Direct investment positions for 2014: country and industry detail.

Jenniges, Derrick T. ; Fetzer, James J.

BOTH OUTWARD and inward U.S. foreign direct investment continued to grow in 2014. The U.S. direct investment position abroad valued at historical cost grew 4.8 percent to $4,920.7 billion; the average annual growth rate in 2004-2013 was 9.0 percent (table A and chart 1). The foreign direct investment position in the United States valued at historical cost grew 5.3 percent to $2,901.1 billion; the average annual growth rate in 2004-2013 was 6.8 percent.

This article presents details on the U.S. direct investment positions on a directional basis by country and 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 company and its foreign affiliates, and inward direct investment occurs between a foreign company 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 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 currentcost adjustment that is included in the ITA financial transactions. (3) "Financial transactions" is used throughout the article for "financial transactions without current-cost adjustment," "reinvestment of earnings" for "reinvestment of earnings without currentcost adjustment," and "earnings" 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. This article also presents direct investment positions by primary industry of the affiliate and by country. The outward direct investment position and related financial transactions statistics are classified by country of the foreign affiliate with which the U.S. parent has direct transactions and positions. The inward direct investment position and related financial transactions 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 as well as 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 $4,920.7 billion at the end of 2014. The position grew $227.3 billion, or 4.8 percent, in 2014 after growing 6.4 percent in 2013; in 2004-2013, it grew at an average annual rate of 9.0 percent. The slower growth in 2014 mainly resulted from the appreciation of the U.S. dollar as reflected in the translation adjustments line item of other changes in position (table B). In contrast, reinvestment of earnings grew by 9.4 percent, contributing the most to the growth in the outward position.

The equity position grew 5.2 percent, to $4,687.3 billion; the debt position decreased 2.5 percent to $233.3 billion. The equity position grew in all major industries except depository institutions and "finance and insurance." In contrast, the debt position decreased in all major industries except holding companies, wholesale trade, and professional, scientific, and technical services.

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 2014 (table 1.2 and charts 2 and 3). For the sixth consecutive year, the position in the Netherlands was the largest--at $753.2 billion, or 15.3 percent of the total. Four-fifths of the position in the Netherlands was accounted for by holding companies that likely invested the funds in other countries (see the section "Indirect ownership" on page 5). The position in the United Kingdom was $587.9 billion, or 11.9 percent of the total. In Luxembourg, the position was $465.2 billion, or 9.5 percent of the total. Holding companies accounted for most of the position in Luxembourg. The position in Canada was $386.1 billion, or 7.8 percent of the total, and in Ireland, it was $310.6 billion, or 6.3 percent of the total.

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Changes by component

The $227.3 billion increase in the outward direct investment position reflected financial transactions outflows and other changes in position (table B and chart 4).

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Financial transactions

Outward financial transactions were $316.5 billion in 2014, compared with $307.9 billion in 2013. The outflows in 2014 consisted of $335.2 billion of net equity outflows, which were partly offset by $18.7 billion of net debt instruments inflows.

Equity investment. In 2014, net equity outflows consisted of $327.2 billion of reinvestment of earnings and $8.0 billion of equity outflows other than reinvestment of earnings. Equity increases result from parents' establishments of new affiliates, payments by parents to unaffiliated parties for the purchase of capital stock or other equity interests when they acquire an existing business, payments to acquire additional ownership interests in their affiliates, and capital contributions to their affiliates. Equity decreases are the funds parents receive when they reduce their equity interests in their affiliates.

Reinvestment of earnings. Reinvestment of earnings--the difference between the U.S. parents' share in their foreign affiliates' current-period earnings and the affiliates' distributions to their parents--increased 9.4 percent to $327.2 billion in 2014. The growth was the net result of a small decrease in foreign affiliate earnings of 0.3 percent and sharply reduced distributed earnings. The share of current-year earnings that was reinvested (the reinvestment ratio) rose to 74.5 percent in 2014 from 67.9 percent in 2013. (4)

Equity other than reinvestment of earnings. U.S. parent net equity outflows other than reinvestment of earnings were $8.0 billion in 2014, down from $17.2 billion in 2013. The flows in 2014 resulted from increases of $87.6 billion that were mostly offset by decreases of $79.6 billion. The $87.6 billion in equity increases reflected $43.6 billion in equity for the acquisition or establishment of new foreign affiliates and $44.0 billion in capital contributions to existing foreign affiliates. Equity increases were up 18.1 percent in 2014, coinciding with a 47 percent increase in the value of global merger and acquisition activity. (5) In 2014, equity decreases were $79.6 billion, compared with $57.0 billion in 2013. The decreases reflected $55.2 billion in liquidations or sales of affiliates and $24.4 billion in repatria of capital from foreign affiliates to their U.S. parents.

Debt instruments investment. In 2014, U.S. parents' borrowing and lending transactions with their foreign affiliates decreased their net debt instruments position in these affiliates by $18.7 billion, compared with a decrease of $8.3 billion in 2013. Net disinvestment through debt instruments in 2014 resulted from a $16.6 billion increase in U.S. parent debt obligations to their foreign affiliates combined with a $2.1 billion decrease in foreign affiliate debt obligations to their U.S. parents.

Other changes in position

Other changes in position totaled -$89.2 billion in 2014, compared with -$24.6 billion in 2013. Other changes in position in 2014 consisted of translation adjustments of -$69.3 billion, capital gains and losses of $4.0 billion, and other changes in volume and valuation of -$24.0 billion. Translation adjustments reflected the change in the U.S. dollar value of investments in foreign affiliates caused by a 9.3 percent end of period appreciation of the U.S. dollar's direct investment-weighted exchange value. Some of the largest dollar appreciations came against the Japanese yen and the Canadian and Australian dollars. The largest capital gains were from the sale of assets such as licensing rights. Other changes in volume and valuation mainly resulted from differences between affiliates' current sale or purchase price and their book value.

Changes by area and by country

In 2014, the outward direct investment position increased in each of the six major geographic areas except Canada (table C). U.S. parents' investment in their European affiliates had the largest dollar increase, accounting for 57.6 percent of the increase in the total outward direct investment position. The next largest increases were in Latin America and Other Western Hemisphere and in Asia and Pacific, which together accounted for 39.7 percent of the total increase.

Europe. The U.S. direct investment position in Europe increased $130.9 billion in 2014. The largest dollar increases were in Ireland, the Netherlands, and Switzerland, which together accounted for over 95 percent of the increase in the area. In Ireland, the increase was accounted for by holding companies, other industries, information, and finance and insurance. Reinvestment of earnings accounted for the majority of the increase in holding companies and in other industries, and debt instruments, specifically increases in U.S. parent receivables, accounted for the increase in finance and insurance. In the Netherlands, holding companies contributed most to the increase, which was the net effect of an increase in equity other than reinvestment of earnings and a decrease in reinvestment of earnings. In Switzerland, the increase was concentrated in holding companies and was due mainly to an increase in equity other than reinvestment of earnings.

Latin America and Other Western Hemisphere. The U.S. investment position increased $47.9 billion, with the United Kingdom Islands in the Caribbean (British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands) accounting for half of the increase. The position in the United Kingdom Islands in the Caribbean increased $24.4 billion; together, holding companies, finance and insurance, and wholesale trade accounted for more than 90 percent of the increase. The next largest increases were in Bermuda, Mexico, and Barbados. In Bermuda, the increase was driven primarily by reinvestment of earnings in holding companies, where the largest increases resulted from affiliates of U.S. parents in software publishing, agricultural products, and aerospace products manufacturing industries. In Mexico, much of the increase occurred in manufacturing and holding companies. In Barbados, the increase was concentrated in wholesale trade and finance and insurance.

Asia and Pacific. The U.S. investment position increased $42.3 billion in 2014. The largest increases were in Singapore and Australia. In Singapore, over two-thirds of the increase was in holding companies and in manufacturing, reflecting increases in reinvestment of earnings. In Australia, holding companies accounted for much of the increase, which was driven by debt instruments, specifically increases in U.S. parent receivables.

Middle East. The U.S. investment position increased $5.5 billion. The increase, though relatively small in dollar terms, represented the largest percentage increase (11.9 percent) of the major regions. By country, the United Arab Emirates and Israel had the largest dollar increases. By industry, the largest increases came from mining, manufacturing, wholesale trade, and finance and insurance.

Africa. The U.S. investment position increased $4.7 billion. Mining accounted for much of the increase, half of which occurred in Egypt.

Canada. In 2014, the U.S. investment position decreased $4.1 billion, driven by decreases in mining, holding companies, and finance and insurance. In mining, the decrease occurred in equity other than reinvestment of earnings. In holding companies, the decrease was driven by other changes in volume and valuation. In finance and insurance, translation adjustments contributed most to the decrease.

Indirect ownership

For the past three decades, the share of U.S. direct investment abroad owned indirectly--that is, by U.S. parent companies that own foreign affiliates that in turn own other foreign affiliates--has increased. For example, in 2012 (the latest year for which statistics are available), equity investment in other foreign affiliates accounted for 27 percent of the total assets of majorityowned 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 2014, foreign affiliates classified as holding companies accounted for 47.9 percent of the outward direct investment position; in 1982, holding company affiliates accounted for 9.4 percent of the outward position (chart 5).

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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)

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 about 9 percent of the outward position in 2012 (the latest year for which detailed AMNE statistics are available), they account for less than 1 percent of value added of foreign affiliates (table D).

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 in a foreign country, 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 $2,901.1 billion at the end of 2014. The position grew 5.3 percent, or $146.4 billion, reflecting $106.6 billion of direct investment financial transactions inflows and other changes in position of $39.7 billion. Net inflows occurred for both equity investment and debt instruments investment.

The equity position grew 4.9 percent, to $2,350.4 billion; the debt position grew 7.2 percent to $550.7 billion. The equity position in six major industry groups--manufacturing, mining, wholesale trade, retail trade, information, and professional and technical services--grew 10.5 percent, compared with a 1.0 percent increase in total owners' equity in those U.S. 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 $448.5 billion, or 15.5 percent of the total (table 2.2 and charts 6 and 7). Japan was the second largest with a position of $372.8 billion, or 12.9 percent of the total. The Netherlands was the third largest with a position of $304.8 billion, or 10.5 percent of the total. Canada was the fourth largest with a position of $261.2 billion, or 9.0 percent of the total. Luxembourg was the fifth largest with a position of $242.9 billion, or 8.4 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 UBO, see the section "Indirect ownership" on page 10.

Changes by component

The $146.4 billion increase in the inward direct investment position resulted from financial transactions of $106.6 billion and other changes in position of $39.7 billion. (table E and chart 8).

Financial transactions Inward financial transactions inflows were $106.6 billion in 2014, down from $211.5 billion in 2013. The transactions consisted of $63.9 billion of net equity inflows and $42.7 billion of net debt instruments inflows.

Equity investment. In 2014, net equity investment inflows reflected $94.0 billion of inflows of reinvestment of earnings and $30.1 billion net outflows of equity other than reinvestment of earnings.

Reinvestment of earnings. Reinvestment of earnings--the difference between the foreign parent's share in their U.S. affiliates' current-period earnings and the affiliates' distributions to their parent--added $94.0 billion to the inward direct investment position in 2014, compared with $79.6 billion in 2013. Total earnings increased 1.0 percent and the share of currentyear earnings that was reinvested (the reinvestment ratio) rose from 59.0 percent in 2013 to 68.1 percent in 2014. (9)

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Equity other than reinvestment of earnings. Net equity outflows other than reinvestment of earnings were $30.1 billion in 2014, compared with inflows of $127.1 billion in 2013. The outflows in 2014 reflected decreases of $171.2 billion that were partly offset by increases of $141.1 billion. The $171.2 billion in equity decreases reflected $136.4 billion in equity for the sale or liquidation of affiliates and $34.9 billion for the return of capital to the foreign parent. This level of equity for sale or liquidation is historically large. Between 1982 and 2013, total decreases in equity have never exceeded $100 billion. The $141.1 billion in equity increases reflected $53.1 billion in equity for the acquisition or establishment of new affiliates and $88.0 billion in capital contributions to existing affiliates. About half of the equity investments for new affiliates occurred in manufacturing.

Debt instruments investment. Foreign parent groups' borrowing and lending transactions with their U.S. affiliates increased the inward direct investment position $42.7 billion in 2014 after increasing it $4.8 billion in 2013. Net debt investment resulted from a $46.4 billion increase in U.S. affiliate debt obligations to members of their foreign parent groups, which was partly offset by a $3.7 billion increase in U.S. affiliate debt claims on members of their foreign parent groups.

