Korea, Republic of                  1        (D)         1,020
  Malaysia                            0          1           (D)
  New Zealand                       (*)          2             0
  Singapore                         (D)       -294           476
  Taiwan                            (D)         97         1,780
  Other                              -2          8           (D)
Addenda:
  European Union (28) (3)        33,944    126,042       115,270
  OPEC (4)                          (D)        154         1,536

                                Finance        Real      Professional,
                                (except        estate    scientific,
                                depository     and       and
                                nstitutions)   rental    technical
                                and            and       services
                                insurance      leasing

     All countries                  378,821    63,598        126,071
Canada                               56,414     8,038          5,111
Europe (1)                          253,390    31,855        103,802
  Austria                                 3       (D)            -15
  Belgium                               (D)       120            321
  Denmark                                 1        34             12
  Finland                               (*)         2            (D)
  France                             32,037       778          5,597
  Germany                            21,726     8,376            (D)
  Ireland                             4,109       (D)            (D)
  Italy                                 (D)       146            (D)
  Luxembourg                         26,918     1,565         27,445
  Netherlands                        45,943     5,621          6,416
  Norway                                (D)     1,695            748
  Spain                                 (D)       335            435
  Sweden                                135       (D)            (D)
  Switzerland                        49,385       (D)            512
  United Kingdom                     52,895     1,741         32,462
  Other                                  22     4,157              4
Latin America and Other
  Western Hemisphere                  8,169     9,961          4,338
  South and Central America           1,373     1,127            -31
    Brazil                            1,011        59            -74
    Mexico                              249       344             75
    Panama                              114       604             -1
    Venezuela                           (*)        17            -12
    Other                                -1       103            -17
  Other Western Hemisphere            6,795     8,835          4,369
    Bahamas                             118        65            (D)
    Bermuda                         -12,733     1,316          3,281
    Curacao                              17       395            (D)
    United Kingdom Islands,
      Caribbean (2)                  19,386     6,645            556
    Other                                 6       414            (D)
Africa                                    9       527            (D)
  South Africa                          (D)         2            (D)
  Other                                 (D)       525            115
Middle East                           2,548     1,642            (D)
  Israel                                (D)       579            -70
  Kuwait                                (D)     1,077              0
  Lebanon                               (*)       (D)              2
  Saudi Arabia                            0        30            (D)
  United Arab Emirates                  (D)       (D)            -16
  Other                                 (D)       (D)            (D)
Asia and Pacific                     58,291    11,574         13,667
  Australia                           4,552     1,068            997
  China                                 (D)       (D)           -106
  Hong Kong                              14       332            128
  India                                 (D)       (*)          3,060
  Japan                              45,580     9,113          9,125
  Korea, Republic of                    521       142             68
  Malaysia                              (D)       (D)             24
  New Zealand                             2        72             16
  Singapore                             (D)         7            332
  Taiwan                                (D)        18              8
  Other                                 (D)        61             15
Addenda:
  European Union (28) (3)           203,935    27,672        102,548
  OPEC (4)                            2,435     1,067            -38


                                     Other
                                 industries




     All countries                 495,099
Canada                              69,655
Europe (1)                         307,977
  Austria                               46
  Belgium                            7,467
  Denmark                            3,822
  Finland                              (D)
  France                               (D)
  Germany                           17,812
  Ireland                            2,991
  Italy                              5,932
  Luxembourg                        48,181
  Netherlands                          (D)
  Norway                               (D)
  Spain                             16,234
  Sweden                             2,844
  Switzerland                       37,659
  United Kingdom                    93,772
  Other                                (D)
Latin America and Other
  Western Hemisphere                   (D)
  South and Central America            (D)
    Brazil                             133
    Mexico                           9,264
    Panama                             (D)
    Venezuela                         -110
    Other                             -344
  Other Western Hemisphere          35,097
    Bahamas                            315
    Bermuda                            (D)
    Curacao                            641
    United Kingdom Islands,
      Caribbean (2)                    (D)
    Other                             -585
Africa                                 (D)
  South Africa                         128
  Other                                (D)
Middle East                          2,155
  Israel                              -225
  Kuwait                               (D)
  Lebanon                              (D)
  Saudi Arabia                           7
  United Arab Emirates                 602
  Other                              1,842
Asia and Pacific                    69,951
  Australia                            (D)
  China                              3,907
  Hong Kong                            (D)
  India                                (D)
  Japan                             20,222
  Korea, Republic of                   (D)
  Malaysia                              92
  New Zealand                           54
  Singapore                            (D)
  Taiwan                             1,253
  Other                              5,523
Addenda:
  European Union (28) (3)          266,620
  OPEC (4)                             (D)