Other changes in position

Other changes in position increased the inward position $39.7 billion in 2014 after decreasing it $60.8 billion in 2013. Other changes in volume and valuation, which mainly reflected valuation changes related to divestiture, increased the position $50.6 billion. In these cases, large positive net adjustments to volume and valuation were required to reconcile the financial outflows, which are at market value, and the direct investment position, which is measured at book value (or historical cost). Capital gains and losses decreased the position $7.6 billion. Translation adjustments decreased the position $3.3 billion. 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 2014, the inward direct investment position increased in each of the six major geographic areas except the Middle East (table F). Investors from Europe accounted for 56.3 percent of the total increase in the inward direct investment position. Investors from Asia and Pacific accounted for the next largest share, 19.6 percent.

Europe. The inward direct investment position increased $82.4 billion in 2014. The three largest increases were from the Netherlands, Switzerland, and Luxembourg. For the Netherlands, the change in the position mainly reflected net inflows of debt instruments with some increase in reinvestment of earnings in existing affiliates and in capital contributions to existing business, payments to acquire additional ownership interests in their affiliates, and capital contributions to their affiliates. Equity decreases are the funds parents receive when they reduce their equity interests in their affiliates.

Asia and Pacific. The inward direct investment position increased $28.6 billion in 2014. The two largest increases were from Japan and Korea, which accounted for the majority of the increase from the area. For Japan, the change in the position was roughly evenly split between capital contributions and reinvestment of earnings in existing affiliates, and equity inflows to acquire or establish new affiliates. For Korea, the increase mainly reflected inflows of debt instruments and reinvestment of earnings in existing affiliates.

Canada. The inward direct investment position increased $26.0 billion in 2014. The change in the position was roughly evenly split among inflows of debt instruments, reinvestment of earnings in existing affiliates, and equity inflows other than reinvestment of earnings.

Latin America and Other Western Hemisphere. The inward direct investment position increased $11.0 billion in 2014. The two largest increases were from the United Kingdom Islands in the Caribbean (British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands) and from Bermuda. For the United Kingdom Islands in the Caribbean, the change in the position mainly reflected net equity inflows to acquire or establish new affiliates and to provide capital to existing affiliates. For Bermuda, the increase mainly reflected reinvestment of earnings in existing affiliates.

Middle East and Africa. The inward direct investment position from the Middle East decreased $1.7 billion. Most of the decrease reflected outflows of debt instruments.

The inward direct investment position from Africa increased less than $4 million, mainly resulting from an offset between inflows of debt instruments and 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 country of foreign parent, BEA collects data on the country of the 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 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 to tal 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 G).

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 further reduce their tax liability.

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 2014 presented in this article are preliminary. Revised statistics on positions and related financial transactions for 2012-2013 incorporate new survey data collected via (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 2012 is revised upward $25.3 billion to $4,410.0 billion. The upward revision is attributable to a $6.8 billion upward revision to financial transactions outflows and an $18.5 billion upward revision to other changes in position. The outward position for 2013 is revised upward $32.4 billion to $4,693.3 billion. The upward revision is the result of a $25.3 billion upward revision to the 2012 position, a $20.4 billion downward revision to 2013 financial transactions outflows, and a $27.5 billion upward revision to the 2013 other changes in position.

The historical-cost inward direct investment position for 2012 is revised downward $1.7 billion, to $2,604 billion. The revision reflects a downward revision of $20.5 billion to other changes in position that is largely offset by an upward revision of $18.7 billion to financial transactions inflows. The inward position for 2013 is revised downward $9.3 billion to $2,754.7 billion. The revision reflects a $19.3 billion downward revision to financial transactions inflows and a $1.7 billion downward revision of the inward position in 2012, which is partly offset by an upward revision of $11.7 billion to other changes in the position.

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 table I). Marketvalue statistics value the equity portion of direct investment 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 2015, Year 2014, and Annual Revisions" in this issue of the SURVEY.

Data Availability

Detailed statistics on the outward direct investment position and related financial transactions and income for 1982-2014 along with statistics on the inward direct investment position and related financial transactions and income for 1980-2014 are available on BEA's Web site.

More detailed statistics on positions, financial transactions, and related income for both outward and inward investment will be available by the end of July 2015 on BEA's Web site and will be published in the September 2015 SURVEY OF CURRENT BUSINESS.

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, Jared M. Felice, Travis W. Funkhouser, 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.

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 and Paula D. Brown.

(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 2015, Year 2014, and Annual Revisions," SURVEY OF CURRENT BUSINESS 95 (July 2015). 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 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 glossary to U.S. International Economic Accounts: Concepts and Methods, which is available on the BEA's Web site.

(4.) The estimate of reinvestment of earnings for 2014 is the second in a series of four estimates. Recent experience has shown that subsequent estimates may be significantly lower; for example, the third estimate for 2013 was 5.6 percent lower than the second estimate, and the third estimate for 2012 was 13.7 percent lower than the second estimate. Revisions from the second estimates to the third estimates largely result from identifying unreported dividends on BEA's quarterly direct investment surveys that were reported on BEA's annual surveys.

(5.) Brendan McDermid, "Mergers and Acquisitions Review: Financial Advisors, Full Year 2014" (Thomson Reuters, 2015).

(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 2014, these six industry groups accounted for 60.8 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 estimate of reinvestment of earnings for 2014 is the second in a series of four estimates. Recent experience has shown that subsequent estimates may be significantly lower; for example, the third estimate for 2013 was 14.8 percent lower than the second estimate, and the third estimate for 2012 was 7.9 percent lower than the second estimate. Revisions from the second estimates to the third estimates largely result from identifying unreported dividends on BEA's quarterly direct investment surveys that were reported on BEA's annual surveys.

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

(11.) The UBO is defined as the entity that ultimately owns or controls 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.) BEA regularly publishes detailed tabulations that compare statistics classified by country of foreign parent and country of UBO for both the direct investment position and direct investment income in table 16 in the September SURVEY. This September, preliminary statistics for 2014 and revised statistics for 2012 and 2013 will be published. The data will also be available in late July 2015 on BEA's Web site.

(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,
                               1982-2014

            Billions dollars          Percent change from preceding year
Year end    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             14.8            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 (r)   2,604.0 (r)          8.9             7.0
2013      4,693.3 (r)   2,754.7 (r)          6.4             5.8
2014      4,920.7 (p)   2,901.1 (p)          4.8             5.3

(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
and 1994 because of the reclassification of debt instruments between
parent companies and affiliates that ondepository 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 fromct investment to other
investment accounts.

   Chart 2. Outward  Direct Investment Position by Country of Foreign
                      Affiliate at Year end 2014

Netherlands                              15.3%
United Kingdom                           11.9%
Luxembourg                                9.5%
Canada                                    7.8%
Ireland                                   6.3%
United Kingdom Islands, Caribbean         5.8%
Bermuda                                   5.6%
Australia                                 3.7%
Singapore                                 3.7%
Switzerland                               3.1%
Germany                                   2.3%
Japan                                     2.2%
Mexico                                    2.2%
France                                    1.6%
Brazil                                    1.4%
Other                                    17.6%

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

Note: Table made from bar graph.

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

                                                               2013

Total change in position during period                         283.3
 Financial transactions without current-cost adjustment        307.9
  Equity                                                       316.2
   Reinvestment of earnings without current-cost adjustment    299.0
   Equity other than reinvestment of earnings                   17.2
    Increases                                                   74.2
    Decreases                                                   57.0
  Debt instruments                                              -8.3
 Other changes in position                                     -24.6
  Capital gains and losses of affiliates                        -6.2
  Translation adjustments                                      -25.0
  Other changes in volume and valuation                          6.6

                                                                2014

Total change in position during period                         227.3
 Financial transactions without current-cost adjustment        316.5
  Equity                                                       335.2
   Reinvestment of earnings without current-cost adjustment    327.2
   Equity other than reinvestment of earnings                    8.0
    Increases                                                   87.6
    Decreases                                                   79.6
  Debt instruments                                             -18.7
 Other changes in position                                     -89.2
  Capital gains and losses of affiliates                         4.0
  Translation adjustments                                      -69.3
  Other changes in volume and valuation                        -24.0

Chart 6. Inward Direct Investment Position by Country of Each Member of
               the Foreign Parent Group at Year end 2014

                           Percent of Total

United Kingdom                  15.5%
Japan                           12.9%
Netherlands                     10.5%
Canada                           9.0%
Luxembourg                       8.4%
Germany                          7.7%
Switzerland                      7.7%
France                           7.7%
Other                           10.7%

U.S. Bureau of Economic Analysis

Note: Table made from bar graph.

     Table C. Change in the Outward Direct Investment Position on a
       Historical-Cost Basis by Country of Foreign Affiliate, 2014

                                                     Change
                                   Billions of dollars      Percent

All countries                                    227.3        4.8
 Canada                                           -4.1       -1.0
 Europe                                          130.9        4.9
  Of which:
   Ireland                                        62.8       25.4
   Netherlands                                    36.2        5.0
   Switzerland                                    26.2       20.7
   Luxembourg                                     19.7        4.4
   United Kingdom                                 11.4        2.0
   Spain                                           2.2        6.5
 Latin America and Other
  Western Hemisphere                              47.9        5.6
  Of which:
   United Kingdom Islands,
    Caribbean (1)                                 24.4        9.3
   Bermuda                                        17.7        6.9
   Mexico                                          5.4        5.3
   Barbados                                        2.1       17.0
 Africa                                            4.7        7.8
  Of which:
   Egypt                                           2.5       13.4
   Middle East                                     5.5       11.9
 Asia and Pacific                                 42.3        6.1
  Of which:
   Singapore                                      20.0       12.5
   Australia                                      10.4        6.1
   Hong Kong                                       6.2       10.4
   China                                           5.9        9.8
   India                                           2.9       11.7
   Indonesia                                       2.3       20.3
   Thailand                                        1.9       19.4
   Korea, Republic of                              1.9        5.6

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

 Table D. Outward Direct Investment Position on a Historical-Cost Basis
         and Value Added by Country of Foreign Affiliate, 2012

                                                 Share
                                   Outward position  Value added

All countries                                 100.0        100.0
 Canada                                         8.3          9.9
 Europe                                        55.5         47.4
  Of which:
   United Kingdom                              12.2         12.1
   Ireland                                      4.8          5.8
   Switzerland                                  2.8          2.6
   Netherlands                                 14.7          2.3
   Luxembourg                                   9.3          0.3
Latin America and Other Western
  Hemisphere                                   18.8         11.6
  Of which:
   Mexico                                       2.4          3.0
   Bermuda                                      6.3          0.6
   United Kingdom Islands,
    Caribbean (1)                               5.0          0.5
Africa                                          1.3          4.7
Middle East                                     0.9          2.7
Asia and Pacific                               15.3         23.7

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

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

                                                                  2013

Total change in position during period                           150.7
 Financial transactions without current-cost adjustment          211.5
  Equity                                                         206.7
   Reinvestment of earnings without current-cost adjustment       79.6
   Equity other than reinvestment of earnings                    127.1
    Increases                                                    169.6
    Decreases                                                    -42.5
  Debt instruments                                                 4.8
 Other changes in position                                       -60.8
  Capital gains and losses of affiliates                         -41.6
  Translation adjustments                                          0.0
  Other changes in volume and valuation                          -19.2

                                                                  2014

Total change in position during period                           146.4
 Financial transactions without current-cost adjustment          106.6
  Equity                                                          63.9
   Reinvestment of earnings without current-cost adjustment       94.0
   Equity other than reinvestment of earnings                    -30.1
    Increases                                                    141.1
    Decreases                                                   -171.2
  Debt instruments                                                42.7
 Other changes in position                                        39.7
  Capital gains and losses of affiliates                          -7.6
  Translation adjustments                                         -3.3
  Other changes in volume and valuation                           50.6

     Table F. Change in the Inward Direct Investment Position on a
 Historical-Cost Basis by Country of Each Member of the Foreign Parent
                             Group, 2014

                                                  Change
                                  Billions of dollars   Percent

All countries                                 146.4         5.3
 Canada                                        26.0        11.1
 Europe                                        82.4         4.4
  Of which:
   Netherlands                                 43.5        16.6
   Switzerland                                 21.3        10.5
   Luxembourg                                  20.9         9.4
   Germany                                     17.0         8.2
   France                                      14.4         6.9
   Spain                                        9.7        20.0
   Hungary                                      7.5        62.0
   Sweden                                       2.9         7.4
   Ireland                                     -0.9        -5.1
   Italy                                       -3.0       -12.2
   Belgium                                     -3.1        -3.4
   United Kingdom                              52.7       -10.5
Latin America and Other Western
 Hemisphere                                    11.0         9.5
  Of which:
   United Kingdom Islands,
    Caribbean (1)                               6.4         6.8
   Bermuda                                      4.8       -50.4
   Mexico                                       0.7         4.0
 Africa                                         (*)         0.2
 Middle East                                    1.7        -7.9
 Asia and Pacific                              28.6         5.9
  Of which:
   Japan                                       22.5         6.4
   Korea, Republic of                           4.3        13.4
   Singapore                                    1.3         6.9
   China                                        1.0        12.0
   India                                        0.1         0.9
   Australia                                   -0.3        -0.6
   Taiwan                                      -0.9       -13.4

(*) A nonzero value between -$500,00 and $500,000.
(1.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Tnd Caicos Islands.

  Table G. Inward Direct Investment Position on a Historical-Cost Basis
    by Country of Foreign Parent Group Member and the UBO, 2014 (1)
                        [Billions of dollars]

                                        By country of each
                                      member of the foreign  By country
                                          parent group           of UBO

All countries                                 2,901.1          2,901.1
 Canada                                         261.2            311.4
 Europe                                       1,977.2          1,782.0
  Of which:
   France                                       223.2            240.2
   Germany                                      224.1            312.9
   Ireland                                       16.2            159.5
   Luxembourg                                   242.9             23.8
   Netherlands                                  304.8            185.1
   Switzerland                                  224.0            151.7
   United Kingdom                               448.5            465.8
 Latin America and Other Western
  Hemisphere                                    127.0            117.6
  Of which:
   Bermuda (2)                                   -4.8             22.3
   Mexico                                        17.7             31.4
   United Kingdom Islands,
    Caribbean (3)                               100.0             (D)
 Africa                                           2.3              4.1
  Of which:
   South Africa                                   0.8              3.7
 Middle East                                     20.3             70.5
 Asia and Pacific                               512.9            535.9
  Of which:
   China                                          9.5             10.2
   Hong Kong                                      7.6             19.6
   Japan                                        372.8            374.7
   United States                                                  79.7

(D) Suppressed to avoid disclosure of data of individual companies.
(1). The ultimate beneficial owner (UBO) is that person, proceeding up
a U.S. affiliate's ownership chain, beginnth and including the foreign
parent, that is not owned more than 50 percent by another person. The
country of UBO en 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 exceect investors' claims on their
affiliates. Typically, a negative position will result from debt
transactions in whiiliates act as net lenders to their foreign parents.
(3.) The "United Kingdom Islands, Caribbean" includes British Virgin
Islands, Cayman Islands, Montserrat, and Tur Caicos Islands

Table I. Alternative Direct Investment Position Estimates, 2013 and 2014
                         [Millions of dollars]

                                      Changes in 2014
Valuation method   Position                             Other
                   year end            Financial       changes
                   2013 (r)     Total  transactions  in position

Outward:
 Historical cost   4,693,348  227,305       316,549      -89,243
 Current cost      5,339,816  236,188       336,936     -100,748
 Market value      6,291,370   -6,050       336,936     -342,986
Inward:
 Historical cost   2,754,704  146,355       106,614       39,741
 Current cost      3,183,191  173,300       111,577       61,723
 Market value      4,954,713  435,368       111,577      323,791

Valuation method          Position at
                            yearend
                            2014 (p)

Outward:
 Historical cost          4,920,653
 Current cost             5,576,004
 Market value             6,285,320
Inward:
 Historical cost          2,901,059
 Current cost             3,356,491
 Market value             5,390,081

(p) Preliminary
(r) Revised
NOTE. Preliminary historical-cost position by country and industry are
presented in this article, but earlier estimates of the aggregate
position for 2014 were published in the April SURVEY OF CURRENT
BUSINESS.

 Table 1.1. U.S. Direct Investment Position Abroad on a Historical-Cost
                              Basis, 2013
                         [Millions of dollars]

                                                  Manufacturing




                              All       Mining   Total     Food
                          industries

All countries             4,693,348   214,870   630,505   64,638
Canada                      390,172    33,895   107,405   12,845
Europe (1)                2,650,757    29,997   301,743   29,202
  Austria                    15,641         8     3,412      -11
  Belgium                    51,702       121    26,817    1,750
  Czech Republic              6,990         0     3,634      (D)
  Denmark                    13,605       304     4,520      (D)
  Finland                     1,919         0     1,037      (D)
  France                     77,690        36    21,743    1,403
  Germany                   123,322       436    34,041    1,338
  Greece                       -583         0     1,204       68
  Hungary                     6,189       (D)       566      (D)
  Ireland                   247,755       -39    26,451      424
  Italy                      28,018       178     8,911    1,703
  Luxembourg                445,498       (D)    13,172        0
  Netherlands               717,035       743    48,771    3,164
  Norway                     41,842     7,425     3,905      (D)
  Poland                     12,540       (D)     4,722    1,444
  Por tugal                   1,978       (*)       517      (D)
  Russia                     13,140       (D)     5,055    3,217
  Spain                      34,146       166    13,544    1,772
  Sweden                     35,968         0     4,252      (D)
  Switzerland               126,652       362    23,906      200
  Turkey                      4,366       (*)     2,164      (D)
  United Kingdom            576,516    10,321    46,935    8,834
  Other                      68,828     2,416     2,465      919
Latin America and Other
 Western Hemisphere         849,777    53,415    71,204    8,610
 South America              140,508    26,519    43,008    4,211
  Argentina                  13,447       847     3,692      440
  Brazil                     69,335     5,261    25,806    2,201
  Chile                      28,617    13,031     4,715      (D)
  Colombia                    7,373     2,579     1,717      192
  Ecuador                       581       414       242       53
  Peru                        5,364     3,126       623      (D)
  Venezuela                  13,365       706     5,588    1,198
  Other                       2,427       555       625      (D)
 Central America            113,033     8,250    30,635    4,222
  Costa Rica                    998         0     1,125       75
  Honduras                      772         0       377      (D)
  Mexico                    102,418     8,152    27,869    3,957
  Panama                      4,636        80       248      (D)
  Other                       4,209        18     1,016      (D)
 Other Western Hemispher    596,235    18,646    -2,439      178
  Barbados                   12,552        27        46       46
  Bermuda                   256,137       273       (D)        0
  Dominican Republic          1,183         0       551      (D)
  United Kingdom Islands
   Caribbean (2)            263,096       (D)       158      (D)
  Other                      63,267       (D)       (D)       33
Africa                       59,569    36,384     4,481      (D)
 Egypt                       18,795       (D)       (D)      (D)
 Nigeria                      5,029     3,285       (D)      (D)
 South Africa                 6,377       170     3,113      634
 Other                       29,368       (D)     1,122       86
Middle East                  46,626    14,884     9,916      (D)
 Israel                       9,758        23     6,806      (D)
 Saudi Arabia                10,084       581       (D)      (*)
 United Arab Emirates        11,717     5,135     1,132        0
 Other                       15,067     9,144       (D)        4
Asia and Pacific            696,447    46,295   135,757   12,927
 Australia                  169,917    26,584    15,732    4,167
 China                       59,886     3,265    31,405    4,064
 Hong Kong                   60,001         1     4,937       38
 India                       25,036       519     4,937      (D)
 Indonesia                   11,250     8,023       788      139
 Japan                      120,508         5    18,695      616
 Korea, Republic of          33,036       (D)    13,070      901
 Malaysia                    12,959     5,007     3,272      (D)
 New Zealand                  7,646        53     2,036      (D)
 Philippines                  4,180        32     1,252      (D)
 Singapore                  159,759     1,679    26,655      140
 Taiwan                      16,809         1     6,857      (D)
 Thailand                     9,825       (D)     5,648      623
 Other                        5,635       (D)       474       13
Addenda:
 European Union (28) (3)  2,402,905    19,430   266,242   24,903
 OPEC (4)                    60,221    20,966     9,123    1,267

                                      Manufacturing


                                       Primary                Computers
                                         and                     and
                         Chemicals    fabricated  Machinery   electronic
                                        metals                 products

All countries             136,554       26,784      50,673      88,712
Canada                     13,352        5,900       5,139       7,410
Europe (1)                 80,804       13,204      30,657      35,420
  Austria                     105          (D)         248       1,549
  Belgium                  15,359           67         769       3,534
  Czech Republic              225          132         (D)         190
  Denmark                      91           43       1,386       1,464
  Finland                      41            4         468         166
  France                    2,853        3,704       1,660       1,221
  Germany                   4,738        1,308       6,614       4,081
  Greece                      (D)            0          10           8
  Hungary                      79          (D)        -133         103
  Ireland                  16,847          154         162       3,995
  Italy                     1,336          132       1,456       1,761
  Luxembourg                  (D)        2,645         (D)         (D)
  Netherlands              13,260          758       4,636       4,799
  Norway                      126            6         (D)          36
  Poland                      827          183          74         211
  Por tugal                   106           -5         (D)         142
  Russia                      283           41         255          64
  Spain                     5,605         -188         140       2,514
  Sweden                      325          198         403         924
  Switzerland              10,281           13       1,963       1,969
  Turkey                      615          (*)         196         102
  United Kingdom            7,271        3,672       4,162       6,641
  Other                       (D)          305          46         (D)
Latin America and Other
 Western Hemisphere        14,713        2,730       3,977       1,422
 South America             13,062          776       3,035       2,260
  Argentina                 1,424           25         129        -177
  Brazil                    7,573          764       2,564       1,748
  Chile                     1,604            1         (D)         257
  Colombia                    529          -13          18          57
  Ecuador                      65          (*)         (*)           2
  Peru                        126          (*)          16          31
  Venezuela                 1,674            9         (D)         327
  Other                        66           -9          36          15
 Central America              (D)        1,169         924      -1,738
  Costa Rica                  196            8           0         119
  Honduras                      1            0           0         (*)
  Mexico                      (D)        1,160         920      -2,058
  Panama                      120            0           1           4
  Other                        93            0           3         196
 Other Western Hemispher      (D)          785          19         900
  Barbados                    (*)            0           0           0
  Bermuda                     (D)            0         (D)         (D)
  Dominican Republic           20          (D)         (*)         (*)
  United Kingdom Islands
   Caribbean (2)                0            0           0         (D)
  Other                         1          (D)         (D)           0
Africa                        853          195         707        -127
 Egypt                         81           -1         106         (D)
 Nigeria                       21            0         171          12
 South Africa                 680          (D)         350          99
 Other                         71          (D)          80         (D)
Middle East                 2,281          186         889       3,839
 Israel                       732            0         490       3,847
 Saudi Arabia                  70          (D)         (D)         -16
 United Arab Emirates         (D)          (D)         (D)           7
 Other                        (D)          (D)           3           1
Asia and Pacific           24,550        4,568       9,304      40,748
 Australia                  2,912          330       1,357         987
 China                      6,899        2,126       2,779       4,279
 Hong Kong                    741          185         169       2,901
 India                        816           98         710         411
 Indonesia                    485            2          49           2
 Japan                      1,731          285       1,163       6,250
 Korea, Republic of         1,275          282          -7       3,797
 Malaysia                     610          119         425         883
 New Zealand                  151            7         113         322
 Philippines                  352          (*)          27         177
 Singapore                  4,549          603       1,854      17,422
 Taiwan                     1,811          (D)         156       4,048
 Thailand                   2,067          265         502        -609
 Other                        151          (D)           9        -121
Addenda:
 European Union (28) (3)   69,426       13,134      25,048      33,221
 OPEC (4)                   3,306          168         667         333

                                    Manufacturing

                          Electrical
                          equipment,
                          appliances,
                             and        Transportation      Other
                          components    equipment        manufacturing