(*) A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
(1.) In 2014, the euro area included Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For
2014, the euro area direct investment position in the United States
was $1,163,652 million.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.
(3.) The European Union (28) comprises Austria, Belgium, Bulgaria,
Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
(4.) OPEC is the Organization of Petroleum Exporting Countries. In
2014, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
NOTE. Estimates for 2014 are revised.

Table 2.2. Foreign Direct Investment Position in the United States on a
Historical-Cost Basis, 2015
[Millions of dollars]

                                                      Manufacturing
                               All
                             industries     Total     Food  Chemicals




      All countries           3,134,199  1,222,850  78,320    475,692
Canada                          268,972     52,509   4,517     21,332
Europe (1)                    2,162,845    964,731  55,673    417,839
  Austria                         7,116      3,147     (D)        (D)
  Belgium                        80,134     45,549     (D)     18,158
  Denmark                        14,274      4,493     (D)        638
  Finland                         9,833      2,064     (D)        (D)
  France                        233,844     96,712   2,180     48,374
  Germany                       255,471     96,655     333     19,052
  Ireland                        13,455     -8,191     (D)     11,356
  Italy                          28,648      7,253     473        999
  Luxembourg                    328,400    202,311   4,062    144,155
  Netherlands                   282,525    143,325     (D)     37,530
  Norway                         20,771      2,141       1        (D)
  Spain                          61,947      9,727     (D)        (D)
  Sweden                         46,928     32,668       3        (D)
  Switzerland                   257,859    117,449     (D)        (D)
  United Kingdom                483,841    187,947   6,672     70,193
  Other                          37,799     21,481   3,165      6,991
Latin America and Other
  Western Hemisphere            118,796     37,017  13,843      1,232
  South and Central America      26,245      8,256   3,193       -312
    Brazil                          431        491     (D)       -474
    Mexico                       16,597      3,759     (D)         16
    Panama                        2,653        (D)       0        (D)
    Venezuela                     4,182        (D)      -9        (D)
    Other                         2,383        -60     -27        -41
Other Western Hemisphere         92,551     28,761  10,650      1,543
  Bahamas                         1,834         11       2          0
  Bermuda                        -5,467      7,984     (D)        (D)
  Curacao                         1,468        170      -3        (D)
  United Kingdom Islands,
    Caribbean (2)                93,023     20,456     (D)        (D)
  Other                           1,693        139      -2        (D)
Africa                              707        -29     -11        -48
  South Africa                     -657        -57     (D)        -16
  Other                           1,364         28     (D)        -32
Middle East                      18,468      3,908      77      3,752
  Israel                          7,448      4,098      77      3,703
  Kuwait                          1,112          3       0          0
  Lebanon                           -14        (D)       0          0
  Saudi Arabia                      (D)        -91       0        (D)
  United Arab Emirates            3,008        (D)       0        (D)
  Other                             (D)        -67       0        (*)
Asia and Pacific                564,411    164,714   4,220     31,586
  Australia                      42,301     12,167     (D)        (D)
  China                          14,838      3,237     -21        143
  Hong Kong                      11,102      1,887     (D)        (D)
  India                           9,250        784     (D)        230
  Japan                         411,201    128,344   3,288     22,328
  Korea, Republic of             40,130      5,902     (D)        (D)
  Malaysia                        1,279        301     (D)         -2
  New Zealand                       585       -167      10          2
  Singapore                      19,423      8,746     (D)        -29
  Taiwan                          6,968      2,845     (*)        (D)
  Other                           7,333        668       5        -37
Addenda:
  European Union (28) (3)     1,866,471    835,735  31,004    371,906
  OPEC (4)                       15,719      2,786     (D)        (D)