All countries               12,990         53,162           196,992
Canada                       2,173          9,371            51,215
Europe (1)                   4,752         18,053            89,650
  Austria                      283            643               (D)
  Belgium                        2            395             4,941
  Czech Republic                 5            984               (D)
  Denmark                       23              3               (D)
  Finland                        7            (D)               232
  France                        88          1,210             9,602
  Germany                      945          4,874            10,142
  Greece                         0              0               (D)
  Hungary                      (D)            (D)                58
  Ireland                      134            166             4,570
  Italy                        -28            827             1,723
  Luxembourg                    -4              0               (D)
  Netherlands                  466            106            21,583
  Norway                       (D)             -3               (D)
  Poland                      -117          1,202               898
  Por tugal                    (*)            130               111
  Russia                        20            841               335
  Spain                        176          2,406             1,119
  Sweden                       196            308               (D)
  Switzerland                1,387            (D)               (D)
  Turkey                         0            305               (D)
  United Kingdom             1,063          1,748            13,545
  Other                        (D)            453               312
Latin America and Other
 Western Hemisphere          2,404         12,032            25,315
 South America                 554          3,976            15,134
  Argentina                     18            687             1,147
  Brazil                        90          2,423             8,443
  Chile                          0            (D)               (D)
  Colombia                     (D)            (D)               553
  Ecuador                        0             37                85
  Peru                           1              0               (D)
  Venezuela                    (D)            (D)               (D)
  Other                          2            (D)               (D)
 Central America               (D)          8,064               (D)
  Costa Rica                   247              0               479
  Honduras                       0             -2               (D)
  Mexico                       (D)          8,066               (D)
  Panama                         2              0               (D)
  Other                        (D)              0               (D)
 Other Western Hemispher       (D)             -8               (D)
  Barbados                       0              0                 0
  Bermuda                      (D)             -8                 0
  Dominican Republic             0              0               (D)
  United Kingdom Islands
   Caribbean (2)                 0            (*)               (D)
  Other                          0              0               (D)
Africa                          12            824               (D)
 Egypt                          12             35                -2
 Nigeria                       (*)              0               -11
 South Africa                   -2            665               (D)
 Other                           1            124               (D)
Middle East                      6            133               (D)
 Israel                          2            (D)               (D)
 Saudi Arabia                  (*)            (D)               (D)
 United Arab Emirates            4              0               215
 Other                           0              0                37
Asia and Pacific             3,644         12,749            27,268
 Australia                     243          1,994             3,743
 China                         768          4,889             5,601
 Hong Kong                     514            -85               473
 India                         980            384               (D)
 Indonesia                     (D)            104               (D)
 Japan                         (D)          1,562               (D)
 Korea, Republic of             47          2,313             4,463
 Malaysia                       14            282               (D)
 New Zealand                    59              8               (D)
 Philippines                    58            157               (D)
 Singapore                     187          1,000               900
 Taiwan                        (D)            (D)               498
 Thailand                      (D)            563               (D)
 Other                           1            (D)               165
Addenda:
 European Union (28) (3)     3,287         16,112            81,110
 OPEC (4)                      (D)            576               (D)






                              Wholesale  Information   Depository
                                trade                  institutions

All countries                  234,452     147,229        127,122
Canada                          22,746       6,893          4,111
Europe (1)                      97,638      93,218         70,122
  Austria                          669          21            209
  Belgium                        7,530          96            (D)
  Czech Republic                   190         159            (D)
  Denmark                          623         764            (D)
  Finland                          200          71            (D)
  France                         6,140       1,750          2,832
  Germany                       14,670       7,620          2,341
  Greece                           192          47            (D)
  Hungary                          533         513            (D)
  Ireland                         -842      29,807            (D)
  Italy                          3,135       2,989          2,032
  Luxembourg                        -4       1,822            (D)
  Netherlands                   20,945      10,356            (D)
  Norway                           340       1,842            (D)
  Poland                         2,071         204            (D)
  Por tugal                        520          52              2
  Russia                         1,090         643          2,410
  Spain                          2,750       1,269          1,111
  Sweden                         1,663       1,274            (D)
  Switzerland                   15,835       5,823          2,272
  Turkey                           958          74            (D)
  United Kingdom                17,248      25,617         15,784
  Other                          1,182         402            (D)
Latin America and Other
 Western Hemisphere             50,564      18,091         18,735
 South America                   8,112       8,921          6,958
  Argentina                        876       1,588            (D)
  Brazil                         3,533       5,366            (D)
  Chile                          1,644         400            (D)
  Colombia                         539          25            (D)
  Ecuador                          151           5            (D)
  Peru                             340          56            (D)
  Venezuela                        731         (D)              0
  Other                            297         (D)            206
 Central America                 2,811       1,820          1,941
  Costa Rica                      -276          50            (D)
  Honduras                          40           3            (D)
  Mexico                         2,957       1,750          1,009
  Panama                            78          -1            (D)
  Other                             12          17            657
 Other Western Hemispher        39,641       7,350          9,836
  Barbados                       6,675          22              0
  Bermuda                          (D)       3,349            198
  Dominican Republic                49          66            (D)
  United Kingdom Islands
   Caribbean (2)                   (D)       3,242          7,774
  Other                            (D)         671            (D)
Africa                           2,067         114          2,419
 Egypt                             (D)         (D)            (D)
 Nigeria                           (D)         (D)            (D)
 South Africa                      767          93            (D)
 Other                             (D)          17          1,121
Middle East                      1,962       1,432            957
 Israel                            306         953            (D)
 Saudi Arabia                      270          32              1
 United Arab Emirates            1,391         (D)            (D)
 Other                              -6         (D)            245
Asia and Pacific                59,475      27,481         30,777
 Australia                       7,797       6,722            392
 China                           5,756       2,036          3,666
 Hong Kong                      15,667       7,603          1,977
 India                           4,741      -2,011            (D)
 Indonesia                         207          64            (D)
 Japan                          10,035       6,423          3,683
 Korea, Republic of              1,367         235            (D)
 Malaysia                          508         -24            487
 New Zealand                       452         332            (D)
 Philippines                       417         216            (D)
 Singapore                       8,196       5,683            401
 Taiwan                          3,243         132            (D)
 Thailand                          870          34            (D)
 Other                             219          36            422
Addenda:
 European Union (28) (3)        79,082      84,774         62,533
 OPEC (4)                        2,905       1,737            (D)


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

All countries                    737,805         98,183       2,205,498
Canada                            50,662          8,263         116,910
Europe (1)                       318,190         56,828       1,509,862
  Austria                            403            322             (D)
  Belgium                         10,456          1,926             930
  Czech Republic                     (D)            (D)             (D)
  Denmark                            103           -150           6,289
  Finland                             -4            (D)             (D)
  France                          18,063          3,688          13,088
  Germany                         20,347          5,705          31,081
  Greece                             (D)             42             (*)
  Hungary                          2,007             61             334
  Ireland                          4,361         12,547         116,485
  Italy                            2,545            360             299
  Luxembourg                      38,653            341         371,825
  Netherlands                     27,906          4,917         579,250
  Norway                           1,714            106          24,382
  Poland                             429            219               8
  Por tugal                          358             65              41
  Russia                              61            399             683
  Spain                            2,760            373             (D)
  Sweden                           8,014            661          16,274
  Switzerland                     15,382          2,679          38,307
  Turkey                              92             17              82
  United Kingdom                 161,957         20,834         235,881
  Other                              (D)          1,114             (D)
Latin America and Other
 Western Hemisphere              212,615          4,233         376,713
 South America                    20,025          2,342          19,307
  Argentina                        1,050             43             (D)
  Brazil                          10,625          1,026          11,403
  Chile                            5,799            541             561
  Colombia                           896            293             376
  Ecuador                             71            (D)               6
  Peru                               (D)            (D)             (D)
  Venezuela                        1,087            (D)           2,455
  Other                              (D)             64             (D)
 Central America                  13,978            811          39,707
  Costa Rica                         (D)             66              19
  Honduras                           (D)            (*)              11
  Mexico                          10,872            658          37,277
  Panama                             510             73           2,371
  Other                              (D)             16              29
 Other Western Hemispher         178,612          1,080         317,699
  Barbados                         3,337              5           1,928
  Bermuda                         41,984            265         187,109
  Dominican Republic                 (*)             15               0
  United Kingdom Islands
   Caribbean (2)                 100,923            673         109,192
  Other                           32,367            122          19,470
Africa                             3,905          1,280           7,786
 Egypt                              (D)             (D)             (D)
 Nigeria                            (D)               1             (D)
 South Africa                        317            (D)             294
 Other                             3,464            (D)             (D)
Middle East                        2,144          1,584          12,247
 Israel                              185            765             (D)
 Saudi Arabia                         -1             48           7,967
 United Arab Emirates              1,584            428             139
 Other                               377            344             (D)
Asia and Pacific                 150,289         25,995         181,981
 Australia                        38,718          8,101          58,687
 China                             3,327          1,494           2,126
 Hong Kong                         7,272          1,771          17,423
 India                             2,889          8,841             513
 Indonesia                           433            -15             979
 Japan                            70,455          2,050           3,416
 Korea, Republic of                5,959            600             (D)
 Malaysia                          1,530            763             373
 New Zealand                       1,681            383           1,405
 Philippines                         227            393             467
 Singapore                        16,164            862          95,074
 Taiwan                            1,263            197             204
 Thailand                            177            514             (D)
 Other                               195             41              50
Addenda:
 European Union (28) (3)         298,916         53,398       1,391,507
 OPEC (4)                          2,899          1,094          18,043





                                  Other
                                industries


All countries                      297,683
Canada                              39,288
Europe (1)                         173,158
  Austria                              (D)
  Belgium                              (D)
  Czech Republic                       177
  Denmark                              (D)
  Finland                              (D)
  France                            10,350
  Germany                            7,080
  Greece                               -65
  Hungary                              595
  Ireland                              (D)
  Italy                              7,569
  Luxembourg                         7,938
  Netherlands                          (D)
  Norway                               (D)
  Poland                               (D)
  Por tugal                            423
  Russia                               (D)
  Spain                                (D)
  Sweden                               (D)
  Switzerland                       22,087
  Turkey                               (D)
  United Kingdom                    41,940
  Other                                (D)
Latin America and Other
 Western Hemisphere                 44,208
 South America                       5,317
  Argentina                            509
  Brazil                               (D)
  Chile                                (D)
  Colombia                             (D)
  Ecuador                              110
  Peru                                 208
  Venezuela                            (D)
  Other                                (D)
 Central America                    13,080
  Costa Rica                          -475
  Honduras                              64
  Mexico                            11,874
  Panama                               (D)
  Other                                (D)
 Other Western Hemispher            25,811
  Barbados                             512
  Bermuda                              (D)
  Dominican Republic                   (D)
  United Kingdom Islands
   Caribbean (2)                       (D)
  Other                                (D)
Africa                               1,134
 Egypt                                 (D)
 Nigeria                               104
 South Africa                          (D)
 Other                                 (D)
Middle East                          1,499
 Israel                                (D)
 Saudi Arabia                          (D)
 United Arab Emirates                  817
 Other                                 -18
Asia and Pacific                    38,396
 Australia                           7,184
 China                               6,812
 Hong Kong                           3,350
 India                                 (D)
 Indonesia                             (D)
 Japan                               5,746
 Korea, Republic of                  1,366
 Malaysia                            1,042
 New Zealand                           (D)
 Philippines                           (D)
 Singapore                           5,045
 Taiwan                                (D)
 Thailand                              (D)
 Other                                 (D)
Addenda:
 European Union (28) (3)           147,025
 OPEC (4)                              (D)

(*) A nonzero value between -$500,00 and $500,000.
(D) Suppressed to avoid disclosure of data of individual companies.
(1.) In 2013, the euro area includes Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia and Spain. For 2013, the
U.S. direct investment position in the euro area was $1,748,182 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
2013, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
NOTE. Estimates for 2013 are revised.

 Table 1.2. U.S. Direct Investment Position Abroad on a Historical-Cost
                             Basis, 2014
                              [Millions of dollars]

                                                     Manufacturing




                              All
                              industries    Mining    Total     Food

All countries                  4,920,653   223,878   662,640   65,702
Canada                           386,121    26,938   109,446   13,207
Europe (1)                     2,781,666    31,902   312,789   29,719
  Austria                         15,787         3     2,809      -24
  Belgium                         48,128       148    26,698    1,855
  Czech Republic                   7,247         0     3,794      948
  Denmark                         14,108       446     4,662      212
  Finland                          1,784         0       900      (D)
  France                          76,823        -4    21,736    1,537
  Germany                        115,533       321    31,557      925
  Greece                            -447         0     1,095       73
  Hungary                          5,879       (D)       620      (D)
  Ireland                        310,598       -34    30,179      449
  Italy                           26,733       240     8,570    1,340
  Luxembourg                     465,160       (D)    13,623      (D)
  Netherlands                    753,224     1,989    52,982    5,452
  Norway                          39,522     7,837     4,327        2
  Poland                          11,516       (D)     4,271    1,454
  Por tugal                        2,053       (*)       480      (D)
  Russia                           9,263       (D)     4,017    2,698
  Spain                           36,363       220    14,061    1,817
  Sweden                          28,842         0     4,364    1,060
  Switzerland                    152,879        34    29,116      130
  Turkey                           4,384        -4     2,137      (D)
  United Kingdom                 587,943     9,748    48,423    8,735
  Other                           68,344     2,697     2,366      734
Latin America and Other
 Western Hemisphere              897,679    56,636    73,538    8,678
 South America                   139,421    28,315    42,128    4,068
  Argentina                       13,418     1,117     3,391      352
  Brazil                          70,457     6,177    25,905    2,156
  Chile                           27,560    12,526     4,887       61
  Colombia                         7,085     2,652     1,489      189
  Ecuador                            650       498       254       58
  Peru                             6,486     4,076       646      (D)
  Venezuela                       11,169       624     4,917    1,168
  Other                            2,597       645       639      (D)
 Central America                 118,424     9,419    33,294    4,415
  Costa Rica                         955         0     1,186       72
  Honduras                           754         0       379       49
  Mexico                         107,825     9,343    30,495    4,139
  Panama                           4,687        59       204      (D)
  Other                            4,202        18     1,030      (D)
 Other Western Hemispher         639,834    18,902    -1,884      194
  Barbados                        14,682        27        48       48
  Bermuda                        273,792       271    -3,696        0
  Dominican Republic               1,224         0       735      (D)
  United Kingdom Islands
   Caribbean (2)                 287,546       (D)       185       41
  Other                           62,591       (D)       843      (D)
Africa                            64,233    41,217     4,207      552
 Egypt                            21,320       (D)       (D)      (D)
 Nigeria                           5,173     2,892       (D)      (D)
 South Africa                      6,181        72     2,915      426
 Other                            31,559       (D)     1,059      (D)
Middle East                       52,168    17,221    10,912      264
 Israel                           10,801       (D)     7,358      245
 Saudi Arabia                     10,064       (D)       (D)        2
 United Arab Emirates             15,035     6,038     1,423        0
 Other                            16,268       (D)       (D)       17
Asia and Pacific                 738,786    49,963   151,749   13,282
 Australia                       180,315    27,773    15,322    4,483
 China                            65,767     3,323    34,552    4,083
 Hong Kong                        66,240         8     5,466       35
 India                            27,963       624     4,925      (D)
 Indonesia                        13,536     9,991       391      120
 Japan                           108,068         4    22,359      624
 Korea, Republic of               34,896       -31    13,642      980
 Malaysia                         14,357     4,815     4,207      (D)
 New Zealand                       7,760       145     2,043      (D)
 Philippines                       5,071        21     1,877      (D)
 Singapore                       179,764     1,829    31,925      149
 Taiwan                           17,073         1     7,070      (D)
 Thailand                         11,729       282     7,463      715
 Other                             6,246     1,178       507       17
Addenda:
 European Union (28) (3)       2,514,771    21,018   272,892  26,288
 OPEC (4)                         63,545    23,265     8,993   1,241

                                       Manufacturing


                                           Primary
                                           and
                                           fabricated
                                Chemicals  metals       Machinery

All countries                   147,623    26,725       52,916
Canada                           12,848     5,321        4,532
Europe (1)                       87,582    13,817       32,835
  Austria                           115       (D)          275
  Belgium                        15,681       123          847
  Czech Republic                    238       124          374
  Denmark                           113        42        1,509
  Finland                            44         4          464
  France                          2,919     3,701        1,785
  Germany                         4,744     1,219        6,763
  Greece                            105         0           10
  Hungary                           163       (D)         -147
  Ireland                        18,433       167          126
  Italy                           1,115       108        1,400
  Luxembourg                        -35       (D)        2,123
  Netherlands                    15,085       794        4,610
  Norway                            150       (D)        3,385
  Poland                            889       225           83
  Por tugal                         111       -17           48
  Russia                            442        38          340
  Spain                           5,997       -92          149
  Sweden                            302       343          427
  Switzerland                    12,141       -41        2,271
  Turkey                            652       (*)          210
  United Kingdom                  7,931     3,829        5,725
  Other                             248       303           56
Latin America and Other
 Western Hemisphere              16,014     2,575        3,871
 South America                   13,715       828        3,014
  Argentina                       1,454        28          171
  Brazil                          8,113       860        2,549
  Chile                           1,650         1          240
  Colombia                          555       -55           13
  Ecuador                            63       (*)          (*)
  Peru                              140       (*)           16
  Venezuela                       1,674       (D)          -13
  Other                              67       (D)           37
 Central America                    (D)     1,216          828
  Costa Rica                        218         8            0
  Honduras                           -5         0            0
  Mexico                            (D)     1,207          823
  Panama                            118         0            1
  Other                             102         0            4
 Other Western Hemispher            (D)       532           29
  Barbados                          (*)         0            0
  Bermuda                           (D)         0          (D)
  Dominican Republic                86        (D)          (*)
  United Kingdom Islands
   Caribbean (2)                     0          0            0
  Other                            -20        (D)          (D)
Africa                           1,066        190          570
 Egypt                             105         -1          102
 Nigeria                            33          0          173
 South Africa                      719        146          186
 Other                             209         44          109
Middle East                      2,537        240          912
 Israel                            774          0          497
 Saudi Arabia                       68        (D)          (D)
 United Arab Emirates              (D)        (D)          (D)
 Other                             (D)        (D)            1
Asia and Pacific                27,577      4,582       10,196
 Australia                       2,380        155        1,561
 China                           7,817      2,128        3,165
 Hong Kong                         813        190           94
 India                             986        102          732
 Indonesia                         472          2           46
 Japan                           3,582        (D)        1,179
 Korea, Republic of              1,561        258           -8
 Malaysia                          619        129          476
 New Zealand                       174          7          111
 Philippines                       366        (*)           38
 Singapore                       4,458        692        2,162
 Taiwan                          1,932        120          175
 Thailand                        2,248        (D)          457
 Other                             170        (D)            9
Addenda:
 European Union (28) (3)        74,151     13,389       26,627
 OPEC (4)                        3,675        171          604

                                    Manufacturing

                                          Electrical
                              Computers   equipment,
                              and         appliances,   Transportation
                              electronic  and           equipment
                              products    components

All countries                  99,149      12,785         56,035
Canada                          8,809       2,134          9,898
Europe (1)                     37,179       4,277         18,543
  Austria                       1,385         273            191
  Belgium                       3,617           1            566
  Czech Republic                  198           5          1,203
  Denmark                       1,481          26              3
  Finland                          21           9             71
  France                        1,204          81          1,400
  Germany                       4,434         965          5,082
  Greece                           13           0              0
  Hungary                          81         -75            847
  Ireland                       5,133         206            193
  Italy                         1,817          99            904
  Luxembourg                      525           8            (*)
  Netherlands                   3,916         322            -25
  Norway                          114         (D)             -3
  Poland                          239        -146          1,366
  Por tugal                       126         (*)            135
  Russia                           94          20            126
  Spain                         2,133         125          2,705
  Sweden                        1,046         193            345
  Switzerland                   2,759       1,031          1,158
  Turkey                          (D)           0            312
  United Kingdom                6,596         999          1,392
  Other                           (D)         (D)            572
Latin America and Other
 Western Hemisphere               463       2,520         12,976
 South America                  1,746         600          3,348
  Argentina                      -258          26            481
  Brazil                        1,671          93          2,166
  Chile                           190           0            143
  Colombia                         37         (D)            (D)
  Ecuador                           2           0            (D)
  Peru                             31           1              0
  Venezuela                        58         (D)            (D)
  Other                            15           2              1
 Central America                2,232       1,599          9,638
  Costa Rica                      (D)         230              0
  Honduras                        (*)           0             -3
  Mexico                        2,652       1,360          9,641
  Panama                            4         (D)              0
  Other                           (D)         (D)              0
 Other Western Hemispher          950         321            -11
  Barbados                          0           0              0
  Bermuda                         (D)         321            -10
  Dominican Republic              (*)           0              0
  United Kingdom Islands
   Caribbean (2)                  (D)           0             -1
  Other                             0           0              0
Africa                           -176          -2            912
 Egypt                            (D)          10             45
 Nigeria                           12         (*)              0
 South Africa                      98          -5            726
 Other                            (D)          -7            142
Middle East                     4,289           6            145
 Israel                         4,255           2             57
 Saudi Arabia                     -28         (*)             88
 United Arab Emirates              61           4              0
 Other                              1           0              0
Asia and Pacific               48,585       3,851         13,561
 Australia                        925         226          1,775
 China                          4,563         873          5,897
 Hong Kong                      3,385         511            109
 India                            378         991             17
 Indonesia                          2         (D)            (D)
 Japan                          7,551         (D)          1,751
 Korea, Republic of             3,743          57          2,610
 Malaysia                       1,584          29            (D)
 New Zealand                      136          12              6
 Philippines                      526         267            150
 Singapore                     22,324         132            965
 Taiwan                         4,122         121            (D)
 Thailand                        -477         (D)            572
 Other                           -179           1             70
Addenda:
 European Union (28) (3)       34,046       3,159         16,963
 OPEC (4)                         104         (D)            418

                               Manufacturing




                               Other           Wholesale  Information
                               manufacturing   trade

All countries                   201,704         255,111    161,330
Canada                           52,697          23,691      7,247
Europe (1)                       88,836         101,981    104,507
  Austria                           (D)             770         39
  Belgium                         4,009           7,656        660
  Czech Republic                    705             153        175
  Denmark                         1,276             679      1,221
  Finland                           (D)             237         64
  France                          9,108           5,845      1,327
  Germany                         7,424          14,834      6,844
  Greece                            894             184         47
  Hungary                           (D)             569        523
  Ireland                         5,472             203     36,814
  Italy                           1,787           3,532      2,067
  Luxembourg                        (D)             150      1,855
  Netherlands                    22,827          25,025     11,771
  Norway                            159             256        (D)
  Poland                            160           2,002        221
  Por tugal                         (D)             646         56
  Russia                            259             636        498
  Spain                           1,227           2,848      1,561
  Sweden                            648           1,874      1,325
  Switzerland                     9,669          13,355      7,501
  Turkey                            521           1,060         27
  United Kingdom                 13,216          18,320     27,435
  Other                             275           1,147        (D)
Latin America and Other
 Western Hemisphere              26,441          59,630     17,040
 South America                   14,808           8,101      8,536
  Argentina                       1,137           1,037      1,559
  Brazil                          8,298           3,606      5,227
  Chile                           2,602           1,590        (D)
  Colombia                          (D)             573         41
  Ecuador                           (D)             168          5
  Peru                              (D)             421         56
  Venezuela                         (D)             452        (D)
  Other                             (D)             255        (D)
 Central America                    (D)           3,169      1,366
  Costa Rica                        (D)            -310         54
  Honduras                          338              24          3
  Mexico                            (D)           3,119      1,293
  Panama                            (D)             334         -1
  Other                             (D)               2         17
 Other Western Hemispher            (D)          48,360      7,137
  Barbados                            0           8,326         12
  Bermuda                             5             (D)      3,085
  Dominican Republic                (D)              39         57
  United Kingdom Islands
   Caribbean (2)                    (D)             (D)      3,330
  Other                             (D)             (D)        653
Africa                            1,096           2,243        125
 Egypt                              (D)             (D)        (D)
 Nigeria                            (D)             (D)        (D)
 South Africa                       619             878         60
 Other                              (D)             (D)         61
Middle East                       2,520           2,883      1,887
 Israel                           1,528             410      1,310
 Saudi Arabia                       (D)             381         51
 United Arab Emirates               (D)           2,106        (D)
 Other                              (D)             -13        (D)
Asia and Pacific                 30,115          64,683     30,525
 Australia                        3,817           7,870      7,184
 China                            6,026           5,834      1,792
 Hong Kong                          545          17,838      7,699
 India                              (D)           4,799     -1,314
 Indonesia                          180             172         71
 Japan                              (D)          10,722      7,074
 Korea, Republic of               4,440           1,630        493
 Malaysia                           670             568        -13
 New Zealand                        (D)             509        294
 Philippines                        (D)             479        288
 Singapore                        1,044           9,819      6,700
 Taiwan                             421           3,415        193
 Thailand                           (D)             778         28
 Other                              (D)             251         36
Addenda:
 European Union (28) (3)         78,270          86,392     94,347
 OPEC (4)                           (D)           3,309      1,703