                                                Manufacturing
                              Primary
                                and      Machinery  Computers
                             fabricated               and
                               metals               electronic
                                                     products

      All countries              58,160     92,433      58,399
Canada                            3,619       -602         923
Europe (1)                       40,586     65,609      37,881
  Austria                           557        535         (D)
  Belgium                           558      1,568         -66
  Denmark                           (D)      2,140         (D)
  Finland                           (D)      1,502          15
  France                          2,647        359       4,778
  Germany                         7,292     14,030         736
  Ireland                           272       -333         (D)
  Italy                             413      1,624         (D)
  Luxembourg                      4,500        (D)         (D)
  Netherlands                       435        (D)      17,163
  Norway                            (D)         16          -5
  Spain                             (D)        (D)         (D)
  Sweden                          1,451      4,085         (D)
  Switzerland                     1,458      3,562         396
  United Kingdom                 12,627      3,329       4,215
  Other                           4,972         15          68
Latin America and Other
  Western Hemisphere              1,648        (D)        -513
  South and Central America         (D)       -238        -108
    Brazil                          233       -139          -7
    Mexico                          879        -61         -77
    Panama                          (D)          3         (*)
    Venezuela                        -5          2          -1
    Other                            80        -42         -23
Other Western Hemisphere            (D)        (D)        -405
  Bahamas                           (D)          0         (*)
  Bermuda                           (D)        (D)         (D)
  Curacao                             0        (*)           1
  United Kingdom Islands,
    Caribbean (2)                   (D)        (D)       1,662
  Other                             (*)          0         (D)
Africa                              (D)         -5         (D)
  South Africa                        1        (D)          -2
  Other                             (D)        (D)         (D)
Middle East                         (D)         52         (D)

  Israel                            (D)        (D)         198
  Kuwait                              0          0         (D)
  Lebanon                             0          0           0
  Saudi Arabia                      (D)         -3          -1
  United Arab Emirates              (D)         -7         (*)
  Other                               0        (D)         (D)
Asia and Pacific                 12,394        (D)      19,812
  Australia                       1,946         36         -22
  China                             (D)         14         449
  Hong Kong                          -3         28         750
  India                               6        -21         130
  Japan                           8,571     14,298       9,055
  Korea, Republic of                555        (D)          26
  Malaysia                           -8        -10         (D)
  New Zealand                       (D)        (*)          -1
  Singapore                          14        -37         (D)
  Taiwan                             -3        (D)         106
  Other                             (D)         -5         (D)
Addenda:
  European Union (28) (3)        35,372     62,030      37,491
  OPEC (4)                         -118        (D)         (D)

                                           Manufacturing
                             Electrical
                             equipment,   Transportation          Other
                             appliances,       equipment  manufacturing
                                and
                             components