                                             Finance
                                             (except
                                             depository
                            Depository       institutions)
                            institutions     and
                                             insurance

All countries                125,169        708,949
Canada                         4,079         49,802
Europe (1)                    68,827        302,351
  Austria                        203            (D)
  Belgium                        (D)          6,900
  Czech Republic                 (D)            (D)
  Denmark                         -4              8
  Finland                        (D)              2
  France                       2,637         17,601
  Germany                      2,310         19,371
  Greece                         (D)            (D)
  Hungary                        (D)            (D)
  Ireland                        (D)          9,947
  Italy                        1,864          2,888
  Luxembourg                     (D)         30,809
  Netherlands                    (D)         35,106
  Norway                         (D)          1,742
  Poland                         (D)            433
  Por tugal                      -1             377
  Russia                         (D)             28
  Spain                          (D)          2,632
  Sweden                         (D)            (D)
  Switzerland                  2,205         15,101
  Turkey                         (D)             81
  United Kingdom              17,393        152,424
  Other                        1,469            (D)
Latin America and Other
 Western Hemisphere           18,199        215,119
 South America                 7,130         18,615
  Argentina                      (D)            932
  Brazil                         (D)          9,475
  Chile                          (D)          5,627
  Colombia                       (D)            926
  Ecuador                        (D)             70
  Peru                           (D)            (D)
  Venezuela                        0          1,067
  Other                          185            (D)
 Central America               1,855         13,642
  Costa Rica                     (D)            (D)
  Honduras                       (D)            142
  Mexico                         908         10,593
  Panama                         (D)            (D)
  Other                          699            (D)
 Other Western Hemispher       9,213        182,862
  Barbados                         0          3,673
  Bermuda                        202         39,156
  Dominican Republic             (D)            (*)
  United Kingdom Islands
   Caribbean (2)               7,947        107,096
  Other                          (D)         32,937
Africa                         2,378          3,246
 Egypt                           (D)            (D)
 Nigeria                         (D)            (D)
 South Africa                    (D)            333
 Other                         1,141          2,786
Middle East                    1,068          3,059
 Israel                          (D)            162
 Saudi Arabia                    -1              15
 United Arab Emirates            (D)          2,438
 Other                           (D)            443
Asia and Pacific              30,618        135,372
 Australia                       403         35,724
 China                         4,045          3,417
 Hong Kong                     1,516          7,711
 India                           (D)          2,951
 Indonesia                       (D)            654
 Japan                         3,370         54,001
 Korea, Republic of              (D)          6,539
 Malaysia                        487          1,793
 New Zealand                     (D)          1,828
 Philippines                     (D)            224
 Singapore                       518         18,751
 Taiwan                          (D)          1,267
 Thailand                        (D)            154
 Other                           (D)            359
Addenda:
 European Union (28) (3)      63,152        283,212
 OPEC (4)                        (D)          3,775



                               Professional,  Holding
                               scientific,    companies
                               and            nonbank)
                               technical                  Other
                               services                   industries

All countries                  108,204       2,357,609     317,763
Canada                           9,001         112,793      43,124
Europe (1)                      60,739       1,614,523     184,047
  Austria                          144             (D)         (D)
  Belgium                        2,055             917         (D)
  Czech Republic                   163             (D)         165
  Denmark                          -68           6,499         665
  Finland                          413             (D)         (D)
  France                         3,365          13,423      10,894
  Germany                        5,750          29,351       5,194
  Greece                            38             (*)          30
  Hungary                           63             164         611
  Ireland                       14,824         149,597         (D)
  Italy                            410             487       6,675
  Luxembourg                       459         397,721         (D)
  Netherlands                    4,962         595,030         (D)
  Norway                           113          20,878         (D)
  Poland                           233               7         (D)
  Por tugal                         74              49         370
  Russia                           359             210         615
  Spain                            338             (D)         (D)
  Sweden                           636          16,488         (D)
  Switzerland                    3,280          59,839      22,448
  Turkey                            29              80         (D)
  United Kingdom                21,882         248,287      44,030
  Other                          1,218             (D)         (D)
Latin America and Other
 Western Hemisphere              4,095         406,650      46,772
 South America                   2,387          20,102       4,107
  Argentina                         41             (D)          77
  Brazil                         1,274          12,694         (D)
  Chile                            522             594         (D)
  Colombia                         309             254         (D)
  Ecuador                          (D)               6         135
  Peru                             (D)             443         202
  Venezuela                        (D)             (D)         (D)
  Other                             81              17         (D)
 Central America                   795          41,658      13,225
  Costa Rica                        91              19        -527
  Honduras                         (*)              11         (D)
  Mexico                           611          39,330      12,133
  Panama                            77           2,272         (D)
  Other                             16              27         (D)
 Other Western Hemispher           913         344,890      29,440
  Barbados                           5           1,880         710
  Bermuda                          292         202,907         (D)
  Dominican Republic                10               0         (D)
  United Kingdom Islands
   Caribbean (2)                   491         120,765         (D)
  Other                            115          19,338         886
Africa                           1,244           8,197       1,377
 Egypt                             (D)             (D)         (D)
 Nigeria                             1             (D)         184
 South Africa                      548             312         (D)
 Other                             (D)             (D)         (D)
Middle East                      1,870          11,282       1,987
 Israel                            934             257         423
 Saudi Arabia                       58             (D)         424
 United Arab Emirates              529              99       1,144
 Other                             349             (D)          -4
Asia and Pacific                31,255         204,164      40,456
 Australia                       8,537          70,013       7,489
 China                           1,732           3,494       7,577
 Hong Kong                       4,933          17,483       3,587
 India                          10,197             650         (D)
 Indonesia                           1             (D)         (D)
 Japan                           2,236           3,302       5,001
 Korea, Republic of                402             (D)       1,722
 Malaysia                          818             432       1,251
 New Zealand                       423           1,396         (D)
 Philippines                       476             368         (D)
 Singapore                         817         103,974       5,431
 Taiwan                            168             115         (D)
 Thailand                          476             460         (D)
 Other                              40             (D)         (D)
Addenda:
 European Union (28) (3)        56,720       1,479,795     157,243
 OPEC (4)                          922          17,506         (D)

(*) A nonzero value between -$500,00 and $500,000.
D Suppressed to avoid disclosure of data of individual companies.
(1.)In 2014, the euro area includes 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
$1,856,142 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 by country and industry for 2014 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United States on a
                     Historical-Cost Basis, 2013
                         [Millions of dollars]

                                                  Manufacturing



                                  All
                              industries     Total    Food    Chemicals

   All countries               2,754,704    935,098  74,608   263,531
Canada                           235,247     52,858   2,111    17,602
Europe (1)                     1,894,777    724,743  54,818   215,740
  Austria                          6,012      2,602     (D)        22
  Belgium                         92,197     49,916   1,141    21,633
  Denmark                         10,084      1,719     224       622
  Finland                          7,251      2,111     (D)       (D)
  France                         208,793     83,351   1,791    41,505
  Germany                        207,131     68,810     285    15,493
  Ireland                         17,067      1,377     (D)    -2,137
  Italy                           24,843      5,741     402       650
  Luxembourg                     221,999     70,519   3,136    25,947
  Netherlands                    261,358    128,212     (D)    26,244
  Norway                          17,940        641     (*)       (D)
  Spain                           48,438      5,302     (D)       (D)
  Sweden                          39,038     28,168     (D)       (D)
  Switzerland                    202,703     93,610     (D)       (D)
  United Kingdom                 501,241    164,617   6,201    48,734
  Other                           28,684     18,044   4,693     3,458
Latin America and Other
 Western Hemisphere              116,031     17,821  13,531       (D)
South and Central America         25,108      6,872     (D)      -331
  Brazil                           1,104       -770     -56      -437
  Mexico                          17,036      4,135   3,173        86
  Panama                           1,346        221      -1       (D)
  Venezuela                        3,871      2,541     (D)       (D)
  Other                            1,751        746     -35       (D)
Other Western Hemisphere          90,923     10,950     (D)       (D)
  Bahamas                            510         24     (D)        14
  Bermuda                         -9,586     -3,402      -5       (D)
  Curacao                          5,162        (D)       1         8
  United Kingdom Islands,
   Caribbean (2)                  93,635     13,707     (D)       162
  Other                            1,203        (D)      -3       (D)
Africa                             2,317         12      -3       (D)
 South Africa                        880       -246      -3       (D)
 Other                             1,437        258       0        -1
Middle East                       22,073      6,630      94     5,590
 Israel                           10,052      6,772      98     5,571
 Kuwait                            1,050          4       0         0
 Lebanon                             (D)          0       0         0
 Saudi Arabia                        (D)        -10     (D)       (D)
 United Arab Emirates              2,253       -104     (D)       (D)
 Other                               (D)        -31       0       (D)
Asia and Pacific                 484,259    133,034   4,058    24,920
 Australia                        47,616      9,762     (D)       (D)
 China                             8,451        561     -19      -217
 Hong Kong                         7,135        875     (D)       (D)
 India                             7,757      1,279     (D)       600
 Japan                           350,295    102,800   2,589    16,713
 Korea, Republic of               31,800      4,560     (D)       263
 Malaysia                            636        124       6        -4
 New Zealand                       1,011        343       5       (D)
 Singapore                        19,283      9,990     228        36
 Taiwan                            6,563      2,407     (*)       712
 Other                             3,713        332      -4       -25
Addenda:
 European Union (28) (3)       1,661,393    623,013  38,939   198,927
 OPEC (4)                         15,660      2,354     (D)       -19

                                   Manufacturing

                              Primary                Computers
                              and                    and
                              fabricated             electronic
                              metals      Machinery  products

   All countries              55,095       84,178      47,254
Canada                         3,995         -329       2,339
Europe (1)                    43,005       68,821      28,378
  Austria                        526          561          -6
  Belgium                      4,150        1,894          75
  Denmark                        115        1,009         (D)
  Finland                        (D)        1,709          18
  France                       2,073        2,360         259
  Germany                      7,691       13,334         913
  Ireland                        (D)         -230         (D)
  Italy                          307          886         (D)
  Luxembourg                   4,688          (D)         (D)
  Netherlands                  1,709          (D)      10,732
  Norway                         (D)          (D)           1
  Spain                          (D)          (D)          -7
  Sweden                         657        4,518         (D)
  Switzerland                  1,248        2,766         370
  United Kingdom              10,093        3,259       4,142
  Other                        7,153           31          71
Latin America and Other
 Western Hemisphere            1,168           25      -2,770
South and Central America        (D)         -373         -72
  Brazil                         -21         -163         -21
  Mexico                         760         -146         -61
  Panama                         (D)            2         (*)
  Venezuela                      (D)          (D)         (D)
  Other                           46          (D)         (D)
Other Western Hemisphere         (D)          397      -2,698
  Bahamas                        (D)            0         (*)
  Bermuda                        (D)          (D)         (D)
  Curacao                          0          (*)           1
  United Kingdom Islands,
   Caribbean (2)                 (D)          (D)         (D)
  Other                          (*)            0           5
Africa                           (D)          (D)          -8
 South Africa                    (*)          (D)         (*)
 Other                           (D)           -2          -8
Middle East                      (D)          (D)       1,059
 Israel                          (D)          (D)       1,077
 Kuwait                            0          (*)         (*)
 Lebanon                           0            0           0
 Saudi Arabia                    (D)          (D)         (D)
 United Arab Emirates              2           -3          -6
 Other                             0          (*)         (D)
Asia and Pacific               6,954       15,977      18,256
 Australia                     1,504          (D)         -22
 China                           116           36         157
 Hong Kong                        -1           29         -35
 India                            16           -4         123
 Japan                         4,799       13,988         (D)
 Korea, Republic of              536          (D)          24
 Malaysia                          7           10         101
 New Zealand                     (D)            3          -3
 Singapore                        17          -11         (D)
 Taiwan                            2           40         334
 Other                           (D)           -8          88
Addenda:
 European Union (28) (3)      36,894       66,035      27,993
 OPEC (4)                        -54          (D)          19