      All countries               36,521         141,118        282,207
Canada                              -311          10,771         12,259
Europe (1)                        34,604          81,929        230,610
  Austria                              1              22          1,860
  Belgium                            (D)             (D)            (D)
  Denmark                              3               9            364
  Finland                            (D)             (D)            183
  France                             (D)           8,535            (D)
  Germany                            416          43,740         11,056
  Ireland                            (D)               0            (D)
  Italy                                9             (D)          2,177
  Luxembourg                         (D)             816         36,221
  Netherlands                        (D)           2,452         37,071
  Norway                             (D)               8            (D)
  Spain                              (D)             607          1,496
  Sweden                             (D)           3,210          5,021
  Switzerland                        (D)             127         43,034
  United Kingdom                     (D)          20,552            (D)
  Other                               95           1,126          5,048
Latin America and Other
  Western Hemisphere                 (D)           1,266            (D)
  South and Central America         -113             (D)            (D)
    Brazil                           -41             740            (D)
    Mexico                           -27            -696            (D)
    Panama                           (*)               4            (D)
    Venezuela                        (D)              -3            (D)
    Other                            (D)             (D)             42
Other Western Hemisphere             (D)             (D)          3,570
  Bahamas                              0             (D)            (*)
  Bermuda                              0               0            708
  Curacao                              0               0            (D)
  United Kingdom Islands,
    Caribbean (2)                    (D)             (D)          2,665
  Other                                0               0            (D)
Africa                                 1              -5            -49
  South Africa                       (*)              -2             -9
  Other                                1              -2            -40
Middle East                          (D)              55           -112
  Israel                             (*)             (D)            -69
  Kuwait                             (D)               3            (D)
  Lebanon                              0             (D)              0
  Saudi Arabia                       (D)               0             -5
  United Arab Emirates                -9             (D)            -30
  Other                                0               0            (D)
Asia and Pacific                   2,364          47,102            (D)
  Australia                           -3             -16          2,979
  China                               56             642            (D)
  Hong Kong                          (D)             (D)            -48
  India                               -2               4            (D)
  Japan                            1,991          44,576         24,238
  Korea, Republic of                  -4           1,316          1,324
  Malaysia                             1              -1             14
  New Zealand                         -4             (D)              2
  Singapore                           51             (D)             91
  Taiwan                             (D)              18            (D)
  Other                               19             230             70
Addenda:
  European Union (28) (3)            (D)          81,767            (D)
  OPEC (4)                           (D)             (D)            (D)



                              Wholesale     Retail  Information
                                  trade      trade



      All countries             367,092     65,675      198,867
Canada                           19,496      7,716        6,283
Europe (1)                      180,808     48,315      157,739
  Austria                           (D)        (D)            6
  Belgium                        18,755        (D)          (D)
  Denmark                         6,006         -1            9
  Finland                         5,963        (*)          (*)
  France                         15,282      5,066          (D)
  Germany                        25,639        (D)          (D)
  Ireland                        -2,764        (D)          (D)
  Italy                           2,182      5,353          139
  Luxembourg                     14,303      1,947       23,139
  Netherlands                    25,395      4,792       13,169
  Norway                         15,313        (*)          (D)
  Spain                             102        (D)           97
  Sweden                            (D)        (D)          (D)
  Switzerland                    20,496        (D)       15,791
  United Kingdom                 27,795      4,980       29,702
  Other                             (D)        (D)          435
Latin America and Other
  Western Hemisphere              1,770        (D)        1,404
  South and Central America        -680        (D)          -96
    Brazil                       -2,160         -1          -44
    Mexico                        1,307        123          (D)
    Panama                          (D)         21            2
    Venezuela                       (D)        (D)          (D)
    Other                           (D)         42          (D)
Other Western Hemisphere          2,451      1,650        1,501
  Bahamas                           (D)          0          (*)
  Bermuda                           (D)          7          153
  Curacao                           (D)        (D)          (D)
  United Kingdom Islands,
    Caribbean (2)                 9,469      1,629        1,210
  Other                             535        (D)          (D)
Africa                              (D)        (D)            3
  South Africa                      (D)        (D)            3
  Other                             (D)          0            1
Middle East                         (D)        (D)          805
  Israel                            422        (D)          (D)
  Kuwait                              0          0          (*)
  Lebanon                           (*)          0            0
  Saudi Arabia                      (D)          0            2
  United Arab Emirates              (D)        (*)          (D)
  Other                             -68          1          (D)
Asia and Pacific                159,183      7,739       32,632
  Australia                       3,714        (D)           -2
  China                           1,115        -16          172
  Hong Kong                       2,616        (D)          (D)
  India                             131          0          238
  Japan                         121,766      7,255       30,798
  Korea, Republic of             26,500          1          (D)
  Malaysia                          472          0          (*)
  New Zealand                       615        (*)            1
  Singapore                       1,319        (D)         -282
  Taiwan                            530         51          119
  Other                             404         -4            3
Addenda:
  European Union (28) (3)       144,183     38,815      141,906
  OPEC (4)                          (D)        (D)          (D)

                                                Finance        Real
                                                (except       estate
                               Depository     depository       and
                              institutions   institutions)    rental
                                                 and           and
                                             insurance        leasing

      All countries                197,928         387,538     70,468
Canada                              49,889          61,873      8,674
Europe (1)                         105,629         240,624     35,591
  Austria                              (D)               3         32
  Belgium                              (D)             (D)        (D)
  Denmark                                0               1         34
  Finland                              (D)             (*)          2
  France                            20,343          36,333        855
  Germany                           19,274          19,772      9,897
  Ireland                                7           4,232        (D)
  Italy                                (D)             (D)        146
  Luxembourg                             0          18,581      1,517
  Netherlands                          (D)          29,892      6,799
  Norway                               (D)             (D)      1,711
  Spain                             16,356             (D)        609
  Sweden                               (D)             139        (D)
  Switzerland                          (D)          60,123      1,885
  United Kingdom                       (D)          51,428      3,922
  Other                                807             (D)      4,194
Latin America and Other
  Western Hemisphere                 6,969           7,301      9,711
  South and Central America          6,224           1,104      1,264
    Brazil                           1,299             724         61
    Mexico                           1,038             270        (D)
    Panama                             (D)             111        635
    Venezuela                        1,236             (D)        (D)
    Other                              (D)             (D)        (D)
Other Western Hemisphere               745           6,196      8,448
  Bahamas                              (D)             (D)        (D)
  Bermuda                                0         -14,432        723
  Curacao                              (D)              17        403
  United Kingdom Islands,
    Caribbean (2)                      (D)          19,445      6,638
  Other                                  8             (D)        (D)
Africa                                 (D)              10        517
  South Africa                           0             (D)          2
  Other                                (D)             (D)        515
Middle East                            (D)           2,712      1,706
  Israel                             1,891             (D)        579
  Kuwait                               (D)             (D)      1,140
  Lebanon                                0             (D)         19
  Saudi Arabia                         (D)               0         29
  United Arab Emirates                 (D)             (D)        (D)
  Other                                (D)             (D)        (D)
Asia and Pacific                    33,412          75,019     14,268
  Australia                          1,483           4,656      1,107
  China                              2,863             484      2,660
  Hong Kong                            724             -23        515
  India                              1,500             (D)        (*)
  Japan                             22,971          61,134      9,543
  Korea, Republic of                 1,085             550        (D)
  Malaysia                             (D)             (D)        (D)
  New Zealand                            0               2         72
  Singapore                            456             (D)          7
  Taiwan                             1,945             -13         19
  Other                                (D)             (D)         63
Addenda:
  European Union (28) (3)          102,920         180,422     31,351
  OPEC (4)                           1,454           2,563      1,131

                               Professional,
                                scientific,         Other
                                  and          industries
                                technical
                                services