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

   All countries               38,962        105,583         265,888
Canada                           -282         12,008          15,413
Europe (1)                     36,506         51,846         225,628
  Austria                           3             74             (D)
  Belgium                         (D)            (D)             (D)
  Denmark                           3              4             (D)
  Finland                         (D)            (D)             199
  France                          (D)          6,594             (D)
  Germany                       1,010         20,172           9,912
  Ireland                         (D)              0             (D)
  Italy                            83            283             (D)
  Luxembourg                      (D)            807           8,519
  Netherlands                     (D)          2,382          35,191
  Norway                          (D)             15             (D)
  Spain                             3            444             231
  Sweden                          (D)          2,385           1,301
  Switzerland                     (D)            215          53,082
  United Kingdom                  597         16,905          74,686
  Other                           104            559           1,975
Latin America and Other
 Western Hemisphere               319           -233             (D)
South and Central America a       (D)           -470           4,347
  Brazil                          (D)              2             (D)
  Mexico                          -17           -363             703
  Panama                          (*)             16             (D)
  Venezuela                       (D)            (D)             (D)
  Other                           (D)            (D)             (D)
Other Western Hemisphere          (D)            237             (D)
  Bahamas                           0            (*)             (*)
  Bermuda                           0              0             520
  Curacao                           0              1             (D)
  United Kingdom Islands,
   Caribbean (2)                  (D)            236             742
  Other                             0              0             (D)
Africa                            (D)             -9             (D)
 South Africa                      -1             -6             (D)
 Other                            (D)             -3             (D)
Middle East                       (D)             74             (D)
 Israel                            -1            (D)              24
 Kuwait                           (D)            (D)             (*)
 Lebanon                            0              0               0
 Saudi Arabia                      -2              0              -5
 United Arab Emirates             (D)            (D)             -63
 Other                              0              0             (D)
Asia and Pacific                2,435         41,897          18,537
 Australia                          3            -26           1,580
 China                             26            441              20
 Hong Kong                        (D)            (D)             -62
 India                            (D)             32             (D)
 Japan                          1,919         39,428             (D)
 Korea, Republic of                -2          1,043             385
 Malaysia                          -2              1               7
 New Zealand                       -4            (D)              -3
 Singapore                        141            (D)             (D)
 Taiwan                           (D)             20             (D)
 Other                            (D)            135              65
Addenda:
 European Union (28) (3)          (D)         51,563             (D)
 OPEC (4)                         -21            -71             (D)





                            Wholesale   Retail
                            trade       trade     Information

   All countries             330,349     55,523    172,425
Canada                         6,015      6,953        702
Europe (1)                   160,331     40,213    136,988
  Austria                        (D)        (D)        (D)
  Belgium                     25,431        (D)         -2
  Denmark                      4,711          2          6
  Finland                      3,530        (*)        (*)
  France                      23,805      4,395     27,800
  Germany                     19,699        (D)        (D)
  Ireland                        (D)        -12        691
  Italy                        2,185      4,339        169
  Luxembourg                   9,484      2,665        (D)
  Netherlands                 10,275      3,517      9,709
  Norway                         (D)         -1        (D)
  Spain                           43        (D)         24
  Sweden                       3,854        (D)        604
  Switzerland                 10,835        (D)     12,970
  United Kingdom              29,089      2,773     23,013
  Other                          (D)         58        (D)
Latin America and Other
 Western Hemisphere            9,189        (D)        506
South and Central America      1,839        (D)       -212
  Brazil                          56         -1        -49
  Mexico                       1,559         22       -177
  Panama                         -39          9        (*)
  Venezuela                       25        (*)          2
  Other                          238        (D)         11
Other Western Hemisphere       7,350      2,056        718
  Bahamas                        -37          0        (*)
  Bermuda                     -8,196         -1        144
  Curacao                        (D)        (D)        (D)
  United Kingdom Islands,
   Caribbean (2)              12,712      2,079        545
  Other                          (D)        (D)        (D)
Africa                           492        (*)        -20
 South Africa                    (D)        (*)         -2
 Other                           (D)          0        -18
Middle East                    6,196        (D)      1,198
 Israel                          (D)        (D)        (D)
 Kuwait                            0          0        (*)
 Lebanon                         (*)          0          0
 Saudi Arabia                    (D)        (D)          2
 United Arab Emirates            (D)        (*)        (D)
 Other                            58        (D)        (D)
Asia and Pacific             148,127      5,696     33,051
 Australia                     3,216        (D)          6
 China                           -32        -16        221
 Hong Kong                     2,466          6        (D)
 India                           173          0         -2
 Japan                       112,442      5,387        (D)
 Korea, Republic of           23,333          2          7
 Malaysia                         50          0         -2
 New Zealand                     540          0          1
 Singapore                     3,446        (D)         55
 Taiwan                        1,989        (D)         75
 Other                           505         -2          4
Addenda:
 European Union (28) (3)     133,613     33,304    123,875
 OPEC (4)                        (D)        (D)        (D)



                                            Finance (except
                                            depository
                                            institutions)
                              Depository    and
                              institutions  insurance

   All countries               215,864       334,187
Canada                          41,114        46,377
Europe (1)                     136,143       228,184
  Austria                          (D)             1
  Belgium                          (D)           (D)
  Denmark                            0             2
  Finland                          (D)           (*)
  France                        18,457        24,767
  Germany                       21,075        13,972
  Ireland                          -46         4,239
  Italy                            (D)           (D)
  Luxembourg                         0        37,659
  Netherlands                      (D)        50,017
  Norway                           (D)           (D)
  Spain                         29,861         3,022
  Sweden                           (D)           137
  Switzerland                      (D)        36,474
  United Kingdom                63,500        54,354
  Other                            529            27
Latin America and Other
 Western Hemisphere              5,329         3,969
South and Central America        4,746         1,089
  Brazil                         1,035           828
  Mexico                           998           256
  Panama                           (D)             5
  Venezuela                      1,416             3
  Other                            (D)            -3
Other Western Hemisphere           583         2,880
  Bahamas                          (D)            -2
  Bermuda                            0       -16,285
  Curacao                          (D)           (D)
  United Kingdom Islands,
   Caribbean (2)                   (D)        18,679
  Other                              4           (D)
Africa                             (D)            -4
 South Africa                        0           -10
 Other                             (D)             6
Middle East                        (D)         2,644
 Israel                          1,746           (D)
 Kuwait                            (D)           (D)
 Lebanon                             0             0
 Saudi Arabia                      (D)             0
 United Arab Emirates              (D)           (D)
 Other                             (D)           (D)
Asia and Pacific                31,440        53,018
 Australia                       3,142         3,472
 China                             (D)            55
 Hong Kong                         742            -1
 India                           1,336           (D)
 Japan                          19,346        42,757
 Korea, Republic of                745           189
 Malaysia                          (D)             1
 New Zealand                         0             3
 Singapore                         415           (D)
 Taiwan                          1,684           -37
 Other                             (D)            32
Addenda:
 European Union (28) (3)       134,788       191,599
 OPEC (4)                        1,643         2,378



                             Real estate    Professional,
                             and            scientific,
                             rental         and            Other
                             and            technical      indusTotal
                             leasing        services       Chemitries

   All countries             52,169         100,132        558,957
Canada                        5,174           2,990         73,064
Europe (1)                   29,149          80,467        358,561
  Austria                        32             -21             64
  Belgium                       103             132          7,623
  Denmark                        25             (D)            (D)
  Finland                       (*)             167            (D)
  France                        602           3,463         22,153
  Germany                     9,373             (D)         19,549
  Ireland                        24             (D)            (D)
  Italy                          88             (D)          7,740
  Luxembourg                  1,730             (D)         62,565
  Netherlands                 6,661          23,874            (D)
  Norway                        125             659            357
  Spain                         308             152            (D)
  Sweden                        (D)             (D)          2,289
  Switzerland                 1,675             377         40,143
  United Kingdom              3,788          14,346        145,761
  Other                         (D)              70            (D)
Latin America and Other
 Western Hemisphere           7,651           4,819            (D)
South and Central America       996             -14            (D)
  Brazil                         74             -48            -20
  Mexico                        385              51          9,806
  Panama                        444             (*)            (D)
  Venezuela                      12             (*)           -128
  Other                          82             -17           -503
Other Western Hemisphere      6,655           4,832         54,901
  Bahamas                        42             (D)            (D)
  Bermuda                       718           3,810         13,626
  Curacao                       986             (D)            697
  United Kingdom Islands,
   Caribbean (2)              4,504             599            (D)
  Other                         404             (D)           -244
Africa                          129             (D)            (D)
 South Africa                   (*)             (D)            131
 Other                          129              23            (D)
Middle East                   1,413             (D)          1,674
 Israel                         344             -41           -127
 Kuwait                       1,063               0            -73
 Lebanon                         -7             (*)            (D)
 Saudi Arabia                    21             (D)            -21
 United Arab Emirates           (D)             (D)            155
 Other                          (D)             (*)            (D)
Asia and Pacific              8,652          11,324         59,918
 Australia                      725             957            (D)
 China                            5             -15            (D)
 Hong Kong                      193             125            (D)
 India                          (*)           2,268            (D)
 Japan                        7,312           7,571            (D)
 Korea, Republic of             144              53          2,767
 Malaysia                       (D)              -9            370
 New Zealand                     48              10             66
 Singapore                       85             362            (D)
 Taiwan                          25              -1            (D)
 Other                          (D)               4          2,597
Addenda:
 European Union (28) (3)     26,686          79,385        315,128
 OPEC (4)                     1,026             -26          1,744

(*) A nonzero value between -$500,00 and $500,000.
(D) Suppressed to avoid disclosure of data of individual companies.
(1.) In 2013, the euro area includes Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Por tugal, Slovakia, Slovenia, and Spain. For 2013,
the euro area direct investment position in the United States was
$1,098,522 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
2013, Its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
NOTE. Estimates for 2013 are revised.

 Table 2.2. Foreign Direct Investment Position in the United States on
                    a Historical-Cost Basis, 2014
                         [Millions of dollars]

                               All
                            industries    Total      Food    Chemicals

    All countries           2,901,059   1,045,522   83,685    340,108
Canada                        261,247      57,145    2,400     19,023
Europe (1)                  1,977,215     813,484   61,474    290,002
 Austria                        6,887       3,232      (D)         22
 Belgium                       89,097      49,391      (D)     22,762
 Denmark                       12,912       3,576      (D)        663
 Finland                        9,100       2,108      (D)        (D)
 France                       223,164      94,133    1,851     46,517
 Germany                      224,114      72,962      303     16,968
 Ireland                       16,195      -2,159      (D)     -5,479
 Italy                         21,824       5,998      441        890
 Luxembourg                   242,862     109,352    3,593     64,886
 Netherlands                  304,848     147,243      (D)     42,995
 Norway                        17,565         978      (*)        (D)
 Spain                         58,138       5,690      (D)      2,700
 Sweden                        41,909      28,993      (D)        (D)
 Switzerland                  224,021     100,890      (D)     15,612
 United Kingdom               448,548     167,135    7,195     60,327
 Other                         36,032      23,961    6,187      3,474
Latin America and Other
 Western Hemisphere           127,032      22,820   15,187       -227
 South and Central America     27,123       9,240    3,089       -271
  Brazil                          616        -444      -70       -359
  Mexico                       17,710       4,852    3,227        213
  Panama                        1,185          31        0         36
  Venezuela                     5,127         (D)      (D)        (D)
  Other                         2,485         (D)      (D)        (D)
Other Western Hemisphere       99,909      13,580   12,098         43
  Bahamas                         597          28      (D)         17
  Bermuda                      -4,757      -2,094       -5        (D)
  Curacao                       2,779         509        1        (D)
  United Kingdom Islands,
   Caribbean (2)              100,000      14,936   12,100        (D)
  Other                         1,291         202      (D)        (D)
Africa                          2,321          -9       -5        -20
  South Africa                    765        -206       -4        -12
  Other                         1,556         197       -1         -8
Middle East                    20,338       5,814       97      4,907
  Israel                        8,982       5,896       96        (D)
  Kuwait                        1,070           4        0          0
  Lebanon                         -27           0        0          0
  Saudi Arabia                    (D)          30      (*)        (D)
  United Arab Emirates          2,700         -70        0         -4
  Other                           (D)         -47        0          0
Asia and Pacific              512,906     146,269    4,532     26,423
  Australia                    47,340       9,324      862        (D)
  China                         9,465       1,049      -18       -134
  Hong Kong                     7,604       1,044      (D)        (D)
  India                         7,823         717      (D)        685
  Japan                       372,800     115,427    2,940     18,215
  Korea, Republic of           36,056       4,996      (D)        (D)
  Malaysia                        809         213        6          1
  New Zealand                   1,011         275       -2        (D)
  Singapore                    20,609      10,110      (D)         22
  Taiwan                        5,676       2,761       -1        (D)
  Other                         3,711         352      -10        -18
Addenda:
  European Union (28) (3)   1,723,599     705,520   43,105    271,584
  OPEC (4)                     16,204       3,697      (D)         31

                                 Manufacturing


                              Primary                  Computers
                              and                      and
                              fabricated               electronic
                              metals      Machinery    products
All countries                 52,203         91,634      51,112
Canada                         3,915           -421       2,332
Europe (1)                    39,513         74,171      31,533
Austria                          549            543          -2
Belgium                          643          2,279          73
Denmark                          130          1,300         (D)
Finland                          (D)          1,691          15
France                         2,103          2,542       3,595
Germany                        6,367         14,494         755
Ireland                          (D)           -644         (D)
Italy                            319            965         (D)
Luxembourg                     3,947            (D)       7,276
Netherlands                      695            (D)      13,163
Norway                           (D)             18           2
Spain                            (D)            (D)          -7
Sweden                         1,305          3,927         (D)
Switzerland                    1,530          3,584         476
United Kingdom                13,418          3,597       3,696
Other                          5,925             33          73
Latin America and Other
Western Hemisphere             1,542             14      -1,782
South and Central America      1,119           -279         -99
Brazil                           221           -100         -43
Mexico                           845           -127         -60
Panama                           (D)              2         (*)
Venezuela                         -5            (D)         (D)
Other                            (D)            (D)         (D)
Other Western Hemisphere         423            293      -1,684
Bahamas                          (D)              0         (*)
Bermuda                          (D)            (D)         (D)
Curacao                            0            (*)           1
United Kingdom Islands,
Caribbean (2)                    (D)            (D)         (D)
Other                              0              0         (D)
Africa                           (D)            (D)          -6
South Africa                       1            (D)          -2
Other                            (D)             -1          -4
Middle East                      (D)            (D)         917
Israel                           (D)            (D)         935
Kuwait                             0              0         (*)
Lebanon                            0              0          0
Saudi Arabia                     (D)            (*)         (D)
United Arab Emirates              -1            (D)          -7
Other                              0             -1         (D)
Asia and Pacific               7,265         18,125      18,118
Australia                      1,396            (D)         -21
China                            187            260         161
Hong Kong                         -4             27          47
India                             18              6         (D)
Japan                          5,172         15,656       8,917
Korea, Republic of               498            (D)          18
Malaysia                         (D)              8         (D)
New Zealand                      (D)              2          -1
Singapore                         20            -17         (D)
Taiwan                             7             48         349
Other                            (D)            -11          62
Addenda:
European Union (28) (3)       34,287         70,569      31,044
OPEC (4)                         (D)            -21         (D)

                              Electrical
                              equipment,
                              appliances,
                              and          Transportation  Other
                              components   equipment   manufacturing

All countries                 43,517        110,354         272,909
Canada                          -302         12,186          18,012
Europe (1)                    41,288         54,776         220,726
Austria                            3             74             (D)
Belgium                          (D)            (D)             (D)
Denmark                            4              4             362
Finland                          (D)            (D)             177
France                           (D)          7,079             (D)
Germany                          987         22,543          10,546
Ireland                          (D)              0             (D)
Italy                             60            143             (D)
Luxembourg                       (D)            779             (D)
Netherlands                      (D)          2,112          34,382
Norway                            94            (D)             (D)
Spain                              1            472             275
Sweden                           (D)          2,338           1,926
Switzerland                      (D)            206          54,841
United Kingdom                 1,683         17,462          59,756
Other                            (D)            603             (D)
Latin America and Other
Western Hemisphere                25           -115           8,177
South and Central America        (D)           -514             (D)
Brazil                           -33            -23             -37
Mexico                           -11           -452           1,218
Panama                            -1             16             (D)
Venezuela                         -6            (D)             (D)
Other                            (D)            (D)             (D)
Other Western Hemisphere         (D)            399             (D)
Bahamas                            0            (*)             (*)
Bermuda                            0              0             617
Curacao                            0              1             (D)
United Kingdom Islands,
Caribbean (2)                    (D)            398             804
Other                              0                            (D)
Africa                           (D)            -37             (D)
South Africa                      -1            (D)             -11
Other                            (D)            (D)             (D)
Middle East                      (D)             73             (D)
Israel                            -1            (D)              28
Kuwait                           (D)            (D)             (*)
Lebanon                            0              0               0
Saudi Arabia                      -2              0              -5
United Arab Emirates             (D)            (D)             -42
Other                              0              0             (D)
Asia and Pacific               2,523         43,470          25,811
Australia                          1            -90           1,559
China                             33            519              42
Hong Kong                        (D)             29             -46
India                            (D)             43             (D)
Japan                          1,981         40,812          21,734
Korea, Republic of                -3          1,216             405
Malaysia                           2              2               6
New Zealand                       -4            (D)              -2
Singapore                        144            (D)             292
Taiwan                           (D)             23             (D)
Other                            (D)            175              69
Addenda:
European Union (28) (3)          (D)         54,496             (D)
OPEC (4)                         -21            -45             (D)


                           Wholesale   Retail                Depository
                           trade       trade   Information  institutions

All countries               345,609    59,267   176,763       219,283
Canada                        7,408     8,442     1,993        42,908
Europe (1)                  168,801    42,456   141,309       136,418
Austria                         (D)       (D)         4           (D)
Belgium                      21,951       (D)       (D)           (D)
Denmark                       5,283         2         5             0
Finland                       5,250       (*)        -1           (D)
France                       21,278     4,791    26,354        20,561
Germany                      21,647       (D)       (D)        19,288
Ireland                         696       -14       (D)           -49
Italy                         2,207     4,884       177           (D)
Luxembourg                    9,805     1,012    20,776             0
Netherlands                  11,061     4,161    11,846           (D)
Norway                       14,443       (*)       (D)           (D)
Spain                           (D)       (D)        13        31,609
Sweden                        5,128       101       433           (D)
Switzerland                  18,067       (D)    12,730           (D)
United Kingdom               30,498     4,063    22,564        59,692
Other                           (D)        26       (D)           619
Latin America and Other
Western Hemisphere            6,566       (D)       750         5,623
South and Central America     1,017       (D)      -508         5,025
Brazil                         -992       (*)       -51         1,173
Mexico                        1,449        24      -478         1,126
Panama                          -32         9         1           (D)
Venezuela                        25       (*)         3         1,337
Other                           568       (D)        19           (D)
Other Western Hemisphere      5,549     1,666     1,258           598
Bahamas                         -46         0       (*)           (D)
Bermuda                      -8,028        -1       (D)             0
Curacao                          26       (D)       (*)           (D)
United Kingdom Islands,
Caribbean (2)                12,904     1,554     1,100           (D)
Other                           693       (D)       (D)             3
Africa                          660       (*)         1           (D)
South Africa                    (D)       (*)       (D)             0
Other                           (D)         0       (D)           (D)
Middle East                   5,079       (D)     1,196           (D)
Israel                          (D)       (D)       (D)         1,759
Kuwait                            0         0       (*)           (D)
Lebanon                         (*)         0         0             0
Saudi Arabia                    (D)       (D)         2           (D)
United Arab Emirates            (D)       (*)       (D)           (D)
Other                            64       (D)       (D)           (D)
Asia and Pacific            157,095     6,087    31,514        32,460
Australia                     3,558       (D)        31         1,829
China                          -116       -15       235         4,279
Hong Kong                     1,965         6       (D)           707
India                           185         0       -12         1,403
Japan                       118,331     5,784    30,242        20,906
Korea, Republic of           26,740         2       (*)           817
Malaysia                         63         0       (*)           (D)
New Zealand                     602         0         2             0
Singapore                     4,577       (D)       (D)           476
Taiwan                          803       (D)        87         1,780
Other                           387        -2         8           (D)
Addenda:
European Union (28) (3)      35,341   128,452   134,875       134,875
OPEC (4)                        (D)       (D)     1,536         1,536


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

All countries                 355,171        53,019   118,194
Canada                         53,338         4,857     4,360
Europe (1)                    236,156        30,792    94,232
Austria                             1            16       -18
Belgium                           (D)           129       152
Denmark                             2            25       (D)
Finland                           (*)           (*)       221
France                         27,483           603     4,782
Germany                        14,041        10,028       (D)
Ireland                         4,155            22       (D)
Italy                             (D)            93       (D)
Luxembourg                     29,454         1,664    21,653
Netherlands                    54,910         6,942    25,167
Norway                            (D)           124       655
Spain                           2,609           312       426
Sweden                            135           (D)       (D)
Switzerland                    45,775         1,773       305
United Kingdom                 53,914         4,611    12,518
Other                              24           (D)        57
Latin America and Other
Western Hemisphere              4,737         7,974     4,746
South and Central America       1,111         1,028       -75
Brazil                            848            76       -73
Mexico                            258           398        29
Panama                              5           460        -1
Venezuela                           1            12        -3
Other                             (*)            82       -27
Other Western Hemisphere        3,626         6,946     4,821
Bahamas                            -2            49       (D)
Bermuda                       -15,905           708     3,807
Curacao                            32         1,040       (D)
United Kingdom Islands,
Caribbean (2)                  19,501         4,737       610
Other                             (*)           412       (D)
Africa                             -6           122       409
South Africa                      -10           (*)       (D)
Other                               4           122       (D)
Middle East                     2,563         1,395       -52
Israel                            (D)           289       -44
Kuwait                            (D)         1,083         0
Lebanon                           (*)           (D)       (*)
Saudi Arabia                        0            21       (D)
United Arab Emirates              (D)           (D)       (D)
Other                             (D)           (D)       (*)
Asia and Pacific               58,383         7,879    14,499
Australia                       4,881           487     1,045
China                             (D)            26       -57
Hong Kong                         (*)           200       133
India                             (D)           (*)     2,696
Japan                          46,178         6,869    10,216
Korea, Republic of                140           143        66
Malaysia                          (*)           (D)        24
New Zealand                         1            48        13
Singapore                         (D)           -37       353
Taiwan                            -29            24        -3
Other                              30           (D)        13
Addenda:
European Union (28) (3)       190,272        28,298    93,222
OPEC (4)                        2,458         1,044       -21






                              Other
                              indusries

All countries                 528,232
Canada                         80,796
Europe (1)                    313,568
Austria                            64
Belgium                         8,566
Denmark                           (D)
Finland                           (D)
France                         23,179
Germany                        21,570
Ireland                         2,421
Italy                           3,751
Luxembourg                     49,146
Netherlands                       (D)
Norway                            228
Spain                             (D)
Sweden                          3,101
Switzerland                    37,670
United Kingdom                 93,555
Other                             (D)
Latin America and Other
Western Hemisphere                (D)
South and Central America         (D)
Brazil                             80
Mexico                         10,053
Panama                            (D)
Venezuela                         (D)
Other                            -381
Other Western Hemisphere       61,867
Bahamas                           (D)
Bermuda                           (D)
Curacao                           710
United Kingdom Islands,
Caribbean (2)                     (D)
Other                            -219
Africa                            (D)
South Africa                      157
Other                             (D)
Middle East                     1,930
Israel                           -143
Kuwait                            -79
Lebanon                           (D)
Saudi Arabia                      -71
United Arab Emirates              453
Other                             (D)
Asia and Pacific               58,718
Australia                         (D)
China                             (D)
Hong Kong                         (D)
India                             (D)
Japan                          18,847
Korea, Republic of              3,153
Malaysia                          390
New Zealand                        70
Singapore                         (D)
Taiwan                            (D)
Other                           2,659
Addenda:
European Union (28) (3)       272,081
OPEC (4)                        2,068

(*) A nonzero value between -$500,00 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
$1,200,203 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 by country and industry for 2014 are preliminary.