      All countries                  145,491      478,291
Canada                                 6,874       55,659
Europe (1)                           120,492      308,914
  Austria                                -14           45
  Belgium                                299        7,361
  Denmark                                 31        3,701
  Finland                                (D)          (D)
  France                              10,191          (D)
  Germany                                (D)       18,491
  Ireland                                (D)        3,015
  Italy                                  (D)        2,780
  Luxembourg                          27,783       38,819
  Netherlands                          7,333          (D)
  Norway                                 (D)          (D)
  Spain                                  499       16,851
  Sweden                                 (D)        4,204
  Switzerland                            842       33,454
  United Kingdom                      34,649          (D)
  Other                                   88          (D)
Latin America and Other
  Western Hemisphere                   4,551          (D)
  South and Central America                2          (D)
    Brazil                               -41          103
    Mexico                                69        9,614
    Panama                                -2          705
    Venezuela                            (D)          (D)
    Other                                (D)          (D)
Other Western Hemisphere               4,549       38,251
  Bahamas                                (D)          436
  Bermuda                              3,491          (D)
  Curacao                                (D)          455
  United Kingdom Islands,
    Caribbean (2)                        531          (D)
  Other                                  (D)           20
Africa                                   (D)          (D)
  South Africa                           (D)           56
  Other                                  134          (D)
Middle East                              (D)        1,754
  Israel                                 -19         -693
  Kuwait                                   0          (D)
  Lebanon                                (D)          (D)
  Saudi Arabia                            -3           38
  United Arab Emirates                   -21          569
  Other                                  (D)        1,930
Asia and Pacific                      14,338       63,106
  Australia                            1,055          (D)
  China                                 -195        4,518
  Hong Kong                              224          (D)
  India                                3,440          (D)
  Japan                                9,368       20,024
  Korea, Republic of                      67        5,835
  Malaysia                               (*)           81
  New Zealand                              4           57
  Singapore                              354          (D)
  Taiwan                                   7        1,465
  Other                                   14        5,786
Addenda:
  European Union (28) (3)            119,390      271,749
  OPEC (4)                               -41          (D)

(*) A nonzero value between -$500,000 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
(1.) In 2015, the euro area included Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and
Spain. For 2015, the euro area direct investment position in the United
States was $1,306,557 million.
(2.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands.
(3.) The European Union (28) comprises Austria, Belgium, Bulgaria,
Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
(4.) OPEC is the Organization of Petroleum Exporting Countries. In
2015, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela. NOTE. Estimates by country and industry for 2015
are preliminary.

Chart 2. Outward Direct Investment Position by Country of Foreign
Affiliate at Yearend 2015

Netherlands                               17.0%
United Kingdom                            11.8%
Luxembourg                                10.0%
Canada                                     7.0%
Bermuda                                    5.3%
United Kingdom Islands, Caribbean (*)      5.1%
Singapora                                  4.5%
Australia                                  3.3%
Switzerland                                3.1%
Japan                                      2.2%
Germany                                    2.1%
Mexico                                     1.8%
France                                     1.6%
China                                      1.5%
Other                                     16.9%
Percent of total

(*) British Virgin Islands, Cayman Islands, Montserrat, and Turks and
Caicos Islands. U.S. Bureau of Economic Analysis

Note: Table made from bar graph.

Chart 6. Inward Direct Investment Position by Country of Each Member of
the Foreign Parent Group at Yearend 2015

U.S. Bureau of Economic Analysis   Percent of total

United Kingdom                        15.4%
Japan                                 13.1%
Luxembourg                            10.5%
Netherlands                            9.0%
Canada                                 8.6%
Switzerland                            8.2%
Germany                                8.2%
France                                 7.5%
Other                                 19.5%

Note: Table made from bar graph.

Alternative Direct Investment Position Estimates, 2014 and 2015

                                   Changes in 2015
Valuation method      Position at  Total
                      yearend
                      2013 (r)

Outward:
Historical cost       4,829,425     211,223
Current cost          5,457,917     190,650
Market value          6,225,124    -219,377
Inward:
Historical cost       2,913,304     220,895
Current cost          3,346,290     230,137
Market value          5,442,044     129,163

                      Changes in 2015
Valuation method      Financial      Other        Position at
                      transactions   changes      yearend
                                     in position  2014 (p)

Outward:
Historical cost       303,177         -91,954     5,040,648
Current cost          322,494        -131,844     5,648,567
Market value          322,494        -541,871     6,005,747
Inward:
Historical cost       348,402        -127,507     3,134,199
Current cost          353,283        -123,146     3,576,427
Market value          353,283        -224,120     5,571,207

(p) Preliminary
(r) Revised